# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0001193125-26-024870
**Filing Date:** 2026-1
**Character Count:** 713990
**Document Hash:** 0eb50483ce9bc9f32de968fc2e4d505e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-024870.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001193125-26-024870

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 96

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIEL INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000798365

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04786
- **FILM NUMBER:** 26567055

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 312-581-6750

**MAIL ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIEL GROWTH FUND
- **DATE OF NAME CHANGE:** 19931130
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIEL INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000798365

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-07699
- **FILM NUMBER:** 26567054

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** 312-581-6750

**MAIL ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIEL GROWTH FUND
- **DATE OF NAME CHANGE:** 19931130

## Series and Classes Contracts Data

### Ariel Fund (Series ID: S000005024)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013706 | Investor Class      | ARGFX           |
| C000108536 | Institutional Class | ARAIX           |

### Ariel Appreciation Fund (Series ID: S000005025)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013707 | Investor Class      | CAAPX           |
| C000108537 | Institutional Class | CAAIX           |

### Ariel Focus Fund (Series ID: S000005026)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013708 | Investor Class      | ARFFX           |
| C000108538 | Institutional Class | AFOYX           |

### Ariel International Fund (Series ID: S000035291)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108545 | Investor Class      | AINTX           |
| C000108546 | Institutional Class | AINIX           |

### Ariel Global Fund (Series ID: S000035292)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108547 | Investor Class      | AGLOX           |
| C000108548 | Institutional Class | AGLYX           |

?xml version='1.0' encoding='ASCII'? Ariel Investment Trust

------

#### As filed with the Securities and Exchange Commission on January 27, 2026

#### 1933 Act Registration File No. 33-7699

#### 1940 Act File No. 811-4786

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-1A

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| **THE SECURITIES ACT OF 1933, AS AMENDED** |  |
| **REGISTRATION NO. 33-7699** | ☒ |
| **Post-Effective Amendment No. 74** | ☒ |

---

#### and

### REGISTRATION STATEMENT

#### UNDER

#### THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED

---

| | |
|:---|:---|
| **REGISTRATION NO. 811-4786** | ☒ |
| **Amendment No. 74** | ☒ |

---

## ARIEL INVESTMENT TRUST

#### (Registrant Exact Name as Specified in Charter)

#### 200 East Randolph Street, Suite 2900,

#### Chicago, Illinois 60601

#### (Address of Principal Executive Offices) (Number, City Street, Zip Code)

#### Registrant's Telephone Number, including Area Code: (312) 726-0410

---

| | | |
|:---|:---|:---|
| **Agent for Service:** | **With copies to:** |  |
| **Paulita Pike, Esq.**<br> **Ropes & Gray, LLP**<br> **191 North Wacker Drive**<br> **Chicago, IL 60606**<br> (312) 845-1212 | **Emma L. Rodriguez-Ayala, Esq.**<br> **Ariel Investment Trust**<br> **200 East Randolph Street, Suite 2900**<br> **Chicago, IL 60601**<br> (312) 726-0140 | **Tanya S. Tancheff**<br> **The Northern Trust Company**<br> **333 South Wabash Avenue**<br> **Chicago, IL 60604**<br> (312) 557-3361 |

---

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b) of Rule 485

☒ on February 1, 2026, pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ on (date) pursuant to paragraph (a)(1) of Rule 485

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

☐ on (date) pursuant to paragraph (a)(2) of Rule 485

Title of Securities Being Registered: Shares of Beneficial Interest of:

Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund

------

![LOGO](g59093g56l76.jpg)

![LOGO](g59093newg94s51.jpg)

![LOGO](g59093g77j36.jpg)

Ariel Fund

Investor Class ARGFX

Institutional Class ARAIX

Ariel Appreciation Fund

Investor Class CAAPX

Institutional Class CAAIX

Ariel Focus Fund

Investor Class ARFFX

Institutional Class AFOYX

Ariel International Fund

Investor Class AINTX

Institutional Class AINIX

Ariel Global Fund

Investor Class AGLOX

Institutional Class AGLYX

The Securities and Exchange Commission has not approved or disapproved the shares of the Funds, nor has it passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

The Funds' annual reports, semi-annual reports and other required portfolio information are available on our website, arielinvestments.com.

![LOGO](g59093g40w40.jpg)

------

![LOGO](g59093g43k01.jpg)

------

![LOGO](g59093g83l19.jpg)

## Contents

---

| | |
|:---|:---|
| **Fund Summaries** |  |
| [Ariel Fund](#toc59093_1) | 4 |
| [Ariel Appreciation Fund](#toc59093_2) | 7 |
| [Ariel Focus Fund](#toc59093_3) | 10 |
| [Ariel International Fund](#toc59093_4) | 13 |
| [Ariel Global Fund](#toc59093_5) | 17 |
| **[Patient Investment Philosophy](#toc59093_6)** | 22 |
| **[Management of the Funds](#toc59093_7)** | 30 |
| **[Managing Your Account](#toc59093_8)** | 32 |
| **[Financial Highlights](#toc59093_9)** | 42 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Ariel Fund**<br>| ![LOGO](g59093new02x29.jpg) |

---

INVESTMENT OBJECTIVE

Ariel Fund's fundamental objective is long-term capital appreciation.

FEES AND EXPENSES OF THE FUND

The table below describes fees and expenses you may pay if you buy, hold and sell shares of Ariel Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) |
|  | Investor Class | Investor Class | Institutional Class | Institutional Class |
| **Maximum sales charge (load) imposed on purchases** |  | **None** |  | **None** |
| **Maximum deferred sales charge (load)** |  | **None** |  | **None** |
| **Maximum sales charge (load) imposed on reinvested dividends** |  | **None** |  | **None** |
| **Redemption fees** |  | **None** |  | **None** |

---

---

| | | |
|:---|:---|:---|
| Annual fund operating expenses (expenses that you pay each year<br>as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each year<br>as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each year<br>as a percentage of the value of your investment) |
|  | Investor Class | Institutional Class |
| **Management fees** | **0.58%** | **0.58%** |
| **Distribution and service (12b-1) fees** | **0.25%** |  |
| **Other expenses** | **0.18%** | **0.12%** |
| **Total annual fund operating expenses** | **1.01%** | **0.70%** |

---

The example below illustrates the expenses you would pay on a $10,000 investment in the Fund. It assumes the Fund earned an annual return of 5% each year, the Fund's operating expenses remain the same, and you redeem your shares at the end of each time period. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Your actual expenses may be greater or less than the amounts shown.

---

| | | |
|:---|:---|:---|
| Expense example | Expense example | Expense example |
|  | Investor Class | Institutional Class |
| **1-Year** | **$103** | **$72** |
| **3-Year** | **$322** | **$224** |
| **5-Year** | **$558** | **$390** |
| **10-Year** | **$1236** | **$871** |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

The Fund invests in small-and mid-capitalization ("small/mid cap") undervalued companies that show strong potential for growth. It invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell 2500<sup>TM</sup> Index, measured at the time of initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell 2500<sup>TM</sup> Index ranged from $6 million to $37.26 billion (Source: FactSet). The Fund may invest a portion of the portfolio outside (above or below) this market capitalization range. Also, the market capitalizations for the Fund's portfolio companies may change over time, and it is permitted to invest in (hold and purchase) a company even if its market capitalization moves outside the stated range.

The Fund's strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC ("Ariel" or the "Adviser"), which depends on four interrelated tenets: Active Patience<sup>®</sup>, Independent Thinking, Focused Expertise, and Bold Teamwork.

Active Patience. We generally seek to own differentiated companies with certain characteristics, such as strong cash flows, low debt, quality products or services, significant barriers to entry, predictable fundamentals that allow for the potential for double-digit earnings growth (at time of initial purchase), and low reinvestment requirements. We take a long-term view, and look past short-term price volatility, seeking to hold investments for a relatively long period of time—generally three to five years. However, the holding period may vary for any particular stock. Our long-term approach enables the Fund's investment team to research a company and wait as long as necessary for a stock to reach a price we view as undervalued relative to our internally generated estimate of its intrinsic worth ("private market value").

Independent Thinking. We make opportunistic purchases when we see value in companies that are temporarily out of favor, misunderstood or ignored—trading at a low valuation

4 SLOW AND STEADY WINS THE RACE

------

![LOGO](g59093g80a27.jpg)

relative to potential earnings and/or at a discount to the team's estimate of intrinsic worth. We perform our own original proprietary research that often leads us to buy when others are selling and to sell when others are buying. The primary reasons a stock will be sold are: (i) if its valuation reaches Ariel's determination of its private market value, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals. In addition, the Adviser has adopted procedures to sell stocks it views as substantially outside the Fund's small/mid cap range.

Focused Expertise. We seek to invest within our circle of competence, allowing us to build expertise and accumulate deep knowledge in specific sectors, to isolate key issues of importance, and to have strong convictions in the stocks purchased and held. This often results in the Fund investing in fewer sectors than its respective benchmark. The Fund is a diversified fund that generally will hold between 25-45 securities in its portfolio. We also integrate sustainability considerations, including our proprietary Business Resilience Risk Ratings, as part of the broader review of material risks and opportunities for a given investment.

Bold Teamwork. No one person is sufficient to our shareholders' success. Different approaches and opinions allow our domestic research team to constantly learn, improve and aspire to exceed expectations. Our investment professionals seek to leverage their contacts and knowledge, while also striving to work collaboratively with a shared commitment to excellence.

PRINCIPAL RISKS

Although Ariel makes every effort to achieve the Fund's objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective. You could lose money by investing in the Fund. The principal risks of investing in the Fund are:

---

| | |
|:---|:---|
| <sub>•</sub> | Small/mid cap stocks held by the Fund could fall out of favor and returns would subsequently trail returns of the overall stock market. The performance of such stocks could also be more volatile. Small/mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. |

---

<sub>•</sub> The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

<sub>•</sub> The Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market.

---

| | |
|:---|:---|
| <sub>•</sub> | Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value. |

---

You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.

PERFORMANCE

The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund's Investor Class annual total returns over time by showing changes in the Fund's Investor Class performance from year to year. The table shows the Fund's average annual total returns for certain time periods compared to the returns of the Russell 2500<sup>TM</sup> Value Index and the Russell 2000<sup>®</sup> Value Index, which reflect the markets in which the Fund invests. The S&P 500<sup>®</sup> Index is presented as a broad measure of market performance. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund's website at arielinvestments.com or call 800.292.7435. The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance.

Total return for the year ended December 31

![LOGO](g59093g07v07.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 4Q 20 | +31.56% |
| Worst Quarter: | 1Q 20 | -35.14% |

---

SLOW AND STEADY WINS THE RACE 5

------

![LOGO](g59093g80a27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 |
|  | 1-Year | 5-Year | 10-Year | Since Inception<br> 11/6/86<sup>1</sup>  |
| Investor Class return before taxes | 14.15% | 9.36% | 9.51% | 10.78% |
| Investor Class return after taxes on distributions | 11.26% | 7.54% | 7.76% | 9.23% |
| Investor Class return after taxes on distributions and sale of fund shares | 10.41% | 7.15% | 7.37% | 9.00% |
| Institutional Class return before taxes<sup>1</sup> | 14.49% | 9.70% | 9.84% | 10.91% |
| Russell 2500<sup>TM</sup> Value Index (reflects no deductions for fees, expenses or taxes) | 12.73% | 10.02% | 9.72% | 10.66% |
| Russell 2000<sup>®</sup> Value Index (reflects no deductions for fees, expenses or taxes) | 12.59% | 8.88% | 9.27% | 9.96% |
| S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.24% |

---

<sup>1</sup>The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments.

After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary.

INVESTMENT ADVISER

Ariel Investments, LLC is the investment adviser to the Fund.

PORTFOLIO MANAGERS

**John W. Rogers, Jr.**, Lead Portfolio Manager since inception in 1986.

**Kenneth E. Kuhrt**, CPA, Portfolio Manager since 2011.

For important information about the purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please turn to page 21 of this Prospectus.

6 SLOW AND STEADY WINS THE RACE

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Ariel Appreciation Fund**<br>| ![LOGO](g59093new02x29.jpg) |

---

INVESTMENT OBJECTIVE

Ariel Appreciation Fund's fundamental objective is long-term capital appreciation.

FEES AND EXPENSES OF THE FUND

The table below describes fees and expenses you may pay if you buy, hold and sell shares of Ariel Appreciation Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) |
|  | Investor Class | Investor Class | Institutional Class | Institutional Class |
| **Maximum sales charge (load) imposed on purchases** |  | **None** |  | **None** |
| **Maximum deferred sales charge (load)** |  | **None** |  | **None** |
| **Maximum sales charge (load) imposed on reinvested dividends** |  | **None** |  | **None** |
| **Redemption fees** |  | **None** |  | **None** |

---

---

| | | |
|:---|:---|:---|
| Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) |
|  | Investor Class | Institutional Class |
| **Management fees** | **0.73%** | **0.73%** |
| **Distribution and service (12b-1) fees** | **0.25%** |  |
| **Other expenses** | **0.17%** | **0.11%** |
| **Total annual fund operating expenses** | **1.15%** | **0.84%** |

---

The example below illustrates the expenses you would pay on a $10,000 investment in the Fund. It assumes the Fund earned an annual return of 5% each year, the Fund's operating expenses remain the same, and you redeem your shares at the end of each time period. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Your actual expenses may be greater or less than the amounts shown.

---

| | | |
|:---|:---|:---|
| Expense example | Expense example | Expense example |
|  | Investor Class | Institutional Class |
| **1-Year** | **$117** | **$86** |
| **3-Year** | **$365** | **$268** |
| **5-Year** | **$633** | **$466** |
| **10-Year** | **$1398** | **$1037** |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

The Fund invests in mid-capitalization ("mid cap") undervalued companies that show strong potential for growth. It invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell Midcap<sup>®</sup> Index, measured at the time of initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell Midcap Index<sup>®</sup> ranged from $1.31 billion to $101.70 billion (Source: FactSet).The Fund may invest a portion of the portfolio outside (above or below) this market capitalization range. Also, the market capitalizations for the Fund's portfolio companies may change over time, and the Fund is permitted to invest in (hold and purchase) a company even if its market capitalization moves outside the stated range.

The Fund's strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC ("Ariel" or the "Adviser"), which depends on four interrelated tenets: Active Patience<sup>®</sup>, Independent Thinking, Focused Expertise, and Bold Teamwork.

Active Patience. We generally seek to own differentiated companies with certain characteristics, such as strong cash flows, low debt, quality products or services, significant barriers to entry, predictable fundamentals that allow for the potential for double-digit earnings growth (at time of initial purchase), and low reinvestment requirements. We take a long-term view, and look past short-term price volatility, seeking to hold investments for a relatively long period of time—generally three to five years. However, the holding period may vary for any particular stock. Our long-term approach enables the Fund's investment team to research a company and wait as long as necessary for a stock to reach a price we view as undervalued relative to our internally generated estimate of its intrinsic worth ("private market value").

SLOW AND STEADY WINS THE RACE 7

------

![LOGO](g59093g80a27.jpg)

Independent Thinking. We make opportunistic purchases when we see value in companies that are temporarily out of favor, misunderstood or ignored—trading at a low valuation relative to potential earnings and/or at a discount to the team's estimate of intrinsic worth. We perform our own original proprietary research that often leads us to buy when others are selling and to sell when others are buying. The primary reasons a stock will be sold are: (i) if its valuation reaches our determination of its private market value, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals. In addition, the Adviser has adopted procedures to sell stocks that it views as substantially outside the Fund's mid cap range.

Focused Expertise. We seek to invest within our circle of competence, allowing us to build expertise and accumulate deep knowledge in specific sectors, to isolate key issues of importance, and to have strong convictions in the stocks purchased and held. This often results in the Fund investing in fewer sectors than its respective benchmark. The Fund is a diversified fund that generally will hold between 25-45 securities in its portfolio. We also integrate sustainability considerations, including our proprietary Business Resilience Risk Ratings, as part of the broader review of material risks and opportunities for a given investment.

Bold Teamwork. No one person is sufficient to our shareholders' success. Different approaches and opinions allow our domestic research team to constantly learn, improve and aspire to exceed expectations. Our investment professionals seek to leverage their contacts and knowledge, while also striving to work collaboratively with a shared commitment to excellence.

PRINCIPAL RISKS

Although Ariel makes every effort to achieve the Fund's objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective. You could lose money by investing in the Fund. The principal risks of investing in the Fund are:

---

| | |
|:---|:---|
| <sub>•</sub> | Mid cap stocks held by the Fund could fall out of favor and returns would subsequently trail returns of the overall stock market. The performance of such stocks could also be more volatile. Mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. |

---

<sub>•</sub> The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

<sub>•</sub> The Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market.

---

| | |
|:---|:---|
| <sub>•</sub> | Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value. |

---

You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.

PERFORMANCE

The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund's Investor Class annual total returns over time by showing changes in the Fund's Investor Class performance from year to year. The table shows the Fund's average annual total returns for certain time periods compared to the returns of the Russell Midcap<sup>®</sup> Value Index and the Russell Midcap<sup>®</sup> Index, which reflect the markets in which the Fund invests, and the S&P 500<sup>®</sup> Index, a broad measure of market performance. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund's website at arielinvestments.com or call 800.292.7435. The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance.

Total return for the year ended December 31

![LOGO](g59093g10n10.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 4Q 20 | +23.57% |
| Worst Quarter: | 1Q 20 | -31.43% |

---

8 SLOW AND STEADY WINS THE RACE

------

![LOGO](g59093g80a27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 |
|  | 1-Year | 5-Year | 10-Year | Since Inception<br>12/1/1989<sup>1</sup> |
| Investor Class return before taxes | 11.11% | 7.57% | 7.95% | 9.91% |
| Investor Class return after taxes on distributions | 8.00% | 5.17% | 5.66% | 8.27% |
| Investor Class return after taxes on distributions and sale of fund shares | 8.64% | 5.66% | 5.97% | 8.23% |
| Institutional Class return before taxes<sup>1</sup> | 11.49% | 7.90% | 8.28% | 10.04% |
| Russell Midcap<sup>®</sup> Value Index (reflects no deductions for fees, expenses or taxes) | 11.05% | 9.83% | 9.78% | 10.87% |
| Russell Midcap<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 10.60% | 8.67% | 11.01% | 11.09% |
| S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.80% |

---

<sup>1</sup>The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments.

After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary.

INVESTMENT ADVISER

Ariel Investments, LLC is the investment adviser to the Fund.

PORTFOLIO MANAGERS

**Timothy Fidler**, CFA, Co-Portfolio Manager since 2011, Portfolio Manager from 2009–2011.

**Kenneth E. Kuhrt**, CPA, Co-Portfolio Manager since 2025.

For important information about the purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please turn to page 21 of this Prospectus.

SLOW AND STEADY WINS THE RACE 9

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Ariel Focus Fund**<br>| ![LOGO](g59093new02x29.jpg) |

---

INVESTMENT OBJECTIVE

Ariel Focus Fund's fundamental objective is long-term capital appreciation.

FEES AND EXPENSES OF THE FUND

The table below describes fees and expenses you may pay if you buy, hold and sell shares of Ariel Focus Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) |
|  | Investor Class | Investor Class | Institutional Class | Institutional Class |
| **Maximum sales charge (load) imposed on purchases** |  | **None** |  | **None** |
| **Maximum deferred sales charge (load)** |  | **None** |  | **None** |
| **Maximum sales charge (load) imposed on reinvested dividends** |  | **None** |  | **None** |
| **Redemption fees** |  | **None** |  | **None** |

---

---

| | | |
|:---|:---|:---|
| Annual fund operating expenses (expenses that you pay<br>each year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay<br>each year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay<br>each year as a percentage of the value of your investment) |
|  | Investor Class | Institutional Class |
| **Management fees** | **0.65%** | **0.65%** |
| **Distribution and service (12b-1) fees** | **0.25%** |  |
| **Other expenses** | **0.29%** | **0.24%** |
| **Total annual fund operating expenses** | **1.19%** | **0.89%** |
| **Less fee waiver or expense reimbursement** | **-0.19%** | **-0.14%** |
| **Total annual fund operating expenses after fee waiver and/or expense reimbursement<sup>1</sup>** | **1.00%** | **0.75%** |

---

<sup>1</sup>Ariel Investments, LLC ("Ariel" or the "Adviser") has contractually agreed to waive fees or reimburse expenses (excluding acquired fund fees and expenses, brokerage commissions, interest, taxes, distribution plan expenses, and extraordinary items) in order to limit the Fund's total annual fund operating expenses to 1.00% of net assets for the Investor Class and 0.75% of net assets for the Institutional Class through January 31, 2027. No termination of this agreement by either the Fund's Board of Trustees or the Adviser may be effective until, at the earliest, February 1, 2027.

The example below illustrates the expenses you would pay on a $10,000 investment in the Fund. It assumes the Fund earned an annual return of 5% each year, the Fund's operating expenses remain the same, and you redeem your shares at the end of each time period, except that the example reflects contractual fee waivers and expense reimbursements for each share class through January 31, 2027. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Your actual expenses may be greater or less than the amounts shown.

---

| | | |
|:---|:---|:---|
| Expense example | Expense example | Expense example |
|  | Investor Class | Institutional Class |
| **1-Year** | **$102** | **$77** |
| **3-Years** | **$359** | **$270** |
| **5-Years** | **$636** | **$479** |
| **10-Years** | **$1426** | **$1083** |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

The Fund invests primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations.

The Fund's strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC, which depends on four interrelated tenets: Active Patience<sup>®</sup>, Independent Thinking, Focused Expertise, and Bold Teamwork.

Active Patience. We generally seek to own differentiated companies with certain characteristics, such as strong cash flows, low debt, quality products or services, significant barriers to entry, predictable fundamentals that allow for the potential for double-digit earnings growth (at time of initial purchase), and low reinvestment requirements. We take a long-term view, and look past short-term price volatility, seeking to hold investments for a relatively long period of time—generally three to five years. However, the holding period may vary for any particular stock. Our long-term approach enables the Fund's investment team to research a company and wait as long as necessary for a stock to reach a price we view as undervalued relative to our internally generated estimate of its intrinsic worth ("private market value").

Independent Thinking. We make opportunistic purchases when we see value in companies that are temporarily out of favor, misunderstood or ignored—trading at a low valuation relative to potential earnings and/or at a discount to the team's estimate of intrinsic worth. We perform our own original proprietary research that often leads us to buy when others are

10 SLOW AND STEADY WINS THE RACE

------

![LOGO](g59093g80a27.jpg)

selling and to sell when others are buying. The primary reasons a stock will be sold are: (i) if its valuation reaches our determination of its private market value, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals.

Focused Expertise. We seek to invest within our circle of competence, allowing us to build expertise and accumulate deep knowledge in specific sectors, to isolate key issues of importance, and to have strong convictions in the stocks purchased and held. This often results in the Fund investing in fewer sectors than its respective benchmark. The Fund is a non-diversified fund, which means it can hold as few as 12 securities in its portfolio. However, the Fund generally will hold between 20-30 securities. We also integrate sustainability considerations, including our proprietary Business Resilience Risk Ratings, as part of the broader review of material risks and opportunities for a given investment.

Bold Teamwork. No one person is sufficient to our shareholders' success. Different approaches and opinions allow our domestic research team to constantly learn, improve and aspire to exceed expectations. Our investment professionals seek to leverage their contacts and knowledge, while also striving to work collaboratively with a shared commitment to excellence.

PRINCIPAL RISKS

Although Ariel makes every effort to achieve the Fund's objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective. You could lose money by investing in the Fund. The principal risks of investing in the Fund are:

---

| | |
|:---|:---|
| <sub>•</sub> | As a non-diversified fund that holds relatively few stocks, the Fund may be subject to greater volatility than a more diversified investment. A fluctuation in one stock could significantly affect overall performance. The Fund is also concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market. |

---

<sub>•</sub> The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

---

| | |
|:---|:---|
| <sub>•</sub> | Small-and mid-capitalization ("small/mid cap") stocks held by the Fund could fall out of favor and returns would subsequently trail returns of the overall stock market. The performance of such stocks could also be more volatile. Small/mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. |

---

<sub>•</sub> Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an

ownership position in a company. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value.<br>

You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.

PERFORMANCE

The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund's Investor Class annual total returns over time by showing changes in the Fund's Investor Class performance from year to year. The table shows the Fund's average annual total returns for certain time periods compared to the returns of the Russell 1000<sup>®</sup> Value Index, which reflects the market in which the Fund invests, and the S&P 500<sup>®</sup> Index, a broad measure of market performance. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund's website at arielinvestments.com or call 800.292.7435. The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance.

Total return for the year ended December 31

![LOGO](g59093g13a13.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2Q 20 | +23.54% |
| Worst Quarter: | 1Q 20 | -32.90% |

---

SLOW AND STEADY WINS THE RACE 11

------

![LOGO](g59093g80a27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 |
|  | 1-Year | 5-Year | 10-Year | Since Inception<br>6/30/05<sup>1</sup> |
| Investor Class return before taxes | 20.97% | 10.06% | 10.10% | 6.95% |
| Investor Class return after taxes on distributions | 17.62% | 8.56% | 8.89% | 5.95% |
| Investor Class return after taxes on distributions and sale of fund shares | 14.63% | 7.75% | 8.03% | 5.54% |
| Institutional Class return before taxes<sup>1</sup> | 21.29% | 10.34% | 10.38% | 7.13% |
| Russell 1000<sup>®</sup> Value Index (reflects no deductions for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% | 8.38% |
| S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.02% |

---

<sup>1</sup>The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Investor Class, for such period of time), without any adjustments.

After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary.

INVESTMENT ADVISER

Ariel Investments, LLC is the investment adviser to the Fund.

PORTFOLIO MANAGER

**Charles K. Bobrinskoy,** Portfolio Manager since inception in 2005.

For important information about the purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please turn to page 21 of this Prospectus.

12 SLOW AND STEADY WINS THE RACE

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Ariel International Fund**<br>| ![LOGO](g59093new02x29.jpg) |

---

INVESTMENT OBJECTIVE

Ariel International Fund's fundamental objective is long-term capital appreciation. The Fund's non-fundamental secondary objectives are to seek long-term capital preservation, to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its primary benchmark over a full market cycle.

FEES AND EXPENSES OF THE FUND

The table below describes fees and expenses you may pay if you buy, hold and sell shares of Ariel International Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) |
|  | Investor Class | Investor Class | Institutional Class | Institutional Class |
| **Maximum sales charge (load) imposed on purchases** |  | **None** |  | **None** |
| **Maximum deferred sales charge (load)** |  | **None** |  | **None** |
| **Maximum sales charge (load) imposed on reinvested dividends** |  | **None** |  | **None** |
| **Redemption fees** |  | **None** |  | **None** |

---

---

| | | |
|:---|:---|:---|
| Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) |
|  | Investor Class | Institutional Class |
| **Management fees** | **0.80%** | **0.80%** |
| **Distribution and service (12b-1) fees** | **0.25%** |  |
| **Other expenses** | **0.33%** | **0.25%** |
| **Total annual fund operating expenses** | **1.38%** | **1.05%** |
| **Less fee waiver or expense reimbursement** | **-0.25%** | **-0.17%** |
| **Total annual fund operating expenses after fee waiver and/or expense reimbursement<sup>1</sup>** | **1.13%** | **0.88%** |

---

<sup>1</sup>Ariel Investments, LLC ("Ariel" or the "Adviser") has contractually agreed to waive fees or reimburse expenses (excluding acquired fund fees and expenses, brokerage commissions, interest, taxes, distribution plan expenses, and extraordinary items) in order to limit Ariel International Fund's total annual fund operating expenses to 1.13% of net assets for the Investor Class and 0.88% of net assets for the Institutional Class (the "expense caps") through January 31, 2027. If the Fund incurs expenses excluded from the reimbursement agreement, the net annual fund operating expenses could exceed the expense caps. No termination of this agreement by either the Fund's Board of Trustees or the Adviser may be effective until, at the earliest, February 1, 2027.

The example below illustrates the expenses you would pay on a $10,000 investment in the Fund. It assumes the Fund earned an annual return of 5% each year, the Fund's operating expenses remain the same, and you redeem your shares at the

end of each time period, except that the example reflects contractual fee waivers and expense reimbursements for each share class through January 31, 2027. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Your actual expenses may be greater or less than the amounts shown.

---

| | | |
|:---|:---|:---|
| Expense example | Expense example | Expense example |
|  | Investor Class | Institutional Class |
| **1-Year** | **$115** | **$90** |
| **3-Years** | **$412** | **$316** |
| **5-Years** | **$731** | **$561** |
| **10-Years** | **$1636** | **$1262** |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

The Fund invests primarily in equity securities of foreign companies based in developed international markets. It will invest in foreign companies directly by purchasing equity securities or indirectly through instruments such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") that provide exposure to foreign companies. The Fund is permitted to invest in companies of any size but typically will not invest in companies with market capitalizations below $3 billion, measured at the time of initial purchase. It also invests a portion of its assets in companies based in the U.S. or emerging markets.

The Fund may use various derivative instruments, such as forward contracts, to gain or hedge exposure to certain types of securities or currencies. It may also use ETFs and other instruments to invest significant cash inflows in the market (i.e., reducing "cash drag"). The Fund may buy and sell currency on a spot basis (i.e., foreign currency trades that settle within two days) and enter into foreign currency forward contracts. Ariel uses these instruments primarily in an attempt to reduce unintended tracking error versus the Fund's primary benchmark, decrease the Fund's exposure to changing security prices or foreign currency risk, or address other factors that affect security values.

SLOW AND STEADY WINS THE RACE 13

------

![LOGO](g59093g80a27.jpg)

The Fund's strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC, which depends on four interrelated tenets: Active Patience<sup>®</sup>, Independent Thinking, Focused Expertise, and Bold Teamwork.

Active Patience. We seek to own undervalued, out-of-favor, quality businesses whose earnings power is not yet reflected in valuations. We strive to capitalize on price dislocations and short-term market inefficiencies to drive long-term capital appreciation and higher relative risk-adjusted returns compared to the benchmark over a full market cycle.

Independent Thinking. We tap a variety of informational sources to form our own proprietary view of an industry and/or business. The goal is to build a 'best ideas' portfolio balanced by exposure limits for individual positions, industry and country weightings. Alpha is generated by having a correct, non-consensus point of view. The primary reasons a stock will be sold are: (i) if its valuation reaches our investment goals, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals.

Focused Expertise. Our investment process begins with clearly defined quantitative and fundamental screening parameters for idea generation. We seek to identify investment controversies and look for discernable investment catalysts signaling a significant inflection in the trajectory of the business, industry, economy and/or geopolitical situation. We consider a range of outcomes for a company's earnings potential. We also integrate sustainability considerations, including our proprietary Business Resilience Risk Ratings, as part of the broader review of material risks and opportunities for a given investment. Our quantitative view is informed by a proprietary model that considers criteria, such as value, quality and momentum, alongside security, country and sector perspectives. The Fund is a diversified Fund that will typically hold 45–75 securities in its portfolio.

Bold Teamwork. Validation teams are utilized for every company considered to help avoid blind spots in analysis and fully explore all points of view. The validation teams are typically comprised of three investment professionals with clearly defined roles who debate and critique the thesis, review the financial forecasts, and use that information to quantify upside potential and downside risk.

PRINCIPAL RISKS

Although Ariel makes every effort to achieve the Fund's objectives, Ariel cannot guarantee it will attain the objectives. You could lose money by investing in the Fund. The principal risks of investing in the Fund are:

<sub>•</sub> Investments in foreign securities, including ADRs and GDRs or other securities or instruments representing

underlying shares of foreign companies, may underperform and may be more volatile than comparable U.S. stocks. Foreign economies and markets may not be as strong or well regulated, foreign political systems may not be as stable, and foreign financial reporting and disclosure standards may not be as rigorous as those in the U.S.<br>

---

| | |
|:---|:---|
| <sub>•</sub> | Securities issued by foreign companies are typically denominated in foreign currencies, resulting in a risk that adverse exchange rate fluctuations against the U.S. dollar could create losses and could depress prices for extended periods of time. While the Fund may attempt to reduce the effect of currency fluctuations, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. The use of forward contracts in this manner might reduce the Fund's performance if there are unanticipated changes in currency prices to a greater degree than if the Fund had not entered into such contracts. |

---

<sub>•</sub> The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

<sub>•</sub> The Fund is often concentrated in fewer sectors or countries than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market.

---

| | |
|:---|:---|
| <sub>•</sub> | Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value. |

---

---

| | |
|:---|:---|
| <sub>•</sub> | Investments in companies based in emerging markets present risks greater than those in mature markets, including greater risk of adverse government intervention or economic turmoil, high inflation and more volatile interest and currency exchange rates. Investment in Chinese securities may subject the Fund to risks that are specific to China, including, economic, political, and social instability, possible U.S. investment restrictions, and the risks of China-based variable interest entities that contract with U.S.-listed companies. |

---

---

| | |
|:---|:---|
| <sub>•</sub> | The use of foreign currency derivatives, such as foreign currency forwards, may be expensive and may result in further losses. Derivative instruments may be exchange-traded through an organized exchange or traded in over-the-counter ("OTC") transactions between private parties. OTC transactions are less liquid and riskier than exchange-traded derivatives due to the credit and performance risk of counterparties. |

---

14 SLOW AND STEADY WINS THE RACE

------

![LOGO](g59093g80a27.jpg)

<sub>•</sub> ETFs may be less liquid and subsequently more volatile than the underlying portfolio of securities. ETFs also have management fees that increase the cost compared to owning the underlying securities directly.

---

| | |
|:---|:---|
| <sub>•</sub> | Mid-capitalization ("mid cap") stocks held by the Fund could fall out of favor and returns would subsequently trail returns of the overall stock market. The performance of such stocks could also be more volatile. Mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. |

---

You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.

PERFORMANCE

The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund's Investor Class annual total returns over time by showing changes in the Fund's Investor Class performance from year to year. The table shows the Fund's average annual total returns for certain time periods compared to the returns of the MSCI EAFE**<sup>®</sup>** Index (net), a broad-based securities market index reflecting the performance of the developed markets (excluding the U.S. and Canada) and of the MSCI ACWI ex-US Index**<sup>®</sup>** (net), a broad measure of performance of the global developed and emerging markets (excluding the U.S.). Because a portion of the Fund's assets are

invested in equity securities based in emerging markets, the MSCI ACWI ex-US Index**<sup>®</sup>** (net) returns are presented to offer a point of comparison for any such investments. The MSCI EAFE**<sup>®</sup>** Value Index (net) and the MSCI ACWI ex-US Value Index**<sup>®</sup>** (net) are also included because they reflect certain market sectors in which the Fund invests. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund's website at arielinvestments.com or call 800.292.7435. The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance.

Total return for the year ended December 31

![LOGO](g59093g17b17.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 4Q 22 | +14.35% |
| Worst Quarter: | 3Q 22 | -14.37% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 |
|  | 1-Year | 5-Year | 10-Year | Since Inception<br>12/30/11 |
| Investor Class return before taxes | 31.48% | 7.10% | 5.86% | 6.34% |
| Investor Class return after taxes on distributions | 26.41% | 5.93% | 5.15% | 5.76% |
| Investor Class return after taxes on distributions and sale of fund shares | 20.67% | 5.49% | 4.67% | 5.19% |
| Institutional Class return before taxes | 31.84% | 7.36% | 6.13% | 6.60% |
| MSCI EAFE**<sup>®</sup>** Index (net) (reflects no deductions for fees or expenses)<sup>1</sup> | 31.22% | 8.92% | 8.18% | 8.12% |
| MSCI ACWI ex-US Index**<sup>®</sup>** (net) (reflects no deductions for fees or expenses)<sup>1</sup> | 32.38% | 7.91% | 8.41% | 7.46% |
| MSCI EAFE**<sup>®</sup>** Value Index (net) (reflects no deductions for fees or expenses)<sup>1</sup> | 42.25% | 13.36% | 8.69% | 8.08% |
| MSCI ACWI ex-US Value Index**<sup>®</sup>** (net) (reflects no deductions for fees or expenses)<sup>1</sup> | 39.50% | 11.87% | 8.74% | 7.22% |

---

<sup>1</sup>Net index returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. MSCI uses the maximum tax rate applicable to institutional investors, as determined by the companies' country of incorporation.

After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax- deferred arrangements, such as Individual Retirement Accounts. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary.

SLOW AND STEADY WINS THE RACE 15

------

![LOGO](g59093g80a27.jpg)

INVESTMENT ADVISER

Ariel Investments, LLC is the investment adviser to the Fund.

PORTFOLIO MANAGERS

Henry Mallari-D'Auria, Lead Portfolio Manager since 2023.

Mrunal "Micky" Jagirdar, Portfolio Manager since 2023.

Vivian Lubrano, Portfolio Manager since 2024.

For important information about the purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please turn to page 21 of this Prospectus.

16 SLOW AND STEADY WINS THE RACE

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Ariel Global Fund**<br>| ![LOGO](g59093new02x29.jpg) |

---

INVESTMENT OBJECTIVE

Ariel Global Fund's fundamental objective is long-term capital appreciation. The Fund's non-fundamental secondary objectives are to seek long-term capital preservation, to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle.

FEES AND EXPENSES OF THE FUND

The table below describes fees and expenses you may pay if you buy, hold and sell shares of Ariel Global Fund (the "Fund"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) | Shareholder fees<br> (fees paid directly from your investment) |
|  | Investor Class | Investor Class | Institutional Class | Institutional Class |
| **Maximum sales charge (load) imposed on purchases** |  | **None** |  | **None** |
| **Maximum deferred sales charge (load)** |  | **None** |  | **None** |
| **Maximum sales charge (load) imposed on reinvested dividends** |  | **None** |  | **None** |
| **Redemption fees** |  | **None** |  | **None** |

---

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| | | |
|:---|:---|:---|
| Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) | Annual fund operating expenses (expenses that you pay each<br>year as a percentage of the value of your investment) |
|  | Investor Class | Institutional Class |
| **Management fees** | **0.80%** | **0.80%** |
| **Distribution and service (12b-1) fees** | **0.25%** |  |
| **Other expenses** | **0.64%** | **0.55%** |
| **Total annual fund operating expenses** | **1.69%** | **1.35%** |
| **Less fee waiver or expense reimbursement** | **-0.50%** | **-0.41%** |
| **Total annual fund operating expenses after fee waiver and/or expense reimbursement<sup>1</sup>** | **1.19%** | **0.94%** |

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<sup>1</sup>Ariel Investments, LLC ("Ariel" or the "Adviser") has contractually agreed to waive fees or reimburse expenses (excluding acquired fund fees and expenses, brokerage commissions, interest, taxes, distribution plan expenses, and extraordinary items) in order to limit Ariel Global Fund's total annual fund operating expenses to 1.13% of net assets for the Investor Class and 0.88% of net assets for the Institutional Class (the "expense caps") through January 31, 2027. If the Fund incurs expenses excluded from the reimbursement agreement, the net annual fund operating expenses could exceed the expense caps. No termination of this agreement by either the Fund's Board of Trustees or the Adviser may be effective until, at the earliest, February 1, 2027.

The example below illustrates the expenses you would pay on a $10,000 investment in the Fund. It assumes the Fund earned an annual return of 5% each year, the Fund's operating expenses remain the same, and you redeem your shares at the

end of each time period, except that the example reflects contractual fee waivers and expense reimbursements for each share class through January 31, 2027. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Your actual expenses may be greater or less than the amounts shown.

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| | | |
|:---|:---|:---|
| Expense example | Expense example | Expense example |
|  | Investor Class | Institutional Class |
| **1-Year** | **$121** | **$96** |
| **3-Years** | **$484** | **$387** |
| **5-Years** | **$871** | **$700** |
| **10-Years** | **$1956** | **$1588** |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 99% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

The Fund invests primarily in equity securities of both U.S. and foreign companies, including companies based in developed or emerging markets. It will invest in foreign companies directly by purchasing equity securities or indirectly through instruments such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") that provide exposure to foreign companies. The Fund is permitted to invest in companies of any size, but typically will not invest in companies with market capitalizations below $3 billion, measured at the time of initial purchase. Under normal market conditions, the Fund will invest at least 40% of its assets in countries other than the U.S.

The Fund may use various derivative instruments, such as forward contracts, to gain or hedge exposure to certain types of securities or currencies. It may also use ETFs and other instruments to invest significant cash inflows in the market (i.e., reducing "cash drag"). The Fund may buy and sell currency on a spot basis (i.e., foreign currency trades that settle within two days) and enter into foreign currency forward contracts. Ariel uses these instruments primarily in an attempt to reduce unintended tracking error versus the Fund's primary benchmark, decrease the Fund's exposure to changing security prices or foreign currency risk, or address other factors that affect security values.

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The Fund's strategy is rooted in the contrarian investment philosophy of Ariel Investments, LLC, which depends on four interrelated tenets: Active Patience<sup>®</sup>, Independent Thinking, Focused Expertise, and Bold Teamwork.

Active Patience. We seek to own undervalued, out-of-favor, quality businesses whose earnings power is not yet reflected in valuations. We strive to capitalize on price dislocations and short-term market inefficiencies to drive long-term capital appreciation and higher relative risk-adjusted returns compared to the benchmark over a full market cycle.

Independent Thinking. We tap a variety of informational sources to form our own proprietary view of an industry and/or business. The goal is to build a 'best ideas' portfolio balanced by exposure limits for individual positions, industry and country weightings. Alpha is generated by having a correct, non-consensus point of view. The primary reasons a stock will be sold are: (i) if its valuation reaches our investment goals, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals.

Focused Expertise. Our investment process begins with clearly defined quantitative and fundamental screening parameters for idea generation. We seek to identify investment controversies and look for discernable investment catalysts signaling a significant inflection in the trajectory of the business, industry, economy and/or geopolitical situation. We consider a range of outcomes for a company's earnings potential. We also integrate sustainability considerations, including our proprietary Business Resilience Risk Ratings, as part of the broader review of material risks and opportunities for a given investment. Our quantitative view is informed by a proprietary model that considers criteria, such as value, quality and momentum, alongside security, country and sector perspectives. The Fund is a diversified Fund that will typically hold 45–75 securities in its portfolio.

Bold Teamwork. Validation teams are utilized for every company considered to help avoid blind spots in analysis and fully explore all points of view. The validation teams are typically comprised of three investment professionals with clearly defined roles who debate and critique the thesis, review the financial forecasts, and use that information to quantify upside potential and downside risk.

PRINCIPAL RISKS

Although Ariel makes every effort to achieve the Fund's objectives, Ariel cannot guarantee it will attain the objectives. You could lose money by investing in this Fund. The principal risks of investing in the Fund are:

<sub>•</sub> Investments in foreign securities, including ADRs and GDRs or other securities or instruments representing

underlying shares of foreign companies, may underperform and may be more volatile than comparable U.S. stocks. Foreign economies and markets may not be as strong or well regulated, foreign political systems may not be as stable, and foreign financial reporting and disclosure standards may not be as rigorous as those in the U.S.<br>

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| | |
|:---|:---|
| <sub>•</sub> | Securities issued by foreign companies are typically denominated in foreign currencies, resulting in a risk that adverse exchange rate fluctuations against the U.S. dollar could create losses and could depress prices for extended periods of time. While the Fund may attempt to reduce the effect of currency fluctuations, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. The use of forward contracts in this manner might reduce the Fund's performance if there are unanticipated changes in currency prices to a greater degree than if the Fund had not entered into such contracts. |

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<sub>•</sub> The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market.

<sub>•</sub> The Fund is often concentrated in fewer sectors or countries than its benchmark, and its performance may suffer if these sectors underperform the overall stock market.

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| | |
|:---|:---|
| <sub>•</sub> | Investments in companies based in emerging markets present risks greater than those in mature markets, including greater risk of adverse government intervention or economic turmoil, high inflation and more volatile interest and currency exchange rates. Investment in Chinese securities may subject the Fund to risks that are specific to China, including, economic, political, and social instability, possible U.S. investment restrictions, and the risks of China-based variable interest entities that contract with U.S.-listed companies. |

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| | |
|:---|:---|
| <sub>•</sub> | Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value. |

---

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| | |
|:---|:---|
| <sub>•</sub> | The use of foreign currency derivatives, such as foreign currency forwards, may be expensive and may result in further losses. Derivative instruments may be exchange-traded through an organized exchange or traded in over-the-counter ("OTC") transactions between private parties. OTC transactions are less liquid and riskier than exchange-traded derivatives due to the credit and performance risk of counterparties. |

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<sub>•</sub> ETFs may be less liquid and subsequently more volatile than the underlying portfolio of securities. ETFs also have management fees that increase the cost compared to owning the underlying securities directly.

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| | |
|:---|:---|
| <sub>•</sub> | Mid-capitalization ("mid cap") stocks held by the Fund could fall out of favor and returns would subsequently trail returns of the overall stock market. The performance of such stocks could also be more volatile. Mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. |

---

You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.

PERFORMANCE

The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund's Investor Class annual total returns over time by showing changes in the Fund's Investor Class performance from year to year. The table shows the Fund's average annual total returns for certain time periods compared to the returns of the MSCI ACWI Index**<sup>®</sup>** (net), a broad measure of global developed and emerging market

performance. The MSCI ACWI Value Index**<sup>®</sup>** (net) is also included because it reflects certain market sectors in which the Fund invests. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund's website at arielinvestments.com or call 800.292.7435. The Fund's past performance, before and after taxes, is not necessarily an indication of its future performance.

Total return for the year ended December 31

![LOGO](g59093g21c21.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 2Q 20 | +11.71% |
| Worst Quarter: | 1Q 20 | -13.28% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 | Average annual total returns as of December 31, 2025 |
|  | 1-Year | 5-Year | 10-Year | Since Inception<br>12/30/11 |
| Investor Class return before taxes | 23.30% | 9.37% | 8.38% | 8.62% |
| Investor Class return after taxes on distributions | 18.51% | 6.18% | 6.44% | 7.16% |
| Investor Class return after taxes on distributions and sale of fund shares | 16.10% | 6.88% | 6.47% | 6.93% |
| Institutional Class return before taxes | 23.58% | 9.63% | 8.65% | 8.90% |
| MSCI ACWI Index**<sup>®</sup>** (net) (reflects no deductions for fees or expenses)<sup>1</sup> | 22.34% | 11.19% | 11.72% | 11.15% |
| MSCI ACWI Value Index**<sup>®</sup>** (net) (reflects no deductions for fees or expenses)<sup>1</sup> | 21.98% | 10.81% | 9.08% | 8.79% |

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<sup>1</sup>Net index returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. MSCI uses the maximum tax rate applicable to institutional investors, as determined by the companies' country of incorporation.

