# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0002066578-25-000045
**Filing Date:** 2025-8
**Character Count:** 66176
**Document Hash:** 119bde2e37707f0727dd63af754ebea7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000045.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002066578-25-000045

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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:** 251249394

**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           |

## Nport-Ex

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.67% | Value ($) |
|  | **Consumer Discretionary—38.64%** |  |
| 3185763 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 127334947 |
| 2876586 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 120241295 |
| 5445793 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 107391038 |
| 1308930 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 102397594 |
| 721253 | Adtalem Global Education, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91765019 |
| 5736642 | Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp; 74002682 |
| 3811330 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67879787 |
| 2931125 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59443215 |
| 2806856 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 57231794 |
| 2274787 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 50022566 |
| 196896 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41141419 |
| 44816291 | Leslie's, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18818361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 917669717 |
|  | **Consumer Staples—2.89%** |  |
| 699571 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 68697872 |
|  | **Energy—2.58%** |  |
| 5319278 | Core Laboratories, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 61278083 |
|  | **Financials—22.25%** |  |
| 2072822 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 106543051 |
| 2003208 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 96113920 |
| 466974 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 91886474 |
| 566598 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 71838960 |
| 504588 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 49262927 |
| 727024 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 44632003 |
| 1135129 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 44088410 |
| 2070647 | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 23936679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 528302424 |
|  | **Health Care—14.11%** |  |
| 5084223 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99345717 |
| 559930 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84958179 |
| 346997 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83737316 |
| 840268 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67095400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 335136612 |
|  | **Industrials—16.05%** |  |
| 740948 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77680988 |
| 474845 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68002553 |
| 7952398 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 67356811 |
| 1659927 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49283233 |
| 158130 | Zebra Technologies Corporation, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48760967 |
| 1913540 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42212692 |
| 193518 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27866592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 381163836 |
|  | **Real Estate—3.15%** |  |
| 291975 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 74681365 |
|  | **Total Common Stocks (Cost $1,864,916,445)** | &nbsp;&nbsp;&nbsp;&nbsp; **2366929909** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.45% | Value ($) |
| 10732463 | Northern Institutional Treasury Portfolio, 4.16%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10732463 |
|  | **Total Short-Term Investments (Cost $10,732,463)** | &nbsp;&nbsp;&nbsp;&nbsp; **10732463** |
|  | **Total Investments—100.12% (Cost $1,875,648,908)** | &nbsp;&nbsp;&nbsp;&nbsp; **2377662372** |
|  | Other Assets less Liabilities—(0.12)% | &nbsp;&nbsp;&nbsp;&nbsp; (2945065)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **2374717307** |

---

**Ariel Appreciation Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.13% | Value ($) |
|  | **Consumer Discretionary—30.68%** |  |
| 1621719 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31980299 |
| 650180 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25987695 |
| 590167 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24668981 |
| 988266 | Interpublic Group of Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24192752 |
| 1185224 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24036343 |
| 1264857 | Knowles Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22286780 |
| 308191 | CarMax, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20713517 |
| 1006150 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 20515398 |
| 97166 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20302836 |
| 848245 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 18652907 |
| 932978 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16616338 |
| 778885 | Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp; 10047616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 260001462 |
|  | **Consumer Staples—3.04%** |  |
| 275903 | Molson Coors Brewing Company | &nbsp;&nbsp;&nbsp;&nbsp; 13268175 |
| 127043 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 12475623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25743798 |
|  | **Energy—3.97%** |  |
| 529586 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp; 17900007 |
| 1368627 | Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15766583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33666590 |
|  | **Financials—21.31%** |  |
| 486908 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25027071 |
| 510172 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24478053 |
| 374638 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 22999027 |
| 176995 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 22441196 |
| 166715 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22178096 |
| 223289 | The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 20372888 |
| 196398 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 19174337 |
| 115387 | Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12168713 |
| 16649 | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11783330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 180622711 |
|  | **Health Care—11.79%** |  |
| 183337 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27817723 |
| 100026 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26257825 |
| 1193594 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23322827 |
| 93205 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22492231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99890606 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Appreciation Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.13% (continued) | Value ($) |
|  | **Industrials—23.88%** |  |
| 242280 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34696919 |
| 142856 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20571264 |
| 123545 | Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20244084 |
| 97884 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16876180 |
| 1983290 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16798466 |
| 245677 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16644617 |
| 749466 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16533220 |
| 556761 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16530234 |
| 217685 | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp; 15945426 |
| 60704 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13763418 |
| 598802 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13748494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 202352322 |
|  | **Real Estate—4.46%** |  |
| 84947 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21727744 |
| 114785 | CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16083674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37811418 |
|  | **Total Common Stocks (Cost $610,634,896)** | &nbsp;&nbsp;&nbsp;&nbsp; **840088907** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.87% | Value ($) |
| 7350084 | Northern Institutional Treasury Portfolio, 4.16%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7350084 |
|  | **Total Short-Term Investments (Cost $7,350,084)** | &nbsp;&nbsp;&nbsp;&nbsp; **7350084** |
|  | **Total Investments—100.00% (Cost $617,984,980)** | &nbsp;&nbsp;&nbsp;&nbsp; **847438991** |
|  | Other Assets less Liabilities—0.00% | &nbsp;&nbsp;&nbsp;&nbsp; 20970 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **847459961** |

