Aberdeen Latin America Equity Fund (LAQ) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-06094
Exact name of registrant as specified in charter:	Aberdeen Latin America Equity Fund, Inc.
Address of principal executive offices:	1735 Market Street, 32nd Floor
	Philadelphia, PA 19103
Name and address of agent for service:	Ms. Andrea Melia
	Aberdeen Asset Management Inc.
	1735 Market Street 32nd Floor
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	800-522-5465
Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2016

Item 1 - Reports to Stockholders.

Aberdeen’s Investor Relations Services
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Letter to Shareholders (unaudited)

Dear Shareholder,

We present this Semi-Annual Report which covers the activities of Aberdeen Latin America Equity Fund, Inc. (the “Fund”) for the six-month period ended June 30, 2016. The Fund’s principal investment objective is to seek long-term capital appreciation by investing primarily in Latin American equity securities.

NAV Total Return Performance

For the six-month period ended June 30, 2016, the total return to shareholders of the Fund based on the net asset value (“NAV”), net of fees, of the Fund was 33.4%, assuming reinvestment of dividends and distributions, versus a return of 25.7%, for the Fund’s benchmark, the Morgan Stanley Capital International (“MSCI”) Emerging Markets Latin America Index1 (“MSCI EM Latin America Index”). The Fund’s total returns for the six-month period ended June 30, 2016 are based on the reported NAV at the financial reporting period end.

Share Price Total Return Performance & Discount

For the six-month period ended June 30, 2016, based on market price, the Fund’s total return was 31.9%, assuming reinvestment of dividends and distributions. The Fund’s share price increased 31.9% over the six-month period, from $15.25 on December 31, 2015 to $20.12 on June 30, 2016. The Fund’s share price on June 30, 2016 represented a discount of 12.6% to the NAV per share of $23.03 on that date, compared with a discount of 11.6% to the NAV per share of $17.26 on December 31, 2015.

Open Market Repurchase Program

The Fund’s policy is to consider buying back Fund shares on the open market when the Fund trades at certain discounts to the NAV and management believes such repurchases may enhance shareholder value. During the six-month period ended June 30, 2016 and the fiscal year ended December 31, 2015 the Fund did not repurchase any shares.

Portfolio Holdings Disclosure

The Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund’s semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information

about the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund makes the information on Form N-Q available to shareholders on the Fund’s website or upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available by August 31 of the relevant year: (i) upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465; and (ii) on the SEC’s website at http://www.sec.gov.

Unclaimed Share Accounts

Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund’s transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund’s transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund’s transfer agent.

Investor Relations Information

As part of Aberdeen’s commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenlaq.com. From this page, you can view monthly fact sheets, portfolio manager commentary, distribution and performance information, updated daily fact sheets courtesy of Morningstar®, portfolio charting and other timely data.

Enroll in our email services and be among the first to receive the latest closed-end fund news, announcements of upcoming fund manager web casts, films and other information. In addition, you can receive electronic versions of important Fund documents including annual

All amounts are U.S. Dollars unless otherwise stated.

1The MSCI EM Latin America Index captures large and mid cap representation across 5 Emerging Markets (EM) countries (Brazil, Chile, Colombia, Mexico and Peru) in Latin America. With 119 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The Index is unmanaged and has been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Index performance is not an indication of the performance of the Fund itself. For complete fund performance, please visit aberdeen-asset.us.

Aberdeen Latin America Equity Fund, Inc. 1  

Letter to Shareholders (unaudited) (concluded)

reports, semi-annual reports, prospectuses, and proxy statements. Sign-up today at www.aberdeen-asset.us/aam.nsf/usclosed/email.

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Contact us

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·Call us: 1-800-522-5465 (toll free in the U.S.)

Yours sincerely,

/s/ Christian Pittard
Christian Pittard
President

2   Aberdeen Latin America Equity Fund, Inc.

Dividend Reinvestment and Direct Stock Purchase Plan (unaudited)

Computershare Trust Company, N.A. (“Computershare”), the Fund’s transfer agent, sponsors and administers a Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”), which is available to shareholders.

The Plan allows registered shareholders and first-time investors to buy and sell shares and automatically reinvest dividends and capital gains through the transfer agent. This is a cost-effective way to invest in the Fund.

Please note that for both purchases and reinvestment purposes, shares will be purchased in the open market at the current share price and cannot be issued directly by the Fund.

For more information about the Plan and a brochure that includes the terms and conditions of the Plan, please call Computershare at 1-800-647-0584 or visit www.computershare.com/buyaberdeen.

Report of the Investment Adviser (unaudited)

Market/economic review

Latin American equities rose sharply over the six-month period ended June 30, 2016, significantly outperforming the broader emerging markets, as measured by the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index.1 The dramatic improvement in investor sentiment towards the asset class was driven by a combination of positive political developments, rebounding commodity prices and a return of global risk appetite.

In Brazil, the bid to impeach President Dilma Rousseff culminated in her removal from office in mid-May. Vice President Michel Temer took over as interim president, forming an economic team that includes former central bank president Henrique Meirelles as finance minister. While Brazil continues to grapple with a recession, high unemployment and inflation, Temer’s interim administration unveiled an ambitious program of reforms in an effort to buttress the country’s public finances. In Peru, market-friendly candidate Pedro Pablo Kuczynski was elected as president, with a mandate to boost infrastructure investments. Mexico’s economy expanded by 2.6% in the first quarter of 2016, bolstered by a rebound in consumer demand. Chilean economic activity remained subdued, while Colombia unexpectedly hiked its benchmark interest rate as inflation surged on the back of a severe drought.

Fund performance review

As discussed in the Letter to Shareholders, the Fund outperformed its benchmark, the MSCI EM Latin America Index, for the reporting period, largely due to strong stock selection. Asset allocation and the associated currency effect were also positive. Most regional currencies,

except the Mexican peso, were stable or recovered against the U.S. dollar.

The primary contributors to the Fund’s relative performance at the stock level included Banco Bradesco, as its stock price rebounded sharply to narrow its discount to its financials sector peers, and shares of fashion retailer Lojas Renner outperformed those of its peers despite tough operating conditions. Mall operator Multiplan and shoe retailer Arezzo were boosted by an apparent bottoming-out of the consumer downturn. In Peru, engineering company Grana y Montero’s stock price rebounded amid an improved business outlook and the outcome of the presidential elections. Fund performance also benefited from the absence of a holding in several underperforming Mexican stocks, such as telecom America Movil, which suffered from intense domestic competition and a large foreign debt.

Conversely, the biggest detractor from the Fund’s relative performance for the reporting period was the lack of exposure to state-owned oil giant Petrobras, which has been at the focus of Brazil’s corruption scandals. The company’s shares rebounded after Acting President Temer appointed a new management team, and the real’s appreciation reduced its hefty U.S. dollar debt burden in local currency terms. The Fund’s holding in Valid Solucoes also weighed on performance, as the payment and mobile solutions company posted weaker-than-expected first-quarter 2016 results, hampered by its means-of-payment division.

