Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Fund
Number of Shares | Common Stocks—99.40% | Value ($) |
Consumer Discretionary—36.66% | ||
844,556 | Royal Caribbean Cruises, Ltd.(a) | 109,361,556 |
1,832,648 | Adtalem Global Education, Inc.(a) | 108,034,600 |
1,565,847 | Boyd Gaming Corporation | 98,037,681 |
6,571,255 | Paramount Global | 97,188,861 |
13,921,537 | Leslie’s, Inc.(a)(b) | 96,197,821 |
2,950,933 | Madison Square Garden Entertainment Corporation(a) | 93,810,160 |
4,555,710 | Mattel, Inc.(a) | 86,011,805 |
2,469,620 | Sphere Entertainment Company(a) | 83,868,295 |
2,454,623 | Interpublic Group of Companies, Inc. | 80,118,895 |
2,070,821 | Gentex Corporation | 67,633,014 |
306,553 | Madison Square Garden Sports Corporation(a) | 55,740,532 |
1,383,204 | Manchester United plc(a) | 28,189,697 |
1,004,192,917 | ||
Consumer Staples—1.11% | ||
240,253 | J.M. Smucker Company | 30,363,174 |
Energy—1.89% | ||
2,928,175 | Core Laboratories, Inc.(b) | 51,711,570 |
Financials—19.94% | ||
1,237,944 | Northern Trust Corporation | 104,457,715 |
608,097 | Affiliated Managers Group, Inc. | 92,078,048 |
2,165,817 | Carlyle Group, Inc. | 88,127,094 |
2,176,682 | Lazard, Ltd., Class A | 75,748,534 |
1,030,872 | First American Financial Corporation | 66,429,392 |
1,903,797 | Janus Henderson Group plc | 57,399,479 |
504,588 | BOK Financial Corporation | 43,217,962 |
2,070,647 | GCM Grosvenor, Inc. | 18,552,997 |
546,011,221 | ||
Health Care—8.44% | ||
339,838 | Charles River Laboratories International, Inc.(a) | 80,337,703 |
1,072,898 | Prestige Consumer Healthcare, Inc.(a) | 65,682,816 |
2,446,304 | Envista Holdings Corporation(a) | 58,858,074 |
115,375 | Laboratory Corporation of America Holdings | 26,223,584 |
231,102,177 | ||
Industrials—24.31% | ||
1,109,302 | Mohawk Industries, Inc.(a) | 114,812,757 |
329,435 | Zebra Technologies Corporation(a) | 90,044,469 |
641,935 | Generac Holdings, Inc.(a) | 82,963,679 |
11,633,309 | ADT, Inc. | 79,339,167 |
3,654,896 | Resideo Technologies, Inc.(a) | 68,785,143 |
1,815,278 | Axalta Coating Systems, Ltd.(a) | 61,664,994 |
2,334,730 | Kennametal, Inc. | 60,212,687 |
725,475 | Masco Corporation | 48,592,315 |
191,236 | Simpson Manufacturing Company, Inc. | 37,860,903 |
74,222 | Snap-on, Inc. | 21,438,282 |
665,714,396 | ||
Real Estate—3.99% | ||
579,426 | Jones Lang LaSalle, Inc.(a) | 109,436,189 |
Utilities—3.06% | ||
1,690,886 | Stericycle, Inc.(a) | 83,800,310 |
Total Common Stocks (Cost $2,082,095,829) | 2,722,331,954 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
1
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Fund (Continued)
Number of Shares | Short-Term Investments—0.81% | Value ($) |
22,102,777 | Northern Institutional Treasury Portfolio, 5.22%(c) | 22,102,777 |
Total Short-Term Investments (Cost $22,102,777) | 22,102,777 | |
Total Investments—100.21% (Cost $2,104,198,606) | 2,744,434,731 | |
Other Assets less Liabilities—(0.21)% | (5,682,879 ) | |
Net Assets—100.00% | 2,738,751,852 |
Ariel Appreciation Fund
Number of Shares | Common Stocks—98.74% | Value ($) |
Consumer Discretionary—24.75% | ||
