(LF) Fund of Funds. A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg. Non-audited Semi-Annual Report.

Transcription

1 (LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg Non-audited Semi-Annual Report June 30, 2018 RCS Number: B RCSK Number: K1662 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 (LF) Fund of Funds - Balanced Blend Europe 8 (LF) Fund of Funds - Equity Blend 9 (LF) Fund of Funds - Global Emerging Markets 10 (LF) Fund of Funds - Balanced Blend Global 11 (LF) Fund of Funds - Real Estate 12 (LF) Fund of Funds - Dynamic Fixed Income 13 (LF) Fund of Funds - Global Low 14 (LF) Fund of Funds - Global Medium 15 (LF) Fund of Funds - Global High 16 (LF) Fund of Funds - Balanced Blend US 17 (LF) Fund of Funds - Tactical Allocation 18 (LF) Fund of Funds - Life Cycle (LF) Fund of Funds - Life Cycle (LF) Fund of Funds - Life Cycle (LF) Fund of Funds - Life Cycle Notes to the financial statements 23 2

3 (LF) Fund of Funds Organisation of the Fund Management Company Eurobank Fund Management Company (Luxembourg) S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Depositary, Administrative, Registrar, Transfer, Luxembourg Paying and Domiciliation Agent Eurobank Private Bank Luxembourg S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Investment Manager Eurobank Asset Management Mutual Fund Management Company S.A. 10, Stadiou Str., Athens Greece Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P L-1014 Luxembourg Grand Duchy of Luxembourg Distributor Eurobank Ergasias S.A. 8, Othonos Street Athens Greece 3

4 (LF) Fund of Funds Board of Directors of the Management Company Mr. Theofanis Mylonas Chairman Chief Executive Officer Chairman of the Board of Directors Eurobank Asset Management Mutual Fund Management Company S.A., Greece Mr. Agamemnon Kotrozos Vice Chairman Head of Investments and Corporate Strategy Eurobank Asset Management Mutual Funds Management Company S.A. Greece Chief Executive Officer Eurobank Fund Management Company (Luxembourg) S.A., Grand Duchy of Luxembourg Mr. Georgios Vlachakis Managing Director Eurobank Fund Management Company (Luxembourg) S.A., Grand Duchy of Luxembourg Managing Director Mrs. Eleni Koritsa Director Deputy Chief Executive Officer Eurobank Asset Management Mutual Fund Management Company S.A., Greece Dr. Dimitrios D. Thomakos Professor at University of Peloponnese Greece Independent Director 4

5 Statement of Net Assets (LF) Fund of Funds (LF) Fund of Funds - (LF) Fund of Funds - (LF) Fund of Funds - Balanced Blend Europe Equity Blend Global Emerging Market Combined (LF) Fund of Funds - (LF) Fund of Funds - Balanced Blend Real Estate Global Currency Notes EUR EUR EUR EUR EUR EUR Assets Securities portfolio at market value Cash at bank Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Subscriptions in advance Redemptions to be paid Other payable and accrued expenses Total liabilities Total net assets at the end of the year/period Information summary Units outstanding Eurobank Units outstanding Eurobank USD Units outstanding Eurobank I Units outstanding Private Banking Units outstanding Private Banking USD Units outstanding Interamerican Units outstanding Postbank Units outstanding Postbank USD Units outstanding Bancpost Net asset value per unit : Eurobank EUR EUR EUR EUR EUR Net asset value per unit : Eurobank USD - USD USD USD USD Net asset value per unit : Eurobank I EUR EUR EUR EUR Net asset value per unit : Private Banking EUR EUR EUR EUR Net asset value per unit : Private Banking USD - USD USD Net asset value per unit : Interamerican - - EUR EUR EUR Net asset value per unit : Postbank - EUR EUR EUR EUR Net asset value per unit : Postbank BGN Net asset value per unit : Postbank USD USD Net asset value per unit : Bancpost RON Net asset value per unit : Bancpost - EUR EUR EUR 1.43 EUR Cost of securities portfolio Total net assets at year/period ended: 31/12/ /12/ /06/ N.A.V. per unit at year/period ended "Eurobank" unit : 31/12/2016 EUR EUR EUR EUR EUR /12/2017 EUR EUR EUR EUR EUR /06/2018 EUR EUR EUR EUR EUR N.A.V. per unit at year/period ended "Eurobank USD" unit : 31/12/ USD USD USD USD /12/ USD USD USD USD /06/ USD USD USD USD N.A.V. per unit at year/period ended "Eurobank I" unit : 31/12/2016 EUR EUR EUR EUR /12/2017 EUR EUR EUR EUR /06/2018 EUR EUR EUR EUR N.A.V. per unit at year/period ended "Private Banking" unit : 31/12/2016 EUR EUR EUR EUR EUR /12/2017 EUR EUR EUR EUR EUR /06/2018 EUR EUR EUR EUR N.A.V. per unit at year/period ended "Private Banking USD" unit : 31/12/ USD USD USD /12/ USD USD /06/ USD USD N.A.V. per unit at year/period ended "Interamerican" unit : 31/12/ EUR EUR EUR /12/ EUR EUR EUR /06/ EUR EUR EUR N.A.V. per unit at year/period ended "Postbank" unit : 31/12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /06/ EUR EUR EUR EUR N.A.V. per unit at year/period ended "Postbank USD" unit : 31/12/ USD /12/ USD /06/ USD N.A.V. per unit at year/period ended "Bancpost" unit : 31/12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /06/ EUR EUR EUR 1.43 EUR The accompanying notes form an integral part of these financial statements 5

