|
Number of Shares
|
Common Stocks—98.67%
|
Value ($)
|
|
|
Basic Materials—3.31%
|
|
|
1,410,981
|
Scotts Miracle-Gro Company
|
96,101,916
|
|
|
Consumer Discretionary—33.54%
|
|
|
1,882,964
|
Madison Square Garden Entertainment Corporation(a)
|
152,312,958
|
|
7,772,119
|
Mattel, Inc.(a)
|
107,877,012
|
|
4,713,446
|
Norwegian Cruise Line Holdings, Ltd.(a)
|
99,500,845
|
|
4,107,827
|
Manchester United plc, Class A(a)
|
94,192,473
|
|
3,137,950
|
OneSpaWorld Holdings, Ltd.
|
88,615,708
|
|
701,877
|
Adtalem Global Education, Inc.(a)
|
87,495,987
|
|
954,294
|
Boyd Gaming Corporation
|
84,292,789
|
|
3,239,417
|
Gentex Corporation
|
81,860,068
|
|
471,750
|
Sphere Entertainment Company(a)
|
81,626,902
|
|
186,018
|
Madison Square Garden Sports Corporation(a)
|
74,749,473
|
|
2,015,316
|
Leslie’s, Inc.(a)(b)
|
20,455,457
|
|
|
|
972,979,672
|
|
|
Consumer Staples—3.59%
|
|
|
926,614
|
J.M. Smucker Company
|
104,244,075
|
|
|
Energy—2.60%
|
|
|
6,474,663
|
Core Laboratories, Inc.(b)
|
75,429,824
|
|
|
Financials—16.78%
|
|
|
2,437,639
|
Lazard, Inc., Class A
|
102,234,580
|
|
280,984
|
Affiliated Managers Group, Inc.
|
95,084,986
|
|
2,066,041
|
Carlyle Group, Inc.
|
87,000,986
|
|
513,593
|
BOK Financial Corporation
|
71,327,796
|
|
397,629
|
Northern Trust Corporation
|
69,123,825
|
|
616,755
|
RLI Corporation
|
36,431,718
|
|
2,070,647
|
GCM Grosvenor, Inc., Class A
|
25,468,958
|
|
|
|
486,672,849
|
|
|
Health Care—18.08%
|
|
|
557,758
|
Charles River Laboratories International, Inc.(a)
|
126,493,937
|
|
349,270
|
Bio-Rad Laboratories, Inc.(a)
|
102,549,165
|
|
3,384,359
|
Envista Holdings Corporation(a)
|
89,177,860
|
|
7,791,737
|
Dentsply Sirona, Inc.
|
82,670,329
|
|
1,703,532
|
Prestige Consumer Healthcare, Inc.(a)
|
80,525,958
|
|
573,665
|
Haemonetics Corporation(a)
|
43,024,875
|
|
|
|
524,442,124
|
|
|
Industrials—17.70%
|
|
|
398,818
|
Zebra Technologies Corporation, Class A(a)
|
104,992,827
|
|
858,722
|
Mohawk Industries, Inc.(a)
|
104,188,740
|
|
568,165
|
The Middleby Corporation(a)
|
97,730,062
|
|
257,900
|
Generac Holdings, Inc.(a)
|
75,515,699
|
|
1,735,535
|
Resideo Technologies, Inc.(a)
|
53,975,138
|
|
7,354,458
|
ADT, Inc.
|
47,803,977
|
|
849,123
|
Axalta Coating Systems, Ltd.(a)
|
29,056,989
|
|
|
|
513,263,432
|
|
|
Real Estate—3.07%
|
|
|
287,118
|
Jones Lang LaSalle, Inc.(a)
|
88,992,224
|
|
|
Total Common Stocks (Cost $2,034,179,300)
|
2,862,126,116
|
|
Number of Shares
|
Short-Term Investments—1.37%
|
Value ($)
|
|
39,775,237
|
Northern Institutional Treasury Portfolio, 3.51%(c)
|
39,775,237
|
|
|
Total Short-Term Investments (Cost $39,775,237)
|
39,775,237
|
|
|
|
|
|
|
Total Investments—100.04% (Cost $2,073,954,537)
|
2,901,901,353
|
|
|
Other Assets less Liabilities—(0.04)%
|
(1,191,895
)
|
|
|
Net Assets—100.00%
|
2,900,709,458
|
|
Number of Shares
|
Common Stocks—98.36%
|
Value ($)
|
|
|
Consumer Discretionary—28.39%
|
|
|
1,152,168
|
OneSpaWorld Holdings, Ltd.
|
32,537,224
|
|
395,880
|
Madison Square Garden Entertainment Corporation(a)
|
32,022,733
|
|
69,597
|
Madison Square Garden Sports Corporation(a)
|
27,966,859
|
|
1,321,822
|
Norwegian Cruise Line Holdings, Ltd.(a)
|
27,903,662
|
|
381,812
|
Omnicom Group, Inc.
