<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000798365</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000035291</seriesId>
        <classId>C000108546</classId>
        <classId>C000108545</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Ariel Investment Trust</regName>
      <regFileNumber>811-04786</regFileNumber>
      <regCik>0000798365</regCik>
      <regLei>549300CVWGJ8PC4QGT42</regLei>
      <regStreet1>200 East Randolph Street</regStreet1>
      <regStreet2>Suite 2900</regStreet2>
      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60601</regZipOrPostalCode>
      <regPhone>800-292-7435</regPhone>
      <seriesName>Ariel International Fund</seriesName>
      <seriesId>S000035291</seriesId>
      <seriesLei>549300K6TE7HPFE46V02</seriesLei>
      <repPdEnd>2019-09-30</repPdEnd>
      <repPdDate>2019-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>751339274.000000000000</totAssets>
      <totLiabs>3711609.170000000000</totLiabs>
      <netAssets>747627664.830000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000108545" rtn1="-2.70" rtn2="0.46" rtn3="2.76"/>
          <monthlyTotReturn classId="C000108546" rtn1="-2.67" rtn2="0.39" rtn3="2.89"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="-3838009.26"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="1360892.63"/>
            <mon3 netRealizedGain="-2009630.39" netUnrealizedAppr="1360302.53"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="-3838009.26"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="1360892.63"/>
              <instrMon3 netRealizedGain="-2009630.39" netUnrealizedAppr="1360302.53"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-2783179.63" netUnrealizedAppr="-12387878.76"/>
        <othMon2 netRealizedGain="-6645855.21" netUnrealizedAppr="6936524.47"/>
        <othMon3 netRealizedGain="-577105.35" netUnrealizedAppr="19405851.01"/>
      </returnInfo>
      <mon1Flow redemption="-8287651.17" reinvestment="0" sales="4899154.36"/>
      <mon2Flow redemption="-17470758.97" reinvestment="0" sales="1708843.2"/>
      <mon3Flow redemption="-8408354.89" reinvestment="0" sales="14764325.96"/>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Glaxosmithkline plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>Glaxosmithkline plc ORD GBP0.25</title>
        <cusip>G3910J112</cusip>
        <identifiers>
          <isin value="GB0009252882"/>
          <ticker value="GSK"/>
        </identifiers>
        <balance>2173336</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8133056"/>
        <valUSD>46619646.86</valUSD>
        <pctVal>6.2356770694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kingfisher plc</name>
        <lei>213800KBMEV7I92FY281</lei>
        <title>Kingfisher plc ORD GBP0.157142857</title>
        <cusip>G5256E441</cusip>
        <identifiers>
          <isin value="GB0033195214"/>
          <ticker value="KGF"/>
        </identifiers>
        <balance>244782</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8133056"/>
        <valUSD>622409.56</valUSD>
        <pctVal>0.0832512746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reckitt Benck Grp</name>
        <lei>5493003JFSMOJG48V108</lei>
        <title>Reckitt Benck Grp ORD GBP0.10</title>
        <cusip>G74079107</cusip>
        <identifiers>
          <isin value="GB00B24CGK77"/>
          <ticker value="RB."/>
        </identifiers>
        <balance>179640</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8133056"/>
        <valUSD>14012397.8</valUSD>
        <pctVal>1.8742481665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nestle SA/Ag</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA/Ag CHF0.10 (REGD)</title>
        <cusip>H57312649</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
          <ticker value="NESN"/>
        </identifiers>
        <balance>4703</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".99805"/>
        <valUSD>510235.8</valUSD>
        <pctVal>0.0682473140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Galapagos Nv</name>
        <lei>549300QKJ78IY0IOV655</lei>
        <title>Galapagos Nv NPV</title>
        <cusip>B44170106</cusip>
        <identifiers>
          <isin value="BE0003818359"/>
          <ticker value="GLPG"/>
        </identifiers>
        <balance>12577</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>1916420.66</valUSD>
        <pctVal>0.2563335668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KONINKLIJKE AHOLD DELHAIZE NV</name>
        <lei>724500C9GNBV20UYRX36</lei>
        <title>KONINKLIJKE AHOLD DELHAIZE NV EUR0.01</title>
        <cusip>N0074E105</cusip>
        <identifiers>
          <isin value="NL0011794037"/>
          <ticker value="AD"/>
        </identifiers>
        <balance>1623769</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>40626382.77</valUSD>
        <pctVal>5.4340395201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy Inc. COM</title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
          <ticker value="SU"/>
        </identifiers>
        <balance>216673</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32485"/>
        <valUSD>6834558.38</valUSD>
        <pctVal>0.9141660617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Li &amp; Fung LTD</name>
        <lei>254900B5ACVOJC6VNM71</lei>
        <title>Li &amp; Fung LTD HKD0.0125</title>
        <cusip>G5485F169</cusip>
        <identifiers>
          <isin value="BMG5485F1692"/>
          <ticker value="494"/>
        </identifiers>
        <balance>18727302</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8377"/>
        <valUSD>2126554.83</valUSD>
