Top 10 Holdings

as of April 30, 2017

IssuerIndustryPercent of Net Assets
América MóvilTelecommunications Services8.26%
Fomento Económico MexicanoBeverages7.41%
Grupo MéxicoMining7.37%
CemexBuilding Materials7.25%
Wal-Mart de MéxicoRetail6.87%
Grupo Financiero BanorteFinancial Groups5.60%
AlfaHolding Companies4.63%
Grupo Financiero InbursaFinancial Groups3.08%
Grupo Financiero Santander MéxicoFinancial Groups3.06%

Schedule of Investments

As of January 31, 2017

Shares HeldCommon Stock - 92.77%ValueNet Assets
600,000Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B$4,653,4691.91%
1,474,939Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B6,299,8662.58
Auto Parts
5,000,000Nemak, S.A.B. de C.V. Series A4,651,4531.90
700,000Arca Continental, S.A.B. de C.V. 3,780,2061.55
1,200,000Coca-Cola Femsa, S.A.B. de C.V. Series L6,521,6112.67
2,700,000Fomento Económico Mexicano, S.A.B. de C.V. Series UBD17,318,2867.09
Building Materials
16,700,000Cemex, S.A.B. de C.V. Series CPO15,439,6566.32
3,412,500Elementia, S.A.B. de C.V.3,764,3291.54
Chemical Products
3,400,000Alpek, S.A.B. de C.V. Series A3,915,3811.60
2,870,000Mexichem, S.A.B. de C.V. 6,808,4702.79
Construction and Infrastructure
700,000Promotora y Operadora de Infraestructura, S.A.B. de C.V.6,109,1482.50
Consumer Products
3,700,000Kimberly-Clark de México, S.A.B. de C.V. Series A6,653,2582.72
1,250,000Infraestructura Energética Nova, S.A.B de C.V. 5,523,3002.26
Financial Groups
3,300,000Grupo Financiero Banorte, S.A.B. de C.V. Series O15,832,9416.48
5,100,000Grupo Financiero Inbursa, S.A.B. de C.V. Series O7,567,1803.10
4,700,000Grupo Financiero Santander México, S.A.B. de C.V. Series B6,709,7092.75
550,000Gruma, S.A.B. de C.V. Series B7,407,4513.03
2,000,000Grupo Lala, S.A.B. de C.V. Series B2,995,3631.23
Holding Companies
9,400,000Alfa, S.A.B. de C.V. Series A12,210,1365.00
5,500,000Grupo México, S.A.B. de C.V. Series B 16,511,4586.76
250,000Industrias Peñoles, S.A.B. de C.V. 5,918,0022.43
Real Estate
3,340,000Corporación Inmobiliaria Vesta, S.A.B. de C.V.3,690,7671.51
800,000Alsea, S.A.B. de C.V.2,315,2620.95
500,000El Puerto de Liverpool, S.A.B. de C.V. Series C-13,158,0921.30
4,000,000La Comer, S.A.B. de C.V. Series UBC 2,834,0741.16
10,000,000Wal-Mart de México, S.A.B. de C.V.17,712,9647.25
250,000Ternium, S.A. 5,714,9512.34
Stock Exchange
2,600,000Bolsa Mexicana de Valores, S.A.B. de C.V. Series A 3,555,7451.46
Telecommunications Services
30,000,000América Móvil, S.A.B. de C.V. Series L 18,922,6297.75
3,500,000Telesites, S.A.B. de C.V. Series B-1 (a) (b)2,044,6710.84
Total Common Stock (Identified cost - $283,918,986)$226,539,82892.77%
AmountShort-Term Securities - 6.29%
Repurchase Agreements
$6,046,441BBVA Bancomer, S.A., 5.75%, dated 01/31/17, due 02/1/17 repurchase price $6,047,407 collateralized by BONDE LD (Bonds issued by the Mexican Government), interest rate 5.78%, due 02/07/19, and BONOS M, interest rate 5.00%, due 06/15/16. Value of collateral $6,070,077.$6,046,4412.48%
Time Deposits
$9,306,688Comerica Bank, 0.46%, dated 01/31/17, due 02/1/179,306,6883.81
Total Short-Term Securities (Identified cost - $15,353,129) $15,353,1296.29%
Total Investments (Identified cost - $299,272,115) 241,892,95799.06
Other Assets in Excess of Liabilities2,299,7220.94
Net Assets Equivalent to $16.25 per share on 15,027,810 shares of capital stock outstanding.$244,192,680100.00%

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.