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

Transcription

1 (LF) A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg Annual Report (Audited) December 31, 2008 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 Activity Report 5 Independent Auditor s Report 14 Statement of Net Assets 16 Statement of Operations 22 Statement of Changes in Net Assets 28 Schedule of investments (LF) BOND - Corporate Securities Fund 34 (LF) BOND - Global Emerging Markets Fund 36 (LF) EQUITY - US Growth Fund 37 (LF) EQUITY - European Growth Fund 41 (LF) EQUITY - Emerging Europe Markets Fund 43 (LF) EQUITY - Value FTSE/ASE 20 Index Fund 45 (LF) EQUITY - Midcap Private Sector 50 Index Fund 46 (LF) EQUITY - Institutional Portfolios Fund 48 (LF) Balanced - Global Fund 49 (LF) Money Market - Income Plus $ Fund 51 (LF) Absolute Return Fund 52 (LF) Special Purpose Click Fund 55 (LF) Special Purpose Double Click Fund 56 (LF) Special Purpose All Weather Fund 57 (LF) Special Purpose All Weather Plus Fund 58 (LF) Money Market - Cash Fund (PLN) 59 (LF) EQUITY - Dynamic Polish Fund 60 (LF) Balanced - Polish Fund 61 (LF) Special Purpose Dual Formula Fund 63 (LF) EQUITY - BRS 30 Fund 64 (LF) EQUITY - Dynamic Romanian Fund 66 (LF) Special Purpose Blue Chips Protect Fund 67 (LF) Absolute Return II Fund 69 (LF) Special Purpose Blue Chips Protect II Fund 72 (LF) Special Purpose 8% Equity Formula Fund 73 (LF) Special Purpose 6% Equity Formula $ Fund 74 (LF) Special Purpose Blue Chips Protect III Fund 75 (LF) Equity - Flexi Style Greece 76 (LF) Money Market - Cash Fund (EUR) 78 Notes to the financial statements 79

3 (LF) 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 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 Mr. Georgios Vlachakis Managing Director Eurobank EFG Fund Management Company (LUX) S.A., Grand Duchy of Luxembourg Mrs. Eleni Lascari General Manager 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 Chairman Director Director Director Director 4

5 Activity Report As at December 31, 2008 (LF) Bond - Corporate Securities Fund The Sub-Fund showed a decline of -5.49% on Eurobank EFG share class. The Sub-Fund underperformed the money market as well as similar duration government bonds due to the massive corporate spread widening following the interbank/credit crisis that ensued in the summer until year-end. The Sub-Fund increased gradually its exposure in corporate credit from around 60-65% in the first quarter to 76% at year-end in order to take advantage of the wide risk premia offered in the corporate bond market. (LF) Bond - Global Emerging Markets Fund The (LF) Bond - Global Emerging Markets Fund recorded % on Eurobank EFG share class in The Sub-Fund maintained its positions through the crisis in high beta bonds (Latin America, Russia and Turkey) and kept the underweight positions in central European bonds was quite challenging for emerging bonds due to massive dispersion of the credit crisis. EM Dollar bonds declined by -9.7% and Euro bonds by -5.28% with spreads heading north to 630 basis point. Worst performers included Argentina Ecuador and Ukraine and the only positive performance was recorded by Brazil and Mexico. Lehman s collapse triggered immense selling pressures in both equities and peripheral bonds that slowed due to aggressive state intervention by lowering interest rates and fiscal packages. Money markets were not functioning properly and this led to massive dislocations in valuations. (LF) Equity - US Growth Fund The US stock market had one of its worst years in history as truly unprecedented events took place. The US administration appeared to be dealing with the unfolding crisis in an ad hoc manner which created great uncertainty and tension in the stock market. Volatility spiked to never before seen levels. The financial system teetered on the brink of collapse at several instances during the year (Bear Sterns almost collapse, which was narrowly avoided by the FED engineering Bear s buyout by JP Morgan, Lehman Brothers failure, initial rejection of the bank bailout by Congress). In this very challenging environment the fund recorded losses of 34.28% on Eurobank EFG I share class while the benchmark declined by 33.65%. The Sub-Fund was very underweight the financial sector during the first half of the year, which generated significant outperformance. On the other hand, overweight positions in technology and energy did not perform accordingly. (LF) Equity - European Growth Fund The major European stock indices presented significant losses (DJ Stoxx %, DJ EuroStoxx %, CAC %, DAX -40.4%, FTSE %). Regarding sectors European Banks lost %, followed by Materials %, Technology % and autos -44.2%. The Sub-Fund had negative return % on Eurobank EFG I share class, as of December 31, 2008 while the benchmark lost %. The Sub-Fund over-performed its benchmark due to underweight position in financials, while overweight positions were taken in more defensive sectors like Health Care, Utilities, and Telecoms. 5

