# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0001145549-23-010392
**Filing Date:** 2023-2
**Character Count:** 68785
**Document Hash:** d73deb25f06e7a1145c13f7cc19ec6f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010392.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010392

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIEL INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000798365
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04786
- **FILM NUMBER:** 23671585

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 312-726-0140

**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 Focus Fund (Series ID: S000005026)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013708 | Investor Class      | ARFFX           |
| C000108538 | Institutional Class | AFOYX           |

## Nport-Ex

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.45% | Value ($) |
|  | **Consumer Discretionary—35.61%** |  |
| 2726634 | Madison Square Garden Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 122616731 |
| 2988240 | Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 99538274 |
| 1808803 | Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 98634028 |
| 5616962 | Paramount Global | &nbsp;&nbsp;&nbsp;&nbsp; 94814319 |
| 5001060 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 89218910 |
| 1796986 | Royal Caribbean Cruises, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88825018 |
| 2483699 | Adtalem Global Education, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88171314 |
| 3027551 | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 82561316 |
| 375784 | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 68892481 |
| 2883465 | Manchester United plc | &nbsp;&nbsp;&nbsp;&nbsp; 67271238 |
|  |  | &nbsp;&nbsp;&nbsp; 900543629 |
|  | **Consumer Staples—1.73%** |  |
| 276760 | J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp; 43855390 |
|  | **Energy—2.86%** |  |
| 3565025 | Core Laboratories NV<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72263057 |
|  | **Financials—20.79%** |  |
| 678824 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp; 107546086 |
| 2724955 | Lazard, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 94474190 |
| 976499 | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 86410397 |
| 618801 | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 64225356 |
| 1178222 | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 61668139 |
| 1705585 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50894656 |
| 1903797 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 44777305 |
| 2070647 | GCM Grosvenor, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15757624 |
|  |  | &nbsp;&nbsp;&nbsp; 525753753 |
|  | **Health Care—5.58%** |  |
| 1625656 | Envista Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54735838 |
| 226536 | Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp; 53344697 |
| 152341 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33195104 |
|  |  | &nbsp;&nbsp;&nbsp; 141275639 |
|  | **Industrials—25.36%** |  |
| 987405 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 100932539 |
| 329435 | Zebra Technologies Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84470428 |
| 4702217 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77351470 |
| 7998165 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 72543357 |
| 2916490 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 70170749 |
| 2737432 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 69722393 |
| 1158771 | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54079843 |
| 459039 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46206866 |
| 200847 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45891531 |
| 225232 | Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19969069 |
|  |  | &nbsp;&nbsp;&nbsp; 641338245 |
|  | **Real Estate—4.63%** |  |
| 564816 | Jones Lang LaSalle, Inc. <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90014726 |
| 351487 | CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27050440 |
|  |  | &nbsp;&nbsp;&nbsp; 117065166 |
|  | **Utilities—2.89%** |  |
| 1463114 | Stericycle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72994757 |
|  | **Total Common Stocks (Cost $2,167,944,737)** | **2515089636** |

---

&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, 2022 (Unaudited)

**Ariel Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.66% | Value ($) |
| 16735498 | Northern Institutional Treasury Portfolio, 3.75%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16735498 |
|  | **Total Short-Term Investments (Cost $16,735,498)** | **16735498** |
|  | **Total Investments—100.11% (Cost $2,184,680,235)** | **2531825134** |
|  | Other Assets less Liabilities—(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp; (2893895) |
|  | **Net Assets—100.00%** | **2528931239** |