|
27,807,368
|
|
984,479
|
Manchester United plc, Class A(a)
|
22,574,104
|
|
123,114
|
Sphere Entertainment Company(a)
|
21,302,415
|
|
510,862
|
Knowles Corporation(a)
|
21,190,556
|
|
769,634
|
Gentex Corporation
|
19,448,651
|
|
1,318,494
|
Mattel, Inc.(a)
|
18,300,697
|
|
36,249
|
Royal Caribbean Cruises, Ltd.
|
11,510,145
|
|
187,075
|
CarMax, Inc.(a)
|
9,894,397
|
|
|
|
272,458,811
|
|
|
Consumer Staples—2.13%
|
|
|
181,556
|
J.M. Smucker Company
|
20,425,050
|
|
|
Energy—4.36%
|
|
|
542,050
|
SLB, Ltd.
|
25,199,905
|
|
1,429,620
|
Core Laboratories, Inc.
|
16,655,073
|
|
|
|
41,854,978
|
|
|
Financials—23.71%
|
|
|
397,608
|
First American Financial Corporation
|
27,271,933
|
|
284,647
|
The Charles Schwab Corporation
|
26,264,378
|
|
397,696
|
RLI Corporation
|
23,491,903
|
|
156,226
|
BOK Financial Corporation
|
21,696,667
|
|
227,249
|
KKR & Company, Inc.
|
20,856,913
|
|
117,203
|
Northern Trust Corporation
|
20,374,569
|
|
434,354
|
Carlyle Group, Inc.
|
18,290,647
|
|
131,315
|
Houlihan Lokey, Inc.
|
17,613,281
|
|
128,095
|
Aflac, Inc.
|
15,019,139
|
|
349,203
|
Lazard, Inc., Class A
|
14,645,574
|
|
63,013
|
FactSet Research Systems, Inc.
|
14,498,031
|
|
34,565
|
The Progressive Corporation
|
7,550,724
|
|
|
|
227,573,759
|
|
|
Health Care—15.16%
|
|
|
171,201
|
Charles River Laboratories International, Inc.(a)
|
38,826,675
|
|
93,200
|
Labcorp Holdings, Inc.
|
26,096,000
|
|
924,605
|
Envista Holdings Corporation(a)
|
24,363,342
|
|
76,300
|
Bio-Rad Laboratories, Inc.(a)
|
22,402,443
|
|
405,584
|
Prestige Consumer Healthcare, Inc.(a)
|
19,171,955
|
|
195,810
|
Haemonetics Corporation(a)
|
14,685,750
|
|
|
|
145,546,165
|
|
Number of Shares
|
Common Stocks—98.36% (continued)
|
Value ($)
|
|
|
Industrials—19.22%
|
|
|
186,941
|
The Middleby Corporation(a)
|
32,155,721
|
|
320,471
|
Masco Corporation
|
26,076,725
|
|
655,517
|
Axalta Coating Systems, Ltd.(a)
|
22,431,792
|
|
129,370
|
nVent Electric plc
|
21,942,446
|
|
74,303
|
Generac Holdings, Inc.(a)
|
21,756,661
|
|
60,016
|
Keysight Technologies, Inc.(a)
|
21,009,801
|
|
29,993
|
Littelfuse, Inc.
|
13,656,713
|
|
425,352
|
Resideo Technologies, Inc.(a)
|
13,228,447
|
|
248,032
|
Fiserv, Inc.(a)
|
12,165,970
|
|
|
|
184,424,276
|
|
|
Real Estate—5.39%
|
|
|
90,278
|
Jones Lang LaSalle, Inc.(a)
|
27,981,666
|
|
176,205
|
CBRE Group, Inc., Class A(a)
|
23,733,052
|
|
|
|
51,714,718
|
|
|
Total Common Stocks (Cost $615,681,931)
|
943,997,757
|
|
Number of Shares
|
Short-Term Investments—1.54%
|
Value ($)
|
|
14,833,380
|
Northern Institutional Treasury Portfolio, 3.51%(c)
|
14,833,380
|
|
|
Total Short-Term Investments (Cost $14,833,380)
|
14,833,380
|
|
|
|
|
|
|
Total Investments—99.90% (Cost $630,515,311)
|
958,831,137
|
|
|
Other Assets less Liabilities—0.10%
|
924,780
|
|
|
Net Assets—100.00%
|
959,755,917
|
|
Number of Shares
|
Common Stocks—95.54%
|
Value ($)
|
|
|
Basic Materials—6.18%
|
|
|
108,103
|
Barrick Mining Corporation
|
3,970,623
|
|
70,266
|
Mosaic Company
|
1,488,937
|
|
|
|
5,459,560
|
|
|
Consumer Discretionary—16.40%
|
|
|
61,815
|
PHINIA, Inc.
