The Sub-Fund will invest its assets primarily in units of UCITS and/or other UCIs as described in art 41 (1) indent (e) of the 2010 Law including Exchange Traded Funds (ETF’s) which mainly invest in a) equity securities and derivatives thereof, b) transferable debt securities and derivatives thereof, c) commodities through eligible instruments, and derivatives thereof and d) bank deposits and money market instruments with a broad and unrestricted geographic orientation. In addition, the Sub-fund may and will at times invest (50% of its net assets) directly in bank deposits and money market instruments. The fund aims to provide moderate long-term capital growth by providing a conservative, balanced investment exposure to bonds, property, commodities, equities and cash.

For the quarter ending 29/9/2025, (LF) Fund of Funds - Balanced Blend Glbl (Eurobank class) returned +2.84%. During the period, all asset classes rallied. Global Equities outperformed returning +6.80% followed by Commodities +2.92%, REITS +2.78%, Cash +0.509% and Bonds (EUR Brd Mkt) +0.15%, all in Euro terms. Over the same period, among the major equity market indices MSCI US gained the most with +7.40%, MSCI AC World gained +6.80%, MSCI Japan returned +6.02% and MSCI Europe +2.73% in Euro terms. Outside of the developed markets, Frontier Markets outperformed with the MSCI Frontier Markets gaining +13.84%. MSCI EM gained +9.53% and MSCI BRIC gained +8.62% in Euro terms. Global REITS underperformed the global equities benchmark with FTSE EPRA/NAREIT Developed Index gaining +2.78%. Dev Asia outperformed during the same period with the FTSE EPRA/NAREIT Dev Asia gaining +6.94%. FTSE EPRA/NAREIT N.America gained +3.20% and FTSE EPRA/NAREIT Dev Europe lost -6.05% in Euro terms. In the bond markets, ICE BofAML US Broad Market gained +2.07%, ICE BofAML Global Broad Market gained +0.61% and ICE BofAML EUR Broad Index gained +0.15% in Euro terms. Within the Euro bond market in particular, ICE BofAML EUR Corporate Index gained +0.90%, ICE BofAML Greek Govnt Index gained +0.02% while ICE BofAML EUR Direct Government Index dropped -0.24% in Euro terms. Commodities, rallied with the Bloomberg Commodity Index gaining +2.92%. WTI Crude Future gained +2.21% and Gold Spot $/oz gained +16.14% in Euro terms. The Dollar depreciated against the Euro dropping by -0.03% during the same period, with the ECB Ref. set at 1.1723 on 29/9.

For the quarter, (LF) Fund of Funds - Balanced Blend Glbl had an average equity exposure of 40.31%, with a maximum exposure of 41.4% in July and a minimum of 39.2% in September. By quarter-end, the equity exposure was at 39.6%. Average effective allocation in North American equities was 24.9%, 7.4% in Europe and 1.8% in Japan, while approximately 6.3% was the equity exposure in all other regions. The average exposure in bonds was 41.60%, ranging between 40.2% and 44.4% with an average effective duration of 5.8 years, while 29.0% was allocated in sovereign, and 12.6% in corporate bonds. The sub-fund had an average commodities exposure of 9.73%, and an average REITS exposure of 2.77%. During the period, the sub-fund had an average cash exposure of 5.59%.