NPORT-EX 2 html.htm FOR VALIDATION PURPOSES ONLY - [380538.HTML]
Schedules of Investments
06/30/22 (UNAUDITED)
Ariel Fund
Number of Shares Common Stocks—98.78% Value
  Consumer Discretionary—33.68%  
3,348,679 Adtalem Global Education, Inc.(a)(b) $120,451,984
2,240,435 Madison Square Garden Entertainment Corp.(a) 117,891,690
4,161,896 Paramount Global 102,715,593
4,425,405 Mattel, Inc.(a) 98,819,294
3,333,258 Gentex Corp. 93,231,226
1,786,233 Boyd Gaming Corp. 88,865,092
2,519,813 Interpublic Group of Cos., Inc. 69,370,452
406,830 Madison Square Garden Sports Corp.(a) 61,431,330
1,711,595 Royal Caribbean Cruises, Ltd.(a) 59,751,781
4,680,367 Manchester United plc 52,045,681
    864,574,123
  Consumer Staples—2.48%  
497,065 J.M. Smucker Co. 63,629,291
  Energy—2.26%  
2,926,476 Core Laboratories NV(b) 57,973,489
  Financials—20.09%  
3,325,272 Lazard Ltd., Class A 107,772,066
954,249 Northern Trust Corp. 92,065,944
696,609 Affiliated Managers Group, Inc. 81,224,609
1,239,905 First American Financial Corp. 65,615,773
848,746 BOK Financial Corp. 64,148,223
1,299,885 KKR & Co., Inc. 60,171,677
1,903,797 Janus Henderson Group plc 44,758,267
    515,756,559
  Health Care—7.31%  
296,839 Laboratory Corp. of America Holdings 69,567,188
1,769,940 Envista Holdings Corp.(a) 68,213,488
152,341 Charles River Laboratories International, Inc.(a) 32,596,404
34,781 Bio-Rad Laboratories, Inc.(a) 17,216,595
    187,593,675
  Industrials—25.08%  
856,826 Mohawk Industries, Inc.(a) 106,323,538
4,631,494 Resideo Technologies, Inc.(a) 89,943,613
248,431 Zebra Technologies Corp.(a) 73,026,292
1,350,227 Masco Corp. 68,321,486
2,916,490 Kennametal, Inc. 67,750,063
3,060,576 Axalta Coating Systems, Ltd.(a) 67,669,335
10,115,888 ADT, Inc. 62,212,711
311,989 Snap-on, Inc. 61,471,193
175,675 Keysight Technologies, Inc.(a) 24,216,799
225,232 Simpson Manufacturing Co., Inc. 22,660,591
    643,595,621
  Real Estate—5.29%  
495,153 Jones Lang LaSalle, Inc. (a) 86,582,454
668,303 CBRE Group, Inc., Class A(a) 49,193,784
    135,776,238
  Utilities—2.59%  
1,516,457 Stericycle, Inc.(a) 66,496,639
  Total Common Stocks (Cost $2,162,909,938) 2,535,395,635
See Notes to Schedules of Investments.
800.292.7435    1
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel Fund (continued)
             
Number of Shares Short-Term Investments—0.94% Value
24,013,959 Northern Institutional Treasury Portfolio, 1.16%(c) $24,013,959
  Total Short-Term Investments (Cost $24,013,959) 24,013,959
     
