(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.
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
(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 105 64 Athens Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d entreprises 400, route d Esch B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg 3
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
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 2 143 717 552.14 41 217 770.39 38 239 024.37 64 260 757.38 Unrealised gain on financial futures and forwards contracts 2, 9 73 440.50 40 039.28-33 401.22 Cash at bank 18 622 408.21 8 031 494.46 2 569 201.05 8 021 712.70 Formation expenses 2 19 222.06 6 532.92-12 689.14 Receivable on interest and dividends 8 284.68 - - 8 284.68 Receivable on securities 1 851 182.81 923 957.81-927 225.00 Receivable on subscriptions 313.07-313.07 - Other assets 6 552.70 1 119.67 581.62 4 851.41 Total assets 164 298 956.17 50 220 914.53 40 809 120.11 73 268 921.53 Liabilities Subscription in advance 190 670.00 30 610.00 140 240.00 19 820.00 Other payable and accrued expenses 7 563 585.67 1 918 725.36 1 913 201.08 3 731 659.23 Total liabilities 7 754 255.67 1 949 335.36 2 053 441.08 3 751 479.23 Total net assets 156 544 700.50 48 271 579.17 38 755 679.03 69 517 442.30 4 001 483.75 16 943 586.80 (8 823 621.88) Information summary 44 270 095.42 21 812 092.23 78 341 064.18 Units outstanding Eurobank EFG 77 731 697.413 26 346 820.338 74 353 698.407 Units outstanding Eurobank EFG I 59 530.501 17 177 404.562 1 855 770.367 Units outstanding Interamerican - 21 290 261.391 - Units outstanding Postbank 47 666.315 88 977.129 91 913.938 Units outstanding Polbank EUR - - 3 066.120 Units outstanding Polbank PLN - - 24.282 Net asset value per unit : Eurobank EFG 0.6201 0.5943 0.9109 Net asset value per unit : Eurobank EFG I 0.6291 0.6049 0.9155 Net asset value per unit : Interamerican - 0.5944 - Net asset value per unit : Postbank 0.6100 0.5852 0.9067 Net asset value per unit : Polbank EUR - - 0.9039 Net asset value per unit : Polbank PLN - - 0.9044 Cost of securities portfolio 164 467 478.03 50 203 959.62 49 645 445.33 64 618 073.08 PCS Total net assets at period ended: 31/12/2007 610 542 349.08 141 145 102.14 41 734 879.84-31/12/2008 144 423 251.83 44 270 095.42 21 812 092.23 78 341 064.18 30/06/2009 156 544 700.50 48 271 579.17 38 755 679.03 69 517 442.30 N.A.V. per unit at period ended "Eurobank EFG" unit : 31/12/2007 1.0494 1.0405-31/12/2008 0.5719 0.4255 0.8795 30/06/2009 0.6201 0.5943 0.9109 N.A.V. per unit at period ended "Eurobank EFG I" unit : 31/12/2007 1.0609 1.0429-31/12/2008 0.5769 0.4308 0.8817 30/06/2009 0.6291 0.6049 0.9155 N.A.V. per unit at period ended "Interamerican" unit : 31/12/2007-1.0406-31/12/2008-0.4255-30/06/2009-0.5944 - N.A.V. per unit at period ended "Postbank" unit : 31/12/2007 1.0489 1.0401-31/12/2008 0.5645 0.4210 0.8772 30/06/2009 0.6100 0.5852 0.9067 N.A.V. per unit at period ended "Polbank EUR" unit : 31/12/2007 - - - 31/12/2008 - - - 30/06/2009 - - 0.9039 N.A.V. per unit at period ended "Polbank PLN" unit : 31/12/2007 - - - 31/12/2008 - - - 30/06/2009 - - 0.9044 The accompanying notes form an integral part of these financial statements. 5