1,800,445 | Mattel, Inc.(a) | 33,992,402 |
975,781 | Interpublic Group of Companies, Inc. | 31,849,492 |
388,959 | CarMax, Inc.(a) | 29,848,714 |
1,500,078 | Knowles Corporation(a) | 26,866,397 |
138,485 | Madison Square Garden Sports Corporation(a) | 25,180,727 |
613,648 | BorgWarner, Inc. | 21,999,281 |
1,067,324 | Manchester United plc(a) | 21,752,063 |
608,087 | Gentex Corporation | 19,860,121 |
575,139 | Madison Square Garden Entertainment Corporation(a) | 18,283,669 |
70,094 | Vail Resorts, Inc. | 14,962,966 |
979,777 | Paramount Global | 14,490,902 |
177,850 | Sphere Entertainment Company(a) | 6,039,786 |
265,126,520 | ||
Consumer Staples—4.39% | ||
871,388 | Walgreens Boots Alliance, Inc. | 22,751,941 |
213,313 | Molson Coors Brewing Company | 13,056,889 |
88,704 | J.M. Smucker Company | 11,210,411 |
47,019,241 | ||
Energy—3.88% | ||
1,303,428 | Core Laboratories, Inc. | 23,018,538 |
915,295 | NOV, Inc. | 18,562,183 |
41,580,721 | ||
Financials—26.06% | ||
529,560 | Northern Trust Corporation | 44,684,273 |
109,328 | Goldman Sachs Group, Inc. | 42,175,463 |
564,999 | The Charles Schwab Corporation | 38,871,931 |
727,114 | Carlyle Group, Inc. | 29,586,269 |
332,357 | KKR & Company, Inc. | 27,535,777 |
314,208 | Aflac, Inc. | 25,922,160 |
712,454 | Lazard, Ltd., Class A | 24,793,399 |
364,366 | First American Financial Corporation | 23,479,745 |
258,159 | BOK Financial Corporation | 22,111,318 |
279,160,335 | ||
Health Care—10.84% | ||
153,072 | Charles River Laboratories International, Inc.(a) | 36,186,221 |
152,707 | Laboratory Corporation of America Holdings | 34,708,774 |
959,409 | Envista Holdings Corporation(a) | 23,083,380 |
181,483 | Zimmer Biomet Holdings, Inc. | 22,086,481 |
116,064,856 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Appreciation Fund (Continued)
Number of Shares | Common Stocks—98.74% | Value ($) |
Industrials—21.70% | ||
329,215 | Stanley Black & Decker, Inc. | 32,295,992 |
940,115 | Axalta Coating Systems, Ltd.(a) | 31,935,707 |
236,889 | Generac Holdings, Inc.(a) | 30,615,534 |
1,131,222 | Kennametal, Inc. | 29,174,215 |
145,750 | Keysight Technologies, Inc.(a) | 23,187,367 |
1,204,654 | Resideo Technologies, Inc.(a) | 22,671,588 |
380,230 | nVent Electric plc | 22,467,791 |
77,759 | Littelfuse, Inc. | 20,805,198 |
1,671,721 | ADT, Inc. | 11,401,137 |
27,321 | Snap-on, Inc. | 7,891,398 |
232,445,927 | ||
Real Estate—4.87% | ||
310,611 | CBRE Group, Inc., Class A(a) | 28,914,778 |
122,926 | Jones Lang LaSalle, Inc.(a) | 23,217,034 |
52,131,812 | ||
Utilities—2.25% | ||
487,075 | Stericycle, Inc.(a) | 24,139,437 |
Total Common Stocks (Cost $729,351,337) | 1,057,668,849 |
Number of Shares | Short-Term Investments—1.08% | Value ($) |
11,578,750 | Northern Institutional Treasury Portfolio, 5.22%(c) | 11,578,750 |
Total Short-Term Investments (Cost $11,578,750) | 11,578,750 | |
Total Investments—99.82% (Cost $740,930,087) | 1,069,247,599 | |
Other Assets less Liabilities—0.18% | 1,952,980 | |
Net Assets—100.00% | 1,071,200,579 |
Ariel Focus Fund
Number of Shares | Common Stocks—96.84% | Value ($) |
Basic Materials—7.18% | ||
70,819 | Mosaic Company | 2,530,363 |