6 Activity Report As at December 31, 2008 (continued) (LF) Equity - Emerging Europe Markets Fund The Sub-Fund lost 62.46% on Eurobank EFG share class of its value while the benchmark shed 60.84% in 2008, a year which proved to be very difficult for equity investments everywhere, as the banking sector went through its worst crisis in decades prompting global deleveraging. This coupled with domestic factors in certain markets where the Sub-Fund is active (political instability in Turkey, Russian war in Georgia) resulted in significant flight from risk and consequently very disappointing returns. During the first half of the year the Sub-Fund was overweight in Russia that offered significant outperformance, as the Russian market ended the first half of the year in slightly positive territory. This performance though was entirely wiped out during the second half of the year as fears over the Russian invasion of Georgia, the plummeting price of oil and bank liquidity problems led to massive capital outflows. Although the Sub-Fund did trim its positions in Russia in late September, before the severe deterioration in market conditions, it had already sustained significant losses. The underweight positions the fund maintained in Turkey as well as Hungary and the Czech Republic were to a certain extent negated by the positions the fund held in Romania and Bulgaria. (LF) Equity - Value FTSE/ASE 20 Index Fund The Greek Stock Exchange presented considerable underperformance during The General Index lost 65.7% versus CAC %, DAX -40.4%, FTSE %. During the year, the outflow from foreign investors was notable mainly during the third and fourth quarter, due to deterioration of the Greek macro-environment (Deficit, GDP growth), and due to the exposure of the Greek banks to the fragile economies of South-eastern European countries. The Sub-Fund had negative return of 64.73% on Eurobank EFG share class versus return of % of the benchmark. (LF) Equity Midcap Private Sector 50 Index Fund In 2008, medium cap companies faced one of the worst stock price declines. Although, in the first six months of the year 2008 the medium and small cap companies showed significant resilience vs the big cap sector major declines, in the second half of the year they almost matched the decline of the broad market. One of main reasons for this accelerating decline was the low liquidity of the represented companies, which resulted in rapid and significant price drops due to the unloading of big positions held mainly by foreign investors. Specifically, during 2008 Eurobank EFG (LF) Midcap 50 declined by 63.05% on Eurobank EFG share class while the benchmark Eurobank Midcap 50 Index lost 63.50% and the ASE Mid Cap Index FTASE 40 declined by 69.66%. On December 31, 2008 its major positions consisted of Viohalco 9.06%, Intralot 4.86%, Mytilineos 4.91% and Terna Energy 4.65%. 6

