SCHEDULE OF INVESTMENTS

as of July 31, 2024 (Unaudited)

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
    COMMON STOCK - 97.39%        
    Airports        
 600,000   Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B  $9,579,954    3.29%
 330,000   Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B   9,958,318    3.42 
 1,100,000   Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B   9,450,180    3.26 
         28,988,452    9.97 
     Auto Parts          
 17,000,000   Nemak, S.A.B. de C.V. Series A (a)   2,319,386    0.80 
                
     Beverages          
 750,000   Arca Continental, S.A.B. de C.V.   7,385,991    2.54 
 3,230,000   Fomento Económico Mexicano, S.A.B. de C.V. Series UBD   35,695,343    12.27 
         43,081,334    14.81 
     Building Materials          
 22,400,000   Cemex, S.A.B. de C.V. Series CPO   14,486,545    4.98 
 950,000   GCC, S.A.B. de C.V.   8,072,219    2.78 
         22,558,764    7.76 
     Chemical Products          
 3,500,000   Alpek, S.A.B. de C.V. Series A (a)   2,329,323    0.80 
 3,200,000   Orbia Advance Corporation, S.A.B. de C.V.   4,109,792    1.41 
         6,439,115    2.21 
     Consumer Products          
 6,200,000   Kimberly-Clark de México, S.A.B. de C.V. (b) Series A   11,036,579    3.79 
                
     Financial Groups          
 3,800,000   Grupo Financiero Banorte, S.A.B. de C.V. Series O   28,496,428    9.80 
                
     Food          
 600,000   Gruma, S.A.B. de C.V. Series B   11,225,869    3.86 
 2,500,000   Grupo Bimbo, S.A.B. de C.V. Series A   8,751,410    3.01 
         19,977,279    6.87 
     Holding Companies          
 10,390,000   Alfa, S.A.B. de C.V. (b) Series A   5,977,166    2.05 
                
     Mining          
 5,800,000   Grupo México, S.A.B. de C.V. (b) Series B   32,712,037    11.25 
 70,000   Industrias Peñoles, S.A.B. de C.V. (a)   1,023,398    0.35 
         33,735,435    11.60 
     Railroad          
 2,000,000   Gméxico Transportes, S.A.B. de C.V.   3,891,067    1.34 
                
     Real Estate          
 2,100,000   Corporación Inmobiliaria Vesta, S.A.B. de C.V.   6,154,375    2.12 

 

 

 

SCHEDULE OF INVESTMENTS

as of July 31, 2024 (Unaudited) concluded

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
             
     Restaurants          
 1,200,000   Alsea, S.A.B. de C.V.   3,625,718    1.25 
                
     Retail          
 900,000   El Puerto de Liverpool, S.A.B. de C.V. Series C-1   6,321,803    2.17 
 1,000,000   Grupo Comercial Chedraui, S.A.B. de C.V. Series B   7,458,237    2.56 
 3,300,000   La Comer, S.A.B. de C.V. Series UBC   6,145,512    2.11 
 8,000,000   Wal-Mart de México, S.A.B. de C.V.   26,625,128    9.15 
         46,550,680    15.99 
     Steel          
 120,000   Ternium, S.A. ADR (c)   4,161,616    1.43 
                
     Telecommunications Services          
 19,000,000   América Móvil, S.A.B. de C.V. (b) Series B   15,880,110    5.46 
 2,000,000   Sitios Latinoamérica, S.A.B. de C.V. Series B-1 (a)   415,749    0.14 
         16,295,859    5.60 
                
     Total Common Stock (Identified cost - $277,332,887)  $283,289,253    97.39%

 

 

Principal

Amount

     

Value

(Note 1)

   Percent of Net Assets 
    SHORT-TERM SECURITIES – 2.56%        
    Repurchase Agreements        
$3,625,472   BBVA México, S.A., 10.86%, dated 7/31/24, due 8/1/24 repurchase price $3,626,566 collateralized by BPA182 (Bonds issued by the Mexican Government), interest rate 11.26% (d), due 4/12/2028. Value of collateral $3,661,866.  $3,625,472    1.25%
                
    

Time Deposits

          
$3,806,524   Comerica Bank, 5.00%, dated 7/31/24, due 8/1/24   3,806,524    1.31 
     Total Short-Term Securities (Identified cost - $7,431,996)  $7,431,996    2.56%
     Total Investments (Identified cost - $284,764,883)   290,721,249    99.95 
     Other Assets in Excess of Liabilities   151,646    0.05 
     Net Assets Equivalent to $19.69 per share on 14,771,862 shares of capital stock outstanding.  $290,872,895    100.00%

 

 

(a)Shares of these securities are currently non-income producing. Equity investments that have not paid distributions within the last twelve months are considered to be non-income producing.
(b)A member of the Board also serves as a member of the company’s board of directors.
(c)ADR – American Depositary Receipt
(d)Floating rate security. Rate shown is the rate in effect as of July 31, 2024.

 

See Notes to Financial Statements

 

 

 

Supplemental Information

 

GAAP establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:

 

•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)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

 

The following is a summary of the inputs used as of July 31, 2024, in valuing the Fund’s investments in securities:

 

Valuation Inputs  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
ASSETS:                
Investments in Securities:                    
Equity Investments(a)  $283,289,253    -    -   $283,289,253 
Short Term Investments(b)   -   $7,431,996    -   $7,431,996 
Total Investments in Securities  $283,289,253   $7,431,996    -   $293,721,249 

 

(a)For detailed industry descriptions, see the accompanying Schedule of Investments
(b)These assets consist of time deposits and repurchase agreements with maturities of one business day. They are classified as Level 2 solely as a result of the Fund’s valuation technique for short-term investments, using amortized cost which approximates fair value, instead of quoted prices in active markets, and thereby may not present any higher risk than Level 1 assets.

 

The following is a reconciliation of the change in value of Level 3 assets (for which significant unobservable inputs were used to determine fair value):

 

   Investments in
Securities		 
Balance as of 10/31/23  $- 
Realized gain (loss)   - 
Change in unrealized appreciation (depreciation)   - 
Net Purchases (Sales)   - 
Transfers in and/or (out) of Level 3  $- 
Balance as of 7/31/24   - 

 

 

 

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