  Total Investments—99.72% (Cost $2,186,923,897) 2,559,409,594
  Other Assets less Liabilities—0.28% 7,199,570
  Net Assets—100.00% $2,566,609,164
Ariel Appreciation Fund
Number of Shares Common Stocks—100.04% Value
  Consumer Discretionary—25.14%  
1,893,506 Mattel, Inc.(a) $42,281,989
728,313 Madison Square Garden Entertainment Corp.(a) 38,323,830
978,294 BorgWarner, Inc. 32,645,671
939,469 Interpublic Group of Cos., Inc. 25,863,582
282,604 CarMax, Inc.(a) 25,570,010
804,883 Gentex Corp. 22,512,578
1,927,494 Manchester United plc 21,433,733
140,029 Madison Square Garden Sports Corp.(a) 21,144,379
1,116,599 Knowles Corp.(a) 19,350,661
61,878 Vail Resorts, Inc. 13,492,498
171,387 Omnicom Group, Inc. 10,901,927
    273,520,858
  Consumer Staples—5.99%  
801,843 Walgreens Boots Alliance, Inc. 30,389,850
344,373 Molson Coors Brewing Co. 18,771,772
125,598 J.M. Smucker Co. 16,077,800
    65,239,422
  Energy—3.39%  
1,342,500 Core Laboratories NV 26,594,925
607,944 NOV, Inc. 10,280,333
    36,875,258
  Financials—28.98%  
496,521 Northern Trust Corp. 47,904,346
155,179 Goldman Sachs Group, Inc. 46,091,267
713,073 The Charles Schwab Corp. 45,051,952
575,538 BOK Financial Corp. 43,499,162
1,080,836 Lazard Ltd., Class A 35,029,895
567,903 Aflac, Inc. 31,422,073
565,258 KKR & Co., Inc. 26,165,793
430,811 First American Financial Corp. 22,798,518
103,104 Progressive Corp. 11,987,902
67,724 Houlihan Lokey, Inc. 5,345,455
    315,296,363
  Health Care—12.36%  
166,596 Laboratory Corp. of America Holdings 39,043,439
537,078 Cardinal Health, Inc. 28,073,067
110,923 Charles River Laboratories International, Inc.(a) 23,734,194
222,872 Zimmer Biomet Holdings, Inc. 23,414,932
523,957 Envista Holdings Corp.(a) 20,193,303
    134,458,935
See Notes to Schedules of Investments.
2     ARIELINVESTMENTS.COM
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel Appreciation Fund (continued)
              
Number of Shares Common Stocks—100.04% Value
  Industrials—19.49%  
1,397,019 Kennametal, Inc. $32,452,751
299,048 Stanley Black & Decker, Inc. 31,358,173
1,386,131 Axalta Coating Systems, Ltd.(a) 30,647,356
898,061 nVent Electric plc 28,136,251
96,386 Littelfuse, Inc. 24,485,899
1,095,952 Resideo Technologies, Inc.(a) 21,283,388
105,221 Snap-on, Inc. 20,731,694
125,954 Keysight Technologies, Inc.(a) 17,362,759
907,935 ADT, Inc. 5,583,800
    212,042,071
  Real Estate—2.24%  
331,705 CBRE Group, Inc., Class A(a) 24,416,805
  Utilities—2.45%  
608,600 Stericycle, Inc.(a) 26,687,110
  Total Common Stocks (Cost $872,152,743) 1,088,536,822
Number of Shares Short-Term Investments—0.83% Value
9,088,557 Northern Institutional Treasury Portfolio, 1.16%(c) $9,088,557
  Total Short-Term Investments (Cost $9,088,557) 9,088,557
     
  Total Investments—100.87% (Cost $881,241,300) 1,097,625,379
  Other Assets less Liabilities—(0.87)% (9,495,060)
  Net Assets—100.00% $1,088,130,319
Ariel Focus Fund
Number of Shares Common Stocks—98.18% Value
  Basic Materials—9.04%  
72,062 Mosaic Co. $3,403,488
119,404 Barrick Gold Corp. 2,112,257
    5,515,745
  Consumer Discretionary—13.34%  
92,689 BorgWarner, Inc. 3,093,032
37,109 Madison Square Garden Entertainment Corp.(a) 1,952,676
26,016 Boyd Gaming Corp. 1,294,296
7,216 Madison Square Garden Sports Corp.(a) 1,089,616
28,762 Paramount Global 709,846
    8,139,466
  Consumer Staples—2.26%  
10,786 J.M. Smucker Co. 1,380,716
  Energy—6.26%  
109,470 APA Corp. 3,820,503
  Financials—25.27%  
11,454 Goldman Sachs Group, Inc. 3,402,067
41,536 BOK Financial Corp. 3,139,291
28,875 Northern Trust Corp. 2,785,860
63,960 Lazard Ltd., Class A 2,072,944
See Notes to Schedules of Investments.
800.292.7435    3
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel Focus Fund (continued)
              
