# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0002066578-26-000529
**Filing Date:** 2026-2
**Character Count:** 66510
**Document Hash:** db02a04be78575ed53e4f9c5ed9ac43d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000529.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000529

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26683817

**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 Fund (Series ID: S000005024)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013706 | Investor Class      | ARGFX           |
| C000108536 | Institutional Class | ARAIX           |

## Nport-Ex

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.30% | Value ($) |
|  | **Consumer Discretionary—33.18%** |  |
| 2717361 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 146438584 |
| 1099862 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104574878 |
| 901352 | Adtalem Global Education, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93262892 |
| 4519713 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 89671106 |
| 3876984 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86534283 |
| 970545 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 82729256 |
| 2652953 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 61734216 |
| 3811330 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60676374 |
| 2806856 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 58214193 |
| 196896 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50927150 |
| 1374773 | Paramount Skydance Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 18421958 |
| 2243775 | Leslie's, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3702229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 856887119 |
|  | **Consumer Staples—2.78%** |  |
| 733459 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 71739625 |
|  | **Energy—3.85%** |  |
| 6210251 | Core Laboratories, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99550324 |
|  | **Financials—20.53%** |  |
| 407341 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 117428264 |
| 1619024 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 95700509 |
| 1791580 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 86999125 |
| 496716 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 67846438 |
| 504588 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 59773495 |
| 727024 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 44668354 |
| 723364 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 34410425 |
| 2070647 | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 23439724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 530266334 |
|  | **Health Care—16.98%** |  |
| 5084223 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110378481 |
| 491741 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98092495 |
| 307291 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93106100 |
| 1242661 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76659757 |
| 5273313 | Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60273968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 438510801 |
|  | **Industrials—17.49%** |  |
| 785128 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85814490 |
| 558203 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82988040 |
| 2143734 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 69264046 |
| 7354458 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 59350476 |
| 1553398 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54555338 |
| 376468 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51338941 |
| 198710 | Zebra Technologies Corporation, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48250762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 451562093 |
|  | **Real Estate—3.49%** |  |
| 267600 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90039372 |
|  | **Total Common Stocks (Cost $1,836,219,939)** | &nbsp;&nbsp;&nbsp;&nbsp; **2538555668** |

---

&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 December 31, 2025 (Unaudited)

**Ariel Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—1.65% | Value ($) |
| 42550882 | Northern Institutional Treasury Portfolio, 3.63%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42550882 |
|  | **Total Short-Term Investments (Cost $42,550,882)** | &nbsp;&nbsp;&nbsp;&nbsp; **42550882** |
|  | **Total Investments—99.95% (Cost $1,878,770,821)** | &nbsp;&nbsp;&nbsp;&nbsp; **2581106550** |
|  | Other Assets less Liabilities—0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1297529 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **2582404079** |

---

**Ariel Appreciation Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.31% | Value ($) |
|  | **Consumer Discretionary—29.55%** |  |
| 648775 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34962485 |
| 1498598 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29732184 |
| 1321822 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29503067 |
| 339963 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27452012 |
| 97166 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25131986 |
| 1135163 | Knowles Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24326543 |
| 236705 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22505911 |
| 1080447 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 22408471 |
| 848245 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 19738661 |
| 938949 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14948068 |
| 323429 | CarMax, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12497297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 263206685 |
|  | **Consumer Staples—3.32%** |  |
| 152747 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 14940184 |
| 314144 | Molson Coors Brewing Company | &nbsp;&nbsp;&nbsp;&nbsp; 14664242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29604426 |
|  | **Energy—5.34%** |  |
| 1513465 | Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24260844 |
| 606602 | SLB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 23281385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47542229 |
|  | **Financials—19.56%** |  |
| 418198 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 25694085 |
| 500130 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24286313 |
| 394133 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23297202 |
| 156598 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 21389721 |
| 177693 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 21049513 |
| 193841 | The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 19366654 |
| 148809 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18970171 |
| 115387 | Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12723724 |
| 25777 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7480228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 174257611 |
|  | **Health Care—15.41%** |  |
| 192824 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38464532 |
| 83756 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25377230 |
| 100026 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25094523 |
| 1150573 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24978940 |
| 379209 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23393403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 137308628 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel Appreciation Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.31% (continued) | Value ($) |
|  | **Industrials—21.79%** |  |
| 186941 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27792518 |
| 191725 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26145538 |
| 123545 | Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25103108 |
| 711354 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22983848 |
| 245677 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18248888 |
| 459422 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16134901 |
| 155669 | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp; 15873568 |
| 1881141 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15180808 |
| 51029 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12906255 |
| 140425 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9432347 |
| 152755 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4339770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 194141549 |
|  | **Real Estate—4.34%** |  |
| 66783 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22470476 |
| 100951 | CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16231911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38702387 |
|  | **Total Common Stocks (Cost $597,608,524)** | &nbsp;&nbsp;&nbsp;&nbsp; **884763515** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.74% | Value ($) |
| 6599706 | Northern Institutional Treasury Portfolio, 3.63%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6599706 |
|  | **Total Short-Term Investments (Cost $6,599,706)** | &nbsp;&nbsp;&nbsp;&nbsp; **6599706** |
|  | **Total Investments—100.05% (Cost $604,208,230)** | &nbsp;&nbsp;&nbsp;&nbsp; **891363221** |
|  | Other Assets less Liabilities—(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp; (487343)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **890875878** |