6 Statement of Net Assets (Continued) (LF) Fund of Funds - Dynamic Fixed Income (LF) Fund of Funds - (LF) Fund of Funds - (LF) Fund of Funds - (LF) Fund of Funds - Global Low Global Medium Global High Balanced Blend US Currency Notes EUR EUR EUR EUR EUR Assets Securities portfolio at market value Cash at bank Receivable on interest and dividends Receivable on subscriptions Other assets Total assets Liabilities Subscriptions in advance Redemptions to be paid Other payable and accrued expenses Total liabilities Total net assets at the end of the year/period Information summary Units outstanding Eurobank Units outstanding Eurobank USD Units outstanding Eurobank I Units outstanding Private Banking Units outstanding Private Banking USD Units outstanding Private Banking DIS Units outstanding Interamerican Units outstanding Postbank BGN Units outstanding Bancpost RON Units outstanding Bancpost Net asset value per unit : Eurobank - EUR EUR EUR EUR Net asset value per unit : Eurobank USD USD Net asset value per unit : Eurobank I EUR EUR Net asset value per unit : Private Banking - EUR EUR EUR EUR Net asset value per unit : Private Banking USD USD Net asset value per unit : Private Banking DIS - EUR EUR Net asset value per unit : Interamerican - EUR Net asset value per unit : Postbank BGN - BGN BGN Net asset value per unit : Postbank USD Net asset value per unit : Bancpost RON - RON RON RON Cost of securities portfolio Total net asset at year or period ended: 31/12/ N.A.V. per unit at year or period ended Eurobank EFG : 31/12/ EUR EUR EUR EUR N.A.V. per unit at year or period ended Eurobank EFG I : 31/12/2006 EUR EUR Total net assets at year/period ended: 31/12/ /12/ /06/ N.A.V. per unit at year/period ended "Eurobank" unit : 31/12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /06/ EUR EUR EUR EUR N.A.V. per unit at year/period ended "Eurobank USD" unit : 31/12/ USD /12/ USD /06/ USD N.A.V. per unit at year/period ended "Eurobank I" unit : 31/12/2016 EUR EUR /12/2017 EUR EUR /06/2018 EUR EUR N.A.V. per unit at year/period ended "Private Banking" unit : 31/12/ EUR EUR EUR /12/ EUR EUR EUR EUR /06/ EUR EUR EUR EUR N.A.V. per unit at year/period ended "Private Banking DIS" unit : 31/12/ EUR EUR /12/ EUR EUR /06/ EUR EUR N.A.V. per unit at year/period ended "Private Banking USD" unit : 31/12/ USD /12/ USD /06/ USD N.A.V. per unit at year ended "Interamerican" unit : N.A.V. per unit at year ended "Postbank BGN" unit : N.A.V. per unit at year ended "Bancpost RON" unit : 31/12/ /12/ EUR /06/ EUR /12/ BGN BGN /12/ BGN BGN /06/ BGN BGN /12/ RON RON RON /12/ RON RON RON /06/ RON RON RON The accompanying notes form an integral part of these financial statements 6

7 Statement of Net Assets (Continued) (LF) Fund of Funds - Tactical Allocation (LF) Fund of Funds - (LF) Fund of Funds - (LF) Fund of Funds - (LF) Fund of Funds - Life Cycle 2032 Life Cycle 2047 Life Cycle 2042 Life Cycle % 3.07% 3.78% 1.82% Currency Notes EUR EUR EUR EUR EUR Assets Securities portfolio at market value Unrealised gain on financial futures 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 Subscriptions in advance Bank Overdraft Unrealised loss on financial futures and forwards contracts 2, 9 Financial derivative instruments: options and swaps contracts 7 Payable on purchases Redemptions to be paid Other payable and accrued expenses Total liabilities Total net assets at the end of the year/period Information summary Units outstanding Eurobank I Units outstanding Interamerican Units outstanding Group Pension Net asset value per unit : Eurobank I - EUR EUR EUR EUR Net asset value per unit : Interamerican EUR Net asset value per unit : Group Pension EUR EUR Cost of securities portfolio Total net assets at year/period ended: 31/12/ /12/ /06/ N.A.V. per unit at year/period ended "Eurobank I" unit : 31/12/ /12/ EUR EUR EUR EUR /06/ EUR EUR EUR EUR N.A.V. per unit at year ended "Interamerican" unit : N.A.V. per unit at year ended "Group Pension" unit : 31/12/2016 EUR /12/2017 EUR /06/2018 EUR /12/ /12/ EUR EUR /06/ EUR EUR The accompanying notes form an integral part of these financial statements 7