We consider absolute return to be of the utmost importance over the long term, and we are benchmark-aware, but not benchmark-driven. We do not equate the quality of a company with either market

1The MSCI EM Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance across 23 emerging markets countries. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Index performance is not an indication of the performance of the Fund itself. For complete fund performance, please visit aberdeen-asset.us.

Aberdeen Latin America Equity Fund, Inc. 3  

Report of the Investment Adviser (unaudited) (concluded)

capitalization size or index membership. Therefore, indices do not necessarily serve as a starting point for our portfolio construction, and we are comfortable taking positions that differ from the benchmark.

Outlook

Latin America and emerging markets overall, with the notable exception of Eastern Europe, have not been at the center of Brexit2-related volatility, and have been among the most resilient following the Brexit referendum result. With global interest rates now expected to remain lower for longer, we think that Latin American equities may benefit in the near term. The oil-price recovery has provided some relief to commodity exporters after a prolonged rout, but we feel that the energy sector still needs to reckon with an inability to increase capital spending if crude fails to extend above US$50 a barrel.

A regional trend away from populism appears to be taking shape, particularly in Brazil, Argentina and Peru. While our investment process does not follow benchmark indices, MSCI’s decision not to downgrade the Peruvian stock market’s status from emerging to frontier market appears to be a positive development. However, we believe that challenges do remain, including popular backlash against austerity policies and the possibility of reforms being blocked by the opposition. In Colombia, a peace deal with rebel group Farc (Revolutionary Armed Forces of Colombia) may potentially end one of the world’s longest-running civil wars and open up new opportunities for the country.

In our view, demographics, especially a burgeoning middle class, continue to serve as the compelling growth engine driving possibilities for businesses in Latin America. We remain focused on picking and holding stocks that we believe have good fundamentals, and using volatility to diversify3 the Fund’s portfolio.

Aberdeen Asset Managers Limited

2“Brexit” is an abbreviation of “British exit,” which refers to the June 23, 2016 referendum approved by British voters to exit the European Union.

3Diversification does not ensure a profit or protect against a loss in a declining market.

4   Aberdeen Latin America Equity Fund, Inc.

Total Investment Return (unaudited)

The following table summarizes the average annual Fund performance compared to the MSCI EM Latin America Index, the Fund’s benchmark, for the 1-year, 3-year, 5-year and 10-year periods as of June 30, 2016.

	1 Year	3 Years	5 Years	10 Years
Net Asset Value (NAV)	2.4%	-6.9%	-6.3%	5.6%
Market Value	-1.3%	-8.1%	-7.0%	5.3%
MSCI EM Latin America Index	-7.3%	-8.0%	-9.9%	2.6%

Aberdeen Asset Managers Limited has entered into a written contract with the Fund to waive fees without which performance would be lower. See Note 3 in the Notes to Financial Statements. This contract aligns with the term of the advisory agreement and may not be terminated prior to the next annual consideration of the advisory agreement. Aberdeen Asset Management Inc. (“AAMI”) has entered into an agreement with the Fund to limit investor relations services fees, without which performance would be lower. See Note 3 in the Notes to Financial Statements. Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses”. Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE MKT during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV on each financial reporting period end. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenlaq.com or by calling 800-522-5465.

The annualized net operating expense ratio, excluding fee waivers, based on the six-month period ended June 30, 2016 was 1.44%. The annualized net operating expense ratio, net of fee waivers, based on the six-month period ended June 30, 2016 was 1.42%.

Aberdeen Latin America Equity Fund, Inc. 5  

Portfolio Summary (unaudited)

The following table summarizes the composition of the Fund’s portfolio, in Standard & Poor’s Global Industry Classification Standard (“GICS”) Sectors, expressed as a percentage of net assets. The GICS structure consists of 10 sectors, 24 industry groups, 67 industries and 156 subindustries. An industry classification standard sector can include more than one industry. As of June 30, 2016, the Fund did not have more than 25% of its assets invested in any industry. The sectors, as classified by GICS Sectors, are comprised of several industries. As of June 30, 2016, the Fund held 98.6% of its net assets in equities, 1.3% in a short-term investment, 0.0%1 of its net assets in private equities and 0.1% in other assets in excess of liabilities.

Sector Allocation	As a Percentage of Net Assets
Financials*	34.0%
Consumer Staples**	25.2%
Industrials	12.7%
Consumer Discretionary	9.7%
Energy	7.1%
Materials	5.4%
Information Technology	2.0%
Health Care	1.8%
Utilities	0.7%
Private Equity	–%	1
Short-Term Investments and Other Assets in Excess of Liabilities	1.4%
	100.0%

Amounts listed as “–” are 0% or round to 0%.

1The private equity investments represented 0.03% of the net assets.

*As of June 30, 2016, the Fund’s holdings in the Financials sector consisted of three industries; Banks, Diversified Financial Services and Real Estate Management & Development, which accounted for 24.4%, 2.7% and 6.9%, respectively, of the Fund’s net assets.

**As of June 30, 2016, the Fund’s holdings in the Consumer Staples sector consisted of five industries; Beverages, Food & Staples Retailing, Food Products, Household Products and Personal Products, which accounted for 13.8%, 4.7%, 4.1%, 1.0% and 1.6%, respectively, of the Fund’s net assets.

The following chart summarizes the composition of the Fund’s portfolio by geographic classification expressed as a percentage of net assets as of June 30, 2016.

Country Allocation	As a Percentage of Net Assets
Brazil	58.8%
Mexico	22.2%
Chile	10.2%
Argentina	2.6%
Peru	2.5%
Colombia	2.3%
United States	1.3%
Global	–%
Other Assets in Excess of Liabilities	0.1%
	100.0%

Amounts listed as “–” are 0% or round to 0%.