7 Activity Report As at December 31, 2008 (continued) (LF) Equity - Institutional Portfolios Fund From the stock market viewpoint, 2008 was an exceptionally problematic year with broad losses across all major Greek indices (General Index -65.5%, FTSE %, FTSE %, FTSE Banks -74%). Volatility has been extraordinarily high while trading activity gradually declined as Foreign Investors partially limited their presence in the domestic market. At the second half of the year the stock market was contaminated from the international lack of confidence to the Banking sector and, as a consequence, stock prices went sharply down. The demand for liquidity drove deposit rates significantly higher and increased the cost of funding by moving large amounts of money from all kind of investments into time deposits. At the same time, the drop of consumer confidence and construction activity on top of credit tightening and the overall macroeconomic deterioration in Greece and the broader Balkan area resulted in a significant setback for corporate profits in the last quarter of 2008 and an aggravation of expectations for During 2008 Eurobank EFG (LF) Equity - Institutional Portfolios Fund declined by 63.44% while its portfolio remained mainly focused in large cap stocks with relatively higher exposure among others in Telecoms, Utilities and Oil & Gas Sector. On December 31, 2008 its major positions consisted of Hellenic Telecom Organization 8.2%, National Bank of Greece 7.4%, Hellenic Petroleum 7.4%, Ellaktor 5.5%, Athens Water Supply 4.5% and Coca Cola Hellenic Bottling 4.5% and Piraeus Port Authority 4.2%. (LF) Balanced - Global Fund The Sub-Fund returned % on Eurobank EFG share class in The Sub-Fund reduced equity exposure in the beginning of the second half 2008 and cut to zero its position in financial shares, while the exposure in Greek equities was negligible. On the other hand the turbulence in commodity and oil prices caused considerable volatility in stocks of these sectors which hurt the performance of the Sub-Fund. The fixed income part of the portfolio was increased mainly through German government bonds in the second half of 2008 mitigating to some degree the effect of the massive credit spread widening that occurred especially after the Lehman collapse and hurt positions in senior and subordinated bank bonds. (LF) Money Market - Income Plus $ Fund The Sub-Fund returned 2.35% on Eurobank EFG share class during It was invested mainly in short and medium term deposits as well as bank commercial paper. The Sub-Fund also invested small amounts in medium-term government guaranteed bank FRN. 7

8 Activity Report As at December 31, 2008 (continued) (LF) Absolute Return Fund The return of the Absolute return fund amounted to 1.64% on Eurobank EFG share class for the year The challenging environment of 2008, especially the second half led to focus on the preservation of the capital of the fund. Spreads of bank bonds and Asset Backed Securities (ABSs) widened massively during the course of the year, mainly during the second part as the bankruptcy of Lehman Brothers, the difficulty of Fannie Mae and Freddie Mac, and the deteriorating conditions in the real estate market led to severe losses in corporate bonds. As the Sub-Fund was primarily invested in senior bonds of relatively short maturities (up to 2 years) we managed to avoid taking major hits on our underlying investments, while significant gains from exposure in German government bonds helped mitigate the effect of credit spread widening during the last quarter. All our emerging market foreign exchange positions were unwound in the beginning and middle of the second half of the year before contagion spread to emerging markets. (LF) Special Purpose Click Fund The Sub-Fund s performance is mainly linked to the level of the long dated swap rates, the performance of the underlying equity basket and the long dated implied volatility of the underlying equity basket. The drop of the swap rates and rise of implied volatilities benefited the Sub-Fund but the negative return of the underlying basket resulted negatively in the overall performance of the Sub-Fund. The combination of these market factors resulted in a negative return of -7.78% on Eurobank EFG share class for (LF) Special Purpose Double Click Fund The Sub-Fund s performance is mainly linked to the level of the long dated swap rates, the performance of the underlying equity basket and the long dated implied volatility of the underlying equity basket. The drop of the swap rates and rise of implied volatilities benefited the Fund but the negative return of the underlying basket resulted negatively in the overall performance of the Sub-Fund. The combination of these market factors resulted in a negative return of % on Eurobank EFG share class for (LF) Special Purpose All Weather Fund The Sub-Fund s performance is mainly linked to the level of the long dated swap rates, the performance of the underlying equity basket and the long dated implied volatility of the underlying equity basket. The drop of the swap rates, the rise of implied volatilities and the negative return of the underlying basket resulted positively in the overall performance of the Sub- Fund. The combination of these market factors resulted in a positive return of 5.79% on Eurobank EFG share class for