---

**Ariel Focus Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.66% | Value ($) |
|  | **Basic Materials—7.94%** |  |
| 98508 | Barrick Mining Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 4290023 |
| 70266 | Mosaic Company | &nbsp;&nbsp;&nbsp;&nbsp; 1692708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5982731 |
|  | **Consumer Discretionary—14.38%** |  |
| 64415 | PHINIA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4038176 |
| 36441 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3106231 |
| 31842 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1434801 |
| 21317 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1148773 |
| 4300 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1112195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10840176 |
|  | **Consumer Staples—3.73%** |  |
| 28750 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 2812038 |
|  | **Energy—12.78%** |  |
| 140070 | APA Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3426112 |
| 87294 | SLB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 3350344 |
| 18745 | Chevron Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2856925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9633381 |
|  | **Financials—23.06%** |  |
| 14218 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4098765 |
| 34542 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 4091846 |
| 71467 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3930685 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel Focus Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.66% (continued) | Value ($) |
|  | **Financials—23.06% (continued)** |  |
| 35162 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2160353 |
| 7177 | Arthur J. Gallagher & Company  | &nbsp;&nbsp;&nbsp;&nbsp; 1857336 |
| 1406 | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1235874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17374859 |
|  | **Health Care—13.95%** |  |
| 67373 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4156240 |
| 19674 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 4071534 |
| 9120 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2288026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10515800 |
|  | **Industrials—20.84%** |  |
| 10682 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3681017 |
| 28524 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3117673 |
| 6399 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3095004 |
| 74529 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2617459 |
| 28755 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1931473 |
| 95610 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 771573 |
| 3588 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 489296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15703495 |
|  | **Technology—1.98%** |  |
| 7643 | Oracle Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1489697 |
|  | **Total Common Stocks (Cost $52,264,495)** | &nbsp;&nbsp;&nbsp;&nbsp; **74352177** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—1.34% | Value ($) |
| 1013842 | Northern Institutional Treasury Portfolio, 3.63%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1013842 |
|  | **Total Short-Term Investments (Cost $1,013,842)** | &nbsp;&nbsp;&nbsp;&nbsp; **1013842** |
|  | **Total Investments—100.00% (Cost $53,278,337)** | &nbsp;&nbsp;&nbsp;&nbsp; **75366019** |
|  | Other Assets less Liabilities—(0.00)% | &nbsp;&nbsp;&nbsp;&nbsp; (985)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **75365034** |

