# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0002066578-25-001086
**Filing Date:** 2025-11
**Character Count:** 18945
**Document Hash:** f7cd1ebebf8ea2cf861c79021e50ed65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001086.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0002066578-25-001086

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIEL INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000798365

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04786
- **FILM NUMBER:** 251490901

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 312-581-6750

**MAIL ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIEL GROWTH FUND
- **DATE OF NAME CHANGE:** 19931130

## Series and Classes Contracts Data

### Ariel Appreciation Fund (Series ID: S000005025)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013707 | Investor Class      | CAAPX           |
| C000108537 | Institutional Class | CAAIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ariel Investment Trust

- **b. Investment Company Act file number:** 811-04786

- **c. CIK number of Registrant:** 0000798365

- **d. LEI of Registrant:** 549300CVWGJ8PC4QGT42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 East Randolph Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60601

  - **Telephone number:** 800-292-7435

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ariel Appreciation Fund

- **b. EDGAR series identifier (if any):** S000005025

- **c. LEI of Series:** 5493000LMBDNR1TUL130

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $897091873.87

**Total Liabilities:** $234210.60

**Net Assets:** $896857663.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013707 | 4.51%                | 5.01%                | -0.21%               |
| Class ID C000108537 | 4.54%                | 5.01%                | -0.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7881170.55              | $30877510.04                               |
| Month 2  | $6909058.27              | $36348130.78                               |
| Month 3  | $4730378.80              | $-7010805.41                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Financial Corporation           | First American Financial Corporation COM USD0.00001            | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    418198 | NS      | $26865039.52  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                   | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  12323714 | NS      | $12323714.29  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                     | Lazard Inc COM                                                 | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |    461635 | NS      | $24365095.30  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated                             | Aflac Incorporated COM USD0.10                                 | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    115387 | NS      | $12888727.90  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                | Jones Lang LaSalle Incorporated COM USD0.01                    | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     81550 | NS      | $24324734.00  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                     | Bio-Rad Laboratories, Inc. CLASS'A'COM USD0.0001               | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     89842 | NS      | $25190798.38  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                             | BOK Financial Corp COM USD0.00006                              | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |    196398 | NS      | $21886593.12  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. COM STK USD0.01 | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |    189436 | NS      | $29639156.56  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                    | Fiserv Inc. COM USD0.01                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    133940 | NS      | $17268884.20  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                    | Gentex Corp COM USD0.06                                        | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    848245 | NS      | $24005333.50  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.       | The Interpublic Group of Companies, Inc. COM USD0.10           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    988266 | NS      | $27582504.06  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                 | Kennametal Inc CAP USD1.25                                     | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    373802 | NS      | $7823675.86   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                                | Littelfuse Inc. COM USD0.01                                    | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     51029 | NS      | $13217021.29  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                                   | Mattel, Inc. COM USD1.00                                       | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |   1621719 | NS      | $27293530.77  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                     | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    156598 | NS      | $21078090.80  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                     | Carmax Inc COM USD0.50                                         | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |    323429 | NS      | $14512259.23  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| The J M Smucker Company                        | The J M Smucker Company COM NPV                                | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |    135116 | NS      | $14673597.60  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | Schlumberger Limited COM USD0.01                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    606602 | NS      | $20848910.74  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                 | The Charles Schwab Corporation COM USD0.01                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    193841 | NS      | $18506000.27  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Manchester United PLC                          | Manchester United PLC COM USD0.0005 CL 'A'                     | CUSIP: G5784H106<br>LEI: 529900GWGZPE83MJOV59 | Long             | EC               | CORP              | KY        |    883528 | NS      | $13376613.92  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                 | Middleby Corp. COM USD0.01                                     | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |    165316 | NS      | $21975455.88  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company                  | Molson Coors Beverage Company COM USD0.01 CLASS B              | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |    275903 | NS      | $12484610.75  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc               | Prestige Consumer Healthcare Inc COM USD0.01                   | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290755 | NS      | $18143112.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                   | Stanley Black & Decker, Inc. COM USD2.50                       | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    245677 | NS      | $18261171.41  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd             | Norwegian Cruise Line Holdings Ltd COM USD0.001                | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |   1227568 | NS      | $30234999.84  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                | CBRE Group Inc. COM USD0.01 CLASS A                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    114785 | NS      | $18085524.60  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                          | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |    189517 | NS      | $31725145.80  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc                          | Core Laboratories Inc COM                                      | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1513465 | NS      | $18706427.40  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                  | KKR & Co Inc. COM USD0.01                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    141527 | NS      | $18391433.65  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                        | ADT Inc COM USD0.01                                            | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1881141 | NS      | $16384738.11  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                             | NVent Electric PLC COM USD0.01                                 | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    217685 | NS      | $21472448.40  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.                      | OneSpaWorld Holdings Ltd. COM USD0.0001                        | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |   1038560 | NS      | $21955158.40  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co.                       | Sphere Entertainment Co. CL A                                  | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |    494037 | NS      | $30689578.44  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                              | Carlyle Group Inc COM                                          | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    430929 | NS      | $27019248.30  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corp New   | Madison Square Garden Entertainment Corp New COM CL A          | CUSIP: 558256103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    675498 | NS      | $30559529.52  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                       | Resideo Technologies Inc COM USD0.001                          | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    530283 | NS      | $22897619.94  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                           | Labcorp Holdings Inc COM SHS                                   | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100026 | NS      | $28713463.56  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corporation                   | Envista Holdings Corporation COM USD0.01                       | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   1150573 | NS      | $23437172.01  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                            | Knowles Corporation COM USD1.0                                 | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |   1175335 | NS      | $27397058.85  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp.             | Madison Square Garden Sports Corp. COM USD0.01 CLASS A         | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |     97166 | NS      | $22056682.00  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                    | Keysight Technologies, Inc. COM USD0.01 WD                     | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |    123545 | NS      | $21610491.40  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited                 | Axalta Coating Systems Limited COM USD1.00                     | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |    585944 | NS      | $16769717.28  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** Ariel Investment Trust

**Signature:** Adam J. Nelson

**Name of Signer:** Adam J. Nelson

**Title:** Treasurer