6   Aberdeen Latin America Equity Fund, Inc.

Top Ten Equity Holdings (unaudited)

The following were the Fund’s top ten holdings as of June 30, 2016:

Name of Security	As a Percentage of Net Assets
Banco Bradesco SA, Preferred Shares	8.4%
Itau Unibanco Holding SA, ADR, Preferred Shares	6.6%
Lojas Renner SA	5.4%
Multiplan Empreendimentos Imobiliarios SA	4.8%
Grupo Financiero Banorte SAB de CV	4.4%
Fomento Economico Mexicano SAB de CV, ADR	4.3%
AMBEV SA	4.3%
Ultrapar Participacoes SA, ADR	4.0%
BRF SA	3.2%
Wal-Mart de Mexico SAB de CV	3.0%

Aberdeen Latin America Equity Fund, Inc. 7  

Portfolio of Investments(unaudited)

As of June 30, 2016

Shares	Description	Value (US$)
LONG-TERM INVESTMENTS—98.6%
COMMON STOCKS—81.3%
ARGENTINA—2.6%
ENERGY EQUIPMENT & SERVICES—2.6%
155,000	Tenaris SA, ADR	$	4,470,200
BRAZIL—42.4%
BANKS—0.1%
19,000	Itau Unibanco Holding SA	153,902
BEVERAGES—4.3%
1,232,441	AMBEV SA	7,308,782
COMMERCIAL SERVICES & SUPPLIES—0.9%
179,848	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA	1,539,651
DIVERSIFIED FINANCIAL SERVICES—2.7%
827,563	BM&F Bovespa SA	4,637,217
FOOD PRODUCTS—3.2%
388,868	BRF SA	5,463,255
HEALTH CARE PROVIDERS & SERVICES—1.8%
750,000	OdontoPrev SA	3,107,586
MACHINERY—1.5%
622,694	WEG SA	2,663,455
METALS & MINING—2.2%
760,259	Vale SA, ADR	3,846,910
MULTILINE RETAIL—5.4%
1,263,830	Lojas Renner SA	9,320,466
OIL, GAS & CONSUMABLE FUELS—4.0%
311,000	Ultrapar Participacoes SA, ADR	6,845,110
PERSONAL PRODUCTS—1.6%
337,000	Natura Cosmeticos SA	2,675,186
REAL ESTATE MANAGEMENT & DEVELOPMENT—6.1%
255,000	Iguatemi Empresa de Shopping Centers SA	2,236,202
440,334	Multiplan Empreendimentos Imobiliarios SA	8,260,289
		10,496,491
ROAD & RAIL—1.8%
291,850	Localiza Rent a Car SA	3,134,460
SOFTWARE—1.4%
254,900	Totvs SA	2,423,387
SPECIALTY RETAIL—0.9%
319,750	Cia Hering	1,477,163
TEXTILES, APPAREL & LUXURY GOODS—2.8%
576,354	Arezzo Industria e Comercio SA	4,804,894
TRANSPORTATION INFRASTRUCTURE—1.7%
289,400	Wilson Sons Ltd., BDR	2,882,919
		72,780,834

8 Aberdeen Latin America Equity Fund, Inc.

Portfolio of Investments(unaudited) (continued)

As of June 30, 2016

Shares	Description	Value (US$)
LONG-TERM INVESTMENTS (continued)
COMMON STOCKS (continued)
CHILE—9.3%
BANKS—2.5%
12,191,519	Banco de Chile	$	1,303,744
25,113,969	Banco Santander Chile	1,213,818
94,000	Banco Santander Chile, ADR	1,820,780
		4,338,342
BEVERAGES—2.8%
206,000	Embotelladora Andina SA	3,961,380
540,000	Vina Concha y Toro SA	852,578
		4,813,958
ELECTRIC UTILITIES—0.7%
3,780,000	Enersis Americas SA	647,861
3,780,000	Enersis Chile SA	445,462
		1,093,323
INDUSTRIAL CONGLOMERATES—0.4%
76,518	Antarchile SA	699,428
INFORMATION TECHNOLOGY SERVICES—0.6%
592,000	Sonda SA	1,077,787
MULTILINE RETAIL—0.6%
133,000	S.A.C.I. Falabella	1,012,357
OIL, GAS & CONSUMABLE FUELS—0.5%
98,000	Empresas COPEC SA	858,772
PAPER & FOREST PRODUCTS—0.4%
298,570	Empresas CMPC SA	618,500
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
692,000	Parque Arauco SA	1,397,853
		15,910,320
COLOMBIA—2.3%
BANKS—1.4%
290,000	Bancolombia SA	2,362,990
FOOD & STAPLES RETAILING—0.9%
326,901	Almacenes Exito SA	1,589,248
		3,952,238
MEXICO—22.2%
BANKS—5.4%
1,360,797	Grupo Financiero Banorte SAB de CV	7,605,407
937,000	Grupo Financiero Santander Mexico SAB de CV	1,700,510
		9,305,917
BEVERAGES—6.1%
418,800	Arca Continental SAB de CV	3,005,639
80,502	Fomento Economico Mexicano SAB de CV, ADR	7,445,630
		10,451,269

Aberdeen Latin America Equity Fund, Inc. 9

Portfolio of Investments(unaudited) (continued)

As of June 30, 2016

Shares	Description	Value (US$)
LONG-TERM INVESTMENTS (continued)
COMMON STOCKS (continued)
MEXICO (continued)
FOOD & STAPLES RETAILING—3.8%
567,600	Organizacion Soriana SAB de CV(a)	$	1,356,089
2,153,200	Wal-Mart de Mexico SAB de CV	5,179,679
		6,535,768
FOOD PRODUCTS—0.9%
686,095	Grupo Lala SAB de CV	1,512,726
HOUSEHOLD PRODUCTS—1.0%
768,900	Kimberly-Clark de Mexico SAB de CV	1,816,420
TRANSPORTATION INFRASTRUCTURE—5.0%
89,150	Grupo Aeroportuario del Centro Norte SAB de CV, ADR	4,229,276
27,034	Grupo Aeroportuario del Sureste SAB de CV, ADR, B Shares	4,313,275
		8,542,551
		38,164,651
PERU—2.5%
CONSTRUCTION & ENGINEERING—1.4%
321,011	Grana y Montero SA, ADR	2,292,018
CONSTRUCTION MATERIALS—1.1%
1,076,657	Cementos Pacasmayo SAA	1,922,368
		4,214,386
	Total Common Stocks	139,492,629
PREFERRED STOCKS—17.3%
BRAZIL—16.4%
BANKS—15.0%
1,829,850	Banco Bradesco SA, Preferred Shares	14,343,499
1,190,677	Itau Unibanco Holding SA, ADR, Preferred Shares	11,239,991
		25,583,490
METALS & MINING—1.4%
391,800	Bradespar SA, Preferred Shares	1,079,423
335,117	Vale SA, ADR, Preferred Shares	1,343,819
		2,423,242
		28,006,732
CHILE—0.9%
BEVERAGES—0.6%
318,000	Embotelladora Andina SA, Class B, Preferred Shares	1,120,081
CHEMICALS—0.3%
18,800	Sociedad Quimica y Minera de Chile SA, Class B, Preferred Shares	465,601
		1,585,682
	Total Preferred Stocks	29,592,414

10 Aberdeen Latin America Equity Fund, Inc.

Portfolio of Investments(unaudited) (concluded)

