<?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">
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    <isConfidential>false</isConfidential>
    <filerInfo>

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


      <seriesClassInfo>
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        <classId>C000108546</classId>
        <classId>C000108545</classId>
      </seriesClassInfo>


    </filerInfo>
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      <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>2026-09-30</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>1217924.930000000000</totLiabs>
      <netAssets>245760026.370000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
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      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
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      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
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      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>70690.840000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
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          <equityContracts>
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          <foreignExchgContracts>
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          </otherContracts>
        </monthlyReturnCats>
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        </fundsDesignatedInfo>

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        <title>Bridgestone Corp. NPV</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>2023187.38</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <ticker value="DAIUF"/>
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        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>7933950.29</valUSD>
        <pctVal>3.2283322911</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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        <title>Informa PLC ORD GBP0.001</title>
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          <ticker value="IFPJF"/>
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        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>8051776.93</valUSD>
        <pctVal>3.2762760685</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>
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        <name>Koninklijke Ahold Delhaize NV</name>
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        <title>Koninklijke Ahold Delhaize NV EUR0.01</title>
        <cusip>N0074E105</cusip>
        <identifiers>
          <isin value="NL0011794037"/>
          <ticker value="AHODF"/>
        </identifiers>
        <balance>82615</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>3847314.46</valUSD>
        <pctVal>1.5654760934</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>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"/>
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        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.88765"/>
        <valUSD>2112046.55</valUSD>
        <pctVal>0.8593938490</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>
        </securityLending>
      </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>67387</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>10244680.08</valUSD>
        <pctVal>4.1685705488</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>Italgas SpA</name>
        <lei>815600F25FF44EF1FA76</lei>
        <title>Italgas SpA NPV</title>
        <cusip>T6R89Z103</cusip>
        <identifiers>
          <isin value="IT0005211237"/>
          <ticker value="ITGGF"/>
        </identifiers>
        <balance>163316</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>1902466.16</valUSD>
        <pctVal>0.7741153792</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>China Mengniu Dairy Co Ltd.</name>
        <lei>2549005Q343BSJ8RSS21</lei>
        <title>China Mengniu Dairy Co Ltd. HKD0.1</title>
        <cusip>G21096105</cusip>
        <identifiers>
          <isin value="KYG210961051"/>
          <ticker value="CIADF"/>
        </identifiers>
        <balance>1409000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>3112908.32</valUSD>
        <pctVal>1.2666455021</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>Sumco Corp.</name>
        <lei>353800SUSRUOM0V6KU92</lei>
        <title>Sumco Corp. NPV</title>
        <cusip>J76896109</cusip>
        <identifiers>
          <isin value="JP3322930003"/>
          <ticker value="SUMCF"/>
        </identifiers>
        <balance>852400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>9417937.85</valUSD>
        <pctVal>3.8321683103</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>65500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>7660636.75</valUSD>
        <pctVal>3.1171207389</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>573000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>7443428.03</valUSD>
        <pctVal>3.0287382940</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>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>512799</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>9303836.89</valUSD>
        <pctVal>3.7857405158</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>106823</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>1216732.78</valUSD>
        <pctVal>0.4950897825</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>Fortum Oyj</name>
        <lei>635400IUIZZIUJSAMF76</lei>
        <title>Fortum Oyj EUR3.40</title>
        <cusip>X2978Z118</cusip>
        <identifiers>
          <isin value="FI0009007132"/>
          <ticker value="FORTUM"/>
        </identifiers>
        <balance>160174</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>4096087.59</valUSD>
        <pctVal>1.6667021283</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>Salzgitter AG</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>Salzgitter AG ORD NPV</title>
        <cusip>D80900109</cusip>
        <identifiers>
          <isin value="DE0006202005"/>
          <ticker value="SZGPF"/>
        </identifiers>
        <balance>74588</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>3229411</valUSD>
        <pctVal>1.3140505589</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>Proximus S.A</name>
        <lei>549300CWRXC5EP004533</lei>
        <title>Proximus S.A NPV</title>
        <cusip>B6951K109</cusip>
        <identifiers>
          <isin value="BE0003810273"/>