After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts. After-tax returns are shown for the Investor Class only. After-tax returns for the Institutional Class will vary.

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INVESTMENT ADVISER

Ariel Investments, LLC is the investment adviser to the Fund.

PORTFOLIO MANAGERS

Henry Mallari-D'Auria, Lead Portfolio Manager since 2023.

Mrunal "Micky" Jagirdar, Portfolio Manager since 2023.

Vivian Lubrano, Portfolio Manager since 2024.

For important information about the purchase and sale of Fund shares, tax information, and payments to broker-dealers and other financial intermediaries, please see the immediately following discussion on page 21 of this Prospectus.

20 SLOW AND STEADY WINS THE RACE

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PURCHASE AND SALE OF FUND SHARES

Investors may purchase, redeem or exchange Fund shares on any business day by written request, online at arielinvestments.com, by telephone, by wire transfer, or through a financial intermediary. Individuals may open new accounts by mailing a signed account application and submitting your payment (in the form of a check or wire transfer). Individual Retirement Account ("IRA") transfers and roll-overs, corporate accounts, and trust accounts cannot be opened online. Once your account is opened, you may conduct transactions by mail (Ariel Investment Trust, c/o U.S. Bank Global Fund Services, P.O. Box 219227, Kansas City, MO 64121-9227, for regular mail, or 801 Pennsylvania Avenue, Suite 219227, Kansas City, MO 64105-1307, for overnight service), online at arielinvestments.com or by telephone at 800.292.7435.

Investors who wish to purchase, exchange or redeem Fund shares through a financial intermediary should contact the intermediary directly. The minimum initial investment for Investor Class shares is $1,000. The minimum initial investment for Institutional Class shares is $1,000,000. The minimum subsequent investment in a Fund for both share classes is $100. Investment minimums may be waived in certain circumstances, including participating in the Funds' Automatic Investment Program. See more information in the section below "Managing your account."

TAX INFORMATION

A Fund's distributions are taxable and will be taxed as ordinary income or capital gains unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase a Fund through a financial intermediary (such as a broker-dealer or a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services. These payments may create a conflict of interest by influencing the intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. See also page 37 for more information.

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![LOGO](g59093g69b43.jpg)

INVESTMENT OBJECTIVE

Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund (collectively, the "Funds") pursue a common fundamental investment objective: long-term capital appreciation. The Funds invest for appreciation, not income. They seek stocks whose underlying value should increase over time. Any dividend and interest income the Funds earn is incidental to their fundamental objective. Ariel International Fund and Ariel Global Fund (the "International/Global Funds") also have common non-fundamental secondary objectives, which are to seek long-term capital preservation, to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to their respective benchmarks over a full market cycle. Only non-fundamental objectives may be changed without shareholder approval. The Adviser cannot guarantee any Fund will achieve capital appreciation in every circumstance, but Ariel is dedicated to that objective.

PRINCIPAL INVESTMENT STRATEGIES

Ariel Fund invests in small- and mid-capitalization ("small/mid cap") undervalued companies that show strong potential for growth. The Fund invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell 2500<sup>TM</sup> Index, measured at the time of initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell 2500 <sup>TM</sup> Index ranged from $6 million to $37.26 billion (Source: FactSet). The Fund may invest a portion of the portfolio outside (above or below) this market capitalization range. Also, the market capitalizations for the Fund's portfolio companies may change over time, and the Fund is permitted to invest in (hold and purchase) a company even if its market capitalization moves outside the stated range.

Ariel Appreciation Fund invests in mid-capitalization ("mid cap") undervalued companies that show strong potential for growth. The Fund invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell Midcap<sup>®</sup> Index, measured at the time of initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell Midcap Index ranged from $1.31 billion to $101.70 billion (Source: FactSet). The Fund may invest a portion of the portfolio outside (above or below) this market capitalization range. Also, the market capitalizations for the Fund's portfolio companies may change over time, and the Fund is permitted to invest in (hold and purchase) a company even if its market capitalization moves outside the stated range.

Ariel Focus Fund invests primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations.

Ariel International Fund invests primarily in equity securities of foreign companies based in developed international markets, including American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"). The Fund is permitted to invest in companies of any size, but typically will not invest in companies with market capitalizations below $3 billion, measured at the time of initial purchase. The Fund also will invest a portion of its assets in companies based in the U.S. or emerging markets.

Ariel Global Fund invests primarily in equity securities of both U.S. and foreign companies, including companies based in developed or emerging markets, including ADRs and GDRs. The Fund is permitted to invest in companies of any size, but typically will not invest in companies with market capitalizations below $3 billion, measured at the time of initial purchase. Under normal market conditions, the Fund will invest at least 40% of its assets in countries other than the U.S.

INVESTMENT APPROACH

The Funds' strategies are rooted in the Adviser's contrarian investment philosophy, which depends on four interrelated tenets: Active Patience<sup>®</sup>, Focused Expertise, Independent Thinking, and Bold Teamwork.

<sub>•</sub> Active Patience–We take the long-term view and use the market's short-term focus to uncover mispriced companies whose true value will be realized over time.

<sub>•</sub> Focused Expertise–We utilize decades of accumulated knowledge within our core competencies when considering every decision. We invest to our convictions, not to benchmarks.

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| | |
|:---|:---|
| <sub>•</sub> | Independent Thinking–We perform our own original, fundamental and proprietary bottom-up research and utilize this knowledge to make opportunistic investments in businesses that are temporarily out of favor, misunderstood or ignored. These companies generally trade at a low valuation relative to potential earnings and/or at a discount relative to our estimate of intrinsic worth. |

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<sub>•</sub> Bold Teamwork–We seek to leverage the collective intelligence of our colleagues; encourage teammates to be courageous when engaging with each other; and work collaboratively with a shared commitment to excellence.

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![LOGO](g59093g15d42.jpg)

ARIEL FUND, ARIEL APPRECIATION FUND AND ARIEL FOCUS FUND

Ariel employs a fundamental, qualitative approach to investing. When evaluating a company, investment professionals carefully examine financial strength and relative valuation, the competitive characteristics of the industry in which it operates, the experience of the company's management team, and the quality of its products and services.

The research process begins with the monitoring of a proprietary watchlist, which is comprised of current, former, and potential new investments. The investment team for Ariel Fund, Ariel Appreciation Fund, and Ariel Focus Fund (the "Domestic Team") reads extensively, carefully screens stocks, meets with industry contacts, and stays abreast of former holdings. From various sources, the Domestic Team seeks information to arrive at a long-term picture and identify what others are missing. Investment professionals use strategic questioning of company management and independent sources to identify the key issues affecting an industry or company. Ariel Fund, Ariel Appreciation Fund, and Ariel Focus Fund (together, the "Domestic Funds") generally purchase a relatively small number of companies each year, so the Domestic Team weighs its options carefully. Typically, key information for stocks purchased for these strategies is captured in a research report.

The industry analyst commonly performs three kinds of valuation work: a discounted cash flow analysis, a change-of-control-based estimate, and a full trading value. The analyst often develops independent long-range financial projections and details the risks. "Best-case" and "worse-case" outcomes are considered, while the "base-case" serves as the foundation of our analysis. The analyst places an emphasis on cash earnings estimates as Ariel believes a company's cash generating capabilities are more valuable than their reported earnings, which may be distorted by non-cash charges. This flexible yet disciplined approach allows the Domestic Team to rely on some valuation metrics more heavily than others as each industry's shape merits. For example, discounted cash flows are less important for small banks than transaction multiples; whereas for consumer product companies discounted cash flows are more critical. The Domestic Funds generally seek (at time of initial purchase) to purchase companies that trade at a 40% or greater discount to Ariel's internally generated estimate of its intrinsic worth ("private market value") and/or that trade for 13x or less forward cash earnings estimates.

In addition, the Domestic Team employs a number of tools and systems to support risk management, including:

<sub>•</sub> a proprietary debt rating to supplement Moody's and Standard & Poor's public ratings;

<sub>•</sub> <sub></sub>a system that monitors the sell-side ratings of our stocks, which enables Ariel to determine whether consensus on a stock is too optimistic (a risk in our view) or too negative (a potential opportunity in our view);

<sub>•</sub> the use of a "devil's advocate," which forces a structured dissenting view, including that as a formal part of many of the investment meetings, the devil's advocate is charged with making the bear case for a stock either currently in our portfolio or up for consideration; and

<sub>•</sub> a proprietary Business Resilience Risk Rating relating to the perceived potential negative financial impact to a company's enterprise value arising from sustainability-related factors.

Buy decisions are made within the framework of a number of parameters:

<sub>•</sub> Ariel invests within its circle of competence, closely following certain industries and companies.

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| | |
|:---|:---|
| <sub>•</sub> | Ariel does not try to time the market and seeks to remain fully invested. Cash and cash equivalents are generally only by-products of Ariel's investment strategy, not a tactical or strategic decision. At times, we maintain larger than normal cash positions in our investment strategies. Cash positions are generally not held for defensive purposes in these strategies but are maintained while Ariel searches for compelling opportunities for investment. |

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The Domestic Team vets the idea in vigorous discussions, and each senior research team member weighs in. The investment decisions are made by each strategy's portfolio manager(s). Investment decisions are based on conviction and valuation. The Domestic Funds are unique with benchmark-agnostic industry weightings that drive high active share and thereby seek to help generate alpha. As independent thinkers, decisions are made irrespective of the benchmark so the Domestic Funds' portfolios can have significant performance variance from the index.

As it has been since Ariel Fund's inception, the final investment decisions for Ariel Fund are made by John W. Rogers, Jr., who has served, and continues to serve, as the Fund's Lead Portfolio Manager and the Adviser's Chief Investment Officer.

The final investment decisions for Ariel Appreciation Fund are made by co-portfolio managers Timothy Fidler and Kenneth E. Kuhrt.

The final investment decisions for Ariel Focus Fund are made by portfolio manager Charles Bobrinskoy.

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INTERNATIONAL/GLOBAL –

ARIEL INTERNATIONAL FUND AND

ARIEL GLOBAL FUND

Ariel's investment process for the International/Global Funds seeks to identify investment opportunities that balance long-term performance with risk management.

We look to eliminate or screen-out low-quality companies (e.g. business models that pose the risk of large investment losses and/or corporations where sustainability-related risks are high) and identify market segments and companies with attractive and sustainable returns relative to the risk of the business. For those companies that pass the risk screening process, analysts use a combination of fundamental and quantitative research to determine which stocks are most attractive. Our detailed fundamental bottom-up research includes the review of market data, interaction with management teams, as well as tapping into a variety of other informational sources, such as vendors, suppliers, customers, analysts, and industry experts, to form a proprietary view of the industry and the business. Our quantitative view is informed by a proprietary model that considers criteria, such as value, quality and momentum, alongside security, country and sector perspectives. The analyst is focused on identifying investment controversies and discernable investment catalysts signaling an inflection in the trajectory of the business, industry, economy and/or geopolitical situation. The analyst also integrates into their research sustainability risk factors that may materially impact the company.

The International/Global Funds' investment team (the "I/G Team") is organized by industry, and the bulk of the analyses at this stage is conducted by the analyst responsible for that industry. Once the analyst has formulated an understanding of the key drivers of the investment case, the thesis and assumptions (both macro and micro) are typically debated by I/G Team members. The I/G Team typically comprises the lead analyst who sponsors, defends, models, and validates the investment idea; the devil's advocate (usually with adjacent industry domain knowledge) who provides alternative viewpoints and criticism; and a fresh analyst who brings a new perspective on the topic at hand. The goal of the debate is to consider critical investment controversies and establish whether the key assumptions are reasonable; scrutinize key investment catalysts and leading indicators of an inflection; quantify the upside potential and downside risk; and stress test scenario analysis. The output of the fundamental research process is the establishment of four price targets ranging from best to worst-case scenarios. This rigorous research-driven approach factors into all purchase / sell decisions.

The final investment decisions for the International/Global Funds are made by Lead Portfolio Manager Henry Mallari-D'Auria. Individual stock weightings reflect the portfolio managers' conviction in the company upside relative to the risk/reward of other investment opportunities. The I/G Team generally has significant exposure to its highest conviction ideas.

TURNOVER

Ariel believes the market will ultimately reward the companies in which the Funds invest, and we give them the time such recognition requires. For Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund, this time is generally three to five years. However, the holding period may vary for any particular stock. This long-term approach means those Funds typically have low rates of turnover. The turnover rates for the International/Global Funds will vary over time and may be higher than the other Funds' turnover rates.

Each time a mutual fund turns over a holding (i.e., sells one stock to buy another or sells securities to meet redemptions), it normally incurs transaction charges that negatively impact investment returns—the higher the turnover rate, the higher the impact of the transaction costs. High turnover rates can reduce investment performance while low turnover rates can enhance it. A low rate of turnover can offer yet another advantage because it may defer a fund's taxable capital gains. However, even the turnover of a few holdings may result in considerable taxable capital gains, including short-term capital gains taxable as ordinary income, if such holdings appreciated significantly during the holding period.

The primary reasons that will prompt the Domestic Funds to sell a stock are: (i) if its valuation reaches the Adviser's determination of its private market value, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals. In determining whether a stock is fully valued, Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund look at the price-to-earnings ratio based on future earnings and whether the stock trades at a discount to our private market value calculation. Each of the International/Global Funds consider selling a stock: (i) if its valuation reaches the Fund's investment goals, (ii) if a better opportunity for investment presents itself, or (iii) if there are material adverse changes to a company's fundamentals. The International/Global Funds also consider the contribution to overall desired portfolio characteristics in determining whether to sell a stock. All Funds also may consider selling a stock when there is a major change in the competitive landscape, a substantial shift in company fundamentals, a loss of faith in management's abilities, when there are more compelling buying opportunities, or the stock's risk/reward profile is no longer compelling. In addition, the Adviser has adopted procedures for Ariel Fund and Ariel Appreciation Fund to sell stocks that the Adviser views as substantially outside Ariel Fund's small/mid cap range and Ariel Appreciation Fund's mid cap range.

FOREIGN SECURITIES

The International/Global Funds can invest 100% of their net assets in foreign securities. Under normal market conditions Ariel Global Fund will invest at least 40% of its assets in countries other than the U.S. Ariel Focus Fund can invest up to 20% of its net assets in foreign securities. Ariel Fund and

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Ariel Appreciation Fund can invest up to 10% of their respective net assets in foreign securities. A Fund may invest in foreign companies directly by purchasing equity securities or indirectly through instruments that provide exposure to foreign companies.

In determining whether a company is foreign or domestic, the Adviser will generally look to independent third-party resources to identify its foreign or domestic status.

The International/Global Funds may invest in foreign companies based in emerging markets. Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund have not invested in, and do not currently expect to invest in, foreign companies based in emerging markets.

EXCHANGE TRADED FUNDS

The International/Global Funds at times will invest in exchange traded funds ("ETFs"), which are investment companies that trade like stocks. Unlike the Funds, shares of ETFs are not priced at the net asset value of their underlying portfolio holdings ("NAV"), but instead trade like stocks at the market price, which may be at a price above or below their NAV. ETFs also have management fees that can increase their costs versus the costs of owning the underlying securities directly. The Funds may invest in ETFs primarily to gain exposure for the Funds to a particular market or market segment without investing in individual securities. Any investments in ETFs consisting of portfolio holdings predominately in countries other than the U.S. are considered foreign investments, including for the purpose of determining Ariel Global Fund's compliance with its 40% test.

DERIVATIVES

The International/Global Funds may use various derivative instruments, such as forward contracts, to gain or hedge exposure to certain types of securities or currencies. The International/Global Funds may also use ETFs and other instruments to invest significant cash inflows in the market (i.e., reducing "cash drag") (as described in the Funds' Statement of Additional Information). The Funds may buy and sell currency on a spot basis (i.e., foreign currency trades that settle within two days) or on a forward basis (foreign currency trades that settle over a longer period of time) by entering into foreign currency contracts. The International/Global Funds may buy and sell foreign currency options and securities, securities index options or futures, other futures contracts or options, and enter into swap agreements, all of which are types of derivatives. The Adviser uses these instruments primarily in an attempt to reduce unintended tracking error versus each Fund's primary benchmark, decrease the Funds' exposure to changing security prices or foreign currency risk, or address other factors that affect security values. The derivatives utilized by the Funds will be considered foreign investments to the extent that they have economic characteristics similar to those of equity securities that the

Funds consider to be foreign investments, including for the purpose of determining Ariel Global Fund's compliance with its 40% test.

If the Adviser's strategies do not work as intended, the International/Global Funds may not achieve their objectives.

CASH POSITIONS

At times, the Funds may maintain larger than normal cash positions while the Adviser searches for compelling opportunities for investment. Cash positions may be comprised of cash equivalents that may include, but are not limited to, money market funds, commercial paper, treasury bills, and short-term government bonds. For the International/Global Funds, counterparties in some of these transactions may include foreign banks and foreign governments.

PRINCIPAL INVESTMENT RISKS

The principal risks of investing in each Fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a "principal risk" of investing in a Fund, regardless of the order in which it appears.

Artificial Intelligence ("AI") Risk. AI refers to computer systems that can perform tasks that would otherwise require human intelligence. The term encompasses various different forms of AI, including machine learning models. AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems.

A company in which a Fund invests or a third-party service provider of Ariel may make use of such technologies. Actual usage of such AI will vary, and there is a risk of misuse of AI technologies—despite adopted policies and procedures.

AI is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by AI. Therefore, it is possible that the information provided through use of AI could be insufficient, incomplete, inaccurate, or biased, leading to adverse effects for a Fund, including operational errors and investment losses.

AI and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations. To the extent a company in which a Fund invests or a third-party service provider utilizes AI technology, ongoing and future regulatory actions with respect to AI generally or AI's use in any industry in particular may alter, perhaps to a materially-adverse extent, its ability to

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utilize AI in the manner it has to-date, and may have an adverse impact on the ability of these entities to continue to operate as intended.

China Risk. Investments in Chinese securities may subject the International and/or Global Funds to risks that are specific to China. China may be subject to significant amounts of instability, including, but not limited to, economic, political, and social instability. China's economy may differ from the U.S. economy in certain respects, including, but not limited to, general development, level of government involvement, wealth distribution and structure, risks of nationalization, expropriation or restrictions on foreign ownership of stocks of local companies. China-based variable interest entities that contract with U.S.-listed companies are not approved by the Chinese government, which may determine such contractual arrangements violate Chinese law. As a result, such U.S.-listed companies may suffer significant economic losses, which would affect the value of the Fund's investments in such companies. In addition, there may be U.S. restrictions upon investments in China or China-related securities.

Concentration Risks. The Funds at times hold large positions in certain companies and/or sectors, and the Funds' performance may suffer if these companies or sectors underperform. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment. A fluctuation in one stock held by Ariel Focus Fund could significantly affect the overall performance of the Fund.

Equity Investing Risks. Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. These securities may include, without limitation, common stock, preferred stock, preference shares, tracking stock, warrants, and securities with equity conversion or purchase rights. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Events that have a negative impact on a company probably will be reflected as a decline in the value of its equity securities. When the stock market declines, most equity securities, even those issued by strong companies, often will decline in value.

Equity Investing Risk Relating to Business

Continuity/Operational and Cybersecurity Risks. The companies in which the Funds invest are susceptible to the risk that they will be unable to continue business as usual, or at all, following a disruption such as a natural disaster, power failure, terrorist attack, pandemic, or cybersecurity attack. These disruptions potentially could result in financial losses, violations of applicable privacy and other laws, regulatory fines, penalties, and reputational damage. Affected companies could be unable to conduct business, or have limited operations, for an extended period of time, resulting in losses to the Funds.

Excess Cash Risks. Certain Funds will at times temporarily hold excess cash (i.e., more than the cash levels typically required to meet any unexpected daily redemptions of Fund shares) or cash equivalents for defensive purposes in attempting to respond to adverse market, economic, political, or other conditions and/or during times when equity investments suitable for the Fund are difficult to identify. If the Funds hold excess cash, they will be exposed to inflation risk and the risk of exchanging lower risk for potentially lower returns. Holding excess cash is generally inconsistent with the Funds' principal investment strategies and upon doing so the Funds may fail to achieve their fundamental investment objective. Cash positions may be comprised of cash or cash equivalents that may include, but are not limited to, foreign currency, money market funds, commercial paper, treasury bills, and short-term government bonds. For the International/Global Funds, counterparties in some of these transactions may include foreign banks and foreign governments. Foreign cash equivalents are riskier because they involve foreign counterparties, foreign exchange risk, as well as the risks associated with foreign currencies.

Exchange Traded Fund ("ETF") Risk. The risks of owning ETFs generally reflect the risks of owning the underlying companies, although lower liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. ETFs also have management fees that may increase the cost of owning ETFs compared to owning the underlying securities directly.

Foreign Currency and Derivatives Risk. The International/Global Funds may use various derivative instruments, such as forward contracts, to gain or hedge exposure to certain types of securities or currencies.

The International/Global Funds may also use ETFs and other instruments to invest significant cash inflows in the market (i.e., reducing "cash drag"). These include the following: buying and selling currency on a spot basis (i.e., foreign currency trades that settle within two days) or on a forward basis (foreign currency trades that settle over a longer period of time) by entering into foreign currency contracts. The Funds may buy and sell foreign currency options and securities, securities index options or futures, other futures contracts and options, and enter into swap agreements. The use of various types of derivatives may intensify investment losses, may create more volatility and may expose the Funds to other losses and expenses. Derivatives involve the risk that changes in their value may not move as expected relative to the value of the assets, rates, or indexes they are designed to track, and suitable derivative instruments may not be available in all circumstances. Investments involving derivatives, such as foreign currency forward contracts, involve counterparty risk that could result in defaults on payment, delivery or other obligations. In addition, such investments may require a Fund to enter into agreements with counterparties and may require the payment of additional costs and the collateralization of a portion of a Fund's account assets. Derivatives may be sensitive

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to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed a Fund's original investment. In addition, given their complexity, derivatives expose the Funds to risks of mispricing or improper valuation.

Foreign currency forward contracts are used to protect against uncertainty in the level of future exchange rates. The use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities a Fund owns or intends to acquire, but it does fix a rate of exchange in advance. Although forward contracts may reduce the risk of loss from a decline in the value of the hedged currency, at the same time they limit any potential gain if the value of the hedged currency increases. The International/Global Funds often will hedge large currency exposures in an attempt to reduce unintended tracking error versus the Funds' respective benchmarks by using currency forward contracts although the Funds will also secure or maintain currency exposure via spot markets (i.e., foreign currency trades that settle within two days). The International/Global Funds' currency strategy is designed to reduce risk, and it aims to dampen the effects of large currency moves primarily in major benchmark currencies, not to eliminate all currency tracking error entirely. A Fund will not be perfectly hedged against its benchmark as the costs could be prohibitive and often unwarranted. In particular, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. The use of foreign currency forward contracts in this manner might reduce a Fund's performance if there are unanticipated changes in currency prices to a greater degree than if the portfolio had not entered into such contracts. Ariel uses discretion and judgment in determining the cost benefit analysis of hedging.

Foreign Risks. Investments in foreign stocks may underperform and may be more volatile and less liquid than comparable U.S. stocks. The values of foreign investments are affected favorably or unfavorably by foreign currency fluctuations. While Ariel attempts to reduce the effect of currency fluctuations, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. Foreign economies and markets may not be as strong or well regulated, foreign political systems may not be as stable (and may subject a portfolio to the risk of nationalization, expropriation, or confiscatory taxation of assets), and foreign financial reporting, accounting, custody, auditing and disclosure standards may not be as rigorous as those in the U.S. When a Fund invests in foreign securities, the expenses of trading and holding such securities are likely to be higher than the expenses relating to comparable U.S. securities, since the custodial and certain other expenses are expected to be higher. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than transactions involving U.S. securities. A Fund may have significant exposure to a particular region, sector, industry or currency, which may have a material impact on the Fund's

performance. The Fund will invest in foreign companies directly by purchasing equity securities or indirectly through instruments, such as ADRs and GDRs, or other instruments that provide exposure to foreign companies.

In some foreign markets, sub-custodian arrangements for securities provide significantly less protection than custody arrangements in U.S. markets, and prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) expose a Fund to credit and other risks it does not have in the U.S. with respect to participating brokers, custodians, clearing banks or other clearing agents, escrow agents, and issuers. A Fund may be required to maintain a license to invest directly in some foreign markets. In addition, a Fund may be limited in some jurisdictions from engaging in short-term trading (as defined by the relevant jurisdiction). Investments in foreign countries may subject a Fund to non-U.S. taxation (potentially retroactively) on (i) capital gains it realizes or dividends or interest it receives on non-U.S. investments, (ii) transactions in those investments, and (iii) the repatriation of proceeds generated from the sale of those investments.

Investments in companies based in emerging markets present risks greater than those in mature markets. There is no universally accepted definition of an emerging market country. The Adviser generally defers to the MSCI indices' market classifications to determine whether a company is in an emerging market country. Emerging market countries may have less-developed legal, political, and accounting systems, and investments may be subject to greater risks of government restrictions on withdrawing the sale proceeds of securities from the country. Economies of emerging countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. Governments may be more unstable and present greater risks of nationalization, expropriation, restrictions on repatriation, or other confiscation of assets of issuers of securities. There may be greater risk of default (by both the government and private issuers), greater governmental involvement in the economy, capital controls, inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze), unavailability of material information about issuers, slower clearance and settlement, differing investment structures, and restrictions on foreign ownership of stocks of local companies. Emerging markets may have less reliable access to capital, lower liquidity than established markets, and a greater potential for market manipulation. There may be differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards which could impede the Adviser's ability to evaluate local companies. There may be greater limitations on the rights and remedies available to the Funds and other owners to pursue, obtain and enforce claims against emerging market issuers. There may be greater risk of high inflation and more volatile interest and currency exchange rates, which could depress prices for extended periods of time. Investments in emerging countries may involve trading and operational risks (including the risk of natural disasters and

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wars) and may require the payment of additional costs. Performance dispersion may result among the Adviser's client accounts (including the Funds) due to an inability to aggregate trades and allocate price and transaction costs among clients and the Funds on a pro rata basis. Many emerging market countries have experienced substantial rates of inflation for many years, which may have adverse effects on the economies and the securities markets of those countries. The greater emerging market risks may adversely impact a Fund's performance and its ability to achieve its investment objective(s).

General Investing Risks. Although Ariel makes every effort to achieve each Fund's fundamental objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective or any non-fundamental objective. You could lose money on your purchase of shares in any of the Funds. Each Fund is also subject to risks unique to its investment strategy. Certain of the following risks may apply to your investment.

Market Disruption Risk. Geopolitical and other events, including but not limited to war, terrorism, economic uncertainty, changes in governmental policies, trade disputes, extreme weather and climate-related events, public health crises, and spread of infectious illness have led, and in the future may lead, to increased market volatility, which may disrupt the U.S. and world economies and individual companies and markets through depressed valuations of individual securities, decreased liquidity in the world economy, and heightened uncertainty and turmoil.

In particular, the policy and legislative changes in the United States are changing many aspects of financial regulation, which could lead to significant direct or indirect effects on the securities of the Funds. Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Funds invest in ways that are unforeseeable. The CFTC, SEC, and other federal regulators have adopted and continue to develop rules and regulations enacting the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which will continue to change how the U.S. financial system is supervised and regulated.

Further, as economies and financial markets throughout the world are increasingly interconnected, the likelihood increases that geopolitical conflicts in one country or region will adversely impact markets or issuers in other countries or regions, including in ways that are difficult to predict or foresee. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters, rapid technological developments, such as artificial intelligence, and other circumstances in one country or region could have profound impacts on global economies or markets and on individual companies, sectors, industries, interest and inflation rates, investor sentiment, and other factors affecting the value of the Funds' investments.

In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted or threatened to institute retaliatory tariffs on certain U.S. goods in response. Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Funds' investments.

Price Fluctuation Risk. Although past performance cannot predict future results, stock investments historically have outperformed most bond and money market investments over long time periods. However, this higher return has come at the expense of greater short-term price fluctuations. Thus, you should not invest in the Funds if you anticipate a near-term need—typically within five years—for either the principal or the gains from your investment.

Regulatory Risks. The Funds are also subject to the risk that a change in U.S. law and related regulations, or the interpretation or enforcement of such law and regulations, will impact the way the Funds operate, increase costs of the Funds' operations, and/or change the competitive landscape.

Risks of Proprietary Ratings and Quantitative Models. As part of the Adviser's investment process, the Funds' portfolio managers may employ proprietary ratings and quantitative models that rely upon proprietary and nonproprietary data, software, and intellectual property licensed from other sources. These ratings and models are typically used in conjunction with several other factors in the investment process. To the extent that portfolio managers consider these ratings and models, such reliance may be misplaced due to, among other factors, the inaccuracy of voluminous data inputs used by the model; the failure of the model to have economic or business significance; errors in the mathematical and analytical underpinnings of the model; adverse changes in market conditions; and difficulties with the timely execution of transactions. Models that have been formulated based on past market data may not be predictive of future market conditions, and may not be reliable if unusual or disruptive events cause market moves. Such models may also rely upon data and intellectual property from unaffiliated sources beyond the control or testing of the Adviser.

Smaller Company Risks. Small and mid cap stocks held by the Funds could fall out of favor and returns would subsequently trail returns of the overall stock market. Investing in small and mid cap stocks is riskier and more volatile than investing in large cap stocks. Small and mid cap companies often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than larger capitalization companies. Small cap stocks may trade less frequently and in smaller volumes, and as a result may be less liquid than securities of large cap stocks. Therefore, when purchasing and selling such securities, higher transactional

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costs may be paid. Additionally, if a Fund is forced to sell securities to meet redemption requests or other cash needs, it may be forced to dispose of such securities under disadvantageous circumstances and at a loss.

Value Investing Risks. During any given period, value investing may achieve better or worse results than other investment styles. The value investing approach carries the risk that the market will not recognize a stock's intrinsic value for a long time, or that a stock judged as undervalued may actually be appropriately priced. The liquidity of a security may affect a Fund's ability to buy or sell the security at the desired time, price or weighting. Attempting to purchase with a margin of safety on price cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations, declining fundamentals or external forces. An economic moat is a perceived competitive advantage that acts as a barrier to entry for other companies in the same industry. This perceived advantage cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations, declining fundamentals or external forces.

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INVESTMENT ADVISER

Ariel, which began operations in 1983, manages the investments of the Funds. Its investment management services include buying and selling securities on behalf of the Funds, as well as conducting the research that leads to buy and sell decisions. The firm is headquartered at 200 East Randolph Street, Suite 2900, Chicago, Illinois 60601 (telephone: 312.726.0140 or 800.725.0140, website: arielinvestments.com). Every year the Funds' Board of Trustees considers whether to approve the investment management agreements for the Funds. A discussion regarding the basis for the Trustees' approval of the agreements is available in the Funds' semi-annual report on Form N-CSR for the six months ended March 31.

Neither this Prospectus nor the Statement of Additional Information is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that have not been waived. The Funds enter into contractual arrangements with various parties, including, among others, the Adviser, who provide services to the Funds. Shareholders are not parties to, or intended to be third-party beneficiaries of, those contractual arrangements.

This Prospectus and the Statement of Additional Information provide information concerning each Fund that you should consider in determining whether to purchase shares of the Funds. Each Fund may make changes to this information from time to time.

MANAGEMENT FEES

Ariel Fund

Ariel is paid for its investment and administration services provided to Ariel Fund at the annual rate of 0.65% of the first $500 million of average daily net assets, 0.60% for the next $500 million, declining to 0.55% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, the fee amounted to 0.58% of average daily net assets for the Investor Class and for the Institutional Class.

Ariel Appreciation Fund

Ariel is paid for its investment and administration services provided to Ariel Appreciation Fund at the annual rate of 0.75% of the first $500 million of average daily net assets, 0.70% for the next $500 million, declining to 0.65% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, the fee amounted to 0.73% of average daily net assets for the Investor Class and for the Institutional Class.

Ariel Focus Fund

Ariel is paid for its investment and administration services provided to Ariel Focus Fund at the annual rate of 0.65% of the first $500 million of average daily net assets, 0.60% for the next $500 million, declining to 0.55% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, after waivers, the fee amounted to 0.46% of average daily net assets for the Investor Class and 0.51% of the average daily net assets for the Institutional Class.

Ariel International Fund

Ariel is paid for its investment services provided to Ariel International Fund at the annual rate of 0.80% of the first $1 billion of average daily net assets, declining to 0.75% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, after waivers, the fee amounted to 0.55% of average daily net assets for the Investor Class and 0.64% of average daily net assets for the Institutional Class.

Ariel Global Fund

Ariel is paid for its investment services provided to Ariel Global Fund at the annual rate of 0.80% of the first $1 billion of average daily net assets, declining to 0.75% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, after waivers, the fee amounted to 0.30% of average daily net assets for the Investor Class and 0.39% of average daily net assets for the Institutional Class.

PORTFOLIO MANAGERS

Ariel Fund

#### Lead Portfolio Manager
John W. Rogers, Jr., Chairman, Co-CEO and Chief Investment Officer, Ariel Investments, LLC. John is the Lead Portfolio Manager for Ariel Fund. As such, he makes the final investment decisions for the Fund. He founded the firm in 1983 and has served as Lead Portfolio Manager for Ariel Fund since the Fund's inception in 1986.

Portfolio Manager

Kenneth E. Kuhrt, CPA, Executive Vice President, Ariel Investments, LLC and Portfolio Manager, Ariel Fund. Ken has served in this capacity since 2011. Ken joined Ariel in 2004 as a Research Analyst.

Ariel Appreciation Fund

#### Co-Portfolio Managers
Timothy Fidler, CFA, Executive Vice President and Director of Research, Ariel Investments, LLC and Co-Portfolio Manager, Ariel Appreciation Fund. Tim has served in this capacity since 2011. Tim served as Portfolio Manager of Ariel

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Appreciation Fund from 2009 to 2011. Tim joined Ariel in 1999 as an Assistant Portfolio Manager.

Kenneth E. Kuhrt, CPA, Executive Vice President, Ariel Investments, LLC and Co-Portfolio Manager, Ariel Appreciation Fund. Ken has served in this capacity since 2025. Ken joined Ariel in 2004 as a Research Analyst.

Ariel Focus Fund

#### Portfolio Manager
Charles K. Bobrinskoy, Vice Chairman and Head of Investment Group, Ariel Investments, LLC and Portfolio Manager, Ariel Focus Fund. Charlie has served as Portfolio Manager since the Fund's inception in 2005.

Ariel International Fund and Ariel Global Fund

#### Lead Portfolio Manager
Henry Mallari-D'Auria, Executive Vice President and Chief Investment Officer—Global and Emerging Markets Equities, Ariel Investments, LLC. Henry is the Lead Portfolio Manager for Ariel International Fund and Ariel Global Fund. As such, Henry makes the final investment decisions for the International/Global Funds. Henry has served as Lead Portfolio Manager for Ariel International Fund and Ariel Global Fund since 2023. Henry joined Ariel in April of 2023 and served as Chief Investment Officer, Emerging Markets Value for Ariel through August 31, 2023. Prior to joining Ariel, Henry spent 32 years at AllianceBernstein ("AB") in various investment roles.

#### Portfolio Managers
Mrunal "Micky" Jagirdar, FSA, Senior Vice President, Head of Investments, Global Equities, Ariel Investments, LLC and Portfolio Manager, Ariel International Fund and Ariel Global Fund. Micky has served as Portfolio Manager of the International/Global Funds since 2023. Micky joined Ariel in 2011 as a Research Analyst.

Vivian Lubrano, Senior Vice President, Global Equities, Ariel Investments, LLC and Portfolio Manager of Ariel International Fund and Ariel Global Fund since 2024. Vivian joined Ariel in April of 2024, and serves as Portfolio Manager and a Senior Research Analyst on Ariel's global equities team, which encompasses Ariel's international and global strategies. She joined from AB where she spent over 15 years, most recently as portfolio manager for the AB Responsible U.S. Equity and AB Diversity Champions equity portfolios. Before becoming a portfolio manager, Vivian was a senior research analyst on AB's emerging markets value and emerging markets strategic core offerings.

**NOTE: The Statement of Additional Information provides more details about the portfolio managers' compensation, other accounts managed by the portfolio managers and their ownership of shares of the respective Fund(s) they manage.**

ADMINISTRATION

The Adviser is responsible for the administrative services for the Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund. These services include:

<sub>•</sub> Responding to shareholder requests for information on their accounts and the Funds in general

<sub>•</sub> Preparing quarterly reports for shareholders

<sub>•</sub> Preparing reports for the Funds' Board of Trustees

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 the Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund and as fund administrator engaged by the Trust for the International/Global Funds. Northern Trust also acts as the Funds' accounting agent and custodian.

U.S. Bank Global Fund Services ("USBGFS") serves as the Funds' transfer agent. As transfer agent, USBGFS maintains shareholder records, opens shareholder accounts and processes buy and sell orders for shares of the Funds.

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Investors may purchase or sell shares in the Funds directly through Ariel or through an intermediary, such as a broker, bank, investment adviser or record-keeper. Intermediaries may charge other fees to their clients—check with your financial intermediary. The following sections apply to purchasing and selling Fund shares directly.

DOING BUSINESS WITH ARIEL

Shareholder services representatives are available Monday through Friday (except holidays) from 8:00 a.m. to 7:00 p.m. Central Time. The Funds' website (arielinvestments.com) and Turtle Talk (an automated shareholder information hotline, 800.292.7435) are both available 24 hours a day, 7 days a week.

Shares of the Funds are offered for sale in the United States and its territories only, including Guam, Puerto Rico and the U.S. Virgin Islands. To invest in the Funds, you must be a U.S. citizen or resident alien, and you must reside within the United States and its territories or have a U.S. military address.

OPENING A NEW ARIEL ACCOUNT

The minimum initial investment for Investor Class shares is $1,000. The minimum initial investment for Institutional Class shares is $1,000,000. The minimum subsequent investment in a Fund for both classes of shares is $100. Investment minimums may be waived in certain circumstances as described in this Prospectus, including participating in the Funds' Automatic Investment Program.

Individuals may open new accounts by mailing a signed account application and submitting payment (in the form of a check or wire transfer). IRA transfers and rollovers, corporate accounts, and trust accounts cannot be opened online. To open an account by mail, you can obtain an account application by calling 800.292.7435 or by downloading an application from arielinvestments.com. Mail your completed application to:

Regular Mail

Ariel Investment Trust

c/o U.S. Bank Global Fund Services

P.O. Box 219227

Kansas City, MO 64121-9227

Overnight Mail

Ariel Investment Trust

c/o U.S. Bank Global Fund Services

801 Pennsylvania Avenue, Suite 219227

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery service to be their agents. Therefore, deposit in the mail or with such services, or receipt at a USBGFS post office box, of purchase orders (or redemption requests) does not constitute receipt by the transfer agent of the Funds. Receipt of purchase orders (or redemption requests) is based on when the order is received at the transfer agent's office.

Once your account has been opened, you may conduct transactions by mail, online at arielinvestments.com or by telephone at 800.292.7435. For more information about online transactions, see the section below called "Online Transactions in Your Account."

FUNDING YOUR ACCOUNT BY WIRE

To open an account and make an initial investment by wire, a completed account application must be sent by mail before your wire can be accepted. Upon receipt of your completed application, your account number will be assigned. This number will be required as part of the instruction that you should provide to your bank to send the wire. Your bank should transmit monies by wire to:

U.S. Bank, N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA Number: 075000022

Credit: U.S. Bank Global Fund Services

Account Number: 112-952-137

Further Credit: Ariel Investment Trust

(Your shareholder registration name)

(Your shareholder account number and

Fund name or Fund number)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
|  | Investor Class | Investor Class | Institutional Class | Institutional Class |
| Ariel Fund: |  | 2220 |  | 2230 |
| Ariel Appreciation Fund: |  | 2221 |  | 2231 |
| Ariel Focus Fund: |  | 2222 |  | 2232 |
| Ariel International Fund: |  | 2225 |  | 2235 |
| Ariel Global Fund: |  | 2226 |  | 2236 |

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Before sending a wire, please contact the transfer agent at 800.292.7435 to advise them of your intent to wire monies. This will ensure prompt and accurate credit upon receipt of your wire. Your bank must include the name of the Fund you are purchasing, your Ariel shareholder account number and your name so that monies can be correctly applied. Wired funds must be received prior to 3:00 p.m. Central Time to be eligible for same day pricing. **The Funds and U.S. Bank, N.A.**

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**are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.** Wires cannot be sent on days when the Federal Reserve is closed (even if the Funds are open for business). This includes Columbus Day and Veterans' Day. Wire orders to buy or sell shares that are placed on such days will be processed on the next day that both the Funds and the Federal Reserve are open.

ONLINE TRANSACTIONS IN YOUR ACCOUNT

Once you have opened an account, you can make subsequent purchases online at arielinvestments.com. To set up your online account after opening an account by mail, you will need the last four digits of your Social Security number (or taxpayer identification number), your account number and the Fund(s) held.

Payment for shares purchased online may be made only through an Automated Clearing House ("ACH") debit of your bank account of record. Redemptions will be paid by check, wire or ACH transfer only to the address or bank account of record. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions online. Online transactions also are subject to the same purchase minimums and maximums as other purchase methods. However, the maximum online redemption amount is $50,000.

You should be aware that there may be delays, malfunctions or other inconveniences associated with online transactions. There also may be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider performing transactions by another method.

The Funds employ procedures to verify that online transactions are authentic. These procedures include passwords, encryption and other precautions reasonably designed to protect the integrity, confidentiality and security of shareholder information. In order to conduct transactions online, you will need your account number, username and password. The Funds and their service providers will not be liable for any loss, liability, cost or expense for following instructions communicated online, including fraudulent or unauthorized instructions.

SHARE CLASSES

Investor Class shares are offered to individual investors directly or through mutual fund supermarkets or platforms offered by broker-dealers or other financial intermediaries and charge a 0.25% distribution and service fee. Investor Class shares are subject to a minimum initial investment of $1,000 and a subsequent investment minimum of $100.

Institutional Class shares are offered primarily for direct investments by institutional investors such as pension and profit-sharing plans, employee benefit trusts, endowments,

foundations, corporations, financial intermediaries and high net worth individuals. The minimum initial investment for Institutional Class shares is $1 million and a subsequent investment minimum of $100.

The Distributor may waive the initial and subsequent minimum investment in certain circumstances, including, but not limited to, the following:

<sub>•</sub> Certain wrap or other fee-based programs for the benefit of clients of investment professionals or other financial intermediaries

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| <sub>•</sub> | Employer-sponsored retirement plans, such as defined contribution plans (401(k) plans and 457 plans), defined benefit plans, pension and profit-sharing plans, employee benefit trusts, employee benefit plan alliances and other retirement plans established by financial intermediaries where the investment in such plan is expected to reach the $1 million minimum within a reasonable time period or the plan currently has assets of at least $25 million |

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<sub>•</sub> Certain institutional clients, including financial institutions, plans and individuals accessing accounts through registered investment advisers

<sub>•</sub> Investors participating in the Funds' Automatic Investment Program for the Investor Class of shares

<sub>•</sub> Employee benefit plans sponsored by the Adviser

<sub>•</sub> Trustees of the Trust and their family members\*

<sub>•</sub> Employees and directors of the Adviser and its affiliates and their family members<sup>\*</sup>

USA PATRIOT ACT

In accordance with the regulations issued under the USA PATRIOT Act, the Funds and USBGFS are required to obtain, verify and record information that identifies each person who applies to open an account. For this reason, when you open (or change ownership of) an account, you will be asked for your name, street address (or APO/ FPO), date of birth, taxpayer identification number and other information, which will be used to verify your identity. If you open an account in the name of a legal entity (e.g., partnership, limited liability company, business trust or corporation), you must also supply the identity of the beneficial owner(s).

The Funds are required to reject your account application if you fail to provide all of the required information. The Funds will attempt to contact you or your broker to try and collect the missing information. Please note:

<sub>•</sub> If you are unable to provide the requested information or the Funds are unable to contact you within two business days, your application will be rejected and your money will be returned.

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<sub>•</sub> If you provide the required information following the request, your investment will be accepted and you will receive the Fund price as of the date all information is received.

IMPORTANT INFORMATION ABOUT OPENING AN ACCOUNT

If the Funds are unable to verify your identity based on the information you provide, they reserve the right to close and liquidate your account. You will receive the Fund share price for the day your account is closed, and the proceeds will be mailed to you. Please note that your redemption proceeds may be more or less than the amount you paid for your shares and the redemption may be a taxable transaction. Under some circumstances, the Funds may be required to "freeze" your account if information matches government suspicious activity lists.

The Funds reserve the right to hold your proceeds until the earlier of (i) 15 days after your purchase check was invested or (ii) the date your purchase check is verified as cleared. This delay will not apply if you purchased your shares via wire payment.

REGARDING PURCHASES OF SHARES IN THE FUNDS

<sub>•</sub> Refer to "Determining the price for your transaction" on page 39 for information regarding how the Fund share price for your purchase or redemption transaction is determined.

<sub>•</sub> Broker-dealers may charge a transaction fee on the purchase or sale of Fund shares. The Funds will be deemed to have received a purchase or redemption order when an authorized broker-dealer, or its authorized designee, receives the order.

<sub>•</sub> The number of shares you have purchased is calculated based on the Fund share price (net asset value) you received at the time of your order.