|
5,091,702
|
|
36,441
|
Boyd Gaming Corporation
|
3,218,833
|
|
5,801
|
Madison Square Garden Sports Corporation(a)
|
2,331,074
|
|
31,842
|
BorgWarner, Inc.
|
2,114,309
|
|
21,317
|
Madison Square Garden Entertainment Corporation(a)
|
1,724,332
|
|
|
|
14,480,250
|
|
|
Consumer Staples—0.00%
|
|
|
|
Energy—11.67%
|
|
|
81,791
|
SLB, Ltd.
|
3,802,464
|
|
104,412
|
APA Corporation
|
3,400,699
|
|
18,745
|
Chevron Corporation
|
3,107,171
|
|
|
|
10,310,334
|
|
|
Financials—24.83%
|
|
|
14,306
|
Affiliated Managers Group, Inc.
|
4,841,150
|
|
34,542
|
BOK Financial Corporation
|
4,797,193
|
|
77,922
|
Bank of America Corporation
|
4,439,996
|
|
Number of Shares
|
Common Stocks—95.54% (continued)
|
Value ($)
|
|
|
Financials—24.83% (continued)
|
|
|
13,252
|
FactSet Research Systems, Inc.
|
3,049,020
|
|
35,162
|
First American Financial Corporation
|
2,411,762
|
|
10,420
|
Arthur J. Gallagher & Co.
|
2,392,119
|
|
|
|
21,931,240
|
|
|
Health Care—16.23%
|
|
|
19,642
|
Johnson & Johnson
|
4,988,479
|
|
11,397
|
Labcorp Holdings, Inc.
|
3,191,160
|
|
67,373
|
Prestige Consumer Healthcare, Inc.(a)
|
3,184,722
|
|
5,388
|
Bio-Rad Laboratories, Inc.(a)
|
1,581,970
|
|
130,338
|
Dentsply Sirona, Inc.
|
1,382,886
|
|
|
|
14,329,217
|
|
|
Industrials—18.96%
|
|
|
10,129
|
Snap-on, Inc.
|
4,075,909
|
|
28,524
|
Mohawk Industries, Inc.(a)
|
3,460,817
|
|
6,067
|
Lockheed Martin Corporation
|
3,090,894
|
|
74,529
|
Resideo Technologies, Inc.(a)
|
2,317,852
|
|
43,362
|
Fiserv, Inc.(a)
|
2,126,906
|
|
3,588
|
Generac Holdings, Inc.(a)
|
1,050,602
|
|
95,610
|
ADT, Inc.
|
621,465
|
|
|
|
16,744,445
|
|
|
Technology—1.27%
|
|
|
7,643
|
Oracle Corporation
|
1,120,082
|
|
|
Total Common Stocks (Cost $57,074,664)
|
84,375,128
|
|
Number of Shares
|
Short-Term Investments—4.43%
|
Value ($)
|
|
3,917,330
|
Northern Institutional Treasury Portfolio, 3.51%(c)
|
3,917,330
|
|
|
Total Short-Term Investments (Cost $3,917,330)
|
3,917,330
|
|
|
|
|
|
|
Total Investments—99.97% (Cost $60,991,994)
|
88,292,458
|
|
|
Other Assets less Liabilities—0.03%
|
23,492
|
|
|
Net Assets—100.00%
|
88,315,950
|
|
Number of Shares
|
Common Stocks—97.08%
|
Value ($)
|
|
|
Austria—4.44%
|
|
|
62,102
|
BAWAG Group AG
|
12,438,893
|
|
|
Belgium—2.71%
|
|
|
39,724
|
KBC Group NV
|
5,414,865
|
|
325,665
|
Proximus SADP
|
2,176,813
|
|
|
|
7,591,678
|
|
|
Canada—1.89%
|
|
|
901,755
|
Algonquin Power & Utilities Corporation
|
5,284,284
|
|
|
China—4.46%
|
|
|
601,500
|
Hongfa Technology Co., Ltd.
|
3,054,999
|
|
381,500
|
Sunny Optical Technology Group Co., Ltd.
|
2,967,225
|
|
1,300,000
|
China Mengniu Dairy Company, Ltd.
|
2,667,015
|
|
248,100
|
Shenzhen Inovance Technology Co., Ltd.
|
2,423,366
|
|
587,600
|
Pharmaron Beijing Co., Ltd.
