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          <ccc>XXXXXXXX</ccc>
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      <regCik>0000798365</regCik>
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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 Appreciation Fund</seriesName>
      <seriesId>S000005025</seriesId>
      <seriesLei>5493000LMBDNR1TUL130</seriesLei>
      <repPdEnd>2024-09-30</repPdEnd>
      <repPdDate>2024-03-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
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        <name>Charles River Laboratories International, Inc.</name>
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        <title>The Interpublic Group of Companies, Inc. COM USD0.10</title>
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          <ticker value="SJM US"/>
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        <name>The Charles Schwab Corporation</name>
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          <ticker value="SCHW US"/>
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        <name>Stericycle, Inc.</name>
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        <name>KKR &amp; Co Inc.</name>
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      <invstOrSec>
        <name>Madison Square Garden Sports Corp</name>
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        <title>Madison Square Garden Sports Corp COM USD0.01 CLASS A</title>
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          <ticker value="MSGS US"/>
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        <name>ADT Inc</name>
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        <title>ADT Inc COM USD0.01</title>
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      <invstOrSec>
        <name>NVent Electric PLC</name>
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        <title>NVent Electric PLC COM USD0.01</title>
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        <valUSD>21976913.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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 USD0.01 WD</title>
        <cusip>49338L103</cusip>
        <identifiers>
          <isin value="US49338L1035"/>
          <ticker value="KEYS US"/>
        </identifiers>
        <balance>139467</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21809849.46</valUSD>
        <pctVal>2.0343363270</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>Resideo Technologies Inc</name>
        <lei>5493006TKFPYISY2DS54</lei>
        <title>Resideo Technologies Inc COM USD0.001</title>
        <cusip>76118Y104</cusip>
        <identifiers>
          <isin value="US76118Y1047"/>
          <ticker value="REZI US"/>
        </identifiers>
        <balance>959745</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21517482.9</valUSD>
        <pctVal>2.0070655330</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>Axalta Coating Systems Limited</name>
        <lei>529900AGLPA40GV6H619</lei>
        <title>Axalta Coating Systems Limited COM USD1.00</title>
        <cusip>G0750C108</cusip>
        <identifiers>
          <isin value="BMG0750C1082"/>
          <ticker value="AXTA US"/>
        </identifiers>
        <balance>786072</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27033016.08</valUSD>
        <pctVal>2.5215326104</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>First American Financial Corporation</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corporation COM USD0.00001</title>
        <cusip>31847R102</cusip>
        <identifiers>
          <isin value="US31847R1023"/>
          <ticker value="FAF US"/>
        </identifiers>
        <balance>364366</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22244544.3</valUSD>
        <pctVal>2.0748829391</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>Core Laboratories Inc</name>
        <lei>N/A</lei>
        <title>Core Laboratories Inc COM</title>
        <cusip>21867A105</cusip>
        <identifiers>
          <isin value="US21867A1051"/>
          <ticker value="CLB US"/>
        </identifiers>
        <balance>1634510</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27917430.8</valUSD>
        <pctVal>2.6040273106</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 TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX US"/>
        </identifiers>
        <balance>16285072.84</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16285072.84</valUSD>
        <pctVal>1.5190070582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Lazard Inc</name>
        <lei>N/A</lei>
        <title>Lazard Inc COM</title>
        <cusip>52110M109</cusip>
        <identifiers>
          <isin value="US52110M1099"/>
          <ticker value="LAZ US"/>
        </identifiers>
        <balance>637064</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26673869.68</valUSD>
        <pctVal>2.4880328575</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>Jones Lang LaSalle Incorporated</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>Jones Lang LaSalle Incorporated COM USD0.01</title>
        <cusip>48020Q107</cusip>
        <identifiers>
          <isin value="US48020Q1076"/>
          <ticker value="JLL US"/>
        </identifiers>
        <balance>112061</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21861980.49</valUSD>
        <pctVal>2.0391989029</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>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. COM USD0.01</title>
        <cusip>38141G104</cusip>
        <identifiers>
          <isin value="US38141G1040"/>
          <ticker value="GS US"/>
        </identifiers>
        <balance>100817</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42110252.73</valUSD>
        <pctVal>3.9278774953</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>Bio-Rad Laboratories, Inc.</name>
        <lei>549300ZC1GPV35XYDK53</lei>
        <title>Bio-Rad Laboratories, Inc. CLASS'A'COM USD0.0001</title>
        <cusip>090572207</cusip>
        <identifiers>
          <isin value="US0905722072"/>
          <ticker value="BIO US"/>
        </identifiers>
        <balance>34165</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11816648.55</valUSD>