        <pctVal>0.2844403612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Mobile Limited</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>China Mobile Limited SPON ADR REP 5 ORD HKD0.10</title>
        <cusip>16941M109</cusip>
        <identifiers>
          <isin value="US16941M1099"/>
          <ticker value="CHL"/>
        </identifiers>
        <balance>201722</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8351290.8</valUSD>
        <pctVal>1.1170387605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc. COM</title>
        <cusip>26875P101</cusip>
        <identifiers>
          <isin value="US26875P1012"/>
          <ticker value="EOG"/>
        </identifiers>
        <balance>75407</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5596707.54</valUSD>
        <pctVal>0.7485955648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glaxosmithkline plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>Glaxosmithkline plc ADR EACH CNV INTO 2 ORD GBP0.25</title>
        <cusip>37733W105</cusip>
        <identifiers>
          <isin value="US37733W1053"/>
          <ticker value="GSK"/>
        </identifiers>
        <balance>14074</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600678.32</valUSD>
        <pctVal>0.0803445817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fluor Corporation</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
        <title>Fluor Corporation COM</title>
        <cusip>343412102</cusip>
        <identifiers>
          <isin value="US3434121022"/>
          <ticker value="FLR"/>
        </identifiers>
        <balance>99024</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1894329.12</valUSD>
        <pctVal>0.2533786815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Magna International Inc</name>
        <lei>95RWVLFZX6VGDZNNTN43</lei>
        <title>Magna International Inc COM</title>
        <cusip>559222401</cusip>
        <identifiers>
          <isin value="CA5592224011"/>
          <ticker value="MG"/>
        </identifiers>
        <balance>40986</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32485"/>
        <valUSD>2184723.8</valUSD>
        <pctVal>0.2922208344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fairfax Financial Holdings Limited</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
        <title>Fairfax Financial Holdings Limited SUB VTG</title>
        <cusip>303901102</cusip>
        <identifiers>
          <isin value="CA3039011026"/>
          <ticker value="FFH"/>
        </identifiers>
        <balance>2443</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32485"/>
        <valUSD>1076885.69</valUSD>
        <pctVal>0.1440403747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG ADR-EACH REPR 1 CHF0.5(REGD)</title>
        <cusip>66987V109</cusip>
        <identifiers>
          <isin value="US66987V1098"/>
          <ticker value="NVS"/>
        </identifiers>
        <balance>8416</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>731350.4</valUSD>
        <pctVal>0.0978228113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nokia Corp</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia Corp ADR EACH REPR 1 ORD NPV</title>
        <cusip>654902204</cusip>
        <identifiers>
          <isin value="US6549022043"/>
          <ticker value="NOK"/>
        </identifiers>
        <balance>3912431</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19796900.86</valUSD>
        <pctVal>2.6479625877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pioneer Natural Resources Company</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Company COM</title>
        <cusip>723787107</cusip>
        <identifiers>
          <isin value="US7237871071"/>
          <ticker value="PXD"/>
        </identifiers>
        <balance>43825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5511870.25</valUSD>
        <pctVal>0.7372480326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tenaris SA</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>Tenaris SA SPONS ADS EACH REP 2 ORD SHS</title>
        <cusip>88031M109</cusip>
        <identifiers>
          <isin value="US88031M1099"/>
          <ticker value="TS"/>
        </identifiers>
        <balance>178378</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3778046.04</valUSD>
        <pctVal>0.5053379132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGM Financial Inc</name>
        <lei>254900RYHLVJNTUFDA95</lei>
        <title>IGM Financial Inc COM</title>
        <cusip>449586106</cusip>
        <identifiers>
          <isin value="CA4495861060"/>
          <ticker value="IGM"/>
        </identifiers>
        <balance>184481</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32485"/>
        <valUSD>5238461.12</valUSD>
        <pctVal>0.7006778061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dubai Financial</name>
        <lei>N/A</lei>
        <title>Dubai Financial AED1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AED000901010"/>
          <ticker value="DFM"/>
        </identifiers>
        <balance>4048694</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67315"/>
        <valUSD>942415.47</valUSD>
        <pctVal>0.1260541195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rocket Internet SE</name>
        <lei>3912003IMZTQTU1V0F73</lei>
        <title>Rocket Internet SE NPV</title>
        <cusip>D6S914104</cusip>
        <identifiers>
          <isin value="DE000A12UKK6"/>
          <ticker value="RKET"/>
        </identifiers>
        <balance>43186</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>1115572.86</valUSD>
        <pctVal>0.1492150321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thales</name>
        <lei>529900FNDVTQJOVVPZ19</lei>
        <title>Thales EUR3</title>
        <cusip>F9156M108</cusip>