Number of Shares Common Stocks—98.18% Value
  Financials—25.27%  
40,643 Bank of New York Mellon Corp. $1,695,219
26,654 First American Financial Corp. 1,410,530
19,732 KKR & Co., Inc. 913,394
    15,419,305
  Health Care—15.34%  
13,891 Johnson & Johnson 2,465,791
10,111 Laboratory Corp. of America Holdings 2,369,614
103,174 ZimVie, Inc.(a) 1,651,816
14,154 Zimmer Biomet Holdings, Inc. 1,487,019
96,625 Hanger, Inc.(a) 1,383,670
    9,357,910
  Industrials—23.09%  
7,019 Lockheed Martin Corp. 3,017,889
13,891 Snap-on, Inc. 2,736,944
21,235 Mohawk Industries, Inc.(a) 2,635,051
129,189 Resideo Technologies, Inc.(a) 2,508,850
140,431 Western Union Co. 2,312,899
8,344 Stanley Black & Decker, Inc. 874,952
    14,086,585
  Technology—3.58%  
31,219 Oracle Corp. 2,181,272
  Total Common Stocks (Cost $51,428,534) 59,901,502
Number of Shares Short-Term Investments—1.81% Value
1,105,060 Northern Institutional Treasury Portfolio, 1.16%(c) $1,105,060
  Total Short-Term Investments (Cost $1,105,060) 1,105,060
     
  Total Investments—99.99% (Cost $52,533,594) 61,006,562
  Other Assets less Liabilities—0.01% 6,484
  Net Assets—100.00% $61,013,046
Ariel International Fund
Number of Shares Common Stocks—92.24% Value
  Belgium—0.55%  
71,237 KBC Group NV $3,996,912
  Brazil—1.89%  
780,942 Telefonica Brasil SA ADR 7,075,335
836,511 BB Seguridade Participacoes SA ADR 4,132,364
215,005 TIM SA ADR 2,612,311
    13,820,010
  Canada—0.44%  
308,539 Element Fleet Management Corp. 3,216,744
  China—4.83%  
218,091 Baidu, Inc. ADR(a) 32,436,674
1,013,353 TravelSky Technology, Ltd. 1,968,127
35,989 Trip.com Group, Ltd. ADR(a) 987,898
    35,392,699
See Notes to Schedules of Investments.
4     ARIELINVESTMENTS.COM
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel International Fund (continued)
              
Number of Shares Common Stocks—92.24% Value
  Denmark—0.96%  
1,097,140 H Lundbeck A/S, Class B $5,328,376
274,285 H Lundbeck A/S, Class A 1,316,250
3,555 Novo Nordisk A/S 394,290
    7,038,916
  Finland—2.49%  
3,097,680 Nokia Corp. 14,411,566
838,394 Nokia Corp. ADR 3,864,996
    18,276,562
  France—7.81%  
1,210,532 Michelin (CGDE) 32,951,288
199,646 BNP Paribas SA 9,491,221
84,379 Sanofi 8,518,862
30,016 Thales SA 3,681,839
15,542 Safran SA 1,534,421
18,766 Societe BIC SA 1,026,556
    57,204,187
  Germany—13.03%  
337,667 Deutsche Boerse AG 56,475,758
9,940,659 Telefonica Deutschland Holding 28,543,439
38,887 Muenchener Rueckver AG 9,136,516
26,366 Fresenius Medical Care AG & Co. KGaA 1,316,029
    95,471,742
  Hong Kong—1.35%  
1,193,500 CLP Holdings, Ltd. 9,901,724
  Italy—4.83%  
5,833,381 Snam SpA 30,559,345
833,826 Italgas SpA 4,854,003
    35,413,348
  Japan—13.81%  
1,647,500 Subaru Corp. 29,281,738
702,800 Bridgestone Corp. 25,640,183
50,400 Nintendo Co., Ltd. 21,797,406
225,600 Secom Co., Ltd. 13,938,715
204,700 Japan Tobacco, Inc. 3,539,403
109,300 Sankyo Co., Ltd. 3,306,873
74,200 Ono Pharmaceutical Co., Ltd. 1,904,219
47,400 Mabuchi Motor Co., Ltd. 1,220,983
6,700 Daito Trust Construction Co., Ltd. 578,250
    101,207,770
  Luxembourg—0.42%  
73,800 RTL Group 3,081,174
  Netherlands—4.03%  
1,133,958 Koninklijke Ahold Delhaize NV 29,541,916
  Peru—1.67%  
102,037 Credicorp, Ltd. 12,235,257
  Portugal—0.10%  
35,222 Jeronimo Martins SGPS SA 765,532
  Singapore—0.13%  
141,300 Singapore Exchange, Ltd. 962,138
See Notes to Schedules of Investments.
800.292.7435    5
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel International Fund (continued)
              