---

**Ariel Focus Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.27% | Value ($) |
|  | **Basic Materials—7.61%** |  |
| 70266 | Mosaic Company | &nbsp;&nbsp;&nbsp;&nbsp; 2563304 |
| 112229 | Barrick Mining Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2336608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4899912 |
|  | **Consumer Discretionary—14.32%** |  |
| 64415 | PHINIA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2865823 |
| 36441 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2850780 |
| 33799 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1350946 |
| 5236 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1094062 |
| 31842 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1066070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9227681 |
|  | **Consumer Staples—4.38%** |  |
| 28750 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 2823250 |
|  | **Energy—12.11%** |  |
| 140070 | APA Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2561880 |
| 17608 | Chevron Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2521290 |
| 46079 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp; 1557470 |
| 100965 | Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1163117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7803757 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Focus Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.27% (continued) | Value ($) |
|  | **Financials—21.57%** |  |
| 35784 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3493592 |
| 68506 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3241704 |
| 16405 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3228012 |
| 3178 | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2249229 |
| 27413 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1682884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13895421 |
|  | **Health Care—11.06%** |  |
| 9120 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2394091 |
| 14285 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 2182034 |
| 6942 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1675243 |
| 93488 | ZimVie, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 874113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7125481 |
|  | **Industrials—23.21%** |  |
| 154129 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3400086 |
| 10682 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3324025 |
| 28524 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2990456 |
| 6144 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2845532 |
| 16681 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2388886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14948985 |
|  | **Technology—5.01%** |  |
| 14767 | Oracle Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3228509 |
|  | **Total Common Stocks (Cost $49,243,996)** | &nbsp;&nbsp;&nbsp;&nbsp; **63952996** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.77% | Value ($) |
| 496862 | Northern Institutional Treasury Portfolio, 4.16%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 496862 |
|  | **Total Short-Term Investments (Cost $496,862)** | &nbsp;&nbsp;&nbsp;&nbsp; **496862** |
|  | **Total Investments—100.04% (Cost $49,740,858)** | &nbsp;&nbsp;&nbsp;&nbsp; **64449858** |
|  | Other Assets less Liabilities—(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp; (25610)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **64424248** |

