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      <regZipOrPostalCode>60601</regZipOrPostalCode>
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      <seriesName>Ariel Global Fund</seriesName>
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      <repPdEnd>2022-09-30</repPdEnd>
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        <pctVal>0.5963947912</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>Tapestry Inc</name>
        <lei>549300LJNVY5SW3VTN33</lei>
        <title>Tapestry Inc COM USD0.01</title>
        <cusip>876030107</cusip>
        <identifiers>
          <isin value="US8760301072"/>
          <ticker value="TPR US"/>
        </identifiers>
        <balance>24350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>988610</valUSD>
        <pctVal>0.5395159210</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>Trip Com Group Limited</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>Trip Com Group Limited ADS</title>
        <cusip>89677Q107</cusip>
        <identifiers>
          <isin value="US89677Q1076"/>
          <ticker value="TCOM"/>
        </identifiers>
        <balance>87154</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2145731.48</valUSD>
        <pctVal>1.1709939163</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>Vodafone Group plc</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group plc ORD USD0.2095238</title>
        <cusip>G93882192</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
          <ticker value="VOD LN"/>
        </identifiers>
        <balance>313480</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7387979"/>
        <valUSD>476331.42</valUSD>
        <pctVal>0.2599492062</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>Equity CommonWealth</name>
        <lei>549300YPGVU9PR4L0606</lei>
        <title>Equity CommonWealth USD0.01( BNF INT)</title>
        <cusip>294628102</cusip>
        <identifiers>
          <isin value="US2946281027"/>
          <ticker value="EQC US"/>
        </identifiers>
        <balance>108634</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2813620.6</valUSD>
        <pctVal>1.5354822521</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>Tim S A</name>
        <lei>N/A</lei>
        <title>Tim S A COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRTIMSACNOR5"/>
          <ticker value="TIMS3 BZ"/>
        </identifiers>
        <balance>628090</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.57"/>
        <valUSD>1487753.7</valUSD>
        <pctVal>0.8119145139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amdocs Limited</name>
        <lei>N/A</lei>
        <title>Amdocs Limited ORD GBP0.01</title>
        <cusip>G02602103</cusip>
        <identifiers>
          <isin value="GB0022569080"/>
          <ticker value="DOX US"/>
        </identifiers>
        <balance>48956</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3663867.04</valUSD>
        <pctVal>1.9994887775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd.</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>Credicorp Ltd. COM USD5</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
        </identifiers>
        <balance>44920</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5483384.4</valUSD>
        <pctVal>2.9924572729</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>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc. COM USD0.10</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <isin value="US92343V1044"/>
          <ticker value="VZ US"/>
        </identifiers>
        <balance>51897</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2696568.12</valUSD>
        <pctVal>1.4716029908</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>Bristol-Myers Squibb Company</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Company COM USD0.10</title>
        <cusip>110122108</cusip>
        <identifiers>
          <isin value="US1101221083"/>
          <ticker value="BMY US"/>
        </identifiers>
        <balance>50498</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3148550.3</valUSD>
        <pctVal>1.7182640422</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>Check Point Sftwre</name>
        <lei>2549003ZVBH73EPNS513</lei>
        <title>Check Point Sftwre ORD ILS0.01</title>
        <cusip>M22465104</cusip>
        <identifiers>
          <isin value="IL0010824113"/>
          <ticker value="CHKP"/>
        </identifiers>
        <balance>8405</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>979686.8</valUSD>
        <pctVal>0.5346462469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Gilead Sciences, Inc. COM USD0.001</title>
        <cusip>375558103</cusip>
        <identifiers>
          <isin value="US3755581036"/>
          <ticker value="GILD US"/>
        </identifiers>
        <balance>141820</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10297550.2</valUSD>
        <pctVal>5.6197006704</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>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp COM USD0.01</title>
        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
          <ticker value="USB US"/>
        </identifiers>
        <balance>12702</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>713471.34</valUSD>
        <pctVal>0.3893640031</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>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson COM USD1.00</title>
        <cusip>478160104</cusip>
        <identifiers>
          <isin value="US4781601046"/>
          <ticker value="JNJ US"/>
        </identifiers>
        <balance>39252</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6714839.64</valUSD>
        <pctVal>3.6645015653</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>Microsoft Corporation</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corporation COM USD0.00000625</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
          <ticker value="MSFT US"/>
        </identifiers>
        <balance>58732</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19752746.24</valUSD>
