MARCH INTERNATIONAL Société d'Investissement à Capital Variable R.C.S. Luxembourg B157545 Unaudited Semi-Annual Report as at June 30, 2020 MARCH INTERNATIONAL Table of Contents Page Directors and Administration 3 General Information 5 Statement of Net Assets 6 Key Figures 8 Statement of Operations and Changes in N et Assets 10 Statistics 12 Statement of Investments MARCH INTERNATIONAL - TORRENOVA LU X 14 MARCH INTERNATIONAL - VINI CATENA 20 MARCH INTERNATIONAL - IBERIA 23 MARCH INTERNATIONAL - THE FAMILY BUSINESSES FUND 25 MARCH INTERNATIONAL - BELLVER LUX 28 MARCH INTERNATIONAL - LLUC LUX 31 MARCH INTERNATIONAL - MEDITERRANEAN FUND 34 Notes to the Financial Statements 37 MARCH INTERNATIONAL Directors and Administration Registered Office 11-13, Boulevard de la Foire L-1528 Luxembourg Grand Duchy of Luxembourg Board of Directors of the Company Enrique Ruiz Crespo Chairman Banca March, S.A. Iñigo Damborenea Agorria (resigned as of March 1 st , 2020) Director Banca March, S.A. José Ramón Aranda Godlewski Director Banca March, S.A. Irene Samayoa Pe ñalver Director March Asset Management SGIIC S.A.U. Giovanni Mancuso Independent Director Management Company FundRock Management Company S.A. 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg Investment Manager and Global Distributor March Asset Management SGIIC S.A.U. Castelló, 74 S-28006 Madrid Spain Administrative Agent, Depositary and Domiciliary Agent RBC Investor Services Bank S.A. 14, porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg Legal Adviser Elvinger Hoss Prussen, Société Anonyme 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg Fund Registration Services (Luxembourg, Spain, Italy, Germany, Austria, France Portugal), Fund Maintenance and Regulatory Reporting Services Deloitte S.A. 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg 3 MARCH INTERNATIONAL Directors and Administration (continued) Paying and Information Agent in Germany Marcard, Stein & Co AG Ballindamm 36 D-20095 Hamburg Germany Paying and Information Agent in France CACEIS Bank 1/3, Place Valhubert F-75206 Paris Cedex 13 France Paying and Information Agent in Austria Erste Bank der Oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Austria Paying and Information Agent in Spain Allfunds Bank S.A. C/Padres Dominicos, 7 28050 Madrid (España) Spain Paying and Information Agents in Italy State Street Bank S.p.a. Via Ferrante Aporti 10 I-20125 Milan Italy Allfunds Bank S.A., Milan Branch Via Santa Margherita 7 I-20121 Milan Italy Independent Auditors (Cabinet de révision agréé) Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg 4 MARCH INTERNATIONAL General Information Information to the Shareholders Notices concerning MARCH INTERNATIONAL (the "Company") are sent to shareholders to their registered address and, if prescribed by law, are published in the Recueil Electronique des Sociétés et Associations (the “RESA”), the official gazette of Luxembourg, and are lodged with the Registrar of the Luxembourg District Court. The current Articles of Incorporation of the Company are lodged with the Registrar of the Luxembourg District Court, from whom copies may be obtained. The issue price and the net asset value of the Company shares are made public at the Registered Office of the Company, where annual reports may be obtained. Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current Prospectus and the Key Investor Information Document (the “KIID”), supplemented by the last Annual Report including Audited Financial Statements, and the most recent semi-annual report, if published thereafter. The KIID(s) may be obtained free of charge upon request at the registered office of the Company. Net Asset Value per Share The Net Asset Value of each sub-fund and share class is calculated in the Reference Currency of the relevant sub-fund or share class, as stipulated in the relevant Special Section of the current Prospectus, and is determined by the Management Company (or its sub-contractor) as on each Valuation Day as explained in the relevant Special Section of the Prospectus, by calculating the aggregate of: - the value of all assets of the Company which are allocated to the relevant sub-fund in accordance with the provisions of the Articles; less - all the liabilities of the Company which are allocated to the relevant sub-fund in accordance with the provisions of the Articles, and all fees attributable to the relevant sub-fund, which fees have been accrued but are unpaid on the relevant Valuation Day. The Net Asset Value per Share is calculated in the Reference Currency of the relevant sub-fund by the Management Company (or its sub-contractor) at the Valuation Day of the relevant sub-fund by dividing the Net Asset Value of the relevant sub-fund by the number of share classes which are in issue on such Valuation Day in the relevant sub-fund (including share classes in relation to which a Shareholder has requested redemption on such Valuation Day). 