# EDGAR Filing Document

**Accession Number:** 0000936753
**File Stem:** 0000936753-26-000025
**Filing Date:** 2026-5
**Character Count:** 26495
**Document Hash:** 7f3ca8282053b6ac48327000b5b148dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000936753-26-000025.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0000936753-26-000025

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIEL INVESTMENTS, LLC
- **CENTRAL INDEX KEY:** 0000936753

**ORGANIZATION NAME:**
- **EIN:** 020712418
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04003
- **FILM NUMBER:** 26980484

**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 CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20040218

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIEL CAPITAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19950202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ARIEL INVESTMENTS LLC<br>**Address:** 200 EAST RANDOLPH STREET<br>SUITE 2900<br>CHICAGO, IL 60601

**Form 13F File Number:** 028-04003

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** James Prescott<br>**Title:** Vice President Compliance<br>**Phone:** 312-612-2759

**Signature, Place, and Date of Signing:**

/s/ James R. Prescott  CHICAGO, IL  05-14-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 200

**Form 13F Information Table Value Total:** $8934260435

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                     | Form 13F File Number   |
|:---|:---|:---|
|  | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 028-03128              |
|  | VANGUARD GROUP INC                       | 028-06408              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADT INC DEL | COM | 00090Q103 | BBG000BP9WJ1 | 252426 | 38421 | SH |  | OTR | 1 | 0 | 0 | 38421 |
| ADT INC DEL | COM | 00090Q103 | BBG000BP9WJ1 | 6228347 | 947998 | SH |  | OTR | 2 | 947998 | 0 | 0 |
| ADT INC DEL | COM | 00090Q103 | BBG000BP9WJ1 | 121470319 | 18488633 | SH |  | SOLE |  | 16215562 | 0 | 2273071 |
| AFFILIATED MANAGERS GROUP | COM | 008252108 | BBG000C060M4 | 14749770 | 53306 | SH |  | OTR | 2 | 53306 | 0 | 0 |
| AFFILIATED MANAGERS GROUP | COM | 008252108 | BBG000C060M4 | 279667331 | 1010724 | SH |  | SOLE |  | 868561 | 0 | 142163 |
| AFLAC INC | COM | 001055102 | BBG000BBBNC6 | 224576 | 2047 | SH |  | OTR | 1 | 0 | 0 | 2047 |
| AFLAC INC | COM | 001055102 | BBG000BBBNC6 | 26025296 | 237219 | SH |  | SOLE |  | 237219 | 0 | 0 |
| ALGONQUIN POWER  UTILITIES | COM | 015857105 | BBG000G28WZ0 | 120599799 | 19641661 | SH |  | SOLE |  | 8602497 | 207070 | 10832094 |
| APA CORPORATION | COM | 03743Q108 | BBG00YTS96G2 | 9427919 | 222147 | SH |  | SOLE |  | 222147 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG000BSJK37 | 43170372 | 1489147 | SH |  | SOLE |  | 604164 | 37951 | 847032 |
| AXALTA COATING SYS LTD | COM | G0750C108 | BBG0060CPLJ5 | 279465 | 10089 | SH |  | OTR | 1 | 0 | 0 | 10089 |
| AXALTA COATING SYS LTD | COM | G0750C108 | BBG0060CPLJ5 | 5206160 | 187948 | SH |  | OTR | 2 | 187948 | 0 | 0 |