8 (LF) Fund of Funds - Balanced Blend Europe EUR AMUNDI II FDS EUR STRATEGIC BOND (I-I ) % EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR AMUNDI II SF- EURO CURVE 1-3 (I-I ) % EUR BGF EUROPEAN FOCUS FD % EUR BNY MELLON GL-EUROLAND BF (C -Acc) % EUR FIDELITY FUND - EURO BOND FUND % EUR FIDELITY FD-EUR DYN G-Y ACC % EUR FTIF-TEMP EUROLAND EQUITY (I -Acc) % EUR GS EUROPE CORE EQUITY PORTFOLIO INSTL AC % EUR INVESCO PAN EUR STRUC EQTY - C % EUR INVESCO PAN EUROPEAN SMALL CAP EQUITY % EUR ISHARES B EURO AGG BOND % EUR ISHARES DJ EURO STOXX % EUR M&G EUROPEAN CORPORATE BOND (C -ACC) % EUR MORGAN STANLEY-EURO STRAT BOND % EUR MS EURO CORPORATE BD FUND (Z -Acc) % EUR MS INVF - EUROPEAN PROPERTY FND (Z ) % EUR PARVEST BD EURO GOVERNMENT % EUR SCHRODER INTL EURO EQT(C -ACC) % Total Investments in % Total Investments % Germany 2.59% Ireland 10.73% Luxembourg 82.01% United Kingdom 4.67% % The accompanying notes form an integral part of these financial statements. 8

9 (LF) Fund of Funds - Equity Blend EUR (LF) I EQUITY- GLOBAL EQUTIES FUND % EUR (LF) I EQUITY- EMERGING EUROPE FUND % EUR AMUNDI II FDS US PIONEER (I-Acc- ) % EUR FIDELITY FD-EUR DYN G-Y ACC % EUR FIDELITY FDS-EURO SM-Y ACC % EUR ISHARES STOXX EUR 600 OIL & GAS (ETF) % EUR M&G JAPAN SM COMP FUND (C -Acc) % EUR POWERSHARES GLOBAL EQQQ NASDAQ % EUR SCHRODER INTL EURO EQT(C -ACC) % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD FIDELITY-CHINA FOCUS FUND (Y$-Acc) % USD FRANKLIN U.S. OPPORTUNITIES FUND (I$) % USD GOLDMAN SACHS US CORE % USD JPM JAPAN EQTY (C$-H) % USD JPMF - KOREA EQUITY FUND (C$) % USD MORGAN STANLEY INVEST F-INDIAN EQUITY Z$ % USD MORGAN STANLEY US EQUITY GROWTH (Z$-Acc) % USD MS INVEST F -GLOBAL OPPORT % USD PARVEST EQUITY USA SMALL CAP(I$) % % Total Investments in % Total Investments % Germany 2.19% Ireland 2.28% Luxembourg 93.12% United Kingdom 2.40% % The accompanying notes form an integral part of these financial statements. 9

10 (LF) Fund of Funds - Global Emerging Market EUR BARING ASEAN FRONTIER-I % EUR BGF INDIA FUND % EUR JPM ASEAN EQUITY (EUR) (C-ACC) % EUR PARVEST EQUITY RUSSIA (I ) % % USD FIDELITY FNDS-LATIN AM-Y AC$ % USD FIDELITY-CHINA FOCUS FUND (Y$-Acc) % USD GOLDMAN SACHS INDIA EQ % USD INVESCO GRTER CHINE EQTY - C % USD ISHARES MSCI SOUTH AFRICA % USD JPM EM SMALL CAP (C$-Acc) % USD JPMF - KOREA EQUITY FUND (C$) % USD PARVEST EQUITY BRAZIL-I % USD SCHRODER INTL GREATER CHINA (C$-Acc) % USD SCHRODER INTL KOREAN EQ.(C$-ACC) % USD SCHRODER ISF-TAIWANESE EQUITY(C$-Acc) % % Total Investments in % Total Investments % Ireland 3.14% Luxembourg 92.09% United Kingdom 4.77% % The accompanying notes form an integral part of these financial statements. 10