        <pctVal>10.7797018837</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>Banco Santander-Chile</name>
        <lei>3YJP8HORPAEXJ80D6368</lei>
        <title>Banco Santander-Chile ADR-EACH REP 400 COM NPV</title>
        <cusip>05965X109</cusip>
        <identifiers>
          <isin value="US05965X1090"/>
          <ticker value="BSAC US"/>
        </identifiers>
        <balance>20915</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>340705.35</valUSD>
        <pctVal>0.1859337460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KBC Groupe SA</name>
        <lei>213800X3Q9LSAKRUWY91</lei>
        <title>KBC Groupe SA NPV</title>
        <cusip>B5337G162</cusip>
        <identifiers>
          <isin value="BE0003565737"/>
          <ticker value="KBC BB"/>
        </identifiers>
        <balance>2323</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>199571.74</valUSD>
        <pctVal>0.1089126461</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>Thales SA</name>
        <lei>529900FNDVTQJOVVPZ19</lei>
        <title>Thales SA EUR3</title>
        <cusip>F9156M108</cusip>
        <identifiers>
          <isin value="FR0000121329"/>
          <ticker value="THLEF"/>
        </identifiers>
        <balance>1986</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>169127.36</valUSD>
        <pctVal>0.0922981797</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="MGDDF"/>
        </identifiers>
        <balance>41898</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>6876080.88</valUSD>
        <pctVal>3.7524960385</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 SA</name>
        <lei>969500UIC89GT3UL7L24</lei>
        <title>Safran SA EUR0.20</title>
        <cusip>F4035A557</cusip>
        <identifiers>
          <isin value="FR0000073272"/>
          <ticker value="SAFRF"/>
        </identifiers>
        <balance>3191</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>391123.78</valUSD>
        <pctVal>0.2134486869</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 S</title>
        <cusip>056752108</cusip>
        <identifiers>
          <isin value="US0567521085"/>
          <ticker value="BIDU"/>
        </identifiers>
        <balance>62121</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9242983.59</valUSD>
        <pctVal>5.0441901296</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>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 GR"/>
        </identifiers>
        <balance>306912</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>851309.84</valUSD>
        <pctVal>0.4645868566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodafone Group plc</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group plc SPON ADR EACH REP 10 ORD</title>
        <cusip>92857W308</cusip>
        <identifiers>
          <isin value="US92857W3088"/>
          <ticker value="VOD US"/>
        </identifiers>
        <balance>20970</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313082.1</valUSD>
        <pctVal>0.1708588599</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>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA EUR1.2</title>
        <cusip>E41222113</cusip>
        <identifiers>
          <isin value="ES0130670112"/>
          <ticker value="ELE SM"/>
        </identifiers>
        <balance>271342</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>6246683.75</valUSD>
        <pctVal>3.4090140059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Munich Reinsurance</name>
        <lei>529900MUF4C20K50JS49</lei>
        <title>Munich Reinsurance NPV(REGD)</title>
        <cusip>D55535104</cusip>
        <identifiers>
          <isin value="DE0008430026"/>
          <ticker value="MUV2 GR"/>
        </identifiers>
        <balance>1305</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>385247.62</valUSD>
        <pctVal>0.2102418795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi EUR2</title>
        <cusip>F5548N101</cusip>
        <identifiers>
          <isin value="FR0000120578"/>
          <ticker value="SNYNF"/>
        </identifiers>
        <balance>13846</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>1396345.98</valUSD>
        <pctVal>0.7620304138</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>Nokia Corp</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia Corp NPV</title>
        <cusip>X61873133</cusip>
        <identifiers>
          <isin value="FI0009000681"/>
          <ticker value="NOKIA FH"/>
        </identifiers>
        <balance>531188</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>3364380.3</valUSD>
        <pctVal>1.8360493380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 IM"/>
        </identifiers>
        <balance>323326</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>1947450.02</valUSD>
        <pctVal>1.0627854170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart De Mexico COM NPV</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WALMEX* MM"/>
        </identifiers>
        <balance>160350</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.4755"/>
        <valUSD>595884.42</valUSD>
        <pctVal>0.3251930808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kt&amp;G Corporation</name>
        <lei>988400ZJV6ISYBLQX875</lei>
        <title>Kt&amp;G Corporation KRW5000</title>
        <cusip>Y49904108</cusip>
        <identifiers>
          <isin value="KR7033780008"/>
          <ticker value="033780 KS"/>
        </identifiers>
        <balance>66227</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1188.75"/>
        <valUSD>4399979.73</valUSD>
        <pctVal>2.4012088855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Travelsky Technology Limited</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>Travelsky Technology Limited CLS'H' CNY1</title>
        <cusip>Y8972V101</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
          <ticker value="696 HK"/>
        </identifiers>
        <balance>630831</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755"/>
        <valUSD>1061423.49</valUSD>
