Holdings of the Fund as of 11/22/2024
Total Number of Holdings (excluding cash): 50
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
29,471 |
$288,933.21 |
4.97% |
| Marfrig Global Foods S.A. |
MRFG3.BZ |
P64386116 |
Consumer Staples |
86,197 |
$270,304.86 |
4.65% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
107,724 |
$217,164.40 |
3.74% |
| Nu Holdings Ltd. (Class A) |
NU |
G6683N103 |
Financials |
14,880 |
$206,980.80 |
3.56% |
| JBS SA |
JBSS3.BZ |
P59695109 |
Consumer Staples |
33,015 |
$202,796.82 |
3.49% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
57,965 |
$197,652.34 |
3.40% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
50,976 |
$191,738.70 |
3.30% |
| Lojas Renner S.A. |
LREN3.BZ |
P6332C102 |
Consumer Discretionary |
68,294 |
$190,040.15 |
3.27% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
28,000 |
$190,180.06 |
3.27% |
| Metalurgica Gerdau SA (Preference) |
GOAU4.BZ |
P4834C118 |
Materials |
100,037 |
$189,429.94 |
3.26% |
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
27,538 |
$182,914.05 |
3.15% |
| Inter & Co, Inc. (Class A) |
INTR |
G4R20B107 |
Financials |
31,188 |
$174,964.68 |
3.01% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
18,798 |
$165,185.58 |
2.84% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
37,597 |
$163,311.34 |
2.81% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
26,298 |
$154,559.16 |
2.66% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P58711105 |
Financials |
86,794 |
$153,585.58 |
2.64% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
53,672 |
$149,906.71 |
2.58% |
| WEG S.A. |
WEGE3.BZ |
P9832B129 |
Industrials |
15,151 |
$140,995.68 |
2.43% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
13,698 |
$137,315.99 |
2.36% |
| Isa Energia Brasil SA (Preference) |
ISAE4.BZ |
P30576113 |
Utilities |
32,457 |
$136,286.94 |
2.34% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
20,957 |
$118,221.94 |
2.03% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
11,213 |
$117,273.76 |
2.02% |
| Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) (Peference A) |
USIM5.BZ |
P9632E117 |
Materials |
107,751 |
$114,736.11 |
1.97% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
23,932 |
$105,562.39 |
1.82% |
| ENEVA S.A. |
ENEV3.BZ |
P3719N116 |
Utilities |
50,333 |
$103,809.56 |
1.79% |
| Santos Brasil Participacoes S.A. |
STBP3.BZ |
P8338G103 |
Industrials |
46,830 |
$104,088.85 |
1.79% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
14,608 |
$101,686.31 |
1.75% |
| Energisa SA (Units) |
ENGI11.BZ |
P3769S114 |
Utilities |
14,012 |
$101,327.98 |
1.74% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P8228H104 |
Utilities |
5,684 |
$96,007.11 |
1.65% |
| M Dias Branco S.A. Industria e Comercio de Aliementos |
MDIA3.BZ |
P64876108 |
Consumer Staples |
21,795 |
$89,339.12 |
1.54% |
| Sao Martinho S.A. |
SMTO3.BZ |
P8493J108 |
Consumer Staples |
19,531 |
$85,443.20 |
1.47% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
34,423 |
$81,849.89 |
1.41% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
45,823 |
$74,058.80 |
1.27% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
14,004 |
$71,953.18 |
1.24% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Consumer Discretionary |
144,460 |
$64,715.94 |
1.11% |
| Companhia Siderurgica Nacional S.A. (CSN) |
CSNA3.BZ |
P8661X103 |
Materials |
33,010 |
$63,190.21 |
1.09% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Energy |
19,729 |
$62,276.02 |
1.07% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
31,474 |
$60,358.36 |
1.04% |
| Auren Energia SA |
AURE3.BZ |
|
Utilities |
34,535 |
$59,147.46 |
1.02% |
| Hapvida Participacoes e Investimentos SA |
HAPV3.BZ |
P5R526106 |
Health Care |
111,268 |
$57,131.66 |
0.98% |
| Ambev S.A. |
ABEV3.BZ |
P0273U106 |
Consumer Staples |
18,675 |
$40,800.94 |
0.70% |
| Allos S.A. |
ALOS3.BZ |
P0R623102 |
Real Estate |
10,089 |
$37,287.71 |
0.64% |
| GPS Participacoes e Empreendimentos S.A. |
GGPS3.BZ |
P4R4AT137 |
Industrials |
12,360 |
$37,141.14 |
0.64% |
| Raia Drogasil S.A. |
RADL3.BZ |
P7942C102 |
Consumer Staples |
8,297 |
$37,197.93 |
0.64% |
| Klabin SA (Unit) |
KLBN11.BZ |
P60933135 |
Materials |
9,938 |
$36,798.14 |
0.63% |
| Smartfit Escola de Ginastica e Danca S.A. |
SMFT3.BZ |
P8T12R101 |
Consumer Discretionary |
9,865 |
$33,910.20 |
0.58% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
3,199 |
$32,821.74 |
0.56% |
| Engie Brasil Energia SA |
EGIE3.BZ |
P37625103 |
Utilities |
4,811 |
$31,988.99 |
0.55% |
| PagSeguro Digital Ltd. (Class A) |
PAGS |
G68707101 |
Financials |
3,282 |
$26,059.08 |
0.45% |
| Hypera S.A. |
HYPE3.BZ |
P5230A101 |
Health Care |
7,424 |
$25,813.66 |
0.44% |
| US Dollar |
$USD |
|
Other |
22,016 |
$22,016.40 |
0.38% |
| Brazilian Real |
$BRL |
|
Other |
88,365 |
$15,217.56 |
0.26% |
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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