        <identifiers>
          <isin value="FR0000121329"/>
          <ticker value="HO"/>
        </identifiers>
        <balance>15548</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>1787860.4</valUSD>
        <pctVal>0.2391378067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compagnie Generale des Etablissements Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Compagnie Generale des Etablissements Michelin EUR2</title>
        <cusip>F61824144</cusip>
        <identifiers>
          <isin value="FR0000121261"/>
          <ticker value="ML"/>
        </identifiers>
        <balance>282808</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>31564452.45</valUSD>
        <pctVal>4.2219481615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safran</name>
        <lei>969500UIC89GT3UL7L24</lei>
        <title>Safran EUR0.20</title>
        <cusip>F4035A557</cusip>
        <identifiers>
          <isin value="FR0000073272"/>
          <ticker value="SAF"/>
        </identifiers>
        <balance>41896</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>6596244.12</valUSD>
        <pctVal>0.8822899995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baidu, Inc.</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>Baidu, Inc. SPON ADS EACH REP 0.1 ORD SHS</title>
        <cusip>056752108</cusip>
        <identifiers>
          <isin value="US0567521085"/>
          <ticker value="BIDU"/>
        </identifiers>
        <balance>147048</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15110652.48</valUSD>
        <pctVal>2.0211467808</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>SGS Sa</name>
        <lei>2138007JNS19JHNA2336</lei>
        <title>SGS Sa CHF1 (REGD)</title>
        <cusip>H7485A108</cusip>
        <identifiers>
          <isin value="CH0002497458"/>
          <ticker value="SGSN"/>
        </identifiers>
        <balance>313</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".99805"/>
        <valUSD>775874.96</valUSD>
        <pctVal>0.1037782571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telefonica Deutschland Holding AG</name>
        <lei>391200ECRPJ3SWQJUM30</lei>
        <title>Telefonica Deutschland Holding AG NPV</title>
        <cusip>D8T9CK101</cusip>
        <identifiers>
          <isin value="DE000A1J5RX9"/>
          <ticker value="O2D"/>
        </identifiers>
        <balance>6958945</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>19402181.24</valUSD>
        <pctVal>2.5951663044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Italgas Spa</name>
        <lei>815600F25FF44EF1FA76</lei>
        <title>Italgas Spa NPV</title>
        <cusip>T6R89Z103</cusip>
        <identifiers>
          <isin value="IT0005211237"/>
          <ticker value="IG"/>
        </identifiers>
        <balance>120175</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>775691.7</valUSD>
        <pctVal>0.1037537449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA EUR1.2</title>
        <cusip>E41222113</cusip>
        <identifiers>
          <isin value="ES0130670112"/>
          <ticker value="ELE"/>
        </identifiers>
        <balance>537249</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>14135770.79</valUSD>
        <pctVal>1.8907500959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nokia Corp</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia Corp NPV</title>
        <cusip>X61873133</cusip>
        <identifiers>
          <isin value="FI0009000681"/>
          <ticker value="NOKIA"/>
        </identifiers>
        <balance>837846</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>4246428.02</valUSD>
        <pctVal>0.5679870101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Snam S.p.A.</name>
        <lei>8156002278562044AF79</lei>
        <title>Snam S.p.A. NPV</title>
        <cusip>T8578N103</cusip>
        <identifiers>
          <isin value="IT0003153415"/>
          <ticker value="SRG"/>
        </identifiers>
        <balance>4158016</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>21001426.68</valUSD>
        <pctVal>2.8090756493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nokian Renkaat Oyj (Nokia Tyres)</name>
        <lei>743700YQIO8Y4L4WKR40</lei>
        <title>Nokian Renkaat Oyj (Nokia Tyres) NPV</title>
        <cusip>X5862L103</cusip>
        <identifiers>
          <isin value="FI0009005318"/>
          <ticker value="TYRES"/>
        </identifiers>
        <balance>25281</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>713124.13</valUSD>
        <pctVal>0.0953849307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swisscom AG</name>
        <lei>5493005SL9HHOXS3B739</lei>
        <title>Swisscom AG CHF1(REGD)</title>
        <cusip>H8398N104</cusip>
        <identifiers>
          <isin value="CH0008742519"/>
          <ticker value="SCMN"/>
        </identifiers>
        <balance>40383</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".99805"/>
        <valUSD>19919393.72</valUSD>
        <pctVal>2.6643467941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kuehne&amp;Nagel Intl</name>
        <lei>529900Q0YED3805QXQ66</lei>
        <title>Kuehne&amp;Nagel Intl CHF1 (REGD)</title>
        <cusip>H4673L145</cusip>
        <identifiers>
          <isin value="CH0025238863"/>
          <ticker value="KNIN"/>
        </identifiers>
        <balance>34526</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".99805"/>
        <valUSD>5085238.21</valUSD>
        <pctVal>0.6801832582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tecnicas Reunidas</name>
        <lei>213800JEZBUPZKWJGF49</lei>
        <title>Tecnicas Reunidas EUR0.1</title>
        <cusip>E9055J108</cusip>