          <ticker value="BGAOF"/>
        </identifiers>
        <balance>290821</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2353018.35</valUSD>
        <pctVal>0.9574455149</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>Engie SA</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie SA EUR1</title>
        <cusip>F7629A107</cusip>
        <identifiers>
          <isin value="FR0010208488"/>
          <ticker value="ENGI"/>
        </identifiers>
        <balance>213759</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>6888909.34</valUSD>
        <pctVal>2.8031040856</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>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>589412</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2360025.91</valUSD>
        <pctVal>0.9602968981</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>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>343700</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8412"/>
        <valUSD>2024505.01</valUSD>
        <pctVal>0.8237731090</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSK plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK plc ORD GBP0.3125</title>
        <cusip>G3910J179</cusip>
        <identifiers>
          <isin value="GB00BN7SWP63"/>
          <ticker value="GLAXF"/>
        </identifiers>
        <balance>101294</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>2790191.9</valUSD>
        <pctVal>1.1353318687</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>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG NPV (REGD)</title>
        <cusip>D0712D163</cusip>
        <identifiers>
          <isin value="DE000BAY0017"/>
          <ticker value="BAYZF"/>
        </identifiers>
        <balance>98174</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>4543319.4</valUSD>
        <pctVal>1.8486811981</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>Compagnie Generale des Etablissements Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Compagnie Generale des Etablissements Michelin EUR0.50 (POST SUBDIVISION)</title>
        <cusip>F61824870</cusip>
        <identifiers>
          <isin value="FR001400AJ45"/>
          <ticker value="MGDDF"/>
        </identifiers>
        <balance>94720</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>3245003.27</valUSD>
        <pctVal>1.3203950691</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>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>452219</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>3945850.78</valUSD>
        <pctVal>1.6055706204</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>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG CHF0.001</title>
        <cusip>H69293266</cusip>
        <identifiers>
          <isin value="CH1499059983"/>
          <ticker value="RHHVF"/>
        </identifiers>
        <balance>13520</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".7996"/>
        <valUSD>5395708.2</valUSD>
        <pctVal>2.1955190515</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>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>2490683</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>6980307.57</valUSD>
        <pctVal>2.8402941166</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>1579180</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>7115349.33</valUSD>
        <pctVal>2.8952427435</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>1286275</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7555152"/>
        <valUSD>6731699.79</valUSD>
        <pctVal>2.7391353628</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>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>28005</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1531.65"/>
        <valUSD>2749263.79</valUSD>
        <pctVal>1.1186781799</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>KBC Group NV</name>
        <lei>213800X3Q9LSAKRUWY91</lei>
        <title>KBC Group NV NPV</title>
        <cusip>B5337G162</cusip>
        <identifiers>
          <isin value="BE0003565737"/>
          <ticker value="KBCSF"/>
        </identifiers>
        <balance>43103</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>5275462.69</valUSD>
        <pctVal>2.1465910335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</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>70300</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>5818697.16</valUSD>
        <pctVal>2.3676336815</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>750924</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17985"/>
        <valUSD>2168754.51</valUSD>
        <pctVal>0.8824683745</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>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>1412878</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8675070.92</valUSD>
        <pctVal>3.5298950151</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA EUR4</title>
        <cusip>F6866T100</cusip>
        <identifiers>
          <isin value="FR0000133308"/>
          <ticker value="FNCTF"/>
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        <balance>412370</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>8454846.91</valUSD>
        <pctVal>3.4402856457</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>
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      <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>691512</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>7752347.14</valUSD>
        <pctVal>3.1544377882</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Infineon Technologies AG</name>
        <lei>TSI2PJM6EPETEQ4X1U25</lei>
        <title>Infineon Technologies AG ORD NPV (REGD)</title>
        <cusip>D35415104</cusip>
        <identifiers>
          <isin value="DE0006231004"/>
          <ticker value="IFNNF"/>
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        <balance>66084</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2997975.94</valUSD>
        <pctVal>1.2198794020</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Wacker Chemie AG</name>
        <lei>0NURKC5Q3CJYZPPK5046</lei>
        <title>Wacker Chemie AG NPV(BR)</title>
        <cusip>D9540Z106</cusip>
        <identifiers>
          <isin value="DE000WCH8881"/>
          <ticker value="WKCMF"/>
        </identifiers>
        <balance>62703</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>6207383.34</valUSD>
        <pctVal>2.5257904761</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>