---

**Ariel International Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.34% | Value ($) |
|  | **Austria—3.92%** |  |
| 68149 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10264187 |
|  | **Belgium—6.28%** |  |
| 102964 | Syensqo SA  | &nbsp;&nbsp;&nbsp;&nbsp; 8295987 |
| 43590 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp; 5699001 |
| 294110 | Proximus SADP  | &nbsp;&nbsp;&nbsp;&nbsp; 2445389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16440377 |
|  | **Brazil—0.89%** |  |
| 945395 | Lojas Renner SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2315389 |
|  | **Canada—2.64%** |  |
| 1120980 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 6894027 |
|  | **China—3.31%** |  |
| 932000 | Minth Group, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 3798558 |
| 297000 | Kuaishou Technology | &nbsp;&nbsp;&nbsp;&nbsp; 2440432 |
| 1263000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2419640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8658630 |
|  | **Finland—1.31%** |  |
| 161985 | Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp; 3439900 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.34% (continued) | Value ($) |
|  | **France—7.26%** |  |
| 84843 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 8836079 |
| 417034 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 6959397 |
| 95791 | Michelin (CGDE) | &nbsp;&nbsp;&nbsp;&nbsp; 3186959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18982435 |
|  | **Germany—5.34%** |  |
| 133450 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 6374316 |
| 47774 | Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp; 3858622 |
| 13305 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 3726419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13959357 |
|  | **Hungary—0.71%** |  |
| 108031 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1858116 |
|  | **Indonesia—0.81%** |  |
| 8160000 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 2131892 |
|  | **Ireland—2.56%** |  |
| 348219 | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 6701092 |
|  | **Israel—2.34%** |  |
| 32975 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6118841 |
|  | **Italy—8.65%** |  |
| 318026 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 8334575 |
| 564531 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp; 6010674 |
| 404872 | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp; 4515780 |
| 545127 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp; 3766886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22627915 |
|  | **Japan—25.64%** |  |
| 99800 | Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 12763604 |
| 524100 | Murata Manufacturing Company, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 10832076 |
| 313600 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8346805 |
| 350200 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 7879249 |
| 801600 | SUMCO Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 7333406 |
| 448000 | TDK Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 6338193 |
| 683900 | CyberAgent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5827534 |
| 43500 | Horiba, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4440201 |
| 17400 | Lasertec Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3315442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67076510 |
|  | **Netherlands—1.31%** |  |
| 83548 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp; 3423733 |
|  | **South Korea—0.93%** |  |
| 28321 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2438005 |
|  | **Spain—5.51%** |  |
| 687117 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 8131525 |
| 266510 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp; 6279712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14411237 |
|  | **Switzerland—2.16%** |  |
| 13671 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 5645717 |
|  | **Taiwan—2.47%** |  |
| 178000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 5268535 |
| 24000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1183940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6452475 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.34% (continued) | Value ($) |
|  | **United Kingdom—13.30%** |  |
| 762120 | Informa plc  | &nbsp;&nbsp;&nbsp;&nbsp; 9081330 |
| 1503712 | Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp; 8954972 |
| 1244457 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 7983899 |
| 2518853 | British Telecom Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 6249028 |
| 102439 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp; 2519318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34788547 |
|  | **Total Common Stocks (Cost $211,086,942)** | &nbsp;&nbsp;&nbsp;&nbsp; **254628382** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Investment Companies—0.59% | Value ($) |
| 24473 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1528829 |
|  | **Total Investment Companies (Cost $1,521,043)** | &nbsp;&nbsp;&nbsp;&nbsp; **1528829** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.44% | Value ($) |
| 1162692 | Northern Institutional Treasury Portfolio, 3.63%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1162692 |
|  | **Total Short-Term Investments (Cost $1,162,692)** | &nbsp;&nbsp;&nbsp;&nbsp; **1162692** |
|  | **Total Investments—98.37% (Cost $213,770,677)** | &nbsp;&nbsp;&nbsp;&nbsp; **257319903** |
|  | Foreign Currency, Other Assets less Liabilities—1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 4266008 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **261585911** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 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** |
| 01/15/2026 | UBS | Australian Dollar | 7948774 | Japanese Yen | 774205852 | $355662 |
| 01/15/2026 | UBS | Australian Dollar | 3784343 | Euro | 2107992 | 46568 |
| 01/15/2026 | UBS | Euro | 1876801 | United States Dollar | 2198211 | 9027 |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | 411257 |
| 01/15/2026 | Northern Trust | Australian Dollar | 8012583 | United States Dollar | 5345795 | 1867 |
| 01/15/2026 | Northern Trust | Australian Dollar | 401037 | United States Dollar | 267289 | 367 |
| 01/15/2026 | Northern Trust | Euro | 6767855 | Japanese Yen | 1183282339 | 394833 |
| 01/15/2026 | Northern Trust | Swedish Krona | 51141886 | Euro | 4712281 | 17597 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | 414664 |
| 01/15/2026 | JPMorgan | Australian Dollar | 1291814 | United States Dollar | 842879 | 19288 |
| 01/15/2026 | JPMorgan | British Pound | 1581475 | Euro | 1811535 | 1226 |
| 01/15/2026 | JPMorgan | United States Dollar | 2185500 | Japanese Yen | 340307308 | 9953 |
| 01/15/2026 | JPMorgan | United States Dollar | 654637 | Japanese Yen | 101516909 | 5651 |
| 01/15/2026 | JPMorgan | United States Dollar | 771346 | Australian Dollar | 1152320 | 2278 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 38396 |
| **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** | **$864317** |