        <identifiers>
          <isin value="ES0178165017"/>
          <ticker value="TRE"/>
        </identifiers>
        <balance>505912</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>12428980.47</valUSD>
        <pctVal>1.6624559329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RTL Group</name>
        <lei>5493000C8J3C3SZYS040</lei>
        <title>RTL Group NPV</title>
        <cusip>L80326108</cusip>
        <identifiers>
          <isin value="LU0061462528"/>
          <ticker value="RRTL"/>
        </identifiers>
        <balance>74300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>3572982.84</valUSD>
        <pctVal>0.4779093937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange</name>
        <lei>549300IQ650PPXM76X03</lei>
        <title>Singapore Exchange NPV</title>
        <cusip>Y79946102</cusip>
        <identifiers>
          <isin value="SG1J26887955"/>
          <ticker value="SGX"/>
        </identifiers>
        <balance>402300</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.38215"/>
        <valUSD>2465348.19</valUSD>
        <pctVal>0.3297561481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Mobile Limited</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>China Mobile Limited NPV</title>
        <cusip>Y14965100</cusip>
        <identifiers>
          <isin value="HK0941009539"/>
          <ticker value="941"/>
        </identifiers>
        <balance>3528500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8377"/>
        <valUSD>29195200.76</valUSD>
        <pctVal>3.9050455372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NTT Docomo Inc</name>
        <lei>353800TVPXCGWDZIIU09</lei>
        <title>NTT Docomo Inc NPV</title>
        <cusip>J59399121</cusip>
        <identifiers>
          <isin value="JP3165650007"/>
          <ticker value="9437"/>
        </identifiers>
        <balance>1101500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>28045590.75</valUSD>
        <pctVal>3.7512778177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bridgestone Corp</name>
        <lei>549300DHPOF90OYYD780</lei>
        <title>Bridgestone Corp NPV</title>
        <cusip>J04578126</cusip>
        <identifiers>
          <isin value="JP3830800003"/>
          <ticker value="5108"/>
        </identifiers>
        <balance>423400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>16383866.82</valUSD>
        <pctVal>2.1914473729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daito Trust Construction Co</name>
        <lei>353800QQ4DRI3KXS3038</lei>
        <title>Daito Trust Construction Co NPV</title>
        <cusip>J11151107</cusip>
        <identifiers>
          <isin value="JP3486800000"/>
          <ticker value="1878"/>
        </identifiers>
        <balance>73900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>9438695.95</valUSD>
        <pctVal>1.2624861805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Subaru Corporation</name>
        <lei>549300N244BVAEE6HH86</lei>
        <title>Subaru Corporation NPV</title>
        <cusip>J7676H100</cusip>
        <identifiers>
          <isin value="JP3814800003"/>
          <ticker value="7270"/>
        </identifiers>
        <balance>630800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>17735324.86</valUSD>
        <pctVal>2.3722135622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Japan Tobacco Inc</name>
        <lei>353800Z0ENYBQO0XRJ31</lei>
        <title>Japan Tobacco Inc NPV</title>
        <cusip>J27869106</cusip>
        <identifiers>
          <isin value="JP3726800000"/>
          <ticker value="2914"/>
        </identifiers>
        <balance>894100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>19564768.55</valUSD>
        <pctVal>2.6169134009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mabuchi Motor Co</name>
        <lei>N/A</lei>
        <title>Mabuchi Motor Co NPV</title>
        <cusip>J39186101</cusip>
        <identifiers>
          <isin value="JP3870000001"/>
          <ticker value="6592"/>
        </identifiers>
        <balance>160200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>5963514.45</valUSD>
        <pctVal>0.7976583439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nintendo Co Ltd</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Co Ltd NPV</title>
        <cusip>J51699106</cusip>
        <identifiers>
          <isin value="JP3756600007"/>
          <ticker value="7974"/>
        </identifiers>
        <balance>124400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>46043819.65</valUSD>
        <pctVal>6.1586564832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Telegraph and Telephone Corporation</name>
        <lei>353800VHQU5VIXVUA841</lei>
        <title>Nippon Telegraph and Telephone Corporation NPV</title>
        <cusip>J59396101</cusip>
        <identifiers>
          <isin value="JP3735400008"/>
          <ticker value="9432"/>
        </identifiers>
        <balance>512500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>24438843.93</valUSD>
        <pctVal>3.2688522750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONO Pharmaceutical Co Ltd</name>
        <lei>N/A</lei>
        <title>ONO Pharmaceutical Co Ltd NPV</title>
        <cusip>J61546115</cusip>
        <identifiers>
          <isin value="JP3197600004"/>
          <ticker value="4528"/>
        </identifiers>
        <balance>83100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>1504061.97</valUSD>
        <pctVal>0.2011779447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Secom Co Ltd</name>
        <lei>529900TYCL9N3E9PGE47</lei>
        <title>Secom Co Ltd NPV</title>
        <cusip>J69972107</cusip>
        <identifiers>
          <isin value="JP3421800008"/>
