Portfolio Holdings

As of Recent Quarter End - October 31, 2009

Security Name

Shares Held

Market Value

% of Net Assets

America Movil, S.A. de C.V. - Class L

3,380,899

$7,464,031

10.57%

Empresas ICA Sociedad Conroladora, S.A. de C.V. (a)

2,777,666

$6,096,507

8.63%

Grupo Bimbo, S.A.B. de C.V.

1,000,657

$5,821,109

8.24%

Grupo Mexico, S.A. - Series B

2,443,857

$4,856,712

6.88%

Promotora y Operadora de Infraestructura, S.A. de C.V. (a)

1,725,205

$3,305,704

4.68%

Impulsora del Desarrollo y el Empleo en America Latina, S.A. de C.V. (a)

3,187,385

$3,140,614

4.45%

Grupe, S.A. de C.V. (a)(b)

3,279,986

$2,993,379

4.24%

Mexichem, S.A. de C.V.

1,611,959

$2,624,794

3.72%

Wal-Mart de Mexico, S.A. de C.V. - Class V

552,700

$1,968,226

2.79%

Corporativo GBM SAB de CV

4,582,928

$1,839,592

2.61%

Genomma Lab Internacional SA (a)

1,004,777

$1,674,153

2.37%

Megacable Holdings SAB de CV (a)

747,657

$1,544,719

2.19%

Carso Infraestructura y Construccion, S.A. (a)

2,695,868

$1,486,390

2.11%

Industrias Penoles, S.A.

74,835

$1,383,601

1.96%

Qualitas Compania de Seguros

2,855,251

$1,340,722

1.90%

Promotora Ambiental, S.A. de C.V. (a)

1,298,345

$1,302,893

1.85%

Industrias CH, S.A. - Class B (a)

396,238

$1,245,094

1.76%

Grupo Simec, S.A. de C.V. (a)

501,170

$1,222,963

1.73%

Kimberly-Clark de Mexico, S.A.B. de C.V.

277,927

$1,096,237

1.55%

Cemex SAB de C.V. CPO NPV (a)

859,600

$896,464

1.27%

Alfa, S.A.B.

161,600

$829,189

1.17%

Grupo Mexicano de Desarrollo, S.A. (a)

1,601,052

$788,173

1.12%

Corp GEO S.A. de C.V. (a)

175,901

$466,005

0.66%

Consorcio ARA, S.A. de C.V. (a)

641,500

$402,767

0.57%

Grupo Financiero Banorte, S.A.B. de C.V.

111,000

$364,094

0.52%

GMD Resorts SAB de CV (a)

1,375,073

$322,842

0.46%

Fomento Economico Mexicano, S.A. de C.V.

74,600

$316,338

0.45%

Grupo Continental, S.A.

130,000

$305,216

0.43%

First American Treasury Obligation - Class A,2132%

181,499

$181,499

0.26%

Grupo Cementos de Chihuahua, S.A. de C.V.

34,260

$98,574

0.14%

Urbi, Desarrollos Urbanos, S.A. de C.V. 8.500%, 04/19/2016

2,726,000

$2,726,000

3.86%

Mexican BACMEXT 0.000% Coupon, 0.917% Effective Yield, 11/04/2009 (c)

37,370,501*

$2,829,941

4.01%

Mexican INAFIN 0.000% Coupon, 2.965% Effective Yield, 11/10/2009 (c)

34,414,266*

$2,604,435

3.69%

Mexican INAFIN 0.000% Coupon, 4.099% Effective Yield, 11/06/2009 (c)

3,988,225*

$301,862

0.43%

Footnotes and Abbreviations:
(a) Non-income producing security.
(b) Affiliated company.
(c) Effective yield based on the purchse price. The calculation assumes the security is held to maturity.
* Principal Amount in Mexican Pesos