11 (LF) Fund of Funds - Balanced Blend Global EUR AMUNDI II FDS EUR STRATEGIC BOND (I-I ) % EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR AMUNDI II FDS -GLOBAL SELECT (I ) % EUR AMUNDI II FDS US PIONEER (I-Acc- ) % EUR BNY MELLON GLB SH DR HI YLD BD(C-ACC) % EUR BNY MELLON GL-EUROLAND BF (C -Acc) % EUR EUROBANK I (LF) GREEK GOVMNT BOND % EUR FIDELITY FDS-EURO SM-Y ACC % EUR FTIF-TEMP EUROLAND EQUITY (I -Acc) % EUR INVESCO EURO CORPORATE BOND (C-Acc) % EUR INVESCO PAN EUR STRUC EQTY - C % EUR M&G EUROPEAN CORPORATE BOND (C -ACC) % EUR M&G GLOBAL CONVERTIBLE (C -Acc) % EUR NN L-EUROPE RE EST-I % EUR PARVEST BD EURO GOVERNMENT % EUR PARVEST BOND EURO (I ) % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD FF GLOBAL OPPORTUNITIES FUND (Y$-ACC) % USD FIDELITY FNDS-LATIN AM-Y AC$ % USD FRANKLIN U.S. OPPORTUNITIES FUND (I$) % USD GOLDMAN SACHS US CORE % USD JPM JAPAN EQTY (C$-H) % USD MORGAN STANLEY GLOBAL PROPERTY (Z$-Acc) % USD MORGAN STANLEY US EQUITY GROWTH (Z$-Acc) % USD NN L - GLOBAL RE (I$) % USD PARVEST CONVERTIBLE BOND WORLD % USD PARVEST EQUITY USA SMALL CAP(I$) % USD PARVEST WRD COMMODITIES IC % USD PIMCO COMMODITY REAL RET STR (I$) % % Total Investments in % Total Investments % % Ireland 12.97% Luxembourg 75.22% United Kingdom 11.81% % The accompanying notes form an integral part of these financial statements. 11

12 (LF) Fund of Funds - Real Estate EUR ISHARES EPRA US PROPTY YLD % EUR LYXOR ETF FTSE EPRA/NAREIT United States % EUR MS INVF - EUROPEAN PROPERTY FND (Z ) % EUR NN L-EUROPE RE EST-I % % USD EII US PROPERTY FUND (I$) % USD JANUS CAPITAL GLOBAL RE-I$IN % USD MORGAN STANLEY SICAV - US PROPERTY FUND % USD NEUBERGER BERMAN US REAL ESTATE % USD NN L - GLOBAL RE (I$) % USD SCHRODER ISF-ASIA PACIFIC PROPERTY (C$) % % Total Investments in % Total Investments % France 9.41% Ireland 29.93% Luxembourg 40.46% United States 20.21% % The accompanying notes form an integral part of these financial statements. 12

13 (LF) Fund of Funds - Dynamic Fixed Income EUR AMUNDI II FDS -EMG MKT BD-I % EUR GS SHORT DUR OPP CORPORATE BND(IA?) % % USD INVESCO RENMINBI FI (C-$Acc) % USD JPMIF-INCOME OPPORT. (C$-Acc) % USD PARVEST BD BEST SELECT (I$) % USD PIMCO GIS DIVER INC DUR HDG-IUSDA % USD PIMCO GIS DIVERSIFIED INCOME INST USD % USD PIMCO GIS INCOME FUND (I$-Acc) % USD PIMCO UNCONSTRAINED BND (I$-Acc) % USD SCHRODER ISF GLB UNCONSTRAINED BND(C$) % % Total Investments in % Total Investments % MORGAN STANLEY INVEST F-INDIAN EQUITY Z$ Ireland 43.22% Luxembourg 56.78% % The accompanying notes form an integral part of these financial statements. 13