9 Activity Report As at December 31, 2008 (continued) (LF) Special Purpose All Weather Plus Fund The Sub-Fund s performance is mainly linked to the level of the long dated swap rates, the performance of the underlying equity basket and the long dated implied volatility of the underlying equity basket. The drop of the swap rates, the rise of implied volatilities and the negative return of the underlying basket resulted positively in the overall performance of the Sub- Fund. The combination of these market factors resulted in a positive return of 5.82% on Eurobank EFG share class for (LF) Money Market - Cash Fund (PLN) (LF) Money Market - Cash Fund (PLN) returned -0.96% on share class Eurobank EFG during The Sub-Fund was invested in medium term Polish government bonds and held a small (<9%) amount in Polish stocks until mid-december 2008 when it changed its investment objective and name. This change resulted in the Sub-Fund becoming much more defensive with its main investments switched into short-term deposits and small amounts in short-term Polish government bonds. (LF) Equity - Dynamic Polish Fund Amidst a gloomy global backdrop, the Polish stock market recorded significant losses during the past year. The widespread panic that gripped investors last year, especially after the collapse of Lehman Brothers, led to massive outflows from emerging markets, including Poland, and reduction of risky positions in general. The Sub-Fund had losses of 57.30% on Polbank share class while the benchmark (composed by 90% of Wig Index and 10% of GFPL Index) declined by 45.17%. The Sub-Fund had a significant underweight position in the financial sector which, given the dire position of financials globally, performed well. The Sub-Fund had several midcap and certain small-cap positions, mostly in the consumer and technology sectors. The Polish economy was initially holding up and appeared relatively immune to the global conditions leading to the conviction that the Polish consumer would not slow down and the corporate sector would continue to invest. At first, these promises held but as the global setting deteriorated further, the credit crunch caught up with Poland and the economy slowed down significantly. This coupled with the lack of liquidity that ensued caused significant losses on the mid and small cap positions which in turn led to the large underperformance of the fund versus the benchmark. 9

10 Activity Report As at December 31, 2008 (continued) (LF) Balanced - Polish Fund The Sub-Fund lost 39.32% on Polbank share class of its value while the benchmark (composed by 50% of Wig Index and 50% of GFPL Index) declined by 21.59%. The Sub-Fund had a significant overweight position in equities for the better part of the year while it was underweight duration for most of the first half of the year. Regarding its equity positioning the Sub-Fund maintained an underweight position in financials throughout the year, which performed well. Conversely, the Sub-Fund also invested in certain mid and small cap companies which suffered heavy losses as the Polish economy, despite initial indications, eventually slowed down significantly as the impact of the global credit crunch was ultimately felt. Moreover, in its bond positioning, as mentioned before the fund was initially underweight duration which proved correct as Polish bonds fell since the Central Bank of Poland hiked interest rates in order to combat inflationary pressures, in light of the fact that the economy appeared resilient. The Sub- Fund became neutral duration versus the benchmark before the end of the first half, which initially mirrored the bond rally that began in the second half of the year as commodity prices fell and inflationary pressures retreated significantly. Nevertheless, Polish bonds at some point diverged and there was a sharp sell-off in Polish bonds while emerging market spreads widened significantly, as investors fled all investments perceived to be even slightly risky as flight to safety became the dominant theme after the collapse of Lehman Brothers. At the end of the year, Polish bonds staged a comeback as the crisis threatening the global economy was averted. Polish bonds rallied on the back of a narrowing in spreads in all emerging bonds and a cut in interest rates by the Central Bank of Poland. (LF) Special Purpose Dual Formula Fund The Sub-Fund s performance is mainly linked to the level of the long dated swap rates, the performance of the underlying index DJ Eurostoxx Select Dividend 30, the over-performance of DJ Eurostoxx Select Dividend 30 against DAX and the long dated implied volatilities of the two equity indices. The drop of the swap rates and the rise of implied volatilities benefited the Fund whereas the negative return of DJ Eurostoxx Select Dividend 30 and the under-performance of DJ Eurostoxx Select Dividend 30 against DAX resulted negatively in the overall performance of the Fund. The combination of these market factors resulted in a negative return of % on EFG I share class for (LF) Equity - BRS 30 Fund During 2008, the countries of Southeastern Europe in which BRS 30 is invested - Bulgaria, Romania and Serbia- underperformed significantly, confirming the intensity of the global credit crisis. The SOFIX Index retreated by %, BETI Index dropped by %, BET-FI Index fell by % and BELEX15 Index dropped by % for the year For the period mentioned before, BRS 30 Mutual Fund had been invested by 82%, on average, of the total portfolio and more specifically the portfolio allocation by region was the following: Romania 52%, Bulgaria 26%, and Serbia 22%. The performance of BRS 30 for the year 2008 was % on Eurobank EFG I share class. 10