|
1,367,322
|
|
|
|
12,479,927
|
|
Number of Shares
|
Common Stocks—97.08% (continued)
|
Value ($)
|
|
|
Denmark—2.86%
|
|
|
357,359
|
Orsted AS(a)
|
8,019,430
|
|
|
France—9.70%
|
|
|
297,066
|
Engie SA
|
9,364,808
|
|
424,773
|
Orange SA
|
8,010,630
|
|
64,788
|
Publicis Groupe SA
|
6,400,355
|
|
87,290
|
Michelin (CGDE)
|
3,366,142
|
|
|
|
27,141,935
|
|
|
Germany—13.69%
|
|
|
137,474
|
Infineon Technologies AG
|
12,828,544
|
|
50,156
|
Merck KGaA
|
8,415,716
|
|
123,876
|
Bayer AG
|
6,851,986
|
|
51,845
|
Wacker Chemie AG(a)
|
5,384,743
|
|
93,708
|
Salzgitter AG
|
4,846,023
|
|
|
|
38,327,012
|
|
|
Greece—0.92%
|
|
|
543,152
|
Eurobank SA
|
2,584,822
|
|
|
Indonesia—0.47%
|
|
|
7,435,900
|
Bank Negara Indonesia Persero Tbk PT
|
1,314,175
|
|
|
Ireland—3.36%
|
|
|
472,553
|
Bank of Ireland Group plc
|
9,408,438
|
|
|
Italy—4.23%
|
|
|
346,787
|
Lottomatica Group SpA
|
9,628,604
|
|
190,932
|
Italgas SpA
|
2,211,040
|
|
|
|
11,839,644
|
|
|
Japan—24.71%
|
|
|
91,100
|
Daikin Industries, Ltd.
|
13,830,705
|
|
68,200
|
Horiba, Ltd.
|
11,497,045
|
|
242,800
|
Daifuku Co., Ltd.
|
10,639,626
|
|
482,900
|
TDK Corporation
|
10,602,743
|
|
123,300
|
Murata Manufacturing Company, Ltd.
|
8,641,123
|
|
312,000
|
Bandai Namco Holdings, Inc.
|
7,261,035
|
|
319,500
|
Bridgestone Corporation
|
6,700,668
|
|
|
|
69,172,945
|
|
|
Netherlands—1.09%
|
|
|
76,137
|
Koninklijke Ahold Delhaize NV
|
3,063,934
|
|
|
South Korea—0.95%
|
|
|
25,812
|
KB Financial Group, Inc.
|
2,649,008
|
|
|
Spain—3.60%
|
|
|
729,080
|
Banco Santander SA
|
10,066,538
|
|
|
Switzerland—1.83%
|
|
|
12,465
|
Roche Holdings AG
|
5,134,099
|
|
|
Taiwan—3.21%
|
|
|
38,000
|
MediaTek, Inc.
|
5,063,645
|
|
52,000
|
Taiwan Semiconductor Manufacturing Company, Ltd.
|
3,933,891
|
|
|
|
8,997,536
|
|
Number of Shares
|
Common Stocks—97.08% (continued)
|
Value ($)
|
|
|
United Kingdom—12.96%
|
|
|
860,974
|
Informa plc
|
10,326,317
|
|
1,903,544
|
Marks & Spencer Group plc
|
9,392,837
|
|
1,240,333
|
Barclays plc
|
8,334,785
|
|
2,295,186
|
British Telecom Group plc
|
5,787,499
|
|
93,348
|
GSK plc
|
2,452,903
|
|
|
|
36,294,341
|
|
|
Total Common Stocks (Cost $211,165,764)
|
271,808,639
|
|
Number of Shares
|
Investment Companies—1.26%
|
Value ($)
|
|
49,450
|
Vanguard FTSE Developed Markets ETF
|
3,523,312
|
|
|
Total Investment Companies (Cost $3,419,204)
|
3,523,312
|
|
Number of Shares
|
Short-Term Investments—0.69%
|
Value ($)
|
|
1,922,597
|
Northern Institutional Treasury Portfolio, 3.51%(c)
|
1,922,597
|
|
|
Total Short-Term Investments (Cost $1,922,597)
|
1,922,597
|
|
|
|
|
|
|
Total Investments—99.03% (Cost $216,507,565)
|
277,254,548
|
|
|
Foreign Currency, Other Assets less Liabilities—0.97%
|
2,712,197
|
|
|
Net Assets—100.00%
|
279,966,745
|
|
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
|
||||||
|
07/02/2026
|
UBS
|
Australian Dollar
|
3,531,732
|
Euro
|
2,107,992
|
$36,603
|
|
09/24/2026
|
UBS
|
Australian Dollar
|
3,498,512
|
Euro
|
2,107,992
|
984
|
|
Subtotal UBS
|
|
|
|
37,587
|
||
|
07/02/2026
|
Northern Trust
|
British Pound
|
331,708
|
Japanese Yen
|
69,761,932
|
10,940
|
|
07/02/2026
|
Northern Trust
|
Euro
|
2,330,399
|
Swiss Franc
|
2,130,964
|
25,383
|
|
07/02/2026
|
Northern Trust
|
Euro
|
1,309,300
|
Japanese Yen
|
241,426,627
|
11,172
|
|
07/02/2026
|
Northern Trust
|
Euro
|
423,292
|
Swiss Franc
|
387,015
|
4,674
|
|
07/02/2026
|
