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      <regStreet1>400 Howard Street</regStreet1>
      <regCity>San Francisco</regCity>
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      <regZipOrPostalCode>94105</regZipOrPostalCode>
      <regPhone>800-474-2737</regPhone>
      <seriesName>iShares MSCI Brazil Small-Cap ETF</seriesName>
      <seriesId>S000028677</seriesId>
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      <repPdEnd>2026-08-31</repPdEnd>
      <repPdDate>2026-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>505795.40</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>Companhia Siderurgica Nacional S. A.</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Ferro Ligas da Bahia (Ferbasa)</name>
        <lei>N/A</lei>
        <title>CIA FERRO LIGAS DA BAHIA FERBASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRFESAACNPR5"/>
          <other otherDesc="Internal" value="B07C6Z5"/>
        </identifiers>
        <balance>659077.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>807425.02000000</valUSD>
        <pctVal>0.322022975037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALPARGATAS S.A.</name>
        <lei>254900LU3422XPKEQJ79</lei>
        <title>ALPARGATAS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRALPAACNPR7"/>
          <other otherDesc="Internal" value="B07C796"/>
        </identifiers>
        <balance>626893.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1540964.65000000</valUSD>
        <pctVal>0.614578454630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lojas Renner S.A.</name>
        <lei>52990032N7OAAM138D78</lei>
        <title>LOJAS RENNER SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
          <other otherDesc="Internal" value="B0CGYD6"/>
        </identifiers>
        <balance>4157416.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>12279687.66000000</valUSD>
        <pctVal>4.897472155136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAHLE Metal Leve S.A</name>
        <lei>5299007RXRC7NGOR6145</lei>
        <title>MAHLE METAL LEVE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRLEVEACNOR2"/>
          <other otherDesc="Internal" value="B0HZY49"/>
        </identifiers>
        <balance>223141.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1494227.03000000</valUSD>
        <pctVal>0.595938225425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cosan S.A.</name>
        <lei>549300PGFCX2JMKKLC96</lei>
        <title>COSAN SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCSANACNOR6"/>
          <other otherDesc="Internal" value="B0P72G5"/>
        </identifiers>
        <balance>5301478.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3993540.83000000</valUSD>
        <pctVal>1.592732287404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Saneamento de Minas Gerais - COPASA MG</name>
        <lei>N/A</lei>
        <title>CIA DE SANEAMENTO DE MINAS GERAIS COPASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCSMGACNOR5"/>
          <other otherDesc="Internal" value="B0YBZJ2"/>
        </identifiers>
        <balance>784543.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>8197611.59000000</valUSD>
        <pctVal>3.269429615170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M. Dias Branco S.A. Industria e Comercio de Alimentos</name>
        <lei>894500SZMRHGUL2PHQ60</lei>
        <title>M DIAS BRANCO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRMDIAACNOR7"/>
          <other otherDesc="Internal" value="B1FRH89"/>
        </identifiers>
        <balance>278529.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1070596.45000000</valUSD>
        <pctVal>0.426982871913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transmissora Alianca de Energia Eletrica S/A</name>
        <lei>N/A</lei>
        <title>TRANSMISSORA ALIANCA DE ENERGIA ELETRICA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRTAEECDAM10"/>
          <other otherDesc="Internal" value="B1G8KX7"/>
        </identifiers>
        <balance>774037.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>6008720.09000000</valUSD>
        <pctVal>2.396440377277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="UNITS"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sao Martinho S.A.</name>
        <lei>549300R3Z74BNJBF4161</lei>
        <title>SAO MARTINHO S A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSMTOACNOR3"/>
          <other otherDesc="Internal" value="B1P3R43"/>
        </identifiers>
        <balance>643009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2164373.99000000</valUSD>
        <pctVal>0.863210990606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JHSF PARTICIPACOES S.A.</name>
        <lei>N/A</lei>
        <title>JHSF PARTICIPACOES SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRJHSFACNOR2"/>
          <other otherDesc="Internal" value="B1VN5C1"/>
        </identifiers>
        <balance>1270233.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2827748.08000000</valUSD>
        <pctVal>1.127782551721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcabras S.A.</name>
        <lei>N/A</lei>
        <title>VULCABRAS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRVULCACNOR2"/>
          <other otherDesc="Internal" value="B1XFXM1"/>
        </identifiers>
