Itaú Funds. Société d'investissement à Capital Variable. Unaudited semi-annual report. as at 30/06/2017. RCS Luxembourg NB80545

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1 Société d'investissement à Capital Variable Unaudited semi-annual report as at 30/06/2017 RCS Luxembourg NB80545

2 Table of Contents Page Management and Administration 3 Board of Directors 4 Statement of net assets as at 30 June Changes in the number of shares for the year ended 30 June Statistics 6 Portfolio of Investments - Itaú Funds - Latin America Equity Fund 7 Portfolio of Investments - Itaú Funds - Moderate Fund 9 Notes to the financial statements 10 Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report, the KIID, as well as by the latest semi-annual report, if published after the latest annual report.

3 Management and Administration Registered Office State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg Custodian, Domiciliary, Registrar, Paying, Transfer and Central Administration Agent State Street Bank Luxembourg S.C.A. 49, avenue J.F. Kennedy L-1855 Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P L-1014 Luxembourg Management Company UBS Third Party Management Company S.A. 33A, Avenue J.F. Kennedy L-1855 Luxembourg Legal Advisor Dechert Luxembourg LLP 1, allée Scheffer B.P. 709 L-2017 Luxembourg Global Distributor Itaú UK Asset Management Limited Level 20 - The Broadgate Tower 20 Primrose Street London EC2A 2EW United Kingdom Sub-Distributors Banco Itaú International 200 South Biscayne Blvd., Suite 2200 Miami, Florida USA Banco Itaú (Suisse) Bleicherweg 30, 8002 Zürich, Switzerland Allfunds Bank S.A. Estafeta, 6, La Moraleja Complejo Plaza de la Fuente Alcobendas, Madrid Spain Allfunds International S.A. Le Dôme - Espace Pétrusse, Building C 2 Avenue Charles de Gaulle, 5th floor L-1653 Luxembourg Investment manager For the sub-funds: - Itaú Funds - Latin America Equity Fund - Itaú Funds - Moderate Fund - Itaú Funds - Latin America Ex-Brazil Equity* Itaú USA Asset Management Inc. 767 Fifth Ave - 50 th Floor New York, NY, United States of America *Liquidated on 24 March

4 Board of Directors Chairman Mr. John Alldis of Carne Global Financial Services Luxembourg & Managing Director of Carne Group Luxembourg, Members Mr. Renato Cesar Mansur is the Head of Investment Products of Itaú Unibanco S.A., São Paulo, Brazil (until 20 April 2017) Mr. Bruno Bergamin is the Head of Investment Products of Itaú Unibanco S.A., São Paulo, Brazil (since 20 April 2017) Mr. Arlindo Penteado is the Chief Executive Officer of Itaú Unibanco S.A., São Paulo, Brazil 4

5 Statement of net assets as at 30 June 2017 Itaú Funds - Latin America Equity Fund Itaú Funds - Moderate Fund Combined Note USD USD USD ASSETS Investments portfolio at market value 35,541, ,921, ,462, Cash at bank 631, , Interest and dividends receivable 113, , , Amounts receivable on sale of investments 689, , ,459, Receivable on subscriptions , , Other assets 2, , TOTAL ASSETS 36,979, ,799, ,779, LIABILITIES Bank overdrafts , , Amounts payable on purchase of investments 682, , , Management fee payable 113, , , Taxes and expenses payable 101, , , TOTAL LIABILITIES 897, , ,460, TOTAL NET ASSETS 36,082, ,236, ,318, NET ASSET VALUE PER SHARE Class A Class I Class Y NUMBER OF SHARES OUTSTANDING Class A 101, Class I 216, Class Y , The accompanying notes form an integral part of these financial statements. 5

6 Itaú Active Asset Allocation Funds Changes in the number of shares for the period ended 30 June 2017 Itaú Funds - Latin America Equity Fund Itaú Funds - Latin Itaú Funds -America Ex-Brazil Moderate Fund Equity Fund* Share A Number of shares outstanding at the beginning of the period 101, Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the period 101, Share I Number of shares outstanding at the beginning of the period 235, Number of shares issued 8, Number of shares redeemed 27, Number of shares outstanding at the end of the period 216, Share Y Number of shares outstanding at the beginning of the period , , Number of shares issued , Number of shares redeemed , , Number of shares outstanding at the end of the period , , Statistics Itaú Funds - Latin America Equity Fund Itaú Funds - Latin Itaú Funds -America Ex-Brazil Moderate Fund Equity Fund* USD USD USD Total net assets 30 June ,082, ,236, December ,491, ,462, ,350, December ,726, ,903, Net Asset Value per share at the end of the period 30 June 2017 Share A Share I Share Y December 2016 Share A Share I Share Y December 2015 Share A Share I Share Y *Liquidated on 24 March The accompanying notes form an integral part of these financial statements.

