Company Details

Directors and Officers

The following are the names, office(s) held and principal occupations of the directors and officers of the Trustee:

Brian D. McChesney
President, Chief Executive Officer and Director
(Corporate Director)

Stephen D. Pearce
Chief Financial Officer and Director
(Director, Scotia Capital Inc.)

Douglas Derry
Director
(Corporate Director)

Terry Jackson
Director
(Corporate Director)

D. Anthony Ross
Director
(Chair of the Board of Infrastructure Ontario)

Robert Hall
Director
(Managing Director, Scotia Capital Inc.)


Profile

The Fund is a closed-end investment fund established as a trust under the laws of the Province of Ontario. The Fund's investment objectives are to: (i) provide holders of Units ("Unitholders") with the opportunity for capital appreciation; and (ii) provide Unitholders with stable quarterly distributions, in each case by investing in a diversified portfolio (the "Portfolio") primarily consisting of publicly-listed equity securities, and including up to 20% in fixed income securities, of companies in Latin America ("LatAm").

General Information

Distribution Policy

The Fund has established a distribution policy to pay quarterly cash distributions approximately equal to 1/4 of 3% of net asset value ("NAV"), provided the NAV following such distribution would still be in excess of $10.00 per Unit. For historical distribution amounts, please see distribution information.

Redemption

Commencing in 2014, Units may be redeemed on the second last business day in November (the "Annual Redemption Date") in any year. Units properly surrendered for redemption at least 45 days prior to an Annual Redemption Date will be redeemed on such Annual Redemption Date and the Unitholder will receive payment within 15 days of the Annual Redemption Date, subject to the Fund's right to suspend redemptions in certain circumstances. Unitholders will be entitled to receive a redemption price per Unit equal to the Net Assets per Unit as of such date, less any costs and expenses incurred by the Fund in connection with funding the redemption.

Monthly Redemptions

In addition to the annual redemption right, Unitholders may choose to redeem Units on the second last Business Day in a month (a "Monthly Redemption Date"), subject to certain conditions. In order to effect such a redemption, the Units must be surrendered by no later than 5:00 p.m. (Toronto time) on the date which is the last Business Day of the month preceding the Monthly Redemption Date. Payment of the redemption price will be made on or before the 15th day following such Monthly Redemption Date, subject to the Manager's right to suspend redemptions in certain circumstances. Concurrently with the payment of the redemption price, the Fund may pay to the redeeming Unitholder a cash distribution in the amount of the net realized capital gains or income of the Fund incurred by it to fund the payment of the redemption price.

Unitholders surrendering a Class A Unit for redemption on a Monthly Redemption Date will receive a redemption price equal to the lesser of (a) 95% of the "weighted average trading price" of the Class A Units on the principal market on which the Class A Units are quoted for trading during the 15 trading days preceding the applicable Monthly Redemption Date; and (b) the "closing market price" of the Class A Units on the principal market on which the Class A Units are quoted for trading on the applicable Monthly Redemption Date less, in each case, any costs associated with the redemption including brokerage costs, and less any net realized capital gains or income of the Fund that are distributed to a Unitholder concurrently with the proceeds of disposition on redemption (the "Monthly Redemption Amount").

Unitholders surrendering a Class F Unit for redemption on a Monthly Redemption Date will receive an amount equal to the product of (i) the Monthly Redemption Amount and (ii) a fraction, the numerator of which is the most recently calculated Net Asset Value per Unit of a Class F Unit and the denominator of which is the most recently calculated Net Asset Value per Unit of a Class A Unit.

Termination

The Fund does not have a fixed termination date but may be terminated by a two-thirds majority vote at a meeting of Unitholders called for that purpose.

Taxation

A Unitholder will generally be required to include in computing income for a taxation year the amount of the Trust's net income, including net realized taxable capital gains, paid or payable to the Unitholder in the taxation year. The non-taxable portion of the Trust's net realized capital gains paid or payable (whether in cash or in Units) to a Unitholder in a taxation year will not be included in the Unitholder's income for the year.

On the disposition or deemed disposition of a Unit, the Unitholder will realize a capital gain (or capital loss) to the extent that the Unitholder's proceeds of disposition, net of any reasonable costs of disposition, exceed (or are less than) the adjusted cost base of the Units. For the purpose of determining the adjusted cost base to a Unitholder, when a Unit is acquired, the cost of the newly acquired Units will be averaged with the adjusted cost base of all Units owned by the Unitholder as capital property before that time.