        <balance>321010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>943070.88000000</valUSD>
        <pctVal>0.376122219310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLC Agricola S.A.</name>
        <lei>54930017BQDYJPIJXG79</lei>
        <title>SLC AGRICOLA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSLCEACNOR2"/>
          <other otherDesc="Internal" value="B1Y4WK8"/>
        </identifiers>
        <balance>817563.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2512062.82000000</valUSD>
        <pctVal>1.001878716588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MRV ENGENHARIA E PARTICIPACOES S.A.</name>
        <lei>2549008V044NSKWJZ777</lei>
        <title>MRV ENGENHARIA E PARTICIPACOES SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRMRVEACNOR2"/>
          <other otherDesc="Internal" value="B235JN1"/>
        </identifiers>
        <balance>1624252.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1883592.03000000</valUSD>
        <pctVal>0.751227537212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco ABC Brasil S.A</name>
        <lei>549300K1V1WOTCGNSI96</lei>
        <title>BANCO ABC BRASIL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRABCBACNPR4"/>
          <other otherDesc="Internal" value="B23DMP8"/>
        </identifiers>
        <balance>348140.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1690820.79000000</valUSD>
        <pctVal>0.674345143592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multiplan Empreendimentos Imobiliarios S.A.</name>
        <lei>N/A</lei>
        <title>MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA</title>
        <cusip>P69913187</cusip>
        <identifiers>
          <isin value="BRMULTACNOR5"/>
          <other otherDesc="Internal" value="B23DZG0"/>
        </identifiers>
        <balance>1376443.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>8128423.14000000</valUSD>
        <pctVal>3.241835386659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO DO ESTADO DO RIO GRANDE DO SUL S.A.</name>
        <lei>254900W2BN097WLYIM20</lei>
        <title>BANCO DO ESTADO DO RIO GRANDE DO SUL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBRSRACNPB4"/>
          <other otherDesc="Internal" value="B23F8S9"/>
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        <balance>836123.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2424890.13000000</valUSD>
        <pctVal>0.967111885884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MINERVA S.A.</name>
        <lei>391200UHL6YHY0OA1P30</lei>
        <title>MINERVA SA BRAZIL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBEEFACNOR6"/>
          <other otherDesc="Internal" value="B23GH52"/>
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        <balance>1854368.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1356437.72000000</valUSD>
        <pctVal>0.540984115216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYPERA S.A.</name>
        <lei>25490092WKPBKTIZX403</lei>
        <title>HYPERA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRHYPEACNOR0"/>
          <other otherDesc="Internal" value="B2QY968"/>
        </identifiers>
        <balance>1304498.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>5665827.71000000</valUSD>
        <pctVal>2.259685605515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAGAZINE LUIZA S.A.</name>
        <lei>N/A</lei>
        <title>MAGAZINE LUIZA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRMGLUACNOR2"/>
          <other otherDesc="Internal" value="B4975P9"/>
        </identifiers>
        <balance>1600898.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1897764.92000000</valUSD>
        <pctVal>0.756880069756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fleury SA</name>
        <lei>5299006BQZO91LA76784</lei>
        <title>FLEURY SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRFLRYACNOR5"/>
          <other otherDesc="Internal" value="B4X4D29"/>
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        <balance>1016989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3102647.55000000</valUSD>
        <pctVal>1.237419908718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ECORODOVIAS INFRAESTRUTURA E LOGISTICA S.A.</name>
        <lei>N/A</lei>
        <title>ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRECORACNOR8"/>
          <other otherDesc="Internal" value="B5720R0"/>
        </identifiers>
        <balance>1436260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2143905.36000000</valUSD>
        <pctVal>0.855047546367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECIONAL ENGENHARIA S.A.</name>
        <lei>N/A</lei>
        <title>DIRECIONAL ENGENHARIA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRDIRRACNOR0"/>
          <other otherDesc="Internal" value="B59VLC7"/>
        </identifiers>
        <balance>1397963.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3713453.97000000</valUSD>
        <pctVal>1.481026058724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alupar Investimento S.A.</name>
        <lei>N/A</lei>
        <title>ALUPAR INVESTIMENTO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRALUPCDAM15"/>
          <other otherDesc="Internal" value="B8DWT90"/>
