MXF Mexico Fund

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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