| AXALTA COATING SYS LTD | COM | G0750C108 | BBG0060CPLJ5 | 90549167 | 3268923 | SH |  | SOLE |  | 2867394 | 0 | 401529 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 24965411 | 512111 | SH |  | SOLE |  | 304034 | 8948 | 199129 |
| BARRICK MNG CORP | COM SHS | 06849F108 | BBG000BB07P9 | 8454829 | 207277 | SH |  | SOLE |  | 207277 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 | BBG000DY28W5 | 345371 | 1239 | SH |  | OTR | 1 | 0 | 0 | 1239 |
| BIO RAD LABS INC | CL A | 090572207 | BBG000DY28W5 | 4641188 | 16650 | SH |  | OTR | 2 | 16650 | 0 | 0 |
| BIO RAD LABS INC | CL A | 090572207 | BBG000DY28W5 | 214100070 | 768072 | SH |  | SOLE |  | 695371 | 0 | 72701 |
| BOK FINL CORP | COM NEW | 05561Q201 | BBG000CFZ003 | 8123102 | 63432 | SH |  | OTR | 2 | 63432 | 0 | 0 |
| BOK FINL CORP | COM NEW | 05561Q201 | BBG000CFZ003 | 203160915 | 1586451 | SH |  | SOLE |  | 1412406 | 0 | 174045 |
| BORGWARNER INC | COM | 099724106 | BBG000BJ49H3 | 3526195 | 64987 | SH |  | SOLE |  | 64987 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 | BBG000BHX9P6 | 8881275 | 108071 | SH |  | OTR | 2 | 108071 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 | BBG000BHX9P6 | 178030396 | 2166347 | SH |  | SOLE |  | 1865960 | 0 | 300387 |
| BRADY CORP | CL A | 104674106 | BBG000BDNV95 | 224547 | 2764 | SH |  | OTR | 1 | 0 | 0 | 2764 |
| BRINKS CO | COM | 109696104 | BBG000DR5QP5 | 903446 | 8718 | SH |  | OTR | 1 | 0 | 0 | 8718 |
| BRINKS CO | COM | 109696104 | BBG000DR5QP5 | 14087566 | 135941 | SH |  | OTR | 2 | 135941 | 0 | 0 |
| BRINKS CO | COM | 109696104 | BBG000DR5QP5 | 80655125 | 778299 | SH |  | SOLE |  | 688783 | 0 | 89516 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG000DQLV23 | 43772985 | 721731 | SH |  | SOLE |  | 293484 | 18408 | 409839 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 373522 | 7719 | SH |  | OTR | 1 | 0 | 0 | 7719 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 11095827 | 229300 | SH |  | OTR | 2 | 229300 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 181207872 | 3744738 | SH |  | SOLE |  | 3314380 | 0 | 430358 |
| CARMAX INC | COM | 143130102 | BBG000BLMZK6 | 145779 | 3506 | SH |  | OTR | 1 | 0 | 0 | 3506 |
| CARMAX INC | COM | 143130102 | BBG000BLMZK6 | 23219977 | 558441 | SH |  | SOLE |  | 558441 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 | BBG000C04224 | 260761 | 1925 | SH |  | OTR | 1 | 0 | 0 | 1925 |
| CBRE GROUP INC | CL A | 12504L109 | BBG000C04224 | 2174133 | 16050 | SH |  | OTR | 2 | 16050 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 | BBG000C04224 | 33211270 | 245174 | SH |  | SOLE |  | 245174 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 | BBG000FDBX90 | 20581580 | 476867 | SH |  | SOLE |  | 193606 | 12142 | 271119 |
| CHARLES RIV LABS INTL INC | COM | 159864107 | BBG000BG5BL8 | 435735 | 2526 | SH |  | OTR | 1 | 0 | 0 | 2526 |
| CHARLES RIV LABS INTL INC | COM | 159864107 | BBG000BG5BL8 | 8272755 | 47958 | SH |  | OTR | 2 | 47958 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 | BBG000BG5BL8 | 240413078 | 1393699 | SH |  | SOLE |  | 1276898 | 0 | 116801 |