11 Activity Report As at December 31, 2008 (continued) (LF) Equity - Dynamic Romanian Fund The Romanian stock market recorded severe losses last year, as the potential negative impact of the credit crunch on the Romanian economy weighed heavily on investors minds. Despite the significant losses that the Sub-Fund performed during % on Eurobank EFG I share class, the Sub-Fund sustained to perform better than the Romanian market (as measured by the BET index return -70.5% during 2008). The Sub-Fund had underweight financials the worst performing sector during the previous year. The Sub-Fund had also underweight the energy sector, which fell out of investor favour amid the plummeting price of oil during the second half of the year. In contrast, the Sub-Fund was overweight certain defensive sectors such as consumer staples and healthcare. It should also be mentioned though that the Sub-Fund had significant exposure to the closed end investment funds, which all recorded considerable losses last year. (LF) Special Purpose Blue Chips Protect Fund The Sub-Fund s performance is mainly linked to the level of the medium dated swap rates, the performance of the underlying Greek equity index (FTASE20) and the long dated implied volatility of the underlying equity index. The drop of the swap rates and rise of implied volatilities benefited the Sub-Fund but the negative return of the underlying index resulted negatively in the overall performance of the Sub-Fund. The combination of these market factors resulted in a negative return of % on EFG I share class for (LF) Absolute Return II Fund The return of the Absolute return II fund amounted to 2.21% on Eurobank EFG share class for The challenging environment of 2008, especially the second half led to a decrease in the risk appetite of the Sub-Fund. Spreads of bank bonds and ABSs widened massively during the course of the year, mainly during the second part as the bankruptcy of Lehman Brothers, the difficulty of Fannie Mae and Freddie Mac, and the deteriorating conditions in the real estate market led to severe losses in corporate bonds. Significant gains from exposure in German government bonds failed to fully compensate for the large mark-to-market losses incurred by the Sub-Fund s investments in MBSs, senior and sub bank bonds which weighed heavily on the performance during the second half. All our emerging market foreign exchange positions were unwound in the beginning and middle of the second half of the year before contagion spread to emerging markets. (LF) Special Purpose Blue Chips Protect II Fund The Sub-Fund s performance is mainly linked to the level of the medium dated swap rates, the performance of the underlying Greek equity index (FTASE20) and the long dated implied volatility of the underlying equity index. The drop of the swap rates and rise of implied volatilities benefited the Sub-Fund but the negative return of the underlying index resulted negatively in the overall performance of the Sub-Fund. The combination of these market factors resulted in a negative return of % on Eurobank EFG I share class for

12 Activity Report As at December 31, 2008 (continued) (LF) Special Purpose 10% Equity Formula PLN Fund The Sub-Fund s performance is linked to the return of the worst performing underlying index (DJ EURO STOXX 50,S&P 500, WIG20). All indices had negative returns for the respective period and as a result the Sub-Fund had a negative return of % on Polbank share class. (LF) Special Purpose 8% Equity Formula Fund The Sub-Fund s performance is linked to the return of the worst performing underlying index (DJ EURO STOXX 50,NIKKEI, S&P 500). All indices had negative returns for the respective period and as a result the Sub-Fund had a negative return of % on Eurobank EFG share class. (LF) Special Purpose 6% Equity Formula $ Fund The Sub-Fund s performance is linked to the return of the worst performing underlying index (DJ EURO STOXX 50,NIKKEI, S&P 500). All indices had negative returns for the respective year and as a result the Sub-Fund had a negative return of % on Eurobank EFG share class. (LF) Special Purpose Blue Chips Protect III Fund The Sub-Fund s performance is mainly linked to the level of the medium dated swap rates, the performance of the underlying Greek equity index (FTASE20) and the long dated implied volatility of the underlying equity index. The drop of the swap rates and rise of implied volatilities benefited the Sub-Fund but the negative return of the underlying index resulted negatively in the overall performance of the Sub-Fund. The combination of these market factors resulted in a negative return of % on Eurobank EFG I share class for (LF) Money Market - Cash Plus Fund The Sub-Fund had holdings in cash RON by around 85% and the remaining cash in EUR. The Sub-Fund had only seed money as of December 31, (LF) Balanced - Active Fund (RON) The Sub-Fund had cash holdings in EUR. The Sub-Fund had only seed money as of December 31, (LF) Equity - Flexi Style Greece The Greek Stock Exchange posted considerable losses during The world-wide financial crisis had plagued not only the domestic market, but had enormous repercussion on the developing economies of South Eastern Europe, where the Greek banks have significant exposure. The Sub-Fund has been launched at the last days of August, and due to progressive rising of investment level, and active trading, outperformed its benchmark by 39.86% (i.e Sub- Fund posted return of -5.90% on Eurobank EFG I share class versus ASE INDEX return % for the period from September 3, 2008 until December 31, 2008). 12

