Holdings of the Fund as of 12/16/2025
Total Number of Holdings (excluding cash): 50
| ENEVA S.A. |
ENEV3.BZ |
P3719N116 |
Utilities |
159,468 |
$589,864.85 |
3.81% |
| LATAM Airlines Group S.A. |
LTM.CI |
P61894104 |
Industrials |
21,808,365 |
$579,704.73 |
3.75% |
| Falabella SA |
FALAB.CI |
P3880F108 |
Consumer Discretionary |
83,599 |
$556,009.02 |
3.59% |
| Banco BTG Pactual SA (Unit) |
BPAC11.BZ |
P1R8ZJ253 |
Financials |
54,687 |
$535,059.57 |
3.46% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
114,959 |
$528,855.11 |
3.42% |
| CEMEX, S.A.B. de C.V. (Unit) |
CEMEXCPO.MM |
P2253T133 |
Materials |
443,171 |
$509,673.44 |
3.29% |
| Prologis Property Mexico S.A. de C.V. |
FIBRAPL.MM |
P4559M101 |
Real Estate |
123,823 |
$500,586.04 |
3.23% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
69,215 |
$487,874.02 |
3.15% |
| Industrias Penoles, S.A.B. de C.V. |
PE&OLES*.MM |
P55409141 |
Materials |
11,099 |
$485,558.68 |
3.14% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
127,113 |
$479,946.82 |
3.10% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
236,697 |
$475,634.69 |
3.07% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
83,890 |
$471,516.78 |
3.05% |
| AXIA Energia |
AXIA3.BZ |
P22854122 |
Utilities |
40,202 |
$463,978.39 |
3.00% |
| Rede D'Or Sao Luiz S.A. |
RDOR3.BZ |
P79942101 |
Health Care |
50,174 |
$423,750.07 |
2.74% |
| Embraer SA |
EMBJ3.BZ |
P3700H268 |
Industrials |
26,297 |
$423,032.03 |
2.73% |
| Banco de Credito e Inversiones |
BCI.CI |
P32133111 |
Financials |
6,728 |
$407,395.19 |
2.63% |
| Empresas Copec S.A. |
COPEC.CI |
P7847L108 |
Consumer Discretionary |
54,149 |
$403,048.88 |
2.60% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P2R268136 |
Utilities |
15,974 |
$390,681.66 |
2.52% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P5887P427 |
Financials |
184,075 |
$390,423.42 |
2.52% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
42,312 |
$378,471.42 |
2.45% |
| Grupo Financiero Banorte, S.A.B. de C.V. |
GFNORTEO.MM |
P49501201 |
Financials |
39,397 |
$366,113.71 |
2.37% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
27,502 |
$348,431.91 |
2.25% |
| Nu Holdings Ltd. (Class A) |
NU |
G6683N103 |
Financials |
18,571 |
$300,850.20 |
1.94% |
| America Movil, S.A.B. de C.V. (Class B) |
AMXB.MM |
P0280A192 |
Communication Services |
284,350 |
$297,247.44 |
1.92% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
40,530 |
$291,389.03 |
1.88% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
34,476 |
$286,380.01 |
1.85% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
67,383 |
$280,417.86 |
1.81% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
46,478 |
$277,553.50 |
1.79% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Consumer Discretionary |
72,076 |
$270,954.82 |
1.75% |
| Grupo Financiero Inbursa, S.A.B. de C.V. |
GFINBURO.MM |
P4950U165 |
Financials |
108,242 |
$260,182.37 |
1.68% |
| Ambev S.A. |
ABEV3.BZ |
P0273U106 |
Consumer Staples |
87,318 |
$226,073.74 |
1.46% |
| Interconexion Electrica S.A. E.S.P. |
ISA.CB |
P5624U101 |
Utilities |
33,230 |
$219,450.92 |
1.42% |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. |
PINFRA*.MM |
P7925L103 |
Industrials |
14,545 |
$214,097.45 |
1.38% |
| Grupo Mexico, S.A.B. de C.V. (Class B) |
GMEXICOB.MM |
P49538112 |
Materials |
22,753 |
$211,214.03 |
1.36% |
| Credicorp Ltd. |
BAP |
G2519Y108 |
Financials |
745 |
$208,600.00 |
1.35% |
| Companhia Paranaense de Energia (Preference A) |
CPLE5.BZ |
P30557121 |
Utilities |
81,963 |
$207,863.10 |
1.34% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
P1R1WJ103 |
Financials |
31,740 |
$204,515.34 |
1.32% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
59,675 |
$200,767.45 |
1.30% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
47,789 |
$189,701.54 |
1.23% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
10,482 |
$153,770.94 |
0.99% |
| Grupo Cibest S.A. (Preference) |
PFCIBEST.CB |
P49500112 |
Financials |
7,601 |
$119,563.73 |
0.77% |
| Banco Santander Chile |
BSAN.CI |
P1506A107 |
Financials |
1,496,585 |
$112,377.23 |
0.73% |
| Localiza Rent a Car S.A. |
RENT3.BZ |
P6330Z111 |
Industrials |
13,379 |
$110,816.63 |
0.72% |
| Banco Santander (Brasil) S.A. (Unit) |
SANB11.BZ |
P1505Z160 |
Financials |
17,954 |
$104,261.70 |
0.67% |
| Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) |
FEMSAUBD.MM |
P4182H115 |
Consumer Staples |
10,061 |
$102,943.33 |
0.67% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
14,286 |
$101,820.59 |
0.66% |
| Fibra Uno Administracion, S.A. de C.V. |
FUNO11.MM |
P3515D163 |
Real Estate |
67,321 |
$101,831.22 |
0.66% |
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
10,587 |
$95,201.66 |
0.62% |
| Grupo Bimbo, S.A.B. de C.V. (Class A) |
BIMBOA.MM |
P4949B104 |
Consumer Staples |
27,938 |
$90,276.28 |
0.58% |
| Grupo Comercial Chedraui, S.A.B. de C.V. |
CHDRAUIB.MM |
P4612W104 |
Consumer Staples |
12,521 |
$90,004.65 |
0.58% |
| Brazilian Real |
$BRL |
|
Other |
484,340 |
$88,583.60 |
0.57% |
| Colombian Peso |
$COP |
|
Other |
78,770,000 |
$20,487.20 |
0.13% |
| Chilean Peso |
$CLP |
|
Other |
5 |
$0.01 |
0.00% |
| Mexican Peso |
$MXN |
|
Other |
-1,653 |
($92.05) |
0.00% |
| Nuevo Sol |
$PEN |
|
Other |
1 |
$0.42 |
0.00% |
| US Dollar |
$USD |
|
Other |
-160,461 |
($160,460.86) |
-1.04% |
Holdings are subject to change.
The holdings information set forth above for the date indicated reflects creation and redemption transactions from the prior business day and may differ from the holdings information currently available from the Fund's custodian and accounting agent. With respect to the market value of the Fund's holdings set forth above, the pricing sources are generally third party vendors. The Fund ultimately relies on pricing information provided by the Fund's accounting agent.
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