As of June 30, 2016

Shares		Description	Value (US$)
LONG-TERM INVESTMENTS (continued)
PRIVATE EQUITY—0.0%
GLOBAL—0.0%
2,237,292	(b)	Emerging Markets Ventures I, L.P.(a)(c)(d)(e)(f)(g)	$	49,556
		Total Private Equity—(cost $762,816)	49,556
		Total Long-Term Investments—98.6% (cost $164,699,246)	169,134,599
SHORT-TERM INVESTMENT—1.3%
$2,253,000		Repurchase Agreement, Fixed Income Clearing Corp., 0.03% dated 06/30/2016, due 07/01/2016 repurchase price $2,253,002, collateralized by U.S. Treasury Note, maturing 05/15/2025; total market value of $2,302,913	2,253,000
		Total Short-Term Investment—1.3% (cost $2,253,000)	2,253,000
		Total Investments—99.9% (cost $166,952,246)(h)	171,387,599
		Other Assets in Excess of Liabilities—0.1%	117,199
		Net Assets—100.0%	$	171,504,798

(a)	Non-income producing security.
(b)	Represents contributed capital.
(c)	Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Fund’s Board of Directors. See Note 2(a) of the accompanying Notes to Financial Statements.
(d)	Illiquid security.
(e)	Restricted security, not readily marketable. See Note 6 of the accompanying Notes to Financial Statements.
(f)	As of June 30, 2016, the aggregate amount of open commitments for the Fund is $262,708.
(g)	In liquidation.
(h)	See accompanying Notes to Financial Statements for tax unrealized appreciation/depreciation of securities.

ADR	American Depositary Receipt
BDR	Brazilian Depositary Receipt

See Notes to Financial Statements.

Aberdeen Latin America Equity Fund, Inc. 11

Statement of Assets and Liabilities (unaudited)

As of June 30, 2016

Assets
Investments, at value (cost $164,699,246)	$169,134,599
Repurchase agreement, at value (cost $2,253,000)	2,253,000
Foreign currency, at value (cost $592,853)	601,566
Cash	583
Dividends receivable	260,871
Total assets	172,250,619
Liabilities
Chilean repatriation taxes (Note 2)	251,003
Investment advisory fees payable (Note 3)	327,645
Administration fee payable (Note 3)	60,838
Director fees payable	18,495
Investor relations fees payable (Note 3)	14,769
Other accrued expenses	73,071
Total liabilities	745,821
Net Assets	$171,504,798
Composition of Net Assets:
Common stock (par value $.001 per share) (Note 5)	$           7,449
Paid-in capital in excess of par	185,584,138
Accumulated net investment income	1,068,329
Accumulated net realized loss from investment and foreign currency transactions	(19,614,839	)
Net unrealized appreciation on investments and other assets and liabilities denominated in foreign currencies	4,459,721
Net Assets	$171,504,798
Net asset value per share based on 7,448,517 shares issued and outstanding	$           23.03

See Notes to Financial Statements.

12   Aberdeen Latin America Equity Fund, Inc.

Statement of Operations (unaudited)

For the Six-Month Period Ended June 30, 2016

Net Investment Income
Income
Dividends and other income (net of foreign withholding taxes of $136,333)	$  2,176,941
Total Investment Income	2,176,941
Expenses
Investment advisory fee (Note 3)	615,228
Administration fee (Note 3)	107,831
Directors’ fees and expenses	64,246
Custodian’s fees and expenses	55,627
Independent auditors’ fees and expenses	35,530
Investor relations fees and expenses (Note 3)	32,941
Insurance expense	24,490
Legal fees and expenses	23,619
Reports to shareholders and proxy solicitation	22,359
Chilean repatriation taxes (Note 2)	20,664
Transfer agent’s fees and expenses	11,421
Miscellaneous	17,633
Total expenses	1,031,589
Less: Investor relations fee waiver (Note 3)	(1,200	)
Less: Investment advisory fee waiver (Note 3)	(12,567	)
Net expenses	1,017,822
Net Investment Income	1,159,119
Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Transactions:
Net realized gain/(loss) from:
Investment transactions(a)	(7,114,727	)
Foreign currency transactions	(217,680	)
	(7,332,407	)
Net change in unrealized appreciation/(depreciation) on:
Investments	48,815,930
Foreign currency translation	318,520
	49,134,450
Net realized and unrealized gain from investments and foreign currency related transactions	41,802,043
Net Increase in Net Assets Resulting from Operations	$42,961,162

(a) Includes realized gain portion of distributions from underlying private equity investments of $0.

See Notes to Financial Statements.

Aberdeen Latin America Equity Fund, Inc. 13  

Statements of Changes in Net Assets

	For the Six-Month Period Ended June 30, 2016 (unaudited)		For the Year Ended December 31, 2015
Increase/(Decrease) in Net Assets
Operations:
Net investment income	$    1,159,119		$    2,956,464
Net realized loss from investment and foreign currency related transactions	(7,332,407	)	(6,380,118	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations	49,134,450		(51,946,040	)
Net increase/(decrease) in net assets resulting from operations	42,961,162		(55,369,694	)
Distributions to Shareholders from:
Net investment income	–		(2,336,600	)
Net decrease in net assets from distributions	–		(2,336,600	)
Change in net assets resulting from operations	42,961,162		(57,706,294	)
Net Assets:
Beginning of period	128,543,636		186,249,930
End of period (including accumulated net investment income/(distributions in excess of net investment income) of $1,068,329 and ($90,790), respectively)	$171,504,798		$128,543,636

Amounts listed as “–” are $0 or round to $0.

See Notes to Financial Statements.

14   Aberdeen Latin America Equity Fund, Inc.

Financial Highlights

	For the Six-Month Period Ended June 30, 2016		For the Fiscal Years Ended December 31,
	(unaudited)		2015		2014		2013		2012		2011
PER SHARE OPERATING PERFORMANCE(a):
Net asset value per common share, beginning of period	$17.26		$25.00		$31.22		$40.22		$33.23		$41.95
Net investment income	0.16		0.40		0.55		0.65		0.55		0.71
Net realized and unrealized gains/(losses) on investments and foreign currency transactions	5.61		(7.83	)	(5.45	)	(6.28	)	8.05		(7.44	)
Total from investment operations applicable to common shareholders	5.77		(7.43	)	(4.90	)	(5.63	)	8.60		(6.73	)
Dividends and distributions to common shareholders from:
Net investment income	–		(0.31	)	(0.53	)	(0.40	)	(0.41	)	(0.65	)
Net realized gains	–		–		(0.79	)	(2.97	)	(1.20	)	(1.34	)
Total distributions	–		(0.31	)	(1.32	)	(3.37	)	(1.61	)	(1.99	)
Net asset value per common share, end of period	$23.03		$17.26		$25.00		$31.22		$40.22		$33.23
Market value, end of period	$20.12		$15.25		$22.58		$28.05		$36.24		$30.10
Total Investment Return Based on(b):
Market value	31.93%		(30.95%	)	(14.78%	)	(13.38%	)	25.53%		(17.47%	)
Net asset value	33.43%		(29.42%	)(c)	(15.23%	)(c)	(13.13%	)(c)	26.20%	(c)	(15.90%	)
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:
Net assets applicable to common shareholders, end of period (000 omitted)	$171,505		$128,544		$186,250		$232,531		$299,575		$247,505
Average net assets applicable to common shareholders (000 omitted)	$144,047		$162,418		$228,971		$278,822		$277,904		$291,612
Net operating expenses, net of fee waivers(d)	1.42%	(e)	1.39%		1.26%		1.12%		1.16%		1.18%
Net operating expenses, excluding fee waivers(d)	1.44%	(e)	1.41%		1.28%		1.14%		1.18%		1.18%
Net operating expenses, net of waivers and excluding taxes	1.39%	(e)	1.39%		1.26%		1.11%		1.14%		1.16%
Net investment income	1.62%	(e)	1.82%		1.80%		1.72%		1.48%		1.82%
Portfolio turnover	6.30%		14.75%		13.58%		14.36%		16.47%		11.93%