---

**Ariel International Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.30% | Value ($) |
|  | **Austria—3.51%** |  |
| 72957 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9315864 |
|  | **Belgium—1.77%** |  |
| 45408 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp; 4688789 |
|  | **Canada—2.07%** |  |
| 960319 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 5502628 |
|  | **China—1.64%** |  |
| 1360000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2789317 |
| 96500 | JD.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1572284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4361601 |
|  | **France—18.79%** |  |
| 703297 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 10699416 |
| 108478 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp; 10504931 |
| 90829 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 10236997 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.30% (continued) | Value ($) |
|  | **France—18.79% (continued)** |  |
| 196542 | Michelin (CGDE) | &nbsp;&nbsp;&nbsp;&nbsp; 7302036 |
| 65148 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; 5856880 |
| 107253 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp; 5264533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49864793 |
|  | **Germany—16.02%** |  |
| 53260 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 13654843 |
| 206684 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 11844496 |
| 147832 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp; 6289020 |
| 120772 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 5714720 |
| 15304 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 4991773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42494852 |
|  | **Hungary—0.66%** |  |
| 116661 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1745469 |
|  | **Indonesia—0.84%** |  |
| 8724700 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 2214091 |
|  | **Israel—3.19%** |  |
| 38310 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8476088 |
|  | **Italy—4.89%** |  |
| 1110782 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp; 6400263 |
| 398358 | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp; 3378570 |
| 115451 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 3204054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12982887 |
|  | **Japan—16.04%** |  |
| 334500 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12011385 |
| 444700 | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10669341 |
| 59200 | Lasertec Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 7979390 |
| 170300 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 6977327 |
| 255500 | Ebara Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 4928850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42566293 |
|  | **Netherlands—0.94%** |  |
| 59910 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp; 2505270 |
|  | **South Korea—2.25%** |  |
| 13885 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3004164 |
| 36194 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2974152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5978316 |
|  | **Spain—6.55%** |  |
| 535074 | Redeia Corporation SA | &nbsp;&nbsp;&nbsp;&nbsp; 11439772 |
| 212061 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp; 3261103 |
| 116061 | Tecnicas Reunidas SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2679596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17380471 |
|  | **Switzerland—1.02%** |  |
| 8270 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 2693261 |
|  | **Taiwan—2.59%** |  |
| 125000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4535807 |
| 78000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 2325688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6861495 |
|  | **United Arab Emirates—0.95%** |  |
| 679583 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 2516563 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.30% (continued) | Value ($) |
|  | **United Kingdom—9.44%** |  |
| 1874938 | Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp; 10327992 |
| 1685686 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 7804640 |
| 372623 | Beazley plc | &nbsp;&nbsp;&nbsp;&nbsp; 4782347 |
| 111330 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp; 2124158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25039137 |
|  | **United States—3.14%** |  |
| 122237 | Aptiv plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8339008 |
|  | **Total Common Stocks (Cost $189,895,178)** | &nbsp;&nbsp;&nbsp;&nbsp; **255526876** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Investment Companies—2.14% | Value ($) |
| 99612 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5678880 |
|  | **Total Investment Companies (Cost $5,546,281)** | &nbsp;&nbsp;&nbsp;&nbsp; **5678880** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—1.02% | Value ($) |
| 2700846 | Northern Institutional Treasury Portfolio, 4.16%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2700846 |
|  | **Total Short-Term Investments (Cost $2,700,846)** | &nbsp;&nbsp;&nbsp;&nbsp; **2700846** |
|  | **Total Investments—99.46% (Cost $198,142,305)** | &nbsp;&nbsp;&nbsp;&nbsp; **263906602** |
|  | Foreign Currency, Other Assets less Liabilities—0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1442015 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **265348617** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel International Fund (Continued)**