---

&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** |
| 01/15/2026 | UBS | Euro | 688886 | Swiss Franc | 641613 | $(1199) |
| 01/15/2026 | UBS | Swiss Franc | 632452 | Euro | 688886 | (10387) |
| 01/15/2026 | UBS | United States Dollar | 2198211 | Euro | 1892648 | (27664) |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | (39250) |
| 01/15/2026 | Northern Trust | Euro | 431347 | Swiss Franc | 401265 | (141) |
| 01/15/2026 | Northern Trust | Euro | 3956861 | Swiss Franc | 3684847 | (6269) |
| 01/15/2026 | Northern Trust | Japanese Yen | 941855712 | Euro | 5164606 | (52724) |
| 01/15/2026 | Northern Trust | Japanese Yen | 414483688 | Chinese Offshore Yuan | 19671746 | (172953) |
| 01/15/2026 | Northern Trust | Swiss Franc | 9987399 | Euro | 10878109 | (163466) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (395553) |
| 01/15/2026 | JPMorgan | Euro | 3284677 | Swiss Franc | 3059289 | (5732) |
| 01/15/2026 | JPMorgan | Japanese Yen | 822963640 | United States Dollar | 5510051 | (248934) |
| 01/15/2026 | JPMorgan | Swiss Franc | 3015928 | Euro | 3284677 | (49102) |
| 01/15/2026 | JPMorgan | United States Dollar | 257474 | Japanese Yen | 40363534 | (566) |
| 01/15/2026 | JPMorgan | United States Dollar | 1390707 | Japanese Yen | 218621921 | (6919) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (311253) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(746056)** |
| **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** | **$118261** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel Global Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.74% | Value ($) |
|  | **Austria—1.72%** |  |
| 6273 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 944801 |
|  | **Belgium—1.49%** |  |
| 10145 | Syensqo SA  | &nbsp;&nbsp;&nbsp;&nbsp; 817400 |
|  | **Brazil—0.92%** |  |
| 206507 | Lojas Renner SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 505761 |
|  | **Canada—2.10%** |  |
| 187716 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1154453 |
|  | **China—3.98%** |  |
| 439000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 841031 |
| 200000 | Minth Group, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 815141 |
| 63900 | Kuaishou Technology | &nbsp;&nbsp;&nbsp;&nbsp; 525063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2181235 |
|  | **Finland—1.14%** |  |
| 29373 | Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp; 623763 |
|  | **France—4.59%** |  |
| 15666 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 1631555 |
| 53018 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 884756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2516311 |
|  | **Germany—3.00%** |  |
| 19773 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 944469 |
| 8659 | Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp; 699372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1643841 |
|  | **Hungary—0.77%** |  |
| 24639 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 423787 |
|  | **Indonesia—0.97%** |  |
| 2039200 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 532764 |
|  | **Ireland—1.57%** |  |
| 44617 | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 858605 |
|  | **Israel—1.92%** |  |
| 5687 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1055280 |
|  | **Italy—3.79%** |  |
| 106538 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1134331 |
| 36079 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 945530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2079861 |
|  | **Japan—16.45%** |  |
| 19600 | Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2506680 |
| 74800 | Murata Manufacturing Company, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 1545963 |
| 41900 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1115214 |
| 114900 | SUMCO Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 1051158 |
| 53500 | TDK Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 756905 |
| 68600 | CyberAgent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 584543 |
| 24600 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 553482 |
| 2500 | Lasertec Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 476357 |
| 4300 | Horiba, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 438916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9029218 |
|  | **South Korea—2.06%** |  |
| 7043 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 606295 |
| 1162 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 526244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1132539 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 2025 (Unaudited)

