UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-4786
Ariel Investment Trust
(Exact name of registrant as specified in charter)
200 East Randolph Drive Suite 2900 Chicago, Illinois			60601
(Address of principal executive offices)			(Zip code)
Sheldon R. Stein or Erik D. Ojala 200 East Randolph Drive Suite 2900 Chicago, Illinois 60601
(Name and address of agent for service)
with a copy to:
Arthur Don Seyfarth Shaw LLP 55 East Monroe Street Suite 4200 Chicago, Illinois 60603
Registrant's telephone number, including area code:		(312) 726-0140
Date of fiscal year end:	September 30
Date of reporting period:	June 30, 2006

Item 1.  Schedule of Investments.

Ariel Fund Schedule of Investments

Number of Shares	COMMON STOCKS—99.24%	Cost		Market Value
	Consumer Discretionary & Services—31.53%
3,427,375	American Greetings Corp., Class A	$	46,527,920	$	72,009,149
1,081,700	Black & Decker Corp.	89,680,951		91,360,382
5,647,550	Career Education Corp. * ††	201,954,432		168,805,269
1,249,000	DeVry Inc. *	20,922,832		27,440,530
3,053,200	Harte-Hanks, Inc.	71,147,624		78,284,048
948,575	Hasbro, Inc.	9,103,181		17,178,693
7,496,050	Hewitt Associates, Inc., Class A * ††	192,863,559		168,511,204
14,968,100	Interpublic Group of Cos., Inc. *	180,072,047		124,983,635
3,658,900	Lee Enterprises, Inc.	126,721,405		98,607,355
2,029,800	McClatchy Co., Class A	123,239,033		81,435,576
1,184,100	Mohawk Industries, Inc. *	84,079,695		83,301,435
9,566,100	Radio One, Inc., Class D *	116,513,030		70,789,140
8,754,400	ServiceMaster Co.	103,829,162		90,432,952
4,300,450	Tribune Co.	119,990,500		139,463,593
3,528,850	Valassis Communications, Inc. * ††	104,292,418		83,245,572
		1,590,937,789		1,395,848,533
	Consumer Staples—3.05%
2,418,953	J.M. Smucker Co.	96,648,892		108,127,199
806,700	McCormick & Co., Inc.	11,323,818		27,064,785
		107,972,710		135,191,984
	Financial Services—36.41%
1,982,100	A. G. Edwards, Inc.	69,247,985		109,649,772
5,392,850	Assured Guaranty Ltd. ††	115,014,303		136,816,605
2,440,750	Chittenden Corp. ††	68,006,283		63,093,388
876,800	City National Corp.	63,004,768		57,070,912
3,379,000	H&R Block, Inc.	78,952,238		80,622,940
6,185,900	HCC Insurance Holdings, Inc. ††	126,344,614		182,112,896
3,891,800	Investors Financial Services Corp. ††	137,348,379		174,741,820
9,342,900	Janus Capital Group Inc.	133,931,742		167,237,910
3,008,900	Jones Lang LaSalle Inc. ††	64,325,682		263,429,195
559,325	Markel Corp. * ††	141,324,108		194,085,775
3,451,950	Sky Financial Group, Inc.	96,637,730		81,500,539
3,441,150	TD Banknorth Inc.	103,463,052		101,341,867
		1,197,600,884		1,611,703,619
	Health Care—6.21%
1,085,500	Bio-Rad Laboratories, Inc., Class A*	64,939,669		70,492,370
4,915,575	IMS Health Inc.	114,603,686		131,983,189
2,909,475	Invacare Corp. ††	105,470,409		72,387,738
		285,013,764		274,863,297
	Materials & Processing—5.78%
2,923,310	Brady Corp., Class A	46,030,172		107,694,740
2,531,350	Energizer Holdings, Inc. *	90,128,404		148,261,170
		136,158,576		255,955,910