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| <sub>•</sub> | Purchases are accepted only in U.S. dollars drawn on U.S. banks. The Funds will not accept payment in cash or money orders. In addition, to prevent check fraud, the Funds will not accept payment methods that the Funds determine are more susceptible to fraud, including, but not limited to, third-party checks (except for properly endorsed IRA rollover checks), Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Funds are unable to accept post-dated checks, gift cards or certificates or any conditional order or payment. |

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| <sub>•</sub> | With an Automatic Investment Program, any time a scheduled investment is rejected by your bank, the Funds will charge your account $25, plus any loss incurred. Two |

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consecutive rejects will result in suspension of your Automatic Investment Program until further notice. If you cancel your monthly Automatic Investment Program prior to reaching the Investor Class account minimum, the Funds reserve the right to close your account and send you the proceeds with 30 days prior written notice, unless a balance of $1,000 or more is restored within that 30-day period.<br>

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| <sub>•</sub> | If payment for your check or telephone purchase order does not clear, the Funds will cancel your purchase. The transfer agent will charge a $25 fee against your account, in addition to any loss sustained by the Funds for any payment that is returned. |

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<sub>•</sub> The Funds reserve the right in their sole discretion to waive investment minimums and/or set lower investment minimums than those minimums stated in this Prospectus.

For example, the Funds may waive or lower investment minimums for investors who invest in the Funds through an asset-based fee program made available through a financial intermediary or invest in the Funds through a 401(k) or other retirement account.

<sub>•</sub> The Funds reserve the right to stop selling shares at any time. The Funds also reserve the right to terminate the privilege of any investor to open an account or to execute purchases through exchange transactions in any account at any time in the Funds with or without prior notice.

REGARDING THE SALE OF SHARES IN THE FUNDS

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| <sub>•</sub> | The Funds normally send the proceeds of your redemption to you the next business day. However, if a Fund believes the sale may adversely affect the operation of the Fund, it may take up to 7 days to send your proceeds. We recommend that you call the Funds at 800.292.7435 before redeeming $500,000 or more. By calling first, you may avoid delayed payment of your redemption. |

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| <sub>•</sub> | The Funds typically expect to meet redemption requests by paying out proceeds from cash or cash equivalents or by selling portfolio holdings. Redemptions in kind (marketable portfolio securities) may be used to meet redemption requests that represent a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in kind will be considered only when the amount to be redeemed is $5 million or more. In addition, the Funds have in place a line of credit that may be used to meet redemption requests. The line of credit or a redemption in kind may be used regularly or in stressed market conditions, as necessary, to meet redemption requests. If the Funds pay your redemptions in kind, you will bear the market risks associated with such securities until you have converted them to cash. |

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<sup>\*</sup> Family members include, without limitation, spouse, domestic partner, parents, spouse's/domestic partner's parents, children, children's spouses/domestic partners, grandchildren, brothers, and sisters.

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| <sub>•</sub> | You may have a check sent to the address of record, or, if previously established on your account, you may have proceeds sent by wire or electronic funds transfer through the ACH network directly to your bank account. Wires are subject to a $15 fee paid by you, and your bank may charge a fee to receive wired funds. You do not incur any charge when proceeds are sent via the ACH network; however, credit may not be available in your bank account for two to three days. Fees are deducted from redemption proceeds only in the event of complete or share specific redemptions. In the case of dollar specific redemption, fees are deducted above and beyond the requested redemption amount. Alternatively, you may call the transfer agent to specify how to deduct the fee. |

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| <sub>•</sub> | If the value of your account falls below $1,000 for the Investor Class or $1 million for the Institutional Class for any reason, including a market decline, the Funds may close your account and send you the proceeds with 30 days prior written notice. Unless a balance of $1,000 for the Investor Class or $1 million for the Institutional Class or more is restored within that 30-day period, the Funds will redeem your shares at the NAV calculated on the day your account is closed. |

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<sub>•</sub> Special documentation may be required to redeem from certain types of accounts, such as trust, corporate, nonprofit or retirement accounts. Please contact the Funds at 800.292.7435 regarding the specific requirements for your transaction.

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| <sub>•</sub> | If you recently made a purchase by mail or ACH, the Funds cannot send you the proceeds from your redemption of shares until reasonably satisfied that your purchase payment has cleared. When the Funds receive your redemption request in good form, your shares will be redeemed at the next calculated price, however your proceeds may be delayed until the earlier of 15 calendar days after your purchase was made or the date the Funds can verify your purchase has cleared. This delay will not apply if you purchased your shares via wire payment. Good form means that your redemption request includes: (i) the name of the Fund, (ii) the number of shares or dollar amount to be redeemed, (iii) the account number, and (iv) signatures by all of the shareholders whose names appear on the account registration, with a signature guarantee, if applicable. |

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<sub>•</sub> Certain transactions and account maintenance requests must be made in writing. If there are multiple account owners, all owners must sign these written requests.

<sub>•</sub> Once a telephone transaction has been placed, it cannot be cancelled or modified after the close of regular trading on the New York Stock Exchange ("NYSE") (generally, 4:00 p.m. Eastern Time).

<sub>•</sub> Shares held in IRA or other retirement accounts may be redeemed by telephone at 800.292.7435. Investors will be

asked whether or not to withhold taxes from any distribution. Shareholders redeeming by written request must indicate whether or not federal income tax should be withheld, or the Funds will automatically withhold 10% in taxes.<br>

STATE LAWS REGARDING ABANDONMENT OF YOUR ACCOUNT

**Please Note:** Under certain circumstances, some states have laws mandating that your Fund shares be transferred to the state if your account is considered abandoned. To prevent this, we recommend you keep the Funds updated as to your current mailing address and that you contact us regarding your account at least annually by phone at 800.292.7435 or by logging into your account online at arielinvestments.com.

Mutual fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. Your last known address on record with the Funds determines which state has jurisdiction. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Funds to complete a Texas Designation of Representative form.

An incorrect address may cause your account statements and other mailings to be returned to the Funds. Based upon applicable statutory requirements for returned mail, the Funds will attempt to locate you or another rightful owner of the account. If the Funds are unable to locate you or another owner, then the Funds will determine whether your account can legally be considered abandoned.

SIGNATURE GUARANTEE

In some cases, you will have to obtain a signature guarantee. A signature guarantee can be obtained from a financial institution such as a commercial bank, savings bank, credit union or broker-dealer who participates in a signature guarantee program. You need to be a customer of the financial institution in order to receive a signature guarantee. A signature guarantee is designed to protect you and the Funds from fraudulent activities. The Funds require a signature guarantee, from either a Medallion program member or a non-Medallion program member, in the following situations:

<sub>•</sub> If ownership is being changed on your account, such as adding or removing a joint owner

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| <sub>•</sub> | You want to sell more than $100,000 in shares |

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<sub>•</sub> When redemption proceeds are payable or sent to any person, address or bank account not on the Funds' records

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<sub>•</sub> If you are requesting a redemption and a change of address and/or bank account was received by the Funds' transfer agent within the last 30 calendar days

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial source. In addition to the situations described above, the Funds and their transfer agent reserve the right to require a signature guarantee or Signature Validation Program stamp in other instances based on the circumstances of the particular transaction. The Funds reserve the right to waive any signature requirement at their discretion.

For your convenience, forms to process most transactions that require a signature guarantee are available at arielinvestments.com.

SHAREHOLDER SERVICES

SHAREHOLDER STATEMENTS AND REPORTS

To keep you informed about your investments, the Funds send you various account statements and reports, including:

<sub>•</sub> Confirmation statements that verify your buy or sell transactions (except in the case of automatic purchases or redemptions from bank accounts). Please review your confirmation statements for accuracy.

<sub>•</sub> Quarter-end and year-end shareholder account statements.

<sub>•</sub> Shareholder Reports for the Funds, which include Portfolio Manager Commentary and Performance Information (Annual Reports only) and Portfolio Holdings Information (Annual and Semi-Annual Reports).

<sub>•</sub> Shareholder tax forms.

When the Funds send financial reports, prospectuses and other regulatory materials to shareholders, we attempt to reduce the volume of mail you receive by sending one copy of these documents to two or more account holders who share the same address. Should you wish to receive individual copies of materials, please contact us at 800.292.7435. Once we have received your instructions, you will begin receiving individual copies for each account at the same address within 30 days.

You can choose to receive your account statements, prospectuses, and annual tax forms electronically instead of regular mail by following the three easy steps described on our website at www.arielinvestments.com/edelivery/ or by contacting us at 800.292.7435. Taking advantage of this free service not only decreases the clutter in your mailbox, it also reduces your Fund fees by lowering printing and postage costs. You may elect to receive all future shareholder reports in paper

free of charge. You can also inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling us at 800.292.7435 or, if applicable, by contacting your financial intermediary.

SECURING YOUR TELEPHONE AND ONLINE ORDERS

The Funds will take all reasonable precautions to ensure that your telephone and online transactions are authentic. By telephone, such procedures include a request for personal identification (account, Social Security or Tax ID) number and recording your instructions. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. Online, such procedures include the use of your Ariel shareholder account number, Social Security or Tax ID number, username, password and encryption. The Funds and their service providers cannot be held liable for executing instructions they reasonably believe to be authentic. All shareholders automatically receive telephone and online privileges to exchange, purchase or sell shares. Retirement accounts established under Internal Revenue Code section 403(b) (for employees of public institutions or tax-exempt organizations) do not have any telephone or online privileges. If you do not want the flexibility of telephone and online privileges, please inform the Funds by telephone or in writing. Telephone and online trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone and online transactions.

AUTOMATIC INVESTMENT PROGRAM

The Funds offer shareholders an opportunity to invest in the Funds through an Automatic Investment Program, which consists of regular, automatic investments in the Funds made directly from your bank account or your paycheck. Investor Class shares of all Funds may be purchased through the Automatic Investment Program, which is available for all types of accounts. The initial and subsequent minimum investment requirements are waived if you automatically invest a minimum of $50 per month and you maintain your Automatic Investment Program until reaching each Fund's initial investment minimum of $1,000. In order to participate in the Automatic Investment Program, your financial institution must be a member of the ACH network. Any request to change or terminate the Automatic Investment Program should be submitted to the Transfer Agent by telephone at 800.292.7435 or in written form five days prior to the effective date.

EXCHANGES

You may exchange shares of any Fund you own for shares of another Fund, so long as you meet the investment minimums required for each Fund and share class. An exchange represents both a sale and a purchase of Fund shares.

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Therefore, you may incur a gain or loss for income tax purposes on any exchange. Shares purchased through an exchange must be registered in the current account name with the same Social Security or taxpayer identification number.

You also may exchange the shares of any Fund you own for shares of a money market fund made available by the Trust or exchange shares of such money market fund for shares of any Fund. You should read the money market fund's prospectus prior to investing in that fund. You can obtain a prospectus for the money market fund by calling 800.292.7435 or by visiting arielinvestments.com.

CONVERSIONS

The Distributor may allow for the conversion of Investor Class shares of a Fund to Institutional Class shares of the same Fund under certain circumstances. Certain financial intermediaries offer programs under which the Adviser and/or the Distributor have agreed to permit the conversion of Investor Class shares to Institutional Class shares. Under some of these arrangements, an investor's shares may be automatically converted. The Institutional Class shares and this conversion option are available only to some investors through specific programs offered by certain intermediaries.

The Distributor may allow for the conversion of Institutional Class shares of a Fund to Investor Class shares of the same Fund under certain circumstances. The Adviser and/or the Distributor have agreed to accommodate the conversion of Institutional Class shares to Investor Class shares for investors that no longer qualify for a certain financial intermediary's program that offers Institutional Class shares. Under this arrangement and any similar future arrangements with other intermediaries, an investor's shares may be automatically converted. The Adviser and the Distributor are not able in these cases to prevent such a conversion should you qualify under this Prospectus for a Fund's Institutional Class shares. You are encouraged to contact your financial intermediary to ensure that you are in a program that offers you Institutional Class shares if your investment in a Fund is $1 million or more.

If shares of a Fund are converted to a different share class of the same Fund, the transaction will be based on the respective net asset value of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's net asset values. Your total value of the initially held shares, however, will equal the total value of the converted shares. Please contact your financial intermediary regarding the tax consequences of any conversion.

SYSTEMATIC WITHDRAWALS

If you wish to receive regular withdrawals from your account, please send a letter with your account name; account number; the number of shares you wish to sell or the dollar amount you

wish to receive on a regular basis; how often you wish to receive each payment (monthly or quarterly); and the method of receipt.

The Fund will send a check to your address of record or will send the payment via electronic funds transfer through the ACH network directly to your bank account. See page 35 for signature guarantee requirements. You may elect to change or terminate your participation in the systematic withdrawal plan at any time by contacting the transfer agent at least five days prior to the next scheduled withdrawal. **Note, you must maintain a minimum balance of $10,000 and make a minimum withdrawal of $50 to participate in a systematic withdrawal plan.** 

PAYMENTS TO BROKERS, DEALERS AND OTHER FINANCIAL INTERMEDIARIES

Brokers, dealers, financial intermediaries, record-keepers and other service providers (collectively, "Intermediaries") may be entitled to receive certain payments from the Funds, the Adviser, or Ariel Distributors, LLC. In addition to compensating Intermediaries for distribution, shareholder servicing and record-keeping, these payments may be required by Intermediaries for selling the Funds' shares and providing continuing support to shareholders.

Intermediaries may receive (i) distribution and shareholder servicing fees from the Distributor; (ii) fees from the Funds for providing record-keeping and shareholder services to investors who hold shares of the Funds through omnibus accounts; and (iii) other compensation, described below, paid by the Adviser or the Distributor from their own resources (such compensation often referred to as revenue sharing arrangements).

Intermediaries may, as a condition to distributing the Funds and servicing shareholder accounts, require that the Adviser or the Distributor pay or reimburse the Intermediary for its marketing support expenses, including: business planning assistance; educating personnel about the Funds; shareholder financial planning needs; placement on the Intermediary's list of offered funds; and access to sales meetings, sales representatives and management representatives of the Intermediary.

A number of factors are considered in determining whether to pay these additional fees and the amount of the fees, including the amount of assets that the Intermediary's customers have invested in the Funds and the quality of the Intermediary's relationship with the Adviser and the Distributor. Fees generally are based on the value of shares of the Funds held by the Intermediary for its customers or based on the number of customer accounts, or a combination thereof. Some Intermediaries may choose to pay additional compensation to their registered representatives who sell the Funds. Such payments may be associated with the status of a Fund on an Intermediary's preferred list of funds or otherwise associated

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with the Intermediary's marketing and other support activities. The foregoing arrangements may create an incentive for Intermediaries, as well as their registered representatives, to provide the Funds with enhanced sales and marketing support and/or recommend and sell shares of the Funds rather than other mutual funds. The Statement of Additional Information provides more details about these payments.

Some of the Adviser's employees (who also are registered representatives of the Adviser and/or its subsidiary, the Distributor) receive incentive compensation payments from the Adviser for the sale of shares of the Funds in certain circumstances. These employees are salespersons, not research team members or portfolio managers who provide investment advice. It should be noted that employees of the Adviser do not sell non-Ariel investment products or services. To the extent there is a conflict of interest in that Ariel's employees have the incentive to sell the Funds based on compensation rather than on an investor's needs, Ariel addresses the conflict through this disclosure.

Although the Funds may use brokers who sell shares of the Funds to trade securities in the Funds' portfolios, the Funds do not consider the sale of Fund shares as a factor when selecting brokers for trades involving the Funds' portfolio holdings.

RULE 12B-1 FEES

The Funds have adopted a plan under Rule 12b-1 that allows the Funds to pay distribution fees of 0.25% of average daily net fund assets for the sale and distribution of Investor Class shares. Because these fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than if you were paying other types of sales charges.

FREQUENT TRADING

**The Funds do not knowingly permit frequent or short-term trading (also known as market timing). Do not invest in the Funds if you are a market timer.** Excessive trading interferes with a Fund's ability to implement long-term investment strategies; increases a Fund's portfolio turnover ratio and portfolio transaction expenses; and may increase taxable distributions, decrease tax-efficiency and decrease investment performance for the Fund's long-term shareholders.

The Funds' Board of Trustees has adopted market timing policies and procedures. It is the policy of the Funds to discourage, take reasonable steps to deter or minimize, and not accommodate, to the extent practical, frequent purchases and redemptions of shares of the Funds. Although there is no assurance that the Funds will be able to detect or prevent frequent trading or market timing in all circumstances, the following policies have been adopted to address these issues:

<sub>•</sub> The Funds monitor trading activity within specific time periods on a regular basis in an effort to detect frequent,

short-term or other inappropriate trading. The Funds may deem a sale of Fund shares to be disruptive if the sale is made within 60 days of a purchase, if such sales happen more than once per year, or if transactions seem to be following a frequent trading pattern. This rule also applies to exchanges of Funds' shares. A purchase of a Fund's shares followed by a redemption within a 60-day period may result in the Fund rejecting a future purchase request made within the next 60 days.<br>

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| <sub>•</sub> | The Funds reserve the right to reject any purchase request—including exchanges from any of the Funds or the money market fund made available by the Trust—without notice and regardless of size. A purchase request could be rejected, for example, if the Funds determine that such purchase may disrupt a Fund's operation or performance or because of a history of frequent trading by the investor. In determining whether such trading activity is disruptive to a Fund, a number of factors are considered including, but not limited to, the size of the trade relative to the size of the Fund, the number of trades and the type of Fund involved. |

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| <sub>•</sub> | The Funds also reserve the right to terminate the privilege of any investor to open an account or to execute purchase or exchange transactions in any account at any time in the Funds with or without prior notice, if such investor appears to be market timing or if any transaction is inconsistent with the Funds' frequent trading policies and procedures. |

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The preceding policies do not apply to the following:

<sub>•</sub> Purchases of shares with Fund dividend or capital gains distributions

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| <sub>•</sub> | Purchases or sales transacted through the Funds' Automatic Investment Program involving predetermined amounts on predetermined dates |

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<sub>•</sub> Redemptions of shares to pay Fund or account fees

<sub>•</sub> Account transfers and re-registrations of shares within the same Fund

<sub>•</sub> Purchases of shares in retirement accounts by asset transfer or direct rollover

<sub>•</sub> Emergency situations (which will be determined by the Funds in their sole discretion)

The Funds use several methods to reduce the risks of market timing, including working with Intermediaries and the Funds' transfer agent to monitor investor accounts (e.g., reviewing holding periods and transaction amounts) and reviewing trading activity to identify transactions that may be inconsistent with the Funds' frequent trading policy.

The Funds have not entered into any arrangements that permit organizations or individuals to market time the Funds.

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Although the Funds will not knowingly permit investors to excessively trade shares of the Funds, investors seeking to engage in frequent trading may employ a variety of strategies to avoid detection, and there can be no guarantee that all market timing will be prevented, despite the best efforts of the Funds and its service providers. The ability of the Funds to detect and curtail excessive trading practices also may be limited by operational systems and technological limitations. The Funds reserve the right to terminate or amend the exchange privilege at any time.

The Funds have entered into agreements with Intermediaries which trade shares in the Funds through omnibus accounts in order to help the Funds obtain transaction information from those Intermediaries for the purpose of identifying investors who engage in frequent trading. The Funds cannot always detect or prevent excessive trading that may be facilitated by Intermediaries or by the use of omnibus accounts. There can be no assurance that the Funds will successfully identify all Intermediaries with omnibus accounts in the Funds or all frequent trading that occurs in those accounts. There can be no assurance that Intermediaries will properly administer the Funds' frequent trading policies. Intermediaries may apply frequent trading policies that differ from those used by the Funds. If you invest in the Funds through an Intermediary, you should read that firm's fund materials carefully to learn of any rules or fees that may apply to your trades.

CALCULATING THE FUNDS' SHARE PRICES AT NET ASSET VALUE

The Funds calculate the price of Fund shares at net asset value ("NAV") as of the close of trading on the NYSE (normally 4:00 p.m. Eastern Time) every day the NYSE is open for business. The Exchange is normally open for business every weekday, except when the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Ariel may suspend redemptions or postpone payment dates on days when the NYSE is closed (other than weekends and holidays), when trading is restricted or as permitted by the SEC. The NAV is computed by subtracting the Fund's liabilities from its total assets and dividing the result by the number of shares outstanding.

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. For 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 NYSE. Such prices are provided by approved pricing vendors or other independent pricing sources.

For securities valued using these fair value procedures, the Board is given a quarterly report comparing prices determined using these procedures, as applicable, and an annual assessment of the adequacy and effectiveness of the Adviser's process for making determinations of fair value. In addition, the Board is given any other information as requested for the Board to review the appropriateness of a previously approved fair value methodology.

The International/Global Funds often invest in portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares and shareholders are not able to purchase or redeem shares. The value of the International/Global Funds' portfolio holdings—and, thus, the value of your investment in the International/Global Funds—may change on those days when the Funds do not price their shares and shareholders will not be able to purchase or redeem shares.

DETERMINING THE PRICE FOR YOUR TRANSACTION

If the Funds receive your request to purchase, sell or exchange Fund shares at or before NYSE Closing Time (normally 4:00 p.m. Eastern Time), you will receive the NAV calculated that day. If your request is received after NYSE Closing Time, your request will be processed at the NAV calculated on the following business day.

In some cases the Funds may require additional documentation to complete your request to purchase, sell or exchange Fund shares. Once the Funds receive your request in good form, your transaction will be processed at the next calculated price.

If you are purchasing, selling or exchanging Fund shares through an Intermediary, your NAV is dependent upon when your Intermediary receives your request and sends it to the Funds. To receive the closing price for the day you place your order, your Intermediary must receive your order at or before NYSE Closing Time and promptly transmit the order to the Funds. The Funds rely on your Intermediary to have procedures in place to assure that our pricing policies are followed.

SLOW AND STEADY WINS THE RACE 39

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![LOGO](g59093g15d42.jpg)

DISTRIBUTIONS

It is each Fund's policy to make distributions of net investment income and net realized capital gains, if any, at least annually. Unless you elect otherwise, your ordinary income dividends and capital gain distributions will be reinvested in additional shares of the same share class of the Fund at net asset value calculated as of the payment date. You may change the disposition of your dividends and capital gains by notifying the transfer agent in writing or by telephone at least 5 days prior to the record date of the next distribution.

You may elect to receive distributions and/or capital gains paid in cash. If you elect to receive distributions in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, each Fund reserves the right to reinvest the amount of the distribution check in your account, at the Fund's then current net asset value, and to reinvest all subsequent distributions. For those electing to receive your dividends in cash, the Funds will normally mail distribution checks within 5 business days following the payable date.

Please Note:

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| | |
|:---|:---|
| <sub>•</sub> | The Funds will automatically reinvest distributions for IRA, Education Savings Account and 403(b) shareholders. A cash payment of a distribution is considered a withdrawal of IRA earnings, and it is subject to taxes and potential income tax penalties for those under age 59 <sup>1</sup>/<sub>2</sub>. Once you reach 59 <sup>1</sup>/<sub>2</sub>, you are eligible to withdraw the earnings from your IRA and may request cash payments of the distributions. |

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TAXES

This discussion is not intended to be a full discussion of all the aspects of the federal income tax law and its effects on the Funds and their shareholders. Shareholders may be subject to state and local taxes on distributions. Each investor should consult their own tax adviser regarding the effect of federal, state and local taxes on any investment in the Fund.

If your shares are held in a taxable account, the distributions you receive are subject to federal income tax and may also be subject to state or local taxes. The tax status of your distributions from a Fund does not change whether you reinvest distributions or take them in cash, nor does it depend on how long you have owned your shares. Rather, income dividends and short-term capital gain distributions are taxed as ordinary income. Long-term capital gain distributions are taxed as long-term capital gains which are taxed at a different tax rate. Every January, the Funds will send you and the IRS a statement called Form 1099-DIV. This form will show the amount of each taxable distribution you received in the previous year. If the total distributions you received for the year are less than $10, you may not receive a Form 1099-DIV. Please note retirement account shareholders will not receive a Form 1099-DIV.

If you sell shares within one year of purchase, any gains are generally treated as ordinary income for income tax purposes. If you sell shares you have held for longer than a year, any gain or loss is generally treated as a long-term capital gain or loss.

If you buy shares after a Fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full price for the shares and later receiving a portion back in the form of a taxable distribution. An exchange of a Fund's shares for shares of another Fund will be treated as a sale of the Fund's shares and any gain on the transaction may be subject to federal income tax and may also be subject to state or local taxes.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds publicly disclose portfolio holdings as of the most recent quarter-end at arielinvestments.com, generally within five business days of quarter-end. A summary of the policies and procedures regarding the Funds' disclosure of portfolio holdings may be found in the Funds' Statement of Additional Information. This information is also available at arielinvestments.com.

INDEX DESCRIPTIONS

Please note that indexes are unmanaged, and you cannot invest directly in an index. Performance results shown for the indexes reflect the reinvestment of dividends and other earnings.

The **Russell 2500<sup>TM</sup> Value Index** measures the performance of the small to mid cap value segment of the U.S. equity universe. It includes those Russell 2500<sup>TM</sup> Index companies with relatively lower price-to-book ratios, lower forecasted growth values and lower sales per share historical growth. Its inception date is July 1, 1995. This index pertains to Ariel Fund.

The **Russell 2500<sup>TM</sup> Index** measures the performance of the small to mid cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500<sup>TM</sup> Index is a subset of the Russell 3000<sup>®</sup> Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. Its inception date is June 1, 1990. This index pertains to Ariel Fund insofar as the directly pertinent Russell<sup>®</sup> index is a subsect of the Russell 2500**<sup>TM</sup>** Index.

The **Russell 2000<sup>®</sup> Value Index** measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with relatively lower price-to-book ratios, lower forecasted growth values and lower sales per share historical growth. Its inception date is June 1, 1993. This index pertains to Ariel Fund.

The **Russell Midcap<sup>®</sup> Value Index** measures the performance of the mid cap value segment of the U.S. equity universe. It includes those Russell Midcap**<sup>®</sup>** Index companies with lower price-to-book ratios, lower forecasted growth values and lower

40 SLOW AND STEADY WINS THE RACE

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sales per share historical growth. Its inception date is February 1, 1995. This index pertains to Ariel Appreciation Fund.

The **Russell Midcap<sup>®</sup> Index** measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap<sup>®</sup> Index is a subset of the Russell 1000<sup>®</sup> Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. Its inception date is November 1, 1991. This index pertains to Ariel Appreciation Fund.

The **Russell 1000<sup>®</sup> Value Index** measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios, lower forecasted growth values and lower sales per share historical growth. Its inception date is January 1, 1987. This index pertains to Ariel Focus Fund.

The **Russell 1000<sup>®</sup> Index** measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000<sup>®</sup> is a subset of the Russell 3000<sup>®</sup> Index. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. Its inception date is January 1, 1984. This index pertains to Ariel Focus Fund.

The **Russell 3000<sup>®</sup> Index** measures the performance of the largest 3,000 U.S. companies. It represents approximately 98% of the investable U.S. equity market, as of the most recent reconstitution. Its inception date is January 1, 1984. This index only pertains to Ariel Focus Fund, Ariel Appreciation Fund, and Ariel Fund insofar as the directly pertinent Russell<sup>®</sup> index is a subsect of the Russell 3000<sup>®</sup>.

The **S&P 500<sup>®</sup> Index** is widely regarded as the best gauge of large-cap U.S. equities. It includes 500 leading companies and covers approximately 80% of available U.S. market capitalization. Its inception date is March 4, 1957. This index pertains to the Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund.

The **MSCI ACWI (All Country World Index) Index**<sup>®</sup> is an equity index of large and mid cap representation across 23 Developed Markets ("DM") and 24 Emerging Markets ("EM") countries. Its inception date is January 1, 2001. This index pertains to Ariel Global Fund.

The **MSCI ACWI Value Index**<sup>®</sup> captures large and mid cap securities exhibiting overall value style characteristics across 23 DM countries and 24 EM countries. Its inception date is December 8, 1997. This index pertains to Ariel Global Fund.

The **MSCI EAFE<sup>®</sup> Index** is an equity index of large and mid cap representation across 21 DM countries around the world, excluding the U.S. and Canada. Its inception date is March 31, 1986. This index pertains to Ariel International Fund.

The **MSCI EAFE<sup>®</sup> Value Index** captures large and mid cap securities exhibiting overall value style characteristics across DM countries around the world, excluding the US and Canada. Its inception date is December 8, 1997. This index pertains to Ariel International Fund.

The **MSCI ACWI (All Country World Index) ex-US Index**<sup>®</sup> is an index of large and mid cap representation across 22 DM and 24 EM countries. Its inception date is January 1, 2001. This index pertains to Ariel International Fund.

The **MSCI ACWI ex-US Value Index**<sup>®</sup> captures large and mid cap securities exhibiting overall value style characteristics across 22 Developed and 24 EM countries. Its inception date is December 8, 1997. This index pertains to Ariel International Fund.

Russell<sup>®</sup> is a trademark of London Stock Exchange Group, which is the source and owner of the Russell Indexes' trademarks, service marks and copyrights. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or underlying data and no party may rely on any Russell Indexes and/or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication.

All MSCI Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. MSCI uses the maximum tax rate applicable to institutional investors, as determined by the companies country of incorporation. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

SLOW AND STEADY WINS THE RACE 41

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The tables on the following pages provide financial performance information for the Investor Class and Institutional Class of Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund for the past five fiscal years.

The financial performance information reflects financial results for a single share of each Fund. The total returns represent the rates of return that an investor would have earned, or lost, on an investment in that Fund, assuming all dividends and distributions were reinvested in additional shares of that Fund. This information for the past five fiscal years has been audited by Deloitte & Touche LLP, whose report is included, along with the Funds' financial statements, in the Funds' Form N-CSR which is available free of charge upon request and at the Funds' website: arielinvestments.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Fund<br> (Investor Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$76.86** | **$63.65** | **$60.46** | **$85.09** | **$54.40** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | (0.04)<sup>(a)</sup> | 0.25 | 0.33 | 0.39 | (0.04) |
| Net Realized and Unrealized Gain (Loss) on Investments | 7.16 | 16.44 | 8.47 | (20.38) | 34.33 |
| Total from Investment Operations | 7.12 | 16.69 | 8.80 | (19.99) | 34.29 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.09) | (0.29) | (0.27) | (0.03) | (0.20) |
| Distributions from Capital Gains | (3.88) | (3.19) | (5.34) | (4.61) | (3.40) |
| Total Distributions | (3.97) | (3.48) | (5.61) | (4.64) | (3.60) |
| Net Asset Value, End of Year | $80.01 | $76.86 | $63.65 | $60.46 | $85.09 |
| Total Return | 9.86% | 27.63% | 14.56% | (25.05)% | 65.59% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $1200170 | $1256282 | $1144615 | $1110849 | $1778696 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses | 1.01% | 1.00% | 0.99% | 0.98% | 1.00% |
| Ratio of net investment income | (0.05)% | 0.19% | 0.47% | 0.31% | 0.15% |
| Portfolio Turnover Rate | 17% | 17% | 20% | 33% | 24% |

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<sup>(a)</sup>Calculated based on average shares outstanding.

42 SLOW AND STEADY WINS THE RACE

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Fund<br> (Institutional Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$77.08** | **$63.82** | **$60.64** | **$85.34** | **$54.53** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.19<sup>(a)</sup> | 0.37 | 0.47 | 0.38 | 0.25 |
| Net Realized and Unrealized Gain (Loss) on Investments | 7.18 | 16.57 | 8.55 | (20.17) | 34.34 |
| Total from Investment Operations | 7.37 | 16.94 | 9.02 | (19.79) | 34.59 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.33) | (0.49) | (0.50) | (0.30) | (0.38) |
| Distributions from Capital Gains | (3.88) | (3.19) | (5.34) | (4.61) | (3.40) |
| Total Distributions | (4.21) | (3.68) | (5.84) | (4.91) | (3.78) |
| Net Asset Value, End of Year | $80.24 | $77.08 | $63.82 | $60.64 | $85.34 |
| Total Return | 10.22% | 28.01% | 14.91% | (24.82)% | 66.12% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $1385069 | $1531274 | $1405672 | $1208385 | $1273796 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses | 0.70% | 0.69% | 0.68% | 0.67% | 0.69% |
| Net Investment Income | 0.26% | 0.51% | 0.77% | 0.65% | 0.45% |
| Portfolio Turnover Rate | 17% | 17% | 20% | 33% | 24% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Appreciation Fund<br> (Investor Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$41.83** | **$37.82** | **$36.32** | **$50.93** | **$38.76** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.02<sup>(a)</sup> | 0.26 | 0.33 | 0.06 | 0.12 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.82 | 6.22 | 5.15 | (7.89) | 16.31 |
| Total from Investment Operations | 2.84 | 6.48 | 5.48 | (7.83) | 16.43 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.17) | (0.32) | (0.25) | (0.21) | (0.24) |
| Distributions from Capital Gains | (2.23) | (2.15) | (3.73) | (6.57) | (4.02) |
| Total Distributions | (2.40) | (2.47) | (3.98) | (6.78) | (4.26) |
| Net Asset Value, End of Year | $42.27 | $41.83 | $37.82 | $36.32 | $50.93 |
| Total Return | 7.26% | 18.31% | 14.95% | (18.50)% | 45.27% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $751248 | $813234 | $794113 | $838963 | $1101184 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses | 1.15% | 1.14% | 1.12% | 1.10% | 1.12% |
| Net Investment Income | 0.04% | 0.53% | 0.64% | 0.57% | 0.55% |
| Portfolio Turnover Rate | 25% | 17% | 17% | 26% | 24% |

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<sup>(a)</sup>Calculated based on average shares outstanding.

SLOW AND STEADY WINS THE RACE 43

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Appreciation Fund<br> (Institutional Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$42.01** | **$37.99** | **$36.47** | **$51.10** | **$38.86** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.14<sup>(a)</sup> | 0.35 | 0.31 | 0.29 | 0.36 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.84 | 6.27 | 5.32 | (8.00) | 16.26 |
| Total from Investment Operations | 2.98 | 6.62 | 5.63 | (7.71) | 16.62 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.30) | (0.45) | (0.38) | (0.35) | (0.36) |
| Distributions from Capital Gains | (2.23) | (2.15) | (3.73) | (6.57) | (4.02) |
| Total Distributions | (2.53) | (2.60) | (4.11) | (6.92) | (4.38) |
| Net Asset Value, End of Year | $42.46 | $42.01 | $37.99 | $36.47 | $51.10 |
| Total Return | 7.60% | 18.64% | 15.32% | (18.24)% | 45.74% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $145047 | $198316 | $223943 | $175831 | $267375 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses | 0.84% | 0.83% | 0.81% | 0.79% | 0.81% |
| Net Investment Income | 0.35% | 0.84% | 0.96% | 0.87% | 0.87% |
| Portfolio Turnover Rate | 25% | 17% | 17% | 26% | 24% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Focus Fund<br> (Investor Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$16.79** | **$13.62** | **$13.67** | **$16.60** | **$12.13** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.15<sup>(a)</sup> | 0.17 | 0.19 | 0.13 | 0.16 |
| Net Realized and Unrealized Gain (Loss) on Investments | 3.15 | 3.48 | 0.93 | (2.50) | 4.65 |
| Total from Investment Operations | 3.30 | 3.65 | 1.12 | (2.37) | 4.81 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.18) | (0.22) | (0.16) | (0.14) | (0.12) |
| Distributions from Capital Gains | (0.19) | (0.26) | (1.01) | (0.42) | (0.22) |
| Total Distributions | (0.37) | (0.48) | (1.17) | (0.56) | (0.34) |
| Net Asset Value, End of Year | $19.72 | $16.79 | $13.62 | $13.67 | $16.60 |
| Total Return | 20.14% | 27.54% | 7.83% | (14.91)% | 40.39% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $54134 | $45632 | $40907 | $40429 | $43721 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses, Including Waivers | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Expenses, Excluding Waivers | 1.19% | 1.18% | 1.16% | 1.13% | 1.20% |
| Net Investment Income, Including Waivers | 0.92% | 1.15% | 1.31% | 0.91% | 0.92% |
| Net Investment Income, Excluding Waivers | 0.73% | 0.97% | 1.15% | 0.78% | 0.72% |
| Portfolio Turnover Rate | 31% | 19% | 17% | 33% | 63% |

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<sup>(a)</sup>Calculated based on average shares outstanding.

44 SLOW AND STEADY WINS THE RACE

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Focus Fund<br> (institutional class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$16.85** | **$13.66** | **$13.70** | **$16.63** | **$12.14** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.20<sup>(a)</sup> | 0.21 | 0.21 | 0.18 | 0.18 |
| Net Realized and Unrealized Gain (Loss) on Investments | 3.16 | 3.49 | 0.96 | (2.52) | 4.67 |
| Total from Investment Operations | 3.36 | 3.70 | 1.17 | (2.34) | 4.85 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.21) | (0.25) | (0.20) | (0.17) | (0.14) |
| Distributions from Capital Gains | (0.19) | (0.26) | (1.01) | (0.42) | (0.22) |
| Total Distributions | (0.40) | (0.51) | (1.21) | (0.59) | (0.36) |
| Net Asset Value, End of Year | $19.81 | $16.85 | $13.66 | $13.70 | $16.63 |
| Total Return | 20.47% | 27.93% | 8.05% | (14.72)% | 40.73% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $23553 | $21978 | $20500 | $16147 | $17835 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses, Including Waivers | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Expenses, Excluding Waivers | 0.89% | 0.87% | 0.86% | 0.85% | 0.86% |
| Net Investment Income, Including Waivers | 1.17% | 1.38% | 1.57% | 1.17% | 1.14% |
| Net Investment Income, Excluding Waivers | 1.03% | 1.26% | 1.46% | 1.07% | 1.03% |
| Portfolio Turnover Rate | 31% | 19% | 17% | 33% | 63% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel International Fund<br> (Investor Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$15.80** | **$13.43** | **$11.50** | **$14.69** | **$13.68** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.41<sup>(a)</sup> | 0.51 | 0.68 | 0.14 | 0.36 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.80 | 2.09 | 1.25 | (2.95) | 0.86 |
| Total from Investment Operations | 3.21 | 2.60 | 1.93 | (2.81) | 1.22 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.55) | (0.23) |  | (0.38) | (0.21) |
| Distributions from Capital Gains | (0.33) |  |  |  |  |
| Total Distributions | (0.88) | (0.23) |  | (0.38) | (0.21) |
| Net Asset Value, End of Year | $18.13 | $15.80 | $13.43 | $11.50 | $14.69 |
| Total Return | 22.01% | 19.60% | 16.78% | (19.70)% | 9.00% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $21430 | $19237 | $18879 | $21887 | $23717 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses, Including Waivers | 1.13% | 1.17% <sup>(b)</sup> | 1.13% | 1.13% | 1.13% |
| Expenses, Excluding Waivers | 1.38% | 1.40% | 1.28% | 1.28% | 1.30% |
| Net Investment Income, Including Waivers | 2.57% | 2.16% | 2.40% | 2.27% | 2.41% |
| Net Investment Income, Excluding Waivers | 2.32% | 1.93% | 2.25% | 2.12% | 2.24% |
| Portfolio Turnover Rate | 89% | 69% | 17% | 20% | 22% |

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<sup>(a)</sup>Calculated based on average shares outstanding.

<sup>(b)</sup>Expense ratio exceeds the expense cap due to the impact of certain expenses which are excluded from the expense cap.

SLOW AND STEADY WINS THE RACE 45

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel International Fund<br> (Institutional Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$15.49** | **$13.18** | **$11.25** | **$14.38** | **$13.39** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.43<sup>(a)</sup> | 0.77 | 0.40 | 0.41 | 0.34 |
| Net Realized and Unrealized Gain (Loss) on Investments | 2.75 | 1.81 | 1.53 | (3.13) | 0.89 |
| Total from Investment Operations | 3.18 | 2.58 | 1.93 | (2.72) | 1.23 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.59) | (0.27) |  | (0.41) | (0.24) |
| Distributions from Capital Gains | (0.33) |  |  |  |  |
| Total Distributions | (0.92) | (0.27) |  | (0.41) | (0.24) |
| Net Asset Value, End of Year | $17.75 | $15.49 | $13.18 | $11.25 | $14.38 |
| Total Return | 22.27% | 19.86% | 17.16% | (19.51)% | 9.26% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $247962 | $221608 | $542585 | $579845 | $837624 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses, Including Waivers | 0.88% | 0.91% <sup>(b)</sup> | 0.88% | 0.88% | 0.88% |
| Expenses, Excluding Waivers | 1.05% | 1.01% | 0.92% | 0.93% | 0.93% |
| Net Investment Income, Including Waivers | 2.75% | 2.09% | 2.61% | 2.53% | 2.75% |
| Net Investment Income, Excluding Waivers | 2.58% | 1.99% | 2.57% | 2.48% | 2.70% |
| Portfolio Turnover Rate | 89% | 69% | 17% | 20% | 22% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Global Fund<br> (Investor Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$17.26** | **$17.17** | **$15.57** | **$17.65** | **$15.36** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.28<sup>(a)</sup> | 0.03 | 0.49 | 0.34 | 0.31 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.67 | 2.93 | 1.91 | (2.05) | 2.12 |
| Total from Investment Operations | 1.95 | 2.96 | 2.40 | (1.71) | 2.43 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.10) | (0.89) | (0.73) | (0.37) | (0.14) |
| Distributions from Capital Gains | (3.52) | (1.98) | (0.07) |  |  |
| Total Distributions | (3.62) | (2.87) | (0.80) | (0.37) | (0.14) |
| Net Asset Value, End of Year | $15.59 | $17.26 | $17.17 | $15.57 | $17.65 |
| Total Return | 15.53% | 19.89% | 15.64% | (9.99)% | 15.91% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $12931 | $12766 | $12920 | $10781 | $12053 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses, Including Waivers | 1.19% <sup>(b)</sup> | 1.14% <sup>(b)</sup> | 1.15% <sup>(b)</sup> | 1.13% | 1.13% |
| Expenses, Excluding Waivers | 1.69% | 1.53% | 1.37% | 1.30% | 1.36% |
| Net Investment Income, Including Waivers | 1.97% | 0.93% | 3.13% | 1.93% | 1.73% |
| Net Investment Income, Excluding Waivers | 1.47% | 0.54% | 2.90% | 1.76% | 1.50% |
| Portfolio Turnover Rate | 99% | 78% | 31% | 19% | 24% |

---

<sup>(a)</sup>Calculated based on average shares outstanding.

<sup>(b)</sup>Expense ratio exceeds the expense cap due to the impact of certain expenses which are excluded from the expense cap.

46 SLOW AND STEADY WINS THE RACE

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![LOGO](g59093g15d42.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 | Year Ended September 30 |
| Ariel Global Fund<br> (Institutional Class) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net Asset Value, Beginning of Year** | **$16.61** | **$16.62** | **$15.08** | **$17.11** | **$14.87** |
| **Income from Investment Operations** |  |  |  |  |  |
| Net Investment Income (Loss) | 0.30<sup>(a)</sup> | 0.08 | 1.07 | 0.43 | 0.25 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.59 | 2.80 | 1.30 | (2.05) | 2.15 |
| Total from Investment Operations | 1.89 | 2.88 | 2.37 | (1.62) | 2.40 |
| **Distributions to Shareholders** |  |  |  |  |  |
| Dividends from Net Investment Income | (0.11) | (0.91) | (0.76) | (0.41) | (0.16) |
| Distributions from Capital Gains | (3.52) | (1.98) | (0.07) |  |  |
| Total Distributions | (3.63) | (2.89) | (0.83) | (0.41) | (0.16) |
| Net Asset Value, End of Year | $14.87 | $16.61 | $16.62 | $15.08 | $17.11 |
| Total Return | 15.82% | 20.14% | 15.99% | (9.81)% | 16.26% |
| **Supplemental Data and Ratios** |  |  |  |  |  |
| Net Assets, End of Year, in Thousands | $41612 | $44774 | $77479 | $148296 | $197299 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Expenses, Including Waivers | 0.94% <sup>(b)</sup> | 0.89% <sup>(b)</sup> | 0.89% <sup>(b)</sup> | 0.88% | 0.88% |
| Expenses, Excluding Waivers | 1.35% | 1.14% | 0.97% | 0.94% | 0.95% |
| Net Investment Income, Including Waivers | 2.17% | 1.16% | 3.48% | 2.21% | 2.16% |
| Net Investment Income, Excluding Waivers | 1.76% | 0.91% | 3.40% | 2.15% | 2.09% |
| Portfolio Turnover Rate | 99% | 78% | 31% | 19% | 24% |

---

<sup>(a)</sup> Calculated based on average shares outstanding.

<sup>(b)</sup> Expense ratio exceeds the expense cap due to the impact of certain expenses which are excluded from the expense cap.

SLOW AND STEADY WINS THE RACE 47

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![LOGO](g59093g00s01.jpg)

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#### ARIEL INVESTMENT TRUST

#### STATEMENT OF ADDITIONAL INFORMATION

#### February 1, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Investor<br>Class** | **Investor<br>Class** | **Institutional<br>Class** | **Institutional<br>Class** |
|  Ariel Fund |  | ARGFX |  | ARAIX |
|  Ariel Appreciation Fund |  | CAAPX |  | CAAIX |
|  Ariel Focus Fund |  | ARFFX |  | AFOYX |
|  Ariel International Fund |  | AINTX |  | AINIX |
|  Ariel Global Fund |  | AGLOX |  | AGLYX |

---

Headquarters:

200 East Randolph Street

Suite 2900

Chicago, Illinois 60601

800.292.7435 www.arielinvestments.com

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 Ariel Investment Trust (the "Trust").

**The audited financial statements, notes to the financial statements, and Report of Independent Registered Public Accounting Firm appearing in the Funds' [Form N-CSR for the period ended September 30, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000798365/000206657825001675/8de2c6caa3f2c38.htm), but no other portions of the Form N-CSR, are incorporated by reference and made a part of this Statement of Additional Information.** The Annual Report may be obtained free of charge by calling the Funds at 800.292.7435 or by visiting arielinvestments.com/prospectus-and-reports.

