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LARRAINVIAL ASSETMANAGEMENT SICAV

SICAV with multiple sub-funds governed byLuxembourg lawR.C.S. Luxembourg: B 162 041

Semi-Annual Report as at June 30, 2017

LARRAINVIAL ASSET MANAGEMENT SICAV

LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND

LARRAINVIAL ASSET MANAGEMENT SICAV – SMALL & MID CAP LATIN AMERICAN EQUITY FUND

LARRAINVIAL ASSET MANAGEMENT SICAV – MEXICAN EQUITY FUND

LARRAINVIAL ASSET MANAGEMENT SICAV – LATIN AMERICAN CORPORATE DEBT FUND

Subscriptions may be made only on the basis of the prospectus, including the Articles of Incorporation and the fact sheets of each of the sub-funds and the keyinvestor information document (the “KIID”').

The Prospectus may only be distributed if accompanied by the most recent annual report and the most recent semi-annual report, if the semi-annual report is morerecent than the annual report.


1

Table of Contents

Management and Administration 2

General Information 4

Statement of Net Assets as at June 30, 2017 6

Statement of Operations and Changes in Net Assets for the period ended June 30, 2017 8

Statement of Changes in Number of Shares for the period ended June 30, 2017 10

Statistics 11


Securities Portfolio as at June 30, 2017 12

Portfolio Breakdowns 13

Top Ten Holdings 13




Top Ten Holdings 15




Top Ten Holdings 17




Top Ten Holdings 20

Notes to the Financial Statements 21

Other Information 25

LARRAINVIAL ASSET MANAGEMENT SICAV Management and Administration Registered Office LARRAINVIAL ASSET MANAGEMENT SICAV Société d'Investissement à Capital Variable 106, route d'Arlon L-8210 Mamer Board of Directors of the SICAV Chairman José Manuel SILVA CERDA Chief Investment Officer LARRAINVIAL ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. Avda. Isidora Goyenechea N° 2800, Piso 15 LAS CONDES, SANTIAGO, CHILE Directors Tomas LANGLOIS SILVA Head of Equities LARRAINVIAL ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. Avda. Isidora Goyenechea N° 2800, Piso 15 LAS CONDES, SANTIAGO, CHILE Ladislao Ignacio LARRAIN VERGARA Chief Executive Officer LARRAINVIAL ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. Avda. Isidora Goyenechea N° 2800, Piso 15 LAS CONDES, SANTIAGO, CHILE Jaime Oliveira SANCHEZ-MOLINI Chief Operating Officer LARRAINVIAL ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. Avda. Isidora Goyenechea N° 2800, Piso 15 LAS CONDES, SANTIAGO, CHILE Management Company LEMANIK ASSET MANAGEMENT S.A. Société Anonyme 106, route d'Arlon L-8210 Mamer Board of Directors of the Management Company Chairman Gianluigi SAGRAMOSO Directors Carlo SAGRAMOSO Philippe MELONI Managers of the Management Company Philippe MELONI Marco SAGRAMOSO Jean-Philippe CLAESSENS Alexandre DUMONT

2

LARRAINVIAL ASSET MANAGEMENT SICAV Management and Administration (continued) Investment Manager LARRAINVIAL ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. Avda. Isidora Goyenechea N° 2800, Piso 15 LAS CONDES, SANTIAGO, CHILE Domiciliary Agent LEMANIK ASSET MANAGEMENT S.A. Société Anonyme 106, route d'Arlon L-8210 Mamer Depositary and Central Administration BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH Société en commandite par actions 60, avenue J.F. Kennedy L-1855 LUXEMBOURG Registrar and Transfer Agent BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH Société en commandite par actions 60, avenue J.F. Kennedy L-1855 LUXEMBOURG Primary Paying Agent BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH Société en commandite par actions 60, avenue J.F. Kennedy L-1855 LUXEMBOURG Representative and Distributor in Switzerland BNP Paribas Security Services, Paris, Zweigniederlassung Zürich Selnaustrasse 16 CH-8002 Zürich Paying Agent in Switzerland BNP Paribas Security Services, Paris, Zweigniederlassung Zürich Selnaustrasse 16 CH-8002 Zürich Cabinet de révision agréé KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg

3

LARRAINVIAL ASSET MANAGEMENT SICAV General information Organisation LARRAINVIAL ASSET MANAGEMENT SICAV (the “SICAV”) is a variable capital investment company (SICAV) with multiple Sub-Funds governed by Luxembourg Law, subject to Part I of the amended Law of December 17, 2010 on Undertakings for Collective Investment, which incorporates the provisions of the European Directive 2009/65/EC. The SICAV has been created for an unlimited term on June 29, 2011 and the Articles of Incorporation were last amended by the Extraordinary General Meeting of June 24, 2015. The last version of the coordinated Articles of Incorporation was published on July 28, 2015. At the date of the report, the following Sub-Funds are available to subscribers: - LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND expressed in USD - LARRAINVIAL ASSET MANAGEMENT SICAV – SMALL & MID CAP LATIN AMERICAN EQUITY FUND expressed in USD

- LARRAINVIAL ASSET MANAGEMENT SICAV – MEXICAN EQUITY FUND expressed in USD - LARRAINVIAL ASSET MANAGEMENT SICAV – LATIN AMERICAN CORPORATE DEBT FUND expressed in USD In respect of the Sub-Funds currently opened for subscription, the following Share Classes may be issued: - Class A Shares: capitalisation Shares which, as a rule, do not entitle their holder to receive a cash dividend, but where the amount to be distributed is reinvested in the relevant Sub-Fund. Such Share Class is denominated in the currency of the Sub-Fund and differ from Class F Shares and Class I Shares on the basis of a different fee structure. - Class EA Shares: capitalisation Shares denominated in EUR whose currency risk relative to the Reference Currency of the Sub-Fund is not automatically hedged, which differ from Class EF Shares and Class EI Shares on the basis of a different fee structure and which, as a rule, do not entitle their holder to receive a cash dividend, but where the amount to be distributed is reinvested in the relevant Sub-Fund. - Class F Shares: capitalisation Shares which, as a rule, do not entitle their holder to receive a cash dividend, but where the amount to be distributed is reinvested in the relevant Sub-Fund. Such Share Class is denominated in the currency of the Sub-Fund and differ from Class A Shares and Class I Shares on the basis of a different fee structure. - Class EF Shares: capitalisation Shares denominated in EUR whose currency risk relative to the Reference Currency of the Sub-Fund is not automatically hedged, which differ from Class EA Shares and Class EI Shares on the basis of a different fee structure and which, as a rule, do not entitle their holder to receive a cash dividend, but where the amount to be distributed is reinvested in the relevant Sub-Fund. - Class I Shares: capitalisation Shares which, as a rule, do not entitle their holder to receive a cash dividend, but where the amount to be distributed is reinvested in the relevant Sub-Fund. Such Share Class will be denominated in the currency of the Sub-Fund and differ from Class A Shares and Class F Shares in that they are exclusively dedicated to institutional investors within the meaning of Article 174 of the amended Law of 17th December 2010 and on the basis of a different fee structure. - Class EI Shares: capitalisation Shares denominated in EUR whose currency risk relative to the Reference Currency of the Sub-Fund is not automatically hedged, which differ from Class EA Shares and Class EF Shares in that they are exclusively dedicated to institutional investors within the meaning of Article 174 of the amended Law of December 17, 2010 and on the basis of a different fee structure. - Class L Shares: capitalisation Shares which, as a rule, do not entitle their holder to receive a cash dividend, but where the amount to be distributed is reinvested in the relevant Sub-Fund. Such Share Class will be denominated in the currency of the Sub-Fund and differ from Class A Shares and Class F Shares on the basis of a different fee structure and is reserved for UCITS and/or other UCI promoted by the LARRAIN VIAL group. Access to this class is subject to the approval of the SICAV’s Board of Directors. Shares of class L may be subscribed by financial institutions providing the institutions in question confirm, respectively, to the SICAV, custodian bank or transfer agent that they are, as regards to the subscription and/or conversion orders in question, acting exclusively on behalf of UCITS and/or other UCI promoted by the LARRAIN VIAL group. - Class LD Shares: distribution Shares which entitle their holder to receive dividends. Such Share Class will be denominated in the Reference Currency of the compartment and differ from Class A Shares and Class F Shares on the basis of a different fee structure, as specified in the Fact Sheet of each compartment and is reserved for UCITS and/or other UCI promoted by the LARRAIN VIAL group. Access to this class is subject to the approval of the SICAV’s Board of Directors. Shares of class LD may be subscribed by financial institutions providing the institutions in question confirm, respectively, to the SICAV, Depositary or transfer agent that they are, as regards to the subscription and/or conversion orders in question, acting exclusively on behalf of UCITS and/or other UCI promoted by the LARRAIN VIAL group. The Fact Sheet of the compartments may specify a Minimum initial investment for that Share Class. Such Minimum initial investment may nevertheless be waived at the discretion of the board of directors of the SICAV provided that the directors in exercising their discretion will take due consideration of treating Shareholders fairly and equally at a given net asset value. At the date of the report, only Class A Shares, Class F Shares, Class I Shares and Class L Shares Shares are issued. The Net Asset Value, the issue price, the redemption and conversion price of each Share Class are available on each Bank Business Day in Luxembourg at the registered office of the SICAV.

