Top 10 Holdings

as of October 31, 2017

IssuerIndustryPercent of Net Assets
América MóvilTelecommunications Services13.09%
CemexBuilding Materials7.52%
Fomento Económico MexicanoBeverages7.43%
Wal-Mart de MéxicoRetail6.62%
Grupo MéxicoMining6.38%
Grupo Financiero BanorteFinancial Groups5.27%
AlfaHolding Companies4.64%
Kimberly-Clark de MéxicoConsumer Products4.14%
MexichemChemical Products3.24%

Schedule of Investments

As of July, 2017(Unaudited)

Shares HeldCommon Stock - 95.04%ValueNet Assets
710,000Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B$8,131,2662.68%
1,730,000Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B10,952,1473.61
Auto Parts
5,000,000Nemak, S.A.B. de C.V. Series A4,530,7721.49
700,000Arca Continental, S.A.B. de C.V. 5,190,0791.71
900,000Coca-Cola Femsa, S.A.B. de C.V. Series L7,662,4252.53
2,300,000Fomento Económico Mexicano, S.A.B. de C.V. Series UBD23,229,3487.66
Building Materials
18,000,000Cemex, S.A.B. de C.V. Series CPO17,392,7705.74
3,000,000Elementia, S.A.B. de C.V.4,306,0591.42
Chemical Products
4,000,000Alpek, S.A.B. de C.V. Series A4,586,3881.51
2,870,000Mexichem, S.A.B. de C.V. 8,179,2702.7
Construction and Infrastructure
700,000Promotora y Operadora de Infraestructura, S.A.B. de C.V.7,687,2002.54
Consumer Products
5,500,000Kimberly-Clark de México, S.A.B. de C.V. Series A11,073,8463.65
1,250,000Infraestructura Energética Nova, S.A.B de C.V. 7,086,1772.34
Financial Groups
2,400,000Grupo Financiero Banorte, S.A.B. de C.V. Series O15,912,3625.25
4,340,402Grupo Financiero Inbursa, S.A.B. de C.V. Series O7,844,2032.59
4,000,000Grupo Financiero Santander México, S.A.B. de C.V. Series B8,215,5002.71
503,659Gruma, S.A.B. de C.V. Series B6,957,3732.3
2,600,000Grupo Lala, S.A.B. de C.V. Series B5,126,8221.69
Holding Companies
9,400,000Alfa, S.A.B. de C.V. Series A13,032,8924.3
5,800,000Grupo México, S.A.B. de C.V. Series B 18,895,0876.23
300,000Industrias Peñoles, S.A.B. de C.V. 7,376,2532.44
Real Estate
3,340,000Corporación Inmobiliaria Vesta, S.A.B. de C.V.5,036,1281.66
500,000El Puerto de Liverpool, S.A.B. de C.V. Series C-14,496,7841.48
4,500,000La Comer, S.A.B. de C.V. Series UBC 4,560,5461.51
8,500,000Wal-Mart de México, S.A.B. de C.V.19,616,3036.47
300,000Ternium, S.A. 9,180,0793.03
Stock Exchange
2,400,000Bolsa Mexicana de Valores, S.A.B. de C.V. Series A 4,132,4681.36
Telecommunications Services
38,000,000América Móvil, S.A.B. de C.V. Series L 33,643,99911.1
5,500,000Telesites, S.A.B. de C.V. Series B-14,066,1781.34
Total Common Stock (Identified cost - $291,337,688)$288,100,72495.04%
AmountShort-Term Securities - 6.00%
Repurchase Agreements
$10,673,940BBVA Bancomer, S.A., 7.09%, dated 07/31/17, due 08/1/17 repurchase price $10,676,041 collateralized by BPA 182 (Bonds issued by the Mexican Government), interest rate 7.18%, due 01/04/18. Value of collateral $10,780,687.$10,673,9403.52%
Time Deposits
$6,532,890Comerica Bank, 0.72%, dated 04/28/17, due 05/1/176,532,8902.16
Total Short-Term Securities (Identified cost - $17,206,830) $17,206,8305.68%
Total Investments (Identified cost - $308,544,518) 305,307,554100.72
Liabilities in Excess of Other Assets(2,163,177)(0.72)
Net AssetsEquivalent to $20.17 per share on 15,027,810 shares of capital stock outstanding.$303,144,377100.00%

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.