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          <ccc>XXXXXXXX</ccc>
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      </filer>


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        <classId>C000108547</classId>
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      <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 Global Fund</seriesName>
      <seriesId>S000035292</seriesId>
      <seriesLei>5493001CP28B2PM0NI28</seriesLei>
      <repPdEnd>2026-09-30</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <valUSD>54164.91</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <lei>TSI2PJM6EPETEQ4X1U25</lei>
        <title>Infineon Technologies AG ORD NPV (REGD)</title>
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          <ticker value="IFNNF"/>
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        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>507465.64</valUSD>
        <pctVal>0.9551962578</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wacker Chemie AG</name>
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          <ticker value="WKCMF"/>
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        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>960167.95</valUSD>
        <pctVal>1.8073121811</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>Bandai Namco Holdings Inc.</name>
        <lei>3538008EFEM34VRJDQ95</lei>
        <title>Bandai Namco Holdings Inc. NPV</title>
        <cusip>Y0606D102</cusip>
        <identifiers>
          <isin value="JP3778630008"/>
          <ticker value="NCBDF"/>
        </identifiers>
        <balance>41900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1033690.07</valUSD>
        <pctVal>1.9457019525</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>Sumco Corp.</name>
        <lei>353800SUSRUOM0V6KU92</lei>
        <title>Sumco Corp. NPV</title>
        <cusip>J76896109</cusip>
        <identifiers>
          <isin value="JP3322930003"/>
          <ticker value="SUMCF"/>
        </identifiers>
        <balance>114900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1269499.13</valUSD>
        <pctVal>2.3895624110</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>Bridgestone Corp.</name>
        <lei>549300DHPOF90OYYD780</lei>
        <title>Bridgestone Corp. NPV</title>
        <cusip>J04578126</cusip>
        <identifiers>
          <isin value="JP3830800003"/>
          <ticker value="BRDCF"/>
        </identifiers>
        <balance>24600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>512621.4</valUSD>
        <pctVal>0.9649008807</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>Minth Group Ltd.</name>
        <lei>254900B2AH0G13K9G204</lei>
        <title>Minth Group Ltd. HKD0.1</title>
        <cusip>G6145U109</cusip>
        <identifiers>
          <isin value="KYG6145U1094"/>
          <ticker value="MNTHF"/>
        </identifiers>
        <balance>128000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>534726.38</valUSD>
        <pctVal>1.0065088094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daifuku Co Ltd.</name>
        <lei>3538006FG1W4X3MYHL36</lei>
        <title>Daifuku Co Ltd. NPV</title>
        <cusip>J08988107</cusip>
        <identifiers>
          <isin value="JP3497400006"/>
          <ticker value="DAIUF"/>
        </identifiers>
        <balance>38500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1359399.58</valUSD>
        <pctVal>2.5587809091</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>Horiba Ltd.</name>
        <lei>529900OOTWPYSNW0EC84</lei>
        <title>Horiba Ltd. NPV</title>
        <cusip>J22428106</cusip>
        <identifiers>
          <isin value="JP3853000002"/>
          <ticker value="HRIBF"/>
        </identifiers>
        <balance>8900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1040910.95</valUSD>
        <pctVal>1.9592937250</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>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix Inc. KRW5000</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <ticker value="HXSCF"/>
        </identifiers>
        <balance>957</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>542968.43</valUSD>
        <pctVal>1.0220227175</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>Murata Manufacturing Co Ltd.</name>
        <lei>529900QZG6DL8ZRI7140</lei>
        <title>Murata Manufacturing Co Ltd. NPV</title>
        <cusip>J46840104</cusip>
        <identifiers>
          <isin value="JP3914400001"/>
          <ticker value="MRAAF"/>
        </identifiers>
        <balance>74800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>1678304.65</valUSD>
        <pctVal>3.1590519530</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>TDK Corp.</name>
        <lei>3538005O8WNU39U8NX03</lei>
        <title>TDK Corp. NPV</title>
        <cusip>J82141136</cusip>
        <identifiers>
          <isin value="JP3538800008"/>
          <ticker value="TTDKF"/>
        </identifiers>
        <balance>53500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>694979.75</valUSD>