130,161 | Barrick Gold Corporation | 2,354,612 |
4,884,975 | ||
Consumer Discretionary—15.24% | ||
75,231 | PHINIA, Inc. | 2,278,747 |
60,281 | BorgWarner, Inc. | 2,161,074 |
33,843 | Boyd Gaming Corporation | 2,118,910 |
11,404 | Madison Square Garden Sports Corporation(a) | 2,073,589 |
49,327 | Madison Square Garden Entertainment Corporation(a) | 1,568,105 |
24,164 | Leslie’s, Inc.(a) | 166,973 |
10,367,398 | ||
Energy—8.82% | ||
97,865 | APA Corporation | 3,511,396 |
16,673 | Chevron Corporation | 2,486,945 |
5,998,341 | ||
Financials—24.84% | ||
11,454 | Goldman Sachs Group, Inc. | 4,418,610 |
41,536 | BOK Financial Corporation | 3,557,558 |
92,757 | Bank of America Corporation | 3,123,128 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
3
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Focus Fund (Continued)
Number of Shares | Common Stocks—96.84% | Value ($) |
Financials—24.84% | ||
27,724 | Northern Trust Corporation | 2,339,351 |
30,858 | First American Financial Corporation | 1,988,490 |
17,735 | KKR & Company, Inc. | 1,469,345 |
16,896,482 | ||
Health Care—8.75% | ||
10,111 | Laboratory Corporation of America Holdings | 2,298,129 |
12,632 | Johnson & Johnson | 1,979,940 |
94,461 | ZimVie, Inc.(a) | 1,676,683 |
5,954,752 | ||
Industrials—27.22% | ||
15,203 | Snap-on, Inc. | 4,391,235 |
31,687 | Mohawk Industries, Inc.(a) | 3,279,605 |
7,019 | Lockheed Martin Corporation | 3,181,292 |
161,278 | Resideo Technologies, Inc.(a) | 3,035,252 |
190,996 | Western Union Company | 2,276,672 |
9,124 | Generac Holdings, Inc.(a) | 1,179,186 |
4,307 | Zebra Technologies Corporation(a) | 1,177,232 |
18,520,474 | ||
Technology—4.79% | ||
30,936 | Oracle Corporation | 3,261,582 |
Total Common Stocks (Cost $52,639,848) | 65,884,004 |
Number of Shares | Short-Term Investments—3.40% | Value ($) |
2,313,978 | Northern Institutional Treasury Portfolio, 5.22%(c) | 2,313,978 |
Total Short-Term Investments (Cost $2,313,978) | 2,313,978 | |
Total Investments—100.24% (Cost $54,953,826) | 68,197,982 | |
Other Assets less Liabilities—(0.24)% | (163,659 ) | |
Net Assets—100.00% | 68,034,323 |
Ariel International Fund
Number of Shares | Common Stocks—99.08% | Value ($) |
Belgium—4.03% | ||
215,777 | KBC Group NV | 13,987,517 |
Brazil—0.59% | ||
185,932 | Telefonica Brasil SA ADR | 2,034,096 |
China—1.53% | ||
34,291 | Baidu, Inc. ADR(a) | 4,083,715 |
708,353 | TravelSky Technology, Ltd. | 1,224,661 |
5,308,376 | ||
Denmark—5.19% | ||
674,018 | Danske Bank A/S | 18,006,553 |
Finland—1.01% | ||
1,043,124 | Nokia Corporation | 3,514,551 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel International Fund (Continued)
Number of Shares | Common Stocks—99.08% | Value ($) |
France—16.04% | ||
305,440 | BNP Paribas SA | 21,104,753 |
161,571 | Sanofi | 16,010,160 |
442,177 | Michelin (CGDE) | 15,845,067 |
13,436 | Thales SA | 1,986,836 |
4,176 | Safran SA | 735,126 |
55,681,942 | ||
Germany—8.13% | ||
365,616 | Fresenius Medical Care AG & Company KGaA | 15,321,483 |
40,362 | Deutsche Boerse AG | 8,309,998 |
11,103 | Muenchener Rueckver AG | 4,597,660 |
28,229,141 | ||
Hong Kong—4.31% | ||
