Holdings of the Fund as of 9/25/2024
Total Number of Holdings (excluding cash): 50
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
29,398 |
$269,270.01 |
4.27% |
| Lojas Renner S.A. |
LREN3.BZ |
P6332C102 |
Consumer Discretionary |
68,123 |
$224,783.59 |
3.57% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
50,848 |
$222,935.25 |
3.54% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
107,456 |
$222,512.47 |
3.53% |
| Marfrig Global Foods S.A. |
MRFG3.BZ |
P64386116 |
Consumer Staples |
85,981 |
$222,790.96 |
3.53% |
| Nu Holdings Ltd. (Class A) |
NU |
G6683N103 |
Financials |
14,843 |
$219,379.54 |
3.48% |
| Inter & Co, Inc. (Class A) |
INTR |
G4R20B107 |
Financials |
31,110 |
$209,681.40 |
3.33% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
57,820 |
$192,898.70 |
3.06% |
| Metalurgica Gerdau SA (Preference) |
GOAU4.BZ |
P4834C118 |
Materials |
99,786 |
$192,600.42 |
3.06% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
18,751 |
$190,033.46 |
3.01% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
27,930 |
$188,960.85 |
3.00% |
| JBS SA |
JBSS3.BZ |
P59695109 |
Consumer Staples |
32,932 |
$187,803.12 |
2.98% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
53,538 |
$183,207.98 |
2.91% |
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
27,469 |
$180,023.39 |
2.86% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P58711105 |
Financials |
86,576 |
$173,901.33 |
2.76% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
26,232 |
$173,209.81 |
2.75% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
37,502 |
$173,050.29 |
2.74% |
| WEG S.A. |
WEGE3.BZ |
P9832B129 |
Industrials |
15,113 |
$153,660.62 |
2.44% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
13,664 |
$151,228.91 |
2.40% |
| Cia. de Transmissao de Enegia Eletrica Paulista (Preference) |
TRPL4.BZ |
P30576113 |
Utilities |
32,375 |
$143,953.22 |
2.28% |
| ENEVA S.A. |
ENEV3.BZ |
P3719N116 |
Utilities |
50,208 |
$127,530.11 |
2.02% |
| Santos Brasil Participacoes S.A. |
STBP3.BZ |
P8338G103 |
Industrials |
46,713 |
$126,670.91 |
2.01% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
20,904 |
$123,790.97 |
1.96% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
23,873 |
$119,009.68 |
1.89% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
14,571 |
$119,227.64 |
1.89% |
| Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) (Peference A) |
USIM5.BZ |
P9632E117 |
Materials |
107,482 |
$118,545.57 |
1.88% |
| Energisa SA (Units) |
ENGI11.BZ |
P3769S114 |
Utilities |
13,977 |
$115,745.44 |
1.84% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
11,185 |
$106,533.51 |
1.69% |
| M Dias Branco S.A. Industria e Comercio de Aliementos |
MDIA3.BZ |
P64876108 |
Consumer Staples |
21,740 |
$98,967.93 |
1.57% |
| Sao Martinho S.A. |
SMTO3.BZ |
P8493J108 |
Consumer Staples |
19,482 |
$96,657.56 |
1.53% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P8228H104 |
Utilities |
5,670 |
$94,839.91 |
1.50% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
34,337 |
$90,540.34 |
1.44% |
| Brazilian Real |
$BRL |
|
Other |
480,566 |
$87,774.52 |
1.39% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
45,709 |
$84,635.47 |
1.34% |
| Hapvida Participacoes e Investimentos SA |
HAPV3.BZ |
P5R526106 |
Health Care |
110,990 |
$83,501.40 |
1.32% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Consumer Discretionary |
144,098 |
$79,991.57 |
1.27% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Energy |
19,680 |
$75,071.70 |
1.19% |
| Companhia Siderurgica Nacional S.A. (CSN) |
CSNA3.BZ |
P8661X103 |
Materials |
32,927 |
$73,233.88 |
1.16% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
13,969 |
$73,029.67 |
1.16% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
31,395 |
$71,661.05 |
1.14% |
| Auren Energia SA |
AURE3.BZ |
|
Utilities |
34,448 |
$64,916.69 |
1.03% |
| Ambev S.A. |
ABEV3.BZ |
P0273U106 |
Consumer Staples |
18,628 |
$43,131.85 |
0.68% |
| GPS Participacoes e Empreendimentos S.A. |
GGPS3.BZ |
P4R4AT137 |
Industrials |
12,329 |
$41,649.74 |
0.66% |
| Allos S.A. |
ALOS3.BZ |
P0R623102 |
Real Estate |
10,064 |
$40,301.57 |
0.64% |
| Raia Drogasil S.A. |
RADL3.BZ |
P7942C102 |
Consumer Staples |
8,277 |
$39,599.24 |
0.63% |
| Engie Brasil Energia SA |
EGIE3.BZ |
P37625103 |
Utilities |
4,799 |
$37,681.82 |
0.60% |
| Klabin SA (Unit) |
KLBN11.BZ |
P60933135 |
Materials |
9,913 |
$37,560.89 |
0.60% |
| Smartfit Escola de Ginastica e Danca S.A. |
SMFT3.BZ |
P8T12R101 |
Consumer Discretionary |
9,840 |
$38,110.84 |
0.60% |
| Hypera S.A. |
HYPE3.BZ |
P5230A101 |
Health Care |
7,406 |
$35,229.31 |
0.56% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
3,191 |
$34,749.99 |
0.55% |
| PagSeguro Digital Ltd. (Class A) |
PAGS |
G68707101 |
Financials |
3,273 |
$29,096.97 |
0.46% |
| US Dollar |
$USD |
|
Other |
19,520 |
$19,520.46 |
0.31% |
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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