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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>876234.76000000</valUSD>
        <pctVal>0.389300365131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EIS ECZACIBASI ILAC SINAI VE FINANSAL YATIRIMLAR SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>789000UZQJ7SKJ81NZ93</lei>
        <title>EIS ECZACIBASI ILAC VE SINAI VE FINANSAL YATIRIMLA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAECILC91E0"/>
          <other otherDesc="Internal" value="B03MRP6"/>
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        <balance>447682.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>721244.83000000</valUSD>
        <pctVal>0.320440238719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="576874.06748000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EREGLI DEMIR VE CELIK FABRIKALARI TURK ANONIM SIRKETI</name>
        <lei>789000VYQF5IDGG49908</lei>
        <title>EREGLI DEMIR VE CELIK FABRIKALARI TAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAEREGL91G3"/>
          <other otherDesc="Internal" value="B03MS97"/>
        </identifiers>
        <balance>9365043.45000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>7513506.84000000</valUSD>
        <pctVal>3.338159006877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4999246.03210400"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tera Yatirim Teknoloji Holding AS</name>
        <lei>N/A</lei>
        <title>TERA YATIRIM TEKNOLOJI HOLDING AS</title>
        <cusip>M7864Y101</cusip>
        <identifiers>
          <isin value="TRAGLOBL91Q0"/>
          <other otherDesc="Internal" value="B03MT61"/>
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        <balance>3145864.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2346686.78000000</valUSD>
        <pctVal>1.042604176424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gubre Fabrikalari TAS</name>
        <lei>789000SGBEVHE90LX945</lei>
        <title>GUBRE FABRIKALARI TAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAGUBRF91E2"/>
          <other otherDesc="Internal" value="B03MTC7"/>
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        <balance>205445.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2048993.97000000</valUSD>
        <pctVal>0.910342909329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1326058.99027500"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TURKIYE SIGORTA ANONIM SIRKETI</name>
        <lei>789000O7DB1JKMXK2Q45</lei>
        <title>TURKIYE SIGORTA AS</title>
        <cusip>M5246Z101</cusip>
        <identifiers>
          <isin value="TRAGUSGR91O3"/>
          <other otherDesc="Internal" value="B03MTD8"/>
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        <balance>10966760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1355437.60000000</valUSD>
        <pctVal>0.602204314051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HEKTAS TICARET TURK ANONIM SIRKETI</name>
        <lei>789000G8MR3GA25EEC51</lei>
        <title>HEKTAS TICARET TAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAHEKTS91E4"/>
          <other otherDesc="Internal" value="B03MTG1"/>
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        <balance>11159482.50000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>631213.66000000</valUSD>
        <pctVal>0.280440493269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="448183.04688400"/>
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      </invstOrSec>
      <invstOrSec>
        <name>KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>789000HKISRM8ZEH0128</lei>
        <title>KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAKRDMR91G7"/>
          <other otherDesc="Internal" value="B03MV32"/>
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        <balance>2638379.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2588145.29000000</valUSD>
        <pctVal>1.149881233211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1915440.91272200"/>
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      </invstOrSec>
      <invstOrSec>
        <name>KOC HOLDING ANONIM SIRKETI</name>
        <lei>7890005U0H950VH19H45</lei>
        <title>KOC HOLDING AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAKCHOL91Q8"/>
          <other otherDesc="Internal" value="B03MVJ8"/>
        </identifiers>
        <balance>1826187.35000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>8120625.25000000</valUSD>
        <pctVal>3.607894275871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TR Anadolu Metal Madencilik Isletmeleri AS</name>
        <lei>789000DVKGVEC9701443</lei>
        <title>TR ANADOLU METAL MADENCILIK ISLETMELERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREKOZA00014"/>
          <other otherDesc="Internal" value="B03MVQ5"/>
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        <balance>600818.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1799249.44000000</valUSD>