Number of Shares Common Stocks—92.24% Value
  Spain—5.19%  
1,829,311 Endesa SA $34,506,476
477,347 Tecnicas Reunidas SA(a) 3,526,662
    38,033,138
  Switzerland—8.43%  
158,719 Roche Holding AG 52,961,753
86,102 Novartis AG 7,292,041
12,581 Nestle SA 1,468,629
517 Novartis AG ADR 43,702
    61,766,125
  United Kingdom—12.57%  
2,190,737 GSK plc 47,084,746
10,197,959 Direct Line Insurance Group plc 31,245,979
177,004 Admiral Group plc 4,835,079
3,011,870 Vodafone Group plc 4,643,799
165,534 Close Brothers Group plc 2,065,422
15,386 Reckitt Benckiser Group plc 1,155,603
40,071 St. James's Place plc 537,782
7,815 AstraZeneca plc ADR 516,337
    92,084,747
  United States—7.71%  
487,664 Philip Morris International, Inc. 48,151,943
68,845 Check Point Software Technologies, Ltd.(a) 8,383,944
    56,535,887
  Total Common Stocks (Cost $630,118,354) 675,946,528
Number of Shares Short-Term Investments—3.04% Value
22,285,857 Northern Institutional Treasury Portfolio, 1.16%(c) $22,285,857
  Total Short-Term Investments (Cost $22,285,857) 22,285,857
     
  Total Investments—95.28% (Cost $652,404,211) 698,232,385
  Cash, Foreign Currency, Other Assets less Liabilities—4.72% 34,603,437
  Net Assets—100.00% $732,835,822
See Notes to Schedules of Investments.
6     ARIELINVESTMENTS.COM
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel International Fund (continued)
             