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        <balance>678159.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="UNITS"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Saneamento do Parana - Sanepar</name>
        <lei>254900SZW9X2D21A7X94</lei>
        <title>CIA DE SANENA DO PARANA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSAPRCDAM13"/>
          <other otherDesc="Internal" value="BF0WB74"/>
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        <balance>633494.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>4764500.77000000</valUSD>
        <pctVal>1.900212000522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="UNITS"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hapvida Participacoes e Investimentos S/A</name>
        <lei>N/A</lei>
        <title>HAPVIDA PARTICIPACOES E INVESTIMENTOS S A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRHAPVACNOR4"/>
          <other otherDesc="Internal" value="BF4J7N9"/>
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        <balance>1340910.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3229635.25000000</valUSD>
        <pctVal>1.288066044191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Smartfit Escola de Ginastica e Danca S.A.</name>
        <lei>254900H3CKKQHXK8BK20</lei>
        <title>SMARTFIT ESCOLA DE GINASTICA E DANCA SA</title>
        <cusip>P8T12R101</cusip>
        <identifiers>
          <isin value="BRSMFTACNOR1"/>
          <other otherDesc="Internal" value="BF4XNJ9"/>
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        <balance>1651016.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>6064629.45000000</valUSD>
        <pctVal>2.418738544901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cogna Educacao S.A.</name>
        <lei>N/A</lei>
        <title>COGNA EDUCACAO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCOGNACNOR2"/>
          <other otherDesc="Internal" value="BHNWPB7"/>
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        <balance>8491882.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>4208443.77000000</valUSD>
        <pctVal>1.678441402640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vamos Locacao de Caminhoes, Maquinas e Equipamentos S.A.</name>
        <lei>9845004ADLE5510G4A37</lei>
        <title>VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS</title>
        <cusip>P9680U112</cusip>
        <identifiers>
          <isin value="BRVAMOACNOR7"/>
          <other otherDesc="Internal" value="BJLSQZ2"/>
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        <balance>2297103.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1393411.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hidrovias do Brasil S.A.</name>
        <lei>254900VN0UH5HO2RVM63</lei>
        <title>HIDROVIAS DO BRASIL SA</title>
        <cusip>P5220B101</cusip>
        <identifiers>
          <isin value="BRHBSAACNOR0"/>
          <other otherDesc="Internal" value="BJP5P29"/>
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        <balance>2521150.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
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        <pctVal>0.643818471065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cury Construtora e Incorporadora S.A.</name>
        <lei>N/A</lei>
        <title>CURY CONSTRUTORA E INCORPORADORA SA</title>
        <cusip>P3R15G105</cusip>
        <identifiers>
          <isin value="BRCURYACNOR3"/>
          <other otherDesc="Internal" value="BK93J35"/>
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        <balance>602898.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3792202.19000000</valUSD>
        <pctVal>1.512432982531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>C&amp;A Modas S.A.</name>
        <lei>N/A</lei>
        <title>C A MODAS SA</title>
        <cusip>P1S6UB100</cusip>
        <identifiers>
          <isin value="BRCEABACNOR1"/>
          <other otherDesc="Internal" value="BKPHNH3"/>
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        <balance>889329.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2041496.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orizon Valorizacao de Residuos S.A.</name>
        <lei>894500ACAMVLSLV62B28</lei>
        <title>ORIZON VALORIZACAO DE RESIDUOS SA</title>
        <cusip>P7376G108</cusip>
        <identifiers>
          <isin value="BRORVRACNOR0"/>
          <other otherDesc="Internal" value="BKPSYD9"/>
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        <balance>198578.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3187766.29000000</valUSD>
        <pctVal>1.271367568510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vivara Participacoes S.A.</name>
        <lei>N/A</lei>
        <title>VIVARA PARTICIPACOES SA</title>
        <cusip>P98017109</cusip>
        <identifiers>
          <isin value="BRVIVAACNOR0"/>
          <other otherDesc="Internal" value="BKTPCJ8"/>
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        <balance>536470.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2322606.54000000</valUSD>
        <pctVal>0.926318418834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tres Tentos Agroindustrial S.A.</name>
        <lei>549300QQ67YECUJQIV31</lei>
        <title>TRES TENTOS AGROINDUSTRIAL S A</title>
        <cusip>P9368F106</cusip>
        <identifiers>