        <pctVal>0.5792525584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Catcher Technology</name>
        <lei>5299006PRSCU66N5JF55</lei>
        <title>Catcher Technology TWD10</title>
        <cusip>Y1148A101</cusip>
        <identifiers>
          <isin value="TW0002474004"/>
          <ticker value="2474 TT"/>
        </identifiers>
        <balance>157000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.667"/>
        <valUSD>887550.63</valUSD>
        <pctVal>0.4843646084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLP Holdings Ltd</name>
        <lei>25490002BUTSMP94GO68</lei>
        <title>CLP Holdings Ltd NPV</title>
        <cusip>Y1660Q104</cusip>
        <identifiers>
          <isin value="HK0002007356"/>
          <ticker value="2 HK"/>
        </identifiers>
        <balance>93000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755"/>
        <valUSD>939237.32</valUSD>
        <pctVal>0.5125716791</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>Sanlam Ltd</name>
        <lei>37890014418406D9FC23</lei>
        <title>Sanlam Ltd ZAR0.01</title>
        <cusip>S7302C137</cusip>
        <identifiers>
          <isin value="ZAE000070660"/>
          <ticker value="SLM SJ"/>
        </identifiers>
        <balance>170421</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.935"/>
        <valUSD>634840.95</valUSD>
        <pctVal>0.3464528983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</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 JP"/>
        </identifiers>
        <balance>55900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03"/>
        <valUSD>2399936.59</valUSD>
        <pctVal>1.3097217301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 JP"/>
        </identifiers>
        <balance>175300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03"/>
        <valUSD>3132227.81</valUSD>
        <pctVal>1.7093563403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 JP"/>
        </identifiers>
        <balance>123700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03"/>
        <valUSD>2497744.2</valUSD>
        <pctVal>1.3630984538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 JP"/>
        </identifiers>
        <balance>8550</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03"/>
        <valUSD>4000181.42</valUSD>
        <pctVal>2.1830262316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 JP"/>
        </identifiers>
        <balance>19700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03"/>
        <valUSD>1368879.19</valUSD>
        <pctVal>0.7470409129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Direct Line Insurance Group Plc</name>
        <lei>213800FF2R23ALJQOP04</lei>
        <title>Direct Line Insurance Group Plc ORD GBP0.109090909</title>
        <cusip>G2871V114</cusip>
        <identifiers>
          <isin value="GB00BY9D0Y18"/>
          <ticker value="DLG LN"/>
        </identifiers>
        <balance>365995</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7387979"/>
        <valUSD>1382145.31</valUSD>
        <pctVal>0.7542806565</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>Deutsche Boerse AG</name>
        <lei>529900G3SW56SHYNPR95</lei>
        <title>Deutsche Boerse AG NPV(REGD)</title>
        <cusip>D1882G119</cusip>
        <identifiers>
          <isin value="DE0005810055"/>
          <ticker value="DBOEF"/>
        </identifiers>
        <balance>31720</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8783487"/>
        <valUSD>5296429.48</valUSD>
        <pctVal>2.8904300267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HLundbeck A/S</name>
        <lei>5493006R4KC2OI5D3470</lei>
        <title>HLundbeck A/S DKK5</title>
        <cusip>K4406L129</cusip>
        <identifiers>
          <isin value="DK0010287234"/>
          <ticker value="HLUKF"/>
        </identifiers>
        <balance>9945</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.53205"/>
        <valUSD>256059.35</valUSD>
        <pctVal>0.1397397316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG CHF0.50 (REGD)</title>
        <cusip>H5820Q150</cusip>
        <identifiers>
          <isin value="CH0012005267"/>
          <ticker value="NOVN SW"/>
        </identifiers>
        <balance>5523</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".9112"/>
        <valUSD>485317.21</valUSD>
        <pctVal>0.2648530376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="RHHVF"/>
        </identifiers>
        <balance>32606</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".9112"/>
        <valUSD>13526966.03</valUSD>
        <pctVal>7.3820956044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 NPV</title>
        <cusip>718172109</cusip>
        <identifiers>
          <isin value="US7181721090"/>
          <ticker value="PM US"/>
        </identifiers>
        <balance>105760</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10047200</valUSD>
        <pctVal>5.4830766036</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>NetApp Inc.</name>
        <lei>QTX3D84DZDD5JYOCYH15</lei>
        <title>NetApp Inc. COM USD0.001</title>
        <cusip>64110D104</cusip>
        <identifiers>
          <isin value="US64110D1046"/>
          <ticker value="NTAP US"/>
        </identifiers>
        <balance>28059</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2581147.41</valUSD>
        <pctVal>1.4086142382</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>BB Seguridade Participacoes Sa</name>
        <lei>N/A</lei>
        <title>BB Seguridade Participacoes Sa COM NPV</title>
        <cusip>P1R1WJ103</cusip>
        <identifiers>
          <isin value="BRBBSEACNOR5"/>
          <ticker value="BBSE3 BZ"/>
        </identifiers>
        <balance>715495</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.57"/>
        <valUSD>2648494.65</valUSD>
        <pctVal>1.4453677691</pctVal>
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    <signature>
      <ncom:dateSigned>2022-01-25</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>
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  <documents>XXXX</documents>
</edgarSubmission>