13 Activity Report As at December 31, 2008 (continued) (LF) Money Market Cash Fund (EUR) The Sub-Fund returned 1.63% on Eurobank EFG share class having been launched in August The Sub-Fund aimed to avoid price swings stemming from market turbulence by investing in short-term deposits around 83% of the assets, while the remainder was invested in short-term bank bonds maturing in less than one year. The investments in short-term bank bonds were increased at the end of the year in order to take advantage of falling interest rates. (LF) Special Purpose Greek Max 50 Fund The Sub-Fund s performance is mainly linked to the level of the medium dated swap rates, the performance of the underlying Greek equity index (FTASE20) and the long dated implied volatility of the underlying equity index. The Sub-Fund s performance for 2008 was -1.46% on Eurobank EFG I share class. Luxembourg, May 18, 2009 The figures stated in this report are historical and not necessarily indicative of future performance 13

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16 Statement of Net Assets (LF) (LF) (LF) (LF) (LF) Consolidated BOND-Corporate BOND-Global EQUITY-US EQUITY-European Securities Fund Emerging Markets Fund Growth Fund Growth Fund Currency Notes EUR EUR EUR EUR EUR Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Unrealised loss on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, 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 Polbank EFG Units outstanding Postbank EFG Units outstanding Interamerican Units outstanding Interamerican I Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Polbank EFG Net asset value per unit : Postbank EFG Net asset value per unit : Interamerican Net asset value per unit : Interamerican I Cost of securities portfolio Total net assets at period ended: N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Polbank" unit : N.A.V. per unit at period ended "Postbank" unit : N.A.V. per unit at period ended "Interamerican" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended " Interamerican I " unit : 31/12/ /12/ /12/ The accompanying notes form an integral part of these financial statements. 16

17 Statement of Net Assets (continued) (LF) (LF) (LF) (LF) (LF) (LF) EQUITY- EQUITY-Value EQUITY-MidCap EQUITY- BALANCED- Money Market- Emerging Europe FTSE/ASE 20 Private Sector 50 Institutional Global Fund Income Plus $ Markets Fund Index Fund Index Fund Portfolios Fund Fund Currency Notes EUR EUR EUR EUR EUR USD Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Unrealised loss on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, 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 Polbank EFG Units outstanding Postbank EFG Units outstanding Interamerican Units outstanding Interamerican I Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Polbank EFG Net asset value per unit : Postbank EFG Net asset value per unit : Interamerican Net asset value per unit : Interamerican I Cost of securities portfolio Total net assets at period ended: 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Polbank" unit : N.A.V. per unit at period ended "Postbank" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended "Interamerican" unit : /12/ /12/ /12/ N.A.V. per unit at period ended " Interamerican I " unit : 31/12/ /12/ /12/ The accompanying notes form an integral part of these financial statements. 17

18 Statement of Net Assets (continued) (LF) (LF) (LF) (LF) (LF) (LF) Absolute Return Special Special Purpose Special Purpose Special Purpose Money Market - Fund Purpose Click Fund Double Click Fund All Weather Fund All Weather Plus Fund Cash Fund (PLN) Currency Notes EUR EUR EUR EUR EUR PLN Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Unrealised loss on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, 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 Polbank EFG Units outstanding Postbank EFG Units outstanding Interamerican Units outstanding Interamerican I Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Polbank EFG Net asset value per unit : Postbank EFG Net asset value per unit : Interamerican Net asset value per unit : Interamerican I Cost of securities portfolio Total net assets at period ended: 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Polbank" unit : N.A.V. per unit at period ended "Postbank" unit : N.A.V. per unit at period ended "Interamerican" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended " Interamerican I " unit : 31/12/ /12/ /12/ The accompanying notes form an integral part of these financial statements. 18

