Top 10 Holdings

as of December 31, 2017

Top Ten Holdings (62.20% of Net Assets)
1 América Móvil13.02%6 Grupo México5.96%
2 Fomento Económico Mexicano7.97%7 Alfa4.86%
3 Cemex6.89%8 Kimberly-Clark de México4.22%
4 Grupo Financiero Banorte6.06%9 Ternium4.07%
5 Wal-Mart de México6.05%10 Mexichem3.10%

Schedule of Investments

As of October 31, 2017

Shares HeldCommon Stock - 97.30%ValueNet Assets
Airports
800,000Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B$7,597,3802.81%
1,730,000Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B8,740,9883.23
16,338,3686.04
Auto Parts
5,000,000Nemak, S.A.B. de C.V. Series A3,763,0701.39
Beverages
700,000Arca Continental, S.A.B. de C.V. 4,460,6881.65
600,000Coca-Cola Femsa, S.A.B. de C.V. Series L4,058,4751.5
2,300,000Fomento Económico Mexicano, S.A.B. de C.V. Series UBD21,105,4507.43
28,624,61310.58
Building Materials
25,000,000Cemex, S.A.B. de C.V. Series CPO20,343,0377.52
3,000,000Elementia, S.A.B. de C.V.3,942,2141.46
24,285,2518.98
Chemical Products
4,000,000Alpek, S.A.B. de C.V. Series A4,188,7331.55
3,400,000Mexichem, S.A.B. de C.V. 8,765,2123.24
12,953,9454.79
Construction and Infrastructure
700,000Promotora y Operadora de Infraestructura, S.A.B. de C.V.6,656,1162.46
Consumer Products
6,500,000Kimberly-Clark de México, S.A.B. de C.V. Series A11,206,4284.14
Energy
1,500,000Infraestructura Energética Nova, S.A.B de C.V. 7,668,9862.84
Financial Groups
2,400,000Grupo Financiero Banorte, S.A.B. de C.V. Series O14,262,1675.27
3,600,000Grupo Financiero Santander México, S.A.B. de C.V. Series B6,071,2612.25
20,333,4287.52
Food
503,659Gruma, S.A.B. de C.V. Series B6,606,0752.44
2,600,000Grupo Lala, S.A.B. de C.V. Series B4,020,8711.49
10,626,9463.93
Holding Companies
12,000,000Alfa, S.A.B. de C.V. Series A12,553,6654.64
Mining
5,300,000Grupo México, S.A.B. de C.V. Series B 17,256,4326.38
250,000Industrias Peñoles, S.A.B. de C.V. 5,819,4412.15
23,075,8738.53
Real Estate
3,340,000Corporación Inmobiliaria Vesta, S.A.B. de C.V.4,151,7551.53
Retail
500,000El Puerto de Liverpool, S.A.B. de C.V. Series C-13,410,5271.26
5,500,000La Comer, S.A.B. de C.V. Series UBC 5,342,9851.97
8,000,000Wal-Mart de México, S.A.B. de C.V.17,899,7846.62
26,653,2969.85
Steel
350,000Ternium, S.A. 10,853,5724.01
Stock Exchange
2,400,000Bolsa Mexicana de Valores, S.A.B. de C.V. Series A 4,012,4101.48
Telecommunications Services
41,000,000América Móvil, S.A.B. de C.V. Series L 35,418,29913.09
5,500,000Telesites, S.A.B. de C.V. Series B-14,067,5631.5
39,485,86214.59
Total Common Stock (Identified cost - $299,025,163)$263,243,58497.30%
AmountShort-Term Securities -2.81%
Repurchase Agreements
$1,857,435BBVA Bancomer, S.A., 6.97%, dated 10/31/17, due 11/1/17
repurchase price $1,857,795 collateralized by M Bonos (Bonds
issued by the Mexican Government), interest rate 7.28%, due
12/13/18. Value of collateral $1,876,212.
$1,857,4350.69%
Time Deposits
$5,744,280Comerica Bank, 0.97%, dated 10/31/17, due 11/1/175,744,2802.12
Total Short-Term Securities (Identified cost – $7,601,715)$7,601,7152.81%
Total Investments (Identified cost - $306,626,878) 270,845,299100.11
Liabilities in Excess of Other Assets(288,921)(0.11)
Net AssetsEquivalent to $18.01 per share on 15,025,910 shares of capital stock outstanding.$270,556,378100.00%

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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