1,811,000 | CLP Holdings, Ltd. | 14,947,679 |
Hungary—0.41% | ||
50,838 | Wizz Air Holdings plc(a) | 1,432,743 |
Italy—4.82% | ||
2,236,171 | Snam SpA | 11,491,431 |
916,304 | Italgas SpA | 5,239,849 |
16,731,280 | ||
Japan—16.96% | ||
556,400 | Bridgestone Corporation | 23,045,220 |
1,213,600 | Subaru Corporation | 22,257,940 |
99,900 | Secom Company, Ltd. | 7,194,926 |
78,600 | Nintendo Company, Ltd. | 4,102,251 |
105,200 | Mabuchi Motor Company, Ltd. | 1,745,126 |
29,800 | Ono Pharmaceutical Company, Ltd. | 531,750 |
58,877,213 | ||
Mexico—1.11% | ||
76,714 | Grupo Financiero Banorte S.A.B. de C.V. ADR | 3,851,810 |
Netherlands—2.65% | ||
319,908 | Koninklijke Ahold Delhaize NV | 9,187,521 |
Singapore—0.21% | ||
97,900 | Singapore Exchange, Ltd. | 729,196 |
South Korea—4.48% | ||
137,202 | Samsung Electronics Company, Ltd. | 8,327,728 |
172,760 | KB Financial Group, Inc. | 7,207,858 |
15,535,586 | ||
Spain—4.07% | ||
547,589 | Endesa SA | 11,159,271 |
322,922 | Tecnicas Reunidas SA(a) | 2,976,689 |
14,135,960 | ||
Switzerland—1.70% | ||
20,305 | Roche Holding AG | 5,902,827 |
Taiwan—1.22% | ||
40,588 | Taiwan Semiconductor Manufacturing Company, Ltd. ADR | 4,221,152 |
United Kingdom—10.63% | ||
721,074 | GSK plc | 13,329,036 |
4,476,422 | Direct Line Insurance Group plc(a) | 10,381,834 |
240,623 | Admiral Group plc | 8,232,100 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
5
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel International Fund (Continued)
Number of Shares | Common Stocks—99.08% | Value ($) |
United Kingdom—10.63% (continued) | ||
37,821 | Reckitt Benckiser Group plc | 2,612,903 |
1,816,896 | Vodafone Group plc | 1,587,786 |
88,387 | St. James's Place plc | 770,161 |
36,913,820 | ||
United States—9.99% | ||
143,259 | Check Point Software Technologies, Ltd.(a) | 21,888,543 |
117,962 | Philip Morris International, Inc. | 11,097,865 |
163,800 | Venture Corporation, Ltd. | 1,689,197 |
34,675,605 | ||
Total Common Stocks (Cost $296,845,768) | 343,904,568 |
Number of Shares | Short-Term Investments—0.39% | Value ($) |
1,338,432 | Northern Institutional Treasury Portfolio, 5.22%(c) | 1,338,432 |
Total Short-Term Investments (Cost $1,338,432) | 1,338,432 | |
Total Investments—99.47% (Cost $298,184,200) | 345,243,000 | |
Foreign Currency, Other Assets less Liabilities—0.53% | 1,844,334 | |
Net Assets—100.00% | 347,087,334 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel International Fund (Continued)
Open Forward Currency Contracts
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 | ||||||
01/05/2024 | UBS | USD | 6,105,474 | AUD | 8,918,986 | $26,556 |
01/05/2024 | UBS | AUD | 8,937,788 | EUR | 5,408,057 | 120,222 |
01/05/2024 | UBS | CHF | 3,442,623 | EUR | 3,609,460 | 109,996 |
01/05/2024 | UBS | NOK | 11,725,040 | EUR | 1,021,694 | 26,064 |
01/05/2024 | UBS | SEK | 12,261,102 | EUR | 1,063,802 | 41,278 |
01/05/2024 | UBS | AUD | 52,142,531 | USD | 33,566,233 | 1,972,580 |
01/05/2024 | UBS | CNY | 32,762,760 | USD | 4,498,442 | 101,072 |
01/05/2024 | UBS | GBP | 15,964,041 | USD | 19,602,086 | 747,087 |
01/05/2024 | UBS | NOK | 32,568,044 | USD | 3,019,205 | 186,775 |