19 Statement of Net Assets (continued) (LF) (LF) (LF) (LF) (LF) (LF) Equity Dynamic Balanced Special Purpose Equity-BRS 30 Equity Special Purpose Polish Fund Polish Fund Dual Formula Fund Dynamic Blue Chips Protect Fund Romanian Fund Fund Currency Notes PLN PLN EUR EUR RON EUR Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Unrealised loss on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, 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 Polbank EFG Units outstanding Postbank EFG Units outstanding Interamerican Units outstanding Interamerican I Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Polbank EFG Net asset value per unit : Postbank EFG Net asset value per unit : Interamerican Net asset value per unit : Interamerican I Cost of securities portfolio Total net assets at period ended: 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Polbank" unit : N.A.V. per unit at period ended "Postbank" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended "Interamerican" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended " Interamerican I " unit : 31/12/ /12/ /12/ The accompanying notes form an integral part of these financial statements. 19

20 Statement of Net Assets (continued) (LF) (LF) (LF) (LF) (LF) (LF) Absolute Return II Fund Special Purpose Blue Chips Special Purpose 10% Equity Special Purpose 8% Equity Special Purpose 6% Equity Special Purpose Blue Chips Protect II Fund Formula PLN Fund Formula Fund Formula $ Fund Protect III Fund Currency Notes EUR EUR PLN EUR USD EUR Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Unrealised loss on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, 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 Polbank EFG Units outstanding Postbank EFG Units outstanding Interamerican Units outstanding Interamerican I Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Polbank EFG Net asset value per unit : Postbank EFG Net asset value per unit : Interamerican Net asset value per unit : Interamerican I Cost of securities portfolio Total net assets at period ended: 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Polbank" unit : N.A.V. per unit at period ended "Postbank" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended "Interamerican" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended " Interamerican I " unit : 31/12/ /12/ /12/ The accompanying notes form an integral part of these financial statements. 20

21 Statement of Net Assets (continued) Money Market - Cash Plus Fund (LF) (LF) (LF) (LF) (LF) Balanced - Active Equity - Flexi Style Money market - Fund (RON) Greece Cash Fund (EUR) Special Purpose Greek Max 50 Fund Currency Notes RON RON EUR EUR EUR Assets Securities portfolio at market value Unrealised gain on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Unrealised loss on financial futures and forwards contracts 2, Financial derivative instruments: options and swaps contracts 2, 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 Polbank EFG Units outstanding Postbank EFG Units outstanding Interamerican Units outstanding Interamerican I Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG I Net asset value per unit : Polbank EFG Net asset value per unit : Postbank EFG Net asset value per unit : Interamerican Net asset value per unit : Interamerican I Cost of securities portfolio Total net assets at period ended: 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended "Polbank" unit : N.A.V. per unit at period ended "Postbank" unit : 31/12/ /12/ /12/ /12/ /12/ /12/ N.A.V. per unit at period ended "Interamerican" unit : 31/12/ /12/ /12/ N.A.V. per unit at period ended " Interamerican I " unit : 31/12/ /12/ /12/ The accompanying notes form an integral part of these financial statements. 21

22 Statement of Operations for the year ended December 31, (LF) (LF) (LF) (LF) (LF) Consolidated BOND-Corporate EQUITY-US Securities Fund Growth Fund BOND-Global Emerging Markets Fund EQUITY- European Growth Fund Currency Notes EUR EUR EUR EUR EUR Income Income on portfolio / dividends Bank interest Other income Expenses Management fees Custodian fees Administrative fees Subscription tax Amortisation of formation expenses Other expenses Interest on swaps Brokerage and transactions fees Other taxes Net investment income / (loss) ( ) ( ) Net realised gain / (loss) ( ) ( ) ( ) ( ) ( ) - on portfolio ( ) ( ) ( ) ( ) ( ) - on currencies ( ) (45.29) - ( ) ( ) - on financial futures, options and swaps 2 ( ) ( ) - Realised result ( ) ( ) ( ) ( ) Change in net unrealised appreciation / (depreciation) ( ) ( ) ( ) ( ) ( ) - on portfolio ( ) ( ) ( ) ( ) ( ) - on currencies ( ) ( ) - ( ) (38.04) - on financial futures, options and swaps 2 ( ) Result for the year ( ) ( ) ( ) ( ) ( ) The accompanying notes form an integral part of these financial statements. 22