**This Statement of Additional Information is not a prospectus but provides information that should be read in conjunction with the Funds' Prospectus dated February 1, 2026, and any supplements thereto, which may be obtained free of charge by writing or calling the Funds or by visiting www.arielinvestments.com/prospectus-and-reports. This Statement of Additional Information, although not itself a prospectus, is incorporated by reference into the Prospectus in its entirety**.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [GENERAL INFORMATION](#sai59093_1) | 3.0 |
|  [INVESTMENT RESTRICTIONS](#sai59093_2) | 4.0 |
|  [INVESTMENT STRATEGIES AND RISKS](#sai59093_3) | 7.0 |
|  [TAXATION OF THE FUNDS](#sai59093_4) | 31.0 |
|  [PURCHASING, EXCHANGING AND REDEEMING SHARES](#sai59093_5) | 37.0 |
|  [DISCLOSURE OF PORTFOLIO HOLDINGS](#sai59093_6) | 40.0 |
|  [PRICING SHARES](#sai59093_7) | 44.0 |
|  [INVESTMENT ADVISER AND FUND ADMINISTRATOR](#sai59093_8) | 46.0 |
|  [METHOD OF DISTRIBUTION](#sai59093_9) | 51.0 |
|  [TRANSFER AGENT, SUB-TRANSFER AGENTS, CUSTODIAN AND OTHER IMPORTANT SERVICE PROVIDERS](#sai59093_10) | 54.0 |
|  [PORTFOLIO TRANSACTIONS](#sai59093_11) | 55.0 |
|  [PORTFOLIO TURNOVER](#sai59093_12) | 59.0 |
|  [PROXY VOTING POLICY](#sai59093_13) | 60.0 |
|  [TRUSTEES](#sai59093_14) | 62.0 |
|  [STANDING COMMITTEES OF THE BOARD OF TRUSTEES](#sai59093_15) | 68.0 |
|  [COMPENSATION SCHEDULE](#sai59093_16) | 69.0 |
|  [TRUSTEES' FUND HOLDINGS](#sai59093_17) | 70.0 |
|  [OFFICERS](#sai59093_18) | 71.0 |
|  [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#sai59093_19) | 73.0 |
|  [APPENDIX](#sai59093_20) | 79.0 |

---

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#### GENERAL INFORMATION
**Ariel Investment Trust.** The Funds are series of the Trust, an open-end management investment company organized as a serial Massachusetts business trust on August 1, 1986. Ariel Fund, Ariel Appreciation Fund, Ariel International Fund and Ariel Global Fund are diversified funds. Ariel Focus Fund is a non-diversified fund. The Declaration of Trust, as amended, contains an express disclaimer of shareholder liability for acts or obligations of the Trust. The shareholders of a Massachusetts business trust might, however, under certain circumstances, be held personally liable as partners for its obligations. The Declaration of Trust provides for indemnification and reimbursement of expenses out of Trust assets for any shareholder held personally liable for obligations of the Trust. The Declaration of Trust further provides that the Trust may maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders, the Board of Trustees of the Trust (the "Board" or "Trustees"), officers, employees and agents to cover possible tort and other liabilities. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance exists and the Trust itself is unable to meet its obligations.

**Fund Shares.** The Funds may issue shares in different classes and each Fund presently issues two classes of shares: an Investor Class and an Institutional Class. The Board may authorize the issuance of additional series or classes in the future and may at any time discontinue the offering of any series or class of shares. Each share, when issued and paid for in accordance with the terms of the offering, is fully paid and non-assessable. Shares have no preemptive or subscription rights and are freely transferable. Each share of each series of the Trust represents an equal proportionate interest in that series and is entitled to such dividends and distributions out of the income belonging to such shares as declared by the Board. Upon any liquidation of the Trust, shareholders are entitled to share pro rata in the net assets belonging to that series available for distribution. Each fractional share has the same rights, in proportion, as a full share.

For some issues, such as the election of the Trustees, all of the Trust's authorized series vote together. For other issues, such as approval of the advisory agreement, each authorized series votes separately. Shares do not have cumulative voting rights; therefore, the holders of more than 50% of the voting power can elect all of the Trustees. Under the Investment Company Act of 1940, as amended (the "1940 Act"), and the rules thereunder, most matters required to be submitted under the provisions of the 1940 Act or applicable state law or otherwise to the shareholders of the outstanding voting securities of an investment company will not be deemed to have been effectively acted on unless approved by the holders of a majority of the outstanding shares, as defined in the 1940 Act, of each series affected by such matter. (See the section below entitled "INVESTMENT RESTRICTIONS" for the 1940 Act definition of a majority of outstanding shares.) The 1940 Act and the rules thereunder further provide that a series shall not be deemed to be affected by a matter unless it is clear that the interests of each series in the matter are identical or that the matter does not affect any interest of such series. The 1940 Act and the rules thereunder exempt the selection of independent accountants and the election of board members from the separate voting requirements of the rules.

As permitted by Massachusetts law and the Trust's by-laws, the Trust does not hold regular annual shareholder meetings. The Trust will hold shareholder meetings as required under the 1940 Act or Massachusetts law or for other purposes. Special shareholder meetings may be called on the written request of shareholders of at least 25% of the voting power that could be cast at the meeting.

The Prospectus and this Statement of Additional Information ("SAI") do not contain all the information in the Funds' registration statement. The registration statement is on file with the Securities and Exchange Commission (the "SEC") and is available to the public.

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#### INVESTMENT RESTRICTIONS
A Fund's investment restrictions are subject to, and may be impacted and limited by, the federal securities laws, rules and regulations, including the 1940 Act and Rule 18f-4 thereunder. The Trust has adopted the following investment restrictions for the Funds. A Fund's fundamental investment objective and fundamental investment restrictions are considered to be fundamental policies, which cannot be changed as to a Fund without the approval of the holders of a majority of the outstanding shares of the Fund. As defined in the 1940 Act, this means the lesser of the vote of (a) 67% of the shares of the Fund at a meeting where more than 50% of the outstanding shares are present in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund. Shares have equal rights as to voting.

**Fundamental Investment Restrictions.** The Funds have adopted the following fundamental investment restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Commodities. A Fund may not purchase or sell commodities or commodity contracts except contracts in respect to financial futures. This restriction does not prevent Ariel International Fund and Ariel Global Fund (together the "International/Global Funds") from: (i) purchasing or selling commodity-linked derivative instruments, including, but not limited to, swap agreements, options, futures contracts and options on futures contracts with respect to indexes or individual commodities or otherwise; and foreign currency transactions, including, without limitation, forward currency contracts; or (ii) investing in securities or other instruments that are linked to or secured by physical commodities or related indexes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Real Estate. A Fund may not purchase real estate or real estate mortgages, but may purchase securities backed by real estate or interests therein (including mortgage interests) and securities of companies, including real estate investment trusts, holding real estate or interests (including mortgage interests) therein. (This does not prevent a Fund from owning and liquidating real estate or real estate interests incident to a default on portfolio securities.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Diversification of Fund Investments. With respect to 75% of each Fund's total assets, no Fund, except Ariel Focus Fund, may invest more than 5% of its total assets in the securities of any one issuer, or invest in more than 10% of the outstanding voting securities of any one issuer; provided, however, that there is no limitation with respect to investments in obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities. This restriction is intended to comport with the definition of diversified company in Section 5 of the 1940 Act. This restriction does not apply to Ariel Focus Fund, which is classified as a "non-diversified" fund under the 1940 Act and is therefore allowed to focus its investments in fewer companies than a diversified fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Industry Concentration. A Fund may not purchase the securities of companies in any one industry if 25% or more of the value of the Fund's total assets would then be invested in companies having their principal business activity in the same industry. U.S. Government securities are not subject to this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Senior Securities; Borrowing. A Fund may not issue senior securities except as permitted under the 1940 Act. A Fund may not pledge or hypothecate any of its assets, except in connection with permitted borrowing.

Further explanation of Senior Securities policy. No Fund may issue senior securities, except as permitted by the 1940 Act and any rules, regulations, orders or letters issued thereunder. This limitation does not apply to selling short against the box. The 1940 Act defines a "Senior Security" as any bond, debenture, note or similar obligation constituting a security and evidencing indebtedness or any class of stock that has priority over any other class as to distribution of assets or payment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Underwriting. The Funds do not engage in the underwriting of securities. (This does not preclude a Fund from selling restricted securities in its portfolio.)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Lending Money or Securities. A Fund may not lend money, except that it may purchase and hold debt securities publicly distributed or traded or privately placed and may enter into repurchase agreements. A Fund will not lend securities if such a loan would cause more than one-third of the Fund's net assets to then be subject to such loans.

Except with respect to fundamental restrictions (5) Senior Securities; Borrowing and (7) Lending Money or Securities, all of the above restrictions apply as of the time of the transaction entered into by a Fund without regard to later changes in the value of any portfolio security or the assets of the Fund.

**Non-Fundamental Investment Restrictions.** In addition to the foregoing restrictions, the Funds have adopted the following non-fundamental investment restrictions that may be changed without shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Margin. A Fund may not purchase any securities on margin, except that a Fund may (a) obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities or (b) make margin deposits in connection with transactions in futures and forward contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Borrowing. A Fund may not borrow money except from banks for temporary or emergency purposes in an amount not exceeding 33-1/3% of the value of its total assets (including amounts borrowed). A Fund may not purchase securities when money borrowed exceeds 5% of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Futures. The International/Global Funds will not engage in a futures transaction if the transaction would cause the aggregate initial margin for such positions to exceed 10% of the respective Fund's total assets. Ariel Fund, Ariel Appreciation Fund, and Ariel Focus Fund (the "Value Funds") may not purchase a futures contract, except in respect to interest rates and then only if, with respect to positions which do not represent bona fide hedging, the aggregate initial margin for such positions would not exceed 5% of the respective Fund's total assets. In addition, no Fund shall engage in futures transactions (including the derivative instruments identified in Fundamental Investment Restriction (1) above) unless such transactions individually and in the aggregate comply with the requirements for exclusion from the term "commodity pool operator" under Rule 4.5 of the Commodity Futures Trading Commission ("CFTC") and related rules and interpretations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Illiquid Securities. A Fund may not purchase illiquid securities (including restricted securities which are illiquid and repurchase agreements maturing in more than seven days) if, as a result, more than 15% of its net assets would be invested in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Investing for Control. A Fund may not purchase a security for the purpose of exercising control or management of the issuer. The Funds typically purchase securities for long-term investment purposes for the benefit of its shareholders. The Funds' adviser, Ariel Investments, LLC ("Ariel" or the "Adviser"), qualifies as an institution which may elect to file securities ownership reports required by the Securities Exchange Act of 1934, as amended (the "1934 Act") on Schedule 13G, which is reserved for institutional investors expressly not investing for control. As a routine matter, the Adviser utilizes Schedule 13G for its reporting of the ownership positions held by the Funds.

As a result of investment analysis or the occurrence of events, the Adviser, on occasion, may desire to participate in discussions with a company's management or with third parties about significant matters in which the Adviser may suggest possible courses of action to assist in building the company's intrinsic value or to cause the company's true economic value to be recognized. In such situations, the Adviser may elect to file on Schedule 13D in order to be more active in corporate governance and management matters, and to have the ability to enter into discussions with third parties concerning proposed corporate matters of a significant nature. Until such time as the Adviser may again report its beneficial ownership on Schedule 13G, the Adviser may not be able to vote the company's securities on behalf of a Fund that holds the securities or acquire any additional securities of the company on a Fund's behalf.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Officers and Trustees. A Fund may not purchase from or sell to any of the Trust's officers or Trustees, or firms of which any of them are members, any securities (other than shares of a Fund), but such persons or firms may act as brokers for a Fund for customary commissions.

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#### INVESTMENT STRATEGIES AND RISKS

#### Principal Investment Strategies.

#### The Funds invest their assets primarily in equity securities.
**Ariel Fund** invests in small- and mid-capitalization ("small/mid cap") undervalued companies that show strong potential for growth. The Fund invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell 2500 <sup>TM</sup> Index, measured at the time of initial purchase. As of December 31, 2025, the market capitalizations of the companies in the Russell 2500 <sup>TM</sup> Index ranged from $6 million to $37.26 billion (Source: FactSet).

**Ariel Appreciation Fund** invests in mid-capitalization ("mid cap") undervalued companies that show strong potential for growth. The Fund invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell Midcap<sup>®</sup> Index, measured at the time of initial purchase. As of December 31, 2025 the market capitalizations of the companies in the Russell Midcap<sup>®</sup> Index ranged from $1.31 billion to $101.70 billion (Source: FactSet).

**Ariel Focus Fund** invests primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations.

**Ariel International Fund** invests primarily in equity securities of foreign companies based in developed international markets. The Fund will invest in foreign companies directly by purchasing equity securities or indirectly through instruments that provide exposure to foreign companies. The Fund is permitted to invest in companies of any size but typically will not invest in companies with market capitalizations below $3 billion, measured at the time of initial purchase. The Fund also invests a portion of its assets in companies based in the U.S. or emerging markets. The Fund may use various derivative instruments, such as forward contracts, to gain or hedge exposure to certain types of securities or currencies. The Fund may also use exchange traded funds ("ETFs") and other instruments to invest significant cash inflows in the market (i.e., reducing cash drag). The Fund may buy and sell currency on a spot basis (i.e., foreign currency trades that settle within two days) or on a forward basis (i.e., foreign currency trades that settle over a longer period of time) into foreign currency contracts.

**Ariel Global Fund** invests primarily in equity securities of both U.S. and foreign companies, including companies based in developed or emerging markets. The Fund will invest in foreign companies directly by purchasing equity securities or indirectly through instruments that provide exposure to foreign companies. The Fund is permitted to invest in companies of any size but typically will not invest in companies with market capitalizations below $3 billion, measured at the time of initial purchase. Under normal market conditions, the Fund will invest at least 40% of its assets in countries other than the U.S. The Fund may use various derivative instruments, such as forward contracts, to gain or hedge exposure to certain types of securities or currencies. The Fund may also use ETFs and other instruments to invest significant cash inflows in the market (i.e., reducing cash drag). The Fund may buy and sell currency on a spot basis (i.e., foreign currency trades that settle within two days) or on a forward basis (i.e., foreign currency trades that settle over a longer period of time) into foreign currency contracts.

**Please refer to each Fund's Summary Prospectus or the Summary Sections of the Funds' Prospectus for a more detailed description of each Fund's principal investment strategy.** 

#### Other Investment Strategies and Risks of All Principal and Other Investment Strategies.

#### The strategies and risks that follow are applicable to all Funds unless otherwise indicated.
**General Investing.** Although Ariel makes every effort to achieve each Fund's fundamental objective of long-term capital appreciation, Ariel cannot guarantee it will attain that objective or any non-fundamental objective. You could lose money on your purchase of shares in any of the Funds. Each Fund is also subject to risks unique to its investment strategy. To the extent a Fund utilizes an investment strategy, certain of the following risks may apply to your investment.

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**Equity Securities.** Equity securities represent an ownership position in a company. These securities may include, without limitation, common stock, preferred stock, preference shares, tracking stock, warrants, and securities with equity conversion or purchase rights. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions. Events that have a negative impact on a business probably will be reflected as a decline in the value of its equity securities. When the stock market declines, most equity securities, even those issued by strong companies, likely will decline in value.

Preferred stock frequently has a stated dividend rate payable from the company's earnings. Preferred stock has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock normally carries no voting rights. Preferred stock dividends may be cumulative or non-cumulative, participating or non-participating, or adjustable rate.

Tracking stock is created when the board of directors of a public company proposes, and the shareholders approve, a new class of stock whose value is linked to a unit of the company. The value of the tracking unit is related to the specific performance of the unit, which can pay dividends to shareholders independent of the parent company. However, tracking stock does not represent a share of the tracking unit, but rather a share of the parent company. A tracking stock unit is completely controlled by the parent. Managers of the unit and managers of the parent company report to the same board, which could lead to conflicts of interest. There is no transfer of ownership of assets or cash flows to tracking stock shareholders. Furthermore, tracking stock is usually voted with parent shares as a single class, with no separate vote on the tracking unit's management; however, voting rights of tracking stock differ by company. While tracking stock performance should reflect performance of the unit, claims in the case of bankruptcy are on the assets of the company as a whole, not on the unit.

**Market Disruption Risk** Geopolitical and other events, including but not limited to war, terrorism, economic uncertainty, changes in governmental policies, trade disputes, extreme weather and climate-related events, public health crises, and spread of infectious illness have led, and in the future may lead, to increased market volatility, which may disrupt the U.S. and world economies and individual companies and markets through depressed valuations of individual securities, decreased liquidity in the world economy, and heightened uncertainty and turmoil.

In particular, the policy and legislative changes in the United States are changing many aspects of financial regulation, which could lead to significant direct or indirect effects on the securities of the Funds. Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Funds invest in ways that are unforeseeable. The CFTC, SEC, and other federal regulators have adopted and continue to develop rules and regulations enacting the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which will continue to change how the U.S. financial system is supervised and regulated.

Further, as economies and financial markets throughout the world are increasingly interconnected, the likelihood increases that geopolitical conflicts in one country or region will adversely impact markets or issuers in other countries or regions, including in ways that are difficult to predict or foresee. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters, rapid technological developments, such as artificial intelligence, and other circumstances in one country or region could have profound impacts on global economies or markets and on individual companies, sectors, industries, interest and inflation rates, investor sentiment, and other factors affecting the value of the Funds' investments.

In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments have instituted or threatened to institute retaliatory tariffs on certain U.S. goods in response. Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Funds' investments.

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**Equity Investing Risk Relating to Business Continuity/Operational and Cybersecurity Risks.** The companies in which the Funds invest are susceptible to the risk that they will be unable to continue business as usual, or at all, following a disruption such as a natural disaster, power failure, terrorist attack, pandemic, or cybersecurity attack. These disruptions potentially could result in financial losses, violations of applicable privacy and other laws, regulatory fines, penalties, and reputational damage. Affected companies could be unable to conduct business, or have limited operations, for an extended period of time, resulting in losses to the Funds.

**Value Investing.** During any given period, value investing may achieve better or worse results than other investment styles. The value investing approach carries the risk that the market will not recognize a stock's intrinsic value for a long time, or that a stock judged as undervalued may actually be appropriately priced. The liquidity of a security may affect the ability to buy or sell the security at the desired time, price or weighting. Attempting to purchase with a margin of safety on price cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations on our part, declining fundamentals or external forces. An economic moat is a perceived competitive advantage that acts as a barrier to entry for other companies in the same industry. This perceived advantage cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations, declining fundamentals or external forces.

**Initial Public Offerings.** An Initial Public Offering ("IPO") occurs when a privately held company seeks to raise capital by "going public," i.e., selling equity interests in the company to the public for the first time. IPOs can have a dramatic impact on Fund performance, and assumptions about future performance based on that impact may not be warranted. Investing in IPOs involves special risks. Many, but not all, companies issuing IPOs are small, unseasoned companies. These are companies that have been in operation for only a short period of time. Generally, small company securities, including IPOs, are subject to greater volatility in their prices than are securities issued by more established companies.

**Small and Mid Cap Companies.** Investing in small and mid cap companies may be riskier than investing in large cap companies. Such companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. Securities of these companies may be subject to volatility in their prices. They may have a limited trading market, which may adversely affect a Fund's ability to dispose of them and can reduce the price a Fund might be able to obtain for them. Other investors that own a security issued by a small or mid cap company for which there is limited liquidity might trade the security when a Fund is attempting to dispose of its holdings in that security. In that case, a Fund might receive a lower price for its holdings than otherwise might be obtained. Small and mid cap companies may also be unseasoned. These may include companies that have been in operation for less than three years, including the operations of any predecessors.

**Exchange Traded Funds.** The Funds may invest in ETFs which are investment companies that trade like stocks. Unlike the Funds, shares of ETFs are not priced at the net asset value ("NAV") of their underlying portfolio holdings, but instead trade like stocks at the market price, which may be at a price above or below their NAV. The risks of owning an ETF generally reflect the risks of owning the underlying securities, they are designed to track, although lower liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by a Fund could result in losses on the Fund's investment in the ETF. ETFs also have management fees that may increase their costs of ownership versus the costs of owning the underlying securities directly. Any investment in an ETF would be consistent with a Fund's objective.

The International/Global Funds may invest in ETFs primarily to gain exposure to a particular market or market segment without investing in individual securities, or to secure or maintain exposure to particular currencies. For example, the International/Global Funds may invest in an ETF focusing on a particular country or global region. Any investments in ETFs that invest predominately in other countries are considered investments in countries other than the U.S. Such ETFs are considered foreign investments for the purpose of determining Ariel Global Fund's compliance with its 40% foreign investment test.

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**Business Development Companies.** The Funds may invest in business development companies ("BDCs") which are closed-end funds that trade like stocks. Shares of BDCs are not priced at the NAV of their underlying portfolio holdings, but instead trade like stocks at the market price, which may be at a price above or below their NAV. The risks of owning a BDC generally reflect the risks of owning its underlying investments. A BDC's underlying investments are typically in privately held companies. Risks may include, but are not limited to, credit and investment risk, market and valuation risk, price volatility risk, liquidity risk and interest rate risk. BDCs also have management fees that may increase costs to the Funds. Any investment in a BDC would be consistent with a Fund's objective.

**Limited Partnerships.** A limited partnership interest entitles a Fund to participate in the investment return of the partnership's assets as defined by the agreement among the partners. As a limited partner, the Fund generally is not permitted to participate in the management of the partnership. However, unlike a general partner whose liability may be unlimited, a limited partner's liability generally is limited to the amount of its commitment to the partnership. Limited partnerships are subject to the possibility of failing to qualify for pass-through treatment under the Internal Revenue Code of 1986, as amended (the "Code"). This means income from the partnership may be subject to a tax at the partnership level, which would reduce returns to investors in the partnership.

**Master Limited Partnerships.** Certain companies are organized as Master Limited Partnerships ("MLPs") in which ownership interests are publicly traded. MLPs often own several properties or businesses (or directly own interests) that are primarily engaged in transportation or the use of natural resources, such as mining, exploration or research and development, but they also may finance motion pictures, real estate and other projects. Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners (like a Fund that invests in an MLP) are not involved in the day-to-day management of the partnership. They are allocated income and capital gains associated with the partnership project in accordance with the terms established in the partnership agreement. The risks of investing in an MLP are generally those inherent in investing in a partnership. There may be fewer protections afforded investors in an MLP than investors in a corporation. Additional risks involved are risks associated with the specific industry or industries in which the partnership invests. MLPs are subject to the possibility of failing to qualify for pass-through treatment under the Code. This means income from the MLP may be subject to a tax at the MLP level, which would reduce returns to investors in the MLP. A Fund may further realize (i) taxable income in excess of economic gain in respect of interests in an MLP, on the disposition of an interests therein or, (ii) taxable income in excess of cash flow with respect to the MLP in a later period, and the Fund must take such income into account in determining whether the Fund has satisfied its distribution requirements. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. In addition, any gain recognized, either upon the sale of a Fund's MLP interest or sale by the MLP of property held by it, including in excess of economic gain thereon, treated as so-called "recapture income," will be treated as ordinary income.

**Real Estate Securities, including Real Estate Investment Trusts.** Real estate securities are a form of an equity security. Real estate securities are issued by companies that have at least 50% of the value of their assets, gross income or net profits attributable to ownership, financing, construction, management or sale of real estate or to products or services that are related to real estate or the real estate industry. The Funds do not invest directly in real estate. Real estate companies include real estate investment trusts ("REITs") or other securitized real estate investments, brokers, developers, lenders and companies with substantial real estate holdings such as paper, lumber, hotel and entertainment companies. REITs pool investors' funds for investment primarily in income-producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to shareholders if it complies with various requirements relating to its organization, ownership, assets and income and with the requirement that it distribute to its shareholders at least 95% of its taxable income (other than net capital gains) each taxable year. REITs generally can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents. Equity REITs also can realize capital gains by selling property that has appreciated in

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value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs. To the extent that the management fees paid to a REIT are for the same or similar services as the management fees paid by a Fund, there will be a layering of fees, which would increase expenses and decrease returns. Real estate securities, including REITs, are subject to risks associated with the direct ownership of real estate. A Fund also could be subject to such risks by reason of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, uninsured casualties or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates.

Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of credit extended. Equity and Mortgage REITs are dependent on management skill, may not be diversified and are subject to project financing risks. Such trusts also are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for favorable treatment under the Code and failing to maintain exemption from registration under the 1940 Act. Changes in interest rates also may affect the value of the debt securities in a Fund's portfolio. By investing in REITs indirectly through a Fund, a shareholder will bear not only his or her proportionate share of the expense of the Fund but also, indirectly, similar expenses of the REITs, including compensation of management. Some real estate securities also may be rated less than investment grade by rating services. Investments in REIT equity securities also may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold.

**Rights and Warrants.** Rights and warrants are forms of equity securities. Warrants are options to purchase equity securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Rights are similar to warrants, but normally have a shorter maturity and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

**Convertible Securities.** Convertible Securities are a combined form of equity security and debt security. Generally, convertible securities are bonds, debentures, notes, or other securities that convert or are exchangeable into shares of the underlying common stock at a stated exchange ratio. Usually, the conversion or exchange is solely at the option of the holder. However, some convertible securities may be convertible or exchangeable at the option of the issuer or are automatically converted or exchanged at a certain time, or on the occurrence of certain events, or have a combination of these characteristics. Usually, a convertible security provides a long-term call on the issuer's common stock and therefore tends to appreciate in value as the underlying common stock appreciates in value. A convertible security also may be subject to redemption by the issuer after a certain date and under certain circumstances (including a specified price) established on issue. If a convertible security held by a Fund is called for redemption, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it.

Convertible bonds, debentures and notes are varieties of debt securities, and as such are subject to many of the same risks, including interest rate sensitivity, changes in debt rating and credit risk. In addition, convertible securities are often viewed by the issuer as future common stock subordinated to other debt and carry a lower rating than the issuer's non-convertible debt obligations. Thus, convertible securities are subject to many of the same risks as high-yield, high-risk securities.

Due to its conversion feature, the price of a convertible security normally will vary in some proportion to changes in the price of the underlying common stock. A convertible security will also normally provide a higher yield than the underlying common stock (but generally lower than comparable non-convertible securities). Due to their higher yield, convertible securities generally sell above their "conversion value," which is the current

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market value of the stock to be received on conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because the yield acts as a price support. When the underlying common stocks rise in value, the value of convertible securities also may be expected to increase, but generally will not increase to the same extent as the underlying common stocks.

Debt securities generally are considered to be interest rate-sensitive. The market value of convertible securities will change in response to changes in interest rates. During periods of falling interest rates, the value of convertible bonds generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Changes by recognized rating services in their ratings of debt securities and changes in the ability of an issuer to make payments of interest and principal also will affect the value of these investments.

**Foreign Securities.** The International/Global Funds may invest up to 100% of each Fund's net assets in foreign securities, as classified by the Adviser. Ariel Focus Fund may invest up to 20% of its net assets, and both the Ariel Fund and Ariel Appreciation Fund may invest up to 10% of their net assets, in foreign securities, as classified by the Adviser. In determining whether a company is foreign or domestic, the Adviser will generally look to independent third-party resources to identify its foreign or domestic status.

Equity investments in foreign securities may be made in various forms, such as common stocks, preferred stocks, warrants, rights, convertible securities purchased on recognized exchanges and over-the-counter ("OTC") markets, or in the form of depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") covering such individual foreign securities or other securities representing underlying shares of foreign companies, including but not limited to certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes (instruments issued by registered foreign intermediaries to U.S. institutional investors), or other instruments that allow the Funds to participate in foreign markets. ADRs and GDRs are receipts, typically issued by a financial institution (a depositary) evidencing ownership interests in a security or pool of securities issued by an issuer and deposited with the depositary. ADRs and GDRs may be available for investment through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the security underlying the receipt and a depositary, whereas an unsponsored facility may be established by a depositary without participation by the issuer of the underlying security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to pass through shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities.

Generally, ADRs are denominated in U.S. dollars and are designed for use in the U.S. securities markets. The depositaries that issue ADRs are usually U.S. financial institutions, such as a bank or trust company, but the underlying securities are issued by a foreign issuer. GDRs may be issued in U.S. dollars or other currencies and are generally designed for use in securities markets outside the U.S. GDRs represent shares of foreign securities that can be traded on the exchanges of the depositary's country. The issuing depositary, which may be a foreign or a U.S. entity, converts dividends and the share price into the shareholder's home currency.

When a Fund invests in foreign securities, the expenses of trading and holding such securities are likely to be higher than the expenses relating to comparable U.S. securities, since the custodial and certain other expenses are expected to be higher. Investments in foreign securities may involve a higher degree of risk than investments in domestic issuers. Foreign securities are often denominated in foreign currencies, which means that their value will be affected by changes in exchange rates, as well as other factors that affect securities prices. While the Adviser attempts to reduce the effect of currency fluctuations, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short- term hedging strategy is highly uncertain. There generally is less information publicly available about foreign securities and securities markets, and there may be less government regulation and supervision of foreign issuers and securities markets. Foreign

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securities and markets also may be affected by political and economic instabilities and may be more volatile and less liquid than domestic securities and markets. Investment risks may include expropriation or nationalization of assets, confiscatory taxation, exchange controls and limitations on the use or transfer of assets and significant withholding or other taxes. Foreign economies may differ from the United States favorably or unfavorably with respect to inflation rates, balance of payments, capital reinvestment, gross national product expansion and other relevant indicators.

The International/Global Funds may invest in securities in emerging market countries. There is no universally accepted definition of an emerging market country. The Adviser generally defines emerging market countries as those comprising the MSCI Emerging Markets Index<sup>SM</sup>. Investments in companies based in emerging markets present risks greater than those in mature markets. Emerging market countries may have less-developed legal, political, and accounting systems, and investments may be subject to greater risks of government restrictions on withdrawing the sale proceeds of securities from the country. Economies of emerging countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. Governments may be more unstable and present greater risks of nationalization, expropriation, restrictions on repatriation, or other confiscation of assets of issuers of securities. There may be greater risk of default (by both the government and private issuers), greater governmental involvement in the economy, capital controls, inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze), unavailability of material information about issuers, slower clearance and settlement, differing investment structures, and restrictions on foreign ownership of stocks of local companies. Emerging markets may have less reliable access to capital, lower liquidity than established markets, and a greater potential for market manipulation. There may be differences in regulatory, accounting, auditing, and financial reporting and recordkeeping standards which could impede the Adviser's ability to evaluate local companies. There may be greater limitations on the rights and remedies available to the Funds and other owners to pursue, obtain and enforce claims against emerging market issuers. There may be greater risk of high inflation and more volatile interest and currency exchange rates, which could depress prices for extended periods of time. Investments in emerging countries may involve trading and operational risks (including the risk of natural disasters and wars) and may require the payment of additional costs. Performance dispersion may result among the Adviser's client accounts (including the Funds) due to an inability to aggregate trades and allocate price and transaction costs among clients and the Funds on a pro rata basis. Many emerging market countries have experienced substantial rates of inflation for many years, which may have adverse effects on the economies and the securities markets of those countries. The greater emerging market risks may adversely impact a Fund's performance and its ability to achieve its investment objective(s).

Investments in Chinese securities may subject the International/Global Funds to risks that are specific to China. China may be subject to significant amounts of instability, including, but not limited to, economic, political, and social instability. China's economy may differ from the U.S. economy in certain respects, including, but not limited to, general development, level of government involvement, wealth distribution and structure, risks of nationalization, expropriation, or restrictions on ownership of stocks of local companies.

The International/Global Funds may invest in U.S.-listed companies that may have contractual arrangements with China-based variable interest entities ("VIEs"). Even though the U.S.-listed company does not own any equity in the China-based company, the U.S.-listed company purports to exercise power over and obtain economic rights from the China-based company based on the contractual arrangements. The Chinese government has not approved these arrangements. At any time, the Chinese government may determine such contractual arrangements violate Chinese law. If either the China-based company (or its officers, directors, or Chinese equity owners) breach those contracts with the U.S.-listed company, or Chinese law changes in a way that affects the enforceability of these arrangements, or those contracts are otherwise not enforceable under Chinese law, U.S. investors may suffer significant losses with little or no recourse available. If the parties to these contracts do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in Chinese law or practice, the U.S.-listed company may lose control over the China-based company, and investments in its securities may suffer significant economic losses, which would affect the value of the Fund's

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investments in such companies. Additionally, investments in the U.S.-listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIEs and the stockholders of the U.S.-listed companies. In addition, there may be U.S. restrictions upon investments in China or China-related securities.

The European Union (the "EU") often faces potential issues involving its membership and other structural and geo-political matters, including the concern that one or more countries may abandon the Euro and/or withdraw from the EU or conversely, that less developed countries may join the EU. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching. Following its withdrawal from the EU, the United Kingdom (the "UK") and the EU agreed to a new trade deal (effective from January 1, 2021) however the full extent of the legal, political and economic impacts resulting from such new trade deal are uncertain. In addition, it is possible that portions of the UK could seek to separate and remain a part of the EU. As a result of the political divisions within the UK, within the EU and between the UK and the EU, and the uncertain consequences of the UK's withdrawal from, and new trade deal with, the EU, the UK and European economies and the broader global economy could be significantly impacted, and may result in increased volatility and illiquidity, and potentially lower economic growth on markets in the UK, Europe and globally, any of which could potentially have an adverse effect on the value of the Funds' investments. The International/Global Funds invest in UK and European issuers. However, whether or not a Fund invests in securities of issuers located in the UK or Europe or with significant exposure to UK or European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments due to the interconnected nature of the global economy and capital markets.

The holding of foreign securities may be limited by the Funds to avoid investments in certain Passive Foreign Investment Companies ("PFICs"). A Fund's investments in PFICs may subject the Fund to complex tax rules and may result in increased taxable distributions to its shareholders.

**Short Sales.** A Fund may engage in short sales, if, at the time of the short sale, the Fund owns or has the right to acquire securities equivalent in kind and amount to the securities being sold short.

In a short sale, the seller does not immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs. To make delivery to the purchaser, the executing broker borrows the securities being sold short on behalf of the seller. While the short position is maintained, the seller collateralizes its obligation to deliver the securities sold short in an amount equal to the proceeds of the short sale plus an additional margin amount established by the Board of Governors of the Federal Reserve System. If the Fund engages in a short sale, the collateral account will be maintained by the Fund's custodian. While the short sale is open, the Fund will maintain, in a segregated custodial account, an amount of securities convertible into, or exchangeable for, such equivalent securities at no additional cost. These securities would constitute the Fund's long position.

If a Fund engages in short sale transactions, the Fund will adhere to the Derivatives Rule requirements outlined in the "*Regulatory Risk Regarding Certain Instruments/Transactions*" section. The SEC and regulatory authorities in other jurisdictions have adopted rules in the past requiring the reporting of short positions, and may do so again in the future. In addition, other non-U.S. jurisdictions where a Fund may trade have adopted reporting requirements. If a Fund's short positions or its strategy become generally known, it could have a significant effect on the Adviser's ability to implement its investment strategy. The SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans on new or increases in short sales of certain securities, including short positions acquired through swaps or other derivative instruments, in response to market events. Bans on short selling and such short positions may make it impossible for a Fund to execute certain investment strategies and the Fund may be unable to execute its investment strategies as a result.

A Fund may make a short sale, as described above, when it wants to sell the security it owns at a current attractive price, but also wishes to defer recognition of gain or loss for federal income tax purposes. There will be certain additional transaction costs associated with short sales, but the Fund will endeavor to offset these costs with returns from the investment of the cash proceeds of short sales.

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**Lending Portfolio Securities.** Securities of a Fund may be loaned to member firms of the New York Stock Exchange ("NYSE") and commercial banks with assets of one billion dollars or more, or their affiliates. Although the Funds have this authority, as of the date of this SAI none of the Funds have made such loans nor are any currently anticipated. Any such loans must be secured continuously in the form of cash or cash equivalents, such as U.S. Treasury bills. The amount of the collateral must, on a current basis, equal or exceed the market value of the loaned securities, and the loan must be terminable upon notice, at any time. The borrower is obligated, after notice, to redeliver the borrowed securities within five business days. The Trust will exercise its right to terminate a securities loan in order to preserve its right to vote upon matters of importance affecting holders of the securities. As an operating standard, a Fund may make a securities loan if the value of the securities loaned from the Fund will not exceed one-third of the Fund's assets.

The advantage of such loans is that the Fund continues to receive the equivalent of the interest earned or dividends paid by the issuer on the loaned securities while at the same time earning interest on the cash or equivalent collateral. Upon the lending of securities, the collateral (cash or equivalent) on the loan shall be invested in a manner consistent with the Funds' investment policies and restrictions.

Securities loans may be made to broker-dealers and other financial institutions to facilitate their deliveries of such securities. As with any extension of credit, there may be risks of delay in recovery and possibly loss of rights in the loaned securities should the borrower of the loaned securities fail financially. While the Fund holds the collateral, it will be subject to any risks associated with characteristics of that collateral. However, loans will be made only to those firms that the Adviser deems creditworthy and only on such terms as it believes should compensate for such risk. On termination of the loan, the borrower is obligated to return the securities to the Fund; any gain or loss in the market value of the security during the loan period will inure to the benefit of the Fund. The Funds may pay custodial fees in connection with the loan of securities, including to its custodian, provided the fees are approved by the Trustees.

**Aggregate Ownership.** The Adviser may hold on behalf of its clients, including the Funds, in the aggregate, a significant percentage of the stock of certain companies. In certain cases, the Adviser's significant aggregate ownership on behalf of its clients may limit the Adviser's options, including but not limited to, its ability to sell shares of such companies without adversely affecting the market price of such companies' stock. In addition, in some cases the total percentage of an issuer that the Adviser's clients hold may be limited or affected by "poison pill" rights plans and other corporate restrictions, federal, state and foreign regulatory restrictions, and state control statutes. In order to comply with such restrictions on aggregate holdings, the Adviser may, on occasion, be required to limit or sell a portion of its clients' positions or may be unable to initiate or build a position for new clients, or existing clients, in the stock of certain companies.

**Cash or Cash Equivalents.** Certain Funds will at times temporarily hold excess cash (i.e., more than the cash levels typically required to meet any unexpected daily redemptions of Fund shares) or cash equivalents for defensive purposes in attempting to respond to adverse market, economic, political, or other conditions and/or during times when equity investments suitable for the Fund are difficult to identify. If the Funds hold excess cash, they will be exposed to inflation risk and the risk of exchanging lower risk for potentially lower returns. Holding excess cash is generally inconsistent with the Funds' principal investment strategies and upon doing so the Funds may fail to achieve their fundamental investment objective. Cash positions may be comprised of cash or cash equivalents that may include, but are not limited to, foreign currency, money market funds, commercial paper, treasury bills, and short-term government bonds. For the International/Global Funds, counterparties in some of these transactions may include foreign banks and foreign governments. Foreign cash equivalents are riskier because they involve foreign counterparties, foreign exchange risk, as well as the risks associated with foreign currencies.

**Repurchase Agreements.** A Fund may purchase and sell securities under repurchase agreements. Repurchase agreements are short-term money market investment securities transactions, designed to generate current income. A repurchase agreement is essentially a loan. Repurchase agreements involve transactions where

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a buyer (the Fund) purchases a security and simultaneously commits to resell that security to the seller (such as a bank or securities dealer) at a mutually agreed upon time and price. The seller's obligation is secured by collateral (underlying securities) segregated on behalf of the buyer. The repurchase price reflects the initial purchase price plus interest, based upon an agreed upon market rate of interest. While the underlying securities collateral may bear a maturity in excess of one year, the term of the repurchase agreement is always less than one year and is often one business day. Repurchase agreements not terminable within seven days will be limited to no more than 10% of the total assets of any of the Funds.

A Fund will engage in repurchase agreements only with recognized securities dealers and banks, (including the Fund's custodian), the corporate parents or affiliates of such dealers or banks, or clearing firms registered with the SEC that provide comparison, netting and settlement services to their members with respect to repurchase agreement transactions, determined by the Adviser to present minimal credit risk to the Funds. There can be no assurance that a Fund's counterparty will be able or willing to meet its obligations. If a counterparty becomes bankrupt or insolvent or otherwise fails or is unwilling to perform its obligations to a Fund due to financial difficulties or for other reasons, the Fund may experience significant losses or delays in enforcing contractual remedies and/or obtaining any recovery from the counterparty, including realizing on any collateral the counterparty has provided in respect of the counterparty's obligations to the Fund or recovering collateral that the Fund has provided and is entitled to recover.

A Fund will engage only in repurchase agreements reasonably designed to secure fully, during the term of the agreement, the seller's obligation to repurchase the underlying securities and will monitor the market value of the underlying securities during the term of the agreement. If the value of the underlying securities declines and is not at least equal to the repurchase price due to the Fund pursuant to the agreement, the Fund will require the seller to pledge additional securities or cash to secure the seller's obligations pursuant to the agreement. If the seller defaults on its obligation to repurchase and the value of the underlying securities declines, the Fund may incur a loss and may incur expenses in selling the underlying securities.

The SEC has finalized new rules requiring the central clearing of certain repurchase transactions involving U.S. Treasuries. Compliance with the new rules is expected to be required in the middle of 2027. The mandatory clearing of such repurchase transactions could increase the cost of repurchase transactions and impose added operational complexity which could make it more difficult for a Fund to execute certain investment strategies.

**Commercial Paper.** The Funds may invest in commercial paper, short-term promissory notes issued by companies primarily to finance short-term credit needs. Certain notes may have floating or variable rates and may contain options, exercisable by either the buyer or the seller, that extend or shorten the maturity of the note.

**Foreign Government and Supranational Entity Securities.** For cash management purposes, the International/Global Funds may invest in debt securities or obligations of foreign governments, agencies and supranational organizations ("Sovereign Debt"). Investments in Sovereign Debt can involve greater risks than investing in U.S. government securities. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund may have limited legal recourse in the event of default. A Fund's portfolio may include Sovereign Debt of a number of foreign countries or, depending on market conditions, those of a single country.

**Debt Obligations.** Debt obligations in which the Funds may invest may be long-term, intermediate-term, short-term or any combination thereof, depending on the Adviser's evaluation of current and anticipated market patterns and trends. Such debt obligations consist of the following: corporate obligations that at the date of investment are rated within the four highest grades established by Moody's Investors Services, Inc. ("Moody's") (Aaa, Aa, A, or Baa), by Standard & Poor's Corporation ("Standard & Poor's") (AAA, AA, A, or BBB), or by Fitch, Inc. ("Fitch") (AAA, AA, A, or BBB) or, if not rated, are of comparable quality as determined by the Adviser (bonds rated Baa or BBB are considered medium grade obligations and have speculative characteristics); obligations issued or guaranteed as to principal by the U.S. Government or its agencies or instrumentalities;

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certificates of deposit, time deposits, and bankers' acceptances of U.S. banks and their branches located outside the U.S. and of U.S. branches of foreign banks, provided that the bank has total assets of at least one billion dollars or the equivalent in other currencies; commercial paper, which at the date of investment is rated A-2 or better by Standard & Poor's, Prime-2 or better by Moody's, F2 or better by Fitch or, if not rated, is of comparable quality as determined by the Adviser; and any of the above securities subject to repurchase agreements with recognized securities dealers and banks, the corporate parents or affiliates of such dealers or banks, or clearing firms registered with the SEC that provide comparison, netting and settlement services to their members with respect to repurchase agreement transactions, determined by the Adviser to present minimal credit risk to the Funds. In the event any debt obligation held by a Fund is downgraded below the lowest permissible grade, the Fund is not required to sell the security, but the Adviser will consider the downgrade in determining whether to hold the security. In any event, a Fund will not purchase or, if downgraded, continue to hold debt obligations rated below the lowest permissible grade if more than 5% of such Fund's net assets would be invested in such debt obligations (including, for the purpose of this limitation, convertible debt securities rated below Baa or BBB, or if unrated, of comparable quality). Debt obligations, such as bonds and other debt securities, generally are subject to credit risk and interest rate risk. While debt obligations issued by the U.S. Treasury generally are considered free of credit risk, debt issued by agencies and corporations all entail some level of credit risk. Investment grade debt securities have less credit risk than do high-yield, high-risk debt securities.

Debt obligations generally are interest rate-sensitive. During periods of falling interest rates, the value of debt obligations held by a Fund generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Changes by recognized rating services in their ratings of debt obligations and changes in the ability of an issuer to make payments of interest and principal also will affect the value of these investments.

**Lower Rated Fixed Income Securities – International/Global Funds Only.** The International/Global Funds may invest in lower rated fixed income securities (commonly known as "junk bonds") of foreign issuers. The lower ratings reflect a greater possibility that adverse changes in the financial condition of the issuer or in general economic conditions, or both, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of such securities held by the Funds more volatile and could limit the Funds' ability to sell their securities at prices approximating the values the Funds had placed on such securities. In the absence of a liquid trading market for securities held by it, a Fund at times may be unable to establish the fair value of such securities. If the issuer defaults on its obligation, the value of the security would fall, and the Fund's income also would decline.

Securities ratings are based largely on the issuer's historical financial condition and the rating agencies' analysis at the time of rating. Consequently, the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition, which may be better or worse than the rating would indicate. In addition, the rating assigned to a security by Moody's, Standard and Poor's or Fitch (or by any other ratings organization) does not reflect an assessment of the volatility of the security's market value or the liquidity of an investment in the security.

Like those of other fixed income securities, the values of lower rated securities go up and down in response to changes in interest rates. A decrease in interest rates generally will result in an increase in the value of fixed income securities. Conversely, during periods of rising interest rates, the value of the Funds' fixed income securities generally will decline. The values of lower rated securities often may be affected to a greater extent by changes in general economic conditions and business conditions affecting the issuers of such securities and their industries. Negative publicity or investor perceptions also may adversely affect the values of lower rated securities. Changes by recognized rating services in their ratings of any fixed income security and changes in the ability of an issuer to make payments of interest and principal also may affect the value of these investments. Changes in the value of portfolio securities generally will not affect income derived from these securities, but will affect a Fund's NAV.

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Issuers of lower rated securities often are highly leveraged, so that their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. Such issuers may not have more traditional methods of financing available to them and may be unable to repay outstanding obligations at maturity by refinancing. The risk of loss due to default in payment of interest or repayment of principal by such issuers is significantly greater because such securities frequently are unsecured and subordinated to the prior payment of senior indebtedness.

**Investment Concentration.** The Funds will at times hold large positions in certain companies, sectors and/or countries, and the Funds' performance may suffer relative to its benchmarks if these companies, sectors or countries underperform. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified fund. A fluctuation in one stock held by Ariel Focus Fund could significantly affect the overall performance of the Fund.