Northern Trust
|
Euro
|
618,149
|
Swiss Franc
|
566,998
|
4,567
|
|
07/02/2026
|
Northern Trust
|
United States Dollar
|
1,062,554
|
Australian Dollar
|
1,501,631
|
22,900
|
|
07/02/2026
|
Northern Trust
|
United States Dollar
|
968,351
|
Australian Dollar
|
1,366,646
|
22,153
|
|
07/02/2026
|
Northern Trust
|
United States Dollar
|
625,709
|
Australian Dollar
|
885,284
|
12,783
|
|
09/24/2026
|
Northern Trust
|
Australian Dollar
|
2,203,520
|
Japanese Yen
|
245,711,443
|
1,287
|
|
09/24/2026
|
Northern Trust
|
Swedish Krona
|
41,418,880
|
Euro
|
3,741,885
|
1,385
|
|
09/24/2026
|
Northern Trust
|
Swiss Franc
|
3,762,917
|
Japanese Yen
|
758,687,964
|
3,026
|
|
09/24/2026
|
Northern Trust
|
Swiss Franc
|
8,376,392
|
Euro
|
9,126,728
|
1,131
|
|
Subtotal Northern Trust
|
|
|
|
121,401
|
||
|
07/02/2026
|
JPMorgan
|
Australian Dollar
|
1,983,720
|
Euro
|
1,183,480
|
21,184
|
|
07/02/2026
|
JPMorgan
|
British Pound
|
1,014,973
|
Japanese Yen
|
215,536,353
|
20,708
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
629,005
|
Australian Dollar
|
889,883
|
12,895
|
|
09/24/2026
|
JPMorgan
|
Australian Dollar
|
7,458,703
|
United States Dollar
|
5,147,360
|
8,628
|
|
09/24/2026
|
JPMorgan
|
Australian Dollar
|
596,461
|
Euro
|
359,282
|
293
|
|
09/24/2026
|
JPMorgan
|
British Pound
|
1,006,783
|
Japanese Yen
|
215,536,353
|
420
|
|
Subtotal JPMorgan
|
|
|
|
64,128
|
||
|
Subtotal - Open Forward Currency Contracts with Unrealized Appreciation
|
$223,116
|
|||||
|
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 Depreciation
|
||||||
|
07/02/2026
|
UBS
|
Singapore Dollar
|
3,579,905
|
Euro
|
2,428,179
|
$(7,361)
|
|
09/24/2026
|
UBS
|
Singapore Dollar
|
3,579,641
|
Euro
|
2,428,179
|
(578)
|
|
Subtotal UBS
|
|
|
|
(7,939)
|
||
|
07/02/2026
|
Northern Trust
|
Australian Dollar
|
3,832,840
|
United States Dollar
|
2,656,614
|
(2,947)
|
|
07/02/2026
|
Northern Trust
|
Australian Dollar
|
2,168,043
|
Japanese Yen
|
245,711,443
|
(10,143)
|
|
07/02/2026
|
Northern Trust
|
Japanese Yen
|
69,761,932
|
British Pound
|
326,419
|
(3,925)
|
|
07/02/2026
|
Northern Trust
|
Japanese Yen
|
241,426,627
|
Euro
|
1,312,161
|
(14,441)
|
|
07/02/2026
|
Northern Trust
|
Japanese Yen
|
192,633,039
|
Chinese Offshore Yuan
|
8,250,657
|
(30,243)
|
|
07/02/2026
|
Northern Trust
|
Japanese Yen
|
457,572,681
|
Chinese Offshore Yuan
|
19,671,746
|
(82,658)
|
|
07/02/2026
|
Northern Trust
|
Swedish Krona
|
41,292,064
|
Euro
|
3,741,885
|
(16,962)
|
|
07/02/2026
|
Northern Trust
|
Swiss Franc
|
3,756,376
|
Japanese Yen
|
758,687,964
|
(17,141)
|
|
07/02/2026
|
Northern Trust
|
Swiss Franc
|
11,511,494
|
Euro
|
12,498,568
|
(33,966)
|
|
09/24/2026
|
Northern Trust
|
Japanese Yen
|
667,758,683
|
Chinese Offshore Yuan
|
27,922,403
|
(1,645)
|
|
Subtotal Northern Trust
|
|
|
|
(214,071)
|
||
|
07/02/2026
|
JPMorgan
|
Australian Dollar
|
8,336,649
|
United States Dollar
|
5,776,365
|
(4,485)
|
|
07/02/2026
|
JPMorgan
|
Euro
|
824,198
|
Australian Dollar
|
1,372,576
|
(8,575)
|
|
Subtotal JPMorgan
|
|
|
|
(13,060)
|
||
|
Subtotal - Open Forward Currency Contracts with Unrealized Depreciation
|
$(235,070)
|
|||||
|
Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts
|
$(11,954)
|
|||||
|
Number of Shares
|
Common Stocks—97.65%
|
Value ($)
|
|
|
Austria—2.14%
|
|
|
7,333
|
BAWAG Group AG
|
1,468,784
|
|
|
China—12.61%
|
|
|
426,731
|
Hongfa Technology Co., Ltd.
