Itaú Funds (formerly Itaú Europa Luxembourg SICAV) Société d'investissement à Capital Variable Unaudited semi-annual report as at 30/06/15 RCS Luxembourg NB80545
Table of Contents Page Management and Administration Board of Directors Statement of net assets as at 30 June 2015 Changes in the number of shares for the period ended 30 June 2015 Statistics Itaú Funds - Brazil Equity Fund Portfolio Itaú Funds - Latin America Equity Fund Portfolio 3 4 5 6 6 7 8 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. 2
The offering of the shares of Itaú Funds Brazil Small and Mid Cap Fund has not been notified to the German Financial Services Supervisory Authority in accordance with Section 310 of the German Investment Code (KAGB). Shares of this sub-fund may not be offered to investors in the Federal Republic of Germany.
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, Gerhard Mercator L-2182 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 33131 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 (Since 29 January 2015) Allfunds International S.A. Le Dôme - Espace Pétrusse, Building C 2 Avenue Charles de Gaulle, 5th floor L-1653 Luxembourg (Since 29 January 2015) Investment Managers For the sub-fund: - Itaú Funds - Brazil Small and Mid Cap Fund: Itaú Unibanco S.A. Av Brigadeiro Faria Lima, 3500-4th floor 04538-132, São Paulo - SP Brazil For the sub-funds: - Itaú Funds - Latin America Equity Fund - Itaú Funds - Brazil Equity Fund: Itaú USA Asset Management Inc. 767 Fifth Ave - 50 th Floor New York, NY, 10153 United States of America 3
Board of Directors Chairman Mr. John Alldis of Carne Global Financial Services Luxembourg & COO of Carne Operations Luxembourg, (Since 08 June 2015) Members Mr. Justin Egan, Managing Director of Carne Global Financial Services Luxembourg, Luxembourg, (until 08 June 2015) Mr. Renato Cesar Mansur is the Head of Investment Products of Itaú Unibanco S.A., São Paulo, Brazil Mr. Kenneth Casey is the Chief Executive Officer of Itaú UK Asset Management Limited, London, United Kingdom 4
Statement of net assets as at 30 June 2015 Itaú Funds - Latin Itaú Funds - Brazil Combined America Equity Fund Equity Fund Note USD USD USD ASSETS Investments portfolio at market value 34,478,338.83 16,335,655.04 50,813,993.87 Cash at bank 604,010.42 491,914.48 1,095,924.90 Interest and dividends receivable 132,076.37 100,636.13 232,712.50 Amounts receivable on sale of investments 143,162.85 316,054.57 459,217.42 Other assets 20,912.30 16,766.64 37,678.94 TOTAL ASSETS 35,378,500.77 17,261,026.86 52,639,527.63 LIABILITIES Bank overdrafts 83.76 1,709.68 1,793.44 Amounts payable on purchase of investments 252,766.40 86,201.64 338,968.04 Management fee payable 113,157.71 43,463.59 156,621.30 Taxes and expenses payable 94,794.16 83,136.73 177,930.89 TOTAL LIABILITIES 460,802.03 214,511.64 675,313.67 TOTAL NET ASSETS 34,917,698.74 17,046,515.22 51,964,213.96 NET ASSET VALUE PER SHARE Class A 152.71 0.00 Class I 82.97 131.20 NUMBER OF SHARES OUTSTANDING Class A 105,071.982 0.00 Class I 227,476.786 129,929.280 The accompanying notes form an integral part of these financial statements. 5