(a)	Based on average shares outstanding.
(b)	Total investment return based on market value is calculated assuming that shares of the Fund’s common stock were purchased at the closing market price as of the beginning of the period, dividends, capital gains and other distributions were reinvested as provided for in the Fund’s dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund’s net asset value is substituted for the closing market value.
(c)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns based upon net asset value as reported.
(d)	Ratios include the effect of Chilean taxes.
(e)	Annualized.

Amounts listed as “–” are $0 or round to $0.

See Notes to Financial Statements.

Aberdeen Latin America Equity Fund, Inc. 15

Notes to Financial Statements (unaudited)

June 30, 2016

1. Organization

Aberdeen Latin America Equity Fund, Inc. (the “Fund”) was incorporated in Maryland on April 17, 1990 and commenced investment operations on October 30, 1991. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a nondiversified closed-end management investment company. The Fund trades on the NYSE MKT under the ticker symbol “LAQ”.

The Fund seeks long-term capital appreciation by investing primarily in Latin American equity securities.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars.

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Fund’s valuation and liquidity procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to contract at the measurement date.

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider approved by the Fund’s Board of Directors (the “Board”). These valuation factors are used

when pricing the Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved and established by the Board. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or 3 depending on the nature of the inputs.

The Fund also invested in a private equity private placement security, which represented 0.03% of the net assets of the Fund as of June 30, 2016. The private equity private placement security is deemed to be a restricted security. In the absence of a readily ascertainable market value, this security is valued at fair value as determined in good faith by, or under the direction of the Board, pursuant to valuation policies and procedures approved by the Board. The Fund’s estimate of fair value assumes a willing buyer and a willing seller neither of whom are acting under the compulsion to buy or sell. Although this security may be resold in privately negotiated transactions, the price realized on such sale could differ from the price originally paid by the Fund or the current carrying values, and the difference could be material. This security is categorized as a Level 3 investment. Level 3 investments have significant unobservable inputs, as they trade infrequently. In determining the fair value of this investment, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these private equity investments.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the

16   Aberdeen Latin America Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)

June 30, 2016

inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1 measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3 measurements to valuations based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the

assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The three-level hierarchy of inputs is summarized below:

Level 1 – quoted prices in active markets for identical investments;

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The following is a summary of the inputs used as of June 30, 2016 in valuing the Fund’s investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

Investments, at Value	Level 1	Level 2	Level 3	Total
Long-Term Investments
Other	$169,085,043	$–	$–	$169,085,043
Private Equity	–	–	49,556	49,556
Short-Term Investment	–	2,253,000	–	2,253,000
Total	$169,085,043	$2,253,000	$49,556	$171,387,599

Amounts listed as “–” are $0 or round to $0.

For movements between the Levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. The utilization of valuation factors may result in transfers between Level 1 and Level 2. For the six-month period ended June 30, 2016, there were no transfers between Levels 1, 2 or 3. For the six-month period ended June 30, 2016, there have been no significant changes to the fair valuation methodologies.

The significant unobservable inputs used in the fair value measurement of the Fund’s private equity holdings are audited financial statements, interim financial statements, capital calls and distributions. These unobservable inputs are used by taking the most recent quarterly valuation statements and adjusting the value using the unobservable inputs mentioned above. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

	Fair Value at 6/30/16	Valuation Technique	Unobservable Inputs	Amount
Private Equity	$49,556	Partner Capital Value/Net Asset Value	Distributions	$–

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments, at value	Balance as of 12/31/2015	Accrued Discounts (Premiums)	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Capital Contributed	Distributions/ Sales	Net Transfers in to Level 3	Net Transfers out of Level 3	Balance as of 6/30/2016
Private Equity	$56,850	$–	$–	$(7,294)	$–	$–	$–	$–	$49,556
Total	$56,850	$–	$–	$(7,294)	$–	$–	$–	$–	$49,556

Change in unrealized appreciation/depreciation relating to investments still held at June 30, 2016 is ($7,294).

Aberdeen Latin America Equity Fund, Inc. 17  

Notes to Financial Statements (unaudited) (continued)

June 30, 2016

b. Repurchase Agreements:

The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. It is the Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to the counterparty of the repurchase agreement, realization of the collateral by the Fund may be delayed or limited. Repurchase agreements are subject to contractual netting arrangements with the counterparty, Fixed Income Clearing Corp. For additional information on the Fund’s repurchase agreements, see the Portfolio of Investments. The Fund held a repurchase agreement of $2,253,000 as of June 30, 2016. The value of the related collateral exceeded the value of the repurchase agreement at June 30, 2016.

c. Foreign Currency Translation:

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i)    market value of investment securities, other assets and liabilities – at the exchange rates at the current daily rates of exchange; and

(ii)   purchases and sales of investment securities, income and expenses – at the rate of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of gains and losses on investments in equity securities which is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

The Fund reports certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.

Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund’s books and the U.S. Dollar equivalent of the amounts actually received.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund’s investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

d. Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income and expenses are recorded on an accrual basis.

e. Distributions:

On an annual basis, the Fund intends to distribute its net realized capital gains, if any, by way of a final distribution to be declared during the calendar quarter ending December 31. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies, passive foreign investment companies, wash sales, foreign taxes passed through shareholders, and partnership basis adjustments.

f. Federal Income Taxes:

The Fund intends to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net

18   Aberdeen Latin America Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)

June 30, 2016

investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31 are subject to such review.

g. Foreign Withholding Tax:

Income received by the Fund from sources within certain Latin American countries may be subject to withholding and other taxes imposed by such countries. Also, certain Latin American countries impose taxes on funds remitted or repatriated from such countries.