          <isin value="BRTTENACNOR0"/>
          <other otherDesc="Internal" value="BL6P9D1"/>
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        <balance>514382.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Companhia Brasileira de Aluminio</name>
        <lei>5493001QYTIDILBVYO18</lei>
        <title>CIA BRASILEIRA DE ALUMINIO</title>
        <cusip>P3059U100</cusip>
        <identifiers>
          <isin value="BRCBAVACNOR5"/>
          <other otherDesc="Internal" value="BL73BJ4"/>
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        <balance>804514.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GPS PARTICIPACOES E EMPREENDIMENTOS S.A.</name>
        <lei>N/A</lei>
        <title>GPS PARTICIPACOES E EMPREENDIMENTOS SA</title>
        <cusip>P4R4AT137</cusip>
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          <isin value="BRGGPSACNOR9"/>
          <other otherDesc="Internal" value="BLFG6N4"/>
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        <balance>1852931.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIMPAR S.A.</name>
        <lei>N/A</lei>
        <title>SIMPAR SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSIMHACNOR0"/>
          <other otherDesc="Internal" value="BMC4304"/>
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        <balance>897344.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLOS S.A.</name>
        <lei>N/A</lei>
        <title>ALLOS SA</title>
        <cusip>P0R6A1107</cusip>
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          <isin value="BRALOSACNOR5"/>
          <other otherDesc="Internal" value="BMHVKZ4"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iguatemi S.A.</name>
        <lei>N/A</lei>
        <title>IGUATEMI SA</title>
        <cusip>P5R52Z102</cusip>
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          <isin value="BRIGTICDAM16"/>
          <other otherDesc="Internal" value="BMHY0G4"/>
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        <balance>891265.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Auren Energia S.A.</name>
        <lei>N/A</lei>
        <title>AUREN ENERGIA SA</title>
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          <isin value="BRAUREACNOR9"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira</name>
        <lei>254900KMTRJJ34YRJE34</lei>
        <title>INTELBRAS SA INDUSTRIA DE TELECOMUNICACAO ELETRONI</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sendas Distribuidora S.A.</name>
        <lei>N/A</lei>
        <title>SENDAS DISTRIBUIDORA S A</title>
        <cusip>P8T81L100</cusip>
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          <isin value="BRASAIACNOR0"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEXCO S.A.</name>
        <lei>8945004WLNADCQEEFF38</lei>
        <title>DEXCO SA</title>
        <cusip>P3R899102</cusip>
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          <isin value="BRDXCOACNOR8"/>
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        <balance>1874999.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mateus S.A.</name>
        <lei>2549009L391XCIGEGQ92</lei>
        <title>GRUPO MATEUS SA</title>
        <cusip>N/A</cusip>
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          <isin value="BRGMATACNOR7"/>
          <other otherDesc="Internal" value="BN7JD67"/>
        </identifiers>
        <balance>2376078.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2011250.37000000</valUSD>
        <pctVal>0.802141142088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PetroReconcavo S.A.</name>
        <lei>2549002HI638C802VA74</lei>
        <title>PETRORECONCAVO S A</title>
        <cusip>P7S19P135</cusip>
        <identifiers>
          <isin value="BRRECVACNOR3"/>
          <other otherDesc="Internal" value="BNC08V5"/>
        </identifiers>
        <balance>543027.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>1223938.11000000</valUSD>
        <pctVal>0.488139680690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brava Energia S.A.</name>
        <lei>N/A</lei>
        <title>BRAVA ENERGIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBRAVACNOR3"/>
          <other otherDesc="Internal" value="BQB4358"/>
        </identifiers>
        <balance>1530669.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>6144462.29000000</valUSD>
        <pctVal>2.450578044552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Azzas 2154 S.A.</name>
        <lei>N/A</lei>
        <title>AZZAS 2154 SA</title>
        <cusip>P0R0NH101</cusip>
        <identifiers>
          <isin value="BRAZZAACNOR9"/>
          <other otherDesc="Internal" value="BRJPLM3"/>
        </identifiers>
        <balance>554065.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2120901.80000000</valUSD>
        <pctVal>0.845873103361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Odontoprev SA</name>
        <lei>N/A</lei>
        <title>BRADSAUDE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSAUDACNOR9"/>
          <other otherDesc="Internal" value="BX686Y4"/>
        </identifiers>
        <balance>1127973.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>3032047.24000000</valUSD>
        <pctVal>1.209262592185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRB-Brasil Resseguros S.A.</name>