4

LARRAINVIAL ASSET MANAGEMENT SICAV General information (continued) The SICAV’s accounting year begins on January 1 and ends on December 31 of each calendar year. The combination currency is the US Dollar. For each financial year, the SICAV publishes an annual financial report on December 31 that is audited by the Réviseur d’Entreprises agréé and an unaudited semi-annual financial report on June 30. The following documents are made available to the public at the registered office of the SICAV and at the registered office of the Management Company: - the prospectus of the SICAV, including the Articles of Incorporation, - the Key Investor Information Documents (“KIID”) of the SICAV, - the latest annual and semi-annual reports of the SICAV. A copy of the agreements contracted with the Management Company and Investment Manager of the SICAV are available free of charge at the SICAV’s registered office. The complaint settlement procedure foreseen by the CSSF Regulation N° 13-02 relating to the out-of-court resolution of complaints is available at the registered office of the SICAV.

5


6

Statement of Net Assets as at June 30, 2017

The accompanying notes are an integral part of these financial statements.

AssetsInvestment in securities at cost−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

288,198,757.66−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Unrealised appreciation / (depreciation) on securities−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

11,864,178.96−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Investment in securities at market value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

300,062,936.62−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Cash at bank−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

8,013,190.90−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Receivable for investment sold−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,356,892.37−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Receivable on fund shares sold−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

835,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Dividends and interest receivable−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,992,372.20−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Formation expenses 1g−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,220.53−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Prepaid expenses and other assets−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,492.03−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Total assets 312,269,104.65

LiabilitiesAccrued expenses−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

584,259.96−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Payable for investment purchased−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,071,084.41−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Payable on fund shares repurchased−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

28,370.35−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Bank interest−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

551.31−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Total liabilities 5,684,266.03

Net assets at the end of the period 306,584,838.62

Notes

Combined Statement

USD

58,356,700.47−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,148,485.07−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

60,505,185.54−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,496,437.61−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

6,305.29−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,199.23−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

62,013,127.67

48,256.19−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

443,905.90−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

492,162.09

61,520,965.58

LARRAINVIAL ASSETMANAGEMENT SICAV –

CHILE EQUITY FUND

USD

98,573,945.44−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,939,339.78−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

102,513,285.22−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,974,713.91−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

63,571.13−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

107,551,570.26

139,915.82−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,702,295.72−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

13,370.40−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

453.97−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,856,035.91

105,695,534.35


SMALL & MID CAPLATIN AMERICAN

EQUITY FUND

USD


7

Statement of Net Assets as at June 30, 2017


18,165,354.93−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,509,573.86−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

20,674,928.79−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

234,855.90−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

332,092.37−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

15,932.96−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,119.07−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

21,260,929.09

139,207.90−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

79,879.32−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

14,999.95−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

97.34−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

234,184.51

21,026,744.58


MEXICAN EQUITYFUND

USD

113,102,756.82−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,266,780.25−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

116,369,537.07−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,307,183.48−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,024,800.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

835,000.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,906,562.82−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

101.46−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

292.80−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

121,443,477.63

256,880.05−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,845,003.47−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,101,883.52

118,341,594.11


LATIN AMERICANCORPORATE DEBT

FUND

USD


8

Statement of Operations and Changes in Net Assets for the period ended June 30, 2017


IncomeDividends (net of withholding taxes)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,990,455.09−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Interest on bonds−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,239,432.09−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Bank interest−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,985.71−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Other income−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

8,196.65−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Total income 5,243,069.54

ExpensesManagement and investment management fees 2−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

656,077.23−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Depositary fees 3−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

69,739.72−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Performance fees 4−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

58,202.55−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Central Administration fees 3−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

127,620.03−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Professional fees−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

82,234.14−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Transaction costs 1j−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

229,908.72−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Taxe d'abonnement 5−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

20,435.51−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Bank interest and charges−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

23,835.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Amortisation of formation expenses 1g−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,022.70−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Other expenses−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

100,414.17−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Total expenses 1,371,489.77

Net investment income / (loss) 3,871,579.77

Net realised gain / (loss) on:−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

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Investments−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,441,961.13−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Foreign currencies transactions−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(223,930.87)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Net realised gain / (loss) for the period 6,089,610.03

Net change in unrealised appreciation / (depreciation) on:−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Investments−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

16,067,238.25−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Increase / (Decrease) in net assets as a result of operations 22,156,848.28

Proceeds received on subscription of shares−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

180,543,511.31−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Net amount paid on redemption of shares−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(32,312,655.04)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Net assets at the beginning of the period−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

136,197,134.07−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Net assets at the end of the period 306,584,838.62

Notes USD

Combined Statement

966,679.50−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,092.55−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

22.94−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

967,794.99

15,537.70−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

33,321.41−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

30,899.06−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

7,911.85−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

42,862.31−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,146.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,912.07−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

38,172.97−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

176,763.37

791,031.62

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,117,670.64−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(225,119.15)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,683,583.11

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,148,485.07−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,832,068.18

57,677,000.05−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(2,085,500.15)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

97,397.50−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

61,520,965.58


CHILE EQUITY FUND

USD

643,350.84−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,413.13−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,012.06−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

647,776.03

166,166.04−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

22,680.93−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,160.32−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

28,174.87−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

12,117.02−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

152,714.85−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,869.10−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,881.17−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

15,881.40−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

408,645.70

239,130.33

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

454,500.94−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(3,188.28)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

690,442.99

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,225,888.77−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,916,331.76

82,349,836.50−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(5,733,179.58)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

24,162,545.67−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

105,695,534.35


SMALL & MID CAPLATIN AMERICAN

EQUITY FUND

USD


9

Statement of Operations and Changes in Net Assets for the period ended June 30, 2017


380,424.75−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

33.80−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,018.56−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

383,477.11

101,727.45−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

9,399.09−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

57,042.23−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

29,416.72−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

14,757.16−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

33,495.82−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

2,263.00−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,954.23−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,560.22−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

16,267.01−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

270,882.93

112,594.18

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(194,082.23)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(463.60)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(81,951.65)

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

5,056,364.77−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,974,413.12

3,121,145.13−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(11,345,045.89)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

24,276,232.22−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

21,026,744.58


MEXICAN EQUITYFUND

USD

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,239,432.09−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,446.23−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,143.09−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

3,244,021.41

372,646.04−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,338.29−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

-−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

39,129.38−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

47,448.11−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

835.74−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

11,157.41−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

8,087.53−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,462.48−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

30,092.79−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

515,197.77

2,728,823.64

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(936,128.22)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,840.16−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,797,535.58

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,636,499.64−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

6,434,035.22

37,395,529.63−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

(13,148,929.42)−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

87,660,958.68−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

118,341,594.11


LATIN AMERICANCORPORATE DEBT

FUND

USD


10


Class L Share 1,000.000 604,544.781 (19,796.018) 585,748.763


Class A Share 16,291.001 4,581.932 (10,356.589) 10,516.344


Class F Share 13,214.255 - (8,435.797) 4,778.458Class I Share 150,489.283 926,385.210 (1,500.000) 1,075,374.493Class L Share 130,766.341 98,514.008 (38,138.113) 191,142.236

Class A Share 50,701.368 13,296.091 (27,028.408) 36,969.051


Class F Share 33,322.610 - (21,040.426) 12,282.184Class I Share 94,375.707 13,361.998 (56,177.892) 51,559.813Class L Share 120,429.437 11,597.137 (23,312.681) 108,713.893

Class A Share 210,592.781 51,720.657 (52,012.203) 210,301.235


Class F Share 30,913.279 18,873.692 (11,979.558) 37,807.413Class I Share 129,536.278 84,079.822 (1,970.931) 211,645.169Class L Share 446,449.582 178,099.134 (52,512.536) 572,036.180

