Top 10 Holdings

as of February 28, 2017

IssuerIndustryPercent of Net Assets
Wal-Mart de México, S.A.B. de C.V. Retail7.72%
América Móvil, S.A.B. de C.V. Telecommunications Services7.58%
Fomento Económico Mexicano, S.A.B. de C.V. Beverages7.38%
Grupo México, S.A.B. de C.V. Mining6.65%
Grupo Financiero Banorte, S.A.B. de C.V. Financial Groups6.53%
Cemex, S.A.B. de C.V. Building Materials5.63%
Alfa, S.A.B. de C.V.Holding Companies4.79%
Grupo Financiero Inbursa, S.A.B. de C.V.Financial Groups2.90%
Gruma, S.A.B. de C.V. Food 2.89%
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Airports2.82%

Schedule of Investments

As of October 31, 2016

Shares HeldCommon Stock - 95.88%ValueNet Assets
Airports
2,000,000Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B$11,659,1224.18%
Auto Parts
4,000,000Nemak, S.A.B. de C.V. Series A4,160,2611.49
Beverages
1,100,000Arca Continental, S.A.B. de C.V. 6,858,6002.46
1,200,000Coca-Cola Femsa, S.A.B. de C.V. Series L9,031,7113.24
2,700,000Fomento Económico Mexicano, S.A.B. de C.V. Series UBD25,949,1529.30
41,839,46315.00
Building Materials
29,500,000Cemex, S.A.B. de C.V. Series CPO25,583,9109.17
3,412,500Elementia, S.A.B. de C.V.3,939,9631.41
29,523,87310.58
Chemical Products
3,400,000Alpek, S.A.B. de C.V. Series A5,071,8291.82
2,800,000Mexichem, S.A.B. de C.V. 6,709,0042.40
11,780,8334.22
Construction and Infrastructure
700,000Promotora y Operadora de Infraestructura, S.A.B. de C.V. 7,840,7782.81
Consumer Products
4,700,000Kimberly-Clark de México, S.A.B. de C.V. Series A10,155,3213.64
Financial Groups
3,250,000Grupo Financiero Banorte, S.A.B. de C.V. Series O19,176,9336.87
5,100,000Grupo Financiero Inbursa, S.A.B. de C.V. Series O8,291,7382.97
3,700,000Grupo Financiero Santander México, S.A.B. de C.V. Series B6,709,9052.41
34,178,57612.25
Food
400,000Gruma, S.A.B. de C.V. Series B5,560,7981.99
2,000,000Grupo Lala, S.A.B. de C.V. Series B3,730,8761.34
800,000Industrias Bachoco, S.A.B. de C.V. Series B3,549,5811.27
12,841,2554.60
Holding Companies
8,400,000Alfa, S.A.B. de C.V. Series A12,761,9514.57
Mining
4,500,000Grupo México, S.A.B. de C.V. Series B11,109,1383.98
Real Estate
2,340,000Corporación Inmobiliaria Vesta, S.A.B. de C.V. 3,547,6721.27
Restaurants
1,000,000Alsea, S.A.B. de C.V. 3,739,3581.34
Retail
500,000El Puerto de Liverpool, S.A.B. de C.V. Series C-15,251,217
1.88
1,315,179Grupo Rotoplas, S.A.B. de C.V.2,076,2090.74
3,000,000La Comer, S.A.B. de C.V. Series UBC 2,740,1110.98
10,000,000Wal-Mart de México, S.A.B. de C.V.21,198,8857.60
31,266,42211.20
Steel
350,000Ternium, S.A. ADR8,368,4443.00
Stock Exchange
2,600,000Bolsa Mexicana de Valores, S.A.B. de C.V. Series A4,173,4081.50
Telecommunications Services
35,000,000América Móvil, S.A.B. de C.V. Series L23,229,1858.33
3,500,000Telesites, S.A.B. de C.V. Series L2,026,0600.73
25,255,2459.06
Total Common Stock (Identified cost - $298,529,766)$267,528,05795.88%
AmountShort-Term Securities – 4.61%
Repurchase Agreements
$10,165,162BBVA Bancomer, S.A., 4.75%, dated 10/31/16, due 11/1/16 repurchase price $10,166,503 collateralized by BONDE LD (Bonds issued by the Mexican Government), interest rate 4.74%, due 02/07/19, and BONOS M, interest rate 4.83%, due 12/15/16 and 06/15/17. Value of collateral $10,266,818.$10,165,1623.64%
Time Deposits
$2,685,486Comerica Bank, 0.23%, dated 10/31/16, due 11/1/162,685,4860.97
Total Short-Term Securities (Identified cost - $12,850,648)$12,850,6484.61%
Total Investments (Identified cost - $311,380,414) 280,378,705100.49
Liabilities in Excess of Other Assets (1,358,910)(0.49)
Net Assets Equivalent to $18.57 per share on 15,027,810 shares of capital stock outstanding.$279,019,795100.00%

Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown.

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