**Open Forward Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** |
| 07/30/2025 | UBS | Euro | 1927707 | United States Dollar | 2198211 | $77486 |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | 77486 |
| 07/30/2025 | JPMorgan | Australian Dollar | 1302212 | United States Dollar | 842879 | 14710 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 14710 |
| **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **$92196** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** |
| 07/30/2025 | UBS | Australian Dollar | 22562824 | Euro | 12781594 | $(229864) |
| 07/30/2025 | UBS | Japanese Yen | 197855385 | Canadian Dollar | 1879479 | (3516) |
| 07/30/2025 | UBS | Swiss Franc | 638238 | Euro | 688886 | (5518) |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | (238898) |
| 07/30/2025 | Northern Trust | Japanese Yen | 389069760 | Chinese Offshore Yuan | 19671746 | (43205) |
| 07/30/2025 | Northern Trust | Swiss Franc | 10076534 | Euro | 10878109 | (89415) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (132620) |
| 07/30/2025 | JPMorgan | British Pound | 5993748 | Euro | 7007530 | (44012) |
| 07/30/2025 | JPMorgan | Japanese Yen | 781604701 | United States Dollar | 5510051 | (62364) |
| 07/30/2025 | JPMorgan | Japanese Yen | 800116691 | Euro | 4864452 | (165870) |
| 07/30/2025 | JPMorgan | Japanese Yen | 871112175 | Euro | 5382299 | (282369) |
| 07/30/2025 | JPMorgan | Norwegian Krone | 38431233 | Euro | 3264066 | (39714) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (594329) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(965847)** |
| **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **$(873651)** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Global Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.15% | Value ($) |
|  | **Austria—1.55%** |  |
| 6393 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 816321 |
|  | **Canada—1.76%** |  |
| 161678 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 926415 |
|  | **China—3.11%** |  |
| 439000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 900375 |
| 45450 | JD.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 740521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1640896 |
|  | **France—11.62%** |  |
| 126914 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 1930771 |
| 16310 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 1838239 |
| 10344 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp; 1001706 |
| 20427 | Michelin (CGDE) | &nbsp;&nbsp;&nbsp;&nbsp; 758915 |
| 12194 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp; 598545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6128176 |
|  | **Germany—10.40%** |  |
| 8709 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 2232821 |
| 29263 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 1676983 |
| 12854 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp; 546830 |
| 1592 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 519269 |
| 10726 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 507536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5483439 |
|  | **Hungary—0.71%** |  |
| 25112 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 375723 |
|  | **Indonesia—0.98%** |  |
| 2039200 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 517493 |
|  | **Israel—2.39%** |  |
| 5687 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1258249 |
|  | **Italy—3.05%** |  |
| 188033 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1083435 |
| 18955 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 526049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1609484 |
|  | **Japan—9.52%** |  |
| 54400 | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1305177 |
| 35800 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1285523 |
| 7400 | Lasertec Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 997424 |
| 50300 | Ebara Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 970337 |
| 11300 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 462970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5021431 |
|  | **Peru—0.36%** |  |
| 836 | Credicorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 186863 |
|  | **South Korea—2.30%** |  |
| 8288 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 681046 |
| 2457 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 531597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1212643 |
|  | **Spain—4.06%** |  |
| 73970 | Redeia Corporation SA | &nbsp;&nbsp;&nbsp;&nbsp; 1581463 |
| 36291 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp; 558088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2139551 |
|  | **Taiwan—4.79%** |  |
| 54000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1959469 |
| 19000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 566514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2525983 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Global Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.15% (continued) | Value ($) |
|  | **United Arab Emirates—1.78%** |  |
| 253386 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 938313 |
|  | **United Kingdom—5.00%** |  |
| 285218 | Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp; 1571108 |
| 49798 | Beazley plc | &nbsp;&nbsp;&nbsp;&nbsp; 639121 |
| 92429 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 427942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2638171 |
|  | **United States—35.77%** |  |
| 6606 | Microsoft Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3285890 |
| 33269 | CVS Health Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2294896 |
| 8625 | First Solar, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1427782 |
| 32419 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1402770 |
| 5589 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1189116 |
| 10496 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1163692 |
| 10079 | NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1073917 |
| 15002 | Aptiv plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1023436 |
| 26101 | CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 958951 |
| 41779 | Intel Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 935850 |
| 3536 | Allstate Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 711832 |
| 7380 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 673130 |
| 7707 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 600992 |
| 4196 | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp; 577034 |
| 4275 | D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 551133 |
| 4332 | Walt Disney Company | &nbsp;&nbsp;&nbsp;&nbsp; 537211 |
| 9580 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 453326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18860958 |
|  | **Total Common Stocks (Cost $40,949,089)** | &nbsp;&nbsp;&nbsp;&nbsp; **52280109** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—2.03% | Value ($) |
| 1067897 | Northern Institutional Treasury Portfolio, 4.16%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1067897 |
|  | **Total Short-Term Investments (Cost $1,067,897)** | &nbsp;&nbsp;&nbsp;&nbsp; **1067897** |
|  | **Total Investments—101.18% (Cost $42,016,986)** | &nbsp;&nbsp;&nbsp;&nbsp; **53348006** |
|  | Foreign Currency, Other Assets less Liabilities—(1.18)% | &nbsp;&nbsp;&nbsp;&nbsp; (622507)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **52725499** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of June 30, 2025 (Unaudited)