**Ariel Global Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.74% (continued) | Value ($) |
|  | **Spain—2.95%** |  |
| 40841 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp; 962327 |
| 55484 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 656612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1618939 |
|  | **Taiwan—2.59%** |  |
| 28000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 828758 |
| 12000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 591970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1420728 |
|  | **United Arab Emirates—1.10%** |  |
| 158400 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 605955 |
|  | **United Kingdom—7.64%** |  |
| 104714 | Informa plc  | &nbsp;&nbsp;&nbsp;&nbsp; 1247759 |
| 155600 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 998263 |
| 394767 | British Telecom Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 979378 |
| 162128 | Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp; 965512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4190912 |
|  | **United States—37.99%** |  |
| 5134 | Microsoft Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2482905 |
| 7419 | First Solar, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1938065 |
| 16888 | Walt Disney Company | &nbsp;&nbsp;&nbsp;&nbsp; 1921348 |
| 23156 | CVS Health Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1837660 |
| 45836 | Intel Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1691349 |
| 22016 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp;&nbsp; 1187543 |
| 4860 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1177870 |
| 17503 | Webster Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1101639 |
| 5330 | M&T Bank Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 1073888 |
| 27186 | CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1042311 |
| 9686 | NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1037274 |
| 36140 | AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 897718 |
| 36719 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp;&nbsp; 881990 |
| 5673 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 696304 |
| 2503 | Humana, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp; 641093 |
| 2193 | FedEx Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 633470 |
| 10985 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 604175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20846602 |
|  | **Total Common Stocks (Cost $44,740,450)** | &nbsp;&nbsp;&nbsp;&nbsp; **54182755** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.20% | Value ($) |
| 110911 | Northern Institutional Treasury Portfolio, 3.63%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110911 |
|  | **Total Short-Term Investments (Cost $110,911)** | &nbsp;&nbsp;&nbsp;&nbsp; **110911** |
|  | **Total Investments—98.94% (Cost $44,851,361)** | &nbsp;&nbsp;&nbsp;&nbsp; **54293666** |
|  | Foreign Currency, Other Assets less Liabilities—1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 580534 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **54874200** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of December 31, 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** |
| 01/15/2026 | Northern Trust | Australian Dollar | 819188 | Japanese Yen | 84679528 | $5386 |
| 01/15/2026 | Northern Trust | Swedish Krona | 3526970 | Japanese Yen | 59275669 | 4467 |
| 01/15/2026 | Northern Trust | Swiss Franc | 463325 | Japanese Yen | 88235510 | 21832 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | 31685 |
| 01/15/2026 | JPMorgan | British Pound | 60198 | Canadian Dollar | 111250 | 32 |
| 01/15/2026 | JPMorgan | Canadian Dollar | 657967 | British Pound | 351000 | 6591 |
| 01/15/2026 | JPMorgan | Euro | 1899468 | Japanese Yen | 332133727 | 110601 |
| 01/15/2026 | JPMorgan | Euro | 183764 | United States Dollar | 215650 | 468 |
| 01/15/2026 | JPMorgan | United States Dollar | 1093720 | Japanese Yen | 163354587 | 49412 |
| 01/15/2026 | JPMorgan | United States Dollar | 273106 | Japanese Yen | 42339764 | 2432 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 169536 |
| **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** | **$201221** |

---

&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** |
| 01/15/2026 | Northern Trust | Japanese Yen | 88235510 | Swiss Franc | 450577 | $(5711) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (5711) |
| 01/15/2026 | JPMorgan | Euro | 152756 | British Pound | 133331 | (69) |
| 01/15/2026 | JPMorgan | United States Dollar | 272154 | British Pound | 203210 | (1758) |
| 01/15/2026 | JPMorgan | United States Dollar | 459778 | British Pound | 342747 | (2219) |
| 01/15/2026 | JPMorgan | United States Dollar | 708304 | British Pound | 528347 | (3867) |
| 01/15/2026 | JPMorgan | United States Dollar | 8351427 | Euro | 7133155 | (37617) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (45530) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(51241)** |
| **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** | **$149980** |

---

&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 December 31, 2025.

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Schedules of Investments

As of December 31, 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 December 31, 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 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.

