(LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg

Transcription

1 (LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg Semi-Annual Report (Non-Audited) June 30, 2009 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Past performance is not necessarily an indication of future performance.

2 Table of Contents Organisation of the Fund 3 Board of Directors of the Management Company 4 Statement of Net Assets 5 Schedule of investments (LF) Fund of Funds - Equity Blend 6 (LF) Fund of Funds - Bric 7 (LF) Fund of Funds - Balanced Blend 8 Notes to the financial statements 9 2

3 (LF) Fund of Funds Organisation of the Fund Management Company Eurobank EFG Fund Management Company (LUX) S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Custodian, Administrative, Registrar, Transfer and Luxembourg Paying Agent Eurobank EFG Private Bank (Luxembourg) S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Investment Manager EFG Mutual Funds Management Company S.A. 10, Stadiou Str., GR Athens Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d entreprises 400, route d Esch B.P L-1014 Luxembourg Grand Duchy of Luxembourg 3

4 Board of Directors of the Management Company Mr. Aristeidis Xenofos Managing Director EFG Mutual Funds Management Company S.A., Greece Chairman Mr. Georgios Vlachakis Director Managing Director Eurobank EFG Fund Management Company (LUX) S.A., Grand Duchy of Luxembourg Mrs. Eleni Lascari General Manager Eurobank EFG Private Bank (Luxembourg) S.A., Grand Duchy of Luxembourg Mr Fokion Karavias Director of Treasury and Capital Market EFG Eurobank Ergasias, Greece Mr. Agamemnon Kotrozos Director of Strategic Planning & International Activities EFG Mutual Funds Management Company S.A., Greece Director Director Director 4

5 Statement of Net Assets (LF) Fund of Funds (LF) Fund of Funds (LF) Fund of Funds (LF) Fund of Funds Consolidated Equity Blend Bric Balanced Blend Currency Notes EUR EUR EUR EUR Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Subscription in advance Other payable and accrued expenses Total liabilities Total net assets ( ) Information summary Units outstanding Eurobank EFG Units outstanding Eurobank EFG I Units outstanding Interamerican Units outstanding Postbank Units outstanding Polbank EUR Units outstanding Polbank PLN Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Interamerican Net asset value per unit : Postbank Net asset value per unit : Polbank EUR Net asset value per unit : Polbank PLN Cost of securities portfolio PCS Total net assets at period ended: 31/12/ /12/ /06/ N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /06/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /06/ N.A.V. per unit at period ended "Interamerican" unit : 31/12/ /12/ /06/ N.A.V. per unit at period ended "Postbank" unit : 31/12/ /12/ /06/ N.A.V. per unit at period ended "Polbank EUR" unit : 31/12/ /12/ /06/ N.A.V. per unit at period ended "Polbank PLN" unit : 31/12/ /12/ /06/ The accompanying notes form an integral part of these financial statements. 5

6 (LF) Fund of Funds-Equity Blend Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR (LF) EUROBANK EFG I SPECIAL PURPOSE GREEK MAX 50 FUND % EUR (LF) EUROBANK EFG I EQUITY- GLOBAL EQUTIES FUND % EUR (LF) EUROBANK EFG I EQUITY- EMERGING EUROPE FUND % EUR DWS INVEST EUROPEAN EQUITIES (FC-Acc ) % EUR EUROBANK EMERGING EUROPE FUND % EUR EUROBANK GLOBAL EQUITIES FUND % EUR INVESCO PAN EUROPEAN EQUITY FUND C % EUR PIONEER FDS US PIONEER (I-Acc- ) % EUR SCHRODER EURO LIQUIDITY(C -ACC) % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % JPY MORGAN STANLEY INVESTMENT FUNDS - JAPANESE VALUE EQUITY FUND I % USD (LF) EUROBANK EFG I SPECIAL PURPOSE 6% EQ FORMULA $ % USD FIDELITY FUNDS - AMERICA FUND A$ % USD FIDELITY FUNDS - LATIN AMERICA FUND A$ % USD FORTIS L FUND -OPPORTUNITES USA (I-$) % USD INVESCO GRTER CHINE EQTY - C % USD INVESCO JAPANESE EQUITY CORE (C-$Acc) % USD MORGAN STANLEY INVESTMENT FUNDS - AMERICAN FRANCHISE FUND (I-$) % % Total Investments % Portfolio breakdown By countries Greece 17.14% Ireland 3.13% Luxembourg 79.72% Total % By type of investments Investment Funds % Total % The accompanying notes form an integral part of these financial statement 6