|
2,167,353
|
|
57,400
|
Xiamen Faratronic Co., Ltd.
|
1,612,770
|
|
637,000
|
China Mengniu Dairy Company, Ltd.
|
1,306,837
|
|
116,300
|
Shenzhen Inovance Technology Co., Ltd.
|
1,135,983
|
|
124,700
|
Sunny Optical Technology Group Co., Ltd.
|
969,890
|
|
45,400
|
WuXi AppTec Co., Ltd.
|
832,420
|
|
272,200
|
Pharmaron Beijing Co., Ltd.
|
633,399
|
|
|
|
8,658,652
|
|
|
Denmark—1.84%
|
|
|
56,437
|
Orsted AS(a)
|
1,266,493
|
|
|
France—4.96%
|
|
|
50,386
|
Engie SA
|
1,588,385
|
|
60,760
|
Orange SA
|
1,145,849
|
|
6,802
|
Publicis Groupe SA
|
671,964
|
|
|
|
3,406,198
|
|
|
Germany—8.95%
|
|
|
17,353
|
Infineon Technologies AG
|
1,619,315
|
|
8,849
|
Merck KGaA
|
1,484,781
|
|
19,935
|
Bayer AG
|
1,102,670
|
|
9,512
|
Wacker Chemie AG(a)
|
987,938
|
|
18,352
|
Salzgitter AG
|
949,057
|
|
|
|
6,143,761
|
|
|
Greece—1.59%
|
|
|
229,478
|
Eurobank SA
|
1,092,069
|
|
|
Indonesia—0.53%
|
|
|
2,049,100
|
Bank Negara Indonesia Persero Tbk PT
|
362,145
|
|
|
Ireland—1.97%
|
|
|
68,010
|
Bank of Ireland Group plc
|
1,354,066
|
|
|
Italy—2.02%
|
|
|
49,929
|
Lottomatica Group SpA
|
1,386,288
|
|
|
Japan—15.69%
|
|
|
18,100
|
Daikin Industries, Ltd.
|
2,747,923
|
|
48,000
|
Daifuku Co., Ltd.
|
2,103,386
|
|
10,700
|
Horiba, Ltd.
|
1,803,788
|
|
60,200
|
TDK Corporation
|
1,321,775
|
|
18,600
|
Murata Manufacturing Company, Ltd.
|
1,303,527
|
|
42,000
|
Bandai Namco Holdings, Inc.
|
977,447
|
|
24,600
|
Bridgestone Corporation
|
515,920
|
|
|
|
10,773,766
|
|
|
South Korea—1.57%
|
|
|
629
|
SK Hynix, Inc.
|
1,075,873
|
|
|
Spain—1.62%
|
|
|
80,857
|
Banco Santander SA
|
1,116,407
|
|
|
Taiwan—6.11%
|
|
|
29,000
|
Taiwan Semiconductor Manufacturing Company, Ltd.
|
2,193,901
|
|
10,000
|
MediaTek, Inc.
|
1,332,538
|
|
16,000
|
Airtac International Group
|
670,507
|
|
|
|
4,196,946
|
|
Number of Shares
|
Common Stocks—97.65% (continued)
|
Value ($)
|
|
|
United Kingdom—7.78%
|
|
|
340,508
|
Marks & Spencer Group plc
|
1,680,201
|
|
122,716
|
Informa plc
|
1,471,827
|
|
176,856
|
Barclays plc
|
1,188,436
|
|
396,736
|
British Telecom Group plc
|
1,000,402
|
|
|
|
5,340,866
|
|
|
United States—28.27%
|
|
|
22,180
|
CVS Health Corporation
|
2,294,521
|
|
15,148
|
Intel Corporation(a)
|
2,115,115
|
|
19,261
|
Walt Disney Company
|
1,853,872
|
|
38,708
|
PPL Corporation
|
1,407,036
|
|
22,125
|
Bristol-Myers Squibb Company
|
1,274,842
|
|
5,402
|
First Solar, Inc.(a)
|
1,274,656
|
|
5,355
|
M&T Bank Corporation
|
1,274,544
|
|
55,776
|
AT&T, Inc.
|
1,154,563
|
|
23,031
|
Hewlett Packard Enterprise Company
|
1,038,928
|
|
23,626
|
Dynatrace, Inc.(a)
|
1,037,418
|
|
17,066
|
Fifth Third Bancorp
|
962,011
|
|
2,879
|
FedEx Corporation
|
901,501
|
|
5,700
|
Gilead Sciences, Inc.