14

Number of Shares	COMMON STOCKS—99.24% (cont’d)	Cost		Market Value
	Producer Durables—10.58%
2,962,900	ACCO Brands Corp. * ††	$	66,439,508	$	64,887,510
7,055,400	Andrew Corp. *	66,885,204		62,510,844
3,478,900	Herman Miller, Inc. ††	74,413,605		89,651,253
3,151,450	IDEX Corp. ††	68,473,088		148,748,440
6,241,175	Steelcase Inc., Class A	79,793,364		102,667,329
		356,004,769		468,465,376
	Technology—5.68%
2,330,850	Anixter International Inc. ††	56,498,350		110,622,141
16,828,050	BearingPoint, Inc. * ††	133,685,901		140,850,779
		190,184,251		251,472,920
	Total Common Stocks	3,863,872,743		4,393,501,639

Principal Amount		REPURCHASE AGREEMENT—0.22%	Cost		Market Value
$	9,607,394	State Street Bank and Trust Co., 4.30%, dated 6/30/2006, due 7/3/2006, repurchase price $9,610,837, (collateralized by U.S. Treasury Note, 6.50%, due 10/15/2006)	9,607,394		9,607,394
		Total Investments—99.46%	$	3,873,480,137	4,403,109,033
		Other Assets less Liabilities—0.54%			24,062,591
		NET ASSETS—100.00%			$	4,427,171,624

*Non-income producing.

††Affiliated company (See Note Three).

A category may contain multiple industries as defined by the Standard Industrial Classification system.

See Notes to Schedules of Investments.

15

Ariel Appreciation Fund Schedule of Investments

Number of Shares	COMMON STOCKS—99.25%	Cost		Market Value
	Consumer Discretionary & Services—51.22%
5,472,500	Accenture Ltd, Class A	$	94,654,791	$	154,981,200
1,144,640	ARAMARK Corp., Class B	26,763,341		37,899,030
1,158,200	Black & Decker Corp.	50,940,356		97,821,572
3,524,150	Career Education Corp. *	125,862,652		105,336,843
2,524,850	Carnival Corp.	98,171,638		105,387,239
3,418,600	CBS Corp., Class B	85,442,944		92,473,130
4,995,595	Cendant Corp.	66,176,854		81,378,243
1,772,750	Gannett Co., Inc.	102,063,515		99,149,908
1,772,875	Harte-Hanks, Inc.	26,291,077		45,456,515
7,505,300	Interpublic Group of Cos., Inc. *	79,858,565		62,669,255
1,900,900	Mattel, Inc.	30,848,996		31,383,859
1,119,525	McClatchy Co., Class A	58,976,276		44,915,343
1,243,800	Mohawk Industries, Inc. *	93,101,109		87,501,330
1,143,300	Omnicom Group Inc.	78,727,657		101,856,597
4,379,970	ServiceMaster Co.	54,624,220		45,245,090
4,630,950	Tribune Co.	184,487,719		150,181,709
1,903,500	YUM! Brands, Inc.	46,041,732		95,688,945
		1,303,033,442		1,439,325,808
	Consumer Staples—2.02%
931,472	Clorox Co.	35,804,496		56,791,848
	Financial Services—31.44%
772,800	Ambac Financial Group, Inc.	54,474,310		62,674,080
559,200	City National Corp.	40,235,319		36,398,328
726,822	Dun & Bradstreet Corp. *	18,040,486		50,644,957
1,886,400	Equifax Inc.	41,245,414		64,778,976
1,155,000	Franklin Resources, Inc.	44,952,602		100,265,550
3,559,200	H&R Block, Inc.	86,305,248		84,922,512
4,771,200	Janus Capital Group Inc.	62,726,086		85,404,480
1,180,592	MBIA Inc.	44,355,688		69,123,661
2,534,800	Northern Trust Corp.	88,828,787		140,174,440
2,758,435	Popular, Inc.	63,518,125		52,961,952
2,113,100	T. Rowe Price Group, Inc.	38,814,020		79,896,311
1,906,293	TD Banknorth Inc.	58,068,913		56,140,329
		641,564,998		883,385,576
	Health Care—8.68%
2,593,250	Baxter International Inc.	59,286,113		95,327,870
890,977	Fisher Scientific International Inc. *	28,662,350		65,085,870
3,105,060	IMS Health Inc.	49,619,587		83,370,861
		137,568,050		243,784,601
	Other—1.26%
430,000	Johnson Controls, Inc.	24,073,459		35,354,600

18

June 30, 2006 (Unaudited)