**Ariel Global Fund (Continued)**

**Open Forward Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** |
| 07/30/2025 | Northern Trust | Australian Dollar | 1135681 | Japanese Yen | 103973201 | $23239 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | 23239 |
| **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **$23239** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** |
| 07/30/2025 | UBS | United States Dollar | 158921 | Chinese Offshore Yuan | 1140373 | $(785) |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | (785) |
| 07/30/2025 | Northern Trust | Australian Dollar | 227666 | British Pound | 110237 | (1407) |
| 07/30/2025 | Northern Trust | United States Dollar | 1411776 | Euro | 1237227 | (48795) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (50202) |
| 07/30/2025 | JPMorgan | United States Dollar | 454291 | British Pound | 342747 | (16249) |
| 07/30/2025 | JPMorgan | United States Dollar | 1826694 | Euro | 1629460 | (96916) |
| 07/30/2025 | JPMorgan | United States Dollar | 7414395 | Euro | 6498936 | (257729) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (370894) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(421881)** |
| **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **$(398642)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing. <br> <sup>(b)</sup> Affiliated company (See Note Three, Transactions with Affiliated Companies). <br> <sup>(c)</sup> The rate presented is the 7-day current yield as of June 30, 2025.

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Schedules of Investments

As of June 30, 2025 (Unaudited)

**NOTE One \| ORGANIZATION**

Ariel Investment Trust (the "Trust") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund and Ariel Global Fund (each, a "Fund" and collectively, the "Funds") are series of the Trust. Ariel Focus Fund is a non-diversified Fund, all other Funds are diversified. The Funds issue two classes of shares: an Investor Class and an Institutional Class.

The Northern Trust Company ("Northern Trust") provides fund administration and tax reporting services for the Funds in its role as sub-fund administrator engaged by Ariel Investments, LLC (the "Adviser" or "Ariel") for Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund and as fund administrator engaged by the Trust for Ariel International Fund and Ariel Global Fund. Northern Trust also acts as the Funds' accounting agent and custodian. U.S. Bank Global Fund Services serves as the Funds' transfer agent.

**NOTE Two \| SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies related to investments of the Funds held at June 30, 2025.

**Securities valuation—**Investments for which market quotations are readily available are valued at the closing price on the national securities exchange or market on which such investments are primarily traded and, in the case of securities reported on the Nasdaq system, at the Nasdaq Official Closing Price. The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. If a closing price is not reported on the national securities exchange or market on which such investments are primarily traded, an investment shall be valued using: (i) the closing price on another exchange on which the investment traded (if such price is made available by the Funds' pricing agent) or (ii) investments for which reliable bid and ask quotations are available are valued at the mean between bid and ask prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices. Securities and assets for which market quotations are not readily available are valued using a fair value determined in good faith by the Adviser, as the Board's Valuation Designee, under procedures adopted and periodically reviewed by the Board and monitored by the Adviser's Valuation Committee. Certain common stocks that trade on foreign exchanges are subject to valuation adjustments to account for the market movement between the close of a foreign market in which the security is traded and the close of the New York Stock Exchange. Such valuation adjustments are provided by approved pricing vendors or other independent pricing sources.

**Fair value measurements—**Accounting Standards Codification<sup>TM</sup> Topic 820-10 (ASC 820-10) establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' investments and are summarized below:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, "quoted" prices in inactive markets, dealer indications, and inputs corroborated by observable market data)

Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Schedules of Investments

As of June 30, 2025 (Unaudited)

The following tables summarize the inputs used as of June 30, 2025 in valuing the Funds' investments carried at fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | &nbsp;&nbsp; Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| Level 1 | &nbsp;&nbsp; $2377662372 | &nbsp;&nbsp; $847438991 | &nbsp;&nbsp; $64449858 |
| Level 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments  | &nbsp;&nbsp; $2377662372 | &nbsp;&nbsp; $847438991 | &nbsp;&nbsp; $64449858 |