---

**Ariel Appreciation Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.19% | Value ($) |
|  | **Consumer Discretionary—26.00%** |  |
| 1092085 | Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36377351 |
| 897719 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36133190 |
| 2015223 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35951578 |
| 1480847 | Manchester United plc | &nbsp;&nbsp;&nbsp;&nbsp; 34548161 |
| 687825 | Madison Square Garden Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30931490 |
| 496824 | CarMax, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30251613 |
| 163613 | Madison Square Garden Sports Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 29995171 |
| 1754481 | Knowles Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28808578 |
| 693848 | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18921235 |
| 61878 | Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14748621 |
|  |  | &nbsp;&nbsp;&nbsp; 296666988 |
|  | **Consumer Staples—4.53%** |  |
| 520572 | Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19448570 |
| 110781 | J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp; 17554357 |
| 285895 | Molson Coors Brewing Co. | &nbsp;&nbsp;&nbsp;&nbsp; 14729311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51732238 |
|  | **Energy—3.68%** |  |
| 1444707 | Core Laboratories NV | &nbsp;&nbsp;&nbsp;&nbsp; 29284211 |
| 607944 | NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12699950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41984161 |
|  | **Financials—26.64%** |  |
| 148736 | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51072968 |
| 529006 | The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 44045040 |
| 496521 | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 43937143 |
| 410091 | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 42563345 |
| 526397 | Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37869000 |
| 863168 | Lazard, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 29926035 |
| 565258 | KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26239276 |
| 430811 | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22548648 |
| 43894 | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5693491 |
|  |  | &nbsp;&nbsp;&nbsp; 303894946 |
|  | **Health Care—11.10%** |  |
| 175079 | Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp; 41227603 |
| 120887 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26341277 |
| 199654 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25455885 |
| 523957 | Envista Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17641632 |
| 208268 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16009561 |
|  |  | &nbsp;&nbsp;&nbsp; 126675958 |
|  | **Industrials—20.57%** |  |
| 1386131 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35304757 |
| 1397019 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33612277 |
| 822909 | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp; 31657309 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel Appreciation Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.19% | Value ($) |
|  | **Industrials—20.57%** |  |
| 386059 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29000752 |
| 125954 | Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21546951 |
| 96386 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21224197 |
| 1171376 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19269135 |
| 73322 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16753344 |
| 153873 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15488856 |
| 1189515 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10788901 |
|  |  | &nbsp;&nbsp;&nbsp; 234646479 |
|  | **Real Estate—2.32%** |  |
| 343757 | CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26455539 |
|  | **Utilities—2.35%** |  |
| 538568 | Stericycle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26869158 |
|  | **Total Common Stocks (Cost $833,912,397)** | **1108925467** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—2.57% | Value ($) |
| 29324943 | Northern Institutional Treasury Portfolio, 3.75%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29324943 |
|  | **Total Short-Term Investments (Cost $29,324,943)** | **29324943** |
|  | **Total Investments—99.76% (Cost $863,237,340)** | **1138250410** |
|  | Other Assets less Liabilities—0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2695943 |
|  | **Net Assets—100.00%** | **1140946353** |

---

**Ariel Focus Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.33% | Value ($) |
|  | **Basic Materials—8.48%** |  |
| 69021 | Mosaic Co. | &nbsp;&nbsp; 3027951 |
| 130161 | Barrick Gold Corp. | &nbsp;&nbsp; 2236166 |
|  |  | &nbsp;&nbsp; 5264117 |
|  | **Consumer Discretionary—13.94%** |  |
| 92689 | BorgWarner, Inc. | &nbsp;&nbsp; 3730732 |
| 10024 | Madison Square Garden Sports Corp. | &nbsp;&nbsp; 1837700 |
| 37109 | Madison Square Garden Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1668792 |
| 26016 | Boyd Gaming Corp. | &nbsp;&nbsp; 1418653 |
|  |  | &nbsp;&nbsp; 8655877 |
|  | **Energy—7.14%** |  |
| 94993 | APA Corp. | &nbsp;&nbsp; 4434273 |
|  | **Financials—30.29%** |  |
| 41536 | BOK Financial Corp. | &nbsp;&nbsp; 4311021 |
| 11454 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 3933075 |
| 28875 | Northern Trust Corp. | &nbsp;&nbsp; 2555149 |
| 63960 | Lazard, Ltd., Class A | &nbsp;&nbsp; 2217493 |
| 40643 | Bank of New York Mellon Corp. | &nbsp;&nbsp; 1850069 |
| 49085 | Bank of America Corp. | &nbsp;&nbsp; 1625695 |
| 26654 | First American Financial Corp. | &nbsp;&nbsp; 1395070 |
| 19732 | KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 915959 |
|  |  | 18803531 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel Focus Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.33% | Value ($) |
|  | **Health Care—11.36%** |  |
| 13891 | Johnson & Johnson | &nbsp;&nbsp; 2453845 |
| 10111 | Laboratory Corp. of America Holdings | &nbsp;&nbsp; 2380938 |
| 130802 | ZimVie, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1221691 |
| 7831 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 998453 |
|  |  | &nbsp;&nbsp; 7054927 |
|  | **Industrials—23.47%** |  |
| 7019 | Lockheed Martin Corp. | &nbsp;&nbsp; 3414673 |
| 14576 | Snap-on, Inc. | &nbsp;&nbsp; 3330470 |
| 21235 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2170642 |
| 123370 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2029437 |
| 140431 | Western Union Co. | &nbsp;&nbsp; 1933735 |
| 3312 | Zebra Technologies Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 849230 |
| 8359 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 841417 |
|  |  | 14569604 |
|  | **Technology—4.65%** |  |
| 35307 | Oracle Corp. | &nbsp;&nbsp; 2885994 |
|  | **Total Common Stocks (Cost $52,856,501)** | **61668323** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.61% | Value ($) |
| 378543 | Northern Institutional Treasury Portfolio, 3.75%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 378543 |
|  | **Total Short-Term Investments (Cost $378,543)** | **378543** |
|  | **Total Investments—99.94% (Cost $53,235,044)** | **62046866** |
|  | Other Assets less Liabilities—0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39931 |
|  | **Net Assets—100.00%** | **62086797** |