Statement of Changes in Number of Shares for the period ended June 30, 2017Number of shares in

issue at the end of theperiod

Number of shares inissue at the beginning

of the period

Number of sharessubscribed

Number of sharesredeemed


11


Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

61,520,965.58 97,397.50 -USD

Net asset value per share

Class L Share 105.03 97.40 -USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class L Share 585,748.76 1,000.00 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

105,695,534.35 24,162,545.67 12,640,171.84USD


Class A Share 72.82 61.77 53.44USDClass F Share 74.53 63.05 54.39USDClass I Share 76.90 64.85 55.55USDClass L Share 114.48 96.07 81.52USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A Share 10,516.34 16,291.00 1,912.16Class F Share 4,778.46 13,214.26 2,120.00Class I Share 1,075,374.49 150,489.28 140,131.14Class L Share 191,142.24 130,766.34 56,890.28−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

21,026,744.58 24,276,232.22 56,046,193.13USD



Number of shares

Class A Share 36,969.05 50,701.37 96,957.78Class F Share 12,282.18 33,322.61 29,954.79Class I Share 51,559.81 94,375.71 232,259.87Class L Share 108,713.89 120,429.44 229,596.36−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

118,341,594.11 87,660,958.68 56,149,718.77USD



Number of shares

Class A Share 210,301.24 210,592.78 124,043.73Class F Share 37,807.41 30,913.28 56,723.32Class I Share 211,645.17 129,536.28 159,624.87Class L Share 572,036.18 446,449.58 262,089.76−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2015June 30, 2017 December 31, 2016


12

LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND (in USD)


Securities Portfolio as at June 30, 2017

A.F.P. HABITAT S.A. CLP 1,359,405.53 2.211,128,799.000

Transferable securities admitted to an official exchange listing

SharesChile

ALMENDRAL SA CLP 174,555.05 0.282,332,632.000ANTARCHILE SA CLP 262,135.60 0.4320,980.000BANCO DE CHILE CLP 1,348,404.46 2.1910,388,904.000BANCO DE CREDITO E INVERSION CLP 4,667,171.08 7.5983,572.000BANCO SANTANDER CHILE CLP 1,190,271.31 1.9318,718,870.000BANMEDICA SA CLP 235,788.07 0.3896,152.000CAP SA CLP 226,937.31 0.3728,402.000CENCOSUD SA CLP 5,452,507.15 8.872,054,245.000EMPRESA NACIONAL DE TELECOM CLP 1,870,935.99 3.04171,775.000EMPRESAS AQUACHILE SA CLP 56,611.27 0.09113,993.000EMPRESAS CMPC SA CLP 2,512,582.76 4.081,051,921.000EMPRESAS COPEC SA CLP 2,302,223.10 3.74210,973.000EMPRESAS LIPIGAS SA CLP 758,825.31 1.23103,934.000ENEL AMERICAS SA CLP 5,425,915.91 8.8328,626,642.000ENEL CHILE SA CLP 463,517.92 0.754,229,536.000ENEL GENERACION CHILE SA CLP 2,779,640.53 4.523,691,497.000ENGIE ENERGIA CHILE SA CLP 2,735,254.78 4.451,497,817.000FORUS SA CLP 907,172.20 1.47262,456.000GRUPO SECURITY SA CLP 477,916.55 0.781,374,351.000INSTITUTO DE DIAGNOSTICO CLP 735,626.93 1.20122,843.000INVERSIONES AGUAS METROPOL CLP 973,102.05 1.58575,006.000ITAU CORPBANCA CLP 3,058,668.50 4.97343,855,514.00

0LATAM AIRLINES GROUP SA CLP 4,113,495.41 6.69370,365.000MULTIEXPORT FOODS SA CLP 1,578,948.06 2.574,540,602.000NORTE GRANDE S.A. CLP 578,233.45 0.9491,455,851.000PAZ CORP S.A. CLP 465,264.76 0.76494,513.000S.A.C.I. FALABELLA CLP 2,900,069.14 4.71353,218.000SALFACORP SA CLP 539,186.29 0.88477,040.000SIGDO KOPPERS SA CLP 505,792.97 0.82366,993.000SM-CHILE SA-B CLP 1,287,163.33 2.093,190,483.000SMU SA CLP 2,331,956.80 3.799,220,804.000SOC INVERSIONES ORO BLANCO CLP 634,763.26 1.0391,171,189.000SOC QUIMICA Y MINERA CHILE-B CLP 3,665,428.84 5.96110,562.000SONDA SA CLP 1,791,606.38 2.911,093,482.000VINA SAN PEDRO S.A. CLP 138,107.49 0.2212,654,261.000

60,505,185.54 98.35

60,505,185.54 98.35

Total securities portfolio 60,505,185.54 98.35

NameQuantity/Nominal

Market valuein USD

Currency %NAV

Summary of net assets%

NAV60,505,185.54 98.35Total securities portfolio

1,496,437.61 2.43Cash at bank

(480,657.57) (0.78)Other assets and liabilities

61,520,965.58 100.00Total net assets


13

LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND (in USD)


Sector allocation % of portfolio % of netassets

Energy 21.71 21.36

Banks 19.09 18.77

Food services 15.80 15.54

Financial services 9.57 9.41

Transportation 6.80 6.69

Distribution & Wholesale 6.29 6.18

Chemical 6.06 5.96

Forest products & Paper 4.15 4.08

Telecommunication 3.09 3.04

Office & Business equipment 2.96 2.91

Other 4.48 4.41

100.00 98.35

Country allocation % of portfolio % of netassets

Chile 100.00 98.35

100.00 98.35

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

CENCOSUD SA 5,452,507.15 8.87Food services

ENEL AMERICAS SA 5,425,915.91 8.83Energy

BANCO DE CREDITO E INVERSION 4,667,171.08 7.59Banks

LATAM AIRLINES GROUP SA 4,113,495.41 6.69Transportation

SOC QUIMICA Y MINERA CHILE-B 3,665,428.84 5.96Chemical

ITAU CORPBANCA 3,058,668.50 4.97Banks

S.A.C.I. FALABELLA 2,900,069.14 4.71Distribution &Wholesale

ENEL GENERACION CHILE SA 2,779,640.53 4.52Energy

ENGIE ENERGIA CHILE SA 2,735,254.78 4.45Energy

EMPRESAS CMPC SA 2,512,582.76 4.08Forest products &Paper

USD

Sector

Top Ten Holdings


14

LARRAINVIAL ASSET MANAGEMENT SICAV – SMALL & MID CAP LATIN AMERICAN EQUITY FUND (in USD)



BANCO MACRO SA-ADR USD 2,574,866.70 2.4327,930.000


SharesArgentina

GRUPO SUPERVIELLE SA-SP ADR USD 1,434,720.32 1.3679,354.000PAMPA ENERGIA SA-SPON ADR USD 2,430,210.75 2.3041,295.000

6,439,797.77 6.09

ALPARGATAS SA - PREF BRL 1,439,407.90 1.36347,859.000Brazil

ALUPAR INVESTIMENTO SA-UNIT BRL 570,310.00 0.54104,455.000AREZZO INDUSTRIA E COMERCIO BRL 3,167,221.18 3.00320,815.000AZUL SA BRL 249,131.53 0.2435,200.000BANCO ABC BRASIL SA BRL 2,356,347.63 2.23464,992.000BANCO ESTADO RIO GRAN-PREF B BRL 590,938.53 0.56149,006.000BRADESPAR SA -PREF BRL 2,036,560.37 1.93327,557.000CIA SANEAMENTO DO PARANA-PRF BRL 2,495,663.08 2.36758,606.000CIA SANEAMENTO MINAS GERAIS BRL 2,010,279.93 1.90166,515.000COSAN SA INDUSTRIA COMERCIO BRL 1,010,284.13 0.9696,800.000CSU CARDSYSTEM SA BRL 367,708.23 0.35135,670.000DIRECIONAL ENGENHARIA SA BRL 632,731.58 0.60407,070.000ESTACIO PARTICIPACOES SA BRL 1,067,662.85 1.01241,960.000EZ TEC EMPREENDIMENTOS E PAR BRL 513,593.76 0.4995,869.000FLEURY SA BRL 1,549,452.51 1.47191,558.000FRAS-LE SA BRL 8,404.39 0.016,300.000GRENDENE SA BRL 1,547,266.82 1.46200,020.000IGUATEMI EMP DE SHOPPING BRL 3,382,644.42 3.20340,450.000IOCHPE-MAXION S.A. BRL 3,736,844.68 3.53744,061.000MAGAZINE LUIZA SA BRL 2,349,012.37 2.2230,402.000MAGNESITA REFRATARIOS SA BRL 1,613,825.66 1.53145,300.000METALURGICA GERDAU SA-PREF BRL 1,013,647.40 0.96675,752.000MINERVA SA BRL 1,587,574.55 1.50427,300.000MRV ENGENHARIA BRL 2,338,855.15 2.21573,170.000MULTIPLUS SA BRL 920,569.88 0.8778,550.000QUALICORP SA BRL 1,865,997.69 1.77215,420.000RANDON PARTICIPACOES SA-PREF BRL 806,246.42 0.76580,720.000RANDON SA IMPLEMENTOS E PART BRL 1,543.88 0.001,487.000RUMO SA BRL 1,357,751.40 1.28520,069.000SER EDUCACIONAL SA BRL 479,541.22 0.4564,851.000SMILES SA BRL 1,684,215.10 1.5992,419.000SUZANO PAPEL E CELULO-PREF A BRL 2,283,738.24 2.16530,620.000TEGMA GESTAO LOGISTICA BRL 1,808,889.75 1.71434,300.000TUPY SA BRL 1,074,470.26 1.02223,900.000VIA VAREJO SA BRL 735,464.86 0.70223,970.000WIZ SOLUCOES E CORRETAGEM DE BRL 906,930.04 0.86163,310.000