---

Industry classifications for Ariel Fund, Ariel Appreciation Fund, and Ariel Focus Fund are included in the Schedules of Investments for the respective Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel International Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; $20936413 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20936413 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 50075435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50075435 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; 15622579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15622579 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 2679596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2679596 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 57554435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57554435 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 27166846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27166846 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 28369570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28369570 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 30284469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30284469 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 2516563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2516563 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 20320970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20320970 |
| Total Common Stocks | &nbsp;&nbsp; $255526876 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255526876 |
| Investment Companies | &nbsp;&nbsp; 5678880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5678880 |
| Short-Term Investments | &nbsp;&nbsp; 2700846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2700846 |
| Total Investments | &nbsp;&nbsp; $263906602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $263906602 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(873651)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(873651)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel Global Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; $5708991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5708991 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 6653724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6653724 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; 2471483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2471483 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 8983389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8983389 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 6810407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6810407 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 5229965 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5229965 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 12017008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12017008 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 938313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 938313 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 3466829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3466829 |
| Total Common Stocks | &nbsp;&nbsp; $52280109 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52280109 |
| Short-Term Investments | &nbsp;&nbsp; 1067897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1067897 |
| Total Investments | &nbsp;&nbsp; $53348006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53348006 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(398642)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(398642)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | As of June 30, 2025, the Level 2 investments held were securities subject to fair valuation due to forward currency contracts. See Schedules of Investments. |
| ^ | Forward currency contracts derive their value from underlying exchange rates. These instruments are normally valued by pricing vendors using pricing models. The <br> pricing models typically use inputs that are observed from trading in active forward foreign currency markets. As such, forward currency contracts are categorized as <br> Level 2. The value of forward currency contracts that is disclosed in this table is equal to the difference between Open forward currency contracts with unrealized <br> appreciation and Open forward currency contracts with unrealized depreciation shown in the Schedules of Investments.<br>|

---

**Foreign currency—**Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars on a daily basis using exchange rates obtained from an independent third party.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Schedules of Investments

As of June 30, 2025 (Unaudited)

**Forward currency contracts—**Ariel International Fund and Ariel Global Fund use forward currency contracts in a strategy designed to reduce tracking error relative to their respective benchmarks. The primary risk associated with a Fund's use of these contracts is that a counterparty will fail to fulfill its obligation to pay gains due to the Fund under the contracts. This counterparty risk is mitigated by entering into forward currency contracts only with highly rated counterparties. Forward currency contracts are "marked-to-market" daily, and as noted above, any resulting unrealized gain (loss) is recorded as net unrealized appreciation (depreciation) on forward currency contracts as disclosed in the Schedules of Investments.

**Securities transactions—**Securities transactions are accounted for on a trade date basis.

**NOTE Three \| TRANSACTIONS WITH AFFILIATED COMPANIES**

If a fund's holding represents ownership of 5% or more of the outstanding voting securities of a company, the company is deemed to be an affiliate of the fund as defined in the 1940 Act. The following transactions were made during the period ended June 30, 2025 in securities of a company deemed to be an affiliated company of the Funds as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security name | Shares Held<br> June 30, 2025<br>| Market Value<br> September 30,<br> 2024<br>| Purchases | Sales | Net<br> realized<br> gain (loss)<br>| Change in<br> unrealized<br> gain (loss)<br>| Market Value<br> June 30, 2025<br>| Dividend<br> Income<br>|
| Ariel Fund |  |  |  |  |  |  |  |  |
| **Common Stocks - 3.37%** |  |  |  |  |  |  |  |  |
| **Consumer Discretionary - 0.79%** |  |  |  |  |  |  |  |  |
| Leslie's, Inc.<sup>(a)</sup> <br>| 44816291 | 80221027 | 33300332 |  |  | (94702998)<br>| 18818361 |  |
| **Energy - 2.58%** |  |  |  |  |  |  |  |  |
| Core Laboratories, Inc. | 5319278 | 64954117 | 21903679 |  |  | (25579713)<br>| 61278083 | 119553 |
| **Total Common Stocks** |  | **$145175144** | **$55204011** | **$—** | **$—** | **$(120282711)**<br>| **$80096444** | **$119553** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