Changes in the number of shares for the period ended 30 June 2015 Itaú Funds - Latin America Equity Fund Itaú Funds - Brazil Equity Fund Itaú Funds - Brazil Small and Mid Cap Fund Class A Number of shares outstanding at the beginning of the year/period 106,498.490 0.000 15,569.956 Number of shares issued 720.657 0.000 0.000 Number of shares redeemed 2,147.165 0.000 15,569.956 Number of shares outstanding at the end of the year/period 105,071.982 0.000 0.000 Class I Number of shares outstanding at the beginning of the year/period 232,702.784 129,929.280 43,608.533 Number of shares issued 12,700.002 0.000 0.000 Number of shares redeemed 17,926.000 0.000 43,608.533 Number of shares outstanding at the end of the year/period 227,476.786 129,929.280 0.00 Statistics Itaú Funds - Latin America Equity Fund Itaú Funds - Brazil Equity Fund Itaú Funds - Brazil Small and Mid Cap Fund USD USD USD Total net assets June 30, 2015 34,917,698.74 17,046,515.22 0.00 December 31, 2014 39,636,399.07 19,204,009.36 3,533,670.70 December 31, 2013 56,908,851.11 22,626,315.64 7,635,013.23 Net Asset Value per share at the end of the year/period June 30, 2015 Class A 152.71 0.00 0.00 Class I 82.97 131.20 0.00 December 31, 2014 Class A 170.42 0.00 54.05 Class I 92.34 147.80 61.74 December 31, 2013 Class A 196.54 0.00 67.05 Class I 105.92 174.14 75.79 Class X 90.10 0.00 78.00 6
Itaú Funds - Brazil Equity Fund Portfolio of Investments as at 30 June 2015 (expressed in USD) Description Transferable securities admitted to an official stock exchange listing Shares Quantity/Face value Currency Cost Valuation % net assets Brazil AMBEV SA 168,300 BRL 1,169,041.85 1,034,808.78 6.07 AMBEV SA ADR 41,832 USD 285,777.06 255,175.20 1.50 BANCO BRADESCO SA - PREF - 119,250 BRL 1,368,086.14 1,094,071.92 6.42 BANCO BRADESCO SA -ADR- 65,512 USD 673,934.44 600,089.92 3.52 BANCO DO BRASIL SA 92,700 BRL 766,626.33 724,554.47 4.25 BB SEGURIDADE PARTICIPACOES 77,100 BRL 821,722.05 846,352.69 4.96 BEMATECH SA 91,900 BRL 305,684.47 239,335.24 1.40 BM&FBOVESPA SA 212,200 BRL 1,030,629.42 800,600.05 4.70 BRF SA 30,600 BRL 719,003.35 646,989.44 3.80 BRF SA -ADR- 8,710 USD 188,827.03 182,126.10 1.07 CCR SA 166,700 BRL 1,047,780.42 800,121.36 4.69 CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR -ADR- 10,816 USD 433,354.93 256,014.72 1.50 CIA PARANAENSE DE ENERGIA 37,100 BRL 417,363.25 417,410.83 2.45 CIELO SA 38,520 BRL 508,415.98 543,377.03 3.19 COSAN LOGISTICA SA 95,100 BRL 74,718.74 71,331.12 0.42 COSAN LTD -A- 31,904 USD 359,690.51 196,528.64 1.15 COSAN SA INDUSTRIA E COMERCIO 19,900 BRL 192,789.79 161,114.15 0.94 