01/05/2024 | UBS | SEK | 125,518,373 | USD | 11,586,224 | 861,243 |
01/05/2024 | UBS | SGD | 1,061,191 | USD | 781,040 | 23,250 |
Subtotal UBS | 4,216,123 | |||||
01/05/2024 | Northern Trust | USD | 4,886,956 | SGD | 6,445,695 | 1,684 |
01/05/2024 | Northern Trust | SEK | 28,369,116 | USD | 2,619,767 | 193,555 |
01/05/2024 | Northern Trust | SGD | 7,607,197 | USD | 5,599,518 | 166,071 |
Subtotal Northern Trust | 361,310 | |||||
01/05/2024 | JPMorgan | JPY | 1,351,067,219 | CNY | 66,915,731 | 195,628 |
01/05/2024 | JPMorgan | JPY | 1,545,390,702 | EUR | 9,903,756 | 33,519 |
01/05/2024 | JPMorgan | JPY | 5,553,823,808 | USD | 37,878,648 | 1,542,188 |
Subtotal JPMorgan | 1,771,335 | |||||
Subtotal - Open Forward Currency Contracts with Unrealized Appreciation | $6,348,768 | |||||
Open Forward Currency Contracts with Unrealized Depreciation | ||||||
01/04/2024 | UBS | USD | 505,015 | JPY | 71,167,614 | (48 ) |
01/05/2024 | UBS | USD | 7,468,010 | AUD | 11,751,208 | (541,267 ) |
01/05/2024 | UBS | USD | 11,711,289 | CNY | 85,089,540 | (234,301 ) |
01/05/2024 | UBS | USD | 15,868,081 | GBP | 12,494,926 | (59,053 ) |
01/05/2024 | UBS | USD | 3,734,005 | GBP | 3,058,847 | (165,071 ) |
01/05/2024 | UBS | USD | 497,867 | NOK | 5,436,957 | (37,344 ) |
01/05/2024 | UBS | USD | 2,521,338 | NOK | 26,766,070 | (113,499 ) |
01/05/2024 | UBS | USD | 11,586,224 | SEK | 119,503,698 | (264,777 ) |
01/05/2024 | UBS | USD | 781,040 | SGD | 1,065,026 | (26,156 ) |
01/05/2024 | UBS | CNY | 38,282,939 | USD | 5,382,675 | (8,192 ) |
Subtotal UBS | (1,449,708 ) | |||||
01/05/2024 | Northern Trust | USD | 2,619,767 | SEK | 28,534,371 | (209,943 ) |
01/05/2024 | Northern Trust | USD | 712,562 | SGD | 971,596 | (23,823 ) |
Subtotal Northern Trust | (233,766 ) | |||||
01/05/2024 | JPMorgan | USD | 31,080,770 | EUR | 29,211,799 | (1,174,544 ) |
01/05/2024 | JPMorgan | CNY | 6,691,573 | JPY | 133,122,889 | (5,482 ) |
01/05/2024 | JPMorgan | CNY | 60,035,513 | JPY | 1,194,227,625 | (48,290 ) |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
7
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel International Fund (Continued)
Contract Settlement Date | Counterparty | Currency to be Received | Amount to be Received | Currency to be Delivered | Amount to be Delivered | Unrealized Appreciation (Depreciation) |
01/05/2024 | JPMorgan | USD | 3,907,296 | JPY | 555,164,870 | $(33,244 ) |
01/05/2024 | JPMorgan | USD | 14,936,021 | JPY | 2,205,209,702 | (716,476 ) |
Subtotal JPMorgan | (1,978,036 ) | |||||
Subtotal - Open Forward Currency Contracts with Unrealized Depreciation | $(3,661,510 ) | |||||
Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts | $2,687,258 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Global Fund
Number of Shares | Common Stocks—99.37% | Value ($) |
Belgium—1.93% | ||
19,943 | KBC Group NV | 1,292,784 |
Brazil—1.29% | ||
49,283 | Telefonica Brasil SA | 541,352 |
36,374 | BB Seguridade Participacoes SA | 252,626 |
18,527 | TIM SA | 68,229 |
862,207 | ||
China—4.14% | ||
20,368 | Baidu, Inc. ADR(a) | 2,425,625 |
199,831 | TravelSky Technology, Ltd. | 345,485 |
