Pictet-USD Government Bonds-P

This compartment invests mainly in a diversified portfolio of bonds and other debt securities denominated in US dollars issued or guaranteed by national or local governments, or by supranational organisations, within the limits allowed by the investment restrictions. The investments not denominated in US dollars will generally be hedged in order to avoid exposure to a currency other than the US dollar. In addition, the Compartment may invest up to 10% of its net assets in UCITS and other UCIs, including other compartments of the Fund pursuant to Article 181 of the 2010 Act.