---

**Ariel International Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—92.44% | Value ($) |
|  | **Belgium—0.73%** |  |
| 76742 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp; 4935481 |
|  | **Brazil—1.61%** |  |
| 927020 | Telefonica Brasil SA ADR | &nbsp;&nbsp;&nbsp;&nbsp; 6628193 |
| 215005 | TIM SA ADR | &nbsp;&nbsp;&nbsp;&nbsp; 2504808 |
| 278892 | BB Seguridade Participacoes SA ADR | &nbsp;&nbsp;&nbsp;&nbsp; 1757020 |
|  |  | &nbsp;&nbsp; 10890021 |
|  | **Canada—0.59%** |  |
| 293450 | Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3998635 |
|  | **China—4.25%** |  |
| 229712 | Baidu, Inc. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 26274459 |
| 992353 | TravelSky Technology, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2097742 |
| 12924 | Trip.com Group, Ltd. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444586 |
|  |  | &nbsp;&nbsp; 28816787 |
|  | **Denmark—0.73%** |  |
| 1325580 | H Lundbeck A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp; 4970830 |
|  | **Finland—2.54%** |  |
| 3097680 | Nokia Corp. | &nbsp;&nbsp; 14347950 |
| 617732 | Nokia Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp; 2866276 |
|  |  | &nbsp;&nbsp; 17214226 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—92.44% | Value ($) |
|  | **France—10.36%** |  |
| 1358209 | Michelin (CGDE) | &nbsp;&nbsp; 37779459 |
| 165823 | Sanofi | &nbsp;&nbsp; 15947071 |
| 220906 | BNP Paribas SA | &nbsp;&nbsp; 12591966 |
| 17973 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp; 2295236 |
| 13999 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958305 |
| 5668 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709390 |
|  |  | &nbsp;&nbsp; 70281427 |
|  | **Germany—13.03%** |  |
| 337667 | Deutsche Boerse AG | &nbsp;&nbsp; 58338944 |
| 8023090 | Telefonica Deutschland Holding | &nbsp;&nbsp; 19778895 |
| 27909 | Muenchener Rueckver AG | &nbsp;&nbsp;&nbsp;&nbsp; 9082058 |
| 35608 | Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 1165224 |
|  |  | &nbsp;&nbsp; 88365121 |
|  | **Hong Kong—1.87%** |  |
| 1737500 | CLP Holdings, Ltd. | &nbsp;&nbsp; 12677120 |
|  | **Italy—4.93%** |  |
| 5498419 | Snam SpA | &nbsp;&nbsp; 26644940 |
| 1225252 | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp; 6807054 |
|  |  | &nbsp;&nbsp; 33451994 |
|  | **Japan—10.84%** |  |
| 1548600 | Subaru Corp. | &nbsp;&nbsp; 23924006 |
| 600400 | Bridgestone Corp. | &nbsp;&nbsp; 21460503 |
| 213300 | Secom Co., Ltd. | &nbsp;&nbsp; 12259387 |
| 190000 | Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 8008839 |
| 101000 | Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4140354 |
| 47400 | Mabuchi Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1348971 |
| 40400 | Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949049 |
| 36400 | Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738040 |
| 6200 | Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639653 |
|  |  | &nbsp;&nbsp; 73468802 |
|  | **Luxembourg—0.43%** |  |
| 69843 | RTL Group | &nbsp;&nbsp;&nbsp;&nbsp; 2948670 |
|  | **Netherlands—4.55%** |  |
| 1073237 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 30835043 |
|  | **Peru—0.75%** |  |
| 37518 | Credicorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 5089692 |
|  | **Portugal—0.10%** |  |
| 32940 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711559 |
|  | **Singapore—0.13%** |  |
| 131300 | Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877359 |
|  | **Spain—5.86%** |  |
| 1873043 | Endesa SA | &nbsp;&nbsp; 35358157 |
| 446753 | Tecnicas Reunidas SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4361428 |
|  |  | &nbsp;&nbsp; 39719585 |
|  | **Switzerland—8.29%** |  |
| 150002 | Roche Holding AG | &nbsp;&nbsp; 47126568 |
| 81458 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp; 7363948 |
| 11939 | Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp; 1383382 |
| 9563 | Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315026 |
|  |  | &nbsp;&nbsp; 56188924 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—92.44% | Value ($) |
|  | **United Kingdom—12.81%** |  |
| 2076482 | GSK plc | &nbsp;&nbsp; 36088980 |
| 10362619 | Direct Line Insurance Group plc | &nbsp;&nbsp; 27724219 |
| 2055579 | Haleon plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8134950 |
| 294445 | Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 7607064 |
| 2429637 | Vodafone Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 2474390 |
| 154871 | Close Brothers Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 1960312 |