7 (LF) Fund of Funds-Bric Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR DB X TRACKERS MSCI EM ASIA TRN INDEX ETF % EUR DWS RUSSIA FUND ACC % EUR DWS INVEST BRIC PLUS (FC-Acc- ) % EUR DWS INDIA EQTY FUND % EUR DWS INVEST BRAZILIAN EQUITIES (I-Acc- ) % EUR SCHRODER INTERNATIONAL SELECTION FUND - BRIC (I - ACC) % EUR FRANKLIN TEMPLETON INVESTMENT FUNDS - TEMPLETON ASIAN GROWTH FUND (I - AAC) % % USD BNY MELLON GL-BRAZIL EQUITY % USD CLAYMORE/BONY BRIC ETF % USD FORTIS L FUND EQUITY BRAZIL -I-C$ % USD GS BRICs PORTFOLIO ($) I-ACC % USD HSBC GIF- BRAZIL EQUITY I-C % USD INVESCO GREATER CHINA EQUITY FUND - C % USD ISHARES MSCI BRAZIL INDEX FUND % USD JPMORGAN FUNDS - JF INDIA FUND-A-AC$ % USD JPMORGAN FUNDS - GR CHINA-A-A$ % USD JPMORGAN FUNDS - RUSSIA FUND-A$-ACC % USD PICTET FUNDS (LUX) - GREATER CHINA - I $ % USD SCHRODER INTL GREATER CHINA (C$-Acc) % USD SCHRODER ALT SOL COMMODITY (C-Acc-$) % % Total Investments % Portfolio breakdown By countries Ireland 2.29% Luxembourg 87.37% United States 10.34% Total % By type of investments Investment Funds % Total % The accompanying notes form an integral part of these financial statements. 7

8 (LF) Fund of Funds-Balanced Blend Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR (LF) EUROBANK EFG I EQUITY- GLOBAL EQUTIES FUND % EUR (LF) EUROBANK EFG I EQUITY- EMERGING EUROPE FUND % EUR (LF) EUROBANK EFG I GREEK GOVERNMENT BOND % EUR (LF) EUROBANK EFG I ABSOLUTE RETURN II FUND % EUR 0.00 DWS BEST GLOBAL FX SELECTION PLUS ( ) % EUR DWS INVEST EUROPEAN EQUITIES (FC-Acc ) % EUR INVESCO EURO CORPORATE BOND (C-Acc) % EUR INVESCO PAN EUROPEAN EQUITY C % EUR M&G European Corporate Bond (C -Acc) % EUR PIONEER SF -EURO CURVE 3-5 YEAR (I- ) % EUR PIONEER FUNDS - EURO BOND (I-Acc- ) % EUR PIONEER SF -EURO CURVE 3-5 YEAR (I- ) % EUR SCHRODER EURO LIQUIDITY(C -ACC) % EUR SCHRODER INTL BRIC (C -Acc) % EUR SCHRODER INTL EURO CORP BOND(C -ACC) % EUR VANGUARD INVESTMENT SERIES PLC - EURO GOVERNMENT BOND INDEX FUND % % JPY MORGAN STANLEY INVESTMENT FUNDS - JAPANESE VALUE EQUITY FUND I % USD (LF) EUROBANK EFG I SPECIAL PURPOSE 6% EQ FORMULA $ % USD FORTIS L FND -OPPORTUNITES USA (I-$) % USD INVESCO GREATER CHINA EQTY - C % USD MORGAN STANLEY INVESTMENT FUNDS - AMERICAN FRANCHISE FUND (I-$) % USD MORGAN STANLEY INVESTMENT FUNDS - COMMODITIES ACTIVE GSLE (I-$) % USD SCHRODER ALT SOL COMMODITY (C-Acc-$) % % Total Investments % Portfolio breakdown By countries Ireland 12.18% Luxembourg 81.01% United Kingdom 6.81% Total % By type of investments Investment Funds % Total % The accompanying notes form an integral part of these financial statements. 8