| CHEVRON CORPORATION | COM | 166764100 | BBG000K4ND22 | 8586143 | 41499 | SH |  | SOLE |  | 41499 | 0 | 0 |
| COLUMBIA ETF TR II | EM CORE EX ETF | 19762B202 | BBG009XW7GX4 | 345497 | 8466 | SH |  | SOLE |  | 8466 | 0 | 0 |
| CORE LABORATORIES INC | COM | 21867A105 | BBG01GG28WR3 | 6930509 | 412776 | SH |  | OTR | 2 | 412776 | 0 | 0 |
| CORE LABORATORIES INC | COM | 21867A105 | BBG01GG28WR3 | 214200305 | 12757612 | SH |  | SOLE |  | 11822305 | 0 | 935307 |
| COVISTA INC | COM | 00737L103 | BBG000DQBZJ7 | 505026 | 4382 | SH |  | OTR | 1 | 0 | 0 | 4382 |
| COVISTA INC | COM | 00737L103 | BBG000DQBZJ7 | 9647347 | 83708 | SH |  | OTR | 2 | 83708 | 0 | 0 |
| COVISTA INC | COM | 00737L103 | BBG000DQBZJ7 | 212428109 | 1843194 | SH |  | SOLE |  | 1617219 | 0 | 225975 |
| CREDICORP LTD | COM | G2519Y108 | BBG000FKX7Z8 | 2572680 | 7585 | SH |  | SOLE |  | 5854 | 0 | 1731 |
| CVS HEALTH CORP | COM | 126650100 | BBG000BGRY34 | 50428485 | 702151 | SH |  | SOLE |  | 280174 | 17616 | 404361 |
| DENTSPLY SIRONA INC | COM | 24906P109 | BBG000BX57K1 | 74087054 | 6386815 | SH |  | SOLE |  | 6386815 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG000BH4R78 | 63068084 | 654369 | SH |  | SOLE |  | 262583 | 16430 | 375356 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 | BBG00LN4B5N0 | 407265 | 16053 | SH |  | OTR | 1 | 0 | 0 | 16053 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 | BBG00LN4B5N0 | 6695473 | 263913 | SH |  | OTR | 2 | 263913 | 0 | 0 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 | BBG00LN4B5N0 | 268506592 | 10583626 | SH |  | SOLE |  | 9505549 | 0 | 1078077 |
| FACTSET RESH SYS INC | COM | 303075105 | BBG000BDJL83 | 129109 | 595 | SH |  | OTR | 1 | 0 | 0 | 595 |
| FACTSET RESH SYS INC | COM | 303075105 | BBG000BDJL83 | 48703839 | 224452 | SH |  | SOLE |  | 208862 | 0 | 15590 |
| FAIR ISAAC CORP | COM | 303250104 | BBG000DW76Y6 | 217778 | 204 | SH |  | OTR | 1 | 0 | 0 | 204 |
| FEDEX CORP | COM | 31428X106 | BBG000BJF1Z8 | 35232613 | 98918 | SH |  | SOLE |  | 39393 | 2494 | 57031 |
| FIFTH THIRD BANCORP | COM | 316773100 | BBG000BJL3N0 | 26362240 | 567418 | SH |  | SOLE |  | 230369 | 14448 | 322601 |
| FIRST AMERN FINL CORP | COM | 31847R102 | BBG000V78V75 | 607241 | 10072 | SH |  | OTR | 1 | 0 | 0 | 10072 |
| FIRST AMERN FINL CORP | COM | 31847R102 | BBG000V78V75 | 11407591 | 189212 | SH |  | OTR | 2 | 189212 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 | BBG000V78V75 | 219438598 | 3639718 | SH |  | SOLE |  | 3153581 | 0 | 486137 |
| FIRST SOLAR INC | COM | 336433107 | BBG000BFL116 | 53552145 | 271480 | SH |  | SOLE |  | 110151 | 6918 | 154411 |
| FISERV INC | COM | 337738108 | BBG000BJKPG0 | 408735 | 7325 | SH |  | OTR | 1 | 0 | 0 | 7325 |
| FISERV INC | COM | 337738108 | BBG000BJKPG0 | 23728057 | 425234 | SH |  | SOLE |  | 425234 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG000BBHXQ3 | 4280487 | 19764 | SH |  | SOLE |  | 19764 | 0 | 0 |