SLOW AND STEADY WINS THE RACE

------

## 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:** 2025-06-30

**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:** $848027803.86

**Total Liabilities:** $236283.12

**Net Assets:** $847791520.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013707 | -7.27%               | 6.27%                | 7.37%                |
| Class ID C000108537 | -7.24%               | 6.31%                | 7.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11512121.15             | $-72839970.56                              |
| Month 2  | $7201855.83              | $41201397.12                               |
| Month 3  | $9764115.47              | $48114707.21                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Core Laboratories Inc                          | Core Laboratories Inc COM                                      | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1368627 | NS      | $15766583.04  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                   | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   7350084 | NS      | $7350084.40   | 0.87%             |  |  |  | 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        |    127043 | NS      | $12475622.60  | 1.47%             |  |  |  | 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        |    223289 | NS      | $20372888.36  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                  | KKR & Co Inc. COM USD0.01                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    166715 | NS      | $22178096.45  | 2.62%             |  |  |  | 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      | $20302835.70  | 2.39%             |  |  |  | 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      | $15945426.25  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.                      | OneSpaWorld Holdings Ltd. COM USD0.0001                        | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |   1006150 | NS      | $20515398.50  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co.                       | Sphere Entertainment Co. CL A                                  | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |    590167 | NS      | $24668980.60  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                              | Carlyle Group Inc COM                                          | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    486908 | NS      | $25027071.20  | 2.95%             |  |  |  | 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        |    650180 | NS      | $25987694.60  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                       | Resideo Technologies Inc COM USD0.001                          | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    749466 | NS      | $16533219.96  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                               | Paramount Global CLASS B COM                                   | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    778885 | NS      | $10047616.50  | 1.19%             |  |  |  | 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      | $26257825.26  | 3.10%             |  |  |  | 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        |    556761 | NS      | $16530234.09  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corporation                   | Envista Holdings Corporation COM USD0.01                       | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   1193594 | NS      | $23322826.76  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                          | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |    242280 | NS      | $34696918.80  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corporation           | First American Financial Corporation COM USD0.00001            | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    374638 | NS      | $22999026.82  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated                             | Aflac Incorporated COM USD0.10                                 | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    115387 | NS      | $12168713.02  | 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        |     84947 | NS      | $21727743.66  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. COM USD0.01                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     16649 | NS      | $11783329.75  | 1.39%             |  |  |  | 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        |     93205 | NS      | $22492230.60  | 2.65%             |  |  |  | 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      | $19174336.74  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                    | Fiserv Inc. COM USD0.01                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     97884 | NS      | $16876180.44  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                    | Gentex Corp COM USD0.06                                        | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    848245 | NS      | $18652907.55  | 2.20%             |  |  |  | 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      | $24192751.68  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                 | Kennametal Inc CAP USD1.25                                     | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |    598802 | NS      | $13748493.92  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                     | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    176995 | NS      | $22441196.05  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | Schlumberger Limited COM USD0.01                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    529586 | NS      | $17900006.80  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                     | Carmax Inc COM USD0.50                                         | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |    308191 | NS      | $20713517.11  | 2.44%             |  |  |  | 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        |    932978 | NS      | $16616338.18  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                 | Middleby Corp. COM USD0.01                                     | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |    142856 | NS      | $20571264.00  | 2.43%             |  |  |  | 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      | $13268175.27  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                        | ADT Inc COM USD0.01                                            | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1983290 | NS      | $16798466.30  | 1.98%             |  |  |  | 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      | $16083674.20  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc.                                | Littelfuse Inc. COM USD0.01                                    | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     60704 | NS      | $13763417.92  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                                   | Mattel, Inc. COM USD1.00                                       | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |   1621719 | NS      | $31980298.68  | 3.77%             |  |  |  | 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      | $16644616.75  | 1.96%             |  |  |  | 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        |   1185224 | NS      | $24036342.72  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                     | Lazard Inc COM                                                 | CUSIP: 52110M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510172 | NS      | $24478052.56  | 2.89%             |  |  |  | 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        |    183337 | NS      | $27817723.01  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                            | Knowles Corporation COM USD1.0                                 | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |   1264857 | NS      | $22286780.34  | 2.63%             |  |  |  | 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      | $20244083.70  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** Ariel Investment Trust

**Signature:** Adam J. Nelson

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

**Title:** Treasurer