Value
|
Percent of
|
||||
Shares Held
|
COMMON STOCK - 92.77%
|
Net Assets
|
|||
Airports
|
|||||
600,000
|
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B
|
$4,653,469
|
1.91%
|
||
1,474,939
|
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B
|
6,299,866
|
2.58
|
||
10,953,335
|
4.49
|
||||
Auto Parts
|
|||||
5,000,000
|
Nemak, S.A.B. de C.V. Series A
|
4,651,453
|
1.90
|
||
Beverages
|
|||||
700,000
|
Arca Continental, S.A.B. de C.V.
|
3,780,206
|
1.55
|
||
1,050,000
|
Coca-Cola Femsa, S.A.B. de C.V. Series L
|
6,521,611
|
2.67
|
||
2,300,000
|
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
|
17,318,286
|
7.09
|
||
27,620,103
|
11.31
|
||||
Building Materials
|
|||||
16,700,000
|
Cemex, S.A.B. de C.V. Series CPO
|
15,439,656
|
6.32
|
||
3,412,500
|
Elementia, S.A.B. de C.V.
|
3,764,329
|
1.54
|
||
19,203,985
|
7.86
|
||||
Chemical Products
|
|||||
3,400,000
|
Alpek, S.A.B. de C.V. Series A
|
3,915,381
|
1.60
|
||
2,870,000
|
Mexichem, S.A.B. de C.V.
|
6,808,470
|
2.79
|
||
10,723,851
|
4.39
|
||||
Construction and Infrastructure
|
|||||
700,000
|
Promotora y Operadora de Infraestructura, S.A.B. de C.V.
|
6,109,148
|
2.50
|
||
Consumer Products
|
|||||
3,700,000
|
Kimberly-Clark de México, S.A.B. de C.V. Series A
|
6,653,258
|
2.72
|
||
Energy
|
|||||
1,250,000
|
Infraestructura Energética Nova, S.A.B de C.V.
|
5,523,300
|
2.26
|
||
Financial Groups
|
|||||
3,300,000
|
Grupo Financiero Banorte, S.A.B. de C.V. Series O
|
15,832,941
|
6.48
|
||
5,100,000
|
Grupo Financiero Inbursa, S.A.B. de C.V. Series O
|
7,567,180
|
3.10
|
||
4,700,000
|
Grupo Financiero Santander México, S.A.B de C.V. Series B
|
6,709,709
|
2.75
|
||
30,109,830
|
12.33
|
||||
Food
|
|||||
550,000
|
Gruma, S.A.B. de C.V. Series B
|
7,407,451
|
3.03
|
||
2,000,000
|
Grupo Lala, S.A.B. de C.V. Series B
|
2,995,363
|
1.23
|
||
10,402,814
|
4.26
|
||||
Holding Companies
|
|||||
9,400,000
|
Alfa, S.A.B. de C.V. Series A
|
12,210,136
|
5.00
|
||
Mining
|
|||||
5,500,000
|
Grupo México, S.A.B. de C.V. Series B
|
16,511,458
|
6.76
|
||
250,000
|
Industrias Peñoles, S.A.B. de C.V.
|
5,918,002
|
2.43
|
||
22,429,460
|
9.19
|
||||
Real Estate
|
|||||
3,340,000
|
Corporación Inmobiliaria Vesta, S.A.B. de C.V.
|
3,690,767
|
1.51
|
||
Restaurants
|
|||||
800,000
|
Alsea, S.A.B. de C.V.
|
2,315,262
|
0.95
|
||
Retail
|
|||||
500,000
|
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
|
3,158,092
|
1.30
|
||
4,000,000
|
La Comer, S.A.B. de C.V. Series UBC
|
2,834,074
|
1.16
|
||
10,000,000
|
Wal-Mart de México, S.A.B. de C.V.
|
17,712,964
|
7.25
|
||
23,705,130
|
9.71
|
||||
Steel
|
|||||
250,000
|
Ternium, S.A.
|
5,714,951
|
2.34
|
||
Stock Exchange
|
|||||
2,600,000
|
Bolsa Mexicana de Valores, S.A.B. de C.V. Series A
|
3,555,745
|
1.46
|
||
Telecommunications Services
|
|||||
30,000,000
|
América Móvil, S.A.B. de C.V. Series L
|
18,922,629
|
7.75
|
||
3,500,000
|
Telesites, S.A.B. de C.V. Series B-1 (a) (b)
|
2,044,671
|
0.84
|
||
20,967,300
|
8.59
|
||||
Total Common Stock (Identified cost - $283,918,986)
|
$226,539,828
|
92.77%
|
|||
Principal
Amount
|
SHORT-TERM SECURITIES – 6.29%
|
||||
Repurchase Agreements
|
|||||
$6,046,441
|
BBVA 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.
|
$6,046,441
|
2.48%
|
||
Time Deposits
|
|||||
$9,306,688
|
Comerica Bank, 0.46%, dated 01/31/17, due 02/1/17
|
9,306,688
|
3.81
|
||
Total Short-Term Securities (Identified cost - $15,353,129)
|
$15,353,129
|
6.29%
|
|||
Total Investments (Identified cost - $299,272,115)
|
241,892,957
|
99.06
|
|||
Other Assets in Excess of Liabilities
|
2,299,722
|
0.94
|
|||
Net Assets Equivalent to $16.25 per share on 15,027,810 shares of capital stock outstanding.
|
$244,192,680
|
100.00%
|
•
|
Level 1—quoted prices in active markets for identical securities
|
|
•
|
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
•
|
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
|
|
Valuation Inputs
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
TOTAL
|
|||||||||||
ASSETS:
|
|||||||||||||||
Investments in Securities:
|
|||||||||||||||
Equity Investments(a)
|
$
|
226,539,828
|
-
|
-
|
$
|
226,539,828
|
|||||||||
Short Term Investments(b)
|
-
|
$
|
15,353,129
|
-
|
$
|
15,353,129
|
|||||||||
Total Investments in Securities
|
$
|
226,539,828
|
$
|
15,353,129
|
-
|
$
|
241,892,957
|
|
Investments in
Securities |
||
Balance as of 10/31/16
|
$
|
-
|
|
Realized gain (loss)
|
-
|
||
Change in unrealized appreciation (depreciation)
|
-
|
||
Net Purchases (Sales)
|
-
|
||
Transfers in and/or (out) of Level 3
|
$
|
-
|
|
Balance as of 1/31/17
|
-
|
By:
|
/s/ Alberto Osorio
|
Alberto Osorio
|
|
President and Principal Executive Officer
|
|
March 31, 2017
|
By:
|
/s/ Alberto Osorio
|
Alberto Osorio
|
|
President and Principal Executive Officer
|
|
March 31, 2017
|
By:
|
/s/ Alberto Gómez Pimienta
|
Alberto Gómez Pimienta
|
|
Treasurer and Principal Financial Officer
|
|
March 31, 2017
|
II. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
III. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
IV. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
A. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
B. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
C. |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
D. |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
V. |
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
A. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
B. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Alberto Osorio
|
|
Alberto Osorio
|
|
Principal Financial Officer*
|
II. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
III. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
IV. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
A. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
B. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
C. |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
D. |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
V. |
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
A. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
B. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Alberto Osorio
|
|
Alberto Osorio
|
|
President and Principal Executive Officer
|