Open Forward Currency Contracts as of June 30, 2022
Contract
Settlement
Date 		Counterparty Currency to
be Received 		Amount to
be Received 		Currency to
be Delivered 		Amount to
be Delivered 		Unrealized
Appreciation
(Depreciation)
Open Forward Currency Contracts with Unrealized Appreciation
09/01/2022 UBS AG USD 18,673,036 CNH 124,926,346 $17,084
Subtotal UBS AG      
17,084
09/01/2022 JPMorgan Chase USD 1,476,337 CAD 1,853,592 36,095
09/01/2022 JPMorgan Chase SGD 1,603,339 EUR 1,085,288 11,783
09/01/2022 JPMorgan Chase USD 23,880,872 EUR 22,223,386 483,414
09/01/2022 JPMorgan Chase USD 4,288,706 EUR 4,063,789 10,225
Subtotal JPMorgan Chase      
541,517
Subtotal - Open Forward Currency Contracts with Unrealized Appreciation
$558,601
Open Forward Currency Contracts with Unrealized Depreciation
09/01/2022 UBS AG AUD 12,352,377 EUR 8,291,143 (198,189)
09/01/2022 UBS AG NOK 10,400,998 EUR 1,021,694 (18,175)
09/01/2022 UBS AG SEK 23,278,479 EUR 2,217,036 (52,432)
09/01/2022 UBS AG AUD 50,917,292 USD 36,717,070 (1,551,825)
09/01/2022 UBS AG GBP 23,508,782 USD 29,585,309 (932,501)
09/01/2022 UBS AG NOK 28,612,964 USD 3,019,205 (110,053)
09/01/2022 UBS AG SEK 113,252,721 USD 11,586,224 (485,316)
09/01/2022 UBS AG SGD 2,770,043 USD 2,015,000 (20,565)
Subtotal UBS AG      
(3,369,056)
09/01/2022 Northern Trust SEK 50,191,998 USD 5,140,437 (220,672)
09/01/2022 Northern Trust SGD 7,695,754 USD 5,599,518 (58,562)
Subtotal Northern Trust      
(279,234)
09/01/2022 JPMorgan Chase JPY 1,320,320,310 CNH 66,915,731 (218,582)
09/01/2022 JPMorgan Chase GBP 1,748,040 USD 2,202,560 (72,026)
09/01/2022 JPMorgan Chase JPY 4,167,743,619 USD 31,576,973 (723,205)
Subtotal JPMorgan Chase      
(1,013,813)
Subtotal - Open Forward Currency Contracts with Unrealized Depreciation
$(4,662,103)
Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts $(4,103,502)
See Notes to Schedules of Investments.
800.292.7435    7
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel Global Fund
Number of Shares Common Stocks—94.04% Value
  Belgium—0.20%  
6,045 KBC Group NV $339,168
  Brazil—4.03%  
730,288 BB Seguridade Participacoes SA 3,622,520
201,362 Telefonica Brasil SA 1,810,678
628,090 TIM SA 1,531,385
    6,964,583
  Canada—0.07%  
11,298 Element Fleet Management Corp. 117,790
  Chile—0.20%  
20,915 Banco Santander-Chile ADR 340,705
  China—7.29%  
70,794 Baidu, Inc. ADR(a) 10,529,192
41,049 Trip.com Group, Ltd. ADR(a) 1,126,795
487,831 TravelSky Technology, Ltd. 947,462
    12,603,449
  Denmark—0.27%  
78,168 H Lundbeck A/S, Class B 379,631
19,542 H Lundbeck A/S, Class A 93,779
    473,410
  Finland—1.62%  
602,949 Nokia Corp. 2,805,144
  France—5.18%  
215,800 Michelin (CGDE) 5,874,184
13,846 Sanofi 1,397,885
28,935 BNP Paribas SA 1,375,577
3,191 Safran SA 315,039
    8,962,685
  Germany—4.30%  
31,720 Deutsche Boerse AG 5,305,259
372,216 Telefonica Deutschland Holding 1,068,775
4,523 Muenchener Rueckver AG 1,062,681
    7,436,715
  Hong Kong—0.56%  
116,000 CLP Holdings, Ltd. 962,380
  Italy—0.98%  
323,326 Snam SpA 1,693,809
  Japan—5.63%  
183,100 Subaru Corp. 3,254,316
78,400 Bridgestone Corp. 2,860,259
3,850 Nintendo Co., Ltd. 1,665,080
26,100 Secom Co., Ltd. 1,612,591
14,500 Japan Tobacco, Inc. 250,715
3,600 Mabuchi Motor Co., Ltd. 92,733
    9,735,694
  Luxembourg—0.12%  
5,037 RTL Group 210,296
  Mexico—0.32%  
160,350 Wal-Mart de Mexico SAB de CV 552,827
See Notes to Schedules of Investments.
8     ARIELINVESTMENTS.COM
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel Global Fund (continued)
              
Number of Shares Common Stocks—94.04% Value
  Netherlands—0.65%  
43,229 Koninklijke Ahold Delhaize NV $1,126,204
  Peru—3.11%  
44,920 Credicorp, Ltd. 5,386,357
  South Africa—0.08%  
42,909 Sanlam, Ltd. 139,445
  South Korea—2.70%  
73,784 KT&G Corp. 4,671,168
  Spain—2.96%  
271,604 Endesa SA 5,123,293
  Switzerland—7.04%  
32,606 Roche Holding AG 10,880,052
7,997 Novartis AG 677,272
5,278 Nestle SA 616,121
    12,173,445
  Taiwan—0.51%  
157,000 Catcher Technology Co., Ltd. 873,880
  United Kingdom—8.88%  
484,384 GSK plc 10,410,696
1,143,488 Direct Line Insurance Group plc 3,503,584
313,480 Vodafone Group plc 483,334
20,970 Vodafone Group plc ADR 326,713
3,714 Reckitt Benckiser Group plc 278,949
8,030 Admiral Group plc 219,349
11,068 Close Brothers Group plc 138,099
    15,360,724
  United States—37.34%  
58,732 Microsoft Corp. 15,084,140
105,760 Philip Morris International, Inc. 10,442,742
150,305 Gilead Sciences, Inc. 9,290,352
39,252 Johnson & Johnson 6,967,623
187,604 Equity Commonwealth(a) 5,164,738
86,315 Verizon Communications, Inc. 4,380,486
48,956 Amdocs, Ltd. 4,078,524
50,498 Bristol-Myers Squibb Co. 3,888,346
33,974 NetApp, Inc. 2,216,464
10,504 Check Point Software Technologies, Ltd.(a) 1,279,177
24,350 Tapestry, Inc. 743,162
12,702 U.S. Bancorp 584,546
1,646 Berkshire Hathaway, Inc., Class B(a) 449,391
    64,569,691
  Total Common Stocks (Cost $138,742,747) 162,622,862
Number of Shares Short-Term Investments—3.29% Value
5,687,677 Northern Institutional Treasury Portfolio, 1.16%(c) $5,687,677
  Total Short-Term Investments (Cost $5,687,677) 5,687,677
     