CPFL ENERGIA S.A. 64,403 BRL 387,427.66 399,097.91 2.34 EMBRAER SA -ADR- 11,269 USD 376,437.46 341,338.01 2.00 GERDAU SA -PREF- 69,100 BRL 227,064.10 166,610.55 0.98 KROTON EDUCACIONAL SA 122,516 BRL 598,636.94 468,940.01 2.75 MINERVA SA/BRAZIL 77,900 BRL 292,644.08 287,886.94 1.69 PETROLEO BRASILEIRO SA 13,400 BRL 60,466.49 60,520.86 0.35 PETROLEO BRASILEIRO SA 15,556 USD 124,697.71 140,781.80 0.83 PETROLEO BRASILEIRO SA - PREF - 162,300 BRL 811,862.84 664,059.04 3.90 PETROLEO BRASILEIRO SA -ADR- 31,672 USD 297,942.69 258,443.52 1.52 QGEP PARTICIPACOES SA 47,700 BRL 218,117.82 103,956.03 0.61 RANDON PARTICIPACOES SA 59,600 BRL 66,958.30 61,779.55 0.36 RUMO LOGISTICA OPERADORA MULTIMODAL S.A. 214,623 BRL 188,226.14 87,745.05 0.51 SUZANO PAPEL E CELULOSE SA -PREF- -A- 110,504 BRL 431,785.02 588,377.59 3.45 TELEFONICA BRASIL SA - PREF - 64,752 BRL 1,259,558.67 907,995.47 5.33 TELEFONICA BRASIL SA -B- -ADR- 3,980 USD 59,114.54 55,441.40 0.33 ULTRAPAR PARTICIPACOES SA 6,900 BRL 160,559.20 145,934.20 0.86 ULTRAPAR PARTICPAC SPON ADR ADR 15,688 USD 350,877.86 329,761.76 1.93 VALE SA 41,400 BRL 271,889.11 243,756.76 1.43 VALE SA -ADR- PREF 19,873 USD 215,202.38 100,358.65 0.59 VALE SA -PREF- 49,000 BRL 270,497.21 245,757.15 1.44 WEG SA 39,700 BRL 226,026.64 243,460.28 1.43 17,259,438.62 14,772,004.19 86.66 Total - Shares 17,259,438.62 14,772,004.19 86.66 Total - Transferable securities admitted to an official stock exchange listing 17,259,438.62 14,772,004.19 86.66 Investment Funds UCI Units Brazil IT NOW IFNC FUNDO DE INDICE 93,500 BRL 1,911,051.46 1,563,650.85 9.17 Total - Investment Funds 1,911,051.46 1,563,650.85 9.17 TOTAL INVESTMENT PORTFOLIO 19,170,490.08 16,335,655.04 95.83 The accompanying notes form an integral part of these financial statements. 7
Itaú Funds - Latin America Equity Fund Portfolio of Investments as at 30 June 2015 (expressed in USD) Description Transferable securities admitted to an official stock exchange listing Shares Quantity/Face value Currency Cost Valuation % net assets Argentina YPF SA 2,900 USD 88,876.64 79,547.00 0.23 88,876.64 79,547.00 0.23 Brazil AMBEV SA 106,735 BRL 701,799.64 656,270.44 1.88 AMBEV SA ADR 68,300 USD 463,470.07 416,630.00 1.19 BANCO BRADESCO SA - PREF - 176,895 BRL 1,935,635.27 1,622,942.15 4.65 BANCO BRADESCO SA -ADR- 203,633 USD 2,324,670.21 1,865,278.28 5.34 BANCO DO BRASIL SA 88,900 BRL 685,764.89 694,853.21 1.99 BB SEGURIDADE PARTICIPACOES 97,000 BRL 1,091,646.45 1,064,801.70 3.05 BEMATECH SA 71,100 BRL 209,073.80 185,165.79 0.53 BM&FBOVESPA SA 171,100 BRL 818,146.67 645,535.67 1.85 BRF SA -ADR- 52,600 USD 1,166,774.00 1,099,866.00 3.15 CCR SA 207,799 BRL 1,211,678.65 997,387.04 2.86 CETIP SA - MERCADOS ORGANIZADOS 20,509 BRL 228,883.54 225,002.16 0.64 CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR -ADR- 7,100 USD 272,907.90 168,057.00 0.48 CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR -PREF- 2,500 BRL 99,802.07 58,991.12 0.17 CIA PARANAENSE DE ENERGIA 6,600 USD 70,984.98 72,600.00 0.21 CIA PARANAENSE DE ENERGIA 34,000 BRL 378,007.54 382,532.84 1.10 CIELO SA 13,900 BRL 188,113.81 196,078.42 0.56 COSAN LOGISTICA SA 142,600 BRL 111,791.49 106,959.18 0.31 COSAN LTD -A- 93,000 USD 1,153,461.68 572,880.00 1.64 COSAN SA INDUSTRIA E COMERCIO 21,900 BRL 201,988.95 177,306.53 0.51 CPFL ENERGIA SA -ADR- 17,391 USD 215,013.89 213,039.75 0.61 EMBRAER SA 8,500 BRL 75,159.17 64,740.54 0.19 EMBRAER SA -ADR- 8,100 USD 262,727.90 245,349.00 0.70 GERDAU SA -PREF- 74,200 BRL 234,618.91 178,907.42 0.51 KROTON EDUCACIONAL SA 143,052 BRL 713,464.72 547,543.23 1.57 MINERVA SA/BRAZIL 94,000 BRL 380,637.69 347,386.04 1.00 PETROLEO BRASILEIRO SA - PREF - 210,100 BRL 1,142,599.98 859,635.27 2.46 PETROLEO BRASILEIRO SA -ADR- 4,400 USD 41,040.15 35,904.00 0.10 QGEP PARTICIPACOES SA 106,500 BRL 454,406.64 232,103.08 0.66 RANDON PARTICIPACOES SA 85,600 BRL 92,418.23 88,730.36 0.25 RUMO LOGISTICA OPERADORA MULTIMODAL S.A. 429,879 BRL 370,373.61 175,748.88 0.50 SUZANO PAPEL E CELULOSE SA -PREF- -A- 108,381 BRL 436,487.43 577,073.70 1.65 TELEFONICA BRASIL SA - PREF - 53,738 BRL 988,858.84 753,549.86 2.16 ULTRAPAR PARTICIPACOES SA 4,800 BRL 102,058.60 101,519.44 0.29 ULTRAPAR PARTICPAC SPON ADR ADR 13,300 USD 306,248.12 279,566.00 0.80 VALE SA 22,500 BRL 145,157.42 132,476.50 0.38 VALE SA -ADR- PREF 35,700 USD 305,280.96 180,285.00 0.52 VALE SA -PREF- 102,200 BRL 575,022.88 512,579.19 1.47 WEG SA 39,400 BRL 225,323.01 241,620.53 0.69 20,381,499.76 16,976,895.32 48.62 Canada PAREX RESOURCES, INC. 27,700 CAD 189,184.71 232,303.26 0.66 189,184.71 232,303.26 0.66 Chile BANCO DE CHILE 890,620 CLP 117,146.02 97,580.63 0.28 BANCO DE CHILE -ADR- 2,503 USD 174,716.28 164,897.64 0.47 BANCO SANTANDER CHILE 17,591 USD 368,181.48 356,217.75 1.02 CENCOSUD S.A. 83,045 CLP 194,305.29 199,740.15 0.57 CENCOSUD S.A. 18,512 USD 137,622.44 133,471.52 0.38 COLBUN S.A. 470,020 CLP 138,169.05 133,723.42 0.39 EMPRESA NACIONAL DE ELECTRICIDAD SA -ADR- 10,467 USD 461,032.29 433,857.15 1.24 EMPRESAS COPEC SA 50,411 CLP 590,956.53 535,167.08 1.53 PARQUE ARAUCO SA 168,172 CLP 312,397.64 319,551.26 0.92 SACI FALABELLA 32,800 CLP 250,994.17 229,081.48 0.66 2,745,521.19 2,603,288.08 7.46 Colombia CEMENTOS ARGOS SA 102,887 COP 456,123.21 366,096.61 1.05 CEMENTOS ARGOS SA - PREF - 25,900 COP 124,073.76 88,372.44 0.25 580,196.97 454,469.05 1.30 Mexico ALFA SAB DE CV -A- 173,005 MXN 355,533.10 331,110.58 0.95 AMERICA MOVIL SAB DE CV -ADR- -L- 52,114 USD 1,153,252.37 1,110,549.34 3.18 BOLSA MEXICANA DE VALORES SAB DE CV 181,335 MXN 323,699.09 314,116.07 0.90 CEMEX SAB DE CV -ADR- 134,944 USD 1,372,088.12 1,236,087.04 3.54 COMPARTAMOS 67,655 MXN 127,029.93 120,040.61 0.34 8 The accompanying notes form an integral part of these financial statements.