          <ticker value="9735"/>
        </identifiers>
        <balance>65500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>5971782.66</valUSD>
        <pctVal>0.7987642701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shimamura Corp</name>
        <lei>N/A</lei>
        <title>Shimamura Corp NPV</title>
        <cusip>J72208101</cusip>
        <identifiers>
          <isin value="JP3358200008"/>
          <ticker value="8227"/>
        </identifiers>
        <balance>23800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>1884189.6</valUSD>
        <pctVal>0.2520224556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shizuoka Bank Ltd</name>
        <lei>549300TJ1GRR4PX8GJ82</lei>
        <title>Shizuoka Bank Ltd NPV</title>
        <cusip>J74444100</cusip>
        <identifiers>
          <isin value="JP3351200005"/>
          <ticker value="8355"/>
        </identifiers>
        <balance>97900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.125"/>
        <valUSD>728873.99</valUSD>
        <pctVal>0.0974915756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Tax Manag</name>
        <lei>549300PTTIGTMUA02X28</lei>
        <title>Vanguard Tax Manag FTSE DEV MKT ETF</title>
        <cusip>921943858</cusip>
        <identifiers>
          <isin value="US9219438580"/>
          <ticker value="VEA"/>
        </identifiers>
        <balance>43844</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1801111.52</valUSD>
        <pctVal>0.2409102291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Boerse AG</name>
        <lei>529900G3SW56SHYNPR95</lei>
        <title>Deutsche Boerse AG NPV(REGD)</title>
        <cusip>D1882G119</cusip>
        <identifiers>
          <isin value="DE0005810055"/>
          <ticker value="DB1"/>
        </identifiers>
        <balance>388531</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9174732"/>
        <valUSD>60726945.92</valUSD>
        <pctVal>8.1226188886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holdings AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holdings AG GENUSSCHEINE NPV</title>
        <cusip>H69293217</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
          <ticker value="ROG"/>
        </identifiers>
        <balance>179662</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".99805"/>
        <valUSD>52284783.23</valUSD>
        <pctVal>6.9934254295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International Inc. COM</title>
        <cusip>718172109</cusip>
        <identifiers>
          <isin value="US7181721090"/>
          <ticker value="PM"/>
        </identifiers>
        <balance>389898</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29604955.14</valUSD>
        <pctVal>3.9598528161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>24648992.43</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24648992.43</valUSD>
        <pctVal>3.2969609860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG CHF0.10 (REGD)</title>
        <cusip>H42097107</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
          <ticker value="UBSG"/>
        </identifiers>
        <balance>149642</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".99805"/>
        <valUSD>1698756.44</valUSD>
        <pctVal>0.2272195800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Grid plc</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>National Grid plc ORD GBP0.12431289</title>
        <cusip>G6S9A7120</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
          <ticker value="NG."/>
        </identifiers>
        <balance>513486</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8133056"/>
        <valUSD>5567935.39</valUSD>
        <pctVal>0.7447471050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - AUD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTAUD__00025523_1736476"/>
        </identifiers>
        <balance>-34681386</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-588159.57</valUSD>
        <pctVal>-0.0786701185</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-34681386</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>50405181.59</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-588159.57</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - AUD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTAUD__00025536_1736476"/>
        </identifiers>
        <balance>-5702776</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-95816.65</valUSD>
        <pctVal>-0.0128160921</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-5702776</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>8289617.44</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-95816.65</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - AUD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTAUD__00025537_1736476"/>
        </identifiers>
        <balance>-5812106</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4815912"/>
        <valUSD>-44388.56</valUSD>
        <pctVal>-0.0059372549</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-5812106</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>6427067.06</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-44388.56</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - AUD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTAUD__00025538_1736476"/>
        </identifiers>
        <balance>-1301000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt="1.4815912"/>
        <valUSD>-11761.91</valUSD>
        <pctVal>-0.0015732310</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-1301000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>1920757.32</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-11761.91</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - AUD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTAUD__00025540_1736476"/>