51,560,727.39 48.79

BANMEDICA SA CLP 889,211.30 0.84362,849.000Chile

COCA-COLA EMBONOR SA-B CLP 458,313.23 0.43187,883.000EMPRESAS HITES SA CLP 459,076.94 0.43414,338.000EMPRESAS LA POLAR SA CLP 254,311.93 0.242,889,701.000EMPRESAS LIPIGAS SA CLP 129,311.44 0.1217,723.000GRUPO SECURITY SA CLP 525,239.18 0.501,511,427.000INSTITUTO DE DIAGNOSTICO CLP 149,580.81 0.1424,995.000ITAU CORPBANCA CLP 1,306,748.56 1.24147,000,930.00

0NORTE GRANDE S.A. CLP 282,112.01 0.2744,649,267.000PARQUE ARAUCO S.A. CLP 1,729,313.00 1.64687,922.000SALFACORP SA CLP 479,732.59 0.45424,717.000SMU SA CLP 1,674,857.47 1.586,626,903.000SOC INVERSIONES ORO BLANCO CLP 281,548.90 0.2740,465,428.000

8,619,357.36 8.15

ALMACENES EXITO SA COP 1,440,912.64 1.36286,968.000Colombia

1,440,912.64 1.36

ALSEA SAB DE CV MXN 4,475,587.74 4.241,179,312.000Mexico

BANREGIO GRUPO FINANCIERO SA MXN 2,801,847.59 2.65441,095.000BOLSA MEXICANA DE VALORES SA MXN 1,865,721.76 1.771,064,263.000CONCENTRADORA FIBRA DANHOS S MXN 1,740,154.45 1.65964,075.000CONTROLADORA VUELA CIA DE-A MXN 1,087,204.83 1.03741,172.000


Market valuein USD

Currency %NAV

CORP INMOBILIARIA VESTA SAB MXN 2,349,411.81 2.221,584,932.000GRUPO AEROPORT DEL SURESTE-B MXN 799,256.82 0.7637,779.000GRUPO AEROPORTUARIO DEL CENT MXN 3,401,317.95 3.22561,296.000GRUPO CEMENTOS CHIHUAHUA MXN 1,582,548.39 1.50306,317.000GRUPO COMERCIAL CHEDRAUI SA MXN 445,354.17 0.42217,038.000GRUPO FIN INTERACCIONES-O MXN 747,063.21 0.71141,425.000GRUPO GICSA SA DE CV MXN 1,251,784.26 1.181,719,041.000INFRAESTRUCTURA ENERGETICA N MXN 943,059.17 0.89176,425.000MEGACABLE HOLDINGS-CPO MXN 868,050.48 0.82214,228.000ORGANIZACION SORIANA S.A.B-B MXN 614,148.99 0.58262,788.000PLA ADMINISTRADORA INDUSTRIA MXN 3,802,182.47 3.602,059,817.000PROLOGIS PROPERTY MEXICO SA MXN 1,848,392.69 1.75967,199.000PROMOTORA Y OPERADORA DE INF MXN 824,440.70 0.7869,001.000RASSINI SAB DE CV - A MXN 713,220.63 0.67143,323.000VITRO S.A.B.-SERIES A MXN 858,472.77 0.81203,752.000

33,019,220.88 31.25

ARCOS DORADOS HOLDINGS INC-A USD 1,429,357.00 1.35191,860.000Virgin Islands

1,429,357.00 1.35

102,509,373.04 96.99

IOCHPE CW 20/04/2019 IOCHPE BRL 3,912.18 0.001,909.000

WarrantsBrazil

3,912.18 0.00

3,912.18 0.00



Market valuein USD

Currency %NAV



4,974,713.91 4.71Cash at bank

(1,792,464.78) (1.70)Other assets and liabilities

105,695,534.35 100.00Total net assets


15

LARRAINVIAL ASSET MANAGEMENT SICAV – SMALL & MID CAP LATIN AMERICAN EQUITY FUND (in USD)



Real estate 16.84 16.33


Building materials 11.61 11.26

Banks 10.79 10.47

Energy 9.35 9.07

Auto Parts & Equipment 6.19 5.99




Diversified services 3.33 3.23

Textile 2.91 2.82

Advertising 2.54 2.46

Cosmetics 2.52 2.45


Other 2.72 2.64

100.00 96.99


Brazil 50.30 48.79

Mexico 32.21 31.25

Chile 8.41 8.15

Argentina 6.28 6.09

Other 2.80 2.71

100.00 96.99



assets

ALSEA SAB DE CV 4,475,587.74 4.24Distribution &Wholesale

PLA ADMINISTRADORA INDUSTRIA 3,802,182.47 3.60Real estate

IOCHPE-MAXION S.A. 3,736,844.68 3.53Auto Parts &Equipment

GRUPO AEROPORTUARIO DEL CENT 3,401,317.95 3.22Building materials

IGUATEMI EMP DE SHOPPING 3,382,644.42 3.20Real estate

AREZZO INDUSTRIA E COMERCIO 3,167,221.18 3.00Distribution &Wholesale

BANREGIO GRUPO FINANCIERO SA 2,801,847.59 2.65Banks

BANCO MACRO SA-ADR 2,574,866.70 2.43Banks

CIA SANEAMENTO DO PARANA-PRF 2,495,663.08 2.36Energy

PAMPA ENERGIA SA-SPON ADR 2,430,210.75 2.30Energy

USD

Sector

Top Ten Holdings


16

LARRAINVIAL ASSET MANAGEMENT SICAV – MEXICAN EQUITY FUND (in USD)



ALSEA SAB DE CV MXN 1,293,224.10 6.15340,763.000


SharesMexico

AMERICA MOVIL-SPN ADR CL L USD 1,521,156.00 7.2395,550.000ARCA CONTINENTAL SAB DE CV MXN 937,261.81 4.46124,380.000BANREGIO GRUPO FINANCIERO SA MXN 246,414.20 1.1738,793.000CEMEX SAB-SPONS ADR PART CER USD 1,461,870.96 6.95155,188.000CONCENTRADORA FIBRA DANHOS S MXN 286,200.65 1.36158,560.000CONTROLADORA VUELA CIA DE-A MXN 203,041.56 0.97138,418.000CORP INMOBILIARIA VESTA SAB MXN 266,265.74 1.27179,625.000EL PUERTO DE LIVERPOOL-C1 MXN 315,295.06 1.5039,860.000FOMENTO ECONOMICO MEX-SP ADR USD 1,521,713.16 7.2415,474.000GRUMA S.A.B.-B MXN 382,969.59 1.8229,287.000GRUPO AEROPORT DEL PACIFIC-B MXN 790,108.88 3.7669,968.000GRUPO AEROPORT DEL SURESTE-B MXN 630,156.00 3.0029,786.000GRUPO AEROPORTUARIO DEL CENT MXN 997,860.36 4.75164,670.000GRUPO CEMENTOS CHIHUAHUA MXN 518,187.38 2.46100,300.000GRUPO COMERCIAL CHEDRAUI SA MXN 221,638.79 1.05108,013.000GRUPO FIN INTERACCIONES-O MXN 357,454.62 1.7067,669.000GRUPO FIN SANTANDER-B MXN 945,588.66 4.50487,743.000GRUPO FINANCIERO BANORTE-O MXN 1,683,788.11 8.00264,114.000GRUPO GICSA SA DE CV MXN 432,732.74 2.06594,260.000GRUPO MEXICO SAB DE CV-SER B MXN 752,368.15 3.58266,647.000GRUPO SANBORNS SAB DE CV MXN 208,237.55 0.99177,200.000INFRAESTRUCTURA ENERGETICA N MXN 297,737.82 1.4255,700.000MEGACABLE HOLDINGS-CPO MXN 402,991.02 1.9299,455.000ORGANIZACION SORIANA S.A.B-B MXN 298,090.87 1.42127,550.000PLA ADMINISTRADORA INDUSTRIA MXN 700,228.57 3.33379,346.000PROLOGIS PROPERTY MEXICO SA MXN 299,599.69 1.42156,770.000PROMOTORA Y OPERADORA DE INF MXN 490,714.33 2.3341,070.000RASSINI SAB DE CV - A MXN 426,903.57 2.03173,754.000RASSINI SAB DE CV - A MXN 240,968.18 1.1548,423.000VITRO S.A.B.-SERIES A MXN 626,655.80 2.98148,732.000WALMART DE MEXICO SAB DE CV MXN 917,504.87 4.36394,175.000