        <pctVal>0.799384475406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OYAK CIMENTO FABRIKALARI ANONIM SIRKETI</name>
        <lei>789000RZ63UR4V4JZH98</lei>
        <title>OYAK CIMENTO FABRIKALARI AS</title>
        <cusip>M6802K108</cusip>
        <identifiers>
          <isin value="TRAMRDIN91F2"/>
          <other otherDesc="Internal" value="B03MVZ4"/>
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        <balance>2841258.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1322203.16000000</valUSD>
        <pctVal>0.587438659665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="482406.29698500"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Isiklar Enerji ve Yapi Holding AS</name>
        <lei>N/A</lei>
        <title>ISIKLAR ENERJI VE YAPI HOLDING AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAMTEKS91B0"/>
          <other otherDesc="Internal" value="B03MW84"/>
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        <balance>553217.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2379773.09000000</valUSD>
        <pctVal>1.057304018466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LYDIA HOLDING ANONIM SIRKETI</name>
        <lei>789000HL93GPG4KIXY82</lei>
        <title>LYDIA HOLDING AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAMIPAZ91J8"/>
          <other otherDesc="Internal" value="B03MWD9"/>
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        <balance>244162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>748311.97000000</valUSD>
        <pctVal>0.332465837298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nuh Cimento Sanayi AS</name>
        <lei>N/A</lei>
        <title>NUH CIMENTO SANAYI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRANUHCM91F0"/>
          <other otherDesc="Internal" value="B03MWL7"/>
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        <balance>221211.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>989853.50000000</valUSD>
        <pctVal>0.439779778854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OTOKAR OTOMOTIV VE SAVUNMA SANAYI ANONIM SIRKETI</name>
        <lei>5493000NBAE8C7SELC90</lei>
        <title>OTOKAR OTOMOTIV VE SAVUNMA SANAYI A S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAOTKAR91H3"/>
          <other otherDesc="Internal" value="B03MWQ2"/>
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        <balance>77306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>508145.10000000</valUSD>
        <pctVal>0.225762640333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PETKIM PETROKIMYA HOLDING ANONIM SIRKETI</name>
        <lei>529900XZCVZOEYWNBQ67</lei>
        <title>PETKIM PETROKIMYA HOLDING AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAPETKM91E0"/>
          <other otherDesc="Internal" value="B03MWY0"/>
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        <balance>3644322.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1514584.36000000</valUSD>
        <pctVal>0.672911269088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SASA POLYESTER SANAYI ANONIM SIRKETI</name>
        <lei>789000PXBZOJWTDSXE13</lei>
        <title>SASA POLYESTER SANAYI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRASASAW91E4"/>
          <other otherDesc="Internal" value="B03MXD6"/>
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        <balance>37559270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1830463.36000000</valUSD>
        <pctVal>0.813252437518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TURKIYE SISE VE CAM FABRIKALARI ANONIM SIRKETI</name>
        <lei>789000KWOK751Q6R8875</lei>
        <title>TURKIYE SISE VE CAM FABRIKALARI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRASISEW91Q3"/>
          <other otherDesc="Internal" value="B03MXR0"/>
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        <balance>2161754.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1773449.73000000</valUSD>
        <pctVal>0.787921980442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TOFAS TURK OTOMOBIL FABRIKASI ANONIM SIRKETI</name>
        <lei>789000YSTNETKLRWHT29</lei>
        <title>TOFAS TURK OTOMOBIL FABRIKASI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATOASO91H3"/>
          <other otherDesc="Internal" value="B03MY33"/>
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        <balance>351166.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1971678.19000000</valUSD>
        <pctVal>0.875992455822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TURKIYE SINAI KALKINMA BANKASI ANONIM SIRKETI</name>
        <lei>549300MFCXK5HOOEWP84</lei>
        <title>TURKIYE SINAI KALKINMA BANKASI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATSKBW91N0"/>
          <other otherDesc="Internal" value="B03MY88"/>
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        <balance>2319908.75000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>525019.33000000</valUSD>