The Fund incurs foreign Chilean taxes on income as well as realized gains generated from Chilean securities with no Chilean market presence. For the six-month period ended June 30, 2016, the Fund incurred $20,664 of such expenses. The Fund also accrues foreign Chilean taxes on securities with little to no Chilean market presence in an amount equal to what the Fund would owe if the securities were sold and the proceeds repatriated on the valuation date as a liability and reduction of unrealized gains. For the six-month period ended June 30, 2016, the Fund accrued $485 of such expense.

h. Partnership Accounting Policy:

The Fund records its pro-rata share of the income/(loss) and capital gains/(losses) allocated from the private equity investments, which are classified as partnerships, and adjusts the cost of the underlying partnerships accordingly. These amounts are included in the Fund’s Statement of Operations.

3. Agreements and Transactions with Affiliates

a. Investment Adviser:

Aberdeen Asset Managers Limited (“AAML” or the “Adviser”) serves as the Fund’s investment adviser with respect to all investments. AAML is a direct wholly-owned subsidiary of Aberdeen Asset Management PLC. AAML receives as compensation for its advisory services from the Fund, an annual fee, calculated weekly and paid quarterly, equal to 1.00% of the first $100 million of the Fund’s average weekly market value or net assets (whichever is lower), 0.90% of the next $50 million and 0.80% of amounts above $150 million. AAML has agreed to contractually waive 0.02% of its annual advisory fee in an advisory fee waiver agreement (“Waiver Agreement”). The Waiver Agreement is

subject to approval by the Adviser and the Fund’s Board. For the six-month period ended June 30, 2016, AAMI earned $615,228 for advisory services, of which AAML waived $12,567.

b. Fund Administration:

Aberdeen Asset Management Inc. (“AAMI”), an affiliate of the Adviser, is the Fund’s administrator, pursuant to an agreement under which AAMI receives a fee payable quarterly by the Fund, at an annual fee rate of 0.08% of the Fund’s average monthly Managed Assets. For the six-month period ended June 30, 2016, AAMI earned $57,301 from the Fund for administration services.

BTG Pactual Chile S.A. Administradora de Fondos de Inversion de Capital Extranjero (formerly, Celfin Capital S.A. Administradora de Fondos de Capital Extranjero) (“The BTG Pactual Chile”) serves as the Fund’s Chilean administrator. For its services, BTG Pactual Chile is paid an annual fee by the Fund equal to the greater of 2,000 Unidad de Fomentos (“U.F.”) or 0.10% of the Fund’s average weekly market value or net assets invested in Chile (whichever is lower) and an annual reimbursement of out-of pocket expenses not to exceed 500 U.F. In addition, an accounting fee is also paid to BTG Pactual Chile. For the six-month period ended June 30, 2016, the administration fees and accounting fees earned by BTG Pactual Chile from the Fund amounted to $46,694 and $3,836, respectively.

c. Investor Relations:

Under the terms of the Investor Relations Services Agreement, AAMI provides and pays third parties to provide investor relations services to the Fund and certain other funds advised by AAML or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the “Fund’s Portion”). However, investor relations services fees are capped by AAMI so that the Fund will only pay up to an annual rate of 0.05% of the Fund’s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund’s average weekly net assets and the Fund’s Portion is paid for by AAMI.

Pursuant to the terms of the Investor Relations Services Agreement, AAMI provides, among other things, objective and timely information to shareholders based on publicly-available information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, published white papers, magazine articles and other relevant materials discussing the Fund’s investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional

Aberdeen Latin America Equity Fund, Inc. 19  

Notes to Financial Statements (unaudited) (continued)

June 30, 2016

shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.

During the six-month period ended June 30, 2016, the Fund incurred investor relations fees of approximately $32,045, of which AAMI waived $1,200 for investor relations services. Investor relations fees and expenses in the Statement of Operations include certain out-of-pocket expenses.

d. Directors’ Purchase Plan:

Fifty percent (50%) of the annual retainer of the Independent Directors is invested in Fund shares and, at the option of each Independent Director, up to 100% of the annual retainer can be invested in shares of the Fund. During the six-month period ended June 30, 2016, 1,128

shares were purchased pursuant to the Directors’ compensation plan. As of June 30, 2016, the Directors as a group owned less than 1% of the Fund’s outstanding shares.

4. Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended June 30, 2016, were $9,662,534 and $9,048,451, respectively.

5. Capital

The authorized capital of the Fund is 100 million shares of $0.001 par value common stock. As of June 30, 2016, there were 7,448,517 shares of common stock issued and outstanding.

6. Private Equity Investments

Certain of the Fund’s investments, listed in the chart below, are restricted as to resale and are valued at fair value as determined in good faith by, or under the direction of, the Board under procedures established by the Board in the absence of readily ascertainable market values.

Security(1)	Acquisition Date(s)	Cost	Fair Value At 6/30/16	Percent of Net Assets	Cumulative Distributions Received	Open Commitments(2)
Emerging Markets Ventures I, L.P.	01/22/98 – 01/10/06	$762,816	$49,556	0.03	$2,581,622	$262,708
Total		$762,816	$49,556	0.03	$2,581,622	$262,708

(1) Emerging Markets Ventures I, L.P. is in liquidation.

(2) The open commitments are unlikely to be called.

The Fund may incur certain costs in connection with the disposition of the above securities.

7. Open Market Repurchase Program

The Board authorized, but does not require, Fund management to make open market purchases from time to time in an amount up to 10% of the Fund’s outstanding shares, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and other applicable federal securities laws. Such purchases may be made when, in the reasonable judgment of Fund management, such repurchases may enhance shareholder value. The Fund reports repurchase activity on the Fund’s website on a monthly basis. For the six-month period ended June 30, 2016 and the fiscal year ended December 31, 2015, the Fund did not repurchase shares through this program.

8. Portfolio Investment Risks

a. Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental

laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.

20   Aberdeen Latin America Equity Fund, Inc.

Notes to Financial Statements (unaudited) (concluded)

June 30, 2016

b. Risks Associated with Latin American Markets:

The Latin American securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the securities of many companies in Latin American countries may be held by a limited number of persons, which may limit the number of securities available for investment by the Fund. The limited liquidity of Latin American country securities markets may also affect the Fund’s ability to acquire or dispose of securities at the price and time it wishes to do so.

c. Risks of Concentrating Investments in Brazil:

The Fund’s performance will be influenced by political, social and economic factors affecting Brazil. Special risks include exposure to currency fluctuations, less liquidity, less developed or efficient trading markets, lack of comprehensive company information, political instability and differing accounting and legal standards. Because the Fund’s investments are concentrated in Brazil, the Fund’s performance could be more volatile than that of more geographically diversified funds.

