Holdings of the Fund as of 5/27/2020
Total Number of Holdings (excluding cash): 50
| Magazine Luiza S.A. |
MGLU3.BZ |
Consumer Discretionary |
32,948 |
$420,727.05 |
5.68% |
| Via Varejo S.A |
VVAR3.BZ |
Consumer Discretionary |
140,702 |
$324,875.43 |
4.39% |
| Cosan SA |
CSAN3.BZ |
Energy |
22,591 |
$283,806.09 |
3.83% |
| Cia. de Transmissao de Enegia Eletrica Paulista (Preference) |
TRPL4.BZ |
Utilities |
69,603 |
$272,864.97 |
3.68% |
| Bradespar SA (Preference) |
BRAP4.BZ |
Materials |
41,056 |
$265,243.97 |
3.58% |
| TIM Participacoes S.A. |
TIMP3.BZ |
Communication Services |
100,296 |
$258,578.15 |
3.49% |
| Centrais Eletricas Brasileiras SA (Eletrobras) (Preference B) |
ELET6.BZ |
Utilities |
41,099 |
$241,369.27 |
3.26% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
Utilities |
113,970 |
$236,145.70 |
3.19% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
Utilities |
18,203 |
$219,329.05 |
2.96% |
| Sul America S.A. (Units) |
SULA11.BZ |
Financials |
26,229 |
$218,827.76 |
2.95% |
| Notre Dame Intermedica Participacoes S.A. |
GNDI3.BZ |
Health Care |
18,422 |
$217,916.78 |
2.94% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
Utilities |
20,761 |
$211,108.79 |
2.85% |
| WEG S.A. |
WEGE3.BZ |
Industrials |
27,207 |
$209,296.52 |
2.83% |
| Telefonica Brasil SA (Preference) |
VIVT4.BZ |
Communication Services |
21,685 |
$200,279.28 |
2.70% |
| EZ Tec Empreendimentos e Participacoes SA |
EZTC3.BZ |
Consumer Discretionary |
30,282 |
$197,762.11 |
2.67% |
| Alpargatas SA (Preference) |
ALPA4.BZ |
Consumer Discretionary |
37,871 |
$191,900.03 |
2.59% |
| EDP - Energias do Brasil SA |
ENBR3.BZ |
Utilities |
56,892 |
$186,580.63 |
2.52% |
| Raia Drogasil S.A. |
RADL3.BZ |
Consumer Staples |
8,447 |
$179,281.17 |
2.42% |
| B2W Companhia Digital |
BTOW3.BZ |
Consumer Discretionary |
10,001 |
$178,213.50 |
2.41% |
| ENEVA S.A. |
ENEV3.BZ |
Utilities |
21,584 |
$159,861.78 |
2.16% |
| Equatorial Energia SA |
EQTL3.BZ |
Utilities |
41,377 |
$157,661.03 |
2.13% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
Energy |
41,660 |
$157,396.79 |
2.12% |
| YDUQS Part |
YDUQ3.BZ |
Consumer Discretionary |
26,470 |
$151,039.22 |
2.04% |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes |
CYRE3.BZ |
Consumer Discretionary |
42,348 |
$140,488.33 |
1.90% |
| Guararapes Confeccoes SA |
GUAR3.BZ |
Consumer Discretionary |
51,955 |
$139,069.33 |
1.88% |
| Lojas Americanas SA (Preference) |
LAME4.BZ |
Consumer Discretionary |
24,263 |
$132,926.52 |
1.79% |
| Petrobras Distribuidora SA |
BRDT3.BZ |
Consumer Discretionary |
31,360 |
$131,977.02 |
1.78% |
| Companhia Siderurgica Nacional S.A. (CSN) |
CSNA3.BZ |
Materials |
66,831 |
$119,723.42 |
1.62% |
| Natura & Co Holding SA |
NTCO3.BZ |
Consumer Staples |
16,257 |
$119,267.10 |
1.61% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
Materials |
47,149 |
$118,518.27 |
1.60% |
| Itausa-Investimentos Itau SA (Preference Shares) |
ITSA4.BZ |
Financials |
66,926 |
$115,579.96 |
1.56% |
| Vale S.A. |
VALE3.BZ |
Materials |
11,795 |
$113,229.85 |
1.53% |
| US Dollar |
$USD |
Other |
109,804 |
$109,804.25 |
1.48% |
| BR Malls Participacoes SA |
BRML3.BZ |
Real Estate |
52,214 |
$103,535.18 |
1.40% |
| Hypermarcas S.A. |
HYPE3.BZ |
Health Care |
17,614 |
$103,511.58 |
1.40% |
| JBS SA |
JBSS3.BZ |
Consumer Staples |
24,367 |
$100,514.86 |
1.36% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
Energy |
24,673 |
$80,963.32 |
1.09% |
| Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) (Peference A) |
USIM5.BZ |
Materials |
66,105 |
$71,429.64 |
0.96% |
| Suzano Papel e Celulose SA |
SUZB3.BZ |
Materials |
7,922 |
$57,683.09 |
0.78% |
| TOTVS S.A. |
TOTS3.BZ |
Information Technology |
14,609 |
$56,274.74 |
0.76% |
| Cogna Educacao |
COGN3.BZ |
Consumer Discretionary |
55,001 |
$55,260.62 |
0.75% |
| Hapvida Participacoes e Investimentos SA |
HAPV3.BZ |
Health Care |
4,919 |
$51,287.17 |
0.69% |
| Localiza Rent a Car S.A. |
RENT3.BZ |
Industrials |
6,629 |
$49,135.35 |
0.66% |
| Azul SA (Preference) |
AZUL4.BZ |
Industrials |
16,180 |
$45,609.86 |
0.62% |
| Ambev S.A. |
ABEV3.BZ |
Consumer Staples |
16,836 |
$42,703.58 |
0.58% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
Financials |
8,338 |
$39,990.03 |
0.54% |
| Gol Linhas Aereas Inteligentes S.A. (Preference Shares) |
GOLL4.BZ |
Industrials |
17,083 |
$40,059.28 |
0.54% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
Financials |
9,578 |
$35,478.78 |
0.48% |
| Banco do Brasil S.A. |
BBAS3.BZ |
Financials |
5,951 |
$34,859.23 |
0.47% |
| Banco Santander (Brasil) S.A. |
SANB11.BZ |
Financials |
6,347 |
$31,162.89 |
0.42% |
| Cielo S.A. |
CIEL3.BZ |
Information Technology |
37,554 |
$28,476.44 |
0.38% |
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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