        <pctVal>0.233259653920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TURK HAVA YOLLARI ANONIM ORTAKLIGI</name>
        <lei>789000EV8M3BL7ZPFB03</lei>
        <title>TURK HAVA YOLLARI AO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATHYAO91M5"/>
          <other otherDesc="Internal" value="B03MYK0"/>
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        <balance>1552699.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>9703647.43000000</valUSD>
        <pctVal>4.311211629643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2397115.56057000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TURK TRAKTOR VE ZIRAAT MAKINELERI ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>TURK TRAKTOR VE ZIRAAT MAKINELERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRETTRK00010"/>
          <other otherDesc="Internal" value="B03MYM2"/>
        </identifiers>
        <balance>74744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>661938.16000000</valUSD>
        <pctVal>0.294091012073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TURKCELL ILETISIM HIZMETLERI ANONIM SIRKETI</name>
        <lei>7890003EX1LTLS2FFL84</lei>
        <title>TURKCELL ILETISIM HIZMETLERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATCELL91M1"/>
          <other otherDesc="Internal" value="B03MYN3"/>
        </identifiers>
        <balance>3100045.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>6124217.71000000</valUSD>
        <pctVal>2.720914872916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TURKIYE IS BANKASI ANONIM SIRKETI</name>
        <lei>789000FIRX9MDN0KTM91</lei>
        <title>TURKIYE IS BANKASI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAISCTR91N2"/>
          <other otherDesc="Internal" value="B03MYS8"/>
        </identifiers>
        <balance>20231210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>5291876.58000000</valUSD>
        <pctVal>2.351115909652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TURKIYE PETROL RAFINERILERI ANONIM SIRKETI</name>
        <lei>789000RCNG97UV50EE03</lei>
        <title>TUPRAS TURKIYE PETROL RAFINERILERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATUPRS91E8"/>
          <other otherDesc="Internal" value="B03MYT9"/>
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        <balance>2596558.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>21582624.23000000</valUSD>
        <pctVal>9.588895438526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ULKER BISKUVI SANAYI ANONIM SIRKETI</name>
        <lei>7890009HEU9BS7J3DA93</lei>
        <title>ULKER BISKUVI SANAYI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREULKR00015"/>
          <other otherDesc="Internal" value="B03MYX3"/>
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        <balance>654247.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1218359.39000000</valUSD>
        <pctVal>0.541302145316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="18622.31527200"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAPI VE KREDI BANKASI ANONIM SIRKETI</name>
        <lei>B85ZYWEZ5IZCZ2WNIO12</lei>
        <title>YAPI VE KREDI BANKASI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAYKBNK91N6"/>
          <other otherDesc="Internal" value="B03MZJ6"/>
        </identifiers>
        <balance>8761898.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>6619396.20000000</valUSD>
        <pctVal>2.940916607339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5248348.56686100"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AG Anadolu Grubu Holding Anonim Sirketi</name>
        <lei>789000K5XY4AZWGQQU40</lei>
        <title>AG ANADOLU GRUBU HOLDING AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAYAZIC91Q6"/>
          <other otherDesc="Internal" value="B03MZM9"/>
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        <balance>1085919.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>717946.82000000</valUSD>
        <pctVal>0.318974973295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HACI OMER SABANCI HOLDING ANONIM SIRKETI</name>
        <lei>78900090FFOWNLGP0F20</lei>
        <title>HACI OMER SABANCI HOLDING AS</title>
        <cusip>M8223R100</cusip>
        <identifiers>
          <isin value="TRASAHOL91Q5"/>
          <other otherDesc="Internal" value="B03N0C7"/>
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        <balance>2956097.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>5696718.03000000</valUSD>
        <pctVal>2.530982004334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2890661.92516600"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BIM BIRLESIK MAGAZALAR ANONIM SIRKETI</name>
        <lei>7890001GCDJQD8DJKE29</lei>
        <title>BIM BIRLESIK MAGAZALAR AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREBIMM00018"/>
          <other otherDesc="Internal" value="B0D0006"/>
        </identifiers>
        <balance>2454690.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>20615148.56000000</valUSD>
