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          <ccc>XXXXXXXX</ccc>
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      <regStreet1>200 East Randolph Street</regStreet1>
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      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60601</regZipOrPostalCode>
      <regPhone>800-292-7435</regPhone>
      <seriesName>Ariel Fund</seriesName>
      <seriesId>S000005024</seriesId>
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      <repPdEnd>2021-09-30</repPdEnd>
      <repPdDate>2020-12-31</repPdDate>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <name>Jones Lang LaSalle Incorporated</name>
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        <name>J.M. Smucker Company</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Simpson Mfg Co Inc</name>
        <lei>529900EJUNNL15LZ8056</lei>
        <title>Simpson Mfg Co Inc COM</title>
        <cusip>829073105</cusip>
        <identifiers>
          <isin value="US8290731053"/>
          <ticker value="SSD US"/>
        </identifiers>
        <balance>252747</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23619207.15</valUSD>
        <pctVal>1.1751743537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Snap-On Incorporated</name>
        <lei>HHWAT5TDOYZMM26KKQ73</lei>
        <title>Snap-On Incorporated COM</title>
        <cusip>833034101</cusip>
        <identifiers>
          <isin value="US8330341012"/>
          <ticker value="SNA US"/>
        </identifiers>
        <balance>365463</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62545337.82</valUSD>
        <pctVal>3.1119451421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stericycle, Inc.</name>
        <lei>B8PTJH2P0AXSWSMP2136</lei>
        <title>Stericycle, Inc. COM</title>
        <cusip>858912108</cusip>
        <identifiers>
          <isin value="US8589121081"/>
          <ticker value="SRCL US"/>
        </identifiers>
        <balance>942900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65371257</valUSD>
        <pctVal>3.2525488349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>Vail Resorts, Inc. COM</title>
        <cusip>91879Q109</cusip>
        <identifiers>
          <isin value="US91879Q1094"/>
          <ticker value="MTN US"/>
        </identifiers>
        <balance>64769</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18067960.24</valUSD>
        <pctVal>0.8989718987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zebra Technologies Corporation</name>
        <lei>PO0I32GKZ3HZMMDPZZ08</lei>
        <title>Zebra Technologies Corporation CL A</title>
        <cusip>989207105</cusip>
        <identifiers>
          <isin value="US9892071054"/>
          <ticker value="ZBRA US"/>
        </identifiers>
        <balance>134000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51500220</valUSD>
        <pctVal>2.5623949767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knowles Corporation</name>
        <lei>5493003EO323TDZQU148</lei>
        <title>Knowles Corporation COM</title>
        <cusip>49926D109</cusip>
        <identifiers>
          <isin value="US49926D1090"/>
          <ticker value="KN US"/>
        </identifiers>
        <balance>1012665</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18663415.95</valUSD>
        <pctVal>0.9285988153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kkr &amp; Co Inc</name>
        <lei>549300JOHU21WRN2Z451</lei>
        <title>Kkr &amp; Co Inc COM</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
          <ticker value="KKR US"/>
        </identifiers>
        <balance>1794939</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72677080.11</valUSD>
        <pctVal>3.6160502808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lazard LTD</name>
        <lei>254900RIBCDJSUFG1A11</lei>
        <title>Lazard LTD COM CLASS 'A' USD0.01</title>
        <cusip>G54050102</cusip>
        <identifiers>
          <isin value="BMG540501027"/>
          <ticker value="LAZ US"/>
        </identifiers>
        <balance>1872703</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79215336.9</valUSD>
        <pctVal>3.9413614417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US Silica Hldgs Inc</name>
        <lei>529900HOXGPM9F75C193</lei>
        <title>US Silica Hldgs Inc COM</title>
        <cusip>90346E103</cusip>
        <identifiers>
          <isin value="US90346E1038"/>
          <ticker value="SLCA US"/>
        </identifiers>
        <balance>5120584</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35946499.68</valUSD>
        <pctVal>1.7885191599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSG Networks Incorporation</name>
        <lei>529900CN57TJSXQ5NM69</lei>
        <title>MSG Networks Incorporation CL A</title>
        <cusip>553573106</cusip>
        <identifiers>
          <isin value="US5535731062"/>
          <ticker value="MSGN US"/>
        </identifiers>
        <balance>5320989</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78431377.86</valUSD>
        <pctVal>3.9023555364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison Square Garden Entertainment Corporation</name>
        <lei>N/A</lei>
        <title>Madison Square Garden Entertainment Corporation CL A</title>
        <cusip>55826T102</cusip>
        <identifiers>
          <isin value="US55826T1025"/>
          <ticker value="MSGE US"/>
        </identifiers>
        <balance>724824</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76135512.96</valUSD>
        <pctVal>3.7881247101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keysight Technologies, Inc.</name>
        <lei>549300GLKVIO8YRCYN02</lei>
        <title>Keysight Technologies, Inc. COM</title>
        <cusip>49338L103</cusip>
        <identifiers>
          <isin value="US49338L1035"/>
          <ticker value="KEYS US"/>
        </identifiers>
        <balance>391785</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51750880.65</valUSD>
        <pctVal>2.5748666048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adtalem Global Education Inc</name>
        <lei>549300Z467EZLMODV621</lei>
        <title>Adtalem Global Education Inc COM</title>
        <cusip>00737L103</cusip>
        <identifiers>
          <isin value="US00737L1035"/>
          <ticker value="ATGE US"/>
        </identifiers>
        <balance>1641499</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55728891.05</valUSD>
        <pctVal>2.7727926304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ViacomCBS Inc</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>ViacomCBS Inc CL B</title>
        <cusip>92556H206</cusip>
        <identifiers>
          <isin value="US92556H2067"/>
          <ticker value="VIAC US"/>
        </identifiers>
        <balance>2013165</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75010527.9</valUSD>
        <pctVal>3.7321510450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds NORTHERN INSTITUTIONAL</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX US"/>
        </identifiers>
        <balance>17849561.98</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17849561.98</valUSD>
        <pctVal>0.8881054868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBRE Group</name>
        <lei>52990016II9MJ2OSWA10</lei>
        <title>CBRE Group CL A</title>
        <cusip>12504L109</cusip>
        <identifiers>
          <isin value="US12504L1098"/>
          <ticker value="CBRE US"/>
        </identifiers>
        <balance>824253</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51697148.16</valUSD>
        <pctVal>2.5721931431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Envista Holdings Corporation</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corporation COM</title>
        <cusip>29415F104</cusip>
        <identifiers>
          <isin value="US29415F1049"/>
          <ticker value="NVST US"/>
        </identifiers>
        <balance>2223415</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74995787.95</valUSD>
        <pctVal>3.7314176583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-01-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Ariel Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>James R. Rooney</ncom:signature>
      <ncom:signerName>James R. Rooney</ncom:signerName>
      <ncom:title>Chief Financial Officer, Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