| 24637 | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 1713823 |
| 48802 | St. James's Place plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646041 |
| 7222 | AstraZeneca plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489652 |
|  |  | &nbsp;&nbsp; 86839431 |
|  | **United States—8.04%** |  |
| 457465 | Philip Morris International, Inc. | &nbsp;&nbsp; 46300033 |
| 65108 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8214025 |
|  |  | &nbsp;&nbsp; 54514058 |
|  | **Total Common Stocks (Cost $598,269,551)** | **626794765** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Preferred Stocks—0.05% | Value ($) |
|  | **Brazil—0.05%** |  |
| 71800 | Itau Unibanco Holding SA ADR | 338178 |
|  | **Total Preferred Stocks (Cost $323,782)** | **338178** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—2.97% | Value ($) |
| 20170947 | Northern Institutional Treasury Portfolio, 3.75%<sup>(c)</sup> <br>| &nbsp;&nbsp; 20170947 |
|  | **Total Short-Term Investments (Cost $20,170,947)** | **20170947** |
|  | **Total Investments—95.46% (Cost $618,764,280)** | **647303890** |
|  | Foreign Currency, Other Assets less Liabilities—4.54% | &nbsp;&nbsp; 30762541 |
|  | **Net Assets—100.00%** | **678066431** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (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** |
| 02/14/2023 | UBS | NOK | &nbsp;&nbsp;&nbsp;&nbsp; 10775111 | EUR | &nbsp;&nbsp; 1021694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4852 |
| 02/14/2023 | UBS | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 55028693 | USD | 36717070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819627 |
| 02/14/2023 | UBS | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 16601301 | USD | 19602086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491973 |
| 02/14/2023 | UBS | NOK | &nbsp;&nbsp;&nbsp;&nbsp; 30615035 | USD | &nbsp;&nbsp; 3019205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111827 |
| 02/14/2023 | UBS | SEK | &nbsp;&nbsp;&nbsp; 122636253 | USD | 11586224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197429 |
| 02/14/2023 | UBS | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2774566 | USD | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58066 |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | &nbsp;&nbsp;&nbsp; 1683774 |
| 02/14/2023 | Northern Trust | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 54403301 | USD | &nbsp;&nbsp; 5140437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86970 |
| 02/14/2023 | Northern Trust | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7705161 | USD | &nbsp;&nbsp; 5599518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157528 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244498 |
| 02/14/2023 | JPMorgan Chase | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3121725 | CAD | &nbsp;&nbsp; 4164989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44763 |
| 02/14/2023 | JPMorgan Chase | JPY | 1305321557 | CNH | 66915731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303147 |
| 02/14/2023 | JPMorgan Chase | JPY | 4390030352 | USD | 31576973 | &nbsp;&nbsp;&nbsp; 2078593 |
| Subtotal JPMorgan Chase | Subtotal JPMorgan Chase | Subtotal JPMorgan Chase |  |  |  | &nbsp;&nbsp;&nbsp; 2426503 |
| **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** | **$4354775** |
| **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** |
| 02/14/2023 | UBS | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11937528 | CNH | 85089540 | &nbsp;&nbsp;&nbsp;&nbsp; (401906) |
| 02/14/2023 | UBS | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 12920909 | EUR | &nbsp;&nbsp; 8291143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89578) |
| 02/14/2023 | UBS | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 24401328 | EUR | &nbsp;&nbsp; 2217036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36098) |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (527582) |
| 02/14/2023 | JPMorgan Chase | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1554233 | EUR | &nbsp;&nbsp; 1085288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4147) |
| 02/14/2023 | JPMorgan Chase | USD | &nbsp;&nbsp;&nbsp;&nbsp; 30368659 | EUR | 29211799 | &nbsp;&nbsp;&nbsp;&nbsp; (999966) |
| Subtotal JPMorgan Chase | Subtotal JPMorgan Chase | Subtotal JPMorgan Chase |  |  |  | &nbsp;&nbsp; (1004113) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(1531695)** |
| **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** | **$2823080** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel Global Fund**