  Total Investments—97.33% (Cost $144,430,424) 168,310,539
  Cash, Foreign Currency, Other Assets less Liabilities—2.67% 4,611,788
  Net Assets—100.00% $172,922,327
See Notes to Schedules of Investments.
800.292.7435    9
Schedules of Investments (continued)
06/30/22 (UNAUDITED)
Ariel Global Fund (continued)
             
Open Forward Currency Contracts as of June 30, 2022
Contract
Settlement
Date 		Counterparty Currency to
be Received 		Amount to
be Received 		Currency to
be Delivered 		Amount to
be Delivered 		Unrealized
Appreciation
(Depreciation)
Open Forward Currency Contracts with Unrealized Appreciation
09/01/2022 UBS USD 3,125,162 CNH 20,907,956 $2,859
09/01/2022 UBS USD 649,405 GBP 516,024 20,469
Subtotal UBS      
23,328
09/01/2022 Northern Trust USD 405,121 GBP 321,420 13,370
Subtotal Northern Trust      
13,370
09/01/2022 JPMorgan Chase USD 12,851,518 EUR 11,959,540 260,150
09/01/2022 JPMorgan Chase USD 6,351,670 GBP 5,040,940 207,707
09/01/2022 JPMorgan Chase USD 2,951,115 JPY 389,550,694 67,274
Subtotal JPMorgan Chase      
535,131
Subtotal - Open Forward Currency Contracts with Unrealized Appreciation
$571,829
Open Forward Currency Contracts with Unrealized Depreciation
09/01/2022 UBS AUD 839,535 CHF 586,082 (36,923)
09/01/2022 UBS USD 512,076 CHF 495,720 (9,571)
09/01/2022 UBS CAD 1,027,752 EUR 761,334 (2,991)
09/01/2022 UBS NOK 1,889,263 EUR 185,583 (3,301)
09/01/2022 UBS CAD 478,226 USD 380,597 (9,015)
Subtotal UBS      
(61,801)
09/01/2022 Northern Trust USD 1,242,622 CHF 1,203,156 (23,462)
09/01/2022 Northern Trust USD 1,949,130 CNH 13,080,441 (4,246)
09/01/2022 Northern Trust SEK 2,276,841 GBP 185,007 (2,315)
09/01/2022 Northern Trust SGD 749,522 USD 545,361 (5,704)
Subtotal Northern Trust      
(35,727)
09/01/2022 JPMorgan Chase AUD 1,117,264 CHF 780,754 (49,968)
09/01/2022 JPMorgan Chase CAD 3,938,777 CHF 3,037,408 (135,838)
09/01/2022 JPMorgan Chase USD 4,228,469 CHF 4,094,113 (79,775)
09/01/2022 JPMorgan Chase AUD 1,554,559 EUR 1,043,745 (25,254)
Subtotal JPMorgan Chase      
(290,835)
Subtotal - Open Forward Currency Contracts with Unrealized Depreciation
$(388,363)
Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts $183,466
    