9 Notes to the financial statements 1. General (LF) Fund of Funds has been created on September 18, 2006 as a mutual investment fund ( Fonds Commun de Placement ) organised under Part I of the Luxembourg Law of 20 December 2002 on undertakings for collective investment (the 2002 Law ). The Fund is managed by Eurobank EFG Fund Management Company (LUX) S.A. (the Management Company ), a company incorporated under the laws of Luxembourg and having its registered office in Luxembourg. The Management Company may issue Units in several classes (collectively Classes and each a Class ) in each Sub-Fund having: (i) a specific sales and redemption charge structure and/or (ii) a specific management or advisory fee structure and/or (iii) different distribution, Unitholder servicing or other fees and/or (iv) different types of targeted investors or distribution channels and/or (v) a different hedging structure and/or (vi) such other features as may be determined by the Board of Directors from time to time. 2. Summary of significant accounting policies The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments. a) Basis of presentation of the financial statements The financial statements of each sub-fund are kept in the following currencies: - (LF) Fund of Funds - Equity Blend EUR - (LF) Fund of Funds - Bric EUR - (LF) Fund of Funds - Balanced Blend EUR The consolidated financial statements of the Fund reflecting the assets and liabilities of all portfolios are expressed in Euro. b) Security Valuation Securities quoted or dealt in on any stock exchange or another regulated market are valued at the latest available price. When such prices are not representative of the fair value of the relevant securities and in the case of unquoted securities, the valuation is based on the respective reasonable foreseeable sales price as determined prudently and in good faith by the Board of Directors of the Management Company of the Fund. Cash equivalent or money market instruments with a remaining maturity of 60 days or less are stated at amortized cost, which approximates market value. 9

10 Notes to the financial statements (continued) c) Foreign currency translation The cost of investments and the transactions during the year, expressed in foreign currencies, are converted into the reporting currency of each Sub-Fund at the rate of exchange ruling at the time of the purchase or transaction. The market value of investments and other assets and other liabilities, expressed in foreign currencies, are translated into the reporting currency of each Sub-Fund at year-end exchange rates. Exchange differences arising on foreign currency translation are taken to profit and loss. The consolidated statement is calculated at year-end exchange rates. Closing exchange rates as at June 30, 2009 relating to EUR are: 1 USD = EUR 1 JPY = EUR d) Interest and Dividend income Interest income is recognized on an accrual basis, net of any irrecoverable withholding tax. Dividends are accounted for on an ex-dividend basis, net of any irrecoverable withholding tax. e) Formation expenses Formation expenses are amortised over a period of 5 years and are allocated to the relevant Sub- Funds or are allocated to the different Sub-Funds in proportion to their respective weight in the total net assets at the end of their related subscription period. f) Forward foreign exchange contracts Forward foreign exchange contracts are valued at the forward rate applicable at the date of the statement of net assets of each Sub-Fund for the remaining period until maturity. Gains or losses resulting from forward foreign exchange contracts are recognized in the statement of operations and statement of changes in net assets of each Sub-Fund. g) Valuation of option contracts The liquidation value of options that are traded on stock exchange is based on the closing prices published by the stock exchange where the company has concluded the related contracts. The liquidation value of options that are not traded on stock exchange is determined according to the guidelines decided by the Board of Directors of the Management Company, following uniform criteria for each type of contract. 10