        <pctVal>9.159057855289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REYSAS TASIMACILIK VE LOJISTIK TICARET ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>REYSAS TASIMACILIK VE LOJISTIK TICARET AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREREYS00015"/>
          <other otherDesc="Internal" value="B0YBSZ9"/>
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        <balance>2884418.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1722757.37000000</valUSD>
        <pctVal>0.765399986157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="149315.85591900"/>
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      </invstOrSec>
      <invstOrSec>
        <name>SELCUK ECZA DEPOSU TICARET VE SANAYI ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>SELCUK ECZA DEPOSU TICARET VE SANAYI A S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRESLEC00014"/>
          <other otherDesc="Internal" value="B13C2G9"/>
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        <balance>370755.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2562096.82000000</valUSD>
        <pctVal>1.138308217228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TAV HAVALIMANLARI HOLDING ANONIM SIRKETI</name>
        <lei>789000PBM9TT5D88M597</lei>
        <title>TAV HAVALIMANLARI HOLDING AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRETAVH00018"/>
          <other otherDesc="Internal" value="B1RMFT9"/>
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        <balance>518000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2840837.64000000</valUSD>
        <pctVal>1.262149347433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2037275.45334200"/>
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      <invstOrSec>
        <name>IS YATIRIM MENKUL DEGERLER ANONIM SIRKETI</name>
        <lei>7890005YQXBTRIYDY554</lei>
        <title>IS YATIRIM MENKUL DEGERLER AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREISMD00011"/>
          <other otherDesc="Internal" value="B1VYN42"/>
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        <balance>697153.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>479731.17000000</valUSD>
        <pctVal>0.213138679463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TURK ALTIN ISLETMELERI ANONIM SIRKETI</name>
        <lei>789000D7X9KM1ZIJX609</lei>
        <title>TURK ALTIN ISLETMELERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREKOAL00014"/>
          <other otherDesc="Internal" value="B3LP189"/>
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        <balance>2802733.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>3067967.65000000</valUSD>
        <pctVal>1.363060427273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2021407.50789900"/>
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      <invstOrSec>
        <name>REYSAS GAYRIMENKUL YATIRIM ORTAKLIGI ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>REYSAS GAYRIMENKUL YATIRIM ORTAKLIGI AS</title>
        <cusip>M8215U103</cusip>
        <identifiers>
          <isin value="TRERGYO00019"/>
          <other otherDesc="Internal" value="B3VKHD1"/>
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        <balance>1752065.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1844503.95000000</valUSD>
        <pctVal>0.819490499580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AKSA ENERJI URETIM ANONIM SIRKETI</name>
        <lei>789000KQC5JTW1S3JG98</lei>
        <title>AKSA ENERJI URETIM AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREAKSN00011"/>
          <other otherDesc="Internal" value="B3Y1WH0"/>
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        <balance>713230.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1172904.17000000</valUSD>
        <pctVal>0.521106948149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MIGROS TICARET ANONIM SIRKETI</name>
        <lei>789000L1JHPL1R9B2J15</lei>
        <title>MIGROS TICARET AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREMGTI00012"/>
          <other otherDesc="Internal" value="B50PPK4"/>
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        <balance>257104.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
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        <pctVal>1.261672448968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREEGYO00017"/>
          <other otherDesc="Internal" value="B586565"/>
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        <balance>6042390.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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        <name>PEGASUS HAVA TASIMACILIGI ANONIM SIRKETI</name>
        <lei>789000B1MW5PQ58A8T03</lei>
        <title>PEGASUS HAVA TASIMACILIGI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREPEGS00016"/>
          <other otherDesc="Internal" value="B9J4ZK0"/>
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        <balance>663938.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2018677.03000000</valUSD>
