Holdings of the Fund as of 4/2/2025
Total Number of Holdings (excluding cash): 50
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
18,216 |
$207,410.61 |
3.68% |
| JBS SA |
JBSS3.BZ |
P59695109 |
Consumer Staples |
28,197 |
$205,095.76 |
3.64% |
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
28,004 |
$201,873.27 |
3.59% |
| Marfrig Global Foods S.A. |
MRFG3.BZ |
P64386116 |
Consumer Staples |
60,103 |
$197,907.85 |
3.52% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
18,764 |
$187,499.72 |
3.33% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
57,374 |
$183,987.24 |
3.27% |
| Companhia de Saneamento do Parana (Unit) |
SAPR11.BZ |
P3R668101 |
Utilities |
36,832 |
$180,886.88 |
3.21% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
56,550 |
$179,756.72 |
3.19% |
| PagSeguro Digital Ltd. (Class A) |
PAGS |
G68707101 |
Financials |
21,173 |
$169,172.27 |
3.00% |
| Companhia de Saneamento de Minas Gerais (Copasa MG) |
CSMG3.BZ |
P28269101 |
Utilities |
49,162 |
$168,180.42 |
2.99% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P2R268136 |
Utilities |
9,252 |
$165,982.79 |
2.95% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
56,425 |
$162,225.61 |
2.88% |
| Energisa SA (Units) |
ENGI11.BZ |
P3769S114 |
Utilities |
22,446 |
$159,403.87 |
2.83% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
22,626 |
$147,735.47 |
2.62% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
40,361 |
$140,268.81 |
2.49% |
| Isa Energia Brasil SA (Preference) |
ISAE4.BZ |
P30576113 |
Utilities |
35,586 |
$138,727.24 |
2.46% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
12,473 |
$133,835.29 |
2.38% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
73,703 |
$130,530.00 |
2.32% |
| Centrais Eletricas Brasileiras S.A. (Electrobras) |
ELET3.BZ |
P22854122 |
Utilities |
17,994 |
$128,545.28 |
2.28% |
| Metalurgica Gerdau SA (Preference) |
GOAU4.BZ |
P4834C118 |
Materials |
79,887 |
$127,179.60 |
2.26% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
13,254 |
$124,321.86 |
2.21% |
| WEG S.A. |
WEGE3.BZ |
P9832B129 |
Industrials |
15,517 |
$122,289.22 |
2.17% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
P1R1WJ103 |
Financials |
16,974 |
$120,573.37 |
2.14% |
| Rede D'Or Sao Luiz S.A. |
RDOR3.BZ |
P79942101 |
Health Care |
24,159 |
$120,429.07 |
2.14% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
13,131 |
$118,581.58 |
2.11% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Energy |
38,673 |
$118,246.97 |
2.10% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P5887P427 |
Financials |
69,856 |
$115,869.61 |
2.06% |
| Transmissora Alianca de Energia Electrica S.A. (Unit) |
TAEE11.BZ |
P9T5CD126 |
Utilities |
18,689 |
$110,974.23 |
1.97% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
75,261 |
$98,943.19 |
1.76% |
| Klabin SA (Unit) |
KLBN11.BZ |
P60933135 |
Materials |
26,471 |
$87,582.19 |
1.56% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
16,939 |
$84,289.78 |
1.50% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
44,745 |
$82,935.90 |
1.47% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
14,655 |
$80,795.61 |
1.44% |
| Hypera S.A. |
HYPE3.BZ |
P5230A101 |
Health Care |
22,632 |
$80,124.05 |
1.42% |
| Lojas Renner S.A. |
LREN3.BZ |
P6332C102 |
Consumer Discretionary |
33,781 |
$76,903.56 |
1.37% |
| SLC Agricola SA |
SLCE3.BZ |
P8711D107 |
Consumer Staples |
23,395 |
$77,035.32 |
1.37% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
10,172 |
$70,666.93 |
1.26% |
| Brava Energia |
BRAV3.BZ |
P0001U147 |
Energy |
17,364 |
$69,154.15 |
1.23% |
| Ambipar Participacoes e Empreendimentos S/A |
AMBP3.BZ |
P0R77M103 |
Industrials |
3,149 |
$67,415.49 |
1.20% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Consumer Discretionary |
189,077 |
$61,064.75 |
1.08% |
| Atacadao SA |
CRFB3.BZ |
P0565P138 |
Consumer Staples |
37,606 |
$48,581.28 |
0.86% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
7,634 |
$45,209.67 |
0.80% |
| Smartfit Escola de Ginastica e Danca S.A. |
SMFT3.BZ |
P8T12R101 |
Consumer Discretionary |
12,040 |
$43,935.45 |
0.78% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
7,453 |
$42,489.45 |
0.75% |
| CCR SA |
CCRO3.BZ |
P2170M104 |
Industrials |
20,079 |
$41,516.56 |
0.74% |
| Banco Santander (Brasil) S.A. (Unit) |
SANB11.BZ |
P1505Z160 |
Financials |
8,573 |
$40,854.20 |
0.73% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
17,665 |
$38,664.65 |
0.69% |
| Allos S.A. |
ALOS3.BZ |
P0R6A1107 |
Real Estate |
11,276 |
$38,436.01 |
0.68% |
| GPS Participacoes e Empreendimentos S.A. |
GGPS3.BZ |
P4R4AT137 |
Industrials |
14,607 |
$35,124.94 |
0.62% |
| Raia Drogasil S.A. |
RADL3.BZ |
P7942C102 |
Consumer Staples |
9,282 |
$31,736.91 |
0.56% |
| Brazilian Real |
$BRL |
|
Other |
96,328 |
$16,990.48 |
0.30% |
| US Dollar |
$USD |
|
Other |
2,194 |
$2,194.26 |
0.04% |
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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