Itaú Funds - Latin America Equity Fund Portfolio of Investments (continued) as at 30 June 2015 (expressed in USD) Description Quantity/Face value Currency Cost Valuation % net assets FIBRA UNO ADMINISTRACION SA DE CV 376,901 MXN 1,177,515.71 896,213.75 2.56 FOMENTO ECONOMICO MEXICANO SAB DE CV -ADR- 15,131 USD 1,415,710.52 1,348,020.79 3.86 GRUPO ARGOS SA 39,946 COP 447,730.30 261,225.57 0.75 GRUPO FINANCIERO BANORTE SAB DE CV -O- 219,088 MXN 1,277,199.89 1,204,166.12 3.45 GRUPO FINANCIERO INBURSA 257,985 MXN 716,104.45 585,662.53 1.68 GRUPO FINANCIERO SANTANDER MEXICO SAB DE CV -ADR- -B- 32,312 USD 316,521.34 295,654.80 0.85 GRUPO LALA 213,512 MXN 435,433.85 446,193.02 1.28 GRUPO MEXICO SAB DE CV -B- 180,700 MXN 543,182.41 545,647.63 1.56 GRUPO TELEVISA SAB -ADR- 26,190 USD 873,695.26 1,016,695.80 2.91 HOTELES CITY EXPRESS 257,504 MXN 447,035.53 373,685.35 1.07 MEXICHEM SAB DE CV 70,116 MXN 212,038.23 202,831.96 0.58 TF ADMINISTRADORA INDUSTRIAL S DE RL DE CV 224,390 MXN 483,507.13 440,323.89 1.26 UNIFIN FINANCIERA SAPI DE CV SOFOM ENR 185,827 MXN 346,147.60 389,995.51 1.12 WAL-MART DE MEXICO 269,964 MXN 622,046.38 657,762.66 1.88 12,645,471.21 11,775,983.02 33.72 Panama AVIANCA HOLDINGS SA -ADR- 40,143 USD 593,192.74 411,064.32 1.18 593,192.74 411,064.32 1.18 Peru CIA DE MINAS BUENAVENTURA SAA 11,500 USD 127,501.85 119,370.00 0.34 CREDICORP LTD 7,704 USD 1,132,953.71 1,070,239.68 3.07 1,260,455.56 1,189,609.68 3.41 Spain CEMEX LATAM HOLDING SA 38,400 COP 215,702.35 188,484.38 0.54 215,702.35 188,484.38 0.54 United States SOUTHERN COPPER CORP. 7,100 USD 220,572.98 208,811.00 0.60 220,572.98 208,811.00 0.60 Total - Shares 38,920,674.11 34,120,455.11 97.72 Total - Transferable securities admitted to an official stock exchange listing 38,920,674.11 34,120,455.11 97.72 Investment Funds UCI Units Brazil IT NOW IFNC FUNDO DE INDICE 21,400 BRL 396,910.55 357,883.72 1.02 Total - Investment Funds 396,910.55 357,883.72 1.02 TOTAL INVESTMENT PORTFOLIO 39,317,584.66 34,478,338.83 98.74 The accompanying notes form an integral part of these financial statements. 9
Notes to the financial statements at 30 June 2015 1. Changes in the composition of the portfolio The details of the changes in portfolio composition during the year 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 According to the Board resolutions from 10 March 2015, the Board of Directors resolved to put Itaú Funds - Brazil Small and Mid Cap Fund in liquidation. The Sub-Fund Itaú Funds - Brazil Small and Mid Cap Fund was liquidated on April 13, 2015. 10