Holdings of the Fund as of 3/31/2025
Total Number of Holdings (excluding cash): 50
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
40,931 |
$471,608.21 |
4.55% |
| Falabella SA |
FALAB.CI |
P3880F108 |
Consumer Discretionary |
97,216 |
$405,379.05 |
3.92% |
| Industrias Penoles, S.A.B. de C.V. |
PE&OLES*.MM |
P55409141 |
Materials |
21,634 |
$401,398.12 |
3.88% |
| Coca-Cola FEMSA, S.A.B. de C.V. |
KOFUBL.MM |
P2861Y177 |
Consumer Staples |
40,547 |
$370,627.43 |
3.58% |
| JBS SA |
JBSS3.BZ |
P59695109 |
Consumer Staples |
49,660 |
$357,756.42 |
3.46% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
54,525 |
$355,062.35 |
3.43% |
| Prologis Property Mexico S.A. de C.V. |
FIBRAPL.MM |
P4559M101 |
Real Estate |
109,724 |
$351,081.71 |
3.39% |
| Rede D'Or Sao Luiz S.A. |
RDOR3.BZ |
P79942101 |
Health Care |
63,480 |
$313,703.44 |
3.03% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P2R268136 |
Utilities |
17,376 |
$310,586.97 |
3.00% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
30,915 |
$307,174.78 |
2.97% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
102,798 |
$291,471.72 |
2.82% |
| Fibra Uno Administracion, S.A. de C.V. |
FUNO11.MM |
P3515D163 |
Real Estate |
246,679 |
$288,210.40 |
2.78% |
| GRUMA, S.A.B. de C.V. |
GRUMAB.MM |
P4948K121 |
Consumer Staples |
15,463 |
$279,209.13 |
2.70% |
| Bancolombia S.A. (Preference) |
PFBCOLO.CB |
P1329P158 |
Financials |
27,213 |
$274,074.64 |
2.65% |
| Grupo Comercial Chedraui, S.A.B. de C.V. |
CHDRAUIB.MM |
P4612W104 |
Consumer Staples |
48,143 |
$271,667.60 |
2.62% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
83,908 |
$261,437.80 |
2.53% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
36,251 |
$252,834.47 |
2.44% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
137,785 |
$247,732.25 |
2.39% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P5887P427 |
Financials |
149,643 |
$247,811.51 |
2.39% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
28,140 |
$245,724.37 |
2.37% |
| El Puerto de Liverpool, S.A.B. de C.V. (Class C1) |
LIVEPOLC.MM |
P36918137 |
Consumer Discretionary |
48,020 |
$226,671.64 |
2.19% |
| Credicorp Ltd. |
BAP |
G2519Y108 |
Financials |
1,195 |
$222,461.20 |
2.15% |
| Empresas Copec S.A. |
COPEC.CI |
P7847L108 |
Consumer Discretionary |
32,266 |
$222,543.44 |
2.15% |
| Cencosud S.A. |
CENCOSUD.CI |
P2205J100 |
Consumer Staples |
71,346 |
$217,869.28 |
2.10% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
43,343 |
$214,115.09 |
2.07% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
62,897 |
$198,397.28 |
1.92% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
35,887 |
$197,532.40 |
1.91% |
| Grupo Mexico, S.A.B. de C.V. (Class B) |
GMEXICOB.MM |
P49538112 |
Materials |
38,630 |
$193,144.85 |
1.87% |
| LATAM Airlines Group S.A. |
LTM.CI |
P61894104 |
Industrials |
11,143,638 |
$174,605.65 |
1.69% |
| WEG S.A. |
WEGE3.BZ |
P9832B129 |
Industrials |
21,567 |
$171,131.28 |
1.65% |
| Nu Holdings Ltd. (Class A) |
NU |
G6683N103 |
Financials |
15,779 |
$161,576.96 |
1.56% |
| Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (Class B) |
GAPB.MM |
P4959P100 |
Industrials |
8,233 |
$152,232.41 |
1.47% |
| Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) |
FEMSAUBD.MM |
P4182H115 |
Consumer Staples |
14,668 |
$143,228.51 |
1.38% |
| Grupo Financiero Inbursa, S.A.B. de C.V. |
GFINBURO.MM |
P4950U165 |
Financials |
63,111 |
$141,829.44 |
1.37% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
76,739 |
$139,991.00 |
1.35% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
24,061 |
$134,926.39 |
1.30% |
| CEMEX, S.A.B. de C.V. (Unit) |
CEMEXCPO.MM |
P2253T133 |
Materials |
233,393 |
$131,724.85 |
1.27% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
89,676 |
$116,132.54 |
1.12% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
33,066 |
$114,035.48 |
1.10% |
| Banco de Credito e Inversiones |
BCI.CI |
P32133111 |
Financials |
2,303 |
$85,095.32 |
0.82% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Consumer Discretionary |
252,250 |
$81,777.92 |
0.79% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
P1R1WJ103 |
Financials |
11,013 |
$77,775.70 |
0.75% |
| Ambev S.A. |
ABEV3.BZ |
P0273U106 |
Consumer Staples |
29,892 |
$70,716.70 |
0.68% |
| Grupo Financiero Banorte, S.A.B. de C.V. |
GFNORTEO.MM |
P49501201 |
Financials |
10,087 |
$69,957.48 |
0.68% |
| Banco BTG Pactual SA (Unit) |
BPAC11.BZ |
P1R8ZJ253 |
Financials |
11,754 |
$69,414.28 |
0.67% |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. (Class B) |
ASURB.MM |
P4950Y100 |
Industrials |
2,526 |
$69,150.86 |
0.67% |
| Banco Santander (Brasil) S.A. (Unit) |
SANB11.BZ |
P1505Z160 |
Financials |
13,770 |
$64,476.83 |
0.62% |
| Engie Brasil Energia SA |
EGIE3.BZ |
P37625103 |
Utilities |
9,209 |
$62,292.12 |
0.60% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
26,599 |
$59,057.51 |
0.57% |
| Localiza Rent a Car S.A. |
RENT3.BZ |
P6330Z111 |
Industrials |
9,535 |
$56,125.99 |
0.54% |
| Brazilian Real |
$BRL |
|
Other |
147,232 |
$25,802.07 |
0.25% |
| Colombian Peso |
$COP |
|
Other |
78,603,150 |
$18,788.76 |
0.18% |
| Chilean Peso |
$CLP |
|
Other |
13,046 |
$13.72 |
0.00% |
| Mexican Peso |
$MXN |
|
Other |
1 |
$0.03 |
0.00% |
| Nuevo Sol |
$PEN |
|
Other |
1 |
$0.39 |
0.00% |
| US Dollar |
$USD |
|
Other |
-35,403 |
($35,403.18) |
-0.34% |
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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