| GCM GROSVENOR INC | COM CL A | 36831E108 | BBG00Y73FFL8 | 43084749 | 4396403 | SH |  | SOLE |  | 3616664 | 0 | 779739 |
| GENERAC HLDGS INC | COM | 368736104 | BBG000PQ4W72 | 651816 | 3337 | SH |  | OTR | 1 | 0 | 0 | 3337 |
| GENERAC HLDGS INC | COM | 368736104 | BBG000PQ4W72 | 11136935 | 57016 | SH |  | OTR | 2 | 57016 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 | BBG000PQ4W72 | 241121993 | 1234434 | SH |  | SOLE |  | 1106010 | 0 | 128424 |
| GENTEX CORP | COM | 371901109 | BBG000BKJ092 | 342783 | 15688 | SH |  | OTR | 1 | 0 | 0 | 15688 |
| GENTEX CORP | COM | 371901109 | BBG000BKJ092 | 6212108 | 284307 | SH |  | OTR | 2 | 284307 | 0 | 0 |
| GENTEX CORP | COM | 371901109 | BBG000BKJ092 | 175726593 | 8042407 | SH |  | SOLE |  | 7329315 | 0 | 713092 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 28190509 | 202271 | SH |  | SOLE |  | 81574 | 5598 | 115099 |
| HACKETT GROUP INC | COM | 404609109 | BBG000BBLQV7 | 90927 | 6989 | SH |  | OTR | 1 | 0 | 0 | 6989 |
| HACKETT GROUP INC | COM | 404609109 | BBG000BBLQV7 | 5445713 | 418579 | SH |  | SOLE |  | 353333 | 0 | 65246 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 | BBG000NWKS18 | 350111 | 14072 | SH |  | SOLE |  | 14072 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 | BBG0078W3NQ3 | 39510266 | 1659398 | SH |  | SOLE |  | 670806 | 42259 | 946333 |
| INTEL CORP | COM | 458140100 | BBG000C0G1D1 | 64221992 | 1455291 | SH |  | SOLE |  | 583724 | 36401 | 835166 |
| INTERCORP FINL SVCS INC | SHS | P5626F128 | BBG00PNFV2F0 | 2332543 | 46465 | SH |  | SOLE |  | 35251 | 0 | 11214 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 | BBG000JWZ6F0 | 166872 | 1145 | SH |  | SOLE |  | 1145 | 0 | 0 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 | BBG000C16Z27 | 12409613 | 65455 | SH |  | SOLE |  | 65455 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 9912775 | 40553 | SH |  | SOLE |  | 40553 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 749540 | 2463 | SH |  | OTR | 1 | 0 | 0 | 2463 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 13245528 | 43525 | SH |  | OTR | 2 | 43525 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 297712908 | 978289 | SH |  | SOLE |  | 868083 | 0 | 110206 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 | BBG00NNN9QQ8 | 1683167 | 22724 | SH |  | SOLE |  | 17255 | 0 | 5469 |
| KB FINL GROUP INC | SPONSORED ADR | 48241A105 | BBG000J600W9 | 4982611 | 49961 | SH |  | SOLE |  | 49961 | 0 | 0 |
| KENNAMETAL INC | COM | 489170100 | BBG000BMWKC5 | 284018 | 7861 | SH |  | OTR | 1 | 0 | 0 | 7861 |
| KENNAMETAL INC | COM | 489170100 | BBG000BMWKC5 | 2851958 | 78936 | SH |  | OTR | 2 | 78936 | 0 | 0 |
| KENNAMETAL INC | COM | 489170100 | BBG000BMWKC5 | 28260994 | 782203 | SH |  | SOLE |  | 587796 | 0 | 194407 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 | BBG0059FN811 | 650863 | 2305 | SH |  | OTR | 1 | 0 | 0 | 2305 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 | BBG0059FN811 | 10415500 | 36886 | SH |  | OTR | 2 | 36886 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 | BBG0059FN811 | 46628605 | 165133 | SH |  | SOLE |  | 165133 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG000BCQ6J8 | 355293 | 3841 | SH |  | OTR | 1 | 0 | 0 | 3841 |