20,674,928.79 98.33

20,674,928.79 98.33



Market valuein USD

Currency %NAV



234,855.90 1.12Cash at bank

116,959.89 0.55Other assets and liabilities

21,026,744.58 100.00Total net assets


17

LARRAINVIAL ASSET MANAGEMENT SICAV – MEXICAN EQUITY FUND (in USD)






Banks 13.91 13.67



Metal 3.64 3.58


Other 6.10 6.01

100.00 98.33


Mexico 100.00 98.33

100.00 98.33



assets

GRUPO FINANCIERO BANORTE-O 1,683,788.11 8.00Banks

FOMENTO ECONOMICO MEX-SP ADR 1,521,713.16 7.24Food services

AMERICA MOVIL-SPN ADR CL L 1,521,156.00 7.23Telecommunication

CEMEX SAB-SPONS ADR PART CER 1,461,870.96 6.95Building materials

ALSEA SAB DE CV 1,293,224.10 6.15Distribution &Wholesale

GRUPO AEROPORTUARIO DEL CENT 997,860.36 4.75Building materials

GRUPO FIN SANTANDER-B 945,588.66 4.50Banks

ARCA CONTINENTAL SAB DE CV 937,261.81 4.46Food services

WALMART DE MEXICO SAB DE CV 917,504.87 4.36Distribution &Wholesale

GRUPO AEROPORT DEL PACIFIC-B 790,108.88 3.76Building materials

USD

Sector

Top Ten Holdings


18

LARRAINVIAL ASSET MANAGEMENT SICAV – LATIN AMERICAN CORPORATE DEBT FUND (in USD)



AES ARGENTINA 7.75% 17-02/02/2024 USD 1,049,290.00 0.891,000,000.000


Bonds and other debt instrumentsArgentina

ARCOR SAIC 6% 16-06/07/2023 USD 745,500.00 0.63700,000.000ARCOR SAIC 6% 17-06/07/2023 USD 532,500.00 0.45500,000.000BANCO DE GALICIA 8.25% 16-19/07/2026 USD 1,302,375.00 1.101,150,000.000BANCO HIPOT SA 9.75% 15-30/11/2020 USD 1,381,704.00 1.161,200,000.000BANCO MACRO SA 16-04/11/2026 USD 781,650.00 0.66750,000.000CABLEVISION SA 6.5% 16-15/06/2021 USD 798,750.00 0.67750,000.000CAPEX SA 6.875% 17-15/05/2024 USD 506,875.00 0.43500,000.000CIA LATINO AMER 9.5% 16-20/07/2023 USD 520,420.00 0.44500,000.000CITY OF BUENOS 7.5% 16-01/06/2027 USD 270,625.00 0.23250,000.000COMP GENL COMBUS 9.5% 16-07/11/2021 USD 755,300.00 0.64700,000.000GENNEIA SA 8.75% 17-20/01/2022 USD 535,000.00 0.45500,000.000IRSA PROPIEDADES 8.75% 16-23/03/2023 USD 1,130,000.00 0.951,000,000.000MASTELLONE HERMA 12.625% 14-03/07/2021

USD 1,131,880.00 0.961,000,000.000

PETROBRAS ARGENT 7.375% 16-21/07/2023

USD 318,000.00 0.27300,000.000

PROV BUENOS AIRE 5.75% 16-15/06/2019 USD 310,275.00 0.26300,000.000PROV DE CORDOBA 7.45% 17-01/09/2024 USD 523,750.00 0.44500,000.000PROV ENTRE RIOS 8.75% 17-08/02/2025 USD 823,248.00 0.70800,000.000TIERRA DEL FUEGO 8.95% 17-17/04/2027 USD 212,000.00 0.18200,000.000YPF SOCIEDAD ANO 8.5% 15-28/07/2025 USD 338,700.00 0.29300,000.000YPF SOCIEDAD ANO 8.5% 16-23/03/2021 USD 1,121,250.00 0.951,000,000.000

15,089,092.00 12.75

BAHIA SUL HLDGS 5.75% 16-14/07/2026 USD 831,000.00 0.70800,000.000Austria

BRF GMBH 4.35% 16-29/09/2026 USD 468,125.00 0.40500,000.0001,299,125.00 1.10

INTERCORP PERU 5.875% 15-12/02/2025 USD 207,345.00 0.18200,000.000Bahamas

207,345.00 0.18

BTG INVEST LP 4.5% 13-17/04/2018 USD 876,375.00 0.74950,000.000Bermuda

DIGICEL LIMITED 6.75% 15-01/03/2023 USD 519,750.00 0.44550,000.0001,396,125.00 1.18

BANCO ABC-BRASIL 7.875% 10-08/04/2020 USD 432,480.00 0.37400,000.000Brazil

BANCO DAYCOVAL 5.75% 14-19/03/2019 USD 463,500.00 0.39450,000.000BANCO NAC DESENV 4.75% 17-09/05/2024 USD 686,000.00 0.58700,000.000BANCO PACTUAL/KY 4% 13-16/01/2020 USD 474,375.00 0.40500,000.000BRAZIL REP OF 6% 16-07/04/2026 USD 216,150.00 0.18200,000.000CENT ELET BRASIL 5.75% 11-27/10/2021 USD 308,250.00 0.26300,000.000CIA BRASILEIRA 4.75% 14-17/06/2024 USD 339,080.00 0.29350,000.000CIELO SA/CIELO 3.75% 12-16/11/2022 USD 482,500.00 0.41500,000.000GLOBO COMMUN PAR 15-08/06/2025 SR USD 761,250.00 0.64750,000.000GLOBO COMMUN PAR 5.125% 17-31/03/2027

USD 997,500.00 0.851,000,000.000

ITAU UNIBANCO/KY 5.125% 12-13/05/2023 USD 511,250.00 0.43500,000.000ITAU UNIBANCO/KY 5.5% 12-06/08/2022 USD 413,520.00 0.35400,000.000ITAU UNIBANCO/KY 5.65% 12-19/03/2022 USD 726,950.00 0.61700,000.000VOTORANTIM CIMEN 7.25% 11-05/04/2041 USD 897,260.00 0.76910,000.000

7,710,065.00 6.52

AGROMERCANTIL SR 6.25% 14-10/04/2019 USD 882,937.50 0.75850,000.000Cayman Islands

BR MALLS INTL FI 8.5% PERP USD 702,100.00 0.59700,000.000BRASKEM FIN LTD 6.45% 14-03/02/2024 USD 1,075,000.00 0.911,000,000.000CEMENTOS PROGRES 7.125% 13-06/11/2023

USD 427,000.00 0.36400,000.000

COMCEL TRUST 6.875% 14-06/02/2024 USD 854,000.00 0.72800,000.000ENERGUATE TRUST 5.875% 17-03/05/2027 USD 1,034,500.00 0.871,000,000.000FIBRIA OVERSEAS 5.5% 17-17/01/2027 USD 768,750.00 0.65750,000.000GRUPO AVAL LTD 4.75% 12-26/09/2022 USD 810,951.90 0.69794,000.000INDUSTRIAL SR TR 5.5% 12-01/11/2022 USD 615,150.00 0.52600,000.000LATAM FINANCE LT 6.875% 17-11/04/2024 USD 1,020,900.00 0.861,000,000.000ODEBRECHT OIL&FI PERP FRN DFLT USD 27,500.00 0.02500,000.000SUZANO TRADING 5.875% 10-23/01/2021 USD 532,500.00 0.45500,000.000TAM CAPITAL 3 8.375% 11-03/06/2021 USD 615,750.00 0.52600,000.000