**Sector or Country Concentration.** The Funds are often concentrated in fewer sectors or countries than their benchmarks, and their performance may suffer if these sectors underperform their benchmark and/or the overall stock market.

**Borrowing.** The Funds may borrow from banks and enter into reverse repurchase agreements for temporary or emergency purposes in an amount up to 33 1/3% of a Fund's total assets, taken at market value. A Fund also may borrow up to an additional 5% of its total assets from banks or others. A Fund may purchase additional securities so long as borrowings do not exceed 5% of its total assets. A Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities. In the event that market fluctuations cause borrowing to exceed the limits stated above, the Adviser would act to remedy the situation as promptly as possible (normally within three business days). Borrowing money to meet redemptions or other purposes would have the effect of temporarily leveraging a Fund's assets and potentially exposing the Fund to leveraged losses.

**Restricted and Illiquid Securities.** A Fund may invest in restricted securities that are subject to contractual restrictions on resale. The Funds' policy is to not purchase illiquid securities (which may include restricted securities) if more than 15% of a Fund's net assets would then be illiquid. If at any time more than 15% of a Fund's net assets are illiquid due to market action or Fund sales of liquid securities, the Fund will seek to dispose of illiquid assets in excess of 15% with all deliberate speed. The Funds have adopted a Liquidity Risk Management Program as required by the SEC's Liquidity Rule. Under this Program, the adviser has developed policies and procedures to test and evaluate the liquidity of the securities held in the funds no less than monthly.

The restricted securities that a Fund may purchase include securities that have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), but are eligible for purchase and sale pursuant to Rule 144A under the 1933 Act ("Rule 144A Securities"). This Rule permits certain qualified institutional buyers, such as the Funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The Adviser, under criteria established by the Board, will consider whether Rule 144A Securities being purchased or held by a Fund are liquid and thus not subject to the Funds' policy limiting investments in illiquid securities. In making this determination, the Adviser will consider the frequency of trades and quotes, the number of dealers and potential purchasers, dealer undertakings to make a market and the nature of the security and the marketplace trades (for example, the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). The liquidity of Rule 144A Securities also will be monitored by the Adviser and if, as a result of changed conditions, it is determined that a Rule 144A Security is no longer liquid, the Fund's holding of illiquid securities will be reviewed to determine what, if any, action is required in light of the policy limiting investments in such securities. Investing in Rule 144A Securities could have the effect of increasing the percentage of investments in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**Commodity Futures, Generally.** The Funds are managed by an Adviser who has filed a notice of eligibility for exclusion from the definition of the term "commodity pool operator" with respect to each Fund in

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accordance with CFTC Rule 4.5 of the regulations under the Commodity Exchange Act ("CEA") and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA. The Funds intend to invest in futures and derivatives transactions (each discussed in more detail below) only to the extent permitted by each Fund's respective fundamental and non-fundamental investment restrictions. Further, with respect to positions in futures, options on futures and swaps (collectively "commodity interests") which do not come within the meaning and intent of current U.S. CFTC rules and interpretations of bona fide hedging purposes, the Funds may have exposure to such commodity interests as long as the aggregate initial margin and premiums required to establish such positions will not exceed five percent of the liquidation value of the respective Fund's portfolio, after taking into account unrealized profits and unrealized losses on any such contracts such Fund has entered into. In connection with the foregoing, in the case of an option that is "in-the-money" at the time of purchase, the "in-the-money" amount as defined in CFTC Rule 190.01(x) may be excluded in computing such five percent amount.

The Funds also intend to operate in a manner such that the aggregate net notional value of commodity interest positions not used solely for bona fide hedging purposes within the meaning and intent of the CFTC's current rules and interpretations, determined at the time the most recent position was established, does not exceed 100 percent of the liquidation value of a respective Fund's portfolio, after taking into account unrealized profits and unrealized losses on any such positions the Fund has entered into. For these purposes, the "notional value" is calculated in accordance with current CFTC rules and interpretations. A Fund may net futures contracts with the same underlying commodity across designated contract markets and foreign boards of trade, and swaps cleared on the same designated clearing organization where appropriate.

The Funds will not be, and have not been, marketing their securities to the public as or in a commodity pool or otherwise as or in a vehicle for trading in the commodity interest markets.

The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate and monitor) speculative position limits ("position limits") on the maximum speculative position which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy. A Fund may also be affected by other regimes, including those of the EU and UK, and trading venues that impose position limits on commodity derivative contracts.

**Derivative Instruments – International/Global Funds Only.** The International/Global Funds may invest in a variety of derivative instruments consistent with their respective investment objectives or for hedging purposes, managing risk or enhancing returns. Derivative instruments are commonly defined to include securities or contracts whose value depend on (or "derive" from) the value of one or more other assets, such as securities, currencies or commodities. These "other assets" are commonly referred to as "underlying assets."

*Hedging.* The International/Global Funds may use derivative instruments to protect against possible adverse changes in the market value of securities held in their respective portfolios. Derivatives may also be used by the International/Global Funds to "lock-in" unrealized gains in the value of portfolio securities. Hedging strategies, if successful, can reduce the risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements in the investments being hedged. Hedging strategies can also reduce the opportunity for gain by offsetting the positive effect of favorable price movements in the hedged investments. Derivatives may be used to invest significant cash inflows in the market (i.e., to reduce cash drag). Hedging strategies may be used

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primarily in an attempt to reduce unintended tracking error versus the International/Global Funds' respective benchmarks, decrease exposure to changing security prices or foreign currency risk or to address other factors that affect security values. The International/Global Funds can employ new hedging instruments and strategies when they are developed, if those investment methods are consistent with the International/Global Funds' investment objectives and are permissible under applicable regulations governing the International/Global Funds. The derivatives utilized by the Funds will be considered foreign investments to the extent that they have economic characteristics similar to those of equity securities that the Funds consider to be foreign investments, including for the purpose of determining Ariel Global Fund's compliance with its 40% foreign investment test.

*Managing Risk.* The International/Global Funds may also use derivative instruments to manage the risks of their respective assets. Risk management strategies include, but are not limited to, facilitating the sale of portfolio securities, establishing a position in the derivatives markets as a substitute for buying or selling certain securities or creating or altering exposure to certain asset classes, such as equity and foreign securities. The use of derivative instruments may provide a less expensive, more expedient or more specifically focused way to invest than "traditional" securities (i.e., stocks or bonds) would.

*Exchange or OTC Derivatives.* Derivative instruments may be exchange-traded or traded in OTC transactions between private parties. Exchange-traded derivatives are standardized options and futures contracts transacted on an organized futures exchange. Exchange contracts are generally liquid. The exchange clearinghouse is the counterparty of every contract. OTC derivatives are contracts between the holder and another party to the transaction (usually a securities dealer or a bank), but not an exchange clearinghouse. OTC transactions are less liquid than exchange-traded derivatives since they often can only be closed out with the other party to the transaction.

*Market Risk.* The primary risk of derivatives is the same as the risk of the underlying assets; namely, that the value of the underlying asset may increase or decrease in value due to market fluctuations. Adverse movements in the value of an underlying asset can expose a Fund to losses. Derivative instruments may include elements of leverage and, accordingly, the fluctuation of the value of such instrument in relation to the underlying asset may be magnified. The successful use of derivatives depends upon a variety of factors, including the portfolio manager's ability to anticipate movements of the securities and currencies markets, which requires different skills than anticipating changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed. A decision to engage in a derivative transaction will reflect the judgment that the derivative transaction will provide value and is consistent with the respective Fund's objectives, investment limitations and operating policies.

*Credit Risk.* A Fund is subject to the risk that a loss may be sustained as a result of the failure of a counterparty to comply with the terms of a derivative instrument. The counterparty risk for exchange-traded derivative instruments is generally less than for privately-negotiated or OTC derivative instruments, since generally a clearing agency, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. In all transactions, a Fund will bear the risk that the counterparty may default, resulting in a loss of the expected benefit of the derivative transaction and possibly other losses to the Fund. A Fund will enter into transactions in derivative instruments only with counterparties that the portfolio manager reasonably believes are capable of performing under the contract.

*Correlation Risk.* Correlation risk is the risk that there might be imperfect correlation, or even no correlation, between price movements of a derivative instrument and price movements of investments being hedged. The effectiveness of hedges using instruments on indexes will depend, in part, on the degree of correlation between price movements in the index and price movements in the investment being hedged.

*Liquidity Risk.* Liquidity risk is the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value. Generally, exchange contracts are very liquid because the exchange clearinghouse is the counterparty of every contract. OTC transactions are less liquid than exchange-

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traded derivatives since they often can only be closed out with the other party to the transaction. A Fund might be required by applicable regulatory requirements to maintain assets as "cover," maintain segregated accounts and/or make margin payments. A Fund's ability to sell or close out a position in an instrument prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the counterparty to enter into a transaction closing out the position. There is no assurance that any derivatives position can be sold or closed out at a time or price that is favorable to the International/Global Funds.

*Regulatory Risks Regarding Certain Instruments/Transactions*. The Funds are required to comply with Rule 18f-4 under the 1940 Act (the "Derivatives Rule"), which governs the use of derivatives by registered investment companies. The Derivatives Rule, among other requirements, imposes limits on the amount of derivatives a Fund can enter into, eliminates the asset segregation framework previously used by the Funds to comply with Section 18 of the 1940 Act, and generally treats derivatives as senior securities. Further, the Derivatives Rule requires that a Fund using derivatives adopt a written derivatives risk management program, designate a derivatives risk manager, comply with certain value-at-risk ("VaR")-based leverage limits, and comply with certain board oversight and reporting requirements. In the event that a Fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case a Fund is not subject to the full requirements of the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks. Due to the extent of derivatives used in the International/Global Funds, the Trust, with respect to these particular Funds, established and maintains a derivatives risk management program, designated a derivatives risk manager, and adopted corresponding board oversight procedures. To the extent any other Fund in the Trust uses derivatives, each such other Fund will do so in accordance with the Limited Derivatives User requirements, unless the extent of its derivatives use requires that such Fund comply with the same provisions of the Derivatives Rule as do the International/Global Funds.

The requirements of the Derivatives Rule may limit a Fund's ability to use derivatives as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of a Fund's investments and/or the performance of such Fund.

Global legislative and regulatory reforms have resulted in increased regulation of derivative markets, including clearing, margin, reporting and recordkeeping requirements for a broad range of derivatives and derivative market participants. Such regulations could, among other things, restrict a Fund's ability to engage in derivatives and/or increase the costs of derivatives and a Fund may as a result be unable to execute its investment strategies in a manner the Adviser might otherwise choose. Regulatory requirements may also limit the ability of a Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the EU, the UK and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the EU or the UK, the liabilities of such counterparties to a Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

*No Assurance that Derivatives will be Employed or Successful.* The International/Global Funds may choose to use or not to use any derivatives or hedging strategies at the discretion of the Adviser. There is no assurance that a Fund's use of foreign currency transactions, or any other derivative strategies, will result in a positive net result for a Fund.

**Foreign Currency Transactions (Forward Contracts) – International/Global Funds Only.** A foreign currency forward contract ("forward contract") is a foreign currency exchange contract that involves an

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obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (usually less than one year) from the contract date, at a price set at the time of the contract. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. These contracts are traded in the inter-bank market conducted directly among currency traders (usually large commercial banks) and their customers. The International/Global Funds may use forward contracts to "lock in" the U.S. dollar price of a security denominated in a foreign currency that the respective Fund has bought or sold, or to protect against possible losses from changes in the relative values of the U.S. dollar and a foreign currency. A Fund also can use "cross-hedging" where the Fund hedges against changes in currencies other than the currency in which a security it holds is denominated.

The International/Global Funds can use forward contracts to protect against uncertainty in the level of future exchange rates. The use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities a Fund owns or intends to acquire, but it does fix a rate of exchange in advance. Although forward contracts may reduce the risk of loss from a decline in the value of the hedged currency, at the same time they limit any potential gain if the value of the hedged currency increases.

Currency risk is measured, among other things, at the portfolio level in relation to the benchmark. Due to the Adviser's bottom-up security selection process, unintended, large underweight or overweight positions may arise in particular foreign currencies. The International/Global Funds may hedge large currency exposures in an attempt to reduce unintended tracking error versus their respective benchmarks by using currency forward contracts although the Funds will also secure or maintain currency exposure via spot contracts (i.e., foreign currency trades that settle within two days). The Funds' currency strategy is designed to reduce risk. In the use of this hedging strategy, the Adviser aims to dampen the effects of large currency moves primarily in major benchmark currencies, not to eliminate all currency tracking error entirely. A Fund will not be perfectly hedged against its benchmark as the costs could be prohibitive and often unwarranted. In particular, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. The use of forward contracts in this manner might reduce a Fund's performance if there are unanticipated changes in currency prices to a greater degree than if the Fund had not entered into such contracts. The Adviser uses discretion and judgment in determining the cost benefit analysis of hedging.

When a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when it anticipates receiving dividend payments in a foreign currency, the Fund might desire to "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of the dividend payments. To do so, the International/Global Funds might enter into a forward contract for the purchase or sale of the amount of foreign currency involved in the underlying transaction, in a fixed amount of U.S. dollars per unit of the foreign currency. This is called a "transaction hedge." The transaction hedge is intended to protect the Fund against a loss from an adverse change in the currency exchange rates during the period between the date on which the security is purchased or sold or on which the payment is declared and the date on which the payments are made or received. The International/Global Funds also could use forward contracts to lock in the U.S. dollar value of portfolio positions. This is called a "position hedge." For example, when a Fund believes that foreign currency might suffer a substantial decline against the U.S. dollar, it could enter into a forward contract to sell an amount of that foreign currency approximating the value of some or all of the Fund's portfolio securities denominated in that foreign currency. A Fund will cover its short positions in these cases by identifying to its custodian bank assets having a value equal to the aggregate amount of the Fund's commitment under this type of forward contract. The cover must be at least equal at all times to the amount of that excess.

A Fund will only engage in transactions in forward contracts subject to complying with the Derivatives Rule. The Derivatives Rule requirements are outlined in the "*Regulatory Risks Regarding Certain Instruments/Transactions*" section.

The precise matching of the amounts under forward contracts and the value of the securities involved generally will not be possible because the future value of securities denominated in foreign currencies will

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change as a consequence of market movements between the date the forward contract is entered into and the date it is sold. If the market value of the security is less than the amount of foreign currency that a Fund is obligated to deliver, the Fund might have to purchase additional foreign currency on the "spot" (that is, cash) market to settle the security trade. If the market value of the security instead exceeds the amount of foreign currency the Fund is obligated to deliver to settle the trade, the Fund might have to sell on the spot market some of the foreign currency received on the sale of the security. There will be additional transaction costs on the spot market in those cases.

At or before the maturity of a forward contract requiring a Fund to sell a currency, the Fund might sell a portfolio security and use the sale proceeds to make delivery of the currency. In the alternative, a Fund might retain the security and offset its contractual obligation to deliver the currency by purchasing a second contract. Under that contract the Fund will obtain, on the same maturity date, the same amount of the currency that it is obligated to deliver. Similarly, a Fund might close out a forward contract requiring it to purchase a specified currency by entering into a second contract entitling it to sell the same amount of the same currency on the maturity date of the first contract. A Fund would realize a gain or loss as a result of entering into such an offsetting forward contract under either circumstance. The gain or loss will depend on the extent to which the exchange rate or rates between the currencies involved moved between the execution dates of the first and offsetting contracts.

The cost to a Fund of engaging in forward contracts varies with factors such as the currencies involved, respective interest rates, the length of the contract period and the market conditions then prevailing. Because these contracts are traded over the counter, a Fund must evaluate the credit and performance risk of the counterparty under each forward contract.

Although the International/Global Funds value their assets daily in terms of U.S. dollars, they do not intend to convert holdings of foreign currencies into U.S. dollars on a daily basis. The International/Global Funds can convert foreign currency from time to time and will incur costs in doing so. Foreign exchange dealers do not charge a fee for conversion, but they do seek to realize a profit based on the difference between the prices at which they buy and sell various currencies. Thus, a dealer might offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange if the Fund desires to resell that currency to the dealer.

**Futures Transactions – International/Global Funds Only.** A futures contract is an agreement to buy or sell a security or currency for a set price at a future date. In the U.S., futures contracts are traded on boards of trade that have been designated as "contract markets" or registered as derivatives transaction execution facilities by the CFTC. Currently, there are futures contracts based on a variety of instruments, indexes and currencies. Subject to compliance with applicable CFTC rules, the International/Global Funds also may enter into futures contracts traded on foreign futures exchanges as long as trading on foreign futures exchanges does not subject the Fund to risks that are materially greater than the risks associated with trading on U.S. exchanges. However, no Fund will enter into futures contracts that are prohibited under the CEA or would cause the Adviser or the Funds to lose their exclusion from the definition of a commodity pool operator under CFTC regulations.

Positions taken in the futures markets are not normally held until delivery or final cash settlement is required, but are instead liquidated through offsetting transactions, which may result in a gain or a loss. The International/Global Funds may make or take delivery of underlying securities or currencies if it is advantageous to the Fund. A clearing organization associated with the exchange on which futures are traded assumes responsibility for closing-out transactions and guarantees that the sale and purchase obligations will be performed on open positions at the termination of the contract.

On entering into a futures transaction, the International/Global Funds will be required to deposit an initial margin payment with the futures commission merchant (the "futures broker"). Initial margin payments will be deposited with the Fund's custodian bank in an account registered in the futures broker's name. However, the futures broker can gain access to the account only under specified conditions. As the future is marked to market

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(that is, its value on the Fund's books is changed) to reflect changes in its market value, subsequent payments called variation margin is reconciled with the futures broker daily.

**Securities Index Futures – International/Global Funds Only.** Stock index futures contracts may be used to provide a hedge for a portion of the Funds' portfolios, as a cash management tool, or as an efficient way to implement either an increase or decrease in portfolio market exposure in response to changing market conditions. The International/Global Funds may purchase or sell futures contracts with respect to any stock index. A stock index futures contract is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally entered into. Stock index futures contracts are based on indexes that reflect the market value of common stock of the companies included in the indexes. When a Fund buys or sells a futures contract, it incurs a contractual obligation to receive or deliver the underlying instrument (or a cash payment based on the difference between the underlying instrument's closing price and the price at which the contract was entered into) at a specified price on a specified date. For example, in the case of stock index futures contracts, if a Fund anticipates an increase in the price of stocks that it intends to purchase at a later time, the Fund could enter into contracts to purchase the stock index (known as taking a long position) as a temporary substitute for the purchase of stocks. If an increase in the market occurs that influences the stock index as anticipated, the value of the futures contracts increases and thereby serves as a hedge against the Fund's not participating in a market advance. The Fund then may close out the futures contracts by entering into offsetting futures contracts to sell the stock index (known as taking a short position) as it purchases individual stocks.

When index futures are used for hedging purposes, the risk of imperfect correlation between movements in the price of index futures and movements in the price of the securities that are the subject of the hedge increases as the composition of the Fund's portfolio diverges from the securities included in the applicable index. The price of the index futures may move more than or less than the price of the securities being hedged. If the price of the index futures moves less than the price of the securities that are the subject of the hedge, the hedge will not be fully effective, but if the price of the securities being hedged has moved in an unfavorable direction, the Fund would be in a better position than if it had not hedged at all. If the price of the securities being hedged has moved in a favorable direction, this advantage will be partially offset by the futures contract. If the price of the futures contract moves more than the price of the securities, the Fund will experience either a loss or a gain on the futures contract that will not be completely offset by movements in the price of the securities that are the subject of the hedge. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures, the Fund may buy or sell index futures in a greater dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of such securities being hedged is more than the historical volatility of the prices of the securities included in the index. It is also possible that, where the Fund has sold index futures contracts to hedge against decline in the market, the overall market may advance, and the value of the particular securities held in the Fund's portfolio may decline. If this occurred, the Fund would lose money on the futures contract and also experience a decline in value of its portfolio securities. However, while this could occur for a very brief period or to a very small degree, over time the value of a diversified portfolio of securities will tend to move in the same direction as the market indices on which the futures contracts are based. To the extent such instruments are permitted by applicable law, this risk will also apply to security futures.

Where index futures are purchased to hedge against a possible increase in the price of securities before the Fund is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If the Fund then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, it will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

See also a discussion of the risks involving all types of futures in the section above entitled "Futures Transactions." The tax aspects of futures may be found in the "*Tax Aspects of Certain Hedging Instruments*" section.

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**Options on Futures – International/Global Funds Only.** Options on futures are similar to options on underlying instruments, except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

Options on futures contracts are valued daily at the last sale price on its primary exchange at the time at which the NAV per share of the Funds are computed (close of the New York Stock Exchange), or, in the absence of such sale, the mean of closing bid and ask prices. Writing a put option on a futures contract serves as a partial hedge against an increase in the value of securities a Fund intends to acquire. If the futures price at expiration of the option is above the exercise price, a Fund will retain the full amount of the option premium, which provides a partial hedge against any increase that may have occurred in the price of the debt securities the Fund intends to acquire. If the futures price when the option is exercised is below the exercise price, however, a Fund will incur a loss, which may be wholly or partially offset by the decrease in the price of the securities the Fund intends to acquire.

**Options – International/Global Funds Only.** The International/Global Funds may buy and sell (and sell short) certain kinds of put options ("puts") and call options ("calls"). The International/Global Funds may buy and sell exchange-traded and OTC put and call options, including index options, securities options, currency options, commodities options and options on the other types of futures described above.

*Purchasing Options.* The International/Global Funds may purchase calls to protect against the possibility that a Fund's portfolio will not participate in an anticipated rise in the securities market. When a Fund buys a call, other than in a closing transaction, it pays a premium. The Fund then has the right to buy the underlying investment from a seller of a corresponding call on the same investment during the call period at a fixed exercise price. The Fund benefits only if it sells the call at a profit or if, during the call period, the market price of the underlying investment is above the sum of the call price plus the transaction costs and the premium paid for the call and the Fund exercises the call. If the Fund does not exercise the call or sell it, the call becomes worthless at its expiration date. The Fund will have paid the premium but lost the right to purchase the underlying investment.

The International/Global Funds may buy puts regardless of whether they hold the underlying investment in the portfolios. When a Fund purchases a put, it pays a premium and, except as to puts on indexes, has the right to sell the underlying investment to a seller of a put on a corresponding investment during the put period at a fixed exercise price. Buying a put on securities or futures the Fund owns enables the Fund to attempt to protect itself during the put period against a decline in the value of the underlying investment below the exercise price by selling the underlying investment at the exercise price to a seller of a corresponding put. If the market price of the underlying investment is equal to or above the exercise price and, as a result, the put is not exercised or sold, the put will become worthless at its expiration date. In that case, the Fund will have paid the premium but lost the right to sell the underlying investment. The Fund can sell the put prior to its expiration. That sale may or may not be at a profit.

If a Fund purchases a call or put on an index or future, it pays a premium, but settlement is in cash rather than by delivery of the underlying investment to the Fund. Gain or loss depends on changes in the index in question (and on price movements in the securities market generally) rather than on price movements in individual securities or futures contracts.

*Writing Put Options.* The International/Global Funds may write/sell put options. A put option on securities gives the purchaser the right to sell, and the writer the obligation to buy, the underlying investment at the exercise price during the option period. If a Fund writes a put, the put must be covered by liquid assets identified

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on the Fund's custodian records. The premium the Fund receives from writing a put represents a profit, as long as the price of the underlying investment remains equal to or above the exercise price of the put. However, the Fund also assumes the obligation during the option period to buy the underlying investment from the buyer of the put at the exercise price, even if the value of the investment falls below the exercise price. If a put the Fund has written expires unexercised, the Fund realizes a gain in the amount of the premium less the transaction costs incurred. If the put is exercised, the Fund must fulfill its obligation to purchase the underlying investment at the exercise price. The price usually will exceed the market value of the investment at that time. In that case, the Fund may incur a loss if it sells the underlying investment. That loss will be equal to the sum of the sale price of the underlying investment and the premium received minus the sum of the exercise price and any transaction costs the Fund incurred.

A Fund will only engage in transactions in writing put options subject to complying with the Derivatives Rule. The Derivatives Rule requirements are outlined in the "*Regulatory Risks Regarding Certain Instruments/Transactions*" section.

As long as a Fund's obligation as the put writer continues, it may be assigned an exercise notice by the broker-dealer through which the put was sold. That notice will require the Fund to take delivery of the underlying security and pay the exercise price. A Fund has no control over when it may be required to purchase the underlying security, since it may be assigned an exercise notice at any time prior to the termination of its obligation as the writer of the put. That obligation terminates on expiration of the put. It also may terminate if, before it receives an exercise notice, the Fund effects a closing purchase transaction by purchasing a put of the same series as it sold. Once a Fund has been assigned an exercise notice, it cannot effect a closing purchase transaction.

A Fund can decide to effect a closing purchase transaction to realize profit on an outstanding put option it has been written or to prevent the underlying security from being exercised. Effecting a closing purchase transaction also will permit a Fund to write another put option on the security or to sell the security and use the proceeds from the sale for other investments. A Fund will realize a profit or loss from a closing purchase transaction depending on whether the cost of the transaction is less or more than the premium received from writing the put option. Any profits from writing puts are considered short-term capital gains for federal tax purposes and, when distributed by the Fund, are taxable as ordinary income.

*Writing Covered Call Options.* The International/Global Funds may write (that is, sell) covered calls. When a Fund sells a call option, it must be covered. That means the Fund must own the security subject to the call while the call is outstanding or, for certain types of calls, the call can be covered by identifying liquid assets on the Funds' books to enable the Fund to satisfy its obligations if the call is exercised.

When a Fund writes a call option, it receives cash (a premium). The Fund agrees to sell the underlying security to a purchaser of a corresponding call on the same security during the call period at a fixed exercise price regardless of market price changes during the call period. The call period is usually not more than nine months. The exercise price may differ from the market price of the underlying security. If the Fund owns the underlying security, the Fund continues to bear the risk of loss that the price of the underlying security may decline during the call period. That risk may be offset to some extent by the premium the Fund receives. If the value of the investment does not rise above the call price, it is likely that the call will lapse without being exercised. In that case, the Fund would keep the cash premium and the investment. If the underlying security should rise in value above the call price, the Fund may either have to deliver the underlying security to the owner of the call without profiting from the rise in value, or pay the owner of the call the difference between the call price and the current value of the underlying security.

When a Fund writes a call on an index, it receives cash called a premium. If the buyer of the call exercises it, the Fund will pay an amount of cash equal to the difference between the closing price of the call and the

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exercise price, multiplied by a specified multiple that determines the total value of the call for each point of difference. If the value of the index does not rise above the call price, it is likely that the call will lapse without being exercised. In that case, the Fund would keep the premium.

The International/Global Funds' custodian bank or securities depository acting for the custodian bank, will act as the Fund's escrow agent, through the facilities of the Options Clearing Corporation ("OCC"), as to the investments on which the Fund has written calls traded on exchanges or as to other acceptable escrow securities. No margin will be required for such transactions. OCC will release the securities on the expiration of the option or when the Fund enters into a closing transaction.

When a Fund writes an over-the-counter option, it will treat as illiquid (for purposes of its restriction on holding illiquid securities) the marked-to-market value of any OTC option it holds, unless the option is subject to a buy-back agreement by the executing broker. To terminate its obligation on a call it has written, the Fund can purchase a corresponding call in a "closing purchase transaction." The Fund will then realize a profit or loss, depending on whether the net of the amount of the option transaction costs and the premium received on the call the Fund wrote is more or less than the price of the call the Fund purchases to close out the transaction. The Fund may realize a profit if the call expires unexercised, because the Fund will retain the underlying security and the premium it received when it wrote the call. If the Fund cannot enter into a closing purchase transaction due to the lack of a market, it will have to hold the callable securities until the call expires or is exercised.

The International/Global Funds may also write calls on a futures contract without owning the futures contract or securities deliverable under the contract. To do so, at the time the call is written, the Fund must cover the call by identifying an equivalent dollar amount of liquid assets on the Fund's books. The Fund will identify additional liquid assets on its books if the value of the segregated assets drops below 100% of the current value of the future. Because of this segregation requirement, in no circumstances would the Fund's receipt of an exercise notice as to that future require the Fund to deliver a futures contract. It would simply put the Fund in a short futures position, which is permitted by the International/Global Funds' hedging policies.

*Options on Foreign Currencies.* The International/Global Funds may purchase and write options on foreign currencies. The International/Global Funds may use foreign currency options contracts to manage exposure to changes in currency exchange rates, to enhance returns through exposure to a foreign currency, or to protect against potential losses in positions denominated on one foreign currency against another foreign currency in which the Fund's assets are denominated. As in the case of other types of options transactions, the benefit a Fund derives from purchasing foreign currency options will be reduced by the amount of the premium and related trading costs. If currency exchange rates do not move in the direction or extent anticipated, a Fund could sustain losses.

A Fund may also write options on foreign currencies for hedging purposes. As a result of writing options on foreign currencies, a Fund may forgo all or a portion of the benefits that might otherwise have been obtained from favorable movements in currency exchange rates.

A Fund will only engage in transactions in writing a call option on a foreign currency subject to complying with the Derivatives Rule. The Derivatives Rule requirements are outlined in the "*Regulatory Risks Regarding Certain Instruments/Transactions*" section.

Currency options traded on U.S. or other exchanges may be subject to position limits that may limit the ability of a Fund to reduce foreign currency risk using such options. OTC options differ from traded options in that they are two-party contracts with price and other terms negotiated between buyer and seller and generally do not have as much market liquidity as exchange-traded options. Foreign currency exchange–traded options generally settle in cash, whereas options traded OTC may settle in cash or result in delivery of the underlying currency upon exercise of the option.

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**Swap Agreements – International/Global Funds Only.** The International/Global Funds may enter into interest rate, index, total return, credit, and currency rate swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors for a specified period of time. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined investment, index, or currency. The International/Global Funds may enter into swap agreements only to the extent that such positions in the aggregate are consistent with the respective Fund's investment restrictions. Swap agreements can take many different forms and are known by a variety of names.

Most swap agreements entered into by a Fund would calculate the obligations for the parties to the agreements on a "net" basis. Consequently, a Fund's obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Fund's obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid assets to avoid any potential leveraging of the Fund's portfolio.

Each Fund will not enter into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of that Funds' total assets. The Adviser will consider, among other factors, creditworthiness, size, market share, execution ability, pricing and reputation in selecting swap counterparties for the International/Global Funds.

The use of swap agreements by the Funds entails certain risks. Interest rate and currency swaps could result in losses if interest rate or currency changes are not correctly anticipated by the International/Global Funds. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated by the International/Global Funds. Because swaps are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the International/Global Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The International/Global Funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds' ability to terminate existing swap agreements or to realize amounts to be received under the agreements. A Fund's ability to enter into certain swap transactions may be limited by tax considerations.

**Equity Swaps (Total Return Swaps/Index Swaps) – International/Global Funds Only.** The International/Global Funds may invest in equity swaps. Equity swaps may be structured in different ways, including a Fund taking a long position or a short position. If a Fund takes a long position, the counterparty may agree to pay the amount, if any, by which the notional amount of the equity swap would have increased in value plus the dividends that would have been received on the stock. The Fund may agree to pay to the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stock. The return to a Fund on the equity swap should be the gain or loss on the notional amount plus dividends on the stock less the interest paid by the Fund. If a Fund takes a short position, a counterparty may agree to pay the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Fund sold a particular stock (or stocks) short, less the dividend expense that the Fund would have paid on the stock, as adjusted for interest payments or other economic factors. A Fund may be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested in such stock.

Equity swaps normally do not involve the delivery of securities or other underlying assets. The risk of loss is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss is the net amount of payments that such Fund is contractually entitled to receive, if any. Equity swaps can be volatile, and the International/Global Funds may suffer a loss if the Adviser does not analyze and predict future market trends, the value of assets or economic

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factors accurately. The swap markets have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid.

**Price Fluctuation Risk.** Although past performance cannot predict future results, stock investments historically have outperformed most bond and money market investments over long time periods. However, this potential for higher return comes with the risk of greater short-term price fluctuations. Thus, you should not invest in the Funds if you anticipate a near-term need—typically within five years—for either the principal or the gains from your investment.

**Valuation Risk.** The price at which a Fund could sell any particular investment may differ from the Fund's valuation of the investment. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market or other conditions make it difficult to value some investments, a Fund may value these investments using more subjective methods, such as fair value methodologies. Investors who purchase or redeem Fund shares on days when a Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the Fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities may be affected materially by events after the close of the markets on which they are traded but before a Fund determines its NAV. A Fund's ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third-party service providers, such as pricing services or accounting agents.

**Operational Risk.** The Funds and their service providers, and your ability to transact with the Funds, may be negatively impacted due to operational risks arising from, among other problems, systems and technology disruptions or failures, or cybersecurity incidents. The occurrence of any of these problems could result in a loss of information, regulatory scrutiny, reputational damage and other consequences, any of which could have a material adverse effect on the Funds or their shareholders. The Adviser, through its monitoring and oversight of the Funds' service providers, endeavors to determine that service providers take appropriate precautions to avoid and mitigate risks that could lead to such problems. However, it is not possible for the Adviser or other service providers to identify all of the operational risks that may affect the Funds or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

**Cybersecurity Risk.** With the increased use of technologies such as the Internet to conduct business, a Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users).

Cyber incidents affecting a Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its NAV, impediments to trading, the inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

Cyber events can affect counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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The Adviser maintains a cybersecurity incident response plan managed by the cybersecurity incident response team ("CIRT") which seeks to provide a quick, organized and effective response to cybersecurity-related and physical breach incidents. The CIRT's mission is to prepare for, detect, and respond to cybersecurity incidents, as well as direct the recovery effort. The CIRT is chaired by the Head of Cyber Security. CIRT members include, in addition to IT representatives, senior representatives from the Adviser's legal, compliance, human resources, finance, operations, communications, and institutional client and investor relations departments. The work of CIRT may overlap with the business continuity plan in the event the security incident leads to the disruption of a critical system.

While the Funds and their service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that we have not prepared for certain risks that have not been identified. Furthermore, the Funds may be able to influence, but cannot control, the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders. A Fund and its shareholders could be negatively impacted as a result.

**Risks of Regulatory Changes.** The Funds are also subject to the risk that a change in U.S. law and related regulations will impact the way the Funds operate, increase the costs of the Funds' operations, and/or change the competitive landscape.

**Note to Fund Shareholders that Hire Aggregators.** Mutual fund investors may hire aggregators to obtain their investment data by logging in to their online mutual fund investment accounts, using their user names and passwords, and copying and pasting the mutual fund investment account information into their own online platforms or smart phone applications to help users manage their money. Shareholders who hire aggregators should be aware that they are exposed to increased privacy/cybersecurity risks.

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#### TAXATION OF THE FUNDS
This discussion is not intended to be a full discussion of all the aspects of the U.S. federal income tax law and its effects on the Funds and their shareholders. Shareholders may be subject to U.S. state and local and/or non-U.S. taxes on distributions. Each investor should consult their own tax adviser regarding the effect of U.S. federal, state and local and non-U.S. taxes on any investment in the Fund.

Each Fund intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Code and, if so qualified, will not be liable for U.S. federal income tax to the extent its earnings are timely distributed to its shareholders. In order to qualify for the special tax treatment accorded RICs and their shareholders, a Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships"; (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items, U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships; and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year. In general, for purposes of the 90% gross income requirement described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a qualified publicly traded partnership (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, qualified publicly traded partnerships will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership. For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect a Fund's ability to meet the diversification test in (b) above.

If a Fund qualifies as a RIC that is accorded special tax treatment, a Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including capital gain dividends, as defined below).

If a Fund does not qualify as a regulated investment company, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund

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were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of the Fund's shares. If the aggregate qualified dividends received by the Fund during a taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of a Fund's dividends (other than dividends properly reported as capital gain dividends) are eligible to be treated as qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment. If a Fund does not distribute all of its net investment income or net capital gains, it will be subject to tax on the amount that is not distributed. If, for any calendar year, the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income plus any such amounts retained from the prior year, a non-deductible excise tax, equal to 4% of the excess, will be imposed on the Fund. Each Fund intends to make distributions during each calendar year sufficient to prevent imposition of such excise tax. In determining its net capital gain, including in connection with determining the amount available to support a capital gain dividend, its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, and its (ii) other net ordinary loss attributable to the portion of the taxable year after December 31) as if incurred in the succeeding taxable year.

Dividends from net investment income are declared and paid annually. Net investment income consists of the interest income, net short-term capital gains, if any, and dividends declared and received on investments, less expenses. Distributions of net short-term capital gains (treated as dividends for tax purposes) and net long-term capital gains, if any, are normally declared and paid by the Funds once a year. Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. Such carry-forwards are disclosed in the most current version of the Funds' annual financial statements.

**Dividend and Distribution Payment Options.** Dividends and any distributions from the Funds are automatically reinvested in the Funds at NAV on the payable date of the dividend and/or distribution, unless you elect to have the dividends paid in cash. If you elect to have dividends and/or distributions paid in cash, and the U.S. Postal Service cannot deliver the check, or if it remains uncashed for six months, it, as well as future dividends and distributions, will be reinvested in additional shares.

**Taxes on Distributions.** Distributions are subject to federal income tax, and also may be subject to state and local taxes. Distributions are taxable when they are paid, whether they are received in cash, or reinvested. However, distributions declared in December and paid in January are taxable as if they were paid on December 31 of the year they were declared. For federal income tax purposes, the Funds' income and short-term net realized capital gain distributions generally are taxed as ordinary income; properly reported long-term net realized capital gain distributions are generally taxed as long-term capital gains. You should consult your tax adviser on the taxability of your distributions.

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**Buying a Dividend.** At the time of your purchase of shares, the share price of a Fund may reflect undistributed income or capital gains. Any income or capital gains from these amounts that are later distributed to you are fully taxable. On the ex-dividend date of a distribution, the Fund's share value is reduced by the amount of the distribution. If you buy shares on or before the record date (buying a dividend), you will pay the full price for the shares and then receive a portion of this price back as a taxable distribution. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

**Capital Gains and Losses.** If you sell your shares or exchange them for shares of another Fund, you will have a short or long-term capital gain or loss, depending on how long you owned the shares that were sold or exchanged. In January, you will be sent a form indicating the proceeds from all sales, including exchanges. You should keep your annual year-end account statements to determine the cost (basis) of the shares to report on your tax returns.

**Backup Withholding and Broker Reporting.** The Trust is required to withhold the amount prescribed by law of any dividends (including long-term capital gain dividends) paid and the amount prescribed by law of each redemption transaction if you do not provide your correct Social Security number ("SSN") or Tax Identification Number ("TIN") and certify that you are not subject to backup withholding, or if the Funds are notified by the Internal Revenue Service ("IRS") that the SSN or TIN provided by the shareholder is incorrect or that there has been under-reporting of interest or dividends by the shareholder. Affected shareholders will receive statements at least annually specifying the amount withheld.

For all shares purchased on or after January 1, 2012, upon the redemption or exchange of your shares in a Fund, the Trust or, if you purchase your shares through a financial intermediary, your financial intermediary generally will be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. This cost basis reporting requirement is effective for all shares purchased, including through dividend reinvestment. Please contact the Trust or consult your financial intermediary, as appropriate, for more information regarding available methods for cost basis reporting and how to select or change a particular method. Please consult your tax advisor to determine which available cost basis method is best for you.

Certain shareholders are, however, exempt from the backup withholding and broker reporting requirements. Exempt shareholders include: corporations; financial institutions; tax-exempt organizations; individual retirement plans; the United States, a State, the District of Columbia, a U.S. possession, a foreign government, an international organization, or any political subdivision, agency or instrumentality of any of the foregoing; U.S. registered commodities or securities dealers; real estate investment trusts; registered investment companies; bank common trust funds; certain charitable trusts; foreign central banks of issue. Non-resident aliens also are generally not subject to either requirement but, along with certain foreign partnerships and foreign corporations, may instead be subject to withholding under Section 1441 of the Code. Shareholders claiming exemption from backup withholding and broker reporting should call or write the Trust for further information. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation. A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

**FATCA Withholding.** Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury

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have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or long-term capital gain dividends a Fund pays. Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

**Taxes on Foreign Investments.** When a Fund invests in foreign securities, it may be subject to foreign withholding taxes on dividends or interest it receives on foreign securities and other taxes. Tax conventions and treaties between certain countries and the United States may reduce or eliminate such withholding on income and the related tax payments by the Fund. Unless such tax treaty benefits exist, taxes withheld by the foreign governments will be treated as an expense of the Fund. If the Fund meets certain qualifications, the Fund may be able to elect to pass the foreign taxes it paid through to fund shareholders to enable these shareholders to apply the amount of tax payment attributable to the shares they own in the Fund as a foreign tax credit or deduction on their US tax returns. The amount of tax payments eligible for this treatment will be reported to shareholders and the IRS by the Fund's transfer agent on the Fund's year-end IRS Form 1099-DIV which is sent in January each year.

**Tax Aspects of Certain Hedging Instruments – International/Global Funds Only.** Certain foreign currency forward contracts and index futures in which the International/Global Funds can invest are treated as "Section 1256 contracts" under the Code. Gains or losses relating to Section 1256 contracts are characterized as 60% long-term and 40% short-term capital gains or losses under the Code. However, foreign currency gains or losses arising from Section 1256 contracts that are forward contracts generally are treated as ordinary income or loss. In addition, Section 1256 contracts held by a Fund at the end of each taxable year are "marked-to-market", and unrealized gains or losses are treated as though they were realized. These contracts also may be marked-to-market for purposes of determining the excise tax applicable to regulated investment companies and for other purposes under rules prescribed pursuant to the Code. An election can be made by a Fund to exempt those transactions from this marked-to-market treatment.

Certain forward contracts the Funds enter into may result in "straddles" for federal income tax purposes. The straddle rules may affect the character and timing of gains or losses recognized by the Funds on straddle positions. Generally, a loss sustained on the disposition of a position making up a straddle is allowed only to the extent that the loss exceeds any unrecognized gain in the off-setting positions making up the straddle. A previously disallowed loss generally is allowed at the point when there is no unrecognized gain in the off-setting positions making up the straddle or the off-setting position is disposed of.

Under the Code, gains or losses attributable to fluctuations in exchange rates that occur between the time the Fund accrues interest or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities are treated as ordinary income or loss. Gains or losses attributable to fluctuations in the value of a foreign currency between the date of acquisition of a debt security denominated in a foreign currency or foreign currency forward contracts and the date of disposition are treated as ordinary income or loss.

Other foreign currency forward contracts in which the International/Global Funds can invest are treated as "Section 988 contracts" under the Code. Gains or losses relating to Section 988 contracts are characterized as ordinary income. Currency gains and losses are offset against market gains and losses on each trade before determining a net "Section 988" gain or loss under the Code for that trade, which may increase or decrease the amount of the Fund's investment income available for distribution to its shareholders.

In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus

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(b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. The termination of the Fund's obligation under an option other than through the exercise of the option will result in gain or loss, depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Subject to certain exceptions, such gain or loss generally will be short-term. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

In addition to the special rules described above, a Fund's transactions in other derivative instruments (e.g., swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

**Certain Investments in REITs.** Any investment by a Fund in equity securities of REITs may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by a Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

**Qualified REIT Dividends**. Distributions by a Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

**Passive Foreign Investment Companies.** Equity investments by a Fund in certain "passive foreign investment companies" ("PFICs") could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, the Fund may elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from

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the PFIC. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

**Book-Tax Differences.** Certain of a Fund's investments in derivative instruments and foreign currency-denominated instruments, any of the Fund's transactions in foreign currencies and hedging activities, unrealized appreciation and depreciation is attributable primarily to the deferral of losses due to wash sales and prior period partnership adjustment, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

**Tax Shelter Reporting Regulations.** Under Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

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#### PURCHASING, EXCHANGING AND REDEEMING SHARES
This information supplements the discussion in the Funds' Prospectus under the heading, "Managing Your Account." Shares of the Funds may be purchased directly from the Trust or through certain financial institutions. Shares of the Funds may also be purchased through brokers or dealers that have a sales agreement with Ariel Distributors, LLC (the "Distributor"), an affiliate of the Adviser. Shares purchased through a dealer may be subject to administrative charges or transaction fees.

**Anti-Money Laundering Compliance.** As described in the Prospectus, in accordance with the regulations issued under the USA PATRIOT Act and other applicable laws and regulations to which the Funds may be subject, the Trust and its transfer agent are required to obtain, verify and record information that identifies each person who applies to open an account. The Funds must do this in an effort to ensure that they are not used as a vehicle for money laundering.

Verifying your identity may include checking your identifying information against various databases. The Funds also may ask to see identifying documents, such as a driver's license or other state identification card for an individual, or a business license for an entity, to verify your identity. If the Funds are unable to verify your identity based on the information you provide, and your account is closed and liquidated, your redemption proceeds may be more or less than the amount you paid for your shares and the redemption may be a taxable transaction.

If at any time the Funds believe you may be involved in suspicious activity or if your identifying information matches information on government lists of suspicious persons, the Funds may choose not to establish a new account or may be required to "freeze" your account. The Funds also may be required to provide a governmental agency with information about your attempt to establish a new account or about transactions that have occurred in your account. The Funds also may be required to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing account to a governmental agency. In some circumstances, the law may not permit the Funds to inform you that they have taken the actions described above.

The Funds reserve the right to stop selling shares at any time. The Funds also reserve the right to terminate the privilege of any shareholder to open an account or maintain an existing account, or to execute, purchase or exchange transactions in any account at any time in the Funds with or without prior notice, if such shareholder appears to be market timing or if any transaction is inconsistent with the Funds' frequent trading policies and procedures.

**U.S. Government Requests for Financial Records.** Investment companies are subject to legal provisions that require a financial institution to produce a customer's or entity's financial records in response to a request from certain specified U.S. Government authorities and may prohibit the financial institution and any of its officers, employees or agents from disclosing to any person that a Government authority has sought or obtained access to a customer's financial records. In requesting such records, the requesting U.S. Government authority must submit to the financial institution a written certificate that is signed by an appropriate supervisory official of the authority and that certifies to the financial institution that the U.S. Government authority has complied with relevant law. In addition, financial institutions must comply with a request for financial records made by the Federal Bureau of Investigation ("F.B.I.") when the F.B.I.'s Director or the Director's authorized designee certifies in writing to the financial institution that such records are sought for proper foreign counter-intelligence purposes.

