SCHEDULE OF INVESTMENTS
as of January 31, 2025 (Unaudited)
| Shares | Value | Percent of | ||||||||||
| Held | (Note 1) | Net Assets | ||||||||||
| COMMON STOCK-98.87% | ||||||||||||
| Airports | ||||||||||||
| 500,000 | Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B | $ | 9,261,050 | 3.68 | % | |||||||
| 330,000 | Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B | 8,986,188 | 3.57 | |||||||||
| 900,000 | Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B | 8,514,702 | 3.39 | |||||||||
| 26,761,940 | 10.64 | |||||||||||
| Auto Parts | ||||||||||||
| 17,000,000 | Nemak, S.A.B. de C.V. Series A (a) | 1,907,341 | 0.76 | |||||||||
| Beverages | ||||||||||||
| 750,000 | Arca Continental, S.A.B. de C.V. | 6,868,895 | 2.73 | |||||||||
| 3,100,000 | Fomento Económico Mexicano, S.A.B. de C.V. Series UBD | 26,408,018 | 10.50 | |||||||||
| 33,276,913 | 13.23 | |||||||||||
| Building Materials | ||||||||||||
| 21,000,000 | Cemex, S.A.B. de C.V. Series CPO | 12,491,537 | 4.97 | |||||||||
| 950,000 | GCC, S.A.B. de C.V. | 8,846,697 | 3.52 | |||||||||
| 21,338,234 | 8.49 | |||||||||||
| Chemical Products | ||||||||||||
| 3,500,000 | Alpek, S.A.B. de C.V. Series A | 2,488,152 | 0.99 | |||||||||
| 3,200,000 | Orbia Advance Corporation, S.A.B. de C.V. | 2,044,298 | 0.81 | |||||||||
| 4,532,450 | 1.80 | |||||||||||
| Consumer Products | ||||||||||||
| 6,200,000 | Kimberly-Clark de México, S.A.B. de C.V. (b) Series A | 9,288,906 | 3.69 | |||||||||
| Financial Groups | ||||||||||||
| 4,400,000 | Grupo Financiero Banorte, S.A.B. de C.V. Series O | 30,471,032 | 12.12 | |||||||||
| Food | ||||||||||||
| 600,000 | Gruma, S.A.B. de C.V. Series B | 10,420,640 | 4.14 | |||||||||
| 2,200,000 | Grupo Bimbo, S.A.B. de C.V. Series A | 5,788,858 | 2.31 | |||||||||
| 16,209,498 | 6.45 | |||||||||||
| Holding Companies | ||||||||||||
| 11,500,000 | Alfa, S.A.B. de C.V. (b) Series A | 9,437,808 | 3.75 | |||||||||
| Mining | ||||||||||||
| 5,100,000 | Grupo México, S.A.B. de C.V. (b) Series B | 25,056,050 | 9.96 | |||||||||
| 70,000 | Industrias Peñoles, S.A.B. de C.V. (a) | 992,383 | 0.40 | |||||||||
| 26,048,433 | 10.36 | |||||||||||
| Railroad | ||||||||||||
| 2,000,000 | Gméxico Transportes, S.A.B. de C.V. | 3,004,159 | 1.19 | |||||||||
| Real Estate | ||||||||||||
| 2,100,000 | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | 5,501,354 | 2.19 | |||||||||
SCHEDULE OF INVESTMENTS
as of January 31, 2025 (Unaudited) concluded
| Shares | Value | Percent of | ||||||||||
| Held | (Note 1) | Net Assets | ||||||||||
| Restaurants | ||||||||||||
| 1,700,000 | Alsea, S.A.B. de C.V. | 3,629,703 | 1.44 | |||||||||
| Retail | ||||||||||||
| 1,100,000 | El Puerto de Liverpool, S.A.B. de C.V. Series C-1 | 5,521,811 | 2.20 | |||||||||
| 950,000 | Grupo Comercial Chedraui, S.A.B. de C.V. Series B | 5,486,918 | 2.18 | |||||||||
| 3,300,000 | La Comer, S.A.B. de C.V. Series UBC | 5,405,310 | 2.15 | |||||||||
| 2,000 | Mercado Libre, Inc. Series N (a) | 3,844,380 | 1.53 | |||||||||
| 8,000,000 | Wal-Mart de México, S.A.B. de C.V. | 20,783,441 | 8.26 | |||||||||
| 41,041,860 | 16.32 | |||||||||||
| Steel | ||||||||||||
| 120,000 | Ternium, S.A. ADR (c) | 3,600,000 | 1.43 | |||||||||
| Telecommunications Services | ||||||||||||
| 18,000,000 | América Móvil, S.A.B. de C.V. (b) Series B | 12,595,996 | 5.01 | |||||||||
| Total Common Stock (Identified cost - $275,315,828) | $ | 248,645,627 | 98.87 | % | ||||||||
Principal Amount | Value (Note 1) | Percent of Net Assets | ||||||||||
| SHORT-TERM SECURITIES – 1.29% | ||||||||||||
| Repurchase Agreements | ||||||||||||
| $ | 1,659,138 | BBVA México, S.A., 9.87%, dated 1/31/25, due 2/4/25 repurchase price $1,659,593 collateralized by Bondes (Bonds issued by the Mexican Government), interest rate 6.97% (d), due 10/22/2026. Value of collateral $1,685,614. | $ | 1,659,138 | 0.66 | % | ||||||
| Time Deposits | ||||||||||||
| $ | 1,574,070 | Comerica Bank, 3.94%, dated 1/31/25, due 2/3/25 | 1,574,070 | 0.63 | ||||||||
| Total Short-Term Securities (Identified cost $3,233,208) | $ | 3,233,208 | 1.29 | % | ||||||||
| Total Investments (Identified cost - $278,549,036) | 251,878,835 | 100.16 | ||||||||||
| Liabilities in Excess of Other Assets | (385,907 | ) | (0.16 | ) | ||||||||
| Net Assets Equivalent to $17.24 per share on 14,591,015 shares of capital stock outstanding. | $ | 251,492,928 | 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 January 31, 2025. |
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 January 31, 2025, in valuing the Fund’s investments in securities:
| Valuation Inputs | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||
| ASSETS: | ||||||||||||||||
| Investments in Securities: | ||||||||||||||||
| Equity Investments(a) | $ | 248,645,627 | - | - | $ | 248,645,627 | ||||||||||
| Short Term Investments(b) | - | $ | 3,233,208 | - | $ | 3,233,208 | ||||||||||
| Total Investments in Securities | $ | 248,645,627 | $ | 3,233,208 | - | $ | 251,878,835 | |||||||||
| (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 10/31/24 | $ | - | ||
| Realized gain (loss) | - | |||
| Change in unrealized appreciation (depreciation) | - | |||
| Net Purchases (Sales) | - | |||
| Transfers in and/or (out) of Level 3 | $ | - | ||
| Balance as of 1/31/25 | - | |||