Market valuein USD

Currency %NAV

VALE OVERSEAS 4.375% 12-11/01/2022 USD 101,970.00 0.09100,000.000VALE OVERSEAS 5.875% 16-10/06/2021 USD 863,880.00 0.73800,000.000VALE OVERSEAS 6.25% 16-10/08/2026 USD 811,837.50 0.69750,000.000VALE OVERSEAS 6.875% 06-21/11/2036 USD 969,457.50 0.82900,000.000

12,114,184.40 10.24

CELULOSA ARAUCO 4.5% 14-01/08/2024 USD 1,128,607.70 0.951,100,000.000Chile

CENCOSUD SA 5.15% 15-12/02/2025 USD 544,390.00 0.46505,000.000CENCOSUD SA 6.625% 15-12/02/2045 USD 657,600.00 0.56600,000.000CORPGROUP BANK 6.75% 13-15/03/2023 USD 804,000.00 0.68800,000.000ENJOY SA 10.5% 17-16/05/2022 USD 637,000.00 0.54700,000.000INVERSIONES CMPC 4.375% 17-04/04/2027 USD 715,750.00 0.60700,000.000LATAM AIRLINES 7.25% 15-09/06/2020 USD 530,000.00 0.45500,000.000SMU SA 7.75% 13-08/02/2020 USD 2,398,199.10 2.032,330,000.000

7,415,546.80 6.27

BANCO DAVIVIENDA 5.875% 12-09/07/2022 USD 483,075.00 0.41450,000.000Colombia

BANCO DE BOGOTA 5.375% 13-19/02/2023 USD 527,500.00 0.45500,000.000BANCO DE BOGOTA 6.25% 16-12/05/2026 USD 1,068,870.00 0.901,000,000.000BANCO GNB SUDAM 6.5% 17-03/04/2027 USD 723,187.50 0.61700,000.000BANCOLOMBIA 5.125% 12-11/09/2022 USD 630,000.00 0.53600,000.000BBVA COLOMBIA SA 4.875% 15-21/04/2025 USD 730,320.50 0.62700,000.000COLOMBIA TELE 5.375% 12-27/09/2022 USD 765,000.00 0.65750,000.000COLOMBIA TELECOM 15-29/12/2049 FRN USD 1,146,750.00 0.971,100,000.000ECOPETROL SA 4.125% 14-16/01/2025 USD 589,350.00 0.50600,000.000ECOPETROL SA 5.375% 15-26/06/2026 USD 1,569,000.00 1.321,500,000.000ECOPETROL SA 5.875% 13-18/09/2023 USD 657,600.00 0.56600,000.000ECOPETROL SA 5.875% 14-28/05/2045 USD 276,900.00 0.23300,000.000GNB SUDAMERIS BK 7.5% 12-30/07/2022 USD 1,033,125.00 0.87950,000.000

10,200,678.00 8.62

BANCO NAL CR 5.875% 16-25/04/2021 USD 209,500.00 0.18200,000.000Costa Rica

BANCO NAL CR 6.25% 13-01/11/2023 USD 527,500.00 0.44500,000.000INSTITUTO COSTAR 6.375% 13-15/05/2043 USD 447,500.00 0.38500,000.000

1,184,500.00 1.00

COSAN LUXEMBOURG 7% 16-20/01/2027 USD 1,025,000.00 0.871,000,000.000Luxembourg

KLABIN FINANCE S 5.25% 14-16/07/2024 USD 1,013,500.00 0.861,000,000.000MAGNESITA FINANC 8.625% PERP USD 689,500.00 0.58700,000.000MINERVA LUX SA PERP FRN USD 418,000.00 0.35400,000.000MINERVA LUX SA 6.5% 16-20/09/2026 USD 1,173,000.00 0.991,200,000.000MINERVA LUX SA 6.5% 17-20/09/2026 USD 1,368,500.00 1.161,400,000.000RAIZEN FUELS 5.3% 17-20/01/2027 USD 509,375.00 0.43500,000.000RUMO LUX SARL 7.375% 17-09/02/2024 USD 515,425.00 0.44500,000.000TUPY S/A 6.625% 14-17/07/2024 USD 513,125.00 0.43500,000.000ULTRAPAR INTL 5.25% 16-06/10/2026 USD 501,250.00 0.42500,000.000VM HOLDING SA 5.375% 17-04/05/2027 USD 1,010,000.00 0.851,000,000.000

8,736,675.00 7.38

ALFA S.A. 6.875% 14-25/03/2044 USD 325,500.00 0.28300,000.000Mexico

BANCO MERC NORTE 17-31/12/2049 USD 309,882.00 0.26300,000.000BANCO MERCANTIL 16-04/10/2031 FRN USD 700,350.00 0.59700,000.000BBVA BANCOMER SA 14-12/11/2029 FRN USD 252,497.50 0.21250,000.000CEMEX SAB 5.7% 14-11/01/2025 USD 533,125.00 0.45500,000.000CEMEX SAB 7.75% 16-16/04/2026 USD 458,500.00 0.39400,000.000CORP JAVER SA CV 9.875% 11-06/04/2021 USD 671,125.00 0.57650,000.000CREDITO REAL SA 7.25% 16-20/07/2023 USD 1,309,475.00 1.111,250,000.000GRUPO CEMENTOS C 5.25% 17-23/06/2024 USD 1,526,250.00 1.281,500,000.000GRUPO KUO SAB 5.75% 17-07/07/2027 USD 1,006,250.00 0.851,000,000.000GRUPO KUO SAB 6.25% 12-04/12/2022 USD 1,118,818.75 0.951,070,000.000GRUPO POSADAS 7.875% 15-30/06/2022 USD 1,092,000.00 0.921,050,000.000METALSA SA DE CV 4.9% 13-24/04/2023 USD 1,492,500.00 1.261,500,000.000MEXICO CITY ARPT 5.5% 16-31/10/2046 USD 813,000.00 0.69800,000.000PETROLEOS MEXICA 4.625% 17-21/09/2023

USD 253,625.00 0.21250,000.000

PETROLEOS MEXICA 5.375% 16-13/03/2022

USD 264,000.00 0.22250,000.000

PETROLEOS MEXICA 6.375% 17-04/02/2021

USD 542,400.00 0.46500,000.000

PLA ADMINISTRADO 5.25% 15-10/11/2022 USD 625,500.00 0.53600,000.000TENEDORA NEMAK 5.5% 13-28/02/2023 USD 394,725.00 0.33380,000.000


Market valuein USD

Currency %NAV


19




TRUST F/1401 5.25% 14-15/12/2024 USD 262,812.50 0.22250,000.000TRUST F/1401 5.25% 15-30/01/2026 USD 209,000.00 0.18200,000.000TRUST F/1401 6.95% 14-30/01/2044 USD 319,140.00 0.27300,000.000UNIFIN FINANCIER 7% 17-15/01/2025 USD 691,250.00 0.58700,000.000UNIFIN FINANCIER 7.25% 16-27/09/2023 USD 1,233,600.00 1.041,200,000.000

16,405,325.75 13.85

AES ANDRES/DOM 7.95% 16-11/05/2026 USD 544,240.00 0.46500,000.000Netherlands

CIMPOR FIN OPS 5.75% 14-17/07/2024 USD 640,312.50 0.54750,000.000MARFRIG HLDG EUR 8% 16-08/06/2023 USD 459,562.50 0.39450,000.000PETROBRAS GLOB 6.125% 17-17/01/2022 USD 827,600.00 0.70800,000.000PETROBRAS GLOB 6.85% 15-05/06/2115 USD 266,415.00 0.23300,000.000PETROBRAS GLOB 7.375% 17-17/01/2027 USD 212,100.00 0.18200,000.000PETROBRAS INTL 5.375% 11-27/01/2021 USD 203,840.00 0.17200,000.000PETROBRAS 4.375% 13-20/05/2023 USD 141,495.00 0.12150,000.000PETROBRAS 8.375% 16-23/05/2021 USD 1,458,788.50 1.231,300,000.000PETROBRAS 8.75% 16-23/05/2026 USD 1,729,050.00 1.461,500,000.000VTR FIN BV 6.875% 14-15/01/2024 USD 958,500.00 0.81900,000.000

