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        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>15873987.73000000</valUSD>
        <pctVal>2.662017010026</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>CVC BRASIL OPERADORA E AGENCIA DE VIAGENS SA</name>
        <lei>N/A</lei>
        <title>CVC BRASIL OPERADORA E AGENCIA DE VIAGENS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCVCBACNOR1"/>
        </identifiers>
        <balance>1288301.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>10980008.99000000</valUSD>
        <pctVal>1.841312416185</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>CIA LOCACAO AMERICAS</name>
        <lei>N/A</lei>
        <title>CIA LOCACAO AMERICAS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRLCAMACNOR3"/>
        </identifiers>
        <balance>5222996.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>28794408.90000000</valUSD>
        <pctVal>4.828730347359</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>SUZANO SA</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>SUZANO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSUZBACNOR0"/>
        </identifiers>
        <balance>2163943.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>20044743.57000000</valUSD>
        <pctVal>3.361439434914</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>RUMO SA</name>
        <lei>N/A</lei>
        <title>RUMO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRRAILACNOR9"/>
        </identifiers>
        <balance>3091517.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>16747581.94000000</valUSD>
        <pctVal>2.808515967090</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>UNIFIN FINANCIERA S A P I DE C V SOFOM E N R</name>
        <lei>5493007GRMPGDJG93Z17</lei>
        <title>UNIFIN FINANCIERA SAPI DE CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX00UN000002"/>
        </identifiers>
        <balance>5701355.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.89550000"/>
        <valUSD>8717003.83000000</valUSD>
        <pctVal>1.461813683279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO DEL BAJIO SA</name>
        <lei>4469000001BD95FFLY16</lei>
        <title>BANCO DEL BAJIO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX41BB000000"/>
        </identifiers>
        <balance>8566863.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.89550000"/>
        <valUSD>14127355.78000000</valUSD>
        <pctVal>2.369112414140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUALICORP CONSULTORIA E CORRETORA DE SEGUROS SA</name>
        <lei>N/A</lei>
        <title>QUALICORP CONSULTORIA E CORRETORA DE SEGUROS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRQUALACNOR6"/>
        </identifiers>
        <balance>1228485.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>11893006.14000000</valUSD>
        <pctVal>1.994419120357</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 SA</name>
        <lei>21380017DVWSU9AEU878</lei>
        <title>IRB BRASIL RESSEGUROS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRIRBRACNOR4"/>
        </identifiers>
        <balance>1938348.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>20290510.63000000</valUSD>
        <pctVal>3.402653785419</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 LTD</name>
        <lei>54930008Y7J8Z1BSDT57</lei>
        <title>AFYA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG011251066"/>
        </identifiers>
        <balance>1091984.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32606642.24000000</valUSD>
        <pctVal>5.468029694812</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="6016790"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITAUSA INVESTIMENTOS ITAU SA</name>
        <lei>N/A</lei>
        <title>ITAUSA (INVEST ITAU) PFD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRITSAACNPR7"/>
        </identifiers>
        <balance>19422987.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>58324291.98000000</valUSD>
        <pctVal>9.780797364174</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>GENOMMA LAB INTERNACIONAL SA</name>
        <lei>N/A</lei>
        <title>GENOMMA LAB INTERNACIONAL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01LA010006"/>
        </identifiers>
        <balance>23706975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.89550000"/>
        <valUSD>28078754.23000000</valUSD>
        <pctVal>4.708717346389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUALITAS CONTROLADO SAB DE CV</name>
        <lei>N/A</lei>
        <title>QUALITAS CONTROLADO SAB DE CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01Q0000008"/>
        </identifiers>
        <balance>4942149.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.89550000"/>
        <valUSD>22210965.21000000</valUSD>
        <pctVal>3.724707880830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AZUL SA</name>
        <lei>549300Z0MWZ57Q9RR205</lei>
        <title>AZUL SA SPONSORED ADR</title>
        <cusip>05501U106</cusip>
        <identifiers>
          <isin value="US05501U1060"/>
        </identifiers>
        <balance>704200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29224300.00000000</valUSD>
        <pctVal>4.900821710923</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>FIDELITY REVERE STREET TRUST</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Securities Lending Cash Central Fund</title>
        <cusip>31635A303</cusip>
        <identifiers>
          <isin value="US31635A3032"/>
        </identifiers>
        <balance>22602216.51400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22604476.74000000</valUSD>
        <pctVal>3.790698506772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="22604476.74" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SER EDUCACIONAL SA</name>
        <lei>N/A</lei>
        <title>SER EDUCACIONAL S A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSEERACNOR5"/>
        </identifiers>
        <balance>2573043.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>18366862.31000000</valUSD>
        <pctVal>3.080064110017</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>YDUQS PART</name>
        <lei>N/A</lei>
        <title>YDUQS PART</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRYDUQACNOR3"/>
        </identifiers>
        <balance>1846256.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>22723615.04000000</valUSD>
        <pctVal>3.810677618923</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>PETROLEO BRASILEIRO-PETROBRAS</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>PETROBRAS PN (PFD REG)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRPETRACNPR6"/>
        </identifiers>
        <balance>8444494.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>56098130.64000000</valUSD>
        <pctVal>9.407477222132</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>CREDITO REAL S A DE C V SOCIEDAD FINANCIERA DE OBJETO MULTIPLE ENTIDAD NO REGULADA</name>
        <lei>549300W2IL7TPPCTKL39</lei>
        <title>CREDITO REAL SAB DE CV SOFOM ER</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX00CR000000"/>
        </identifiers>
        <balance>14635664.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.89550000"/>
        <valUSD>18279572.94000000</valUSD>
        <pctVal>3.065425961640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO BMG SA</name>
        <lei>549300IKNU8A627GPM07</lei>
        <title>BANCO BMG SA PREF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBMGBACNPR0"/>
        </identifiers>
        <balance>9758770.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>21761605.92000000</valUSD>
        <pctVal>3.649351764021</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>PAGSEGURO DIGITAL LTD</name>
        <lei>N/A</lei>
        <title>PAGSEGURO DIGITAL LTD CL A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG687071012"/>
        </identifiers>
        <balance>452538.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14702959.62000000</valUSD>
        <pctVal>2.465639338513</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="15309288"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO BTG PACTUAL SA</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>BANCO BTG PACTUAL SA UNIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
        </identifiers>
        <balance>1660668.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>29082823.52000000</valUSD>
        <pctVal>4.877096557378</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 SA</name>
        <lei>N/A</lei>
        <title>LOJAS RENNER SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
        </identifiers>
        <balance>1580704.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.28260000"/>
        <valUSD>21204745.90000000</valUSD>
        <pctVal>3.555968118358</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-03-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