        <pctVal>0.896873464438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1451725.46658900"/>
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      <invstOrSec>
        <name>MLP SAGLIK HIZMETLERI ANONIM SIRKETI</name>
        <lei>789000M2LTGHSXVOQL65</lei>
        <title>MLP SAGLIK HIZMETLERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREMLPC00021"/>
          <other otherDesc="Internal" value="BD0MX96"/>
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        <balance>263382.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2297634.11000000</valUSD>
        <pctVal>1.020810676310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERJISA ENERJI ANONIM SIRKETI</name>
        <lei>789000D0QULW3EE31N02</lei>
        <title>ENERJISA ENERJI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREENSA00014"/>
          <other otherDesc="Internal" value="BD0MXB8"/>
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        <balance>804001.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1833256.83000000</valUSD>
        <pctVal>0.814493542004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yeni Gimat Gayrimenkul Yatirim Ortakligi AS</name>
        <lei>789000J53RVV2SNVN444</lei>
        <title>YENI GIMAT GAYRIMENKUL ORTAKLIGI AS</title>
        <cusip>M98798115</cusip>
        <identifiers>
          <isin value="TREYGMI00012"/>
          <other otherDesc="Internal" value="BD3CV33"/>
        </identifiers>
        <balance>535537.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2595567.85000000</valUSD>
        <pctVal>1.153178985651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEKER GAYRIMENKUL YATIRIM ORTAKLIGI ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>PEKER GAYRIMENKUL YATIRIM ORTAKLIGI AS</title>
        <cusip>M78651102</cusip>
        <identifiers>
          <isin value="TREPEGY00022"/>
          <other otherDesc="Internal" value="BDT8SW3"/>
        </identifiers>
        <balance>11019822.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>3596398.60000000</valUSD>
        <pctVal>1.597835822148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAVI GIYIM SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>7890004V7753Z4N1L403</lei>
        <title>MAVI GIYIM SANAYI VE TICARET AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREMAVI00037"/>
          <other otherDesc="Internal" value="BF5M481"/>
        </identifiers>
        <balance>1915202.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1462401.74000000</valUSD>
        <pctVal>0.649727170548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sok Marketler Ticaret AS</name>
        <lei>7890005KB5WP0KUURR88</lei>
        <title>SOK MARKETLER TICARET AS</title>
        <cusip>M8T8CL101</cusip>
        <identifiers>
          <isin value="TRESOKM00022"/>
          <other otherDesc="Internal" value="BFZCT20"/>
        </identifiers>
        <balance>1001528.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1148567.92000000</valUSD>
        <pctVal>0.510294650528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tab Gida Sanayi ve Ticaret A.S.</name>
        <lei>7890009J9I7A16RG7593</lei>
        <title>TAB GIDA SANAYI VE TICARET AS</title>
        <cusip>M8722R106</cusip>
        <identifiers>
          <isin value="TRETABG00020"/>
          <other otherDesc="Internal" value="BLC8HQ3"/>
        </identifiers>
        <balance>154244.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>752183.13000000</valUSD>
        <pctVal>0.334185746243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTINKILIC GIDA VE SUT SANAYI TICARET ANONIM SIRKETI</name>
        <lei>N/A</lei>
        <title>ALTINKILIC GIDA VE SUT SANAYI TICARET AS</title>
        <cusip>M08581114</cusip>
        <identifiers>
          <isin value="TREALTK00013"/>
          <other otherDesc="Internal" value="BMFX7L7"/>
        </identifiers>
        <balance>115723.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1020908.98000000</valUSD>
        <pctVal>0.453577348016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Odine Solutions Teknoloji Ticaret ve Sanayi AS</name>
        <lei>789000XZ3VG1DL7TSC96</lei>
        <title>ODINE SOLUTIONS TEKNOLOJI TICARET VE SANAYI AS</title>
        <cusip>M7517T111</cusip>
        <identifiers>
          <isin value="TREODNE00017"/>
          <other otherDesc="Internal" value="BMTYQ97"/>
        </identifiers>
        <balance>60449.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>2521422.23000000</valUSD>
        <pctVal>1.120236995380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARGUN ENERJI URETIM SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>789000B3QEB1DSWS4107</lei>
        <title>MARGUN ENERJI URETIM SANAYI VE TICARET AS</title>
        <cusip>M6803L105</cusip>
        <identifiers>
          <isin value="TREMARN00027"/>
          <other otherDesc="Internal" value="BMVGRP4"/>
        </identifiers>
        <balance>1727344.50000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1244146.18000000</valUSD>