14 (LF) Fund of Funds - Global Low EUR (LF) BOND - GREEK CORP BND FND (ERB I ) % EUR (LF) I EQUITY- GLOBAL EQUTIES FUND % EUR (LF) I - MM FUND RESERVE % EUR (LF) INCOME PLUS FUND % EUR AMUNDI II FDS EUR STRATEGIC BOND (I-I ) % EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR AMUNDI II FDS -GLOBAL SELECT (I ) % EUR BGF-WORLD FIN EQY FND (D ) % EUR BNP-INSTICASH EUR (I?1) % EUR BNY MELLON GLB SH DR HI YLD BD(C-ACC) % EUR EUROBANK I (LF) ABSOLUTE RETURN FUND % EUR EUROBANK I (LF) GREEK GOVMNT BOND % EUR FTIF-FRANKLIN EURO SHORT-TERM (I -ACC) % EUR ISHARES B EURO AGG BOND % EUR ISHARES DJ EURO STOXX % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR M&G JAPAN FUND (C -Acc) % EUR M&G OPTIMAL INCOME (C -Acc) % EUR PARVEST BD EURO GOVERNMENT % EUR PARVEST ENHANCED CASH 6 MONTHS (I ) % EUR PARVEST EQUITY WORLD LOW VOL (I ) % EUR PIMCO EUR SHORT TERM-INS-ACC % % USD MS INVEST F -GLOBAL OPPORT % Total Investments in % Bonds EUR EUROBANK ERGASIAS SA 2/11/ FIXED % EUR HELLENIC REPUBLIC 1/8/ FIXED % EUR HELLENIC REPUBLIC 15/2/ FIXED % EUR HELLENIC REPUBLIC 17/4/ FIXED % EUR HELLENIC T-BILL 15/3/ ZERO COUPON % EUR HELLENIC T-BILL 3/8/ ZERO COUPON % EUR HELLENIC T-BILL 5/10/ ZERO COUPON % EUR HELLENIC T-BILL 6/7/ ZERO COUPON % EUR HELLENIC T-BILL 7/12/ ZERO COUPON % EUR NATIONAL BANK GREECE SA 19/10/ FIXED % Total Investments in Bonds % Total transferable securities admitted to an official exchange listing % Total Investments % Germany 0.26% Greece 7.22% Ireland 21.16% Luxembourg 68.70% United Kingdom 2.67% Bonds 7.22% 92.78% The accompanying notes form an integral part of these financial statements. 14

15 (LF) Fund of Funds - Global Medium EUR (LF) BOND - GREEK CORP BND FND (ERB I ) % EUR (LF) I EQUITY- GLOBAL EQUTIES FUND % EUR (LF) I - MM FUND RESERVE % EUR AMUNDI II FDS EUR STRATEGIC BOND (I-I ) % EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR AMUNDI II FDS -GLOBAL SELECT (I ) % EUR BNP-INSTICASH EUR (I?1) % EUR BNY MELLON GLB SH DR HI YLD BD(C-ACC) % EUR EUROBANK I (LF) ABSOLUTE RETURN FUND % EUR EUROBANK I (LF) GREEK GOVMNT BOND % EUR ISHARES B EURO AGG BOND % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR M&G JAPAN FUND (C -Acc) % EUR PARVEST BD EURO GOVERNMENT % EUR PARVEST ENHANCED CASH 6 MONTHS (I ) % EUR PIMCO EUR SHORT TERM-INS-ACC % EUR PIMCO GIS US SHORT TERM (I -HDFD) % EUR PIONNER FDS-TOP EURO PLAYERS(I ) % % USD MS INVEST F -GLOBAL OPPORT % USD PARVEST EQUITY USA SMALL CAP(I$) % % Total Investments in % Total Investments % Luxembourg 66.08% Ireland 33.46% United Kingdom 0.47% % The accompanying notes form an integral part of these financial statements. 15

16 (LF) Fund of Funds - Global High EUR (LF) BOND - GREEK CORP BND FND (ERB I ) % EUR (LF) I EQUITY- GLOBAL EQUTIES FUND % EUR (LF)I EQUITY- EMERGING EUROPE FUND % EUR AMUNDI II FDS EUR STRATEGIC BOND (I-I ) % EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR AMUNDI II FDS -GLOBAL SELECT (I ) % EUR BNP-INSTICASH EUR (I 1) % EUR BNY MELLON GLB SH DR HI YLD BD(C-ACC) % EUR DB X TRACKERS MSCI WORLD (ETF) % EUR EUROBANK I (LF) ABSOLUTE RETURN FUND % EUR ISHARES B EURO AGG BOND % EUR ISHARES DJ EURO STOXX % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR M&G JAPAN FUND (C -Acc) % EUR PARVEST BD EURO GOVERNMENT % % USD MS INVEST F -GLOBAL OPPORT % USD PARVEST EQUITY USA SMALL CAP(I$) % % Total Investments in % Total Investments % Luxembourg 63.79% Germany 4.34% Ireland 29.76% United Kingdom 2.11% % The accompanying notes form an integral part of these financial statements. 16