| KKR  CO INC | COM | 48251W104 | BBG000BCQ6J8 | 40289670 | 435564 | SH |  | SOLE |  | 435564 | 0 | 0 |
| KNOWLES CORP | COM | 49926D109 | BBG004M8M6J1 | 482245 | 18779 | SH |  | OTR | 1 | 0 | 0 | 18779 |
| KNOWLES CORP | COM | 49926D109 | BBG004M8M6J1 | 97586131 | 3800083 | SH |  | SOLE |  | 3496890 | 0 | 303193 |
| KORN FERRY | COM NEW | 500643200 | BBG000C5QMB5 | 179030 | 2844 | SH |  | OTR | 1 | 0 | 0 | 2844 |
| KORN FERRY | COM NEW | 500643200 | BBG000C5QMB5 | 28993070 | 460573 | SH |  | SOLE |  | 388666 | 0 | 71907 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 | BBG01MMT6PL7 | 325508 | 1220 | SH |  | OTR | 1 | 0 | 0 | 1220 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 | BBG01MMT6PL7 | 7775644 | 29143 | SH |  | OTR | 2 | 29143 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 | BBG01MMT6PL7 | 86354657 | 323656 | SH |  | SOLE |  | 281732 | 0 | 41924 |
| LAZARD INC | COM | 52110M109 | BBG000BT4C39 | 339500 | 7992 | SH |  | OTR | 1 | 0 | 0 | 7992 |
| LAZARD INC | COM | 52110M109 | BBG000BT4C39 | 7228227 | 170156 | SH |  | OTR | 2 | 170156 | 0 | 0 |
| LAZARD INC | COM | 52110M109 | BBG000BT4C39 | 239933030 | 5648141 | SH |  | SOLE |  | 5095647 | 0 | 552494 |
| LESLIES INC | COM | 527064208 | BBG00XS6TTT7 | 121574 | 108548 | SH |  | OTR | 2 | 108548 | 0 | 0 |
| LESLIES INC | COM | 527064208 | BBG00XS6TTT7 | 3107380 | 2774446 | SH |  | SOLE |  | 2698534 | 0 | 75912 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 | BBG004MDWKS8 | 816612 | 47203 | SH |  | OTR | 1 | 0 | 0 | 47203 |
| LINDBLAD EXPEDITIONS HLDGS I | COM | 535219109 | BBG004MDWKS8 | 58679178 | 3391860 | SH |  | SOLE |  | 2861776 | 0 | 530084 |
| LITTELFUSE INC | COM | 537008104 | BBG000BGFGT8 | 444888 | 1311 | SH |  | OTR | 1 | 0 | 0 | 1311 |
| LITTELFUSE INC | COM | 537008104 | BBG000BGFGT8 | 72660265 | 214116 | SH |  | SOLE |  | 193670 | 0 | 20446 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG000C1BW00 | 7925970 | 13114 | SH |  | SOLE |  | 13114 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 | BBG000D9KWL9 | 321036 | 1553 | SH |  | OTR | 1 | 0 | 0 | 1553 |
| M  T BK CORP | COM | 55261F104 | BBG000D9KWL9 | 36399671 | 176082 | SH |  | SOLE |  | 73247 | 4426 | 98409 |
| MADISON SQUARE GARDEN ENTMT | COM CL A | 558256103 | BBG019980TD4 | 425566 | 7224 | SH |  | OTR | 1 | 0 | 0 | 7224 |
| MADISON SQUARE GARDEN ENTMT | COM CL A | 558256103 | BBG019980TD4 | 11374225 | 193078 | SH |  | OTR | 2 | 193078 | 0 | 0 |
| MADISON SQUARE GARDEN ENTMT | COM CL A | 558256103 | BBG019980TD4 | 347880104 | 5905281 | SH |  | SOLE |  | 5325569 | 0 | 579712 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 | BBG007FG0C23 | 429390 | 1336 | SH |  | OTR | 1 | 0 | 0 | 1336 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 | BBG007FG0C23 | 9281068 | 28877 | SH |  | OTR | 2 | 28877 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 | BBG007FG0C23 | 220842939 | 687128 | SH |  | SOLE |  | 608511 | 0 | 78617 |