The following tables summarize the inputs used as of December 31, 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; $2581106550 | &nbsp;&nbsp; $891363221 | &nbsp;&nbsp; $75366019 |
| Level 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments  | &nbsp;&nbsp; $2581106550 | &nbsp;&nbsp; $891363221 | &nbsp;&nbsp; $75366019 |

---

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

SLOW AND STEADY WINS THE RACE

------

Notes to the

Schedules of Investments

As of December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel International Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; $36011655 | &nbsp;&nbsp; $5827534 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41839189 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 6985517 | &nbsp;&nbsp; 26876018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33861535 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; 14798345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14798345 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 34795229 | &nbsp;&nbsp; 24611644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59406873 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 2519318 | &nbsp;&nbsp; 12020033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14539351 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 7126651 | &nbsp;&nbsp; 16490023 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23616674 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 7302781 | &nbsp;&nbsp; 32259318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39562099 |
| &nbsp;&nbsp;&nbsp; Materials & Processing | &nbsp;&nbsp; 8295987 | &nbsp;&nbsp; 3858622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12154609 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 6894027 | &nbsp;&nbsp; 7955680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14849707 |
| Total Common Stocks | &nbsp;&nbsp; $124729510 | &nbsp;&nbsp; $129898872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $254628382 |
| Investment Companies | &nbsp;&nbsp; 1528829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1528829 |
| Short-Term Investments | &nbsp;&nbsp; 1162692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162692 |
| Total Investments | &nbsp;&nbsp; $127421031 | &nbsp;&nbsp; $129898872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $257319903 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $118261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $118261 |

---

&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; $8087577 | &nbsp;&nbsp; $584543 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8672120 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 815141 | &nbsp;&nbsp; 3119987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3935128 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp; 1806543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1806543 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 7433379 | &nbsp;&nbsp; 3218191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10651570 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 4362600 | &nbsp;&nbsp; 944469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5307069 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 1886015 | &nbsp;&nbsp; 2506680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4392695 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; 9678833 | &nbsp;&nbsp; 4795543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14474376 |
| &nbsp;&nbsp;&nbsp; Materials & Processing | &nbsp;&nbsp; 817400 | &nbsp;&nbsp; 699372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1516772 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; 605955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 605955 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 2196764 | &nbsp;&nbsp; 623763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2820527 |
| Total Common Stocks | &nbsp;&nbsp; $37690207 | &nbsp;&nbsp; $16492548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54182755 |
| Short-Term Investments | &nbsp;&nbsp; 110911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110911 |
| Total Investments | &nbsp;&nbsp; $37801118 | &nbsp;&nbsp; $16492548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54293666 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $149980 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149980 |

---

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

---

| | |
|:---|:---|
| \* | As of December 31, 2025, the Level 2 investments held were securities subject to fair valuation due to market holidays and forward currency contracts. See Schedules of <br> Investments.<br>|
| ^ | 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.

**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.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Schedules of Investments

As of December 31, 2025 (Unaudited)

**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 December 31, 2025 in securities of a company deemed to be an affiliated company of the Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security name | Shares Held<br> December 31, 2025<br>| Market Value<br> September 30,<br> 2025<br>| Purchases | Sales | Net<br> realized<br> gain (loss)<br>| Change in<br> unrealized<br> gain (loss)<br>| Market Value<br> December 31, 2025<br>| Dividend<br> Income<br>|
| Ariel Fund |  |  |  |  |  |  |  |  |
| **Common Stocks - 3.99%** |  |  |  |  |  |  |  |  |
| **Consumer Discretionary - 0.14%** |  |  |  |  |  |  |  |  |
| Leslie's, Inc.<sup>(a)</sup> <br>| 2243775 | $12324480 | $4775 |  |  | $(8627026)<br>| $3702229 |  |
| **Energy - 3.85%** |  |  |  |  |  |  |  |  |
| Core Laboratories, Inc. | 6210251 | 80573320 |  | 4817317 | (3534397)<br>| 27328718 | 99550324 | 65189 |
| **Total Common Stocks** |  | **$92897800** | **$4775** | **$4817317** | **$(3534397)**<br>| **$18701692** | **$103252553** | **$65189** |