As an emerging market, the Brazilian market tends to be more volatile than the markets of more mature economies, and generally has a less diverse and less mature economic structure and a less stable political system than those of developed countries. Certain political, economic, legal and currency risks have contributed to a high level of price volatility in the Brazilian equity and currency markets and could adversely affect investments in the Fund. Brazil has historically experienced high rates of inflation and may continue to do so. Inflationary pressures may slow the rate of growth of the Brazilian economy and may lead to further government intervention in the economy, which could adversely affect the fund’s investments. Brazil continues to suffer from chronic structural public sector deficits. Unanticipated political or social developments may result in increased volatility in the Fund’s share price and sudden and significant investment losses.

d. Risks of Investing in Mexico:

Investment in Mexican issuers involves risks that are specific to Mexico, including regulatory, political and economic risks. The Mexican economy, among other things, is dependent upon external trade with other economies, specifically with the U.S. As a result, Mexico is dependent on, among other things, the U.S. economy and any change in the price or demand for Mexican exports may have an adverse impact on the Mexican economy. Recently, Mexico has experienced an outbreak of violence related to drug trafficking. Incidents involving Mexico’s security may have an adverse effect on the Mexican economy and cause uncertainty in its financial markets. In the past, Mexico has experienced high interest rates, economic volatility and high unemployment rates.

e. Risks Associated with Restricted Securities:

The Fund, subject to local investment limitations, may invest up to 10% of its assets (at the time of commitment) in illiquid equity securities, including securities of private equity funds (whether in corporate or partnership form) that invest primarily in emerging markets. When investing through another investment fund, the Fund will bear its proportionate share of the expenses incurred by that underlying fund, including management fees. Such securities are expected to be illiquid and may involve a high degree of business and financial risk and may result in substantial losses. Because of the current absence of any liquid trading market for these investments, the private equity funds may take longer to liquidate than would be the case for publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could be substantially less than those originally paid by the Fund or the current carrying values and these differences could be material. Further, companies whose securities are not publicly traded may not be subject to the disclosures and other investor protection requirements applicable to companies whose securities are publicly traded.

f. Sector Risk:

To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

9. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

10. Tax Information

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of June 30, 2016 were as follows:

Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Appreciation
$166,952,246	$38,253,902	$(33,818,549)	$4,435,353

11. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures or adjustments were required to the financial statements as of June 30, 2016.

Aberdeen Latin America Equity Fund, Inc. 21  

Supplemental Information (unaudited)

Results of Annual Meeting of Shareholders

The Annual Meeting of Shareholders was held on March 24, 2016 at AAMI’s offices at 1735 Market Street, 32nd Floor, Philadelphia, PA 19103. The description of the proposal and number of shares voted at the meeting are as follows:

1.   To elect one director to serve as a Class II director for a three year term until his successors are duly elected and qualified:

	Votes For	Votes Against	Abstained
Steven N. Rappaport	6,027,223	138,259	36,331

Directors whose term of office continued beyond the meeting are as follows: Enrique R. Arzac, James J. Cattano, and Lawrence J. Fox. Effective March 24, 2016, Martin Torino retired from the Fund.

22   Aberdeen Latin America Equity Fund, Inc.

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Corporate Information

Directors Enrique R. Arzac, Chairman James J. Cattano Lawrence J. Fox Steven N. Rappaport   Officers Christian Pittard, President Jeffrey Cotton, Vice President and Chief Compliance Officer Andrea Melia, Treasurer and Chief Financial Officer Megan Kennedy, Vice President and Secretary Alan Goodson, Vice President Bev Hendry, Vice President Joanne Irvine, Vice President Devan Kaloo, Vice President Jennifer Nichols, Vice President Nick Robinson, Vice President Lucia Sitar, Vice President Hugh Young, Vice President Sharon Ferrari, Assistant Treasurer Heather Hasson, Assistant Secretary   Investment Adviser Aberdeen Asset Managers Limited
Bow Bells House
1 Bread Street
London, United Kingdom
EC4M 9HH   Custodian State Street Bank and Trust Company
1 Iron Street 5th Floor
Boston, MA 02210 U.S. Administrator Aberdeen Asset Management, Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103   Chilean Administrator BTG Pactual Chile S.A.
Administradora de Fondos de Inversion de Capital Extranjero
Apoquindo 3721, Piso 19
Santiago, Chile   Transfer Agent Computershare Trust Company, N.A.
P.O. Box 30170
College Station, TX 7842-3170   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP
2001 Market Street
Philadelphia, PA 19103   Legal Counsel Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019   Investor Relations Aberdeen Asset Management Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103
1-800-522-5465
InvestorRelations@aberdeen-asset.com

Aberdeen Asset Managers Limited

The accompanying Financial Statements as of June 30, 2016, were not audited and accordingly, no opinion is expressed therein.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of Aberdeen Latin America Fund, Inc. are traded on the NYSE MKT Equities Exchange under the symbol “LAQ”. Information about the Fund’s net asset value and market price is available at www.aberdeenlaq.com.

This report, including the financial information herein, is transmitted to the shareholders of Aberdeen Latin America Fund, Inc. for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future returns.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results. Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and political and economic risks. These risks may be enhanced in emerging market countries. Concentrating investments in the Asia-Pacific region subjects the fund to more volatility and greater risk of loss than geographically diverse funds.

Aberdeen Asset Management (AAM) is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd, Aberdeen Asset Management Ltd, Aberdeen Asset Management Asia Ltd and Aberdeen Capital Management, LLC. Excluding Aberdeen Capital Management LLC, each of these advisers are wholly owned by Aberdeen Asset Management PLC. Aberdeen Capital Management LLC is a wholly-owned subsidiary of Aberdeen Asset Management Inc. “Aberdeen” is a U.S. registered service mark of Aberdeen Asset Management PLC.

LAQ-SEMI-ANNUAL

Item 2 - Code of Ethics.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 3 - Audit Committee Financial Expert.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 4 - Principal Accountant Fees and Services.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 5 –Audit Committee of Listed Registrants.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 6 - Schedule of Investments.

(a) Included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 8 - Portfolio Managers of Closed-End Management Investment Companies.

(a)   Not applicable to semi-annual report on Form N-CSR.

(b) During the period ended June 30, 2016, there was a change to the Portfolio Managers identified in the Registrant’s Annual Report on Form N-CSR filed on March 4, 2016.

(a)(1) The information in the table below is as of September 2, 2016.

Individual & Position	Services Rendered	Past Business Experience
Eduardo Figueiredo Senior Investment Manager	Responsible for global emerging market equity portfolio management. Took over day-to-day operations from Fiona Manning and Nick Robinson; he joins Devan Kaloo, Brunella Isper and Joanne Irvine.	Currently an Investment Manager, on the Global Emerging Markets Equity Team. Prior to joining Aberdeen in February 2011, Mr. Figueiredo worked for five years at Maua Sekular Investimentos, a Brazilian hedge fund. After his first 3 years as a trainee on the Operations, Macroeconomic Research and Equities trading areas he became an Equity Analyst Associate. Mr. Figueiredo has a BA in Business Administration from Fundação Armando Alvares Penteado - FAAP, São Paulo. He is a CFA® Charterholder.
Peter Taylor Director – Head of Brazilian Equities	Responsible for investment management on the Global Emerging Markets Equity team and Director of Aberdeen’s operations in São Paulo, Brazil. Took over day-to-day operations from Fiona Manning and Nick Robinson; he joins Devan Kaloo, Brunella Isper and Joanne Irvine.	Currently Head of Brazilian Equities. Mr. Taylor joined Aberdeen’s Asian Equities Team in Singapore in 2007 and transferred to London in 2011. Previously, he was with the International Finance Corporation, where he worked on corporate governance and capital markets development for seven years from their Washington D.C. and Hong Kong offices. Mr. Taylor graduated with a BA in Philosophy, Politics and Economics from Oxford University and an MA in International Economics and International Relations from The Johns Hopkins University, Washington D.C. Mr. Taylor is also a CFA Charterholder.