**Purchasing Through Retirement Accounts.** To purchase shares of a Fund for a retirement plan, contact the Funds for complete information kits discussing the plans and their benefits, provisions and fees. You may establish your new account through one of several tax-deferred plans. These plans let you invest for retirement and shelter your investment income from current taxes. Before opening a retirement account, consult your tax

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adviser to determine which options are best suited to your needs. The Funds may determine from time to time to waive the annual fee for Individual Retirement Accounts (IRAs).

• Traditional IRAs: available to anyone who has earned income. Earnings grow on a tax-deferred basis and contributions may be fully or partially deductible for certain individuals. You also may be able to make investments in the name of your spouse, if your spouse has no earned income.

• Roth IRAs: available to anyone who has earned income below a certain limit. Earnings grow tax-deferred and can be withdrawn tax-free at retirement if underlying contributions are held for at least five years.

• Coverdell Education Savings Accounts: available to families with children under 18 to help pay for qualified education expenses. Certain income limits apply.

• Qualified Profit-Sharing and Money-Purchase Plans: available to self-employed people and their partners, or to corporations and their employees.

• Simplified Employee Pension Plan (SEP-IRA): available to self-employed people and their partners, or to corporations.

**Other Information About 403(b)(7) Custodial Accounts. Existing 403(b)(7) Custodial Account holders will be charged a $15 annual record-keeping fee or a $60 one-time, lifetime record-keeping fee.** 

**When Your Account Will Be Credited.** Certain financial institutions or broker-dealers or their respective designees that have entered into a sales agreement with the Distributor may enter confirmed purchase orders on behalf of customers by phone, with payment to follow within a number of days of the order as specified by the program. If payment is not received in the time specified, the financial institution could be liable for resulting fees or losses. State securities laws may require such firms to be licensed as securities dealers in order to sell shares of the Funds.

**Other Information about Purchasing Shares.** Although there is no sales charge imposed by the Funds when you purchase shares directly, certain dealers may impose charges for their services, and such charges may constitute a significant portion of a smaller account.

**Other Information about Exchanging Shares.** All accounts opened as a result of using the exchange privilege must be registered in the same name and taxpayer identification number as your existing account with the Trust.

#### See also "Taxation of the Funds."
**In-Kind Redemptions.** The Funds have filed a notice of election under Rule 18f-1 and reserve the right to honor any request for redemption or purchase by making payment in whole or in part in readily marketable securities. These securities will be chosen by the Fund and valued as they are for purposes of computing the Fund's NAV. A shareholder may incur transaction expenses in converting these securities to cash. The Funds have committed to pay in cash all requests for redemptions by a shareholder, limited in amount during any 90-day period to the lesser of $250,000 or 1% of a fund's NAV at the beginning of such period.

**In-Kind Purchases.** Shares of the Funds may be purchased "in kind," subject to the approval of the Adviser and its determination that the securities are acceptable investments for the respective Fund and that they have a value that is readily ascertainable in accordance with the Fund's valuation policies. In an in-kind purchase, investors transfer securities to a Fund in exchange for Fund shares. Securities accepted by a Fund in an in-kind purchase will be valued at market value. In general, investors transferring securities for shares will be treated, for federal income tax purposes, as if they sold the transferred securities at their fair market value and used the proceeds to purchase shares of the Fund, and the Fund's tax basis in the transferred securities will be equal to their fair market value.

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**Telephone Transactions.** During unusual market conditions, we may have difficulty in accepting telephone requests, in which case you should mail your request or log into your account on arielinvestments.com to submit your request. The Funds reserve the right to terminate, suspend or modify telephone transaction privileges.

**Special Services and Charges.** The Funds pay for general shareholder services but not for special services that are required by a few shareholders, such as a request for a historical transcript of an account. You may be required to pay a research fee for these special services.

If you are purchasing shares of a Fund through a program of services offered by a dealer or other financial institution, you should read the program materials in conjunction with this Statement of Additional Information. Certain features may be modified in these programs, and administrative charges may be imposed by these institutions for the services rendered.

**Other Information about Redemptions.** If you redeem shares through dealers or other financial institutions, they may charge you a fee when you redeem your shares. Once your shares are redeemed, the proceeds will normally be sent to you on the next business day. However, if making immediate payment could adversely affect the Fund, it may take up to seven calendar days.

**Abandoned Property.** Your mutual fund account may be transferred to your state of residence if no activity occurs within your account during the "inactivity period" specified in your State's abandoned property laws.

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#### DISCLOSURE OF PORTFOLIO HOLDINGS
The Board has adopted Disclosure of Portfolio Holdings Policies and Procedures (the "Disclosure Policies"). It is the policy of the Adviser to protect the confidentiality of client holdings and prevent the selective disclosure of non-public information concerning the Funds.

No information concerning the portfolio holdings of the Funds may be disclosed to any unaffiliated third party except as described below. Nothing in the Disclosure Policies is intended to prevent the disclosure of any and all portfolio information to the Funds' services providers, such as the Adviser, the Distributor, the Trustees of the Funds, the Directors of the Adviser, the Funds' custodian, fund accountant, administrator or sub-administrator, and as applicable, independent public accountants and attorneys, all of whom generally need access to such information in the performance of their contractual duties and responsibilities and are subject to duties of confidentiality imposed by law and/or contract.

For purposes of the Disclosure Policies, portfolio holdings information does not include aggregate, composite or descriptive information that, in the opinion of the Funds' Chief Compliance Officer ("CCO"), does not present material risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading for the Funds. Information excluded from the definition of portfolio holdings information generally includes, without limitation: (1) descriptions of allocations among asset classes, regions, countries or industries/sectors; (2) aggregated data such as average or median ratios, or market capitalization; performance attributions by industry, sector or country; or (3) aggregated risk statistics.

The Funds publicly disclose all portfolio holdings (and related analytical information) as of the end of the most recent reporting period (reporting period to be no more frequently than monthly, but at least every fiscal quarter) on the Funds' website, generally within five business days of the reporting period. The Adviser is responsible for posting the holdings.

There are numerous mutual fund evaluation services (such as Lipper) and due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds in order to monitor and report on various attributes. These services and departments then distribute the results of their analysis to the public, paid subscribers and/or in-house brokers. These parties have entered into agreements with the Adviser containing confidentiality provisions requiring that any further distribution of the Funds' holdings by these parties occur after the holdings are made public on the Funds' website. The disclosure of non-public aggregate portfolio holdings of the Funds to these and other third parties may only be made following (1) the prior approval of the Funds' CCO and (2) the third party signing the requisite confidentiality agreement.

The Adviser will not disclose the portfolio holdings of any separate account to any unaffiliated third party except as provided below. Nothing herein is intended to prevent the disclosure of any and all portfolio information to authorized service providers who generally need access to such information in the performance of their contractual duties and responsibilities, such as the Adviser, the Distributor, or the client's custodian and authorized consultants, as well as each of their respective accountants, attorneys, who are subject to duties of confidentiality imposed by law and/or contract.

1. Representative Account Disclosure

The Adviser manages numerous client separate accounts in various asset classes pursuant to different investment styles. All fully discretionary client accounts are included within a composite of client accounts that are managed in a specific style and constructed in accordance with GIPS guidelines. For all styles, the portfolio and analytical information of a client separate account may be utilized as a "representative account" ("Representative Account") so that its portfolio holdings may be disclosed in sales materials to existing and prospective separate account clients, consultants and others. This disclosure of a Representative Account's holdings is permitted provided that (a) the applicable client is not identified as being the

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Representative Account and (b) the portfolio holdings are as of the reporting period, and the portfolio holdings have been posted to our public web site. If the portfolio holdings are posted to our public web site for the quarter end period, we may supply to consultants and other service providers the month end portfolio holdings for the Representative Account for each month end during that quarter.

2. Previously Available Information

The Adviser's separate account clients custody their assets with third-party custodians they retain. As such, each client has the ability to monitor the trading activity in its account on a daily basis. This policy is not intended to prevent communications with clients concerning the portfolio holdings or activity in their own accounts or prohibit portfolio holdings disclosure to those persons or entities in active contract negotiations requiring such information in managing the transition of assets.

Portfolio managers and other senior officers or spokespersons of the Adviser or the Funds may be interviewed from time to time. The Adviser has adopted a Press Policy to govern these public appearances.

The Adviser's trading department may periodically distribute a holdings list (consisting of names only) to brokers so that such brokers can provide the Adviser with natural order flow. The Adviser's trading department may also periodically distribute to outside third parties lists of applicable investments held in the aggregate by all its clients (including the Funds) for the purpose of facilitating efficient trading of such securities and receipt of relevant research. In no case may such lists identify individual clients or individual client position sizes. Furthermore, such information may only be disclosed using reporting period data. In the event that reporting period data is not used, then such disclosure shall be subject to the requirements set forth below.

It is the policy of both the Adviser and the Funds to prohibit any person or entity from receiving compensation or consideration of any kind in connection with any disclosure of the Adviser's client portfolio holdings. However, the Adviser has licensed two of its model portfolios to two third parties for a fee and may enter into other such arrangements. Under these arrangements, the Adviser will disclose Representative Account holdings (not Fund holdings), including buy and sell recommendations, to these third parties on a periodic basis. These third parties are not provided most of the services the Adviser commonly provides to its separate account clients, such as trading securities, proxy voting and reporting.

Prior to disclosing non-public portfolio holdings belonging to the Funds or Representative Account holdings to third parties, the Adviser's employees or representatives must obtain the approval of the Funds' CCO for requests pertaining to the Funds and, for requests pertaining to Representative Account holdings, the Adviser's CCO.

The disclosure of non-public aggregate portfolio holdings of the Funds to third parties may only be made following a determination by the Funds' CCO that the disclosure is for a legitimate business purpose and in the best interests of the Funds' shareholders. A legitimate business purpose includes but is not limited to the following: for due diligence purposes to an investment adviser that is in merger or acquisition talks with a fund's current adviser; disclosure to a newly hired investment adviser or sub-adviser prior to commencing its duties; disclosure to a rating agency for use in developing a rating; or disclosure to a consultant representing institutional investors. This list is not intended to identify all situations that could be deemed to be "a legitimate business purpose," but rather, intended to provide representative examples of the types of requests that may fall within the definition. Only the Funds' CCO may authorize the release of non-public aggregate portfolio holdings of the Funds to third parties.

The disclosure of non-public Representative Account portfolio holdings of other clients of the Adviser to third parties may only be made following a determination by the CCO that the disclosure is for a legitimate business purpose and in the best interests of the Adviser's clients. Only the CCO may authorize the release of non-public Representative Account portfolio holdings of other clients of the Adviser to third parties.

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In considering whether the disclosure of such information is for a legitimate business purpose and in the best interests of the Funds' shareholders or other clients of the Adviser, the CCO must consider the conflicts between the interests of the Funds' shareholders or other clients of the Adviser and those of the Funds' investment adviser and any affiliated person of the Funds. The CCO must document any decisions regarding disclosure of non-public portfolio holdings and the rationale therefor. In connection with the oversight responsibilities by the Board, any decisions involving the disclosure of aggregate non-public portfolio holdings of the Funds to third parties must be reported to the Funds' Board of Trustees or a designated Board committee.

Any recipient of non-public Fund or Representative Account portfolio holdings information must sign a written confidentiality agreement or other agreement containing appropriate confidentiality provisions ("Confidentiality Agreement") and agree not to trade in securities on the basis of non-public information included in the disclosure and not to further disclose such non-public information. Alternatively, the recipient must be bound by applicable duties of confidentiality imposed by law. The CCO may implement additional procedures to monitor the use of such disclosed information as he or she believes is necessary and appropriate. If such procedures involve the disclosure of non-public aggregate portfolio holdings of the Funds, then such additional procedures shall be communicated to the Board or a designated committee of the Board, as deemed appropriate by the CCO.

Except as to third-party service providers subject to duties of confidentiality imposed by law and/or written contract, a separate Confidentiality Agreement created for the purpose of satisfying the requirements of this policy must be in form and substance acceptable to, and approved by, the CCO or, in her absence, her designees. Any new Confidentiality Agreement must be consistent with this policy, and any existing Confidentiality Agreements that cease to satisfy the requirements of this policy, as amended, must be amended promptly to comply. The Funds' Board of Trustees, or a designated committee of the Board, shall be notified upon entry into all Confidentiality Agreements involving the disclosure of non-public aggregate portfolio holdings of the Funds.

In certain cases involving sophisticated prospective investors (e.g., government pension plans), the CCO may authorize the release of non-public Representative Account portfolio holdings information during the prospecting process to the managers or consultants of such accounts without a Confidentiality Agreement, provided that: (i) all such information is appropriately legended as confidential, for the purpose of analysis only, and containing non-public information which should not be further disclosed without the Adviser's written approval; and (ii) the CCO, in documenting the decision to waive a Confidentiality Agreement, identifies the rationale for such waiver.

Notwithstanding anything in the Disclosure Policies to the contrary, the Board and the Adviser may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio information beyond those found in the Disclosure Policies. For example, the Adviser may determine to not provide purchase and sale information for less liquid securities. Further, the Disclosure Policies may not be waived, or exceptions made, without the written consent of the CCO. All waivers and exceptions involving any of the Funds will be disclosed to the Board no later than its next regularly scheduled quarterly meeting.

Nothing contained in the Disclosure Policies is intended to prevent the disclosure of portfolio holdings information as may be required by applicable law. For example, the Adviser, the Trust, or any of their affiliates or service providers may file any report required by applicable law (such as, Schedule 13G and Form 13F), respond to requests from regulators, and comply with valid subpoenas. Also, the Trust is required to file with the SEC on Form N-PORT, within 60 days after the end of each fiscal quarter reports containing each Fund's complete monthly portfolio holdings schedules. Each Fund's portfolio holdings as of the quarter's third month end become public immediately upon the filing of Form N-PORT. In addition, the Trust files its semi-annual and annual reports on Form N-CSR for the second and fourth quarters of each fiscal year that contain each Fund's schedule of portfolio holdings. Form N-PORT and Form N-CSR filings are available on the SEC's web site at http://www.sec.gov.

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As of December 31, 2025, each of the below listed third-party service providers receive information concerning the Funds' and/or aggregate client portfolio holdings: (1) Deloitte & Touche LLP (serves as the Funds' independent registered public accountants); (2) Ropes & Gray LLP (serves as counsel to the Funds); (3) K&L Gates LLP (serves as counsel to the Independent Trustees); (4) The Northern Trust Company ("Northern Trust") (serves as the fund administrator (for the International/Global Funds) and sub-administrator (for the Value Funds), custodian, and fund accountant); (5) U.S. Bank Global Fund Services (serves as the Funds' transfer agent, dividend disbursing agent, and shareholder servicing agent); (6) Institutional Shareholder Services, Inc. (provides proxy voting services and screening services); (7) FactSet Research Systems Inc. (provides portfolio attribution reports); (8) BNY Mellon Performance & Risk Analytics, LLC (provides portfolio analysis); (9) Gresham Technologies (US) Inc. (provides electronic reconciliation services); (10) Charles River Systems, Inc. (provider of the Adviser's trade order management system); (11) Eagle Investment Systems, LLC (provides the Adviser's electronic book of records for all Funds); (12) Lipper Inc. (provides fund evaluation services); (13) Bloomberg Finance L.P. (provides liquidity evaluation services); (14) Mercer Investment Consulting LLC (provides portfolio analytics services); (15) RiskMetrics Solutions, LLC (provides portfolio evaluation services); (16) StarCompliance (Code of Ethics compliance system); (17) Abel Noser (trade cost and trading analysis); and (18) FundApps, Inc. (shareholder disclosure reporting system). This list may change from time to time. The Funds and/or the Adviser may provide portfolio holdings to other appropriate service providers or parties the Funds' CCO determines have a legitimate business purpose to receive such holdings in accordance with these policies. The Board reviews the Disclosure Policies periodically and must approve all material amendments thereto to ensure that the policy adequately protects, and is in the best interest of, Fund shareholders.

From time to time, employees or representatives of the Adviser may provide or make available specific Fund performance attribution information and statistics that is beyond that made available on the Funds' website to third parties, including, but not limited to, Fund shareholders or prospective Fund shareholders, consultants, press contacts, and ratings and ranking organizations. Such disclosure may be made upon such requests, so long as such disclosure:

• Is not material under the facts and circumstances; and

• Does not enable the third parties to recreate complete or partial portfolio holdings of any non-public Fund portfolio holdings.

Permissible Fund performance attribution information and statistics include:

• The allocation of a Fund's portfolio holdings and other investment positions among various sectors, industries, and countries; and

• The attribution of Fund returns by asset class, sector, industry, and country.

If a third party requests any other Fund performance attribution information and statistics, the employees or representatives of the Adviser must obtain the approval of the Fund's CCO before supplying such third party the requested information.

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#### PRICING SHARES
**Net Asset Value.** The NAV per share of a Fund, the price at which the Fund's shares are purchased and redeemed, is determined every business day as of the close of the NYSE (generally, 4:00 p.m., Eastern Time), and at such other times as may be necessary or appropriate. The Funds do not determine a NAV on certain national holidays or other days on which the NYSE is closed: New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Ariel may suspend redemptions or postpone payment dates on days when the NYSE is closed (other than weekends and holidays), when trading is restricted or as permitted by the SEC. The NAV per share is computed by dividing the value of a Fund's total assets, less its liabilities, by the total number of shares outstanding.

The International/Global Funds often invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares and shareholders are not able to purchase or redeem shares. The value of the International/Global Funds' portfolio holdings – and, thus, the value of your investment in the International/Global Funds – may change on those days when the Funds do not price their shares and shareholders are not able to purchase or redeem shares.

Certain brokers and certain designated intermediaries on their behalf may accept purchase and redemption orders. The Funds will be deemed to have received such an order when the broker or the designee has accepted the order. Customer orders are priced at the NAV per share next computed after such acceptance. Such orders may be transmitted to the Funds or their agents several hours after the time of the acceptance and pricing.

The Funds strictly prohibit late day trading. Orders for purchases and sales must be placed on or before the close of the NYSE to receive that day's share price. If an order is received after the close of the NYSE, the order is processed at the NAV per share next calculated on the following business day. In addition, all broker-dealers and administrators are required by contract (and, in the case of broker-dealers, by regulation) to only execute orders that are placed at or before the close of the NYSE. However, the Funds and their agents cannot ensure that orders transmitted to the Funds or their agents as orders received by the close of the NYSE on a given day were in fact received by the intermediary by that time.

**Valuation.** Investments for which market quotations are readily available are valued at the closing price on the national investments exchange or market on which such investments are primarily traded and, in the case of securities reported on the Nasdaq system, at the Nasdaq Official Closing Price ("NOCP"). If a closing price is not reported, an investment shall be valued using: (i) the closing price on another exchange on which the investment traded (if such price is made available by the Fund's pricing agent) or (ii) investments 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 are valued using a fair value determined in good faith by the Adviser, as 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 NYSE. Such prices are provided by approved pricing vendors or other independent pricing sources.

For investments valued using these fair value procedures, the Board is given a quarterly report comparing prices determined using these procedures, as applicable, and an annual assessment of the adequacy and effectiveness of the Adviser's process for making determinations of fair value. In addition, the Board is given any other information as requested for the Board to review the appropriateness of a previously approved fair value methodology.

The International/Global Funds often invest in portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares and shareholders are not

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able to purchase or redeem shares. The value of the International/Global Funds' portfolio holdings—and, thus, the value of your investment in the International/Global Funds—may change on those days when the Funds do not price their shares and shareholders will not be able to purchase or redeem shares.

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#### INVESTMENT ADVISER AND FUND ADMINISTRATOR
**Investment Adviser.** Ariel Investments, LLC ("Ariel" or the "Adviser"), headquartered at 200 East Randolph Street, Suite 2900, Chicago, Illinois 60601, acts as investment adviser under agreements with the Trust for each of the Funds. Ariel also serves as the administrator for all Funds except the International/Global Funds. Ariel is a wholly owned direct subsidiary of Ariel Investments Holding Company, LLC ("Ariel Investments Holdco"), a Delaware limited liability company. Ariel Capital Management Holdings, Inc. ("ACMI"), an Illinois corporation that is controlled by John W. Rogers, Jr., Chairman, Co-CEO and Chief Investment Officer of Ariel, Ariel Investments Holdco, and ACMI and a Trustee of the Trust, is a controlling owner of Ariel Investments Holdco. Mellody Hobson, Co-CEO and President of Ariel and Ariel Investments Holdco and President and Chair of the Board of Trustees of the Trust, is also a controlling owner of Ariel Investments Holdco.

A Management Agreement between the Value Funds and the Adviser, and an Advisory Agreement between the International/Global Funds and the Adviser (collectively the "Management Agreements"), will remain in effect as to a Fund indefinitely, provided continuance is approved at least annually by vote of the holders of a majority of the outstanding shares of the Fund or by the Board; and further provided that such continuance is also approved annually by the vote of a majority of the Trustees of the Trust who are not parties to the Management Agreements or an "interested person" of any such party, as that term is defined in the 1940 Act (the "Independent Trustees"), cast in person (unless an in-person meeting is not prudent and the vote is conducted in accordance with an applicable SEC exemption) at a meeting called for the purpose of voting on such approval. The Management Agreements may be terminated without penalty by the Trust or the Adviser upon 60 days' prior written notice; the Management Agreements automatically terminate in the event of their assignment.

Pursuant to the Management Agreements, the Adviser is responsible for determining the investment selections for a Fund in accordance with the Fund's investment objectives and policies stated above and any directions which the Trust's Board may issue from time to time. The Adviser pays the salaries and fees of all officers and Trustees who are affiliated persons of the Adviser. The Adviser also provides the Funds with office space and administrative services for the Value Funds, furnishes executive and other personnel to the Funds and is responsible for providing or overseeing the Value Funds' day-to-day management and administration. The International/Global Funds have contracted separately with third parties for fund accounting and fund administration services.

The Adviser is paid a management fee as compensation for providing the Value Funds with investment and administration services, and an advisory fee as compensation for providing the International/Global Funds with investment services. The Funds' expenses are allocated daily to each class of shares of a Fund based upon the relative proportion of net assets represented by such class. The Management Agreements provide for the Adviser to receive an annualized management or advisory fee based on a percentage of a Fund's average daily net assets that is calculated and accrued daily, as discussed below.

The Adviser is paid for its investment and administration services provided to Ariel Fund at the annual rate of 0.65% of the first $500 million of average daily net assets, 0.60% for the next $500 million of average daily net assets, and 0.55% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, the fee paid to the Adviser by Ariel Fund was 0.58% of the Fund's average daily net assets.

The Adviser is paid for its investment and administration services provided to Ariel Appreciation Fund at the annual rate of 0.75% of the first $500 million of average daily net assets, 0.70% for the next $500 million of average daily net assets, and 0.65% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, the fee paid to the Adviser by Ariel Appreciation Fund was 0.73% of the Fund's average daily net assets.

The Adviser is paid for its investment and administration services provided to Ariel Focus Fund at an annual rate of 0.65% of the first $500 million of average daily net assets, 0.60% for the next $500 million of average net

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assets, and 0.55% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, the fees paid to the Adviser by Ariel Focus Fund, after fee waivers, were 0.47%% of the Fund's average daily net assets.

The Adviser is paid for its investment services provided to each of the Ariel International Fund and the Ariel Global Fund at the annual rate of 0.80% of the first $1 billion of average daily net assets of each Fund and 0.75% of average daily net assets over $1 billion. For the fiscal year ended September 30, 2025, the fees paid to the Adviser by Ariel International Fund, after fee waivers, was 0.63%% of the Fund's average daily net assets. For the fiscal year ended September 30, 2025, the fees paid to the Adviser by Ariel Global Fund, after fee waivers, was 0.37% of the Fund's average daily net assets.

For the fiscal years ended September 30, 2025, 2024 and 2023, the Adviser waived fees or reimbursed Fund expenses in the following amounts.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Ariel Fund | $0 | $0 | $0 |
|  Ariel Appreciation Fund | $0 | $0 | $0 |
|  Ariel Focus Fund | $117758 | $101695 | $94526 |
|  Ariel International Fund | $406952 | $360818 | $305458 |
|  Ariel Global Fund | $221961 | $172304 | $154881 |

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Fees paid to the Adviser under the Management Agreements, net of applicable fee waivers or expense reimbursements, for the fiscal years ended September 30, 2025, 2024 and 2023 were as follows.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Ariel Fund | $14928255 | $15215437 | $15472784 |
|  Ariel Appreciation Fund | $6610823 | $7304928 | $8035112 |
|  Ariel Focus Fund | $317434 | $325225 | $326158 |
|  Ariel International Fund | $1498186 | $2348174 | $5231298 |
|  Ariel Global Fund | $188276 | $340392 | $1270295 |

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The Value Funds pay all operating expenses not expressly assumed by the Adviser, including custodial and transfer agency fees, federal and state securities registration fees, legal and audit fees, and brokerage commissions and other costs associated with the purchase and sale of portfolio securities, except that the Adviser is subject to an ongoing contractual obligation as part of the Management Agreement to reimburse Ariel Fund and Ariel Appreciation Fund to the extent the respective total annual operating expenses exceed 1.50% of the first $30 million and 1% of their respective average daily net assets in excess of $30 million of the Investor Class of each Fund. The Adviser is contractually obligated to waive fees or reimburse expenses pursuant to an expense limitation agreement in order to limit Ariel Focus Fund's total annual operating expenses to 1.00% of net assets for the Investor Class and 0.75% of net assets for the Institutional Class, through January 31, 2027. After that date, there is no assurance that such expenses will be limited. The fee waiver and expense reimbursement agreements for the Value Funds excludes acquired fund fees and expenses, brokerage commissions, taxes, interest, expenses under the Rule 12b-1 Plan of Distribution discussed below, and extraordinary items. The Adviser has a right to recapture previously waived fees and reimbursed expenses for Ariel Fund and Ariel Appreciation Fund but has no right to recapture previously waived fees or reimbursed expenses for the other Funds.

The International/Global Funds pay all operating expenses not expressly assumed by the Adviser, including custodial and transfer agency fees, fund administration, fund accounting, federal and state securities registration fees, legal and audit fees, and brokerage commissions and other costs associated with the purchase and sale of portfolio securities, except that, pursuant to an expense limitation agreement, the Adviser must reimburse the International/Global Funds to the extent their respective total annual operating expenses (excluding acquired

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fund fees and expenses, brokerage commissions, taxes, interest, expenses under the Rule 12b- 1 Plan of Distribution discussed below, and extraordinary items) exceed 1.13% of net assets for the Investor Class and 0.88% for the Institutional Class, through January 31, 2027. After that date, there is no assurance that such expenses will be limited. The Adviser has no right to recapture previously waived fees or reimbursed expenses for the International/Global Funds.

#### Other Accounts Managed as of September 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Managers** | **Number<br>of<br>RICs<sup>(2)</sup>** | **Assets<sup>(1)</sup><br>in RICs<br>in $millions** | **Number<br>of<br>OPIVs<sup>(3)</sup>** | **Assets<sup>(1)</sup><br>in OPIVs<br>in $millions** | **Number<br>of<br>OAs<sup>(4)</sup>** | **Assets<sup>(1)</sup><br>in OAs<br>in $millions** |
|  ***Ariel Fund*** | ***Ariel Fund*** | ***Ariel Fund*** | ***Ariel Fund*** | ***Ariel Fund*** | ***Ariel Fund*** | ***Ariel Fund*** |
|  John W. Rogers, Jr. | 2<sup>(5)</sup> | 367.9 | 0 | 0 | 80 | 3729.0 |
|  Kenneth E. Kuhrt | 2<sup>(5)</sup> | 367.9 | 0 | 0 | 105 | 4455.3 |
|  ***Ariel Appreciation Fund*** |  |  |  |  |  |  |
|  Timothy Fidler | 0 | 0 | 0 | 0 | 25 | 726.4 |
|  Kenneth E. Kuhrt | 2<sup>(5)</sup> | 367.9 | 0 | 0 | 105 | 4455.3 |
|  ***Ariel Focus Fund*** |  |  |  |  |  |  |
|  Charles K. Bobrinskoy | 0 | 0 | 0 | 0 | 4 | 91.1 |
|  ***Ariel International Fund*** |  |  |  |  |  |  |
|  Henry Mallari-D'Auria | 0 | 0 | 3 | 191.5 | 25 | 3679.7 |
|  Mrunal ("Micky") Jagirdar | 0 | 0 | 1 | 112.3 | 23 | 3657.3 |
|  Vivian Lubrano | 0 | 0 | 1 | 112.3 | 23 | 3657.3 |
|  ***Ariel Global Fund*** |  |  |  |  |  |  |
|  Henry Mallari-D'Auria | 0 | 0 | 3 | 191.5 | 25 | 3679.7 |
|  Mrunal ("Micky") Jagirdar | 0 | 0 | 1 | 112.3 | 23 | 3657.3 |
|  Vivian Lubrano | 0 | 0 | 1 | 112.3 | 23 | 3657.3 |

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(1) "Assets" means total assets managed by the portfolio manager. Some or all of these assets may be co-managed with another portfolio manager who is listed. In such cases, both portfolio managers will be credited with managing the same assets. Therefore, the sum of assets managed by Ariel's portfolio managers as shown above exceeds the total assets managed by Ariel.

(2) "RIC" means Registered Investment Company.

(3) "OPIV" means Other Pooled Investment Vehicles.

(4) "OA" means Other Accounts. These accounts are primarily accounts of institutional investors and private accounts.

(5) Fees based in whole or in part on performance are charged for one of these accounts that had $342.5 million in assets as of September 30, 2025.

As of September 30, 2025, Ariel offered eleven strategies. Five strategies were offered through the Funds and also were offered to separate account clients. An additional two strategies were offered only to separate account clients, three strategies were offered to separate account clients and through a private fund, and one strategy was offered through a third-party sponsored ETF. Messrs. Mallari-D'Auria and Kuhrt each managed five strategies, Mr. Rogers managed four strategies, Mr. Jagirdar and Ms. Lubrano each managed three strategies, and Messrs. Fidler and Bobrinskoy each managed one of the strategies. Accounts managed within the same strategy are managed using similar investment weightings. This does not mean, however, that all accounts in a given strategy will hold the same stocks. The Adviser allocates investment decisions across all accounts in a strategy in order to limit the conflicts involved in managing multiple accounts. Differences in investments are primarily a result of individual client account investment restrictions or the timing of additions and withdrawals of amounts subject to account management.

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**Portfolio Manager Compensation – John W. Rogers, Jr.** As of September 30, 2025, Mr. Rogers' compensation is determined by the Adviser's Board of Directors and is composed of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Base Salary</u>. Base salary is a fixed amount determined annually and is calculated based upon market factors for chief executive officers with portfolio management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Discretionary Bonuses</u>. Target-based incentives (cash and non-cash) are based on annual market benchmarking data specific to Mr. Rogers' role. Target-based incentives fluctuate based on annual net revenues of the Adviser's domestic research team and Mr. Rogers' contributions to the firm. Deferred incentives are allocated based on a firmwide schedule. Deferrals vest three years from the award date. Mr. Rogers may choose the form of deferred incentive, which include: (i) investment in the stock of the Adviser or (ii) deferred cash payment based on the pre-tax performance of one or more of the Fund(s) from the grant date through the vest date. Mr. Rogers may be required to select a minimum percentage in one or more of the Funds.

**Portfolio Manager Compensation – All Others.** As of September 30, 2025,the other portfolio managers' compensation is determined as follows: (a) the compensation of Mr. Charles K. Bobrinskoy, Mr. Timothy Fidler, and Mr. Henry Mallari-D'Auria is determined by Mr. Rogers, the Adviser's Chief Human Resources Officer, and the Adviser's Chief Financial Officer, in consultation with the Talent and Compensation Committee of the Adviser's Board; (b) the compensation Mr. Kenneth E. Kuhrt is determined by Messrs. Rogers and Fidler; and (c) the compensation of Mr. Mrunal "Micky" Jagirdar and Ms. Vivian Lubrano is determined by Mr. Mallari-D'Auria, in consultation with Mr. Rogers. Their compensation consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Base Salary</u>. Base salary is a fixed amount determined annually. Base salaries vary among the portfolio managers and may be based on factors such as level of experience, position responsibilities, years of service, and the Adviser's revenue related to their areas of focus as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Discretionary Bonuses</u>. Target-based incentives (cash and non-cash) are based on annual market benchmarking data and may fluctuate based on (A) the annual net revenues of the Adviser's domestic research team in the case of Messrs. Bobrinskoy, Fidler, and Kuhrt or (B) the annual net revenues of the Adviser's global and emerging markets research team in the case of Messrs. Mallari-D'Auria and Jagirdar and Ms. Lubrano; and the portfolio manager's contribution to the Adviser as determined based on various qualitative and quantitative factors. Deferred incentives vest three years from the award date. Each portfolio manager may choose the form of deferred incentive, which include: (i) investment in the stock of the Adviser or (ii) deferred cash payment based on the pre-tax performance of one or more of the Fund(s) from the grant date through the vest date. Portfolio managers may be required to select a minimum percentage in one or more of the Funds.

The Adviser attempts to align the interests of the portfolio managers and Fund shareholders in determining the portfolio managers' compensation. Each portfolio manager is evaluated on qualitative factors, which may include: technical skills, productivity, communication skills, industry knowledge, contribution to long-term performance of the Funds (and other accounts) he or she manages, and consistent exhibition of the Adviser's firm values. There is no mathematical formula attributed to any of the factors considered in determining the value of each form of compensation; rather, each factor considered is a part of a comprehensive qualitative review.

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As of September 30, 2025, Messrs. Rogers, Fidler, Bobrinskoy, Kuhrt, Mallari-D'Auria, Jagirdar, and Ms. Lubrano had invested the following amounts in the Funds. Investments are listed in the following ranges: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1,000,000; and over $1,000,000:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ariel** <br>**Fund** | **Ariel<br>Appreciation<br>Fund** | **Ariel** <br>**Focus** <br>**Fund** | **Ariel<br>International<br>Fund** | **Ariel** <br>**Global**<br>**Fund** | **Total<br>Invested**<br>**in All** <br>**Funds** |
|  John W. Rogers, Jr. | Over<br> $1,000,000 | Over<br> $1,000,000 | Over<br>$1,000,000 | $100001 -<br>$500000 |  | Over<br>$1,000,000 |
|  Timothy Fidler | $100001 -<br>$500000 | Over<br>$1,000,000 |  | $100001 -<br>$500000 | $1 -$10000 | Over<br>$1,000,000 |
|  Charles K. Bobrinskoy | Over<br>$1,000,000 | Over<br>$1,000,000 | Over<br>$1,000,000 | $500001 -<br>$1000000 |  | Over<br>$1,000,000 |
|  Kenneth E. Kuhrt | Over<br>$1,000,000 | $100001 -<br>$500000 |  | $100001 -<br>$500000 | $10001 -<br>$50000 | Over<br>$1,000,000 |
|  Henry Mallari-D'Auria | $100001 -<br>$500000 | $100001 -<br>$500000 |  | Over<br>$1,000,000 | Over<br>$1,000,000 | Over<br>$1,000,000 |
|  Mrunal ("Micky") Jagirdar | $10001 -<br>$50000 | $10001 -<br>$50000 | $10001 -<br>$50000 | $100001 -<br>$500000 | $100001 -<br>$500000 | $100001 -<br>$500000 |
|  Vivian Lubrano | $100001 -<br>$500000 |  | $100001 -<br>$500000 | $100001 -<br>$500000 | $100001 -<br>$500000 | $500001 -<br>$1000000 |

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**Code of Ethics.** The Adviser, the Trust and the Distributor (collectively, the "Ariel entities") have adopted a combined Code of Ethics that meets the requirements of Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Code of Ethics"). The Code of Ethics describes the Ariel entities' policies and procedures pertaining to personal securities transactions and giving and accepting gifts and entertainment. Subject to the limitations set forth in the Code of Ethics, the officers, directors, Trustees and employees of the Ariel entities may invest in securities, including securities that may be purchased or held by the Funds. A copy of the Code of Ethics is on public file with the SEC and is available on the SEC's website at http://www.sec.gov.

**Fund Sub-Administrator/Administrator.** The Adviser has entered into an agreement with Northern Trust, located at 333 S. Wabash Avenue, Chicago, Illinois 60604, under which Northern Trust provides certain sub-administration and accounting services to the Value Funds. In addition, the International/Global Funds have entered into an agreement with Northern Trust, under which Northern Trust provides administration and accounting services to the International/Global Funds. Under the direction and supervision of the Adviser, Northern Trust performs fund sub-administration and/or administration services and accounting services and prepares reports for the Board. For the respective fiscal years, the Adviser (with respect to the Value Funds) and the Funds (with respect to the International/Global Funds) compensated Northern Trust for such services in the following amounts:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  **Ariel Fund** | $287258 | $282448 | $258895 |
|  **Ariel Appreciation Fund** | $110351 | $115070 | $113229 |
|  **Ariel Focus Fund** | $20113 | $15523 | $12903 |
|  **Ariel International Fund** | $36338 | $48409 | $72202 |
|  **Ariel Global Fund** | $18596 | $16051 | $24213 |

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**Approval of the Management Agreements.** The Board is scheduled to meet four times a year. The Trustees, including the Independent Trustees, believe that matters bearing on the Management Agreements are considered at most, if not all, of their meetings. The Independent Trustees are advised by independent legal counsel selected by the Independent Trustees. A discussion of the Trustees' considerations regarding the Management Agreements is contained in the Funds' Semi-Annual Form N-CSR for the six months ended March 31.

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#### METHOD OF DISTRIBUTION
**Distributor.** Ariel Distributors, LLC is the principal underwriter for the Funds under an agreement with the Trust. Pursuant to the Underwriting Agreement and the Rule 12b-1 Plan of Distribution (the "Distribution Plan") adopted by each Fund, the Distributor, as the principal underwriter, receives a fee at the annual rate of 0.25% of the average daily net assets of each Fund's Investor Class of shares for its distribution services and for assuming certain marketing expenses. The Distribution Plan is intended to facilitate the growth of each Fund's assets, which is anticipated to benefit shareholders through economies of scale in management expenses and lower flow volatility. If successful, the Distribution Plan should help reduce a Fund's expense ratio. The Distributor engages in a continuous offering of shares of the Funds. The Distributor is located at 200 East Randolph Street, Suite 2900, Chicago, Illinois 60601. The Distributor is an affiliate of the Adviser and, as such, the Interested Trustees and Officers of the Trust have an indirect financial interest in the operation of the Distribution Plan. The Trust has adopted the Distribution Plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Investor Class for each Fund. Rule 12b-1 permits an investment company to finance, directly or indirectly, any activity that is primarily intended to result in the sale of its shares only if it does so in accordance with the provisions of such Rule. The Distribution Plan authorizes the Trust to pay up to 0.25% annually of the Fund's average daily net assets in connection with the distribution of that Fund's Investor Class of shares. While it is anticipated that the expenses of distribution will equal or exceed the fees collected by the Distributor, it is possible under the Distribution Plan for the Distributor to make a profit for its service for distribution. The Distribution Plan compensates the Distributor regardless of its expenses. In addition, to the extent that any investment advisory fees paid by the Funds to the Adviser may in turn be used by the Adviser to finance any activity that primarily is intended to result in the sale of Fund shares within the meaning of Rule 12b-1, such payments are not prohibited by the Distribution Plan but are deemed to be outside of the Plan. For the following fiscal years ended September 30, the Funds paid Distribution Plan expenses to the Distributor as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  **Ariel Fund** | $2890405 | $2970443 | $3099990 |
|  **Ariel Appreciation Fund** | $1865365 | $1990934 | $2266270 |
|  **Ariel Focus Fund** | $114514 | $107933 | $109588 |
|  **Ariel International Fund** | $50144 | $46566 | $65428 |
|  **Ariel Global Fund** | $31199 | $31211 | $32381 |

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Under the Distribution Plan, for the fiscal year ended September 30, 2025, the Distributor paid broker-dealers $3,449,013 in fees for the distribution of the Fund's Investor Class of shares, $395 for advertising, $916,472 for promotional events, $99,518 for design, printing and mailing, $35,216 for fulfillment services and $300,991 for conferences and dues. Additionally, the Distributor allocated $3,664,064 to cover a portion of the compensation and overhead expenses incurred by the Adviser. These payments total $8,465,669, of which $4,951,627 was paid by the Distributor from amounts received under the Distribution Plan and the remainder was paid by the Distributor from its own assets.

The Distribution Plan finances the distribution of the Investor Class shares of all series of the Trust. The above allocations to each Fund of the amounts spent in each category are based on relative net asset size and are not based on a Fund-level expense analysis.

In connection with the exchange privilege with respect to the money market fund made available by the Trust, the Distributor has established and maintains accounts for such shareholders at U.S. Bank Global Fund Services ("USBGFS"), the Funds' transfer agent (as described below), and the money market fund's transfer agent. The Distributor receives a fee from the money market fund at the rate of 0.25% of the average net assets of such accounts. Such fees help defray the costs of maintaining these accounts, including fees paid to the transfer agent. In certain years, the Distributor may make a profit from the fees it receives from the money market fund.

The Distribution Plan was approved for the Investor Class for each Fund by the Board, including a majority of the Independent Trustees who have no direct financial interest in the operation of the Plan or in any

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agreements related to the Distribution Plan. In establishing the Distribution Plan, the Trustees considered various factors including the amount of the distribution fee. The Trustees determined that there is a reasonable likelihood that the Distribution Plan will benefit each Fund and its shareholders.

The Distribution Plan may be terminated as to a Fund by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding shares of the Fund. Any change in the Distribution Plan that would materially increase the distribution cost to a Fund requires approval of the shareholders of that Fund; otherwise, the Distribution Plan may be amended by the Trustees, including a majority of the Independent Trustees.

The Distribution Plan will continue in effect indefinitely, if not terminated in accordance with its terms, provided that such continuance is annually approved by (i) the vote of a majority of the Independent Trustees and (ii) the vote of a majority of the entire Board.

Apart from the Distribution Plan, the Adviser, at its expense, may incur costs and pay expenses associated with the distribution of shares of the Funds, including compensation to broker-dealers in consideration of promotional or administrative services. Further details regarding these payments are set forth below.

**Payments to Unaffiliated Financial Intermediaries for Shareholder Distribution and Servicing.** The Funds have authorized certain unaffiliated financial intermediaries (such as brokers, dealers, advisors, third-party record keepers, trusts, and financial planners) to accept on their behalf purchase and redemption orders and to provide other shareholder services. Orders will be priced at the applicable Fund's NAV next computed after they are accepted by a financial intermediary.

The Funds pay the Distributor for distribution services it provides to the Funds' Investor Class shares in accordance with Rule 12b-1. For both Investor Class and Institutional Class shares, the Funds also may pay financial intermediaries for performing sub-accounting or other administrative services for which the Funds otherwise would pay its transfer agent. Such sub-accounting (also known as sub-transfer agency or Sub-TA) services are not related to the distribution of Fund shares.

The Distributor may make payments (often referred to as "revenue sharing payments"), at its own expense, to financial intermediaries for providing distribution-related and/or sub-accounting shareholder services to shareholders. Sub-accounting services may include, but are not limited to, maintaining shareholder records, performing account maintenance, supporting shareholder calls, transmitting orders to the Funds' transfer agent, and providing shareholders with account statements, proxy materials, shareholder reports, prospectuses and other information. Further information about fees paid by the Funds for these services may be found in the section entitled "Transfer Agent, Sub-Transfer Agents, Custodian and Other Important Service Providers."

The Adviser, out of its own resources, may also make revenue sharing payments to financial intermediaries for distribution services and/or shareholder services. The amount of these revenue sharing payments may be substantial. Such payments may create an incentive for a financial intermediary or its employees or associated persons to recommend or sell shares of the Funds, rather than shares of another mutual fund or other types of investments. Please contact your financial intermediary or plan administrator or sponsor for details about revenue sharing payments it may receive.

The Distributor and/or the Adviser also may provide promotional incentives and marketing support to certain financial intermediaries. Promotional incentives and marketing support may include: merchandise carrying the Funds' logo; occasional meals and tickets to sporting events, theater productions and concerts or other entertainment venues; and payments or reimbursements used to offset marketing expenses and related costs of meetings or seminars held for the purpose of training or education. Such promotional incentives and marketing support are not preconditioned on achievement of any sales targets by any financial intermediary; however, the payments described above may provide a financial intermediary (and its salespersons) with an incentive to favor sales of shares of the Funds over sales of other mutual funds or other types of investments with respect to which the financial intermediary does not receive such payments, promotions or support.

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**Incentive Pay to Adviser and Distributor Salespersons for Fund Sales.** Some of the Adviser's employees (who also are registered representatives of the Adviser and/or its subsidiary, the Distributor) have incentive compensation arrangements in which the Adviser will pay such persons for the sale of shares of the Funds in certain circumstances. These employees are salespersons, not research team members or portfolio managers who provide clients with investment advice. It should be noted that employees of the Adviser and the Distributor do not sell non-Ariel investment products or services. To the extent there is a conflict of interest in that Ariel's salespersons have the incentive to sell the Funds based on their own anticipated compensation rather than on an investor's needs, the Adviser and Distributor address the conflict through this disclosure. Shareholders should be aware that they may purchase the Funds through other intermediaries, some of which also may be incentivized to sell the Funds, as discussed above.

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#### TRANSFER AGENT, SUB-TRANSFER AGENTS, CUSTODIAN AND OTHER IMPORTANT SERVICE PROVIDERS
**Custodian and Fund Accountant.** Northern Trust has been retained by the Trust to act as custodian and fund accountant. Northern Trust's responsibilities include keeping custody of all of the Funds' investments.

**Transfer Agent.** USBGFS, 615 East Michigan Street, Milwaukee, Wisconsin, 53202, has also been retained by the Trust to act as transfer agent, dividend disbursing agent and shareholder servicing agent. Its responsibilities include responding to shareholder inquiries and instructions concerning their accounts; crediting and debiting shareholder accounts for purchases and redemptions of Fund shares and confirming such transactions; updating of shareholder accounts to reflect declaration and payment of dividends; and preparing and distributing quarterly statements to shareholders regarding their accounts.