7,441,903.50 6.29

AVIANCA HLDNG 8.375% 13-10/05/2020 USD 552,062.50 0.47550,000.000Panama

GLOBAL BANK CORP 4.5% 16-20/10/2021 USD 1,438,150.00 1.211,400,000.0001,990,212.50 1.68

BANCO REGIONAL 8.125% 14-24/01/2019 USD 531,250.00 0.45500,000.000Paraguay

TELFONICA CELUAR 6.75% 12-13/12/2022 USD 524,375.00 0.44500,000.0001,055,625.00 0.89

BANCO CREDITO/PA 11-16/09/2026 FRN USD 227,000.00 0.19200,000.000Peru

BANCO DE CREDITO 12-24/04/2027 FRN USD 1,317,643.20 1.111,200,000.000BANCO INTER PERU 14-19/03/2029 FRN USD 1,329,000.00 1.111,200,000.000BBVA BANCO CONT 14-22/09/2029 FRN USD 544,375.00 0.46500,000.000CAMPOSOL SA 10.5% 16-15/07/2021 USD 1,084,250.00 0.921,000,000.000CO MINERA ARES 7.75% 14-23/01/2021 USD 320,625.00 0.27300,000.000COAZUCAR 6.375% 12-02/08/2022 USD 302,375.00 0.26295,000.000COMPANIA MINERA 4.625% 13-28/03/2023 USD 406,000.00 0.34400,000.000INRETAIL CONSUME 5.25% 14-10/10/2021 USD 828,480.00 0.70800,000.000MINSUR SA 6.25% 14-07/02/2024 USD 591,394.65 0.50550,000.000SAN MIGUEL INDUS 7.75% 13-06/11/2020 USD 689,000.00 0.58650,000.000SCOTIABANK PERU 12-13/12/2027 FRN USD 411,132.00 0.35400,000.000TRANSMANTARO 4.375% 13-07/05/2023 USD 207,250.00 0.18200,000.000UNION ANDINA 5.875% 14-30/10/2021 USD 624,750.00 0.53600,000.000VOLCAN CIA MIN-B 5.375% 12-02/02/2022 USD 515,000.00 0.44500,000.000

9,398,274.85 7.94

FRESNILLO PLC 5.5% 13-13/11/2023 USD 441,500.00 0.37400,000.000United Kingdom

MARFRIG HLDG EUR 7% 17-15/03/2024 USD 968,750.00 0.821,000,000.0001,410,250.00 1.19

CEMEX FINANCE 9.375% 12-12/10/2022 USD 533,250.00 0.45500,000.000United States

SOUTHERN COPPER 5.875% 15-23/04/2045 USD 322,500.00 0.27300,000.000SOUTHERN PERU 7.5% 06-27/07/2035 USD 993,000.00 0.84800,000.000

1,848,750.00 1.56

ARCOS DORADOS HL 5.875% 17-04/04/2027

USD 703,500.00 0.59700,000.000Virgin Islands

ARCOS DORADOS HL 6.625% 13-27/09/2023

USD 545,000.00 0.46500,000.000

CABCORP 5.75% 17-31/01/2027 USD 1,275,600.00 1.081,200,000.000GERDAU SA 5.75% 10-30/01/2021 USD 475,245.00 0.40450,000.000GERDAU TRADE INC 4.75% 13-15/04/2023 USD 297,420.00 0.25300,000.000GRUPO UNICOMER 7.875% 17-01/04/2024 USD 540,942.50 0.46500,000.000GTL TRADE FIN 7.25% 14-16/04/2044 USD 493,000.00 0.42500,000.000

4,330,707.50 3.66

109,234,385.30 92.30


Market valuein USD

Currency %NAV

AEROPUERTOS ARG 6.875% 17-01/02/2027 USD 1,042,500.00 0.881,000,000.000

Mortgage backed securitiesArgentina

PROV DEL CHUBUT 7.75% 16-26/07/2026 USD 253,750.00 0.21250,000.000TRANSPORT DE GAS 9.625% 14-14/05/2020

USD 334,125.00 0.28300,000.000

YPF SOCIEDAD ANO 8.75% 14-04/04/2024 USD 1,485,120.00 1.261,300,000.0003,115,495.00 2.63

GUANAY FI LTD 6% 13-15/12/2020 USD 679,733.79 0.57658,337.807Cayman Islands

679,733.79 0.57

EMPRESA ANGAMOS 4.875% 14-25/05/2029

USD 515,150.00 0.43500,000.000Chile

LATAM AIR 2015-1 4.2% 16-15/11/2027 USD 138,540.21 0.12138,980.778LATAM AIR 2015-1 4.5% 16-15/11/2023 USD 429,041.48 0.36433,923.114

1,082,731.69 0.91

FIDEICOMISO PA PACIFICO 8.25% 16-15/01/2035

USD 789,064.50 0.67700,000.000Colombia

789,064.50 0.67

FERMACA ENTERPR 6.375% 14-30/03/2038 USD 505,743.89 0.43471,007.118Mexico

505,743.89 0.43

ACI AIRPORT SA 6.875% 15-29/11/2032 USD 297,697.50 0.25294,750.000Spain

297,697.50 0.25

PAN AMERICAN 7.875% 10-07/05/2021 USD 657,000.00 0.56600,000.000United States

657,000.00 0.56

7,127,466.37 6.02

CEAGRO AGRICOL 10.75% 10-16/05/2016DFLT

USD 7,685.40 0.01200,000.000

Other transferable securities

Bonds and other debt instrumentsBrazil

7,685.40 0.01

7,685.40 0.01



Market valuein USD

Currency %NAV



1,307,183.48 1.10Cash at bank

664,873.56 0.57Other assets and liabilities

118,341,594.11 100.00Total net assets


20




Banks 19.60 19.24

Energy 18.26 17.96



Metal 7.69 7.57





Media 3.02 2.97


Government 2.63 2.58



Other 4.38 4.31

100.00 98.33


Argentina 15.65 15.38

Mexico 14.53 14.28

Cayman Islands 10.99 10.81

Colombia 9.44 9.29

Peru 8.08 7.94

Luxembourg 7.51 7.38

Chile 7.30 7.18

Brazil 6.63 6.53

Netherlands 6.40 6.29

Virgin Islands 3.72 3.66

United States 2.15 2.12

Other 7.60 7.47

100.00 98.33

Portfolio BreakdownsTop Ten Holdings Market value % of

netassets

SMU SA 7.75% 13-08/02/2020 2,398,199.10 2.03Food services

PETROBRAS 8.75% 16-23/05/2026 1,729,050.00 1.46Energy

ECOPETROL SA 5.375% 15-26/06/2026 1,569,000.00 1.32Energy

GRUPO CEMENTOS C 5.25% 17-23/06/2024 1,526,250.00 1.28Building materials

METALSA SA DE CV 4.9% 13-24/04/2023 1,492,500.00 1.26Auto Parts &Equipment

YPF SOCIEDAD ANO 8.75% 14-04/04/2024 1,485,120.00 1.26Energy

PETROBRAS 8.375% 16-23/05/2021 1,458,788.50 1.23Energy

GLOBAL BANK CORP 4.5% 16-20/10/2021 1,438,150.00 1.21Banks

BANCO HIPOT SA 9.75% 15-30/11/2020 1,381,704.00 1.16Banks

MINERVA LUX SA 6.5% 17-20/09/2026 1,368,500.00 1.16Food services

USD

Sector

Top Ten Holdings

LARRAINVIAL ASSET MANAGEMENT SICAV Notes to the financial statements Note 1 – Significant accounting policies a) Presentation of the financial statements The financial statements of the SICAV are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation of assets 1. The value of cash on hand or on deposit, bills and notes due on demand, accounts receivable, prepaid expenses, dividends, and interest declared or due but not yet received consists of the nominal value of these assets, unless it is unlikely that this value will be received, in which event, the value shall be determined by deducting an amount which the SICAV deems adequate to reflect the accurate value of these assets. 2. The value of all transferable securities, money-market instruments and financial derivative instruments that are listed on a stock exchange or traded on another regulated market that operates regularly, and is recognised and open to the public, is determined based on the most recent available price. 3. In case of investments listed on a stock exchange or traded on another regulated market that operates regularly, is recognised and open to the public and traded by market makers outside the stock exchange on which the investments are listed or of the market on which they are traded, the Board of Directors of the SICAV may determine the main market for the investments in question that will then be evaluated at the last available price on that market. 4. Financial derivative instruments not listed on an official stock exchange or traded on any another regulated operating market that is recognised and open to the public, are valued in accordance with market practices. 5. The value of securities representative of an open-ended undertaking for collective investment is determined according to the last official net asset value per unit or according to the last estimated net asset value if it is more recent than the official net asset value, and provided that the SICAV is assured that the valuation method used for this estimate is consistent with that used for the calculation of the official net asset value. 6. To the extent that