(a)(2)  The information in the table below is as of June 30, 2016.

Name of Portfolio Manager	Type of Accounts	Total Number of Accounts Managed	Total Assets ($M)		Number of Accounts Managed for Which Advisory Fee is Based on Performance	Total Assets for Which Advisory Fee is Based on Performance ($M)
Eduardo Figueiredo	Registered Investment Companies	12	$	9,719.51	0	$	0
	Pooled Investment Vehicles	27	$	16,350.98	0	$	0
	Other Accounts	58	$	15,271.47	5	$	1,420.38
Peter Taylor	Registered Investment Companies	12	$	9,719.51	0	$	0
	Pooled Investment Vehicles	27	$	16,350.98	0	$	0
	Other Accounts	58	$	15,271.47	5	$	1,420.38

Total assets are as of June 30, 2016 and have been translated to U.S. dollars at a rate of £1.00 = $1.34.

In accordance with legal requirements in the various jurisdictions in which they operate, and their own Conflicts of Interest policies, all subsidiaries of Aberdeen Asset Management PLC, (together Aberdeen), have in place arrangements to identify and manage Conflicts of Interest that may arise between them and their clients or between their different clients. Where Aberdeen does not consider that these arrangements are sufficient to manage a

particular conflict, it will inform the relevant client(s) of the nature of the conflict so that the client(s) may decide how to proceed.

The portfolio managers’ management of “other accounts”, including (1) mutual funds; (2) other pooled investment vehicles; and (3) other accounts that may pay advisory fees that are based on account performance (“performance-based fees”), may give rise to potential conflicts of interest in connection with their management of a Fund’s investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, Aberdeen believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, Aberdeen has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

In some cases, another account managed by the same portfolio manager may compensate Aberdeen based on the performance of the portfolio held by that account. The existence of such performance-based fees may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.

Another potential conflict could include instances in which securities considered as investments for a Fund also may be appropriate for other investment accounts managed by Aberdeen or its affiliates. Whenever decisions are made to buy or sell securities by the Fund and one or more of the other accounts simultaneously, Aberdeen may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to a Fund from time to time, it is the opinion of Aberdeen that the benefits from the Aberdeen organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. Aberdeen has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

(a)(3)

Aberdeen Asset Management PLC’s (“Aberdeen”) remuneration policies are designed to support its business strategy as a leading international asset manager.  The objective is to attract, retain and reward talented individuals for the delivery of sustained, superior returns for Aberdeen’s clients and shareholders.  Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.

Aberdeen’s policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme.  The aggregate value of awards in any year is dependent on the group’s overall performance and profitability.  Consideration is also given to the levels of bonuses paid in the market.  Individual awards, which are payable to all members of staff are determined by a rigorous assessment of achievement against defined objectives.

A long-term incentive plan for key staff and senior employees comprises of a mixture of cash and deferred shares in Aberdeen PLC or select Aberdeen funds (where applicable).  Overall compensation packages are designed to be competitive relative to the investment management industry.

Base Salary

Aberdeen’s policy is to pay a fair salary commensurate with the individual’s role, responsibilities and experience, and having regard to the market rates being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.

Annual Bonus

Aberdeen’s policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme.  The Remuneration Committee of Aberdeen determines the key performance indicators that will be applied in considering the overall size of the bonus pool.  In line with practice amongst other asset management companies, individual bonuses are not subject to an absolute cap.  However, the aggregate size of the bonus pool is dependent on the group’s overall performance and profitability.  Consideration is also given to the levels of bonuses paid in the market.  Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by the Remuneration Committee.

Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives’ interests with Aberdeen’s sustained performance and, in respect of the deferral into funds, managed by Aberdeen, to align the interest of asset managers with our clients.

Staff performance is reviewed formally at least once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to presenting the team externally are also evaluated.

In the calculation of a portfolio management team’s bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations.  To the extent performance is factored in, such performance is not judged against any specific benchmark and is evaluated over the period of a year - January to December. The pre- or after-tax performance of an individual account is not considered in the determination of a portfolio manager’s discretionary bonus; rather the review process evaluates the overall performance of the team for all of the accounts the team manages.

Portfolio manager performance on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process.  A combination of the team’s and individual’s performance is considered and evaluated.

Although performance is not a substantial portion of a portfolio manager’s compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside one’s control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and ‘hot’ themes.  Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment.  Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen’s dynamic compliance monitoring system.

(a)(4)

Individual	Dollar Range of Equity Securities in the Registrant Beneficially Owned by the Portfolio Manager as of June 30, 2016
Eduardo Figueiredo	None
Peter Taylor	None

Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs 1
January 1, 2016 through January 31, 2016	None	None	None	345,575
February 1, 2016 through February 29, 2016	None	None	None	345,575
March 1, 2016 through March 31, 2016	None	None	None	345,575
April 1, 2016 through April 30, 2016	None	None	None	345,575
May 1, 2016 through May 31, 2016	None	None	None	345,575
June 1, 2016 through June 30, 2016	None	None	None	345,575
Total	--	--	--	--

1  The program was announced on November 16, 2007.  The program authorizes management to make open market purchases from time to time in an amount up to 10% of the Fund’s outstanding shares. Such purchases may be made when, in the reasonable judgment of Fund management, such repurchases may enhance shareholder value.

Item 10 - Submission of Matters to a Vote of Security Holders.

During the period ended June 30, 2016, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a)The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12 - Exhibits.

(a)(1)	Not applicable.
(a)(2)	The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
(a)(3)	Not applicable.
(b)	The certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Aberdeen Latin America Equity Fund, Inc.

By:	/s/ Christian Pittard
	Christian Pittard,
	Principal Executive Officer of
	Aberdeen Latin America Equity Fund, Inc.

Date: September 2, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Christian Pittard
	Christian Pittard,
	Principal Executive Officer of
	Aberdeen Latin America Equity Fund, Inc.

Date: September 2, 2016

By:	/s/ Andrea Melia
	Andrea Melia,
	Principal Financial Officer of
	Aberdeen Latin America Equity Fund, Inc.

Date: September 2, 2016