**Sub-Transfer Agents.** Firms that establish omnibus accounts and provide substantially the same services to their clients as are provided by USBGFS to direct shareholders of the Funds may receive sub-transfer agent fees for such services from the respective Fund. For each Class of Fund shares (Investor and Institutional), such fees paid by the Funds to sub-transfer agents, in the aggregate, may not exceed specific limits set by the Board of the Trust, including a majority of the Independent Trustees.

In an omnibus account, the Funds maintain a single account in the name of a financial intermediary such as a broker, dealer, record-keeper or other service provider and the financial intermediary maintains all of the individual shareholder accounts. Likewise, for many retirement plans, a third-party administrator may open an omnibus account with the Funds and the administrator will then maintain all of the participant accounts. The Distributor (and, in certain cases, the Adviser), on behalf of the Funds, enters into agreements whereby the Funds are charged by the financial intermediary or administrator for record-keeping and shareholder services. Certain of those agreements are described in this Statement of Additional Information.

Record-keeping and shareholder services typically include: (i) establishing and maintaining shareholder accounts and records; (ii) recording shareholder account balances and changes thereto; (iii) arranging for the wiring of funds; (iv) providing statements to shareholders; (v) furnishing proxy materials, periodic reports of the Funds, prospectuses and other communications to shareholders as required; (vi) transmitting shareholder transaction information; and (vii) providing information in order to assist the Funds in their compliance with federal and state securities laws. Each Fund typically would be paying these shareholder servicing fees directly to USBGFS, were it not that the financial intermediary holds all customer accounts in a single omnibus account with the Funds.

**Independent Registered Public Accounting Firm.** Deloitte & Touche LLP, serves as independent registered public accountants for each of the Funds. Deloitte & Touche LLP, 111 South Wacker Drive, Chicago, Illinois 60606 audits and reports on the Funds' annual financial statements, reviews certain regulatory reports, consults on financial accounting and reporting matters, meets with the Audit Committee of the Board, and performs other professional accounting and auditing when engaged to do so by the Funds. Shareholders will receive annual audited financial statements and semi-annual unaudited financial statements.

**Counsel.** Ropes & Gray LLP, 191 North Wacker Drive, Chicago, Illinois 60601, serves as counsel to the Funds. K&L Gates LLP, 1601 K Street, NW, Washington, D.C. 20006, serves as counsel to the Independent Trustees.

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#### PORTFOLIO TRANSACTIONS
Portfolio transactions are undertaken on the basis of their desirability from an investment standpoint. The Adviser, under the direction and supervision of the Trust's Board, makes investment decisions and chooses brokers and dealers to execute transactions.

**Best Execution and Soft Dollars.** The Adviser's policy is to seek the best price and favorable execution of client transactions considering all circumstances. However, there can be no assurance that best execution will in fact be achieved in any given transaction. Subject to the Adviser's overall policy, in selecting brokers to execute transactions, the Adviser considers customary practices in prevailing markets for the particular type of investments being traded, natural order flow, market impact, anonymity, the firm's reputation, the full range, quality and reliability of its services that are deemed useful to better serve clients, its relationship and responsiveness to the Adviser, commission rates, and any other factors that the Adviser, in its sole discretion, deems relevant, without having to demonstrate that any such factor is of a direct benefit to any particular client. In addition to execution, the services provided by brokers include supplemental research, statistical information and objective performance evaluation.

The Adviser will not always place brokerage transactions on the basis of the lowest commission rate available for a particular transaction. That is, the Adviser uses certain brokers who give Ariel products and services that are useful to the Adviser's research process and/or causes clients to pay commissions higher than those charged by other brokers in return for those products and services. The Adviser makes a good faith determination that the commissions paid are reasonable in relation to the value of the brokerage and other services provided. The payment of such services with brokerage commissions is commonly referred to as "soft dollar arrangements." The Adviser only enters into soft dollar arrangements that are covered by the safe harbor provided under Section 28(e) of the 1934 Act.

Brokers furnish, for example, proprietary or third-party research reports, supplemental performance reports, statistical analyses, software and computer programs used for research and portfolio analysis, and other valuable research information to the Adviser. The Adviser generally seeks, at the beginning of the year, to direct client transactions to brokers that provide proprietary and third-party research in order to ensure payment of its budgeted research commissions and soft dollars. All of the Adviser's clients' accounts benefit to some degree from one or more soft dollar arrangements, including accounts that do not pay for soft dollar services through their brokerage commissions. The brokerage commission rates paid to brokers for proprietary and third-party research are typically higher than commissions paid to obtain execution only. However, clients prohibiting the Adviser from generating third party soft dollar credits generally do not receive better brokerage commission rates than clients that do generate third party soft dollar credits for the Adviser. The Adviser does not seek to allocate soft dollar benefits to clients' accounts proportionately to the soft dollar credits the accounts generate. As a result of client-directed brokerage arrangements, some soft dollar services benefit clients who do not execute transactions through soft dollar brokers. Further, the Adviser uses some soft dollar services for certain clients that are paid for by clients who do not require such services. Additionally, the Adviser receives certain research reports from brokers that are not used in investment decision making. However, the Adviser may receive other services from brokers that are used in the investment decision making process, such as access to management and invitations to analyst conferences.

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research used primarily by other, less frequently traded accounts. That is, the Adviser would have an incentive to select a broker based on its interests in receiving research rather than in its clients' interests in receiving most favorable execution. This is not the Adviser's practice, however, and the Adviser's disciplined investment strategy, utilized for all its clients, and its long-term holding approach, are among the ways that the Adviser mitigates these potential conflicts. The Adviser also attempts to address these potential conflicts through oversight of soft dollar usage by its Trading Oversight Committee and by requiring an initial and annual approval of all soft dollar services by the Adviser's Chief Compliance Officer.

The Adviser's brokerage selection process begins with the Trading Oversight Committee (the "Committee"). The Committee meets quarterly to review, administer, monitor, and enforce the Adviser's trading and trade management policies and procedures and to resolve conflicts that arise in portfolio trading with the goal of seeking brokerage and trading arrangements that are intended to maximize client results. The Committee approves additions to the Adviser's approved broker list. Prior to being added, and annually thereafter, brokers are reviewed for the quality of their brokerage services, including services provided to aid in the Adviser's research process. The Committee is made up of voting members consisting of representatives from Adviser's operations, trading and investment teams. In addition, representatives from the Adviser's legal and compliance team attend and participate in the Committee's meetings.

The Adviser's personnel at times receive gifts and entertainment from brokers through whom the Adviser places trades. In order to prevent trading personnel from favoring one broker over another for client trades based on gifts or entertainment received, the Adviser's Code requires employees to report to the Adviser's Chief Compliance Officer all gifts and entertainment received from brokers. The Adviser's Chief Compliance Officer and the Committee review the gift and entertainment reports of the research and trading departments.

**Trading outside the U.S. for the International/Global Funds.** Brokerage transactions for the International/Global Funds may be executed on the principal stock exchange of the country in which a company is listed or on a stock exchange in another country. Brokerage commissions and other costs of transactions made on foreign stock exchanges may be higher than in the U.S. In the event that transactions in emerging market countries are executed through a client's sub-custodian, the transaction rates determined by the sub-custodian may be less favorable than the transaction rates offered by other third-party brokers. Ariel will seek to achieve the best net results for these transactions.

**Trading through Brokers Selling Fund Shares.** The Adviser also is authorized to execute transactions with or through brokers who have sold shares of the Funds. Rule 12b-1(h) under the 1940 Act prohibits a fund from directing portfolio transactions to any broker-dealer that sells fund shares unless it has adopted and implemented procedures reasonably designed to (1) prevent persons effecting portfolio securities transactions from taking into account broker/dealers' promotion or sale of mutual fund shares, and (2) prevent the funds, any investment adviser and the principal underwriter from entering into an agreement to direct portfolio securities transactions or certain other remuneration to a broker-dealer in consideration for the promotion or sales of shares of any registered investment company.

It is the policy of the Trust to comply with Rule 12b-1(h). The Board has adopted Rule 12b-1(h) Policies and Procedures (the "12b-1(h) Policies"). The 12b-1(h) Policies are designed to ensure that personnel responsible for portfolio trading and for negotiating agreements with unaffiliated broker-dealers are informed of the Funds' policy and comply with such policy. The Adviser's Head of Operations, Directors of Research, and the Senior Vice President, Head of Consultant Relations & Financial Intermediaries annually certify to their compliance with the 12b-1(h) Policies.

In addition, the Adviser at times invests for its clients in the publicly traded stocks of brokers through which the Adviser places trades. The Adviser's trading and trade management policies and procedures serve to mitigate any conflicts of interest.

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The amount of brokerage commissions and fees paid by a Fund may vary substantially from year to year due to differences in shareholder purchase and redemption activity, portfolio turnover rates and other factors. The following table shows the aggregate amount of brokerage commissions paid by each Fund for the fiscal years indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  **Ariel Fund** | $1329548 | $1459211 | $1482767 |
|  **Ariel Appreciation Fund** | $479974 | $374029 | $423748 |
|  **Ariel Focus Fund** | $20449 | $27804 | $32798 |
|  **Ariel International Fund** | $431898 | $522915 | $212143 |
|  **Ariel Global Fund** | $86163 | $88884 | $82365 |

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During the fiscal year ended September 30, 2025, the Funds directed brokerage transactions to brokers for proprietary and third-party research services. The amount of such transactions and related commissions were as follows:

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| | | |
|:---|:---|:---|
|  | **Amount of<br>Transactions** | **Amount of<br>Commissions** |
|  **Ariel Fund** | $1034272584 | $1214901 |
|  **Ariel Appreciation Fund** | $460909139 | $436221 |
|  **Ariel Focus Fund** | $20611478 | $12810 |
|  **Ariel International Fund** | $425348742 | $429869 |
|  **Ariel Global Fund** | $109347082 | $85734 |

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**Regular Broker-Dealers.** During the fiscal year ended September 30, 2025, Ariel International Fund and Ariel Global Fund owned securities issued by Barclays PLC. Barclays PLC was a regular broker-dealer (as defined in 1940 Act rule 10b-1) for each Fund during the year. As of September 30, 2025, the value of the Funds' aggregate holdings in Barclays PLC securities was $6,993,220. Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund did not own securities of their regular broker-dealers, or of such brokers' or dealers' parent companies, as of September 30, 2025.

**Directed Brokerage.** Certain clients direct the Adviser to use particular brokers for executing all or a portion of transactions in their accounts. For example, certain institutional clients direct the Adviser to place all or a portion of their brokerage with minority-owned and/or local brokers, or brokers who provide the client with certain services, such as performance monitoring and commission recapture. The Adviser does not use brokerage from another client account to pay for a product or service purchased under these client-directed brokerage arrangements. Directing brokerage may cost clients more money. For example, clients who direct the Adviser (through affirmative direction or other constraint) to use particular brokers may pay higher commissions, obtain greater spreads, or obtain less favorable net prices than might be the case for those clients who do not. The Funds do not direct the Adviser to use particular brokers.

To the extent that the Adviser's clients' directed brokerage is not available to support soft dollar arrangements, clients (including the Funds) who give the Adviser brokerage discretion will pay for a disproportionate share of the Adviser's soft dollar arrangements.

Certain institutional clients direct the Adviser to place all or a portion of their brokerage with minority-owned and/or local brokers, or brokers who provide the client with certain services, such as performance monitoring and commission recapture. The Adviser does not use brokerage from another client account to pay for a product or service purchased under these client-directed brokerage arrangements.

**Aggregation and Allocation of Trades.** The Adviser typically aggregates client purchase or sale orders for a particular security into blocks to achieve more efficient execution, lower per share brokerage costs and, in the

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aggregate, better and fairer prices for all clients. Where purchases or sales are made on a block basis, price and per share commission and transaction costs are generally allocated to each advisory client in accordance with the Adviser's allocation procedures. Although the Adviser believes that the aggregation of order for client accounts generally will benefit its clients as a whole over time, in any particular instance such aggregation may result in a less favorable price or execution for a particular client than might have been obtained if the orders had not been aggregated.

Order aggregation is not always possible and at times may not achieve more efficient execution, lower per share brokerage costs and, in the aggregate, better and fairer prices for all clients. At times, depending on factors such as client-imposed restrictions and the Adviser's assessment of market conditions, the Adviser will place non-aggregated or partially aggregated orders either simultaneously or over time. If the directed brokerage client's order is of a de minimis size, the trading desk will at times execute the de minimis order simultaneously with larger block orders. The Adviser will not over time favor any client account, or group of client accounts, over any other client account or group of client accounts with respect to order placement. The Adviser has trade rotation guidelines intended to promote the equitable treatment of clients over time. The Adviser has discretion to place orders in accordance with the rotation guidelines or otherwise based on market conditions, client-imposed restrictions, or other considerations the Adviser believes to be relevant.

The Adviser participates in managed account programs to whom the Adviser licenses its strategies to a program sponsor. Such programs require the Adviser to provide its recommended purchases and sales for such strategies to the program managers in accordance with the Adviser's agreement with the relevant sponsor. Such arrangements typically provide for strategy updates to be provided in accordance with its trade rotation guidelines.

Because of client direction and guidelines and/or market conditions (including a limited supply or demand for certain securities), not all investment opportunities can be made available to all clients, but the Adviser endeavors to allocate investment opportunities fairly over time. The Adviser will not unfairly favor any client account, or group of client accounts, over any other client account or group of client accounts over time. The Adviser takes a number of factors into account when making allocation decisions including client guidelines or investment restrictions, cash levels, tax status, size of account, weighting of securities in a portfolio, any client directed brokerage requirements, and other relevant factors.

In cases in which an aggregated order is partially filled, the Adviser generally will allocate the order to advisory clients on a pro rata basis subject to available cash, account restrictions, account size, weighting of securities in a portfolio, directed brokerage, and other relevant investment factors. On occasion, accounts of comparatively small size sometimes are filled in their entirety instead of receiving a pro rata share, while at other times such accounts are excluded from receiving an allocation.

At times, there may be a pending block order for a security specific to a strategy when a subsequent additional block order is placed for the same security for another strategy. In these circumstances, Ariel's traders generally allocate the existing order and combine the unexecuted portion for a new block order. If the subsequent additional order is of a de minimis size vis-à-vis the existing order, Ariel's traders may execute that order separately and leave the larger block order in the blotter.

The Adviser does not execute personal trades for its employees, officers, or directors unless they are clients of the Adviser and have a separately managed account invested in one of the Adviser's strategies.

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#### PORTFOLIO TURNOVER
Portfolio turnover may vary from year to year, as well as within a year. High turnover rates may result in comparatively greater brokerage expenses. The table below sets forth the portfolio turnover rates of each Fund for the fiscal years indicated. Explanations are provided below the table regarding Funds that experienced significant variations in portfolio turnover over this time.

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Ariel Fund** | 17% | 17% |
|  **Ariel Appreciation Fund** | 25% | 17% |
|  **Ariel Focus Fund** | 31% | 19% |
|  **Ariel International Fund** | 89% | 69% |
|  **Ariel Global Fund** | 99% | 78% |

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The increase in portfolio turnover for Ariel International Fund and Ariel Global Fund was attributed to shifts in portfolio positioning in response to elevated global market volatility in early 2025 (resulting from, among other things, Liberation Day and tariff announcements) and investments made to manage cash efficiently between portfolio transactions.

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#### PROXY VOTING POLICY
The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser. The Adviser will vote such proxies in accordance with its Proxy Voting Policies and Procedures (the "Proxy Policies"), a summary of which may be found below. The Proxy Policies include procedures for addressing any conflicts that may arise between the interests of the Fund shareholders, on the one hand, and the interests of the Adviser, the Distributor, or any affiliated person(s) of the Funds, on the other. The Adviser's Proxy Policies are subject to change as necessary to remain current with applicable rules and regulations and the Adviser's internal policies and procedures.

**Summary of Proxy Policies.** The Adviser has established Proxy Policies concerning proxies voted by the Adviser on behalf of each client (including the Funds) who delegates proxy voting authority to the Adviser and delivers the proxies to the Adviser or its proxy voting agent. The Adviser has retained Institutional Shareholder Services, Inc. ("ISS") for the purpose of receiving, cataloging, voting (based upon the Adviser's direction) and reporting proxies as well as to obtain its proxy research.

The Adviser views proxy voting as an extension of its core research and engagement efforts. As such, the Adviser integrates all material issues, including sustainability-related factors, into its proxy voting decisions consistent with its fiduciary obligation to clients. In general, the Adviser considers a company's past performance and track record to ensure appropriate accountability and incentivize future improvement. The Adviser looks for companies with high quality leadership teams, as represented by their industry experience, and their management of material issues, including sustainability-related issues, that impact their businesses. Furthermore, the Adviser strives to invest with management teams who show integrity, candor, and foster open and honest communication with their shareholders. Accordingly, it is generally the Adviser's policy to give considerable weight to the recommendation of a company's management on any issue, including but not limited to instances in which the Adviser engages in direct dialogue with management.

The Adviser has established general guidelines for voting clients' proxies, including the Funds. While these generally guide the Adviser's decision-making, all issues are analyzed by:

• The Adviser's analyst who follows the company,

• For the Value Funds, the Director of Sustainable Investment Research analysis as well as the Adviser's Director of Research Operations, and

• For the International/Global Funds, the designated Vice President, Research Analyst identified to assist with managing the international and global strategies' proxy voting process.

As a result, at times the Adviser will vote an individual proxy differently than otherwise stated within its general proxy voting guidelines. In such cases, the Adviser will document its reasoning.

Regarding diversity-related proxy votes, the Adviser generally supports proposals calling for proactive and appropriate diversity practices across the dimensions of diversity most relevant and impactful in each of the respective markets and increased disclosure. Regarding board diversity, we believe that a relevant and suitable range of skills and experiences is critical to the quality of the board and its ability to enhance long-term financial performance and generally vote to promote greater diversity at the board level. However, the Adviser evaluates proposals on a case-by-case basis to determine whether to support such a proposal. Regarding climate change disclosure-related proxy votes, the Adviser recognizes that proactive management of environmental issues, including but not limited to climate event impact (i.e., wildfires and hurricanes), water and waste management, and ecological impacts, is important for the long-term financial performance of a company. In general, the Adviser supports proposals calling for increased disclosure of policies and practices related to material environmental factors.

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#### Conflicts of Interest
Potential conflicts of interest arise when the Adviser votes proxies of issuers that have or are seeking a material relationship with the Adviser. For example, the Adviser manages retirement plan assets and corporate assets for issuers whose securities are held by the Adviser's clients for whom the Adviser votes proxies. The Adviser also votes proxies of issuers that distribute the Adviser's proprietary mutual funds or that otherwise have a material business relationship with the Adviser. The Adviser mitigates these and other potential conflicts of interest that arise by following, among other things, a disciplined investment strategy and proxy voting procedures designed to detect and resolve potential conflicts of interest in the proxy voting process and to cast votes that are in the best interests of clients, including the Funds, and not a product of a conflict.

If it is determined that a material conflict of interest may exist with respect to a proxy vote, such as a business relationship with a portfolio company, it is the Adviser's policy to generally vote in accordance with the recommendations of ISS. If, in a conflict situation, the Adviser decides to vote differently than ISS, the proxy will be referred to the Adviser's applicable Proxy Resolution Committee, which is charged with determining whether the decision to vote differently than ISS is the best interests of the Adviser's clients, including the Funds, and is not the product of a conflict.

**Voting Limitations.** The Adviser generally will not vote its clients' proxies in the following circumstances:

• For those securities not specifically acquired for a client's account by the Adviser (e.g., if a new client transferred securities to the Adviser and the Adviser has not yet sold the securities through the account transition process, or if an Ariel client chooses to invest its cash in a money market fund).

• In those instances where the Adviser receives a meeting notice without enough time to fully process the proxy.

• For the Adviser's clients who engage in securities lending programs through their custodians, and the security is on loan at the record date.

• In those international markets where share blocking applies due to liquidity constraints.

• In those international markets requiring the re-registration of the clients' shares in the underlying clients' names unless the sub-custodian can timely re-register the shares.

• In those international markets requiring the client's execution of a power of attorney to permit the sub-custodian to vote the proxy, unless the client has provided the requisite power of attorney to the local sub-custodian.

• If a client's custodian is unable to retrieve and deliver ballots to the Adviser's proxy voting service (ISS).

• In those international markets which will not accept split ballots from the omnibus account of a custodian.

The Adviser may be required to vote shares in securities of regulated companies (such as banks) in conformance with conditions specified by the industry's regulator. Additionally, the issuer of a security may impose limitations upon the Adviser's ability to vote proxies for its clients. In these circumstances, the Adviser will refrain from voting some or all of clients' shares.

**Recordkeeping and Disclosure.** For each proxy, the Adviser maintains records as required by applicable law. In accordance with the 1940 Act, the Adviser, on behalf of the Funds, annually files with the SEC on Form N-PX the Funds' actual proxy voting record. Proxy voting information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.725.0140 and on the SEC's website at http://www.sec.gov.

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#### TRUSTEES
Ariel Investment Trust operates under the supervision of a Board of Trustees responsible to each Fund's shareholders. The Board supervises the business and management of the Trust and approves all significant agreements between the Trust and outside service providers.

**Leadership Structure and Board of Trustees.** The Board is responsible for managing the business affairs of the Funds and exercising all of its powers except those reserved for shareholders. The Board is composed of seven Trustees, five of whom are Independent Trustees. In addition to four regularly scheduled meetings per year, the Independent Trustees meet regularly in executive sessions among themselves and with Fund and Independent Trustee counsel to consider a variety of matters affecting the Funds. These sessions generally occur during scheduled Board meetings and at such other times as the Independent Trustees may deem necessary. The Board has established four standing committees, the Audit, Governance, Management Contracts and Executive Committees, to assist the Board in performing its oversight responsibilities. The Board has engaged the Adviser to manage the Funds and is responsible for overseeing the Adviser and other service providers to the Funds in accordance with the provisions of the 1940 Act and other applicable laws.

The Board's Governance Committee Charter sets forth specific qualifications to serve as a Trustee. The principal criteria for selection of candidates are their ability to contribute to the overall functioning of the Board and to carry out the responsibilities of the Trustees. In addition, the following factors, among others, may be taken into consideration:

(a) The Trustees collectively should represent a broad cross section of backgrounds, functional disciplines, and experience;

(b) Candidates should exhibit stature commensurate with the responsibility of representing shareholders; and

(c) Candidates shall affirm their availability and willingness to strive for high attendance levels at regular and special meetings and to participate in committee activities as needed.

Among the attributes or skills common to all Trustees are their abilities to exercise independent and reasonable business judgment; to evaluate, question and discuss Board materials and information provided to them; and to interact effectively with each other, the Adviser, and other service providers. Each Trustee's ability to perform his or her duties effectively has been attained through the Trustee's educational background, business experience, professional training, public service and/or academic positions and through experience from service as a board member of the Funds, public companies or other organizations as set forth below. Mr. William C. Dietrich has served as an Independent Trustee for more than 35 years, Mr. Christopher G. Kennedy has served as an Independent Trustee for over 30 years, and Mr. James M. Williams has served as Independent Trustee for over 15 years. Ms. Kim Y. Lew has served as an Independent Trustee for over ten years. Mr. Eric H. Holder, Jr. has served as an Independent Trustee for over five years.

Currently, the Chair of the Board, Ms. Mellody L. Hobson, is an Interested Trustee. The Board has a Lead Independent Trustee, Ms. Kim Y. Lew, whose role is to preside at all meetings of the Independent Trustees, including executive sessions, and to act as a liaison with the Adviser, other service providers, officers, legal counsel, and other Trustees between meetings. The Lead Independent Trustee also serves as Chair of the Executive Committee. The Lead Independent Trustee may also perform other such functions as may be provided by the Board from time to time.

In addition to the foregoing and the information in the table below, the following experience, skills and qualifications of each respective Board member leads the Board to the conclusion that each Trustee should serve as such. No particular qualification, experience or background establishes the basis for any Trustee's position on the Board, and the Board may have attributed different weights to the various factors.

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Mr. William C. Dietrich has a BSBA from Georgetown University and more than 40 years of experience as a senior or executive officer in accounting, finance and executive leadership for various firms.

Mr. Eric H. Holder, Jr. has a BA from Columbia College and a JD from Columbia Law School. He has more than 40 years of experience as an attorney in government and private practice and previously served as the 82nd Attorney General of the United States.

Ms. Mellody L. Hobson, Co-CEO and President of Ariel Investments, LLC, has an AB from Princeton and over 25 years of industry experience as an executive officer with the Adviser. As Co-CEO, Ms. Hobson is responsible for management, strategic planning and growth for all areas of the Adviser and its subsidiaries. Ms. Hobson is a nationally recognized voice on financial literacy and investor education.

Mr. Christopher G. Kennedy possesses a BA from Boston College and an MBA from the J.L. Kellogg Graduate School of Management at Northwestern University. He has over 35 years of senior or executive experience in management, real estate and public service. He was Chair of the Compensation Committee for Knoll, which gave him insight into best practices around compensation as well as the relationship between financial results and pay equity. His role as Chair of the Finance Committee of the Chicago Community Trust gave him insight into the role of consultants and advisors and the competitive marketplace in which the Funds exist. His role having led the Kennedy Family office provides additional insight into investment decision-making by Ariel's target audience. As Chairman at Interface, Inc., he has a strong foundation in corporate governance.

Ms. Kim Y. Lew, CFA, earned her BS from the Wharton School of the University of Pennsylvania and her MBA from the Harvard Graduate School of Business. Ms. Lew is President and Chief Executive Officer of Columbia Investment Management Company, having previously been responsible for the investment management and oversight of the Carnegie Corporation of New York's foundation endowment. She has over 30 years of experience in the investment management industry.

Mr. John W. Rogers, Jr., Founder, Chairman and Co-CEO of Ariel Investments, LLC, has an AB from Princeton and over 40 years of investment experience. Mr. Rogers is a renowned asset manager and serves as Lead Portfolio Manager for Ariel Fund. His investment experience has brought him to the forefront of media attention – being featured and quoted regularly in a wide variety of broadcast and print publications.

Mr. James M. Williams has a BS from the University of Michigan and an MBA from the University of Chicago. He has over 10 years of experience in managing a major corporation's pension plan, over 20 years of experience managing the endowment for a major foundation, three years of experience as President of a mutual fund sponsor firm, and is a current trustee of another mutual fund company.

The Board's leadership structure is deemed appropriate in light of the characteristics of the Funds, including factors such as the Funds' investment strategies and style, the net assets of the Funds, the committee structures of the Funds, and the management, distribution and other service arrangements of the Funds. The Board believes that the current leadership structure permits the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among service providers, committees of Trustees and the full Board in a manner that enhances effective oversight. The Board believes that having a majority of Independent Trustees is appropriate and in the best interest of the Funds, and that the Board leadership by Ms. Hobson and Ms. Lew provides the Board with valuable insights that assist the Board as a whole with the decision-making process. The leadership structure of the Board may be changed at any time and at the discretion of the Board, including in response to changes in circumstances or the characteristics of the Funds.

**Risk Oversight.** The Funds are subject to a number of risks, including investment, compliance, operational, regulatory, reputational, and valuation risks, among others. Day-to-day risk management functions are the responsibilities of Fund management, who carry out the Funds' investment management and daily business

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processes. Fund management includes the Adviser and other service providers, such as the transfer agent and sub-administrator. The assignment of responsibility for each risk depends on the nature of the risk.

Risk oversight forms part of the Board's general oversight of the Funds and is addressed during the various Board and Committee meetings. The Board recognizes that it is not possible to identify all of the risks that may affect the Funds or to develop practical and cost-effective processes and controls to eliminate or mitigate certain risks or their occurrence or effects. Processes, procedures and controls employed to address certain risks may be limited in their effectiveness. It may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' investment objectives. As part of its regular oversight of the Funds, the Board, directly or through a Committee, interacts with and reviews reports from, among others, the Adviser, the CCO, the independent registered public accounting firm for the Funds, and other service providers as appropriate, regarding risks faced by the Funds and relevant risk functions. Each Committee of the Board presents reports to the Board and such reports may prompt further discussion of issues concerning risk oversight and management of the Funds' risk. In addition, other service providers make periodic reports to the Board, or Committees of the Board, with respect to various aspects of risk management.

The Board has appointed a CCO who oversees the implementation and testing of the Funds' compliance program and reports to the Board regarding compliance and risk matters for the Funds and their principal service providers, including results of the implementation and testing of the Funds' and service providers' compliance programs. In addressing issues of risk management between meetings of the Board, representatives of the Adviser communicate with the Board, the CCO (who is directly accountable to the Board) and legal counsel to the Funds. The Board members, through discussions with others, including the Adviser, the CCO, service providers, and counsel, identify and review risk management issues that may be placed on the Board's agenda.

In addition, as part of the Board's periodic review of the Funds' advisory and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board regularly reviews reports from the Adviser specific to the application of its valuation policies to value the Funds' portfolio securities. The Board reviews any such pricing actions at the meeting next following such action. The Audit Committee assists the Board in reviewing, with the independent auditors, matters relating to the Funds' annual audits, internal controls, and financial accounting and reporting.

The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role, including in response to changes in circumstances or the characteristics of the Funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position(s)<br>held with Funds** | **Term of office and<br>length of time served** | **Principal occupation(s)<br>during past five years** | **No. of<br>portfolios in<br>Fund<br>complex<br>overseen by<br>Trustee** |
| **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** |
| **William C. Dietrich**<br> (1949) | Trustee | Since 1986; Indefinite, until successor elected. | Executive Director, Shalem Institute for Spiritual Formation, Inc. (ecumenical educational institute), 2006 to 2009. | 5 |
|  | Member of Audit and Management Contracts Committees | Since 1986. |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position(s)<br>held with Funds** | **Term of office and<br>length of time served** | **Principal occupation(s)<br>during past five years** | **No. of<br>portfolios in<br>Fund<br>complex<br>overseen by<br>Trustee** |
|  | Member of Governance Committee | Since 2022. |  |  |
| **Other directorships held:** *None* | **Other directorships held:** *None* |  |  |  |
| **Eric H. Holder, Jr.**<br> (1951) | Trustee | Since 2019; Indefinite, until successor elected. | Senior Counsel, since 2023, Partner, 2015 to 2023, Covington & Burling LLP. | 5 |
|  | Member of Management Contracts Committee | Since 2019. |  |  |
|  | Chair of Governance Committee | Since 2021 (member<br> since 2020). |  |  |
|  | Member of Audit Committee | Since 2022. |  |  |
| **Other directorships held:** *None* | **Other directorships held:** *None* |  |  |  |
| **Christopher G.**<br> **Kennedy**<br> (1963) | Trustee | Since 1994; Indefinite, until successor elected. | Chairman, Joseph P.<br> Kennedy Enterprises, Inc. (investment office and family office), 2012 to 2023; Chairman Emeritus, Top Box Foods (a non-profit organization), since 2018. | 5 |
|  | Chair of Audit Committee | Since 2014 (member<br> since 1995). | Chairman, Joseph P.<br> Kennedy Enterprises, Inc. (investment office and family office), 2012 to 2023; Chairman Emeritus, Top Box Foods (a non-profit organization), since 2018. |  |
|  | Member of Executive Committee | Since 2015. | Chairman, Joseph P.<br> Kennedy Enterprises, Inc. (investment office and family office), 2012 to 2023; Chairman Emeritus, Top Box Foods (a non-profit organization), since 2018. |  |
|  | Member of Management Contracts and Governance Committees | Since 2015. | Chairman, Joseph P.<br> Kennedy Enterprises, Inc. (investment office and family office), 2012 to 2023; Chairman Emeritus, Top Box Foods (a non-profit organization), since 2018. |  |
| **Other directorships held:** *Interface, Inc. (global modular carpet manufacturer)* | **Other directorships held:** *Interface, Inc. (global modular carpet manufacturer)* | **Other directorships held:** *Interface, Inc. (global modular carpet manufacturer)* | **Other directorships held:** *Interface, Inc. (global modular carpet manufacturer)* |  |
| **Kim Y. Lew**<br> (1966) | Trustee and Lead Independent Trustee | Trustee Since 2014; Lead Independent Trustee since 2025;Indefinite, until successor elected. | President and Chief Executive Officer, Columbia Investment Management Company (a private college endowment fund), since 2020. | 5 |
|  | Chair of Executive Committee | Since 2025. | President and Chief Executive Officer, Columbia Investment Management Company (a private college endowment fund), since 2020. |  |
|  | Management Contracts Committee Member of Audit Committee | Since 2014.<br> Since 2014. | President and Chief Executive Officer, Columbia Investment Management Company (a private college endowment fund), since 2020. |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position(s)<br>held with Funds** | **Term of office and<br>length of time served** | **Principal occupation(s)<br>during past five years** | **No. of<br>portfolios in<br>Fund<br>complex<br>overseen by<br>Trustee** |
|  | Member of Governance Committee | Since 2022. |  |  |
| **Other directorships held:** *None* | **Other directorships held:** *None* |  |  |  |
| **James M. Williams (1947)** | Trustee | Since 2006; Indefinite, until successor elected. | Vice President and Chief Investment Officer, J. Paul Getty Trust (cultural and philanthropic institution), 2002 to 2024. | 5 |
|  | Chair of Management Contracts Committee | Since 2025 (member since 2007). | Vice President and Chief Investment Officer, J. Paul Getty Trust (cultural and philanthropic institution), 2002 to 2024. |  |
|  | Member of Governance Committee | Since 2013. | Vice President and Chief Investment Officer, J. Paul Getty Trust (cultural and philanthropic institution), 2002 to 2024. |  |
|  | Member of Audit Committee | Since 2022. |  |  |
| <br> **Other directorships held:** *SEI Mutual Funds (Mr. Williams oversees a total of 98 SEI Mutual Fund portfolios)* | <br> **Other directorships held:** *SEI Mutual Funds (Mr. Williams oversees a total of 98 SEI Mutual Fund portfolios)* | <br> **Other directorships held:** *SEI Mutual Funds (Mr. Williams oversees a total of 98 SEI Mutual Fund portfolios)* |  |  |
| **INTERESTED TRUSTEES\*** |  |  |  |  |
| **Mellody L. Hobson**<br> (1969) | Chair of the Board of Trustees and President | Indefinite, until successor elected; Trustee since 1993; President since 2002; Chair since 2006. | Co-CEO, since 2019, President, since 2000, Ariel Investments, LLC. | 5 |
|  | Member of Executive Committee | Since 1995. |  |  |
| **Other directorships held:** *JPMorgan Chase & Co. (leading global financial services firm)* | **Other directorships held:** *JPMorgan Chase & Co. (leading global financial services firm)* | **Other directorships held:** *JPMorgan Chase & Co. (leading global financial services firm)* | **Other directorships held:** *JPMorgan Chase & Co. (leading global financial services firm)* | **Other directorships held:** *JPMorgan Chase & Co. (leading global financial services firm)* |
| **John W. Rogers, Jr.**<br> (1958) | Trustee | Indefinite, until successor elected; Trustee since 2000 and from 1986 to 1993. | Founder, Chairman, and Chief Investment Officer, since 1983, Co-CEO, since 2019, Ariel Investments, LLC; Lead Portfolio Manager, Ariel Fund, since 1986; Co-Portfolio Manager, Ariel Appreciation Fund, 2002 to 2025. | 5 |

---

**Other directorships held:** *Nike, Inc. (footwear and apparel retailer); Ryan Specialty Group Holdings, Inc. (specialty insurance firm); The New York Times Company (global media organization)* 

\* John W. Rogers, Jr. and Mellody L. Hobson are officers and owners of the Adviser and are therefore deemed to be "interested persons" of the Trust as defined in the 1940 Act. Mr. Rogers also serves as Chair

------

and Co-CEO of ACMI and Ariel Investments Holdco. Ms. Hobson also serves as Vice President of the Distributor and Co-CEO and President of Ariel Investments Holdco. Ms. Hobson is the founder, and Mr. Rogers serves as a director, of Ariel Alternatives, LLC, a registered investment adviser managing private equity funds which is under common control with the Adviser. Ms. Hobson is the Founder, Chairwoman and member of the Investment Committee of Project Level Management Company, LLC, a registered investment adviser managing private assets funds which is under common control with the Adviser.

**Trustee Retirement Policy.** There is no stated term of office for the Trustees of the Trust. However, upon attaining the age of 75, and every year thereafter, a Trustee will notify the Governance Committee of his or her plans for continuing on the Board or retiring from service. The Governance Committee shall review, through confidential polling procedures, the respective Trustee's performance and shall discuss with the Trustee the appropriateness of continuing to serve on the Board. The Trust's Retirement Policy provides that a Trustee will retire from service at the end of the calendar year in which such Trustee attains the age of 80.

For purposes of their service as Trustees of the Trust, the business address for each of the Trustees is: 200 East Randolph Street, Suite 2900, Chicago, Illinois 60601. Each Trustee serves until his or her retirement, resignation, death, removal or mental or physical incapacity.

------

#### STANDING COMMITTEES OF THE BOARD OF TRUSTEES
**Audit Committee.** The Board has established an Audit Committee, which is comprised of all Independent Trustees, with Christopher G. Kennedy serving as Chair. The Audit Committee is responsible for the selection and retention of the independent accountants for the Trust. The Audit Committee is also responsible for approving the audit plans, fees and other material arrangements in respect to the engagement of independent registered public accounting firms, including non-audit services performed. The Audit Committee reviews the qualifications of the independent registered public accounting firm's key personnel involved in the foregoing activities and monitors the independent registered public accounting firm's independence. The Audit Committee also oversees the Trust's accounting and financial reporting policies and practices, its internal controls and, if appropriate in its judgment, the internal controls of certain service providers and the quality and objectivity of the Trust's financial statements and the independent audits thereof. The Audit Committee is also responsible for the day-to-day oversight of the activities of the Funds' CCO and accordingly reviews the CCO's quarterly compliance report and meets with the CCO during regularly scheduled Committee meetings. The Audit Committee normally meets four times per year. The Committee will meet more frequently, as necessary. The Committee met four times during fiscal year 2025.

**Executive Committee.** The Board has established an Executive Committee, which includes Kim Y. Lew, Chair; Mellody L. Hobson; and Christopher G. Kennedy. The Executive Committee meets between meetings of the Board as necessary and is authorized to exercise all of the Board's powers to conduct current and ordinary business of the Trust and to take other action as authorized by the Board. The Executive Committee did not meet during fiscal year 2025.

**Governance Committee.** The Board has established a Governance Committee, which is comprised of all Independent Trustees, with Eric H. Holder, Jr. serving as Chair. The Governance Committee oversees the independence and effective functioning of the Board and monitors good practices for mutual fund boards. The Governance Committee also performs certain functions of a nominating committee and makes recommendations regarding compensation of the Independent Trustees. Shareholders of the Funds may submit suggested candidates for Independent Trustees to the Governance Committee. Any shareholder may submit the name of a candidate for consideration by the Governance Committee by submitting the recommendation in writing to the Trust's Secretary. The Secretary will forward any such recommendation to the Chair of the Governance Committee promptly upon receipt. The Governance Committee normally meets two times a year and, if necessary, more frequently. The Governance Committee met three times during fiscal year 2025.

**Management Contracts Committee.** The Board has established a Management Contracts Committee, which is comprised of all Independent Trustees, with James M. Williams serving as Chair. The Management Contracts Committee oversees and reviews all management contracts between the Adviser and the Trust in order to focus the Trustees on the key points and terms of the various management contracts. The Committee also reviews such information as the Committee considers relevant to evaluate the terms of any existing or proposed underwriting or distribution agreement or Rule 12(b)-1 plan, with a view to making a recommendation to the Board regarding the approval or continuation of the agreement or plan. The Committee also reviews summary information provided by the Adviser with respect to any arrangements with third parties that provide certain recordkeeping, shareholder communication and other services for the Trust with respect to shares of the Trust held by such third parties for the benefit of their clients; and after review of such information as it considers relevant, the Committee shall make a recommendation to the other Trustees regarding such arrangements. During fiscal year 2025, the Management Contracts Committee met two times, once in connection with the annual review of the underwriting agreement, the Rule 12b-1 plan, and arrangements with intermediaries and once in connection with the annual review of the Funds' management contracts.

All committees of the Board operate in accordance with written charters.

------

#### COMPENSATION SCHEDULE
During the fiscal year ended September 30, 2025, compensation paid by the Funds to the Trustees not affiliated with the Adviser was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Ariel<br>Fund** | **Ariel<br>Appreciation<br>Fund** | **Ariel<br>Focus<br>Fund** | **Ariel<br>International<br>Fund** | **Ariel<br>Global<br>Fund** | **Aggregate<br>Compensation<br>from Funds in<br>Complex Paid<br>to Trustee<sup>(2)</sup>** |
|  William C. Dietrich | $92342 | $32643 | $2374 | $8579 | $1862 | $137800 |
|  Eric H. Holder, Jr. | $95039 | $33590 | $2439 | $8773 | $1909 | $141750 |
|  Christopher G. Kennedy | $95039 | $33590 | $2439 | $8773 | $1909 | $141750 |
|  Kim Y. Lew | $90243 | $31885 | $2313 | $8296 | $1808 | $134546 |
|  James M. Williams | $89781 | $31739 | $2307 | $8319 | $1807 | $133954 |

---

(1) The Funds did not pay compensation to Trustees affiliated with the Adviser.

(2) No pension or retirement plan benefits are accrued as part of the Trust's expenses.

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#### TRUSTEES' FUND HOLDINGS
As of December 31, 2025, the Trustees had invested the following amounts in the Funds. Investments are listed in the following ranges: none, $1-$10,000, $10,001-$50,000, $50,001-$100,000 and over $100,000:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Ariel<br>Fund** | **Ariel<br>Appreciation<br>Fund** | **Ariel<br>Focus<br>Fund** | **Ariel<br>International<br>Fund** | **Ariel<br>Global<br>Fund** | **Total<br>Invested<br>in All<br>Funds<sup>(1)</sup>** |
|  William C. Dietrich | over<br>$100,000 |  | $10001 -<br>$50000 | $50001 -<br>$100000 | $10001 -<br>$50000 | Over<br>$100,000 |
|  Eric H. Holder, Jr. | over<br>$100,000 | $50001-<br>$100000 | $50001 -<br>$100000 |  |  | Over<br>$100,000 |
|  Christopher G. Kennedy | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | Over<br>$100,000 |
|  Kim Y. Lew | over<br>$100,000 | over<br>$100,000 |  |  | over<br>$100,000 | Over<br>$100,000 |
|  James M. Williams | over<br>$100,000 | $50001 -<br>$100000 | $50001 -<br>$100000 | $50001 -<br>$100000 | $50001 -<br>$100000 | Over<br>$100,000 |
|  Interested Trustees: |  |  |  |  |  |  |
|  Mellody L. Hobson | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | Over<br>$100,000 |
|  John W. Rogers, Jr. | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 | over<br>$100,000 |  | Over<br>$100,000 |

---

(1) Total invested in all Funds is the aggregate dollar range of investments in the Funds.

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#### OFFICERS
The Trust's officers (including one of the Interested Trustees) all hold positions as executive officers with the Adviser and its affiliates, including the Distributor. The description for Mellody L. Hobson, the Trust's President, can be found above under the heading "Trustees." The Funds do not pay salaries to any of their officers. Each of the Funds' officers serves until his or her retirement, resignation, death, removal or mental or physical incapacity. The business address for each of the officers is: 200 E. Randolph Street, Suite 2900, Chicago, Illinois 60601. The number of portfolios overseen by all officers is five:

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position(s)<br>held with Funds** | **Term of office and length<br>of time served** | **Principal occupation(s)<br>during past five years** |
| **Carlos E. Calderon**<br> (1983) | Vice President | Indefinite, until successor elected; Since 2023. | Chief Financial Officer,<br> Ariel Investments, LLC and Ariel Alternatives, LLC, since 2021; Vice President and Director of Global Financial Planning and Analysis, Eaton Vance Investment Management, 2017 to 2021. |
| **Wendy D. Fox**<br> (1962) | Vice President, Chief Compliance Officer and Anti-Money Laundering Officer | Indefinite, until successor elected; Vice President and Chief Compliance Officer since 2014; Anti-Money Laundering Officer since 2025. | Anti-Money Laundering Officer, since 2025, Head Regulatory Counsel, since 2023, Senior Vice President, since 2017, Chief Compliance Officer, since 2004, <br> Ariel Investments, LLC. |
| **Nichole Graveen**<br> (1987) | Vice President | Indefinite, until successor elected; Since 2025. | Senior Vice President and Head of Operations, Ariel Investments, LLC, since 2024; Head of Investment Operations, Americas, Morningstar Investment Management, LLC, 2020 to 2024. |
| **Khoa Ho**<br> (1977) | Vice President | Indefinite, until successor elected; Since 2025. | Vice President, Marketing and Mutual Fund Services, since 2025, Vice President, Fund Administration, 2024 to 2025, Special Assistant to the Chairman & Co-CEO, 2021 to 2024, Ariel Investments, LLC. |

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| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position(s)<br>held with Funds** | **Term of office and length<br>of time served** | **Principal occupation(s)<br>during past five years** |
| **Michael D. Jiang**<br> (1984) | Vice President and Assistant Secretary | Indefinite, until successor elected; Since 2023. | Vice President, Associate General Counsel and Head of Fund Governance, Ariel Investments, LLC, since 2023; Associate General Counsel, Resolute Investment Managers, Inc., 2021 to 2023; Vice President, The Northern Trust Company, 2018 to 2021. |
| **Adam J. Nelson**<br> (1979) | Vice President and Treasurer | Indefinite, until successor elected; Since 2025. | Mutual Fund Treasurer, since 2025, Vice President since 2024, Assistant Treasurer, 2024 to 2025, Fund Administration Manager, 2020 to 2023, Ariel Investments, LLC. |
| **Emma L. Rodriguez –**<br> **Ayala**<br> (1981) | Vice President and Secretary | Indefinite, until successor elected; Since 2023. | Executive Vice President and Chief Administrative Officer, since 2024, General Counsel and Board Secretary, since 2023, Anti-Money Laundering Officer, 2023 to 2025, Senior Vice President, January 2023 to December 2023, Ariel Investments, LLC; General Counsel and Chief Compliance Officer, LGIM America, 2020 to 2022. |

---

Ms. Rodriguez-Ayala also currently serves as Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary of Ariel Investments Holdco and all Ariel Investments, LLC affiliated entities, including, but not limited to, Ariel Alternatives, LLC, Ariel Distributors, LLC and Project Level Management Company, LLC. Ms. Fox also currently serves as Senior Vice President and Chief Compliance Officer of Ariel Distributors, LLC and serves as the Anti-Money Laundering Compliance Officer of all Ariel Investments, LLC affiliated entities, including, but not limited to, Ariel Distributors, LLC, Ariel Alternatives, LLC and Project Level Management Company, LLC. Mr. Calderon also currently serves as Senior Vice President, Finance, of Ariel Distributors, LLC and Ariel Capital Management Holdings, Inc., and Senior Vice President and Chief Financial Officer of Ariel Investments Holdco, Ariel Alternatives, LLC and Project Level Management Company, LLC.