5 MARCH INTERNATIONAL Statement of Net Assets as at June 30, 2020 TORRENOVA LUX VINI CATENA IBERIA THE FAMILY BUSINESSES FUND Note EUR EUR EUR EUR ASSETS Investment portfolio at market value (2c) 365,241,296.23 98,732,226.24 19,821,291.91 131,594,911.66 Cash at bank (2b) 19,526,286.59 2,672,056.52 748,693.82 1,860,280.72 Receivable for investments sold 421,728.48 20,118.95 135,477.87 0.00 Receivable on subscriptions 1,831,992.00 31,006.24 2,364.36 663,294.29 Interest and dividends receivable, net 1,307,650.93 143,663.77 25,930.38 6,107.00 Other assets 54,785.41 80,517.17 292,916.86 201,853.67 TOTAL ASSETS 388,383,739.64 101,679,588.89 21,026,675.20 134,326,447.34 LIABILITIES Bank overdraft 53,546.46 0.00 0.00 0.00 Payable on redemptions 2,712,341.82 366,593.14 31,010.75 241,573.80 Interest payable 513.16 42.95 1.49 27.33 Net unrealised loss on forward foreign (2d,16) exchange contracts on currencies 102,527.67 16,370.41 2,359.52 12,954.23 Net unrealised loss on futures (2d,15) contracts 113,285.31 0.00 24,668.00 0.00 Management fees payable (7) 248,129.25 90,989.10 18,473.83 118,346.86 Taxes and expenses payable 956,133.56 441,185.93 96,390.20 555,372.86 Other liabilities 13.65 11.80 0.00 66.54 TOTAL LIABILITIES 4,186,490.88 915,193.33 172,903.79 928,341.62 TOTAL NET ASSETS 384,197,248.76 100,764,395.56 20,853,771.41 133,398,105.72 The notes form an integral part of these financial statements. 6 MARCH INTERNATIONAL Statement of Net Assets (continued) as at June 30, 2020 BELLVER LUX LLUC LUX MEDITERRANEAN Combined Note EUR EUR EUR EUR ASSETS Investment portfolio at market value (2c) 4,920,881.16 1,319,649.33 57,951,568.53 679,581,825.06 Cash at bank (2b) 580,466.73 138,281.22 2,539,432.51 28,065,498.11 Receivable for investments sold 0.00 0.00 0.00 577,325.30 Receivable on subscriptions 4,000.00 0.00 42,994.90 2,575,651.79 Interest and dividends receivable, net 24,721.16 770.01 116,672.73 1,625,515.98 Other assets 548.55 0.00 9,202.22 639,823.88 TOTAL ASSETS 5,530,617.60 1,458,700.56 60,659,870.89 713,065,640.12 LIABILITIES Bank overdraft 38.18 19.85 35,246.83 88,851.32 Payable on redemptions 0.00 0.00 261,062.86 3,612,582.37 Interest payable 3.73 1.77 25.08 615.51 Net unrealised loss on forward foreign (2d,16) exchange contracts on currencies 0.00 0.00 883.42 135,095.25 Net unrealised loss on futures (2d,15) contracts 8,447.22 4,223.61 108,817.61 259,441.75 Management fees payable (7) 2,126.16 836.37 49,328.50 528,230.07 Taxes and expenses payable 13,951.64 11,678.89 212,889.60 2,287,602.68 Other liabilities 0.51 0.10 0.02 92.62 TOTAL LIABILITIES 24,567.44 16,760.59 668,253.92 6,912,511.57 TOTAL NET ASSETS 5,506,050.16 1,441,939.97 59,991,616.97 706,153,128.55 The notes form an integral part of these financial statements. 7 MARCH INTERNATIONAL Key Figures as at June 30, 2020 TORRENOVA LUX VINI CATENA IBERIA THE FAMILY BUSINESSES FUND EUR EUR EUR EUR Net asset value per share Share class I-EUR 114.28 142.18 99.39 167.43 Share class I-USD hedged (USD) - 132.08 - 130.86 Share class I-GBP hedged (GBP) 112.31 125.62 - 139.53 Share class R-GBP hedged (GBP) 10.93 12.32 10.49 13.15 Share class D-EUR 10.37 11.72 9.94 12.46 Share class P-EUR 10.48 11.86 9.91 12.60 Share class P-USD hedged (USD) 11.18 - - - Share class A-EUR 11.12 14.53 9.52 14.06 Share class A-USD hedged (USD) 11.85 15.12 9.65 15.51 Share class A-GBP hedged (GBP) 11.61 13.23 9.30 12.05 Share class C-EUR 9.65 8.44 7.97 9.20 Share class S-EUR 9.91 8.44 7.97 9.20 Number of shares outstanding Share class I-EUR 588,521.65 92,751.38 67,178.23 107,139.73 Share class I-USD hedged - 100.00 - 100.00 Share class I-GBP hedged 2,399.43 100.00 - 100.00 Share class R-GBP hedged 84.50 256.05 84.50 84.50 Share class D-EUR 100.00 1,045.42 100.00 100.00 Share class P-EUR 6,667,152.62 927,285.45 69,906.44 1,534,055.88 Share class P-USD hedged 345,903.17 - - - Share class A-EUR 19,165,015.33 4,934,320.15 1,211,777.75 5,684,066.10 Share class A-USD hedged 1,854,587.83 179,799.60 15,919.11 229,364.03 Share class A-GBP hedged 752,143.40 133,117.57 34,324.59 86,748.49 Share class C-EUR 33,501.65 33,912.22 157,237.50 1,266,011.52 Share class S-EUR 67,131.69 25,000.00 25,000.00 25,000.00 8 MARCH INTERNATIONAL Key Figures as at June 30, 2020 (continued) BELLVER LUX LLUC LUX MEDITERRANEAN EUR EUR EUR Net asset value per share Share class I-EUR 98.31 91.70 94.17 Share class P-EUR - - 9.41 Share class A-EUR 9.81 9.17 9.35 Share