17 (LF) Fund of Funds - Balanced Blend US EUR AMUNDI II FDS US PIONEER (I-Acc- ) % EUR ISHARES BAR CAP US AGG BOND ETF % EUR ISHARES MSCI USA UCITS ETF % EUR POWERSHARES GLOBAL EQQQ NASDAQ % % USD AMUNDI II FDS $ AGG BD % USD AMUNDI II FDS STRATEGIC INCOME (I ) % USD BNPP FLEXI I US MORTGAGE BACKED FUND % USD FRANKLIN U.S. OPPORTUNITIES FUND (I$) % USD FT- STRATEGIC INCOME (I ACC$) % USD FTIF-FRANK MUT BEACON FUND (I$-Acc) % USD FTIF-FRANK US GOVERNMENT FUND (I$-Acc) % USD GOLDMAN SACHS US CORE % USD GS US EQUITY PORTFOLIO (I$-Acc) % USD INVESCO US VALUE EQUITY (C-$Acc) % USD M&G NORTH AMER VALUE(C$-ACC) % USD MORGAN STANLEY SICAV - US PROPERTY FUND % USD MORGAN STANLEY US EQUITY GROWTH (Z$-Acc) % USD PARVEST BOND USD GOV CLASSIC MD % USD PIMCO GIS DIVERSIFIED INCOME INST USD % % Total Investments in % Total Investments % % Germany 6.56% Ireland 17.70% Luxembourg 70.07% United Kingdom 5.68% % The accompanying notes f orm an integral part of these f inancial statements. 17

18 (LF) Fund of Funds - Tactical Allocation EUR (LF) I - MM FUND RESERVE % EUR AMUNDI II EM BOND SHORT TERM(I -HDGD) % EUR AMUNDI II FDS -GLOBAL SELECT (I ) % EUR AMUNDI II FDS-EMERGING MKT BOND(I-H ) % EUR BGF WORLD MINING FUND (ED2 ) % EUR BGF-EUROPEAN FUND (D ) % EUR BNP-INSTICASH EUR (I 1) % EUR EUROBANK NTT MONEY MARKET FUND % EUR INTERAMERICAN MONEY MARKET DOM FUND % EUR JPM-EUROPE STRATEGIC GROWTH(C ) % EUR SCHRODER INTL BRIC (C -Acc) % EUR SCHRODER ISF EM CORP BOND(C H-ACC) % % USD AMUNDI II USD SHORT TERM (I$-Acc) % USD SCHRODER GLB CONVERT BOND (C$) % USD SCHRODER INTL GLB CORP BOND(C -Acc$) % USD SCHRODER ISF-GLB DIV MAX (C$) % % Total Investments in % Total Investments % % Greece 9.50% Luxembourg 90.50% % The accompanying notes f orm an integral part of these f inancial statements. 18

19 (LF) Fund of Funds - Life Cycle 2032 EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR DBX MSCI WORLD (DR) 1C % EUR FIRTS TRUST ALPHA ETF % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR LYX ETF MSCI WORLD % EUR LYXOR MSCI EMER MKTS-A % EUR M&G EUROPEAN CORPORATE BOND (C -ACC) % EUR PARVEST BD EURO GOVERNMENT % EUR SPDR EURO AGGREGATE % % USD HSBC MSCI WORLD UCITS (ETF) % USD SPDR ACWI (ETF) % USD SPDR GLOBAL REAL ESTATE (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % % Total Investments in % Total Investments % % France 8.66% Ireland 49.27% Luxembourg 32.36% Netherlands 0.16% United Kingdom 9.55% % The accompanying notes form an integral part of these financial statements. 19

20 (LF) Fund of Funds - Life Cycle 2047 EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR DBX MSCI WORLD (DR) 1C % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR LYX ETF MSCI WORLD % EUR LYXOR MSCI EMER MKTS-A % EUR M&G EUROPEAN CORPORATE BOND (C -ACC) % EUR PARVEST BD EURO GOVERNMENT % EUR SPDR EURO AGGREGATE % % USD HSBC MSCI WORLD UCITS (ETF) % USD SPDR ACWI (ETF) % USD SPDR GLOBAL REAL ESTATE (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % % Total Investments in % Total Investments % % France 14.90% Ireland 66.59% Luxembourg 11.81% United Kingdom 6.70% % The accompanying notes form an integral part of these financial statements. 20

21 (LF) Fund of Funds - Life Cycle 2042 EUR AMUNDI II FDS EURO BOND (I-Acc- ) % EUR DBX MSCI WORLD (DR) 1C % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR LYX ETF MSCI WORLD % EUR LYXOR MSCI EMER MKTS-A % EUR M&G EUROPEAN CORPORATE BOND (C -ACC) % EUR PARVEST BD EURO GOVERNMENT % % USD HSBC MSCI WORLD UCITS (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % % Total Investments in % Total Investments % % France 21.02% Ireland 46.71% Luxembourg 24.34% United Kingdom 7.93% % The accompanying notes form an integral part of these financial statements. 21