2,771,110 | ||
Denmark—1.20% | ||
29,997 | Danske Bank A/S | 801,377 |
Finland—0.15% | ||
30,562 | Nokia Corporation | 102,971 |
France—9.18% | ||
71,599 | Michelin (CGDE) | 2,565,694 |
30,916 | BNP Paribas SA | 2,136,179 |
14,525 | Sanofi | 1,439,290 |
6,141,163 | ||
Germany—3.23% | ||
29,381 | Fresenius Medical Care AG & Company KGaA | 1,231,239 |
3,828 | Deutsche Boerse AG | 788,134 |
335 | Muenchener Rueckver AG | 138,721 |
2,158,094 | ||
Hong Kong—1.66% | ||
134,500 | CLP Holdings, Ltd. | 1,110,140 |
Hungary—0.40% | ||
9,460 | Wizz Air Holdings plc(a) | 266,607 |
Italy—1.86% | ||
204,329 | Snam SpA | 1,050,024 |
33,916 | Italgas SpA | 193,947 |
1,243,971 | ||
Japan—7.44% | ||
58,400 | Bridgestone Corporation | 2,418,837 |
122,900 | Subaru Corporation | 2,254,038 |
4,200 | Secom Company, Ltd. | 302,489 |
4,975,364 | ||
Mexico—1.48% | ||
98,735 | Grupo Financiero Banorte S.A.B. de C.V. | 992,874 |
Netherlands—0.84% | ||
19,658 | Koninklijke Ahold Delhaize NV | 564,563 |
Peru—1.33% | ||
5,949 | Credicorp, Ltd. | 891,934 |
South Korea—4.64% | ||
23,268 | Samsung Electronics Company, Ltd. | 1,412,294 |
29,008 | KB Financial Group, Inc. | 1,210,266 |
7,159 | KT&G Corporation | 482,289 |
3,104,849 | ||
Spain—2.84% | ||
93,169 | Endesa SA | 1,898,683 |
See Notes to Schedules of Investments.
SLOW AND STEADY WINS THE RACE
9
Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Global Fund (Continued)
Number of Shares | Common Stocks—99.37% | Value ($) |
Switzerland—2.33% | ||
4,449 | Roche Holding AG | 1,293,360 |
2,301 | Nestle SA | 266,774 |
1,560,134 | ||
Taiwan—2.71% | ||
72,000 | Taiwan Semiconductor Manufacturing Company, Ltd. | 1,391,180 |
67,000 | Catcher Technology Company, Ltd. | 423,519 |
1,814,699 | ||
United Kingdom—6.75% | ||
114,167 | GSK plc | 2,110,374 |
402,314 | Direct Line Insurance Group plc(a) | 933,057 |
26,276 | Admiral Group plc | 898,944 |
5,736 | Reckitt Benckiser Group plc | 396,278 |
201,112 | Vodafone Group plc | 175,752 |
4,514,405 | ||
United States—43.97% | ||
25,056 | Check Point Software Technologies, Ltd.(a) | 3,828,306 |
9,327 | Microsoft Corporation | 3,507,325 |
82,499 | Verizon Communications, Inc. | 3,110,212 |
34,673 | NetApp, Inc. | 3,056,772 |
26,988 | DaVita, Inc.(a) | 2,827,263 |
51,305 | Intel Corporation | 2,578,076 |
31,035 | Gilead Sciences, Inc. | 2,514,145 |
40,691 | Bristol-Myers Squibb Company | 2,087,855 |
43,807 | Truist Financial Corporation | 1,617,354 |
17,498 | Amdocs, Ltd. | 1,537,899 |
12,273 | Philip Morris International, Inc. | 1,154,644 |
66,149 | CNH Industrial NV | 805,695 |
29,339 | Equity Commonwealth | 563,309 |
5,473 | U.S. Bancorp | 236,871 |
29,425,726 | ||
Total Common Stocks (Cost $52,600,485) | 66,493,655 |
Number of Shares | Short-Term Investments—0.63% | Value ($) |
420,633 | Northern Institutional Treasury Portfolio, 5.22%(c) | 420,633 |
Total Short-Term Investments (Cost $420,633) | 420,633 | |
Total Investments—100.00% (Cost $53,021,118) | 66,914,288 | |
Foreign Currency, Other Assets less Liabilities—0.00% | 2,658 | |
Net Assets—100.00% | 66,916,946 |
See Notes to Schedules of Investments.