        <pctVal>1.3081517331</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>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="TSMWF"/>
        </identifiers>
        <balance>24000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>1388028.6</valUSD>
        <pctVal>2.6126689571</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>Airtac International Group</name>
        <lei>N/A</lei>
        <title>Airtac International Group TWD10</title>
        <cusip>G01408106</cusip>
        <identifiers>
          <isin value="KYG014081064"/>
          <ticker value="ATCXF"/>
        </identifiers>
        <balance>16000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>509607.33</valUSD>
        <pctVal>0.9592275342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emaar Properties PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>Emaar Properties PJSC AED1</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR"/>
        </identifiers>
        <balance>158400</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6733"/>
        <valUSD>518354.14</valUSD>
        <pctVal>0.9756915458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Informa PLC</name>
        <lei>5493006VM2LKUPSEDU20</lei>
        <title>Informa PLC ORD GBP0.001</title>
        <cusip>G4770L106</cusip>
        <identifiers>
          <isin value="GB00BMJ6DW54"/>
          <ticker value="IFPJF"/>
        </identifiers>
        <balance>104714</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1051717.81</valUSD>
        <pctVal>1.9796353431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co. COM USD0.01</title>
        <cusip>42824C109</cusip>
        <identifiers>
          <isin value="US42824C1099"/>
          <ticker value="HPE"/>
        </identifiers>
        <balance>48071</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1144570.51</valUSD>
        <pctVal>2.1544108246</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>Bank of Ireland Group PLC</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group PLC ORD EUR1.00</title>
        <cusip>G0756R109</cusip>
        <identifiers>
          <isin value="IE00BD1RP616"/>
          <ticker value="BKRIF"/>
        </identifiers>
        <balance>63844</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1158337.21</valUSD>
        <pctVal>2.1803237126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wizz Air Holdings PLC</name>
        <lei>213800COXGZCORLJZA85</lei>
        <title>Wizz Air Holdings PLC ORD GBP0.0001</title>
        <cusip>G96871101</cusip>
        <identifiers>
          <isin value="JE00BN574F90"/>
          <ticker value="WZZAF"/>
        </identifiers>
        <balance>24639</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>280642.55</valUSD>
        <pctVal>0.5282499787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</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"/>
        </identifiers>
        <balance>22016</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1335270.4</valUSD>
        <pctVal>2.5133628539</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>BT Group PLC</name>
        <lei>213800LRO7NS5CYQMN21</lei>
        <title>BT Group PLC ORD GBP0.05</title>
        <cusip>G16612106</cusip>
        <identifiers>
          <isin value="GB0030913577"/>
          <ticker value="BTGOF"/>
        </identifiers>
        <balance>394767</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1106361.22</valUSD>
        <pctVal>2.0824899536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marks &amp; Spencer Group PLC</name>
        <lei>213800EJP14A79ZG1X44</lei>
        <title>Marks &amp; Spencer Group PLC ORD GBP0.01</title>
        <cusip>G5824M107</cusip>
        <identifiers>
          <isin value="GB0031274896"/>
          <ticker value="MAKSF"/>
        </identifiers>
        <balance>276943</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1247828.74</valUSD>
        <pctVal>2.3487725057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC ORD GBP0.25</title>
        <cusip>G08036124</cusip>
        <identifiers>
          <isin value="GB0031348658"/>
          <ticker value="BCLYF"/>
        </identifiers>
        <balance>155600</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>814330.13</valUSD>
        <pctVal>1.5328034678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Solar Inc</name>
        <lei>549300NPYMLM4NHTOF27</lei>
        <title>First Solar Inc COM STK USD0.001</title>
        <cusip>336433107</cusip>
        <identifiers>
          <isin value="US3364331070"/>
          <ticker value="FSLR"/>
        </identifiers>
        <balance>8084</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1594649.84</valUSD>
        <pctVal>3.0015895453</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>MediaTek Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MediaTek Inc. TWD10</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
          <ticker value="MDTTF"/>
        </identifiers>
        <balance>23000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>1103199</valUSD>