| MANCHESTER UTD PLC NEW | ORD CL A | G5784H106 | BBG0035WV4N9 | 325719 | 19365 | SH |  | OTR | 1 | 0 | 0 | 19365 |
| MANCHESTER UTD PLC NEW | ORD CL A | G5784H106 | BBG0035WV4N9 | 5134473 | 305260 | SH |  | OTR | 2 | 305260 | 0 | 0 |
| MANCHESTER UTD PLC NEW | ORD CL A | G5784H106 | BBG0035WV4N9 | 146767317 | 8725762 | SH |  | SOLE |  | 7928941 | 0 | 796821 |
| MASCO CORP | COM | 574599106 | BBG000BNNKG9 | 206043 | 3413 | SH |  | OTR | 1 | 0 | 0 | 3413 |
| MASCO CORP | COM | 574599106 | BBG000BNNKG9 | 6791142 | 112492 | SH |  | OTR | 2 | 112492 | 0 | 0 |
| MASCO CORP | COM | 574599106 | BBG000BNNKG9 | 24602224 | 407524 | SH |  | SOLE |  | 273873 | 0 | 133651 |
| MATTEL INC | COM | 577081102 | BBG000BNNYW1 | 305159 | 21002 | SH |  | OTR | 1 | 0 | 0 | 21002 |
| MATTEL INC | COM | 577081102 | BBG000BNNYW1 | 6844139 | 471035 | SH |  | OTR | 2 | 471035 | 0 | 0 |
| MATTEL INC | COM | 577081102 | BBG000BNNYW1 | 189980418 | 13075046 | SH |  | SOLE |  | 12030545 | 0 | 1044501 |
| MGP INGREDIENTS INC NEW | COM | 55303J106 | BBG000BXK6C5 | 11564735 | 628860 | SH |  | SOLE |  | 528881 | 0 | 99979 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 23021613 | 62192 | SH |  | SOLE |  | 25175 | 1579 | 35438 |
| MIDDLEBY CORP | COM | 596278101 | BBG000DQN9R3 | 418290 | 3155 | SH |  | OTR | 1 | 0 | 0 | 3155 |
| MIDDLEBY CORP | COM | 596278101 | BBG000DQN9R3 | 6829991 | 51516 | SH |  | OTR | 2 | 51516 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 | BBG000DQN9R3 | 201502906 | 1519859 | SH |  | SOLE |  | 1385165 | 0 | 134694 |
| MOHAWK INDS INC | COM | 608190104 | BBG000FLZN98 | 194163 | 1972 | SH |  | OTR | 1 | 0 | 0 | 1972 |
| MOHAWK INDS INC | COM | 608190104 | BBG000FLZN98 | 5424260 | 55091 | SH |  | OTR | 2 | 55091 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 | BBG000FLZN98 | 166162573 | 1687615 | SH |  | SOLE |  | 1506886 | 0 | 180729 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 | BBG000BS7KS3 | 23627668 | 548715 | SH |  | SOLE |  | 548715 | 0 | 0 |
| MOSAIC CO | COM | 61945C103 | BBG000BFXHL6 | 3782696 | 148341 | SH |  | SOLE |  | 148341 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 | BBG000BP8Z50 | 302043 | 696 | SH |  | OTR | 1 | 0 | 0 | 696 |
| NORTHERN TR CORP | COM | 665859104 | BBG000BQ74K1 | 643976 | 4614 | SH |  | OTR | 1 | 0 | 0 | 4614 |
| NORTHERN TR CORP | COM | 665859104 | BBG000BQ74K1 | 12277833 | 87969 | SH |  | OTR | 2 | 87969 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 | BBG000BQ74K1 | 146344030 | 1048535 | SH |  | SOLE |  | 955061 | 0 | 93474 |
| NORWEGIAN CRUISE LINE HLDGS | SHS | G66721104 | BBG000BSRN78 | 780482 | 41737 | SH |  | OTR | 1 | 0 | 0 | 41737 |
| NORWEGIAN CRUISE LINE HLDGS | SHS | G66721104 | BBG000BSRN78 | 13437764 | 718597 | SH |  | OTR | 2 | 718597 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDGS | SHS | G66721104 | BBG000BSRN78 | 259953282 | 13901245 | SH |  | SOLE |  | 12378461 | 0 | 1522784 |