        </identifiers>
        <balance>-3629600</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="1.4815912"/>
        <valUSD>-6543.33</valUSD>
        <pctVal>-0.0008752124</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-3629600</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>5868108.62</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-6543.33</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - EUR</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTEUR__00025572_1736476"/>
        </identifiers>
        <balance>-3756000</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt=".9174732"/>
        <valUSD>-6558.36</valUSD>
        <pctVal>-0.0008772228</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-3756000</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>473449.1</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-6558.36</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - GBP</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTGBP__00025521_1736476"/>
        </identifiers>
        <balance>-40869309</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-198843.8</valUSD>
        <pctVal>-0.0265966348</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-40869309</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>32990807.3</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-198843.8</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - GBP</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTGBP__00025543_1736476"/>
        </identifiers>
        <balance>-1496703</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt=".8133056"/>
        <valUSD>2348.85</valUSD>
        <pctVal>0.0003141738</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-1496703</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>919252.49</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>2348.85</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - GBP</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTGBP__00025573_1736476"/>
        </identifiers>
        <balance>-18777564</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt=".8133056"/>
        <valUSD>-5293.89</valUSD>
        <pctVal>-0.0007080918</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-18777564</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>2125346.52</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-5293.89</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - JPY</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTJPY__00025524_1736476"/>
        </identifiers>
        <balance>-5171558</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-52341.49</valUSD>
        <pctVal>-0.0070010103</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-5171558</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>551032090</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-52341.49</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - JPY</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTJPY__00025541_1736476"/>
        </identifiers>
        <balance>-6742348</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="108.125"/>
        <valUSD>38154.59</valUSD>
        <pctVal>0.0051034214</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-6742348</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>799043078</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>38154.59</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - JPY</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTJPY__00025574_1736476"/>
        </identifiers>
        <balance>-66915731</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt="108.125"/>
        <valUSD>-68171.67</valUSD>
        <pctVal>-0.0091183985</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-66915731</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>999721021</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-68171.67</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - NOK</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - NOK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTNOK__00025522_1736476"/>
        </identifiers>
        <balance>-3019205</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-58114.25</valUSD>
        <pctVal>-0.0077731540</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-3019205</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>26912118.53</amtCurPur>
            <curPur>NOK</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-58114.25</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - NOK</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - NOK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTNOK__00025526_1736476"/>
        </identifiers>
        <balance>-1021694</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="9.09765"/>
        <valUSD>-4762.92</valUSD>
        <pctVal>-0.0006370711</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-1021694</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>10127735.9</amtCurPur>
            <curPur>NOK</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-4762.92</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - SEK</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - SEK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTSEK__00025517_1736476"/>
        </identifiers>
        <balance>-5065146</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-103787.66</valUSD>
        <pctVal>-0.0138822659</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>NORTHERN TRUST CHICAGO</counterpartyName>
              <counterpartyLei>6PTKHDJ8HDUF78PFWH30</counterpartyLei>
            </counterparties>