        <lei>21380017DVWSU9AEU878</lei>
        <title>IRB BRASIL RESSEGUROS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRIRBRACNOR4"/>
          <other otherDesc="Internal" value="BYZ6D56"/>
        </identifiers>
        <balance>235284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>2406687.30000000</valUSD>
        <pctVal>0.959852104077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Afya Limited</name>
        <lei>54930008Y7J8Z1BSDT57</lei>
        <title>AFYA LTD</title>
        <cusip>G01125106</cusip>
        <identifiers>
          <isin value="KYG011251066"/>
          <other otherDesc="Internal" value="G01125106"/>
        </identifiers>
        <balance>61944.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>867835.44000000</valUSD>
        <pctVal>0.346116287345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aura Minerals Inc.</name>
        <lei>549300YIRI8PSDM2FV20</lei>
        <title>AURA MINERALS INC</title>
        <cusip>G06973112</cusip>
        <identifiers>
          <isin value="VGG069731120"/>
          <other otherDesc="Internal" value="G06973112"/>
        </identifiers>
        <balance>137974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10661250.98000000</valUSD>
        <pctVal>4.251995755848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Inter &amp; Co, Inc.</name>
        <lei>N/A</lei>
        <title>INTER CO INC</title>
        <cusip>G4R20B107</cusip>
        <identifiers>
          <isin value="KYG4R20B1074"/>
          <other otherDesc="Internal" value="G4R20B107"/>
        </identifiers>
        <balance>997397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6153939.49000000</valUSD>
        <pctVal>2.454357808696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAGSEGURO DIGITAL LTD.</name>
        <lei>391200VY4YW47I4HGH62</lei>
        <title>PAGSEGURO DIGITAL LTD</title>
        <cusip>G68707101</cusip>
        <identifiers>
          <isin value="KYG687071012"/>
          <other otherDesc="Internal" value="G68707101"/>
        </identifiers>
        <balance>687237.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6425665.95000000</valUSD>
        <pctVal>2.562729683332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRIA INVESTMENTS LTD.</name>
        <lei>254900MZMZN2NNVXYO82</lei>
        <title>PATRIA INVESTMENTS LTD</title>
        <cusip>G69451105</cusip>
        <identifiers>
          <isin value="KYG694511059"/>
          <other otherDesc="Internal" value="G69451105"/>
        </identifiers>
        <balance>274806.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3185001.54000000</valUSD>
        <pctVal>1.270264911299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vinci Compass Investments Ltd</name>
        <lei>254900WV6Y7P21PJ5B49</lei>
        <title>VINCI COMPASS INVESTMENTS LTD</title>
        <cusip>G9451V109</cusip>
        <identifiers>
          <isin value="KYG9451V1095"/>
          <other otherDesc="Internal" value="G9451V109"/>
        </identifiers>
        <balance>101786.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1031092.18000000</valUSD>
        <pctVal>0.411227498674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTEX</name>
        <lei>N/A</lei>
        <title>VTEX</title>
        <cusip>G9470A102</cusip>
        <identifiers>
          <isin value="KYG9470A1022"/>
          <other otherDesc="Internal" value="G9470A102"/>
        </identifiers>
        <balance>251167.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>946899.59000000</valUSD>
        <pctVal>0.377649212596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSCI BRAZIL IX FU JUN26</name>
        <lei>N/A</lei>
        <title>MSCI BRAZIL IX FU JUN26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="MCBM6"/>
          <other otherDesc="INTERNAL" value="MCBM62026"/>
        </identifiers>
        <balance>27.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-66737.92000000</valUSD>
        <pctVal>-0.02661689075</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MSCI BRAZIL IX FU JUN26</indexName>
                <indexIdentifier>MCGlfM6</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-22</expDate>
            <notionalAmt>2110637.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-66737.92000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINI BOVESPA FUT JUN26</name>
        <lei>N/A</lei>
        <title>MINI BOVESPA FUT JUN26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="WINM26"/>
          <other otherDesc="INTERNAL" value="WINM62029"/>
        </identifiers>
        <balance>240.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="BRL" exchangeRt="5.04455000"/>
        <valUSD>-72943.83000000</valUSD>
        <pctVal>-0.02909197580</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SAO PAOLO STOCK EXCHANGE</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MINI BOVESPA FUT Jun 2026</indexName>
                <indexIdentifier>WINM26</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-17</expDate>
            <notionalAmt>1739734.33000000</notionalAmt>
            <curCd>BRL</curCd>
            <unrealizedAppr>-72943.83000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort </ncom:signature>
      <ncom:signerName>Chuck Pulsfort </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