| NVENT ELEC PLC | SHS | G6700G107 | BBG00GNT7999 | 626529 | 5297 | SH |  | OTR | 1 | 0 | 0 | 5297 |
| NVENT ELEC PLC | SHS | G6700G107 | BBG00GNT7999 | 6229571 | 52668 | SH |  | OTR | 2 | 52668 | 0 | 0 |
| NVENT ELEC PLC | SHS | G6700G107 | BBG00GNT7999 | 63685974 | 538434 | SH |  | SOLE |  | 505484 | 0 | 32950 |
| OMNICOM GROUP INC | COM | 681919106 | BBG000BS9489 | 220131 | 2923 | SH |  | OTR | 1 | 0 | 0 | 2923 |
| OMNICOM GROUP INC | COM | 681919106 | BBG000BS9489 | 7283381 | 96712 | SH |  | OTR | 2 | 96712 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 | BBG000BS9489 | 75709896 | 1005310 | SH |  | SOLE |  | 881734 | 0 | 123576 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 | BBG00MKMQ6M4 | 1288023 | 56123 | SH |  | OTR | 1 | 0 | 0 | 56123 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 | BBG00MKMQ6M4 | 20217412 | 880933 | SH |  | OTR | 2 | 880933 | 0 | 0 |
| ONESPAWORLD HOLDINGS LIMITED | COM | P73684113 | BBG00MKMQ6M4 | 332668466 | 14495358 | SH |  | SOLE |  | 12656468 | 0 | 1838890 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLTW7 | 2407749 | 16367 | SH |  | SOLE |  | 16367 | 0 | 0 |
| PARAMOUNT SKYDANCE CORP | COM CL B | 69932A204 | BBG01VS5NK99 | 1199922 | 133029 | SH |  | OTR | 2 | 133029 | 0 | 0 |
| PARAMOUNT SKYDANCE CORP | COM CL B | 69932A204 | BBG01VS5NK99 | 21767885 | 2413291 | SH |  | SOLE |  | 2091608 | 0 | 321683 |
| PHINIA INC | COMMON STOCK | 71880K101 | BBG01F6N6NM7 | 91162 | 1332 | SH |  | OTR | 1 | 0 | 0 | 1332 |
| PHINIA INC | COMMON STOCK | 71880K101 | BBG01F6N6NM7 | 8980902 | 131223 | SH |  | SOLE |  | 131223 | 0 | 0 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 | BBG000QM0RZ4 | 524895 | 8856 | SH |  | OTR | 1 | 0 | 0 | 8856 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 | BBG000QM0RZ4 | 10238833 | 172749 | SH |  | OTR | 2 | 172749 | 0 | 0 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 | BBG000QM0RZ4 | 242575574 | 4092721 | SH |  | SOLE |  | 3664693 | 0 | 428028 |
| PROGRESSIVE CORP | COM | 743315103 | BBG000BR37X2 | 200222 | 1010 | SH |  | OTR | 1 | 0 | 0 | 1010 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 | BBG00HY28K89 | 595791 | 17674 | SH |  | OTR | 1 | 0 | 0 | 17674 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 | BBG00HY28K89 | 11562935 | 343012 | SH |  | OTR | 2 | 343012 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 | BBG00HY28K89 | 192759342 | 5718165 | SH |  | SOLE |  | 5050467 | 0 | 667698 |
| RLI CORP | COM | 749607107 | BBG000BS7ZF4 | 198670 | 3483 | SH |  | OTR | 1 | 0 | 0 | 3483 |
| RLI CORP | COM | 749607107 | BBG000BS7ZF4 | 49542092 | 868550 | SH |  | SOLE |  | 763773 | 0 | 104777 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 | BBG000BB5792 | 478813 | 1740 | SH |  | OTR | 1 | 0 | 0 | 1740 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG000BSLZY7 | 37867079 | 402927 | SH |  | SOLE |  | 402927 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | BBG000BT5PG5 | 58538260 | 962642 | SH |  | SOLE |  | 962642 | 0 | 0 |