Number of Shares	COMMON STOCKS—99.25% (cont’d)	Cost		Market Value
	Producer Durables—4.63%
3,147,675	Pitney Bowes Inc.	$	120,486,283	$	129,998,977
	Total Common Stocks	2,262,530,728		2,788,641,410

Principal Amount		REPURCHASE AGREEMENT—0.53%	Cost		Market Value
$	14,973,208	State Street Bank and Trust Co., 4.30%, dated 6/30/2006, due 7/3/2006, repurchase price $14,978,573, (collateralized by U.S. Treasury Notes, 4.50%-6.50%, due 10/15/2006-2/28/2011)	14,973,208		14,973,208
		Total Investments—99.78%	$	2,277,503,936	2,803,614,618
		Other Assets less Liabilities—0.22%			6,228,102
		NET ASSETS—100.00%			$	2,809,842,720

*Non-income producing.

A category may contain multiple industries as defined by the Standard Industrial Classification system.

See Notes to Schedules of Investments.

19

Ariel Focus Fund Schedule of Investments June 30, 2006 (Unaudited)

Number of Shares	COMMON STOCKS—94.51%	Cost		Market Value
	Auto & Transportation—4.38%
10,300	Toyota Motor Corp., ADR	$	888,304	$	1,077,277
	Consumer & Discretionary Services—40.54%
57,100	Accenture Ltd, Class A	1,526,081		1,617,072
16,400	Black & Decker Corp.	1,439,639		1,385,144
30,500	Carnival Corp.	1,478,238		1,273,070
66,700	Cendant Corp.	1,241,297		1,086,543
18,200	Gannett Co., Inc.	1,041,408		1,017,926
54,700	Gap Inc.	963,107		951,780
49,500	Hewitt Associates, Inc., Class A *	1,324,235		1,112,760
24,600	Home Depot, Inc.	975,363		880,434
7,100	Omnicom Group Inc.	570,651		632,539
		10,560,019		9,957,268
	Financial Services—18.15%
21,600	Citigroup Inc.	1,015,046		1,041,984
55,400	H&R Block, Inc.	1,372,272		1,321,844
24,300	JPMorgan Chase & Co.	943,432		1,020,600
17,000	Morgan Stanley	965,754		1,074,570
		4,296,504		4,458,998
	Health Care—9.44%
42,700	IMS Health Inc.	1,038,630		1,146,495
50,000	Pfizer Inc	1,277,788		1,173,500
		2,316,418		2,319,995
	Other—12.47%
512	Berkshire Hathaway Inc., Class B *	1,520,694		1,558,016
54,700	Tyco International Ltd.	1,423,690		1,504,250
		2,944,384		3,062,266
	Technology—9.53%
34,200	Dell Inc. *	822,314		834,822
19,600	International Business Machines Corp.	1,567,098		1,505,672
		2,389,412		2,340,494
	Total Common Stocks	23,395,041		23,216,298

Principal Amount		REPURCHASE AGREEMENT—5.37%	Cost		Market Value
$	1,319,097	State Street Bank and Trust Co., 4.30%, dated 6/30/2006, due 7/3/2006, repurchase price $1,319,570, (collateralized by U.S. Treasury Note, 4.50%, due 2/15/2009)	1,319,097		1,319,097
		Total Investments—99.88%	$	24,714,138	24,535,395
		Other Assets less Liabilities—0.12%			28,733
		NET ASSETS—100.00%			$24,564,128

*Non-income producing.

A category may contain multiple industries as defined by the Standard Industrial Classification system.

See Notes to Schedules of Investments.

22

Item 2.  Controls and Procedures.

(a) The registrant’s certifying officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this document.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act), or in other factors that could significantly affect this control, that occurred during the registrant’s last fiscal quarter, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3.  Exhibits.

(a) Exhibit 99.Cert. – Certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a))

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ariel Investment Trust

By:        /s/ Mellody L. Hobson

Mellody L. Hobson

President and Principal Executive Officer

Date:      August 16, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:        /s/ Mellody L. Hobson

Mellody L. Hobson

President and Principal Executive Officer

Date:      August 16, 2006

By: /s/ Thomas Herman

Thomas Herman

Vice President and Principal Financial Officer

Date:      August 16, 2006