Holdings of the Fund as of 4/15/2024
Total Number of Holdings (excluding cash): 50
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
48,425 |
$293,533.43 |
4.69% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
94,445 |
$236,320.14 |
3.77% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
29,115 |
$220,801.29 |
3.53% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
62,808 |
$216,895.10 |
3.46% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Energy |
40,899 |
$212,328.43 |
3.39% |
| Metalurgica Gerdau SA (Preference) |
GOAU4.BZ |
P4834C118 |
Materials |
99,837 |
$209,749.61 |
3.35% |
| Inter & Co, Inc. (Class A) |
INTR |
G4R20B107 |
Financials |
40,144 |
$204,734.40 |
3.27% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
45,633 |
$203,275.36 |
3.25% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
12,380 |
$193,994.60 |
3.10% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
15,592 |
$183,640.84 |
2.93% |
| Allos S.A. |
ALOS3.BZ |
P0R623102 |
Real Estate |
40,837 |
$176,002.46 |
2.81% |
| PagSeguro Digital Ltd. (Class A) |
PAGS |
G68707101 |
Financials |
14,319 |
$175,264.56 |
2.80% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
15,660 |
$170,574.62 |
2.72% |
| Cia. de Transmissao de Enegia Eletrica Paulista (Preference) |
TRPL4.BZ |
P30576113 |
Utilities |
32,731 |
$168,219.07 |
2.69% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
25,534 |
$157,190.91 |
2.51% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P58711105 |
Financials |
83,644 |
$157,010.73 |
2.51% |
| Smartfit Escola de Ginastica e Danca S.A. |
SMFT3.BZ |
P8T12R101 |
Consumer Discretionary |
33,322 |
$155,570.83 |
2.48% |
| Companhia Siderurgica Nacional S.A. (CSN) |
CSNA3.BZ |
P8661X103 |
Materials |
55,149 |
$153,101.76 |
2.44% |
| Auren Energia SA |
AURE3.BZ |
|
Utilities |
65,168 |
$148,730.79 |
2.37% |
| Cielo S.A. |
CIEL3.BZ |
P2859E100 |
Financials |
138,708 |
$146,108.64 |
2.33% |
| Energisa SA (Units) |
ENGI11.BZ |
P3769S114 |
Utilities |
16,113 |
$144,858.52 |
2.31% |
| Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) (Peference A) |
USIM5.BZ |
P9632E117 |
Materials |
70,026 |
$138,067.66 |
2.20% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
28,583 |
$136,478.66 |
2.18% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P8228H104 |
Utilities |
8,631 |
$134,291.10 |
2.14% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
36,282 |
$121,582.98 |
1.94% |
| JBS SA |
JBSS3.BZ |
P59695109 |
Consumer Staples |
26,175 |
$116,295.35 |
1.86% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
12,201 |
$114,891.00 |
1.83% |
| Banco BTG Pactual SA (Unit) |
BPAC11.BZ |
P1R8ZJ253 |
Financials |
17,336 |
$112,508.84 |
1.80% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
62,936 |
$111,946.85 |
1.79% |
| Caixa Seguridade Participacoes SA |
CXSE3.BZ |
P1S73N102 |
Financials |
33,696 |
$101,345.90 |
1.62% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
8,446 |
$101,007.69 |
1.61% |
| Klabin SA (Unit) |
KLBN11.BZ |
P60933135 |
Materials |
19,563 |
$92,277.55 |
1.47% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
9,439 |
$91,231.63 |
1.46% |
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
15,125 |
$88,676.36 |
1.42% |
| GPS Participacoes e Empreendimentos S.A. |
GGPS3.BZ |
P4R4AT137 |
Industrials |
23,060 |
$84,793.77 |
1.35% |
| Atacadao SA |
CRFB3.BZ |
P0565P138 |
Consumer Staples |
34,914 |
$81,097.57 |
1.29% |
| Lojas Renner S.A. |
LREN3.BZ |
P6332C102 |
Consumer Discretionary |
24,953 |
$76,349.77 |
1.22% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
12,169 |
$73,928.07 |
1.18% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
25,435 |
$68,697.61 |
1.10% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Energy |
107,861 |
$62,426.28 |
1.00% |
| Nu Holdings Ltd. (Class A) |
NU |
G6683N103 |
Financials |
5,371 |
$58,812.45 |
0.94% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
P1R1WJ103 |
Financials |
6,459 |
$41,133.21 |
0.66% |
| XP Inc. (Class A) |
XP |
G98239109 |
Financials |
1,716 |
$38,695.80 |
0.62% |
| Engie Brasil Energia SA |
EGIE3.BZ |
P37625103 |
Utilities |
4,795 |
$38,297.53 |
0.61% |
| ENEVA S.A. |
ENEV3.BZ |
P3719N116 |
Utilities |
15,969 |
$37,739.45 |
0.60% |
| Ambev S.A. |
ABEV3.BZ |
P0273U106 |
Consumer Staples |
15,830 |
$36,861.24 |
0.59% |
| Banco Santander (Brasil) S.A. (Unit) |
SANB11.BZ |
P1505Z160 |
Financials |
6,729 |
$34,985.74 |
0.56% |
| Hypera S.A. |
HYPE3.BZ |
P5230A101 |
Health Care |
6,079 |
$34,456.06 |
0.55% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
6,451 |
$33,478.12 |
0.53% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
11,226 |
$31,186.69 |
0.50% |
| US Dollar |
$USD |
|
Other |
23,183 |
$23,183.11 |
0.37% |
| Brazilian Real |
$BRL |
|
Other |
92,501 |
$17,841.09 |
0.28% |
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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