INCA INVESTMENTS LLC

INCA manages Funds and Separate Accounts, which are reviewed daily by the CEO, Fernando X. Donayre, and Portfolio Managers, Efrain Chavez and Jeronimo De Guzman. Weekly investment team meetings are held to discuss portfolio construction, company profiles, monitoring, on-site visits, feedback, and risk management. The CEO has the final authority in investment decisions. INCA may also meet with clients, participate in conference calls, and respond to information requests. All accounts are reviewed considering country, industry, and company developments. INCA has agreements with Referring Agents, compensating them for client referrals with a percentage of management and performance fees paid by referred clients. INCA uses client brokerage commissions to pay for research services, creating a potential conflict of interest. INCA attempts to receive research services that benefit all clients, but there is no guarantee that research services paid for by higher commissions will benefit only the portfolios that paid for them. INCA does not request that clients direct the execution of transactions with specific brokers, nor does any client currently require INCA to do so.

INCA performs both qualitative and quantitative analyses when analyzing the underlying companies of investment securities. On the qualitative side, INCA seeks to determine the prospects for the industry in which the prospective company operates and also seeks to evaluate the operations and business strategies pursued by the company. On the quantitative side, INCA performs a financial analysis of a company’s historical financial statements and builds models to project the expected future financial performance of a company. INCA's research process seeks to identify mispriced or undervalued securities whose underlying fundamental characteristics have been inadequately recognized or valued by the market. The methodology is based on fundamental analysis which primarily includes a bottom-up review, which focuses on the operating, financial and strategic prospects for a particular company, as well as a top-down review of global and local macro factors, such as political and economic conditions. INCA conducts a variety of investment analysis techniques in its efforts to invest in Latin American securities which INCA believes will provide long-term capital appreciation.

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