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      </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>60000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.97"/>
        <valUSD>2877910.44</valUSD>
        <pctVal>1.1710246302</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>
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      </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>310100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>7650293.33</valUSD>
        <pctVal>3.1129119910</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>
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      </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"/>
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        <balance>8068800</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16994.5"/>
        <valUSD>1801882.06</valUSD>
        <pctVal>0.7331876085</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>98700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>11838764.05</valUSD>
        <pctVal>4.8172049071</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>
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      </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>438100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705"/>
        <valUSD>9829749.58</valUSD>
        <pctVal>3.9997349143</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Lottomatica Group SpA</name>
        <lei>549300R72LKEGT4EX026</lei>
        <title>Lottomatica Group SpA NPV</title>
        <cusip>T64384109</cusip>
        <identifiers>
          <isin value="IT0005541336"/>
          <ticker value="LTMGF"/>
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        <balance>351811</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>10158496.72</valUSD>
        <pctVal>4.1335024536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Syensqo SA</name>
        <lei>549300060XNJ90PLNS10</lei>
        <title>Syensqo SA NPV</title>
        <cusip>B8T189100</cusip>
        <identifiers>
          <isin value="BE0974464977"/>
          <ticker value="SHBBF"/>
        </identifiers>
        <balance>50843</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8651641"/>
        <valUSD>2963766.78</valUSD>
        <pctVal>1.2059596606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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__00059945_1736476"/>
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        <balance>-5613084</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>153325.79</valUSD>
        <pctVal>0.0623884170</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 COMPANY</counterpartyName>
              <counterpartyLei>6PTKHDJ8HDUF78PFWH30</counterpartyLei>
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            <amtCurSold>-5613084</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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__00059967_1736476"/>
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        <balance>-774205852</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="1.4493803"/>
        <valUSD>184063.93</valUSD>
        <pctVal>0.0748957968</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 AG STAMFORD BRANCH</counterpartyName>
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            <settlementDt>2026-04-09</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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__00059977_1736476"/>
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        <balance>-71533</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1959.73</valUSD>
        <pctVal>0.0007974161</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>JPMORGAN CHASE BANK</counterpartyName>
              <counterpartyLei>1Z1OHI2V6TG6ZUX65W27</counterpartyLei>
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            <amtCurSold>-71533</amtCurSold>
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            <amtCurPur>106530.91</amtCurPur>
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            <settlementDt>2026-04-09</settlementDt>
            <unrealizedAppr>1959.73</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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__00059984_1736476"/>
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        <balance>-2107992</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.4493803"/>
        <valUSD>99709.15</valUSD>
        <pctVal>0.0405717526</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 AG STAMFORD BRANCH</counterpartyName>
              <counterpartyLei>254900R882POXXVAK772</counterpartyLei>
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            <amtCurPur>3677992.82</amtCurPur>
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            <settlementDt>2026-04-09</settlementDt>
            <unrealizedAppr>99709.15</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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__00060379_1736476"/>
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        <fairValLevel>2</fairValLevel>
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            <amtCurSold>-937197.48</amtCurSold>
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        </derivativeInfo>
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          <isLoanByFund>N</isLoanByFund>
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        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - SEK</title>
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          <isin value="N/A"/>
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        <currencyConditional curCd="EUR" exchangeRt="9.46665"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      </invstOrSec>
      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      </invstOrSec>
      <invstOrSec>
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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CURRENCY CONTRACT - USD</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
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        <currencyConditional curCd="AUD" exchangeRt="0"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>NORTHERN TRUST COMPANY</counterpartyName>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Ariel Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Adam J. Nelson</ncom:signature>
      <ncom:signerName>Adam J. Nelson</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