22 (LF) Fund of Funds - Life Cycle 2052 EUR DBX MSCI WORLD (DR) 1C % EUR ISHARES B EURO AGG BOND % EUR ISHARES MCSI NORTH AMERICA % EUR ISHARES MSCI ACWI (ETF) % EUR LYX ETF MSCI WORLD % EUR LYXOR MSCI EMER MKTS-A % % USD HSBC MSCI WORLD UCITS (ETF) % USD SPDR ACWI (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % USD VANGUARD FTSE ALL WORLD UCITS (ETF) % % Total Investments in % Total Investments % % France 19.11% Ireland 76.25% United Kingdom 4.64% % The accompanying notes form an integral part of these financial statements. 22

23 Notes to the financial statements 1. General (LF) Fund of Funds ( the Fund ) is an open-ended investment fund and 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 December 17, 2010 relating to Undertakings for Collective Investment (the 2010 Law ) as amended by the Directive 2014/91 (UCITS V). The Fund is managed by Eurobank Fund Management Company (Luxembourg) 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 of the Management Company from time to time., 15 sub-funds are active. The active classes of units are as follows: Sub-Funds - Classes of Units Launched Date (LF) Fund of Funds - Balanced Blend Europe - Eurobank 01/10/2014 (LF) Fund of Funds - Balanced Blend Europe - Eurobank I 14/10/2014 (LF) Fund of Funds - Balanced Blend Europe - Private Banking 04/12/2014 (LF) Fund of Funds - Equity Blend - Eurobank 18/09/2006 (LF) Fund of Funds - Equity Blend - Eurobank (USD) 20/09/2011 (LF) Fund of Funds - Equity Blend - Eurobank I 18/09/2006 (LF) Fund of Funds - Equity Blend - Private Banking 15/10/2014 (LF) Fund of Funds - Equity Blend - Postbank 18/12/2007 (LF) Fund of Funds - Equity Blend - Bancpost 14/12/2009 (LF) Fund of Funds - Equity Blend - Private Banking (USD) 21/05/2015 (LF) Fund of Funds - Global Emerging Markets - Eurobank 28/09/2007 (LF) Fund of Funds - Global Emerging Markets - Eurobank (USD) 20/09/2011 (LF) Fund of Funds - Global Emerging Markets - Eurobank I 21/09/2007 (LF) Fund of Funds - Global Emerging Markets - Private Banking 15/10/2014 (LF) Fund of Funds - Global Emerging Markets - Interamerican 26/11/2007 (LF) Fund of Funds - Global Emerging Markets - Postbank 18/12/2007 (LF) Fund of Funds - Global Emerging Markets - Bancpost 12/10/2009 (LF) Fund of Funds - Balanced Blend Global - Eurobank 28/01/2008 (LF) Fund of Funds - Balanced Blend Global - Eurobank (USD) 20/09/2011 (LF) Fund of Funds - Balanced Blend Global - Eurobank I 03/03/2008 (LF) Fund of Funds - Balanced Blend Global - Private Banking 14/10/2014 (LF) Fund of Funds - Balanced Blend Global - Private Banking USD 14/10/

24 Notes to the financial statements (continued) 1. General (continued) (LF) Fund of Funds - Balanced Blend Global - Postbank 03/03/2008 (LF) Fund of Funds - Balanced Blend Global - Bancpost 01/10/2010 (LF) Fund of Funds - Balanced Blend Global - Interamerican 02/12/2015 (LF) Fund of Funds - Real Estate - Eurobank 21/06/2010 (LF) Fund of Funds - Real Estate - Eurobank (USD) 09/07/2010 (LF) Fund of Funds - Real Estate - Interamerican 09/12/2010 (LF) Fund of Funds - Real Estate - Postbank 29/09/2010 (LF) Fund of Funds - Real Estate - Postbank (USD) 29/09/2010 (LF) Fund of Funds - Real Estate - Bancpost 30/09/2010 (LF) Fund of Funds - Dynamic Fixed Income - Eurobank I 10/09/2012 (LF) Fund of Funds - Global Low - Eurobank 16/09/2013 (LF) Fund of Funds - Global Low - Eurobank I 20/04/2018 (LF) Fund of Funds - Global Low - Private Banking 10/10/2014 (LF) Fund of Funds - Global Low - Private Banking Dis 05/06/2015 (LF) Fund of Funds - Global Low - Bancpost (RON) 12/05/2015 (LF) Fund of Funds - Global Low - Interamerican 21/02/2017 (LF) Fund of Funds - Global Low - Postbank (BGN) 17/04/2015 (LF) Fund of Funds - Global Medium - Eurobank 16/09/2013 (LF) Fund of Funds - Global Medium - Private Banking 08/10/2014 (LF) Fund of Funds - Global Medium - Private Banking DIS 08/06/2015 (LF) Fund of Funds - Global Medium - Bancpost (RON) 12/05/2015 (LF) Fund of Funds - Global Medium - Postbank (BGN) 14/01/2016 (LF) Fund of Funds - Global High - Eurobank 16/09/2013 (LF) Fund of Funds - Global High - Private Banking 14/01/2015 (LF) Fund of Funds - Global High - Bancpost (RON) 12/05/2015 (LF) Fund of Funds - Balanced Blend US - Eurobank 01/10/2014 (LF) Fund of Funds - Balanced Blend US - Eurobank I 14/10/2014 (LF) Fund of Funds - Balanced Blend US - Eurobank USD 03/10/2014 (LF) Fund of Funds - Balanced Blend US - Private banking (USD) 04/02/2015 (LF) Fund of Funds - Balanced Blend US - Private banking 09/02/2017 (LF) Fund of Funds - Tactical Allocation - Interamerican 10/07/2015 (LF) Fund of Funds - Life Cycle Eurobank I 02/05/2017 (LF) Fund of Funds - Life Cycle Eurobank I 02/05/2017 (LF) Fund of Funds - Life Cycle Eurobank I 14/11/2017 (LF) Fund of Funds - Life Cycle Group Pension 02/10/2017 (LF) Fund of Funds - Life Cycle Eurobank I 14/11/2017 (LF) Fund of Funds - Life Cycle Group Pension 02/10/ Summary of significant accounting policies The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments. 24