        <pctVal>1.1022101484</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>BorgWarner Inc.</name>
        <lei>549300DSFX2IE88NSX47</lei>
        <title>BorgWarner Inc. COM USD0.01</title>
        <cusip>099724106</cusip>
        <identifiers>
          <isin value="US0997241064"/>
          <ticker value="BWA US"/>
        </identifiers>
        <balance>519944</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18062854.56</valUSD>
        <pctVal>1.6848314918</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>Gentex Corp</name>
        <lei>549300S3UD8XV1MN0287</lei>
        <title>Gentex Corp COM USD0.06</title>
        <cusip>371901109</cusip>
        <identifiers>
          <isin value="US3719011096"/>
          <ticker value="GNTX US"/>
        </identifiers>
        <balance>608087</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21964102.44</valUSD>
        <pctVal>2.0487244337</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>Littelfuse Inc.</name>
        <lei>549300MY7HLQFYTPCX75</lei>
        <title>Littelfuse Inc. COM USD0.01</title>
        <cusip>537008104</cusip>
        <identifiers>
          <isin value="US5370081045"/>
          <ticker value="LFUS US"/>
        </identifiers>
        <balance>82158</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19910991.3</valUSD>
        <pctVal>1.8572183629</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>Manchester United PLC</name>
        <lei>529900GWGZPE83MJOV59</lei>
        <title>Manchester United PLC COM USD0.0005 CL 'A'</title>
        <cusip>G5784H106</cusip>
        <identifiers>
          <isin value="KYG5784H1065"/>
          <ticker value="MANU US"/>
        </identifiers>
        <balance>842094</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11755632.24</valUSD>
        <pctVal>1.0965187888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</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 USD1.0</title>
        <cusip>49926D109</cusip>
        <identifiers>
          <isin value="US49926D1090"/>
          <ticker value="KN US"/>
        </identifiers>
        <balance>1490306</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23993926.6</valUSD>
        <pctVal>2.2380583874</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>Molson Coors Beverage Company</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>Molson Coors Beverage Company COM USD0.01 CLASS B</title>
        <cusip>60871R209</cusip>
        <identifiers>
          <isin value="US60871R2094"/>
          <ticker value="TAP US"/>
        </identifiers>
        <balance>230649</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15511145.25</valUSD>
        <pctVal>1.4468181596</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>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker, Inc. COM USD2.50</title>
        <cusip>854502101</cusip>
        <identifiers>
          <isin value="US8545021011"/>
          <ticker value="SWK US"/>
        </identifiers>
        <balance>329215</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32240024.95</valUSD>
        <pctVal>3.0072217629</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>Sphere Entertainment Co.</name>
        <lei>N/A</lei>
        <title>Sphere Entertainment Co. CL A</title>
        <cusip>55826T102</cusip>
        <identifiers>
          <isin value="US55826T1025"/>
          <ticker value="SPHR US"/>
        </identifiers>
        <balance>177850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8728878</valUSD>
        <pctVal>0.8141951480</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>NOV Inc.</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>NOV Inc. COM</title>
        <cusip>62955J103</cusip>
        <identifiers>
          <isin value="US62955J1034"/>
          <ticker value="NOV US"/>
        </identifiers>
        <balance>1241184</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24227911.68</valUSD>
        <pctVal>2.2598835884</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>Carlyle Group Inc</name>
        <lei>529900NGGVF94UK6PG95</lei>
        <title>Carlyle Group Inc COM</title>
        <cusip>14316J108</cusip>
        <identifiers>
          <isin value="US14316J1088"/>
          <ticker value="CG US"/>
        </identifiers>
        <balance>611634</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28691750.94</valUSD>
        <pctVal>2.6762528247</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 Corp New</name>
        <lei>N/A</lei>
        <title>Madison Square Garden Entertainment Corp New COM CL A</title>
        <cusip>558256103</cusip>
        <identifiers>
          <isin value="US5582561032"/>
          <ticker value="MSGE US"/>
        </identifiers>
        <balance>530740</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20810315.4</valUSD>
        <pctVal>1.9411037510</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>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global CLASS B COM</title>
        <cusip>92556H206</cusip>
        <identifiers>
          <isin value="US92556H2067"/>
          <ticker value="PARA US"/>
        </identifiers>
        <balance>878803</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10343511.31</valUSD>
        <pctVal>0.9648017445</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>CBRE Group Inc.</name>
        <lei>52990016II9MJ2OSWA10</lei>
        <title>CBRE Group Inc. COM USD0.01 CLASS A</title>
        <cusip>12504L109</cusip>
        <identifiers>
          <isin value="US12504L1098"/>
          <ticker value="CBRE US"/>
        </identifiers>
        <balance>249545</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24265755.8</valUSD>
        <pctVal>2.2634135379</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 USD0.01</title>
        <cusip>29415F104</cusip>
        <identifiers>
          <isin value="US29415F1049"/>
          <ticker value="NVST US"/>
        </identifiers>
        <balance>1013819</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21675450.22</valUSD>
        <pctVal>2.0218000986</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>2024-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Ariel Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Tricia M. Larkin</ncom:signature>
      <ncom:signerName>Tricia M. Larkin</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