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Schedules of Investments
As of December 31, 2023 (Unaudited)
Ariel Global Fund (Continued)
Open Forward Currency Contracts
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 | ||||||
01/05/2024 | UBS | CHF | 415,325 | AUD | 713,289 | $7,934 |
01/05/2024 | UBS | CNY | 1,194,663 | USD | 164,031 | 3,686 |
Subtotal UBS | 11,620 | |||||
01/05/2024 | Northern Trust | SEK | 2,459,950 | GBP | 185,007 | 8,123 |
01/05/2024 | Northern Trust | GBP | 185,007 | SEK | 2,351,272 | 2,654 |
01/05/2024 | Northern Trust | CHF | 1,203,156 | USD | 1,404,183 | 27,152 |
Subtotal Northern Trust | 37,929 | |||||
01/05/2024 | JPMorgan | CHF | 633,548 | AUD | 1,088,143 | 12,054 |
01/05/2024 | JPMorgan | CHF | 1,100,384 | CAD | 1,693,901 | 30,611 |
01/05/2024 | JPMorgan | CHF | 220,809 | CAD | 336,473 | 8,735 |
01/05/2024 | JPMorgan | SEK | 2,377,803 | EUR | 206,335 | 7,971 |
01/05/2024 | JPMorgan | GBP | 1,050,701 | USD | 1,338,180 | 1,136 |
Subtotal JPMorgan | 60,507 | |||||
Subtotal - Open Forward Currency Contracts with Unrealized Appreciation | $110,056 | |||||
Open Forward Currency Contracts with Unrealized Depreciation | ||||||
01/05/2024 | UBS | AUD | 719,638 | CHF | 415,325 | (3,607 ) |
01/05/2024 | UBS | USD | 552,897 | CHF | 495,720 | (36,837 ) |
01/05/2024 | UBS | USD | 1,291,789 | CNY | 9,385,624 | (25,844 ) |
Subtotal UBS | (66,288 ) | |||||
01/05/2024 | Northern Trust | USD | 1,342,540 | CHF | 1,203,156 | (88,795 ) |
Subtotal Northern Trust | (88,795 ) | |||||
01/05/2024 | JPMorgan | CHF | 147,206 | AUD | 259,381 | (1,663 ) |
01/05/2024 | JPMorgan | AUD | 1,351,224 | CHF | 780,754 | (7,870 ) |
01/05/2024 | JPMorgan | CAD | 2,600,917 | CHF | 1,718,761 | (81,699 ) |
01/05/2024 | JPMorgan | USD | 10,126,114 | EUR | 9,517,204 | (382,666 ) |
01/05/2024 | JPMorgan | USD | 4,861,823 | GBP | 3,957,176 | (182,342 ) |
01/05/2024 | JPMorgan | USD | 950,534 | JPY | 139,387,396 | (38,833 ) |
Subtotal JPMorgan | (695,073 ) | |||||
Subtotal - Open Forward Currency Contracts with Unrealized Depreciation | $(850,156 ) | |||||
Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts | $(740,100 ) |
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 December 31, 2023. |
A category may contain multiple industries as defined by the Global Industry Classification Standards.
See Notes to Schedules of Investments.
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11
Notes to theSchedules of Investments
As of December 31, 2023 (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 Ariel Investments, LLC (the "Adviser" or "Ariel") 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 December 31, 2023.
Securities valuation—Securities for which market quotations are readily available are valued at the closing price on the national securities exchange or market on which such securities are primarily traded and, in the case of securities reported on the Nasdaq system, at the Nasdaq Official Closing Price. If 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 Fund’s pricing agent) or (ii) securities for which reliable bid and ask quotations are available are valued at the mean between bid and ask prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices. Securities and assets for which market quotations are not readily available for any security, a fair value of such security will be determined in good faith by the Adviser, as the Board’s Valuation Designee, under procedures adopted and periodically reviewed by the Board and monitored by the Adviser’s Valuation Committee. 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. Such prices are provided by approved pricing vendors or other independent pricing sources.