        <pctVal>2.0765377463</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>Bank Negara Indonesia (Persero) Tbk PT</name>
        <lei>549300HZ8J3MLVXQ8F85</lei>
        <title>Bank Negara Indonesia (Persero) Tbk PT LKD SHS(IDR3750 &amp; IDR187.5)</title>
        <cusip>Y74568166</cusip>
        <identifiers>
          <isin value="ID1000096605"/>
          <ticker value="BBNI"/>
        </identifiers>
        <balance>2039200</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16994.5"/>
        <valUSD>455383.44</valUSD>
        <pctVal>0.8571625810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daikin Industries Ltd.</name>
        <lei>549300Y7FWSTSHMW5Y57</lei>
        <title>Daikin Industries Ltd. NPV</title>
        <cusip>J10038115</cusip>
        <identifiers>
          <isin value="JP3481800005"/>
          <ticker value="DKILF"/>
        </identifiers>
        <balance>19600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>2350960.23</valUSD>
        <pctVal>4.4251831787</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>Eurobank S.A.</name>
        <lei>213800KGF4EFNUQKAT69</lei>
        <title>Eurobank S.A. EUR0.22</title>
        <cusip>X2379U106</cusip>
        <identifiers>
          <isin value="GRS829003003"/>
          <ticker value="EURBF"/>
        </identifiers>
        <balance>201054</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>805027.13</valUSD>
        <pctVal>1.5152925467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hongfa Technology Co Ltd.</name>
        <lei>N/A</lei>
        <title>Hongfa Technology Co Ltd. 'A'CNY1</title>
        <cusip>Y9716T105</cusip>
        <identifiers>
          <isin value="CNE000000JK6"/>
          <ticker value="600885"/>
        </identifiers>
        <balance>117599</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.88765"/>
        <valUSD>480322.11</valUSD>
        <pctVal>0.9041043291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAWAG Group AG</name>
        <lei>529900S9YO2JHTIIDG38</lei>
        <title>BAWAG Group AG NPV</title>
        <cusip>A0997C107</cusip>
        <identifiers>
          <isin value="AT0000BAWAG2"/>
          <ticker value="BWAGF"/>
        </identifiers>
        <balance>6273</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>953668.78</valUSD>
        <pctVal>1.7950788744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kuaishou Technology</name>
        <lei>300300FCDZBE6UP9ED24</lei>
        <title>Kuaishou Technology USD0.0000053 B CLASS</title>
        <cusip>G53263102</cusip>
        <identifiers>
          <isin value="KYG532631028"/>
          <ticker value="KUASF"/>
        </identifiers>
        <balance>95000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>559580.96</valUSD>
        <pctVal>1.0532922759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FedEx Corporation</name>
        <lei>549300E707U7WNPZN687</lei>
        <title>FedEx Corporation COM USD0.10</title>
        <cusip>31428X106</cusip>
        <identifiers>
          <isin value="US31428X1063"/>
          <ticker value="FDX"/>
        </identifiers>
        <balance>2865</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1020455.7</valUSD>
        <pctVal>1.9207910626</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>Walt Disney Company</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Company COM DISNEY USD0.01</title>
        <cusip>254687106</cusip>
        <identifiers>
          <isin value="US2546871060"/>
          <ticker value="DIS"/>
        </identifiers>
        <balance>19167</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1847315.46</valUSD>
        <pctVal>3.4771788970</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp. COM USD0.01</title>
        <cusip>060505104</cusip>
        <identifiers>
          <isin value="US0605051046"/>
          <ticker value="BAC"/>
        </identifiers>
        <balance>10985</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>535518.75</valUSD>
        <pctVal>1.0080002776</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>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp COM NPV</title>
        <cusip>316773100</cusip>
        <identifiers>
          <isin value="US3167731005"/>
          <ticker value="FITB"/>
        </identifiers>
        <balance>16983</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>789030.18</valUSD>
        <pctVal>1.4851816868</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>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corporation COM USD0.50</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
          <ticker value="MTB"/>
        </identifiers>
        <balance>5330</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1101817.6</valUSD>
        <pctVal>2.0739375542</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>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"/>
        </identifiers>
        <balance>5673</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790646.01</valUSD>
        <pctVal>1.4882231435</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>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corporation COM USD0.001</title>