7 - Latin America Equity Fund Portfolio of Investments as at 30 June 2017 (expressed in USD) Description Transferable securities admitted to an official stock exchange listing Warrants Quantity/Face value Currency Cost Valuation % net assets Brazil IOCHPE MAXION SA 3,141 BRL 6, Warrants , Shares Brazil AMBEV SA 84,635 BRL 498, , AMBEV SA -ADR- 84,900 USD 432, , BANCO BRADESCO SA -ADR- 254,429 USD 1,792, ,162, BANCO BRADESCO SA -PREF- 114,957 BRL 896, , BANCO DO BRASIL SA 175,800 BRL 1,304, ,421, BANCO SANTANDER BRASIL S.A. 28,700 USD 231, , BANCO SANTANDER BRASIL S.A. 41,000 BRL 336, , BM&FBOVESPA SA 296,600 BRL 1,510, ,768, BR MALLS PARTICIPACOES SA 58,387 BRL 231, , BRADESPAR S.A. - PREF - 35,500 BRL 256, , BRF SA -ADR- 38,000 USD 529, , CCR SA 78,002 BRL 410, , CENTRAIS ELETRICAS BRASILEIRAS SA 26,300 BRL 173, , CENTRAIS ELETRICAS BRASILEIRAS SA 21,700 BRL 110, , CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR -ADR- 15,000 USD 285, , CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO 15,600 BRL 117, , CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO -ADR- 13,200 USD 108, , CIA DE SANEAMENTO DE MINAS GERAIS-COPASA 19 BRL CIA ENERGETICA DE SAO PAULO -B- -PREF- 62,200 BRL 259, , COSAN SA INDUSTRIA E COMERCIO 32,700 BRL 295, , ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA 115,600 BRL 182, , EMBRAER SA -ADR- 9,000 USD 171, , ENERGISA SA 35,700 BRL 204, , GERDAU SA -ADR- 23,900 USD 72, , GERDAU SA -PREF- 30,600 BRL 89, , IGUATEMI EMPRESA DE SHOPPING CENTERS SA 18,300 BRL 183, , IOCHPE MAXION SA 101,012 BRL 406, , KROTON EDUCACIONAL SA 118,660 BRL 482, , LOCALIZA RENT A CAR SA 12,330 BRL 148, , LOJAS RENNER SA 44,330 BRL 308, , MINERVA SA 91,800 BRL 344, , PETROLEO BRASILEIRO SA -ADR- 119,600 USD 915, , PETROLEO BRASILEIRO SA -ADR- -PREF- 97,700 USD 725, , PETROLEO BRASILEIRO SA -PREF- 115,200 BRL 388, , RUMO S.A. 114,000 BRL 259, , SAO MARTINHO SA 52,600 BRL 288, , SMILES SA 6,300 BRL 121, , SUZANO PAPEL E CELULOSE SA -A- -PREF- 167,881 BRL 688, , TELEFONICA BRASIL SA -ADR- 17,200 USD 219, , TELEFONICA BRASIL SA -PREF- 39,938 BRL 686, , TIM PARTICIPACOES SA 19,175 USD 307, , ULTRAPAR PARTICIPACOES SA -ADR- 7,400 USD 169, , USINAS SIDERURGICAS DE MINAS GERAIS SA -PREF- -A- 118,000 BRL 163, , VALE SA 28,500 BRL 215, , VALE SA -ADR- 78,500 USD 474, , VALE SA -ADR- -PREF- 12,400 USD 82, , VALE SA -PREF- 43,600 BRL 311, , ,396, ,834, Chile BANCO DE CHILE 654,685 CLP 80, , BANCO DE CHILE -ADR- 1,627 USD 121, , BANCO SANTANDER CHILE 23,400 USD 532, , COLBUN SA 1,432,954 CLP 289, , EMPRESA NACIONAL DE ELECTRIC 57,400 CLP 54, , EMPRESA NACIONAL DE ELECTRICIDAD SA -ADR- 18,278 USD 420, , LATAM AIRLINES GROUP SA 5,266 CLP 51, , LATAM AIRLINES GROUP SA -ADR- 16,500 USD 153, , SACI FALABELLA 85,005 CLP 632, , SOCIEDAD QUIMICA Y MINERA DE CHILE SA -ADR- 5,200 USD 174, , ,509, ,681, Colombia CEMENTOS ARGOS SA 24,172 COP 103, , The accompanying notes form an integral part of these financial statements. 7