any transferable securities, money market instruments and/or financial derivative instruments held in the portfolio on the Valuation Day are not listed or traded on a stock exchange or other regulated market that operates regularly and is recognised and open to the public or,

for transferable securities, money market instruments and/or financial derivative instruments listed and traded on a stock exchange or another market but for which the price determined pursuant to sub-paragraph 2. is not, in the opinion of the Board of Directors of the SICAV, representative of the accurate value of these transferable securities, money market instruments and/or financial derivative instruments,

for financial derivative instruments traded over-the-counter and/or securities representing undertakings for collective investment, the price determined in accordance with sub-paragraphs 4. or 5. is not, in the opinion of the Board of Directors of the SICAV, representative of the real value of these financial derivative instruments or securities representing undertakings for collective investment,

the Board of Directors of the SICAV estimates the probable realisation value prudently and in good faith. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by the Sub-Funds that are denominated in a currency other than the reference currency of the Sub-Funds is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. f) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets. Net change in unrealised gains or losses and net realised gains or losses are recorded in the statement of operations and changes in net assets. g) Formation expenses Formation expenses are amortised on a straight line basis over a period of five years. If the launch of a Sub-Fund occurs after the launch date of the SICAV, the costs of formation in relation to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of 5 years with effect from the Sub-Fund’s launch date.

21

LARRAINVIAL ASSET MANAGEMENT SICAV Notes to the financial statements (continued) Note 1 – Significant accounting policies (continued) h) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains or losses are recorded in the statement of operations and changes in net assets. As at the date of the report, the exchange rates are: 1 USD = 3.313270 BRL Brazilian Real 1 USD = 0.876670 EUR Euro 664.289781 CLP Chilean Peso 18.099733 MXN Mexican Peso 3,055.070098 COP Colombian Peso 1.298716 CAD Canadian Dollar i) Combined financial statements The combined financial statements of the SICAV are expressed in USD and are equal to the sum of the corresponding captions in the financial statements of the Sub-Funds. j) Transaction costs Transaction costs in the expenses of the statement of operations and changes in net assets are mainly composed of broker fees incurred by the SICAV relating to purchases or sales of securities, of fees relating to liquidation of transactions paid to the custodian bank. Note 2 – Management and investment management fees The Investment Manager LARRAINVIAL ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. is entitled to receive the following investment management fees payable quarterly and calculated on the basis of the average net assets of the Sub-Funds for the quarter in question to the annual rates below. The capped expenses are recorded in the caption “Other income” in the statement of operations and changes in net assets.

Sub-Fund name Maximum Effective as at June 30, 2017

LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND Class A Shares (not launched) 2.00% - Class F Shares (not launched) 1.60% - Class I Shares (not launched) 1.00% - Class L Shares 0.00% 0.00%


Class A Shares 2.00% 2.00% Class F Shares 1.60% 1.60% Class I Shares 1.00% 1.00% Class L Shares 0.00% 0.00%





22

LARRAINVIAL ASSET MANAGEMENT SICAV Notes to the financial statements (continued) Note 2 – Management and investment management fees (continued) Since July 1, 2015, the SICAV has appointed LEMANIK ASSET MANAGEMENT S.A. (“Lemanik”), as the Management Company in charge of the portfolio management, the central administration functions and the distribution of the SICAV. The Management Company is authorised to act as a Management Company in accordance with the provisions of Chapter 15 of the Law of 2010. The Management Company has delegated, under its own responsibility and control, the central administration function to BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH. The Management Company is entitled to receive in remuneration of its services up to 0.35% p.a. of the average net assets of the Sub-Fund with a minimum of up to EUR 50,000.00 per annum per Sub-Fund. The Management Company and investment management fees are recorded in the caption “Management and investment management fees” in the statement of operations and changes in net assets. Note 3 – Central Administration and Depositary fees In agreement with Lemanik, BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH has been appointed as central administration, registrar and transfer agent and Depositary Bank of the SICAV. The Central Administrator is entitled to receive a Commission paid quarterly and calculated on the average net assets value of the different Sub-Funds for the quarter considered. Such Administration fee cannot be greater than 1.00% per annum of the average net asset value of the different Sub-Funds of the SICAV. The Depositary is entitled to receive a Commission paid quarterly and calculated on the average net assets value of the different Sub-Funds for the quarter considered. Such Custodian fee cannot be greater than 0.65% per annum of the average net asset value of the different Sub-Funds of the SICAV. Note 4 – Performance fee The Investment Manager is also entitled to receive a performance fee for the Class A Share and Class EA Share, payable on an annual basis and representing:

10% of the annual increase of the Net Asset Value per Share above the annual performance of the Index MSCI CHILE of the Sub-Fund LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND and multiplied by the average net assets during the Financial Year.

10% of the annual increase of the Net Asset Value per Share above the annual performance of the Index MSCI EM LATIN AMERICA SMALL

CAP of the Sub-Fund LARRAINVIAL ASSET MANAGEMENT SICAV – SMALL & MID CAP LATIN AMERICAN EQUITY FUND and multiplied by the average net assets during the Financial Year. As at June 30, 2017, the due performance fee amounted USD1,160.32.

10% of the annual increase of the Net Asset Value per Share above the annual performance of the Index MSCI Mexico of the Sub-Fund

LARRAINVIAL ASSET MANAGEMENT SICAV – MEXICAN EQUITY FUND and multiplied by the average net assets during the Financial Year. As at June 30, 2017, the due performance fee amounted USD57,042.23.

Note 5 – Subscription duty (“Taxe d’abonnement”) The SICAV is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription duty (“Taxe d’abonnement”) of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. A reduced rate of 0.01% is applied to Class I Shares, reserved for institutional investors and L and UL Shares reserved for financial investors. Pursuant to Article 175 (a) of the amended law of December 17, 2010 the net assets invested in undertakings for collective investment already subject to the “taxe d’abonnement” are exempt from this tax.

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LARRAINVIAL ASSET MANAGEMENT SICAV Notes to the financial statements (continued) Note 6 – Total Expense Ratio (“TER”) The TER is calculated for the last 12 months preceding the date of this report in respect of the period covering this financial report. If a performance-related fee is foreseen and has been calculated, the TER is presented excluding this fee.

Share Classes by Sub-Fund Total Expense Ratio

(TER) LARRAINVIAL ASSET MANAGEMENT SICAV – CHILE EQUITY FUND (since December 15, 2016)

Class L Shares 0.48% LARRAINVIAL ASSET MANAGEMENT SICAV – SMALL & MID CAP LATIN AMERICAN EQUITY FUND

Class A Shares 2.56% Class F Shares 2.14% Class I Shares 1.48% Class L Shares 0.52%





Note 7 – Risk management As required by Circular CSSF 11/512, the Board of Directors needs to determine the global risk exposure of the SICAV either by applying the commitment approach or the VaR approach. In terms of risk management, the Board of Directors of the Management Company of the SICAV decided to adopt the commitment approach for all Sub-Funds as a method of determining the global exposure. Note 8 – Changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the SICAV.

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LARRAINVIAL ASSET MANAGEMENT SICAV Other information Remuneration policy The Management Company has established and applies a remuneration policy and practices that are consistent with, and promote, sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profiles, rules, this Prospectus or the Articles nor impair compliance with the Management Company’s obligation to act in the best interest of the Company (the Remuneration Policy). The Remuneration Policy includes fixed and variable components of salaries and applies to those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Management Company, the Company or the Sub-Funds. The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Management Company, the Company and the Shareholders and includes measures to avoid conflicts of interest. In particular, the Remuneration Policy will ensure that: a) the staff engaged in control functions are compensated in accordance with the achievement of the objectives linked to their functions, independently of the performance of the business areas that they control; b) the fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component; c) the measurement of performance used to calculate variable remuneration components or pools of variable remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types of current and future risks; Details of the Remuneration Policy, including the persons in charge of determining the fixed and variable remunerations of staffs, a description of the key remuneration elements and an overview of how remuneration is determined, is available on the website: http://www.lemanikgroup.com/management-company-service_substance_governance.cfm A paper copy of the summarised Remuneration Policy is available free of charge to the Shareholders upon request.

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