11 Notes to the financial statements (continued) h) Valuation of financial future contracts The liquidation value of future contracts that are traded on stock exchange is based on the closing prices published by the stock exchange where the company has concluded the related contracts. The liquidation value of futures contract that are not traded on stock exchange is determined according to the guidelines decided by the Board of Directors of the Management Company, following uniform criteria for each type of contract. 3. Management fees Management fees are due by each Sub-Fund and are calculated daily based on the net assets of each class of Units during the month and are payable monthly. the following rates are applicable per annum:. (LF) Fund of Funds - Equity Blend - Class Eurobank EFG 1.80%. (LF) Fund of Funds - Equity Blend - Class Eurobank EFG I 0.70%. (LF) Fund of Funds - Equity Blend - Class Postbank 2.50%. (LF) Fund of Funds - Bric - Class Eurobank EFG 2.00%. (LF) Fund of Funds - Bric - Class Eurobank EFG I 1.00%. (LF) Fund of Funds - Bric - Class Interamerican 2.00%. (LF) Fund of Funds - Bric - Class Postbank 3.00%. (LF) Fund of Funds - Balanced Blend - Class Eurobank EFG 1.10%. (LF) Fund of Funds - Balanced Blend - Class Eurobank EFG I 0.63%. (LF) Fund of Funds - Balanced Blend - Class Polbank EUR 3.50%. (LF) Fund of Funds - Balanced Blend - Class Polbank PLN 3.50% (A). (LF) Fund of Funds - Balanced Blend - Class Postbank 1.50% (A) 3.50% from June 15 th, 2009 Management fees may be charged at both levels (the Sub-Fund and target UCITS/UCIs) but the aggregate amount of management fees on the portion of assets invested in target UCITS/UCIs will not exceed 4% p.a. of the net assets. 4. Custodian fees In consideration for its services, the Custodian is entitled to receive out of the assets of the relevant Sub-Fund a fee (the Depositary Fee ) payable at the end of each month in arrears at an annual rate not exceeding the percentage amount indicated in the Appendix relevant to each Sub- Fund of the Prospectus of the Fund. This percentage amount will be calculated on a daily basis on the Net Asset Value of that day of the relevant Class over the period by reference to which the fee is calculated. The Custodian may also receive transaction-based fees. 5. Administrative fees and Registrar Agent The Management Company shall pay, out of the Management Fee, the fees and expenses due to the Administrative and Registrar Agent. The Administrative and Registrar Agent may also receive from the Fund transaction-based fees, which will be payable in addition to the Management Fee. 11

12 Notes to the financial statements (continued) 6. Taxation The Fund is liable in Luxembourg to an annual tax (the "taxe d'abonnement") of 0.05%, calculated and payable quarterly, on the aggregate Net Asset Value of the outstanding units of the Fund at the end of each quarter. This annual tax is however reduced to 0.01% on the aggregate Net Asset Value of the units in the Classes reserved to institutional investors as well as in Sub- Funds that invest exclusively in certain short-term transferable debt securities and other instruments pursuant to the Grand-Ducal Regulation of 14 April This rate is reduced to 0% for the portion of the assets of the Fund in other Luxembourg undertakings for collective investment already submitted to an annual tax. 7. Statement of changes in investments A list, for each Sub-Fund, specifying for each investment the total purchases and sales which occurred during the year under review, may be obtained free of charge, upon request, at the Registered Office of the Management Company. 8. Merger and change of name As of March 6, 2009, (LF) Fund of Funds - Balanced Blend has absorbed (LF) Balanced Global Fund. 9. Financial Futures Contracts The Fund entered into a number of financial futures contracts., the positions were as follows: 12

13 (LF) Fund of Funds-Equity Blend Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR USD 75 CME E-MINI NASDAQ-100 FUT SEPT USD 50 S&P 500 MINI FUTURE SEPT Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR EUR 10 EUROSTOXX50 SEPT Total futures (LF) Fund of Funds-Balanced Blend Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR USD -15 S&P 500 MINI FUTURE SEPT USD 60 CME E-MINI NASDAQ-100 FUT SEPT Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR EUR 30 EURO-BOBL FUTURE SEPT EUR -25 EUROSTOXX50 SEPT Total futures