8 - Latin America Equity Fund Portfolio of Investments (continued) as at 30 June 2017 (expressed in USD) Description Quantity/Face value Currency Cost Valuation % net assets CEMENTOS ARGOS SA -PREF- 16,200 COP 77, , , , Luxembourg ADECOAGRO SA 21,100 USD 210, , , , Mexico ALFA SAB DE CV -A- 246,796 MXN 337, , AMERICA MOVIL SAB DE CV -L- -ADR- 72,181 USD 989, ,149, ARCA CONTINENTAL SAB DE CV 46,456 MXN 279, , BANREGIO GRUPO FINANCIERO 27,489 MXN 169, , CEMEX SAB DE CV 48,830 MXN 20, , CEMEX SAB DE CV -ADR- 145,915 USD 1,141, ,374, CORP INMOBILIARIA VESTA 216,396 MXN 308, , FOMENTO ECONOMICO MEXICANO SAB DE CV -ADR- 18,231 USD 1,640, ,792, GRUPO AEROPORTUARIO DEL CENTRO NORTE SAB DE CV 30,000 MXN 176, , GRUPO ARGOS SA 39,946 COP 447, , GRUPO CEMENTOS DE CHIHUAHUA 127,900 MXN 595, , GRUPO FINANCIERO BANORTE SAB DE CV -O- 239,618 MXN 1,314, ,527, GRUPO MEXICO SAB DE CV -B- 236,800 MXN 638, , INDUSTRIAS PENOLES SAB DE CV 8,566 MXN 166, , INFRAESTRUCTURA ENERGETICA NOVA SAB DE CV 85,450 MXN 353, , MACQUARIE MEXICO REAL ESTATE MANAGEMENT S.A. DE CV 97,718 MXN 104, , MEXICHEM SAB DE CV 290,575 MXN 678, , PLA ADMINISTRADORA INDUSTRIAL S DE RL DE CV 249,496 MXN 428, , PROMOTORA Y OPERADORA DE INFRAESTRUCTURA SAB DE CV 48,951 MXN 468, , WAL-MART DE MEXICO SAB DE CV 235,200 MXN 486, , ,749, ,010, Peru CIA DE MINAS BUENAVENTURA SAA 12,300 USD 142, , CREDICORP LTD 2,824 USD 385, , , , Total - Shares 32,575, ,534, Total - Transferable securities admitted to an official stock exchange listing 32,575, ,541, TOTAL INVESTMENT PORTFOLIO 32,575, ,541, The accompanying notes form an integral part of these financial statements.

9 - Moderate Fund Portfolio of Investments as at 30 June 2017 (expressed in USD) Description Investment Funds UCI Units Quantity/Face value Currency Cost Valuation % net assets United States ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF 706 USD 81, , SPDR S&P500 ETF TRUST 2,320 USD 461, , VANGUARD FTSE EUROPE ETF 10,200 USD 559, , WISDOMTREE JAPAN HEDGED EQUITY FUND 11,003 USD 566, , ,669, ,780, Luxembourg VONTOBEL FUND - EMERGING MARKETS EQUITY -I- 1,687 USD 279, , CONVENTUM - LYRICAL FUND -I- 3,467 USD 734, , ABERDEEN GLOBAL - EMERGING MARKETS EQUITY FUND -G2-81 USD GOLDMAN SACHS EMERGING MARKETS CORPORATE BOND PORTFOLIO -I ACC- 11,767 USD 1,685, ,717, NORDEA 1 SICAV - US TOTAL RETURN BOND FUND -BI- 730 USD 79, , ABERDEEN GLOBAL - JAPANESE EQUITY FUND -I2 ACC- 43,856 USD 592, , AMUNDI FUNDS - CASH USD 2,419 USD 2,449, ,449, MFS MERIDIAN FUNDS - EMERGING MARKETS DEBT FUND -I1-3,806 USD 864, , FRANKLIN TEMPLETON SERIES II FUNDS - FRANKLIN FLOATING RATE II FUND 77,272 USD 1,049, ,053, HENDERSON HORIZON - PAN EUROPEAN EQUITY FUND -I2 ACC- 46,841 USD 611, , ,346, ,586, Ireland AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND -A- 10,521 USD 441, , HEPTAGON FUND PLC - YACKTMAN US EQUITY FUND -I- 5,137 USD 788, , NEUBERGER BERMAN HIGH YIELD BOND FUND 68,075 USD 1,531, ,541, WELLINGTON MANAGEMENT FUNDS IRELAND PLC - WELLINGTON STRATEGIC EUROPEAN EQUITY FUND -N ACC- 52,841 USD 628, , ,389, ,553, Total - Investment Funds 13,405, ,921, TOTAL INVESTMENT PORTFOLIO 13,405, ,921, The accompanying notes form an integral part of these financial statements. 9

10 Notes to the financial statements at 30 June Changes in the composition of the portfolio The details of the changes in portfolio composition during the period are held at the disposal of shareholders at the registered office of the SICAV and are available upon request free of charge. 2. Events occurred during the period The Sub-Fund Itaú Funds - Latin America Ex-Brazil Equity Fund was liquidated on 24 March