|
720,138
|
|
14,342
|
CenterPoint Energy, Inc.
|
631,621
|
|
11,039
|
Bank of America Corporation
|
629,002
|
|
3,105
|
Capital One Financial Corporation
|
622,925
|
|
1,438
|
Fedex Freight Holding Co., Inc.(a)
|
217,138
|
|
|
|
19,409,831
|
|
|
Total Common Stocks (Cost $53,191,912)
|
67,052,145
|
|
Number of Shares
|
Investment Companies—0.89%
|
Value ($)
|
|
3,885
|
Vanguard Total World Stock ETF
|
609,751
|
|
|
Total Investment Companies (Cost $598,307)
|
609,751
|
|
Number of Shares
|
Short-Term Investments—0.28%
|
Value ($)
|
|
192,424
|
Northern Institutional Treasury Portfolio, 3.51%(c)
|
192,424
|
|
|
Total Short-Term Investments (Cost $192,424)
|
192,424
|
|
|
|
|
|
|
Total Investments—98.82% (Cost $53,982,643)
|
67,854,320
|
|
|
Foreign Currency, Other Assets less Liabilities—1.18%
|
808,244
|
|
|
Net Assets—100.00%
|
68,662,564
|
|
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
|
||||||
|
07/02/2026
|
Northern Trust
|
Australian Dollar
|
42,070
|
Japanese Yen
|
4,628,765
|
$659
|
|
07/02/2026
|
Northern Trust
|
Swedish Krona
|
3,546,617
|
Japanese Yen
|
59,275,669
|
1,208
|
|
07/02/2026
|
Northern Trust
|
United States Dollar
|
1,497,548
|
Chinese Offshore Yuan
|
10,139,012
|
4,486
|
|
09/24/2026
|
Northern Trust
|
Australian Dollar
|
41,510
|
Japanese Yen
|
4,628,765
|
24
|
|
09/24/2026
|
Northern Trust
|
Canadian Dollar
|
1,026,808
|
Chinese Offshore Yuan
|
4,899,095
|
857
|
|
09/24/2026
|
Northern Trust
|
Swedish Krona
|
3,545,938
|
Japanese Yen
|
59,275,669
|
338
|
|
Subtotal Northern Trust
|
|
|
|
7,572
|
||
|
07/02/2026
|
JPMorgan
|
Euro
|
910,151
|
Japanese Yen
|
167,867,476
|
7,512
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
8,391,553
|
Euro
|
7,221,007
|
140,830
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
2,302,125
|
Japanese Yen
|
360,249,589
|
86,500
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
3,330,188
|
Japanese Yen
|
528,526,027
|
79,620
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
1,089,890
|
British Pound
|
798,940
|
30,136
|
|
09/24/2026
|
JPMorgan
|
Canadian Dollar
|
429,848
|
British Pound
|
229,187
|
267
|
|
Subtotal JPMorgan
|
|
|
|
344,865
|
||
|
Subtotal - Open Forward Currency Contracts with Unrealized Appreciation
|
$352,437
|
|||||
|
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 Depreciation
|
||||||
|
07/02/2026
|
Northern Trust
|
Canadian Dollar
|
361,677
|
Chinese Offshore Yuan
|
1,794,594
|
$(9,254)
|
|
07/02/2026
|
Northern Trust
|
Canadian Dollar
|
630,271
|
Chinese Offshore Yuan
|
3,104,501
|
(12,765)
|
|
07/02/2026
|
Northern Trust
|
United States Dollar
|
2,344,914
|
Chinese Offshore Yuan
|
15,947,547
|
(3,508)
|
|
09/24/2026
|
Northern Trust
|
United States Dollar
|
3,862,175
|
Chinese Offshore Yuan
|
26,086,559
|
(3,536)
|
|
Subtotal Northern Trust
|
|
|
|
(29,063)
|
||
|
07/02/2026
|
JPMorgan
|
British Pound
|
257,205
|
United States Dollar
|
341,653
|
(484)
|
|
07/02/2026
|
JPMorgan
|
Canadian Dollar
|
420,664
|
British Pound
|
229,187
|
(7,397)
|
|
07/02/2026
|
JPMorgan
|
Japanese Yen
|
167,867,476
|
Euro
|
909,133
|
(6,348)
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
1,985,784
|
British Pound
|
1,498,455
|
(1,842)
|
|
07/02/2026
|
JPMorgan
|
United States Dollar
|
1,976,505
|
Euro
|
1,737,750
|
(9,048)
|
|
09/24/2026
|
JPMorgan
|
United States Dollar
|
2,703,227
|
British Pound
|
2,040,190
|
(3,004)
|
|
09/24/2026
|
JPMorgan
|
United States Dollar
|
5,502,052
|
Japanese Yen
|
888,775,616
|
(3,049)
|
|
09/24/2026
|
JPMorgan
|
United States Dollar
|
10,260,856
|
Euro
|
8,958,757
|
(13,013)
|
|
Subtotal JPMorgan
|
|
|
|
(44,185)
|
||
|
Subtotal - Open Forward Currency Contracts with Unrealized Depreciation
|
$(73,248)
|
|||||
|
Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts
|
$279,189
|
|||||
|
(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, 2026.