        <pctVal>0.552758900082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LDR TURIZM ANONIM SIRKETI</name>
        <lei>789000ZOPNRTB53I0F55</lei>
        <title>LDR TURIZM AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRELDRT00020"/>
          <other otherDesc="Internal" value="BN0XRV9"/>
        </identifiers>
        <balance>583229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>393250.55000000</valUSD>
        <pctVal>0.174716399864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gen Ilac ve Saglik Urunleri Sanayi Ticaret A.S.</name>
        <lei>789000A4NW6W4D8Z4H25</lei>
        <title>GEN ILAC VE SAGLIK URUNLERI SANAYI VE TICARET AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREGENL00024"/>
          <other otherDesc="Internal" value="BN2TVP7"/>
        </identifiers>
        <balance>3396936.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>803833.59000000</valUSD>
        <pctVal>0.357133412616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVK MADEN ISLETMELERI SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>7890001D4R4LNQHBQG34</lei>
        <title>CVK MADEN ISLETMELERI SANAYI VE TICARET AS</title>
        <cusip>M2681S106</cusip>
        <identifiers>
          <isin value="TRECVKM00021"/>
          <other otherDesc="Internal" value="BNXGKV6"/>
        </identifiers>
        <balance>3306464.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1147196.25000000</valUSD>
        <pctVal>0.509685234357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="44445.01425800"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pasifik Eurasia Lojistik Dis Ticaret AS</name>
        <lei>N/A</lei>
        <title>PASIFIK EURASIA LOJISTIK DIS TICARET AS</title>
        <cusip>M7819M103</cusip>
        <identifiers>
          <isin value="TREPASF00024"/>
          <other otherDesc="Internal" value="BQ0ML04"/>
        </identifiers>
        <balance>811274.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>4054688.95000000</valUSD>
        <pctVal>1.801448608054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1646852.22482900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Katilimevim Tasarruf Finansman AS</name>
        <lei>9845003940041E3DC950</lei>
        <title>KATILIMEVIM TASARRUF FINANSMAN AS</title>
        <cusip>M6250U103</cusip>
        <identifiers>
          <isin value="TREKTLV00019"/>
          <other otherDesc="Internal" value="BQC5KP9"/>
        </identifiers>
        <balance>4175305.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>5433260.55000000</valUSD>
        <pctVal>2.413931074785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AHLATCI DOGAL GAZ DAGITIM ENERJI VE YATIRIM ANONIM SIRKETI</name>
        <lei>789000X6O430WWEWJ527</lei>
        <title>AHLATCI DOGAL GAZ DAGITIM ENERJI VE YATIRIM AS</title>
        <cusip>M1548W110</cusip>
        <identifiers>
          <isin value="TREAHLA00019"/>
          <other otherDesc="Internal" value="BQS6LJ7"/>
        </identifiers>
        <balance>1889959.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1488563.35000000</valUSD>
        <pctVal>0.661350453247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERA YATIRIM MENKUL DEGERLER ANONIM SIRKETI</name>
        <lei>529900WZQBZ6KA701930</lei>
        <title>TERA YATIRIM MENKUL DEGERLER AS</title>
        <cusip>M87646119</cusip>
        <identifiers>
          <isin value="TRETERA00013"/>
          <other otherDesc="Internal" value="BQT58X6"/>
        </identifiers>
        <balance>0.44000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1.71000000</valUSD>
        <pctVal>0.000000759732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enerya Enerji AS</name>
        <lei>N/A</lei>
        <title>ENERYA ENERJI AS</title>
        <cusip>M4049V110</cusip>
        <identifiers>
          <isin value="TREENRY00016"/>
          <other otherDesc="Internal" value="BRBHJ78"/>
        </identifiers>
        <balance>6292993.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1288626.88000000</valUSD>
        <pctVal>0.572521129956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSCI EMGMKT SEP26</name>
        <lei>N/A</lei>
        <title>MSCI EMGMKT SEP26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="MMEU26"/>
          <other otherDesc="INTERNAL" value="MESU62026"/>
        </identifiers>
        <balance>6.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>605.20000000</valUSD>
        <pctVal>0.000268882942</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>US</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>US MSCI Emerging Markets Equity Index Future Sep 2026</indexName>
                <indexIdentifier>MMEU26</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>512724.80000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>605.20000000</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>2026-09-30</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>
</edgarSubmission>