| SIMPSON MFG INC | COM | 829073105 | BBG000JLC8L8 | 239410 | 1395 | SH |  | OTR | 1 | 0 | 0 | 1395 |
| SIMPSON MFG INC | COM | 829073105 | BBG000JLC8L8 | 2727557 | 15893 | SH |  | OTR | 2 | 15893 | 0 | 0 |
| SIMPSON MFG INC | COM | 829073105 | BBG000JLC8L8 | 12779168 | 74462 | SH |  | SOLE |  | 62832 | 0 | 11630 |
| SLB LIMITED | COM STK | 806857108 | BBG000BT41Q8 | 63589935 | 1237399 | SH |  | SOLE |  | 1237399 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 | BBG000BT1715 | 231842 | 2404 | SH |  | OTR | 1 | 0 | 0 | 2404 |
| SMUCKER J M CO | COM NEW | 832696405 | BBG000BT1715 | 5350684 | 55482 | SH |  | OTR | 2 | 55482 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 | BBG000BT1715 | 173840140 | 1802573 | SH |  | SOLE |  | 1648811 | 0 | 153762 |
| SNAP ON INC | COM | 833034101 | BBG000BT7JW9 | 255707 | 704 | SH |  | OTR | 1 | 0 | 0 | 704 |
| SNAP ON INC | COM | 833034101 | BBG000BT7JW9 | 3469114 | 9551 | SH |  | OTR | 2 | 9551 | 0 | 0 |
| SNAP ON INC | COM | 833034101 | BBG000BT7JW9 | 8119057 | 22353 | SH |  | SOLE |  | 22353 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 | BBG00L9HLWV8 | 729758 | 6216 | SH |  | OTR | 1 | 0 | 0 | 6216 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 | BBG00L9HLWV8 | 16631236 | 141663 | SH |  | OTR | 2 | 141663 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 | BBG00L9HLWV8 | 271714082 | 2314430 | SH |  | SOLE |  | 2019969 | 0 | 294461 |
| STANLEY BLACK  DECKER INC | COM | 854502101 | BBG000BTQR96 | 28207409 | 396952 | SH |  | SOLE |  | 396952 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG000BD8ZK0 | 5438291 | 16092 | SH |  | SOLE |  | 16092 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 | BBG000BCMWM1 | 14411491 | 112309 | SH |  | SOLE |  | 94753 | 0 | 17556 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG000GM5FZ6 | 1378220 | 9964 | SH |  | SOLE |  | 0 | 321 | 9643 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG000HT88C8 | 1094242 | 20245 | SH |  | SOLE |  | 14182 | 0 | 6063 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001F8JPC4 | 361260 | 4685 | SH |  | SOLE |  | 4685 | 0 | 0 |
| WEX INC | COM | 96208T104 | BBG000BVZP59 | 420401 | 2747 | SH |  | OTR | 1 | 0 | 0 | 2747 |
| WEX INC | COM | 96208T104 | BBG000BVZP59 | 7537526 | 49252 | SH |  | OTR | 2 | 49252 | 0 | 0 |
| WEX INC | COM | 96208T104 | BBG000BVZP59 | 43727354 | 285725 | SH |  | SOLE |  | 241139 | 0 | 44586 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 | BBG000CC7LQ7 | 322820 | 1544 | SH |  | OTR | 1 | 0 | 0 | 1544 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 | BBG000CC7LQ7 | 7384915 | 35321 | SH |  | OTR | 2 | 35321 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 | BBG000CC7LQ7 | 154823322 | 740498 | SH |  | SOLE |  | 646161 | 0 | 94337 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 | BBG000BKPL53 | 232651 | 2573 | SH |  | OTR | 1 | 0 | 0 | 2573 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 | BBG000BKPL53 | 39875 | 441 | SH |  | SOLE |  | 441 | 0 | 0 |

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