        <cusip>458140100</cusip>
        <identifiers>
          <isin value="US4581401001"/>
          <ticker value="INTC"/>
        </identifiers>
        <balance>42585</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1879276.05</valUSD>
        <pctVal>3.5373379177</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>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp COM USD0.01</title>
        <cusip>126650100</cusip>
        <identifiers>
          <isin value="US1266501006"/>
          <ticker value="CVS"/>
        </identifiers>
        <balance>20489</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1471519.98</valUSD>
        <pctVal>2.7698237425</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 Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp. COM USD0.00000625</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
          <ticker value="MSFT"/>
        </identifiers>
        <balance>1852</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>685554.84</valUSD>
        <pctVal>1.2904113423</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>Centerpoint Energy Inc</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>Centerpoint Energy Inc COM STK USD0.01</title>
        <cusip>15189T107</cusip>
        <identifiers>
          <isin value="US15189T1079"/>
          <ticker value="CNP"/>
        </identifiers>
        <balance>14272</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>615979.52</valUSD>
        <pctVal>1.1594505834</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>Banca Monte dei Paschi di Siena S.p.A.</name>
        <lei>J4CP7MHCXR8DAQMKIL78</lei>
        <title>Banca Monte dei Paschi di Siena S.p.A. NPV (POST SPLT)</title>
        <cusip>T1188K429</cusip>
        <identifiers>
          <isin value="IT0005508921"/>
          <ticker value="BMDPF"/>
        </identifiers>
        <balance>84309</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>735640.78</valUSD>
        <pctVal>1.3846874837</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>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB Financial Group Inc. KRW5000</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
          <ticker value="A105560"/>
        </identifiers>
        <balance>7043</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>691414.56</valUSD>
        <pctVal>1.3014410203</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>Publicis Groupe SA</name>
        <lei>2138004KW8BV57III342</lei>
        <title>Publicis Groupe SA EUR0.40</title>
        <cusip>F7607Z165</cusip>
        <identifiers>
          <isin value="FR0000130577"/>
          <ticker value="PGPEF"/>
        </identifiers>
        <balance>6770</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>560349.64</valUSD>
        <pctVal>1.0547391527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lojas Renner SA</name>
        <lei>52990032N7OAAM138D78</lei>
        <title>Lojas Renner SA COM NPV</title>
        <cusip>P6332C102</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
          <ticker value="LORPF"/>
        </identifiers>
        <balance>206507</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17985"/>
        <valUSD>596415.87</valUSD>
        <pctVal>1.1226261686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc COM USD1</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
          <ticker value="T"/>
        </identifiers>
        <balance>44627</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1293736.73</valUSD>
        <pctVal>2.4351845438</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>Algonquin Power &amp; Utilities Corporation</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corporation COM NPV</title>
        <cusip>015857105</cusip>
        <identifiers>
          <isin value="CA0158571053"/>
          <ticker value="AQN"/>
        </identifiers>
        <balance>242997</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1492001.58</valUSD>
        <pctVal>2.8083760032</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>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA EUR4</title>
        <cusip>F6866T100</cusip>
        <identifiers>
          <isin value="FR0000133308"/>
          <ticker value="FNCTF"/>
        </identifiers>
        <balance>53018</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1087031.25</valUSD>
        <pctVal>2.0461053917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA EUR0.50(REGD)</title>
        <cusip>E19790109</cusip>
        <identifiers>
          <isin value="ES0113900J37"/>
          <ticker value="SAN"/>
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        <balance>55484</balance>
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        <name>China Mengniu Dairy Co Ltd.</name>
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      <ncom:signature>Adam J. Nelson</ncom:signature>
      <ncom:signerName>Adam J. Nelson</ncom:signerName>
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</edgarSubmission>