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—91.23% | Value ($) |
|  | **Belgium—0.28%** |  |
| 8382 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539069 |
|  | **Brazil—3.81%** |  |
| 612156 | BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp; 3897424 |
| 255886 | Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp; 1848394 |
| 644808 | TIM SA | &nbsp;&nbsp;&nbsp;&nbsp; 1509872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7255690 |
|  | **Canada—0.09%** |  |
| 12466 | Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169865 |
|  | **Chile—0.18%** |  |
| 22107 | Banco Santander-Chile ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350175 |
|  | **China—5.84%** |  |
| 84630 | Baidu, Inc. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9679979 |
| 512831 | TravelSky Technology, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1084077 |
| 10304 | Trip.com Group, Ltd. ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354458 |
|  |  | &nbsp;&nbsp; 11118514 |
|  | **Denmark—0.19%** |  |
| 99024 | H Lundbeck A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371333 |
|  | **Finland—1.55%** |  |
| 636784 | Nokia Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2949480 |
|  | **France—6.29%** |  |
| 255731 | Michelin (CGDE) | &nbsp;&nbsp;&nbsp;&nbsp; 7113323 |
| 29326 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp; 2820259 |
| 35789 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; 2040026 |
|  |  | &nbsp;&nbsp; 11973608 |
|  | **Germany—4.09%** |  |
| 33529 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 5792827 |
| 3085 | Muenchener Rueckver AG | &nbsp;&nbsp;&nbsp;&nbsp; 1003911 |
| 398013 | Telefonica Deutschland Holding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7777938 |
|  | **Hong Kong—0.81%** |  |
| 211500 | CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1543143 |
|  | **Italy—1.15%** |  |
| 356882 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1729424 |
| 83213 | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2191725 |
|  | **Japan—3.99%** |  |
| 197200 | Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3046503 |
| 74800 | Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2673627 |
| 27900 | Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1603548 |
| 4000 | Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168607 |
| 3900 | Mabuchi Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7603276 |
|  | **Luxembourg—0.12%** |  |
| 5550 | RTL Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234313 |
|  | **Mexico—0.14%** |  |
| 73657 | Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259263 |
|  | **Netherlands—0.70%** |  |
| 46228 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp; 1328171 |
|  | **Peru—2.43%** |  |
| 34064 | Credicorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4621122 |
|  | **South Africa—0.07%** |  |
| 45877 | Sanlam, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131546 |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (Unaudited)

**Ariel Global Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—91.23% | Value ($) |
|  | **South Korea—2.99%** |  |
| 78895 | KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5702336 |
|  | **Spain—3.66%** |  |
| 369605 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp; 6977177 |
|  | **Switzerland—6.45%** |  |
| 34463 | Roche Holding AG | &nbsp;&nbsp; 10827342 |
| 8782 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793908 |
| 5643 | Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653859 |
|  |  | &nbsp;&nbsp; 12275109 |
|  | **Taiwan—0.49%** |  |
| 168000 | Catcher Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923753 |
|  | **United Kingdom—9.13%** |  |
| 513826 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp; 8930227 |
| 1450393 | Direct Line Insurance Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 3880391 |
| 522192 | Haleon plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2066574 |
| 52577 | Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 1358341 |
| 6835 | Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475463 |
| 370522 | Vodafone Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377347 |
| 12142 | Close Brothers Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153690 |
| 12988 | Vodafone Group plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131439 |
| 1363 | St. James's Place plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18043 |
|  |  | &nbsp;&nbsp; 17391515 |
|  | **United States—36.78%** |  |
| 62079 | Microsoft Corp. | &nbsp;&nbsp; 14887786 |
| 111780 | Philip Morris International, Inc. | &nbsp;&nbsp; 11313254 |
| 368084 | Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp; 9191057 |
| 205070 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8079758 |
| 75225 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6458066 |
| 36074 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 6372472 |
| 42932 | Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 3902519 |
| 53413 | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3843065 |
| 44319 | NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2661799 |
| 11650 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1469764 |
| 25740 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980179 |
| 13427 | U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585552 |
| 894 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276157 |
|  |  | &nbsp;&nbsp; 70021428 |
|  | **Total Common Stocks (Cost $153,092,884)** | **173709549** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Preferred Stocks—0.05% | Value ($) |
|  | **Brazil—0.05%** |  |
| 19920 | Itau Unibanco Holding SA ADR | 93823 |
|  | **Total Preferred Stocks (Cost $89,829)** | **93823** |