(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 17 000.00 (LF) EUROBANK EFG I SPECIAL PURPOSE GREEK MAX 50 FUND 170 095.20 188 582.70 0.39% EUR 5 601 684.68 (LF) EUROBANK EFG I EQUITY- GLOBAL EQUTIES FUND 4 859 429.03 3 140 304.43 6.51% EUR 2 328 301.91 (LF) EUROBANK EFG I EQUITY- EMERGING EUROPE FUND 2 399 999.99 1 415 374.73 2.93% EUR 25 614.75 DWS INVEST EUROPEAN EQUITIES (FC-Acc ) 2 750 000.00 2 431 352.20 5.04% EUR 50 000.00 EUROBANK EMERGING EUROPE FUND 929 942.71 509 375.00 1.06% EUR 6 115 845.41 EUROBANK GLOBAL EQUITIES FUND 7 475 909.74 6 556 797.86 13.58% EUR 250 000.00 INVESCO PAN EUROPEAN EQUITY FUND C 3 659 777.02 2 122 500.00 4.40% EUR 903 232.63 PIONEER FDS US PIONEER (I-Acc- ) 2 700 000.00 2 872 279.76 5.95% EUR 11 338.79 SCHRODER EURO LIQUIDITY(C -ACC) 1 400 000.00 1 402 268.16 2.90% EUR 237 041.58 TEMPLETON ASIAN GROWTH FUND (I ) 4 610 029.60 3 297 248.39 6.83% 30 955 183.28 23 936 083.23 49.59% JPY 580 000.00 MORGAN STANLEY INVESTMENT FUNDS - JAPANESE VALUE EQUITY FUND I 5 034 897.95 3 685 446.09 7.63% USD 99 352.22 (LF) EUROBANK EFG I SPECIAL PURPOSE 6% EQ FORMULA $ 722 021.66 706 775.72 1.46% USD 1 100 000.11 FIDELITY FUNDS - AMERICA FUND A$ 3 524 433.95 2 809 537.57 5.82% USD 81 884.55 FIDELITY FUNDS - LATIN AMERICA FUND A$ 2 101 628.00 1 661 559.99 3.44% USD 689.63 FORTIS L FUND -OPPORTUNITES USA (I-$) 3 261 795.39 3 916 455.77 8.11% USD 26 699.89 INVESCO GRTER CHINE EQTY - C 541 281.76 557 270.95 1.15% USD 1 232 876.71 INVESCO JAPANESE EQUITY CORE (C-$Acc) 1 280 409.73 1 290 970.38 2.67% USD 177 254.17 MORGAN STANLEY INVESTMENT FUNDS - AMERICAN FRANCHISE FUND (I-$) 2 782 307.90 2 653 670.69 5.50% 14 213 878.39 13 596 241.07 28.16% Total Investments 50 203 959.62 41 217 770.39 85.38% 50 203 959.60 41 217 770.39 Portfolio breakdown By countries Greece 17.14% Ireland 3.13% Luxembourg 79.72% Total 100.00% By type of investments Investment Funds 100.00% Total 100.00% The accompanying notes form an integral part of these financial statement 6
(LF) Fund of Funds-Bric Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR 30 000.00 DB X TRACKERS MSCI EM ASIA TRN INDEX ETF 869 254.20 554 700.00 1.43% EUR 13 511.44 DWS RUSSIA FUND ACC 4 711 764.22 1 576 785.49 4.07% EUR 12 182.46 DWS INVEST BRIC PLUS (FC-Acc- ) 1 650 000.00 1 944 320.21 5.02% EUR 1 475.08 DWS INDIA EQTY FUND 2 479 922.54 1 739 719.03 4.49% EUR 7 373.33 DWS INVEST BRAZILIAN EQUITIES (I-Acc- ) 1 059 446.79 781 204.47 2.02% EUR 16 273.28 SCHRODER INTERNATIONAL SELECTION FUND - BRIC (I - ACC) 1 945 200.00 1 850 109.20 4.77% EUR 173 183.84 FRANKLIN TEMPLETON INVESTMENT FUNDS - TEMPLETON ASIAN GROWTH FUND (I - AAC) 3 024 251.50 2 408 987.14 6.22% 15 739 839.25 10 855 825.54 28.01% USD 1 401 512.21 BNY MELLON GL-BRAZIL EQUITY 870 105.05 875 870.76 2.26% USD 80 000.00 CLAYMORE/BONY BRIC ETF 2 093 811.76 1 817 461.44 4.69% USD 110.00 FORTIS L FUND EQUITY BRAZIL -I-C$ 1 352 959.47 975 567.07 2.52% USD 741 277.89 GS BRICs PORTFOLIO ($) I-ACC 5 428 881.39 3 639 782.48 9.39% USD 170 015.44 HSBC GIF- BRAZIL EQUITY I-C 3 500 825.20 2 870 078.13 7.41% USD 143 139.00 INVESCO GREATER CHINA EQUITY FUND - C 2 986 655.05 2 987 548.11 7.71% USD 57 000.00 ISHARES MSCI BRAZIL INDEX FUND 2 469 256.57 2 136 189.33 5.51% USD 128 452.68 JPMORGAN FUNDS - JF INDIA FUND-A-AC$ 2 572 516.84 1 693 132.41 4.37% USD 238 159.03 JPMORGAN FUNDS - GR CHINA-A-A$ 3 171 095.83 2 753 303.08 7.10% USD 272 276.32 JPMORGAN FUNDS - RUSSIA FUND-A$-ACC 3 459 889.05 1 662 476.73 4.29% USD 12 925.97 PICTET FUNDS (LUX) - GREATER CHINA - I $ 2 874 177.55 2 738 194.25 7.07% USD 122 160.85 SCHRODER INTL GREATER CHINA (C$-Acc) 2 460 859.92 2 593 778.91 6.69% USD 7 660.45 SCHRODER ALT SOL COMMODITY (C-Acc-$) 664 572.40 639 816.13 1.65% 33 905 606.08 27 383 198.83 70.66% Total Investments 49 645 445.33 38 239 024.37 98.67% 49 645 445.33 38 239 024.37 Portfolio breakdown By countries Ireland 2.29% Luxembourg 87.37% United States 10.34% Total 100.00% By type of investments Investment Funds 100.00% Total 100.00% The accompanying notes form an integral part of these financial statements. 7