---

&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 Fund

- **b. EDGAR series identifier (if any):** S000005024

- **c. LEI of Series:** 549300LWRXG3MUJT5B68

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $2581875672.26

**Total Liabilities:** $680026.54

**Net Assets:** $2581195645.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013706 | -2.03%               | 1.60%                | 3.70%                |
| Class ID C000108536 | -2.00%               | 1.62%                | 3.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $47833660.69             | $-97682807.94                              |
| Month 2  | $23726081.45             | $14181728.23                               |
| Month 3  | $52145647.34             | $40831552.58                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Generac Holdings Inc.                          | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |    376468 | NS      | $51338941.16  | 1.99%             |  |  |  | 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        |    727024 | NS      | $44668354.56  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                              | GCM Grosvenor Inc COM CL A                                     | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2070647 | NS      | $23439724.04  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc                          | Core Laboratories Inc COM                                      | CUSIP: 21867A105<br>LEI: 984500040P5J07V43135 | Long             | EC               | CORP              | US        |   6210251 | NS      | $99550323.53  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                      | Janus Henderson Group PLC ORD USD1.50                          | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    723364 | NS      | $34410425.48  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                     | Lazard Inc COM                                                 | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |   1791580 | NS      | $86999124.80  | 3.37%             |  |  |  | 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        |    267600 | NS      | $90039372.00  | 3.49%             |  |  |  | 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        |    307291 | NS      | $93106100.09  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                             | BOK Financial Corp COM USD0.00006                              | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |    504588 | NS      | $59773494.48  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                        | Boyd Gaming Corporation COM USD0.01                            | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    970545 | NS      | $82729255.80  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                | Affiliated Managers Group, Inc. COM USD0.01                    | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |    407341 | NS      | $117428263.48 | 4.55%             |  |  |  | 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        |    491741 | NS      | $98092494.68  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                    | Gentex Corp COM USD0.06                                        | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |   2652953 | NS      | $61734216.31  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                                   | Mattel, Inc. COM USD1.00                                       | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |   4519713 | NS      | $89671105.92  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                     | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    496716 | NS      | $67846438.44  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation                 | Zebra Technologies Corporation 'A'COM USD0.01                  | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |    198710 | NS      | $48250762.20  | 1.87%             |  |  |  | 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        |   3811330 | NS      | $60676373.60  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                 | Middleby Corp. COM USD0.01                                     | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |    558203 | NS      | $82988040.01  | 3.22%             |  |  |  | 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        |   1242661 | NS      | $76659757.09  | 2.97%             |  |  |  | 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        |    196896 | NS      | $50927150.40  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                            | Dentsply Sirona Inc COM USD0.01                                | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |   5273313 | NS      | $60273967.59  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co.                       | Sphere Entertainment Co. CL A                                  | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |   1099862 | NS      | $104574878.96 | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc.                                  | Leslie's Inc. COM                                              | CUSIP: 527064208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2240814 | NS      | $3697343.10   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                              | Carlyle Group Inc COM                                          | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |   1619024 | NS      | $95700508.64  | 3.71%             |  |  |  | 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        |   2717361 | NS      | $146438584.29 | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Skydance Corp.                       | Paramount Skydance Corp. COM CL B                              | CUSIP: 69932A204<br>LEI: 529900B6VAJG54Y9QF02 | Long             | EC               | CORP              | US        |   1374773 | NS      | $18421958.20  | 0.71%             |  |  |  | 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        |   3876984 | NS      | $86534282.88  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                   | Adtalem Global Education Inc COM USD0.01                       | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |    901352 | NS      | $93262891.44  | 3.61%             |  |  |  | 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        |   2143734 | NS      | $69264045.54  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                   | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  42550882 | NS      | $42550882.44  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                        | Mohawk Industries, Inc. COM USD0.01                            | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |    785128 | NS      | $85814490.40  | 3.32%             |  |  |  | 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        |    733459 | NS      | $71739624.79  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                        | ADT Inc COM USD0.01                                            | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7354458 | NS      | $59350476.06  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.                      | OneSpaWorld Holdings Ltd. COM USD0.0001                        | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |   2806856 | NS      | $58214193.44  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                       | Resideo Technologies Inc COM USD0.001                          | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |   1553398 | NS      | $54555337.76  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corporation                   | Envista Holdings Corporation COM USD0.01                       | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |   5084223 | NS      | $110378481.33 | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Ariel Investment Trust

**Signature:** Adam J. Nelson

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

**Title:** Treasurer