---

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—4.99% | Value ($) |
| 9498973 | Northern Institutional Treasury Portfolio, 3.75% <sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9498973 |
|  | **Total Short-Term Investments (Cost $9,498,973)** | **9498973** |
|  | **Total Investments—96.27% (Cost $162,681,686)** | **183302345** |
|  | Foreign Currency, Other Assets less Liabilities—3.73% | &nbsp;&nbsp;&nbsp;&nbsp; 7096175 |
|  | **Net Assets—100.00%** | **190398520** |

---

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Schedules of Investments

As of December 31, 2022 (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** |
| 02/14/2023 | UBS | NOK | &nbsp;&nbsp; 1957217 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $881 |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 |
| 02/14/2023 | Northern Trust | SGD | &nbsp;&nbsp;&nbsp;&nbsp; 750439 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15342 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15342 |
| **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** | **$16223** |
| **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** |
| 02/14/2023 | UBS | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 929157 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3261) |
| 02/14/2023 | UBS | USD | &nbsp;&nbsp;&nbsp;&nbsp; 524424 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14420) |
| 02/14/2023 | UBS | USD | &nbsp;&nbsp; 2665019 | CNH | &nbsp;&nbsp; 18995996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89724) |
| 02/14/2023 | UBS | CAD | &nbsp;&nbsp; 1056024 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37390) |
| 02/14/2023 | UBS | USD | &nbsp;&nbsp;&nbsp;&nbsp; 705377 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23116) |
| 02/14/2023 | UBS | USD | &nbsp;&nbsp;&nbsp;&nbsp; 609298 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15292) |
| 02/14/2023 | UBS | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 507686 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5535) |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (188738) |
| 02/14/2023 | Northern Trust | USD | &nbsp;&nbsp; 1273410 | CHF | &nbsp;&nbsp;&nbsp;&nbsp; 1203156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34412) |
| 02/14/2023 | Northern Trust | SEK | &nbsp;&nbsp; 2316018 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1393) |
| 02/14/2023 | Northern Trust | USD | &nbsp;&nbsp;&nbsp;&nbsp; 380192 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8852) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44657) |
| 02/14/2023 | JPMorgan Chase | AUD | &nbsp;&nbsp; 1237676 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4419) |
| 02/14/2023 | JPMorgan Chase | CAD | &nbsp;&nbsp; 4286959 | CHF | &nbsp;&nbsp;&nbsp;&nbsp; 3037408 | &nbsp;&nbsp;&nbsp;&nbsp; (134570) |
| 02/14/2023 | JPMorgan Chase | USD | &nbsp;&nbsp; 4331100 | CHF | &nbsp;&nbsp;&nbsp;&nbsp; 4094113 | &nbsp;&nbsp;&nbsp;&nbsp; (119171) |
| 02/14/2023 | JPMorgan Chase | AUD | &nbsp;&nbsp; 1626308 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1043745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11456) |
| 02/14/2023 | JPMorgan Chase | SEK | &nbsp;&nbsp; 7614689 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10725) |
| 02/14/2023 | JPMorgan Chase | USD | 12960246 | EUR | &nbsp;&nbsp; 12466540 | &nbsp;&nbsp;&nbsp;&nbsp; (426749) |
| 02/14/2023 | JPMorgan Chase | USD | &nbsp;&nbsp; 5950222 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5040940 | &nbsp;&nbsp;&nbsp;&nbsp; (151284) |
| 02/14/2023 | JPMorgan Chase | USD | &nbsp;&nbsp; 2802568 | JPY | 389550694 | &nbsp;&nbsp;&nbsp;&nbsp; (183870) |
| Subtotal JPMorgan Chase | Subtotal JPMorgan Chase | Subtotal JPMorgan Chase |  |  |  | &nbsp;&nbsp; (1042244) |
| **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** | **$(1275639)** |
| **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** | **$(1259416)** |

---

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

ADR American Depositary Receipt

&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, 2022.

A category may contain multiple industries as defined by the Global Industry Classification Standards.

See Notes to Schedules of Investments.

SLOW AND STEADY WINS THE RACE

------

Notes to the <br>Schedules of Investments

As of December 31, 2022 (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, 2022.