|
|
|
Ariel Fund
|
Ariel Appreciation
Fund
|
Ariel Focus Fund
|
|
Level 1
|
$2,901,901,353
|
$958,831,137
|
$88,292,458
|
|
Level 2
|
—
|
—
|
—
|
|
Level 3
|
—
|
—
|
—
|
|
Total Investments
|
$2,901,901,353
|
$958,831,137
|
$88,292,458
|
|
Ariel International Fund
|
Level 1
|
Level 2*
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Communication Services
|
$32,701,614
|
$—
|
$—
|
$32,701,614
|
|
Consumer Discretionary
|
26,956,449
|
—
|
—
|
26,956,449
|
|
Consumer Staples
|
15,123,786
|
—
|
—
|
15,123,786
|
|
Financials
|
52,211,524
|
—
|
—
|
52,211,524
|
|
Health Care
|
24,222,026
|
—
|
—
|
24,222,026
|
|
Industrials
|
29,948,696
|
—
|
—
|
29,948,696
|
|
Information Technology
|
55,534,216
|
—
|
—
|
55,534,216
|
|
Materials & Processing
|
10,230,766
|
—
|
—
|
10,230,766
|
|
Utilities
|
24,879,562
|
—
|
—
|
24,879,562
|
|
Total Common Stocks
|
$271,808,639
|
$—
|
$—
|
$271,808,639
|
|
Investment Companies
|
3,523,312
|
—
|
—
|
3,523,312
|
|
Short-Term Investments
|
1,922,597
|
—
|
—
|
1,922,597
|
|
Total Investments
|
$277,254,548
|
$—
|
$—
|
$277,254,548
|
|
Other Financial Instruments
|
|
|
|
|
|
Forward Currency Contracts^
|
$—
|
$(11,954
)
|
$—
|
$(11,954
)
|
|
Ariel Global Fund
|
Level 1
|
Level 2*
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Communication Services
|
$7,298,477
|
$—
|
$—
|
$7,298,477
|
|
Consumer Discretionary
|
2,879,655
|
—
|
—
|
2,879,655
|
|
Consumer Staples
|
2,987,038
|
—
|
—
|
2,987,038
|
|
Financials
|
10,070,389
|
—
|
—
|
10,070,389
|
|
Health Care
|
8,342,771
|
—
|
—
|
8,342,771
|
|
Industrials
|
9,943,791
|
—
|
—
|
9,943,791
|
|
Information Technology
|
18,699,494
|
—
|
—
|
18,699,494
|
|
Materials & Processing
|
1,936,995
|
—
|
—
|
1,936,995
|
|
Utilities
|
4,893,535
|
—
|
—
|
4,893,535
|
|
Total Common Stocks
|
$67,052,145
|
$—
|
$—
|
$67,052,145
|
|
Investment Companies
|
609,751
|
—
|
—
|
609,751
|
|
Short-Term Investments
|
192,424
|
—
|
—
|
192,424
|
|
Total Investments
|
$67,854,320
|
$—
|
$—
|
$67,854,320
|
|
Other Financial Instruments
|
|
|
|
|
|
Forward Currency Contracts^
|
$—
|
$279,189
|
$—
|
$279,189
|
|
*
|
As of June 30, 2026, 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.
|
|
Security name
|
Shares Held
June 30, 2026
|
Market Value
September 30,
2025
|
Purchases
|
Sales
|
Net
realized
gain (loss)
|
Change in
unrealized
gain (loss)
|
Market Value
June 30, 2026
|
Dividend
Income
|
|
Ariel Fund
|
|
|
|
|
|
|
|
|
|
Common Stocks - 3.31%
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary - 0.71%
|
|
|
|
|
|
|
|
|
|
Leslie’s, Inc.(a)
|
2,015,316
|
$12,324,480
|
$91,883
|
$2,800,233
|
$(44,394,538
)
|
$55,233,865
|
$20,455,457
|
—
|
|
Energy - 2.60%
|
|
|
|
|
|
|
|
|
|
Core Laboratories, Inc.
|
6,474,663
|
80,573,320
|
15,515,573
|
21,755,567
|
(7,659,439
)
|
8,755,937
|
75,429,824
|
173,258
|
|
Total Common Stocks
|
|
$92,897,800
|
$15,607,456
|
$24,555,800
|
$(52,053,977
)
|
$63,989,802
|
$95,885,281
|
$173,258
|
|
(a)
|
Non-income producing.
|