(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 2 000 000.00 (LF) EUROBANK EFG I EQUITY- GLOBAL EQUTIES FUND 1 579 298.90 1 121 200.00 1.61% EUR 500 000.00 (LF) EUROBANK EFG I EQUITY- EMERGING EUROPE FUND 512 369.62 303 950.00 0.44% EUR 95 557.53 (LF) EUROBANK EFG I GREEK GOVERNMENT BOND 1 000 000.00 1 014 687.19 1.46% EUR 250 000.00 (LF) EUROBANK EFG I ABSOLUTE RETURN II FUND 2 566 018.66 2 615 700.00 3.76% EUR 0.00 DWS BEST GLOBAL FX SELECTION PLUS ( ) 0.03 0.03 0.00% EUR 13 194.21 DWS INVEST EUROPEAN EQUITIES (FC-Acc ) 1 604 370.34 1 252 394.20 1.80% EUR 190 570.53 INVESCO EURO CORPORATE BOND (C-Acc) 2 050 000.00 2 112 036.01 3.04% EUR 100 000.00 INVESCO PAN EUROPEAN EQUITY C 1 278 483.63 849 000.00 1.22% EUR 354 236.07 M&G European Corporate Bond (C -Acc) 4 150 000.00 4 374 815.45 6.29% EUR 7 880.40 PIONEER SF -EURO CURVE 3-5 YEAR (I- ) 8 000 000.00 8 283 953.18 11.92% EUR 1 000 000.00 PIONEER FUNDS - EURO BOND (I-Acc- ) 7 062 840.52 7 630 000.00 10.98% EUR 595 476.73 PIONEER SF -EURO CURVE 3-5 YEAR (I- ) 1 800 000.00 1 893 616.00 2.72% EUR 55 000.00 SCHRODER EURO LIQUIDITY(C -ACC) 6 760 790.13 6 801 850.00 9.78% EUR 23 388.07 SCHRODER INTL BRIC (C -Acc) 2 791 600.00 2 658 989.68 3.82% EUR 181 962.89 SCHRODER INTL EURO CORP BOND(C -ACC) 2 675 000.00 2 734 902.24 3.93% EUR 50 035.44 VANGUARD INVESTMENT SERIES PLC - EURO GOVERNMENT BOND INDEX FUND 7 329 005.97 7 829 155.37 11.26% 51 159 777.80 51 476 249.35 74.05% JPY 247 318.61 MORGAN STANLEY INVESTMENT FUNDS - JAPANESE VALUE EQUITY FUND I 1 744 913.59 1 571 516.23 2.26% USD 40 000.00 (LF) EUROBANK EFG I SPECIAL PURPOSE 6% EQ FORMULA $ 290 691.69 284 553.56 0.41% USD 280.10 FORTIS L FND -OPPORTUNITES USA (I-$) 1 331 761.50 1 590 694.39 2.29% USD 35 599.86 INVESCO GREATER CHINA EQTY - C 721 709.01 743 028.07 1.07% USD 100 000.00 MORGAN STANLEY INVESTMENT FUNDS - AMERICAN FRANCHISE FUND (I-$) 1 624 041.47 1 497 099.19 2.15% USD 152 286.44 MORGAN STANLEY INVESTMENT FUNDS - COMMODITIES ACTIVE GSLE (I-$) 2 499 298.00 2 047 150.44 2.94% USD 60 468.69 SCHRODER ALT SOL COMMODITY (C-Acc-$) 5 245 880.02 5 050 466.15 7.27% 11 713 381.69 11 212 991.80 16.13% Total Investments 64 618 073.08 64 260 757.38 92.44% 64 618 073.08 64 260 757.38 Portfolio breakdown By countries Ireland 12.18% Luxembourg 81.01% United Kingdom 6.81% Total 100.00% By type of investments Investment Funds 100.00% Total 100.00% The accompanying notes form an integral part of these financial statements. 8
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
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 = 0.7075 EUR 1 JPY = 0.0074 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
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
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 2004. 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
(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 2009 24 286.12 USD 50 S&P 500 MINI FUTURE SEPT 09 17 953.16 42 239.28 Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR EUR 10 EUROSTOXX50 SEPT 2009-2 200.00-2 200.00 Total futures 40 039.28 (LF) Fund of Funds-Balanced Blend Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR USD -15 S&P 500 MINI FUTURE SEPT 2009-5 306.35 USD 60 CME E-MINI NASDAQ-100 FUT SEPT 2009 19 357.58 13 301.22 Currency Number of Contracts Financial Futures Contracts Unrealised gain EUR EUR 30 EURO-BOBL FUTURE SEPT 2009 20 100.00 EUR -25 EUROSTOXX50 SEPT 2009-750.00 20 100.00 Total futures 33 401.22 13