25 Notes to the financial statements (continued) 2. Summary of significant accounting policies (Continued) a) Basis of presentation of the financial statements The financial statements of each sub-fund are kept in the following currency - (LF) Fund of Funds - Balanced Blend Europe EUR - (LF) Fund of Funds - Equity Blend EUR - (LF) Fund of Funds - Global Emerging Markets EUR - (LF) Fund of Funds - Balanced Blend Global EUR - (LF) Fund of Funds - Real Estate EUR - (LF) Fund of Funds - Dynamic Fixed Income EUR - (LF) Fund of Funds - Global Low EUR - (LF) Fund of Funds - Global Medium EUR - (LF) Fund of Funds - Global High EUR - (LF) Fund of Funds - Balanced Blend US EUR - (LF) Fund of Funds - Tactical Allocation EUR - (LF) Fund of Funds - Life Cycle 2032 EUR - (LF) Fund of Funds - Life Cycle 2047 EUR - (LF) Fund of Funds - Life Cycle 2042 EUR - (LF) Fund of Funds - Life Cycle 2052 EUR The combined 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. Investments in open-ended UCIs are valued on the basis of the last official NAV of the units or shares of such UCIs. c) Realised gains and losses on sales of investments in securities Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments in securities are based on the average cost basis. 25

26 Notes to the financial statements (continued) d) Foreign currency translation The cost of investments and the transactions during the period, 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 end of period exchange rates. The consolidated statement is calculated at end of period exchange rates. Closing exchange rates as at June 30, 2018 relating to EUR are: 1 USD = EUR 1 BGN = EUR 1 RON = EUR 1 PLN = EUR e) Interest and Dividend income Interest income is recognized on an accrual basis, net of any irrecoverable withholding tax. Dividends are recorded on an ex-dividend basis and net of any irrecoverable withholding tax. f) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. 3. Management fees Management fees are due by each Sub-Fund to the Management Company and are calculated daily based on the net assets of each class of Units during the month and are payable monthly. the following effective rates are applicable per annum: (LF) Fund of Funds - Balanced Blend Europe - Eurobank 1.25% (LF) Fund of Funds - Balanced Blend Europe - Eurobank I 0.63% (LF) Fund of Funds - Balanced Blend Europe - Private Banking 1.25% (LF) Fund of Funds - Equity Blend - Eurobank 1.75% (LF) Fund of Funds - Equity Blend - Eurobank (USD) 1.75% (LF) Fund of Funds - Equity Blend - Eurobank I 0.70% (LF) Fund of Funds - Equity Blend - Private Banking 1.75% (LF) Fund of Funds - Equity Blend - Postbank 1.75% (LF) Fund of Funds - Equity Blend - Bancpost 2.00% (LF) Fund of Funds - Equity Blend - Private Banking (USD) 1.75% (LF) Fund of Funds - Global Emerging Markets - Eurobank 1.90%(A) (LF) Fund of Funds - Global Emerging Markets - Eurobank (USD) 1.90%(B) (LF) Fund of Funds - Global Emerging Markets - Eurobank I 0.90%(C) (LF) Fund of Funds - Global Emerging Markets - Interamerican 1.90%(D) (LF) Fund of Funds - Global Emerging Markets - Private Banking 1.90%(E) (LF) Fund of Funds - Global Emerging Markets - Postbank 2.50% (LF) Fund of Funds - Global Emerging Markets - Bancpost 2.50% (LF) Fund of Funds - Balanced Blend Global - Eurobank 1.25% 26