Top 10 Holdings

as of June 30, 2017

IssuerIndustryPercent of Net Assets
América MóvilTelecommunications Services9.05%
Fomento Económico MexicanoBeverages7.73%
CemexBuilding Materials6.73%
Wal-Mart de MéxicoRetail6.73%
Grupo MéxicoMining6.72%
Grupo Financiero BanorteFinancial Groups5.20%
AlfaHolding Companies4.56%
Grupo Aeroportuario del Centro NorteAirports3.57%
Kimberly-Clark de MéxicoConsumer Products3.41%
Grupo Financiero Santander MéxicoFinancial Groups2.97%

Schedule of Investments

As of April 30, 2017(Unaudited)

Shares HeldCommon Stock - 95.01%ValueNet Assets
Airports
600,000Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B$6,171,9612.21%
1,474,939Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B8,187,1392.93
14,359,1005.14
Auto Parts
5,000,000Nemak, S.A.B. de C.V. Series A4,229,4081.51
Beverages
700,000Arca Continental, S.A.B. de C.V. 5,165,0321.85
1,200,000Coca-Cola Femsa, S.A.B. de C.V. Series L7,633,1782.73
2,700,000Fomento Económico Mexicano, S.A.B. de C.V. Series UBD20,703,0067.41
33,501,21611.99
Building Materials
16,700,000Cemex, S.A.B. de C.V. Series CPO20,245,9017.25
3,412,500Elementia, S.A.B. de C.V.4,437,9561.59
24,683,8578.84
Chemical Products
3,400,000Alpek, S.A.B. de C.V. Series A4,077,3411.46
2,870,000Mexichem, S.A.B. de C.V. 7,860,9872.81
11,938,3284.27
Construction and Infrastructure
700,000Promotora y Operadora de Infraestructura, S.A.B. de C.V.7,470,6442.67
Consumer Products
3,700,000Kimberly-Clark de México, S.A.B. de C.V. Series A8,411,6823.01
Energy
1,250,000Infraestructura Energética Nova, S.A.B de C.V. 5,840,6752.09
Financial Groups
3,300,000Grupo Financiero Banorte, S.A.B. de C.V. Series O15,629,9485.6
5,100,000Grupo Financiero Inbursa, S.A.B. de C.V. Series O8,614,4443.08
4,700,000Grupo Financiero Santander México, S.A.B. de C.V. Series B8,540,6423.06
32,785,03411.74
Food
550,000Gruma, S.A.B. de C.V. Series B20,593,9247.37
2,000,000Grupo Lala, S.A.B. de C.V. Series B7,302,9022.61
27,896,8269.99
Holding Companies
9,400,000Alfa, S.A.B. de C.V. Series A12,920,8424.63
Mining
5,500,000Grupo México, S.A.B. de C.V. Series B 20,593,9247.37
250,000Industrias Peñoles, S.A.B. de C.V. 7,302,9022.61
27,896,8269.99
Real Estate
3,340,000Corporación Inmobiliaria Vesta, S.A.B. de C.V.4,708,1501.69
Retail
500,000El Puerto de Liverpool, S.A.B. de C.V. Series C-13,858,2721.38
4,000,000La Comer, S.A.B. de C.V. Series UBC 3,514,7661.26
10,000,000Wal-Mart de México, S.A.B. de C.V.19,194,3936.87
26,567,4319.51
Steel
250,000Ternium, S.A. 8,862,0453.17
Stock Exchange
2,600,000Bolsa Mexicana de Valores, S.A.B. de C.V. Series A 4,524,2981.62
Telecommunications Services
30,000,000América Móvil, S.A.B. de C.V. Series L 23,065,1528.26
3,500,000Telesites, S.A.B. de C.V. Series B-12,194,4040.78
25,259,5569.04
Total Common Stock (Identified cost - $283,918,986)$265,399,84295.01%
AmountShort-Term Securities - 6.00%
Repurchase Agreements
$10,111,883BBVA Bancomer, S.A., 6.60%, dated 04/28/17, due 05/2/17 repurchase price $10,119,294 collateralized by BONDE LD (Bonds issued by the Mexican Government), interest rate 6.63%, due 02/07/19, and BONOS M, interest rate 6.55%, due 06/15/17. Value of collateral $10,255,783.$10,111,8833.62%
Time Deposits
$6,646,370Comerica Bank, 0.72%, dated 04/28/17, due 05/1/176,646,3702.38
Total Short-Term Securities (Identified cost - $16,758,253) $16,758,2536.00%
Total Investments (Identified cost -$304,923,870) 282,158,095101.01
Liabilities in Excess of Other Assets(2,822,634)(1.01)
Net Assets Equivalent to $18.59 per share on 15,027,810 shares of capital stock outstanding.$279,335,461100.00%

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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