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 December 31, 2023 in valuing the Funds’ investments carried at fair value:
Ariel Fund | Ariel Appreciation Fund | Ariel Focus Fund | |
Level 1 | $2,744,434,731 | $1,069,247,599 | $68,197,982 |
Level 2 | — | — | — |
Level 3 | — | — | — |
Total Investments | $2,744,434,731 | $1,069,247,599 | $68,197,982 |
Industry classifications for Ariel Fund, Ariel Appreciation Fund, and Ariel Focus Fund are included in the Schedules of Investments for the respective Fund.
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Notes to theSchedules of Investments
As of December 31, 2023 (Unaudited)
Ariel International Fund | Level 1 | Level 2* | Level 3 | Total |
Common Stocks | ||||
Communication Services | $11,807,848 | $— | $— | $11,807,848 |
Consumer Discretionary | 62,372,888 | — | — | 62,372,888 |
Consumer Staples | 22,898,289 | — | — | 22,898,289 |
Energy | 2,976,689 | — | — | 2,976,689 |
Financials | 89,971,582 | 7,207,858 | — | 97,179,440 |
Health Care | 51,095,256 | — | — | 51,095,256 |
Industrials | 13,094,757 | — | — | 13,094,757 |
Information Technology | 31,313,443 | 8,327,728 | — | 39,641,171 |
Utilities | 42,838,230 | — | — | 42,838,230 |
Total Common Stocks | $328,368,982 | $15,535,586 | $— | $343,904,568 |
Short-Term Investments | 1,338,432 | — | — | 1,338,432 |
Total Investments | $329,707,414 | $15,535,586 | $— | $345,243,000 |
Other Financial Instruments | ||||
Forward Currency Contracts^ | $— | $2,687,258 | $— | $2,687,258 |
Ariel Global Fund | Level 1 | Level 2* | Level 3 | Total |
Common Stocks | ||||
Communication Services | $5,711,589 | $609,581 | $— | $6,321,170 |
Consumer Discretionary | 7,584,054 | — | — | 7,584,054 |
Consumer Staples | 2,382,259 | 482,289 | — | 2,864,548 |
Financials | 10,728,229 | 1,462,892 | — | 12,191,121 |
Health Care | 13,503,526 | — | — | 13,503,526 |
Industrials | 1,374,791 | — | — | 1,374,791 |
Information Technology | 16,426,048 | 1,412,294 | — | 17,838,342 |
Real Estate | 563,309 | — | — | 563,309 |
Utilities | 4,252,794 | — | — | 4,252,794 |
Total Common Stocks | $62,526,599 | $3,967,056 | $— | $66,493,655 |
Short-Term Investments | 420,633 | — | — | 420,633 |
Total Investments | $62,947,232 | $3,967,056 | $— | $66,914,288 |
Other Financial Instruments | ||||
Forward Currency Contracts^ | $— | $(740,100 ) | $— | $(740,100 ) |
* | As of December 31, 2023, the Level 2 investments held were securities subject to fair valuation due to market holidays and 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 use forward currency contracts in a strategy designed to reduce tracking error versus their respective benchmarks. 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.
Securities transactions—Securities transactions are accounted for on a trade date basis.
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13
Notes to theSchedules of Investments
As of December 31, 2023 (Unaudited)
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 December 31, 2023 in securities of a company deemed to be an affiliated company of the Funds as of December 31, 2023:
Security name | Shares Held December 31, 2023 | Market Value September 30, 2023 | Purchases | Sales | Net realized gain (loss) | Change in unrealized gain (loss) | Market Value December 31, 2023 | Dividend Income |
Ariel Fund | ||||||||
Common Stocks - 5.40% | ||||||||
Consumer Discretionary - 3.51% | ||||||||
Leslie's, Inc.(a) | 13,921,537 | $64,894,736 | $11,855,841 | $— | $— | $19,447,244 | $96,197,821 | $— |
Energy - 1.89% | ||||||||
Core Laboratories, Inc. | 2,928,175 | 70,305,482 | — | — | — | (18,593,912) | 51,711,570 | 29,282 |
Total Common Stocks | $135,200,218 | $11,855,841 | $— | $— | $853,332 | $147,909,391 | $29,282 |
(a)Non-income producing.
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