**Securities valuation—**On September 8, 2022, Rule 2a-5 under the 1940 Act became effective. Rule 2a-5 provides a standard framework for fund valuation practices and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Rule also defines when market quotations are "readily available" and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The Board of Trustees (the "Board") has designated Ariel as the Trust's valuation designee and approved amended valuation policies and procedures for the Trust, which were adopted by Ariel to comply with the requirements of the Rule. As the valuation designee, the Adviser performs certain fair value functions, including performing fair value determinations and providing quarterly valuation reporting and notifications of any material valuation matters to the Board. Prior to the effective date of this Rule, in situations when the value of a portfolio investment may have been materially affected by a significant event or when market quotations were not readily available, the fair value of such security was determined in good faith in accordance with procedures established by the Board of Trustees.

Securities for which market quotations are readily available are valued at the last sale price on the national securities exchange on which such securities are primarily traded and, in the case of securities reported on the Nasdaq system, are valued based on the Nasdaq Official Closing Price. If a last sale price or a closing price is not reported, a security shall be valued using i) the closing price on another exchange on which the security traded (if such price is made available by the pricing vendor) or ii) the mean between the bid and ask prices for securities for which reliable bid and ask quotations are available.

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. In the event that the Funds become aware of a significant event that may materially affect the value of a security, a fair value of such security will be determined in accordance with the valuation procedures.

Investments in money market funds are valued at their closing net asset value each business day.

Debt securities having a maturity over 60 days are valued using evaluated prices or matrix pricing methods determined by a pricing service which take into consideration factors such as yield, maturity, ratings, and traded prices in identical or similar securities. Short-term debt obligations having a maturity of 60 days or less are valued at amortized cost, so long as it approximates fair value.

Securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with the Funds' valuation procedures.

**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 <br>Schedules of Investments

As of December 31, 2022 (Unaudited)

The following tables summarize the inputs used as of December 31, 2022 in valuing the Funds' investments carried at fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | &nbsp;&nbsp; Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| Level 1 | $2531825134 | $1138250410 | $62046866 |
| Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments  | $2531825134 | $1138250410 | $62046866 |

---

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; $68618254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp; $68618254 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 87748908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87748908 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 89816830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89816830 |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4361428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4361428 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; 134608791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134608791 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; 114101322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 114101322 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 17886315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17886315 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 27525993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27525993 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639653 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 81487271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81487271 |
| Total Common Stocks | $626794765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $626794765 |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338178 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 20170947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20170947 |
| Total Investments | $647303890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $647303890 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $2823080 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $2823080 |

---

&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; $19652643 | &nbsp;&nbsp; $3358266 | $— | &nbsp;&nbsp; $23010909 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 14168090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14168090 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 16096584 | &nbsp;&nbsp;&nbsp;&nbsp; 5702336 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21798920 |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp; 20920715 | &nbsp;&nbsp;&nbsp;&nbsp; 3897424 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24818139 |
| &nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 40416672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40416672 |
| &nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1714539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1714539 |
| &nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 27879178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27879178 |
| &nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9191057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9191057 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 10712045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10712045 |
| Total Common Stocks | $160751523 | $12958026 | $— | $173709549 |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93823 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9498973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9498973 |
| Total Investments | $170344319 | $12958026 | $— | $183302345 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $(1259416) | $— | &nbsp;&nbsp;&nbsp; $(1259416) |

---

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

SLOW AND STEADY WINS THE RACE

------

Notes to the <br>Schedules of Investments

As of December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| \* | As of December 31, 2022, the Level 2 investments held were securities subject to fair valuation due to market holidays and forward currency contracts. See <br> Schedules of Investments.<br>|
| ^ | Forward currency contracts derive their value from underlying exchange rates. These instruments are normally valued by pricing vendors using pricing <br> models. The pricing models typically use inputs that are observed from trading in active forward foreign currency markets. As such, forward currency <br> contracts are categorized as Level 2. The value of forward currency contracts that is disclosed in this table is equal to the difference between Open forward <br> currency contracts with unrealized 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 enter into forward currency contracts to provide the appropriate currency exposure related to protecting the value of securities and related receivables and payables against changes in foreign exchange rates. 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 voting securities of a company, the company is deemed to be an affiliate of a fund as defined in the 1940 Act. The following transactions were made during the period ended December 31, 2022 in securities that are deemed to be an affiliated company of the Funds as of December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Share activity | Share activity | Share activity | Share activity | Three months ended December 31, 2022 | Three months ended December 31, 2022 | Three months ended December 31, 2022 | Three months ended December 31, 2022 | Three months ended December 31, 2022 |
| Security name | Balance<br> September 30,<br> 2022<br>| Purchases | Sales | Balance<br> December 31,<br> 2022<br>| Value | Dividends<br> credited to<br> income<br>| Amount of gain<br> (loss) realized on<br> sale of shares<br>| Amount of<br> change in<br> unrealized gain<br> (loss) on shares<br>| Percent<br> of net<br> assets<br>|
| Ariel Fund |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global<br> Education, Inc.<br> (Consumer<br> discretionary)<br>| 2729575 |  | 245876 | 2483699 | &nbsp;&nbsp; $88171314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $1020428 | $(2779890) | 3.5% |
| &nbsp;&nbsp; Core Laboratories<br> NV (Energy)<br>| 3565025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 3565025 | &nbsp;&nbsp;&nbsp;&nbsp; 72263057 | &nbsp;&nbsp; 35650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 24206520 | 2.9 |
|  |  |  |  |  | $160434371 | $35650 | $1020428 | $21426630 | 6.4% |