            <amtCurSold>-5065146</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>48628440.69</amtCurPur>
            <curPur>SEK</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-103787.66</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - SEK</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - SEK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTSEK__00025520_1736476"/>
        </identifiers>
        <balance>-11586224</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-233150.28</valUSD>
        <pctVal>-0.0311853468</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-11586224</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>111276435.71</amtCurPur>
            <curPur>SEK</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-233150.28</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - SEK</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - SEK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTSEK__00025527_1736476"/>
        </identifiers>
        <balance>-2217036</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="9.84405"/>
        <valUSD>-12366.39</valUSD>
        <pctVal>-0.0016540841</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS SECURITIES NEW YORK</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
            </counterparties>
            <amtCurSold>-2217036</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>23680611.57</amtCurPur>
            <curPur>SEK</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-12366.39</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - SGD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - SGD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTSGD__00025532_1736476"/>
        </identifiers>
        <balance>-5599518</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12095.63</valUSD>
        <pctVal>-0.0016178682</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>NORTHERN TRUST CHICAGO</counterpartyName>
              <counterpartyLei>6PTKHDJ8HDUF78PFWH30</counterpartyLei>
            </counterparties>
            <amtCurSold>-5599518</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>7716695.76</amtCurPur>
            <curPur>SGD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-12095.63</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - USD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTUSD__00025518_1736476"/>
        </identifiers>
        <balance>-62894383</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt="0"/>
        <valUSD>25296.5</valUSD>
        <pctVal>0.0033835693</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>NORTHERN TRUST CHICAGO</counterpartyName>
              <counterpartyLei>6PTKHDJ8HDUF78PFWH30</counterpartyLei>
            </counterparties>
            <amtCurSold>-62894383</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>8818865.22</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>25296.5</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - USD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTUSD__00025529_1736476"/>
        </identifiers>
        <balance>-2056682</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>9507.53</valUSD>
        <pctVal>0.0012716932</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>NORTHERN TRUST CHICAGO</counterpartyName>
              <counterpartyLei>6PTKHDJ8HDUF78PFWH30</counterpartyLei>
            </counterparties>
            <amtCurSold>-2056682</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>1563509.04</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>9507.53</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - USD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTUSD__00025539_1736476"/>
        </identifiers>
        <balance>-9503113</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>49206.72</valUSD>
        <pctVal>0.0065817147</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-9503113</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>7229632.24</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>49206.72</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - USD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTUSD__00025575_1736476"/>
        </identifiers>
        <balance>-200290946</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt="0"/>
        <valUSD>79613.16</valUSD>
        <pctVal>0.0106487713</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CHASE MANHATTAN BANK NEW YORK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-200290946</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>28083261.73</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>79613.16</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - USD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="NT_ID" value="CCTUSD__00025817_1736476"/>
        </identifiers>
        <balance>-1983206</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="0"/>
        <valUSD>-3777.88</valUSD>
        <pctVal>-0.0005053157</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>NORTHERN TRUST CHICAGO</counterpartyName>
              <counterpartyLei>6PTKHDJ8HDUF78PFWH30</counterpartyLei>
            </counterparties>
            <amtCurSold>-1983206</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>1494706.14</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-12-04</settlementDt>
            <unrealizedAppr>-3777.88</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-15</ncom:dateSigned>
      <ncom:nameOfApplicant>Ariel Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>James R. Rooney</ncom:signature>
      <ncom:signerName>James R. Rooney</ncom:signerName>
      <ncom:title>Chief Financial Officer, Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