ADR American Depositary Receipt
    
(a) Non-income producing.
(b) Affiliated company (See Note Three, Transactions with Affiliated Companies).
(c) The rate presented is the 7-day current yield as of June 30, 2022.
A category may contain multiple industries as defined by the Global Industry Classification Standards.
See Notes to Schedules of Investments.
10     ARIELINVESTMENTS.COM
Notes to the Schedules of Investments
06/30/22 (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 the Adviser 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 June 30, 2022.
Securities valuation—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 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 procedures established by the Board of Trustees.
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 by or under the direction of the Board of Trustees.
Fair value measurements—Accounting Standards CodificationTM Topic 820-10 (ASC 820-10) establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, “quoted” prices in inactive markets, dealer indications, and inputs corroborated by observable market data)
Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following tables summarize the inputs used as of June 30, 2022 in valuing the Funds’ investments carried at fair value:
  Ariel Fund    Ariel Appreciation Fund    Ariel Focus Fund 
Level 1   $2,559,409,594     $1,097,625,379     $61,006,562  
Level 2   —     —     —  
Level 3   —     —     —  
Total Investments $2,559,409,594     $1,097,625,379     $61,006,562  
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Notes to the Schedules of Investments (continued)
06/30/22 (UNAUDITED)
  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              
Communication Services $100,190,138     $—     $—     $100,190,138  
Consumer Discretionary 92,167,980     —     —     92,167,980  
Consumer Staples 84,623,026     —     —     84,623,026  
Energy 3,526,662     —     —     3,526,662  
Financials 138,331,172     —     —     138,331,172  
Health Care 126,676,605     —     —     126,676,605  
Industrials 21,402,514     —     —     21,402,514  
Information Technology 28,628,633     —     —     28,628,633  
Real Estate 578,250     —     —     578,250  
Utilities 79,821,548     —     —     79,821,548  
Total Common Stocks $675,946,528     $—     $—     $675,946,528  
Short-Term Investments 22,285,857     —     —     22,285,857  
Total Investments $698,232,385     $—     $—     $698,232,385  
Other Financial Instruments              
Forward Currency Contracts^ $—     $(4,103,502)    $—     $(4,103,502) 
Ariel Global Fund  Level 1    Level 2*    Level 3    Total 
Common Stocks              
Communication Services $22,005,939     $—     $—     $22,005,939  
Consumer Discretionary 13,858,716     —     —     13,858,716  
Consumer Staples 17,938,726     —     —     17,938,726  
Financials 22,584,471     —     —     22,584,471  
Health Care 43,985,636     —     —     43,985,636  
Industrials 2,020,363     —     —     2,020,363  
Information Technology 27,284,791     —     —     27,284,791  
Real Estate 5,164,738     —     —     5,164,738  
Utilities 7,779,482     —     —     7,779,482  
Total Common Stocks $162,622,862     $—     $—     $162,622,862  
Short-Term Investments 5,687,677     —     —     5,687,677  
Total Investments $168,310,539     $—     $—     $168,310,539  
Other Financial Instruments              
Forward Currency Contracts^ $—     $183,466     $—     $183,466  
* As of June 30, 2022, the Level 2 investments held were forward currency contracts. See Schedules of Investments.
^ Forward currency contracts derive their value from underlying exchange rates. These instruments are normally valued by pricing vendors using pricing models. The pricing models typically use inputs that are observed from trading in active forward foreign currency markets. As such, forward currency 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 currency contracts with unrealized appreciation and Open forward currency contracts with unrealized depreciation shown in the Schedules of Investments.
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.
12     ARIELINVESTMENTS.COM
Notes to the Schedules of Investments (continued)
06/30/22 (UNAUDITED)
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 June 30, 2022 in securities that are deemed to be an affiliated company of the Funds as of June 30, 2022:
    Share activity    Nine months ended June 30, 2022   
Security name    Balance 
September 30, 
2021  		Purchases  Sales  Balance 
June 30, 
2022  		  Value    Dividends 
credited to 
income  		  Amount of gain 
(loss) realized on 
sale of shares  		  Amount of 
change in 
unrealized gain 
(loss) on shares  		Percent 
of net 
assets  		 
Ariel Fund                              
Adtalem Global
Education, Inc.
(Consumer
discretionary) 		  2,600,502   1,463,019   714,842   3,348,679     $120,451,984     $—     $(5,838,808)    $8,980,850   4.7%  
Core Laboratories
NV (Energy)^ 		  1,190,310   1,736,166   —   2,926,476     57,973,489     74,295     —     (20,482,389)  2.3    
              $178,425,473     $74,295     $(5,838,808)    $(11,501,539)  7.0%  
^This security was not deemed to be an affiliate of the Fund as of September 30, 2021.
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