---

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 Focus Fund

- **b. EDGAR series identifier (if any):** S000005026

- **c. LEI of Series:** 549300KC6HFKHCBAML09

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $62092836.85

**Total Liabilities:** $22115.11

**Net Assets:** $62070721.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013708 | 12.95%               | 2.67%                | -3.46%               |
| Class ID C000108538 | 12.99%               | 2.66%                | -3.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $287882.75               | $6982188.92                                |
| Month 2  | $-25950.34               | $1589116.95                                |
| Month 3  | $265635.72               | $-2508715.10                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs Group, Inc.                       | Goldman Sachs Group, Inc. COM USD0.01                 | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     11454 | NS      | $3933074.52   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                       | The Western Union Company COM STK USD0.01             | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    140431 | NS      | $1933734.87   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Inst Fds                               | Northern Inst Fds TREAS PRT PRMR                      | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    378543 | NS      | $378542.70    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                           | Generac Holdings Inc. COM USD0.01                     | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      8359 | NS      | $841416.94    | 1.36%             |  |  |  | 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        |     26654 | NS      | $1395070.36   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                       | APA Corp. COM                                         | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94993 | NS      | $4434273.24   | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corporation                        | Barrick Gold Corporation COM NPV                      | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    130161 | NS      | $2236165.98   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                              | BOK Financial Corp COM USD0.00006                     | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     41536 | NS      | $4311021.44   | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                                 | BorgWarner Inc. COM USD0.01                           | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     92689 | NS      | $3730732.25   | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                         | Boyd Gaming Corporation COM USD0.01                   | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     26016 | NS      | $1418652.48   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings             | Laboratory Corp of America Holdings COM USD0.1        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |     10111 | NS      | $2380938.28   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                     | Bank of America Corporation COM USD0.01               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     49085 | NS      | $1625695.20   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                               | Johnson & Johnson COM USD1.00                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     13891 | NS      | $2453845.15   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                      | Zimmer Biomet Holdings Inc COM USD0.01                | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      7831 | NS      | $998452.50    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                     | Lockheed Martin Corporation COM USD1.00               | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      7019 | NS      | $3414673.31   | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                         | Mohawk Industries, Inc. COM USD0.01                   | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     21235 | NS      | $2170641.70   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                      | Northern Trust Corporation COM USD1.666               | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     28875 | NS      | $2555148.75   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                              | Oracle Corporation COM USD0.01                        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     35307 | NS      | $2885994.18   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                            | Snap-On Incorporated COM USD1                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     14576 | NS      | $3330470.24   | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation                  | Zebra Technologies Corporation 'A'COM USD0.01         | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      3312 | NS      | $849229.92    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                   | KKR & Co Inc. COM USD0.01                             | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     19732 | NS      | $915959.44    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Ltd.                                     | Lazard Ltd. COM CLASS 'A' USD0.01                     | CUSIP: G54050102<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | BM        |     63960 | NS      | $2217493.20   | 3.57%             |  |  |  | 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        |     10024 | NS      | $1837699.92   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertainment Corporation | Madison Square Garden Entertainment Corporation CL A  | CUSIP: 55826T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37109 | NS      | $1668791.73   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation         | The Bank of New York Mellon Corporation COM USD0.01   | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     40643 | NS      | $1850069.36   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                              | The Mosaic Company COM USD0.01                        | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     69021 | NS      | $3027951.27   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                        | Resideo Technologies Inc COM USD0.001                 | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |    123370 | NS      | $2029436.50   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimvie Inc                                      | Zimvie Inc COM                                        | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |    130802 | NS      | $1221690.68   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Ariel Investment Trust

**Signature:** James R. Rooney

**Name of Signer:** James R. Rooney

**Title:** Chief Financial Officer, Vice President and Treasurer