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#### CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
The following tables list the holders of record of 5% or more of any Class of Fund's outstanding shares as of December 31, 2025. A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund, and a shareholder that owns more than 25% of the shares of a Fund is a "control person" of that fund. Shareholders with a controlling interest could affect the outcome of voting or the direction of management.

#### ARIEL FUND - Investor Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  VALIC Separate Account A<br> Attn: Chris Bauman<br> 2929 Allen Parkway, Suite A6-20<br> Houston, TX 77019 | Record | 28.00% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 13.04% |
|  Charles Schwab & Co, Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 10.78% |

---

#### ARIEL FUND - Institutional Class

---

| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 34.94% |
|  UBATCO & Co.<br> FBO College Savings Group<br> P.O. Box 82535<br> Lincoln, NE 68501 | Record | 9.66% |
|  District of Columbia 457 Def. Comp.<br> c/o Mission Square Retirement<br> 1101 4th Street SW, 8th Floor<br> Washington, D.C. 20024 | Record | 6.54% |
|  Charles Schwab & Co, Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 5.39% |

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#### ARIEL APPRECIATION FUND - Investor Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  VALIC Separate Account A<br> Attn: Chris Bauman<br> 2929 Allen Parkway, Suite A6-20<br> Houston, TX 77019 | Record | 28.59% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 11.29% |
|  Charles Schwab & Co., Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 7.92% |

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#### ARIEL APPRECIATION FUND - Institutional Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  Wells Fargo Clearing Services LLC<br> Special Custody Account for Exclusive Benefit of Customers<br> 2801 Market Street<br> St. Louis, MO 63103 | Record | 35.55% |
|  C/O IPO Portfolio Accounting<br> Nationwide Trust Company FSB<br> FBO Participating Retirement Plans<br> NTC-PLNS<br> P.O. Box 182029<br> Columbus, OH 43218 | Record | 25.80% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 13.82% |
|  Charles Schwab & Co, Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 5.20% |

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#### ARIEL FOCUS FUND - Investor Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 21.81% |
|  Raymond James & Assoc Inc.<br> FBO RJ 382HC736<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716 | Record | 18.62% |
|  Charles Schwab & Co., Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 9.09% |

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#### ARIEL FOCUS FUND - Institutional Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  Charles K Bobrinskoy &<br> Mary Anne Bobrinskoy JTWROS<br> c/o Ariel Capital Management LLC<br> 200 East Randolph Street, Suite 2900<br> Chicago, IL 60601 | Beneficial | 57.93% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 18.25% |

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#### ARIEL INTERNATIONAL FUND - Investor Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  Charles Schwab & Co., Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 40.92% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 13.95% |
|  Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399 | Record | 13.01% |
|  Ariel Distributors LLC Partnership<br> 200 East Randolph Street, Suite 2900<br> Chicago, IL 60601 | Beneficial | 5.64% |

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#### ARIEL INTERNATIONAL FUND - Institutional Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  Charles Schwab & Co., Inc.<br> Special Custody Account A/C FBO Customers<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 46.18% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 36.10% |
|  Reliance Trust Co. FBO.<br> Bank of Indy RR<br> Po Box 570788<br> Atlanta, GA 30357-5640 | Record | 6.16% |

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#### ARIEL GLOBAL FUND - Investor Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  Charles Schwab & Co., Inc.<br> Reinvest Account<br> Attn Mutual Fund Dept.<br> 211 Main Street<br> San Francisco, CA 94105 | Record | 33.34% |
|  Ariel Distributors LLC Partnership<br> 200 East Randolph Street, Suite 2900<br> Chicago, IL 60601 | Beneficial | 8.04% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 6.69% |

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#### ARIEL GLOBAL FUND - Institutional Class

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| | | |
|:---|:---|:---|
| **Name and Address** | **Ownership** | **% of Outstanding<br>Shares** |
|  Vanguard Brokerage Services<br> Bin 11111111<br> 100 Vanguard Blvd.<br> Malvern, PA 19355 | Record | 30.43% |
|  Northern Illinois Community Initiatives Inc.<br> 1844 W. Ferry Rd<br> Naperville, IL 60563 | Record | 18.43% |
|  Georgia Power Foundation Inc.<br> Bin SC1216<br> 30 Ivan Allen Jr. Blvd. NW<br> Atlanta, GA 30308 | Record | 17.62% |
|  National Financial Services LLC for Exclusive Benefit of Customers<br> Attn: Mutual Funds Dept. – 4<sup>th</sup> Floor<br> 499 Washington Blvd.<br> Jersey City, NJ 07310 | Record | 12.84% |
|  Capinco c/o US Bank NA<br> 1555 N Rivercenter Dr., Ste. 302<br> Milwaukee, WI 53212 | Record | 9.84% |

---

**Management Ownership** As of December 31, 2025, the Trustees and Officers of the Trust as a group owned less than 1% of the Investor Class shares and the Institutional Class shares of Ariel Fund; 1.18% of the Investor Class shares and 1.31% of the Institutional Class shares of Ariel Appreciation Fund; 17.98% of the Investor Class shares and 6.12% of the Institutional Class shares of Ariel Focus Fund; less than 1% of the Investor Class shares and the Institutional Class shares of Ariel International Fund; and less than 1% of the Investor Class shares and 3.06% of the Institutional Class shares of Ariel Global Fund.

------

As of December 31, 2025, the Adviser owned for its corporate account less than 1% of the Investor Class shares and Institutional Class shares of the Funds, except for the Investor Class shares of Ariel Focus Fund of which the Adviser owns 1.93%. As of December 31, 2025, the Distributor owned for its corporate account less than 1% of the Investor Class shares and Institutional Class share of the Funds , except for the Investor Class shares of Ariel Focus Fund of which the Distributor owns 2.92%, the Investor Class shares of Ariel International Fund of which the Distributor owns 5.63% and the Investor Class shares of Ariel Global Fund of which the Distributor owns 8.04%. Each of the Interested Trustees and Officers of the Trust hold an indirect beneficial ownership interest in the shares held by the Adviser and the Distributor for their corporate accounts through the Interested Trustees' and Officers' respective ownership interests in the Adviser and the Distributor. Such indirect beneficial ownership interests are less than 1% except as follows: John W. Rogers, Jr.'s indirect beneficial ownership interest of 1.54% in the Investor Class shares of Ariel Focus Fund, 1.78% of the Investor Class shares of Ariel International Fund, and 2.55% of the Investor Class shares of Ariel Global Fund; and Mellody Hobson's indirect beneficial ownership interest of 2.34% of the Investor Class shares of Ariel Focus Fund, 2.71% of the Investor Class shares of Ariel International Fund and 3.88% of the Investor Class shares of Ariel Global Fund.

------

#### APPENDIX

#### Ratings for Corporate Debt Obligations
<u>The following is a description of Moody's Investors Service, Inc.'s long-term ratings:</u> 

Aaa: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A: Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security. 

<u>The following is a description of Standard & Poor's Corporation's long-term issue credit ratings\*:</u> 

AAA: An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA: An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

<u>The following is a description of Fitch, Inc. credit ratings\*:</u> 

AAA: Highest Credit Quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA: Very High Credit Quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A: High Credit Quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

------

BBB: Good Credit Quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

\* Ratings from Standard & Poor's and Fitch may be modified by the addition of a plus (+) or (-) sign to show relative standing within the rating categories.

#### Ratings for Commercial Paper
<u>The following are Standard & Poor's Corporation's short-term issue credit ratings:</u> 

A-1: A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

<u>The following is a description of Moody's Investors Service, Inc.'s short-term ratings:</u> 

P-1 Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

<u>The following is a description of Fitch, Inc. national short-term credit ratings:</u> 

F1: Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. This rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

F2: Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

------

#### PART C:

#### (Ariel Investment Trust)

#### OTHER INFORMATION

#### ITEM 28. EXHIBITS

---

| | |
|:---|:---|
| (a) | [Declaration of Trust dated August 1, 1986 filed herewith.](d59093dex99a.htm) |
| (i) | [Amendment (Name Change) dated November 6, 2001, to the Declaration of Trust was previously filed with Post- Effective Amendment No. 26 to the Trust's Registration Statement on Form N-1A on January 29, 2002, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000091205702003085/a2068792zex-99_a.txt) |
| (b) | [By-Laws, as amended August 8, 2000, were previously filed with Post-Effective Amendment No. 67 to the Trust's Registration Statement on Form N-1A on January 27, 2020, and are incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312520015247/d827091dex99b.htm) |
| (c) | *Instruments Defining Rights of Security Holders—not applicable.* |
| (d)<br> (i) | [Management Agreement (for Ariel Fund, Ariel Focus Fund, and Ariel Appreciation Fund) dated February 1, 1995, was previously filed with Post-Effective Amendment No. 17 to the Trust's Registration Statement on Form N-1A on January 24, 1996, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/0000950131-96-000137.txt) |
|  | (1) [Assumption Agreement dated February 1, 2004, for Management Agreement was previously filed with Post-Effective Amendment No. 30 to the Trust's Registration Statement on Form N-1A on November 23, 2004, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000104746904035053/a2147032zex-99_d1.txt) |
|  | (2) [Addendum dated May 17, 2005, to the Management Agreement was previously filed with Post-Effective Amendment No. 33 to the Trust's Registration Statement on Form N-1A on June 30, 2005, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000104746905018524/a2160370zex-99_d1.txt) |
|  | (3) [Addendum dated November 16, 2010, to the Management Agreement was previously filed with Post-Effective Amendment No. 41 to the Trust's Registration Statement on Form N-1A on November 17, 2010, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000089418910004207/mgmt_agmt.htm) |
|  | (4) [First Amendment to Addendum to Management Agreement dated November 19, 2013—was previously filed with Post-Effective Amendment No. 53 to the Trust's Registration Statement on Form N-1A on November 26, 2013, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000089418913006524/mgmt-add.htm) |
| (ii) | [Advisory Agreement (for Ariel International Fund and Ariel Global Fund) dated November 15, 2011, was previously filed with Post-Effective Amendment No. 46 to the Trust's Registration Statement on Form N-1A on December 30, 2011, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000089418911005917/mgmt_agmt.htm) |
|  | (1) [First Amendment to Addendum to Advisory Agreement dated November 19, 2013—was previously filed with Post-Effective Amendment No. 53 to the Trust's Registration Statement on Form N-1A on November 26, 2013, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000089418913006524/advy-add.htm) |
| (e) | [Underwriting Agreement was previously filed with Post-Effective Amendment No. 17 to the Trust's Registration Statement on Form N-1A on January 24, 1996, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/0000950131-96-000137.txt) |
| (i) | [Addendum dated October 15, 2001, to the Underwriting Agreement between Ariel Distributors, LLC and Ariel Growth Fund d/b/a Ariel Investment Trust was previously filed with Post-Effective Amendment No. 25 to the Trust's Registration Statement on Form N-1A on October 24, 2001, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000091205701536476/a2061622zex-99_d.txt) |
| (ii) | [Addendum dated May 17, 2005, to the Underwriting Agreement between Ariel Distributors, LLC and Ariel Growth Fund d/b/a Ariel Investment Trust was previously filed with Post-Effective Amendment No. 33 to the Trust's Registration Statement on Form N-1A on June 30, 2005, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000104746905018524/a2160370zex-99_d1.txt) |

---

------

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| | |
|:---|:---|
| (iii) | [Addendum dated November 16, 2010, to the Underwriting Agreement between Ariel Distributors, LLC and Ariel Investment Trust was previously filed with Post-Effective Amendment No. 41 to the Trust's Registration Statement on Form N-1A on January 28, 2011, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000089418910004207/underwriting_agmt.htm) |
| (iv) | [Addendum dated November 15, 2011, to the Underwriting Agreement between Ariel Distributors, LLC and Ariel Investment Trust was previously filed with Post-Effective Amendment No. 46 to the Trust's Registration Statement on Form N-1A on December 30, 2011, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000089418911005917/adunwtg_agmt.htm) |
| (f) | *Bonus or Profit Sharing Contracts—not applicable.* |
| (g) | [Custody Agreement dated March 24, 2016, between Ariel Investment Trust and The Northern Trust Company was previously filed with Post-Effective Amendment No. 61 to the Trust's Registration Statement on Form N-1A on January 26, 2017, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312517019767/d282974dex99g.htm) |
| (i) | [Amendment to the Custody Agreement dated August 21, 2024, between Ariel Investment Trust and The Northern Trust Company was previously filed with Post-Effective Amendment No. 73 to the Trust's Registration Statement on Form N-1A on January 28, 2025, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312525014456/d843438dex99gi.htm) |
| (ii) | [Letter Agreement dated October 1, 2025, between Ariel Investment Trust and The Northern Trust Company filed herewith.](d59093dex99gii.htm) |
| (h) | *Other Material Contracts.* |
| (i) | Agreements to Waive Fees and Reimburse Expenses. |
|  | (1) [Agreement to Waive Fees and Reimburse Expenses (Ariel Focus Fund) dated November 28, 2023 was previously filed with Post-Effective Amendment No. 72 to the Trust's Registration Statement on Form N-1A on January 26, 2024, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
|  | (2) [Agreement to Waive Fees and Reimburse Expenses (Ariel International Fund) dated November 28, 2023 was previously filed with Post-Effective Amendment No. 72 to the Trust's Registration Statement on Form N-1A on January 26, 2024, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
|  | (3) [Agreement to Waive Fees and Reimburse Expenses (Ariel Global Fund) dated November 28, 2023 was previously filed with Post-Effective Amendment No. 72 to the Trust's Registration Statement on Form N-1A on January 26, 2024, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
| (ii) | [Transfer Agent Servicing Agreement dated January 1, 2016, between Ariel Investment Trust and U.S. Bancorp Services, LLC was previously filed with Post-Effective Amendment No. 61 to the Trust's Registration Statement on Form N-1A on January 26, 2017, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312517019767/d282974dex99hii.htm) |
|  | (1) [First Amendment to Amended and Restated Transfer Agent Servicing Agreement dated January 1, 2021 was previously filed with Post-Effective Amendment No. 69 to the Trust's Registration Statement on Form N-1A on January 28, 2021, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312521020133/d847889dex99hii1.htm) |
|  | (2) [Second Amendment to Amended and Restated Transfer Agent Servicing Agreement dated December 20, 2021 was previously filed with Post-Effective Amendment No. 70 to the Trust's Registration Statement on Form N-1A on January 28, 2022, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312522021344/d624620dex99hii2.htm) |
|  | (3) [Third Amendment to Amended and Restated Transfer Agent Servicing Agreement dated December 15, 2022 was previously filed with Post-Effective Amendment No. 71 to the Trust's Registration Statement on Form N-1A on January 26, 2023, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312523016333/d639566dex99hii2.htm) |
|  | (4) [Fourth Amendment to Amended and Restated Transfer Agent Servicing Agreement dated January 10, 2024 was previously filed with Post-Effective Amendment No. 72 to the Trust's Registration Statement on Form N-1A on January 26, 2024, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
|  | (5) [Fifth Amendment to Amended and Restated Transfer Agent Servicing Agreement dated November 26, 2024 was previously filed with Post-Effective Amendment No. 73 to the Trust's Registration Statement on Form N-1A on January 28, 2025, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312525014456/d843438dex99hii5.htm) |
|  | (6) [Sixth Amendment to Amended and Restated Transfer Agent Servicing Agreement dated December 2, 2025 filed herewith.](d59093dex99hii6.htm) |

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------

---

| | |
|:---|:---|
| (iii) | [Fund Administration and Accounting Services Agreement dated March 24, 2016, between Ariel Investments, LLC and The Northern Trust Company was previously filed with Post-Effective Amendment No. 61 to the Trust's Registration Statement on Form N-1A on January 26, 2017, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312517019767/d282974dex99hiii.htm) |
|  | (1) [Amendment to the Fund Administration and Accounting Services Agreement dated August 21, 2024 was previously filed with Post-Effective Amendment No. 73 to the Trust's Registration Statement on Form N-1A on January 28, 2025, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312525014456/d843438dex99hiii1.htm) |
|  | (2) [Amendment to the Fund Administration and Accounting Services Agreement dated August 21, 2024 was previously filed with Post-Effective Amendment No. 73 to the Trust's Registration Statement on Form N-1A on January 28, 2025, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312525014456/d843438dex99hiii2.htm) |
| (iv) | [Line of Credit Agreement dated April 1, 2016 was previously filed with Post-Effective Amendment No. 61 to the Trust's Registration Statement on Form N-1A on January 26, 2017, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312517019767/d282974dex99hiv.htm) |
|  | (1) [Amendment to Line of Credit Agreement dated March 31, 2018 was previously filed with Post-Effective Amendment No. 65 to the Trust's Registration Statement on Form N-1A on January 25, 2019, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
|  | (2) [Amendment to Line of Credit Agreement dated March 31, 2020 was previously filed with Post-Effective Amendment No. 69 to the Trust's Registration Statement on Form N-1A on January 28, 2021, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
|  | (3) [Amendment to Line of Credit Agreement dated March 31, 2021 was previously filed with Post-Effective Amendment No. 70 to the Trust's Registration Statement on Form N-1A on January 28, 2022, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312522021344/d624620dex99hvii.htm) |
|  | (4) [Amendment to Line of Credit Agreement dated March 31, 2022 was previously filed with Post-Effective Amendment No. 71 to the Trust's Registration Statement on Form N-1A on January 26, 2023, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312523016333/d639566dex99hvii.htm) |
|  | (5) [Amendment to Line of Credit Agreement dated March 31, 2023 was previously filed with Post-Effective Amendment No. 72 to the Trust's Registration Statement on Form N-1A on January 26, 2024, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm) |
|  | (6) [Amendment to Line of Credit Agreement dated March 31, 2024 was previously filed with Post-Effective Amendment No. 73 to the Trust's Registration Statement on Form N-1A on January 28, 2025, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312525014456/d843438dex99hiv6.htm) |
|  | (7) [Amendment to Line of Credit Agreement dated March 31, 2025 filed herewith.](d59093dex99hiv7.htm) |
| (v) | [Power of Attorney dated November 12, 2024 was previously filed with Post-Effective Amendment No. 73 to the Trust's Registration Statement on Form N-1A on January 28, 2025, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000119312525014456/d843438dex99hv.htm) |

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------

(i) *Legal Opinion.*

(i) [Legal Opinion dated January 26, 2026 filed herewith.](d59093dex99ii.htm)

(j) [Consent of Independent Registered Public Accounting Firm filed herewith.](d59093dex99j.htm)

(k) *Omitted Financial Statements* –not applicable.

(l) *Initial Capital Agreements* –not applicable.

(m) [Distribution (Rule 12b-1) Plan was previously filed with Post-Effective Amendment No. 33 to the Trust's Registration Statement on Form N-1A on June 30, 2005, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/798365/000104746905018524/a2160370zex-99_m.txt)

(n) [Multiple Class (Rule 18f-3) Plan was previously filed with Post-Effective Amendment No. 44 to the Trust's Registration Statement on Form N-1A on October 12, 2011, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/798365/000119312524016845/d614721d485bpos.htm)

(p) *Codes of Ethics*

(i) [Code of Ethics of Trust, Investment Adviser and Principal Underwriter filed herewith.](d59093dex99pi.htm)

#### Item 29. Persons Controlled by or Under Common Control with Registrant.
No person is directly or indirectly controlled by or under common control with the Registrant.

#### Item 30. Indemnification.
Section 4 of Article XI of the Registrant's Declaration of Trust (exhibit 28(a) to this registration statement, which is incorporated herein by reference) provides that Registrant shall provide certain indemnification of its trustees and officers. In accordance with Section 17(h) of the Investment Company Act, that provision shall not protect any person against any liability to the Registrant or its shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, negligence or reckless disregard of the duties involved in the conduct of his office.

The Registrant, its trustees and officers, Ariel Investments, LLC, the investment adviser to Registrant ("Ariel") and certain affiliated persons of Ariel and affiliated persons of such persons are insured under insurance maintained by Registrant and Ariel, within the limits and subject to the limitations of the policy, against certain expenses in connection with the defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings, to which they are parties by reason of being or having been such trustees, directors or officers. The policy expressly excludes coverage for any trustee or officer for loss on account of a claim for libel, slander or defamation; a dishonest, fraudulent or criminal act, where such act is established in fact; and personal profit, advantage or remuneration gained in fact by any trustee or officer, to which they were not legally entitled.

#### Item 31. Business and Other Connections of the Investment Adviser.
Ariel Investments, LLC, the Registrant's investment adviser, renders investment advisory services to a variety of clients in the United States, including individuals, businesses, investment companies, pension and profit-sharing plans, state and municipal government entities, charitable organizations, other investment advisers, and a private fund. Ariel Investments, LLC also offers its services to institutional separate account investors in certain regions outside the U.S. Ariel Investments, LLC is a wholly owned direct subsidiary of Ariel Investments Holding Company, LLC ("Ariel Investments Holdco"), a Delaware limited liability company. Ariel Capital Management Holdings, Inc., an Illinois corporation that is controlled by John W. Rogers, Jr., is a controlling owner of Ariel Investments Holdco. Mellody L. Hobson is also a controlling owner of Ariel Investments Holdco. The following directors of Ariel Investments, LLC have been engaged in other professions and/or employment capacities of a substantial nature during the Registrant's past two fiscal years, as indicated below. Information responsive to this item for Mellody L. Hobson and John W. Rogers, Jr., interested Trustees of the Registrant, as well as for all officers of the Registrant, may be found in the Statement of Additional Information.

------

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| | | |
|:---|:---|:---|
| **Name and Title with Adviser** | **Name of Company<br>Principal Business Address** | **Capacity** |
| Martijn Cremers, PhD<br> Director | University of Notre Dame<br> 258 Mendoza College of Business<br> Notre Dame, IN 46556 | Dean of the Mendoza College of Business Finance |
| Arne S. Duncan<br> Director | Emerson Collective<br> c/o Vistria Group<br> 300 East Randolph Street<br> Suite 3850<br> Chicago, IL 60601 | Managing Partner |
| Valerie B. Jarrett<br> Director | University of Chicago<br> 5801 S. Ellis Avenue<br> Chicago, IL 60637 | Trustee |
|  | Lyft, Inc.<br> 185 Berry St., Suite 5000<br> San Francisco, CA 94107 | Director<sup>1</sup> |
|  | Barack Obama Foundation<br> 5235 S. Harper Court, Suite 1140<br> Chicago, IL 60615 | CEO |

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------

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| | | |
|:---|:---|:---|
| **Name and Title with Adviser** | **Name of Company<br>Principal Business Address** | **Capacity** |
|  | Ralph Lauren<br> 650 Madison Avenue<br> New York, NY 10022 | Director |
|  | Walgreens Boots Alliance, Inc.<br> 108 Wilmot Road<br> Deerfield, IL 60015 | Director |
|  | Sweetgreen<br> 8840 Washington Boulevard<br> Culver City, CA 90232 | Director<sup>2</sup> |
| Fazal Merchant<br> Director | Sixth Street Partners<br> 345 California Street, Suite 3300<br> San Francisco, CA 94104 | Senior Advisor<sup>3</sup> |
|  | Warner Bros. Discovery, Inc.<br> 230 Park Avenue South<br> New York, NY 10003 | Director |
|  | Ryman Hospitality Properties<br> 1 Gaylord Drive<br> Nashville, TN 37214 | Director<sup>4</sup> |
|  | Ariel Alternatives, LLC<br> 477 Madison Avenue, Floor 14<br> New York, NY 10022 | Board Member |
|  | Wiz, Inc.<br> One Manhattan West, 57th Floor<br> New York, NY 10001 | President and Chief Financial Officer |
| Anthony D. Romero<br> Director | American Civil Liberties Union<br> 125 Broad Street, 18th Floor<br> New York, NY 10004 | Executive Director |
|  | Project Level Management Co., LLC<br> 200 E. Randolph St., Suite 2900<br> Chicago, IL 60601 | Director |
| Judy Smith<br> Director | Smith & Company<br> 600 New Hampshire Avenue NW<br> Washington DC 20036-2440 | Founder & President |
| Heather E. Tookes, PhD<br> Director | Yale School of Management,<br> Evans Hall,<br> 165 Whitney Avenue<br> New Haven, CT 06511 | Professor of Finance and Deputy Dean for Faculty |
|  | Dimensional Funds<br> 6300 Bee Cave Road<br> Austin, TX 78746 | Director |
|  | CRA International, Inc.<br> 200 Clarendon Street<br> Boston, Mass. 02116 | Director |
| Paula Wolff<br> Director | Illinois Justice Project<br> 21 S. Clark St., Suite 4301<br> Chicago, IL 60603 | Policy Advisor |
|  | The Johnson Foundation at Wingspread<br> 33 E. 4 Mile Road<br> Racine, WI 53402 | Director |
|  | Irving Harris Foundation<br> 191 N. Wacker Drive<br> Chicago, IL 60606 | Director |
| David Vitale<br> Director | DNP Select Income Fund<br> 200 South Wacker Drive, Suite 500<br> Chicago, IL 60606 | Chairman of the Board<sup>5</sup> |

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| | |
|:---|:---|
| **Name and Title with Adviser** | **Name of Company<br>Principal Business Address** |
|  | Duff & Phelps Utility and Infrastructure Fund Inc.<br> 200 South Wacker Drive, Suite 500<br> Chicago, IL 60606<br> Chairman of the Board<sup>5</sup> |
|  | DTF Tax-Free Income 2028 Term Fund Inc.<br> 200 South Wacker Drive, Suite 500<br> Chicago, IL 60606<br> Chairman of the Board<sup>5</sup> |
|  | Ariel Alternatives, LLC<br> 477 Madison Avenue, Floor 14<br> New York, NY 10022<br> Board Member<sup>6</sup> |

---

<sup>1</sup> Through October 12, 2023.

<sup>2</sup> Through June 12, 2025.

<sup>3</sup> Through January 9, 2025.

<sup>4</sup> Through March 17, 2025.

<sup>5</sup> Through March 10, 2025.

<sup>6</sup> Through December 31, 2024.

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#### Item 32. Principal Underwriter.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ariel Distributors, LLC, located at 200 East Randolph Street, Suite 2900, Chicago, IL 60601, serves as the principal underwriter of the Registrant. Ariel Distributors, LLC does not act as principal underwriter for any other investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Positions of Ariel Distributors, LLC's officers and managers:

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| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Position(s) with Underwriter** | **Position(s) with Registrant** |
| Bonnie Orlowski | Manager (Chair) and President | None |
| Emma L. Rodriguez-Ayala | Executive Vice President, Chief Administrative Officer, General Counsel and Secretary | Vice President and Secretary |
| Wendy D. Fox | Senior Vice President, Chief Compliance Officer and Anti-Money Laundering Compliance Officer | Vice President, Chief Compliance Officer and Anti-Money Laundering Compliance Officer |
| Mellody L. Hobson | Vice President | Chair, President and Trustee |
| Carlos E. Calderon | Senior Vice President, Finance | Vice President |
| Robert Campbell | Principal Financial Officer | None |

---

The business address of the above individuals is 200 East Randolph Street, Suite 2900, Chicago, Illinois 60601.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None.

#### Item 33. Location of Accounts and Records.
The location of accounts and records was provided in the most recent report on Form N-CEN filed by the Registrant.

#### Item 34. Management Services Not Discussed in Parts A and B.
Not Applicable.

#### Item 35. Undertakings.
Not applicable.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 74 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Chicago and State of Illinois on the 27<sup>th</sup> day of January, 2026.

---

| | |
|:---|:---|
| ARIEL INVESTMENT TRUST | ARIEL INVESTMENT TRUST |
| By: | /s/ Mellody L. Hobson |
|  | Mellody L. Hobson,<br> President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 74 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ William C. Dietrich\*<br> William C. Dietrich | Trustee | January 27, 2026 |
| /s/ Mellody L. Hobson<br> Mellody L. Hobson | President (Principal Executive Officer) and Trustee | January 27, 2026 |
| /s/ Eric H. Holder, Jr.\*<br> Eric H. Holder, Jr | Trustee | January 27, 2026 |
| /s/ Christopher G. Kennedy\*<br> Christopher G. Kennedy | Trustee | January 27, 2026 |
| /s/ Kim Y. Lew\*<br> Kim Y. Lew | Lead Independent Trustee | January 27, 2026 |
| /s/ John W. Rogers, Jr.\*<br> John W. Rogers, Jr. | Trustee | January 27, 2026 |
| /s/ James M. Williams\*<br> James M. Williams | Trustee | January 27, 2026 |
| /s/ Adam Nelson<br> Adam Nelson | Vice President and Treasurer (Principal Financial Officer) | January 27, 2026 |

---

------

---

| | |
|:---|:---|
| \*By: | /s/ Michael D. Jiang\* |
|  | Michael D. Jiang<br> Attorney-in-Fact |

---

\* Michael D. Jiang signs this document on behalf of each of the foregoing persons pursuant to the Powers of Attorney

------

#### EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit No** | **Document** |
| EX.99.a | [Declaration of Trust dated August 1, 1986](d59093dex99a.htm) |
| EX.99.g.ii | [Letter Agreement dated October 1, 2025, between Ariel Investment Trust and The Northern Trust Company](d59093dex99gii.htm) |
| EX.99.h.ii.(6) | [Sixth Amendment to Amended and Restated Transfer Agent Servicing Agreement dated December 2, 2025](d59093dex99hii6.htm) |
| EX.99.h.iv.(7) | [Amendment to Line of Credit Agreement dated March 31, 2025](d59093dex99hiv7.htm) |
| EX.99.i.i | [Legal Opinion dated January 26, 2026](d59093dex99ii.htm) |
| EX.99.j. | [Consent of Independent Registered Public Accounting Firm](d59093dex99j.htm) |
| EX.99.p.i | [Code of Ethics of Trust, Investment Adviser and Principal Underwriter, as amended December 31, 2025](d59093dex99pi.htm) |

---

## Ex-99.(A)

Exhibit 99.a

ARIEL GROWTH FUND

DECLARATION OF TRUST

---

| | | |
|:---|:---|:---|
| ARTICLE I | Name and Definitions | 1 |
|  | 1. Name. | 1 |
|  | 2. Definitions – |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Person, Assignment, Commission, Interested Person, Majority Shareholder Note, Principal Underwriter | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Trust | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accumulated Net Income | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shareholder | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Trustees | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 1940 Act | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Commission | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Business Day | 1 |
| ARTICLE II | Purpose of Trust | 1 |
| ARTICLE III | Beneficial Interest | 2 |
|  | 1. Shares of Beneficial Interest | 2 |
|  | 2. Ownership of Shares | 2 |
|  | 3. Investment in the Trust | 2 |
|  | 4. No Pre-emptive Rights | 3 |
|  | 5. Provisions Relating to Series of Shares | 3 |
| ARTICLE IV | The Trustees | 4 |
|  | 1. Management of the Trust | 4 |
|  | 2. Election of Trustees | 4 |
|  | 3. Term of Office of Trustees | 4 |
|  | 4. Termination of Service and Appointment of Trustees | 4 |
|  | 5. Temporary Absence of Trustee | 5 |
|  | 6. Number of Trustees | 5 |
|  | 7. Effect of Death, Resignation, Etc. of a Trustee | 5 |
|  | 8. Ownership of the Trust | 5 |
| ARTICLE V | Powers of the Trustees | 5 |
|  | 1. Powers | 5 |
|  | 2. Trustees and Officers as Shareholders | 8 |
|  | 3. Parties to Contract | 8 |
| ARTICLE VI | Trustees' Expenses and Compensation | 8 |
|  | 1. Trustee Reimbursement | 8 |
|  | 2. Trustee Compensation | 9 |

---

------

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| | | |
|:---|:---|:---|
|  ARTICLE VII | Investment Adviser, Administrative Services, Principal Underwriter and Transfer Agent | 9 |
|  | 1. Investment Adviser | 9 |
|  | 2. Administrative Services | 10 |
|  | 3. Principal Underwriter | 10 |
|  | 4. Transfer Agent | 10 |
|  ARTICLE VIII | Shareholders' Voting Powers and Meetings | 10 |
|  | 1. Voting Powers | 10 |
|  | 2. Meetings | 11 |
|  | 3. Quorum and Required Vote | 11 |
|  | 4. Proxies | 11 |
|  | 5. Additional Provisions | 11 |
|  ARTICLE IX | Custodians | 11 |
|  | 1. Appointment of Custodian and Duties | 12 |
|  | 2. Central Certificate System | 12 |
|  | 3. Special Custodians | 12 |
|  | 4. Special Depositories | 13 |
|  ARTICLE X | Distributions and Redemptions | 13 |
|  | 1. Distributions | 13 |
|  | 2. Redemptions and Repurchases | 14 |
|  | 3. Determination of Accumulated Net Income | 15 |
|  | 4. Net Asset Value of Shares | 15 |
|  | 5. Suspension of the Right of Redemption | 15 |
|  | 6. Trust's Right to Redeem Shares | 16 |
|  ARTICLE XI | Limitation of Liability and Indemnification | 16 |
|  | 1. Limitation of Personal Liability and Indemnification of Shareholders | 16 |
|  | 2. Limitation of Personal Liability of Trustees, Officers, Employees or Agents of the Trust | 16 |
|  | 3. Express Exculpatory Clauses and Instruments | 17 |
|  | 4. Mandatory Indemnification | 17 |
|  ARTICLE XII | Miscellaneous | 18 |
|  | 1. Trust is not a Partnership | 18 |
|  | 2. Trustee's Good Faith Action, Expert Advice, No Bond or Surety | 18 |
|  | 3. Establishment of Record Dates | 19 |
|  | 4. Termination of Trust | 19 |
|  | 5. Offices of the Trust, Filing of Copies References, Headings | 20 |
|  | 6. Applicable Law | 20 |
|  | 7. Amendments | 20 |
|  | 8. Conflicts with Law or Regulations | 20 |
|  | 9. Use of Name | 21 |

---

------

ARIEL GROWTH FUND

DECLARATION OF TRUST

DECLARATION OF TRUST made this 1st day of August, 1986, by John G. Guffey, Jr., and Wayne B. Bardsley, as Trustees.

WHEREAS, the Trustees desire to establish a trust fund for the investment and reinvestment of funds contributed thereto;

NOW, THEREFORE, the Trustees declare that all money and property contributed to the trust fund hereunder shall be held and managed under this Declaration of Trust IN TRUST as herein set forth below.

ARTICLE I

NAMES AND DEFINITIONS

Section 1. <u>Name</u>. This Trust shall be known as Ariel Growth Fund. Should the Trustees determine that the use of such name is not advisable or otherwise cease using such name, then they may hold the property of the Trust and conduct its business under another name of their choosing, and shall undertake to change the name of the Trust accordingly.

Section 2. <u>Definitions</u>. Wherever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms "Affiliated Person," "Assignment," "Interested Person," "Majority Shareholder Vote" (the 67% or 50% requirement of the third sentence of Section 2(a) (42) of the 1940 act, whichever may be applicable), and "Principal Underwriter" shall have the meanings given them in the Investment Company Act of 1940, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Trust" refers to Ariel Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Accumulated Net Income" means the accumulated net income of the Trust determined in the manner provided or authorized in Article X, Section 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Shareholder" means a record owner of Shares of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The "Trustees" refers to the individual trustees in their capacity as trustees hereunder of the Trust and their successor or successors for the time being in office as such Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Shares" means the equal proportionate units of interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of shares as well as whole shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "1940 Act" refers to the Investment Company Act of 1940, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The "Commission" refers to the Commission described in the 1940 Act and to any succeeding governmental authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A "Business Day" day means a day when the New York Stock Exchange is open for trading and the Trustees have not determined that the Trust shall be closed for business in observance of a holiday observed generally by banks in New York City, Washington, D.C., or by the offices of the Federal Government in Washington, D.C.

ARTICLE II

PURPOSE OF TRUST

The Trust is organized to operate as an investment company registered under the 1940 Act for the purpose of investing and reinvesting its assets in securities.

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ARTICLE III

BENEFICIAL INTEREST

Section 1. <u>Shares of Beneficial Interest</u>. The beneficial interest in the Trust shall at all times be divided into transferable Shares, without par value, each of which shall represent an equal proportionate interest in the Trust with each other Share outstanding, none having priority or preference over another, except to the extent modified by the Trustees under the provisions of this section. The number of Shares which may be issued is unlimited. The Trustees may from time to time divide or combine the outstanding Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in the Trust. Contributions to the Trust may be accepted for, and Shares shall be redeemed as, whole shares and/or fractions. Shares may be represented by certificates or by suitable entries in the books of the Trust.

From time to time as they deem appropriate, the Trustees may create Series and/or Classes of Shares. References in this Declaration of Trust to Shares of the Trust shall apply to each such Series of Shares and (to the extent not inconsistent with the rights and restrictions of a Class) to each such Class of Shares, except to the extent modified by the Trustees under the provisions of this Section.

Any Series of Shares created hereunder shall represent the beneficial interest in the assets (and related liabilities) allocated by the Trustees to such Series of Shares and acquired by the Trust only after creation of the respective Series of Shares and only on the account of such Series. Upon creation of any Series of Shares, the Trustees shall designate it appropriately and determine the investment policies with respect to the assets allocated to such Series of Shares, preferences, redemption rights, dividend rights, conversion rights, liquidation rights, voting rights, and such other rights and restrictions as the Trustees deem appropriate, to the extent not inconsistent with the provisions of this Declaration of Trust.

The Trustees may divide the Shares or any Series of Shares into more than one Class. Upon creation of any additional Class of Shares, the Trustees shall designate it appropriately and determine its preferences, redemption rights, dividend rights, conversion rights, liquidation rights, voting rights, and such other rights and restrictions as the Trustees deem appropriate.

Section 2. <u>Ownership of Shares</u>. The ownership of Shares shall be recorded in the books of the Trust or of a transfer agent. The Trustees may make such rules as they consider appropriate for the transfer of shares and similar matters. The record books of the Trust or any transfer agent, as the case may be, shall be conclusive as to who are the holders of the Shares and as to the number of Shares held from time to time by each.

Section 3. <u>Investment in the Trust</u>. The Trustees may accept investments in the Trust from such persons and on such terms as they may from time to time authorize and may cease offering Shares to the public at any time. After the date of the initial contribution of capital to the Trust, the number of Shares determined by the Trustees to represent the initial contribution shall be considered as outstanding, and the amount received by the Trustees on account of the

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contribution shall be treated as an asset of the Trust. Subsequent to such initial contribution of capital, Shares (including Shares which may have been redeemed or repurchased by the Trust) may be issued or sold at a price which will net the Trust, before paying any taxes in connection with such issue or sale, not less than the net asset value (as defined in Article X, Section 4) hereof; provided, however, that the Trustees may in their discretion impose a sales charge upon investments in the Trust.

Section 4. <u>No Pre-emptive Rights</u>. Shareholders shall have no pre-emptive or other right to subscribe to any additional Shares or other securities issued by the Trust or the Trustees.

Section 5. <u>Provisions Relating to Series of Shares</u>. Whenever no Shares of a Series are outstanding, then the Trustees may abolish such Series (or any Class of Shares of a Series for which there are no outstanding Shares). Whenever more than one Series of Shares is outstanding, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Belonging to Each Series</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, and proceeds thereof, and any funds derived from any reinvestment of such proceeds, shall irrevocably belong to that Series for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of the Trust. In the event there are assets, income, earnings, and proceeds thereof which are not readily identifiable as belonging to a particular Series, then the Trustees shall allocate such items to the various Series then existing, in such manner and on such basis as they, in their sole discretion, deem fair and equitable. The amount of each such item allocated to a particular Series by the Trustees shall then belong to that Series, and each such allocation shall be conclusive and binding upon Shareholders of all Series for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Belonging to Each Series</u>. The assets belonging to each particular Series shall be charged with the liabilities, expenses, costs and reserves of the Trust attributable to that Series; any general liabilities, expenses, costs and reserves of the Trust which are not readily identifiable as attributable to a particular Series shall be allocated by the Trustees to the various Series then existing, in such manner and on such basis as they, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series Shares, Dividends and Liquidation</u>. Each Share of each respective Class of a Series shall have the same rights and pro rata beneficial interest in the assets and liabilities of the Series as any other such Share. Any dividends paid on the Shares of any Series shall be only payable from and to the extent of the assets (net of liabilities) belonging to that Series. In the event of liquidation of a Series, only the assets (less provision for liabilities) of that Series shall be distributed to the holders of the Shares of that Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voting by Series</u>. Except as provided in this section or as limited by the rights and restrictions of any Class, each Share of the

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Trust shall vote with and in the same manner as any other Share on matters submitted to a vote of the Shareholders, without differentiation among votes from the separate Series; provided, however, that (i) as to any matter with respect to which a separate vote of any Series is required by the 1940 Act or would be required under the Massachusetts Business Corporation Law if the Trust were a Massachusetts Business Corporation, such requirements as to a separate vote by the Series shall apply in lieu of the voting described above herein; (ii) in the event that the separate vote requirements referred to in (i) above apply with respect to one or more Series, then, subject to (iii) below, the Shares of all other Series shall vote without differentiation among their votes; and (iii) as to any matter which does not affect the interest of a particular Series, only the holders of Shares of one or more affected Series shall be entitled to vote.

ARTICLE IV

THE TRUSTEES

Section 1. <u>Management of the Trust</u>. The business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility.

Section 2. <u>Election of Trustees</u>. The individuals executing as Trustees this Declaration of Trust shall serve until their successors are elected at the first meeting of the sole shareholder of the Trust and such successors accept their appointments. Thereafter, the Trustees shall serve for such regular terms as may be provided in the By-laws of the Trust.

Section 3. <u>Term of Office of Trustees</u>. The Trustees shall hold office during the lifetime of this Trust and until the expiration of the term of office for which each was elected, except that (a) any Trustee may resign this trust by written instrument signed by him and delivered to the other Trustees, which shall take effect upon such delivery or upon such later date as is specified therein; (b) any Trustee may be removed at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective; (c) any Trustee who requests in writing to be retired or who has become mentally or physically incapacitated may be retired by written instrument signed by a majority of the other Trustees, specifying the date of his retirement; (d) a Trustee may be removed at any special meeting of Shareholders of the Trust by a vote of two-thirds of the outstanding Shares; and (e) a Trustee may be removed upon the filing with the Custodian appointed pursuant to Article IX hereof a written declaration signed by shareholders holding in the aggregate two-thirds of the outstanding stocks.

Section 4. <u>Termination of Service and Appointment of Trustees</u>. In case of the death, resignation, retirement, removal or mental or physical incapacity of any of the Trustees, or in case a vacancy shall, by reason of an increase in number, or for any other reason, exist, the remaining Trustees shall fill such vacancy by appointing for the remaining term of the predecessor Trustee such other person as they in their discretion shall see fit. Such appointment shall be effected by the signing of a written instrument by a majority of the Trustees in

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office. Within three months of such appointment, the Trustees shall cause notice of such appointment to be mailed to each Shareholder at his address as recorded on the books of the Trust. An appointment of a Trustee may be made by the Trustees then in office and notice thereof mailed to Shareholders as aforesaid in anticipation of a vacancy to occur by reason of retirement, resignation or increase in number of Trustees effective at a later date, provided that said appointment shall become effective only at or after the effective date of said retirement, resignation or increase in number of Trustees. As soon as any Trustee so appointed shall have accepted this Trust, the trust estate shall vest in the new Trustee or Trustees, together with the continuing Trustees, without any further act or conveyance, and he shall be deemed a Trustee hereunder. Any appointment authorized by this Section 4 is subject to the provisions of Section 16(a) of the 1940 Act, as applicable.

Section 5. <u>Temporary Absence of Trustee</u>. Any Trustee may, by power of attorney, delegate his power for a period not exceeding six months at any one time to any other Trustee or Trustees, provided that in no case shall less than two of the Trustees personally exercise their power hereunder, except as herein otherwise expressly provided.

Section 6. <u>Number of Trustees</u>. The number of Trustees serving hereunder at any time shall be determined by the Trustees themselves, but once Shares have been issued shall not be less than three (3) nor more than fifteen (15).

Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled or while any Trustee is physically or mentally incapacitated, the other Trustees shall have all the powers hereunder and the certificate signed by a majority of the other Trustees of such vacancy, absence or incapacity, shall be conclusive, provided, however, that no vacancy which reduced the number of Trustees below three (3) shall remain unfilled for a period longer than six calendar months.

Section 7. <u>Effect of Death, Resignation, etc., of a Trustee</u>. The death, resignation, retirement, removal or mental or physical incapacity of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

Section 8. <u>Ownership of the Trust</u>. The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or by any successor Trustees. All of the assets of the Trust shall at all times be considered as vested in the Trustees. No Shareholder shall be deemed to have severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate undivided beneficial interest in the Trusts.

ARTICLE V

POWER OF THE TRUSTEES

Section 1. <u>Powers</u>. The Trustees in all instances shall act as principals and are and shall be free from the control of the Shareholders. The Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that they may consider necessary or appropriate in

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connection with the management of the Trust. The Trustees shall not be bound or limited by present or future laws or customs in regard to investment by Trustees or fiduciaries, but shall have full authority and power to make any and all investments which they, in their uncontrolled discretion, shall deem proper to accomplish the purpose of this Trust. Without limiting the foregoing, the Trustees shall have the following specific powers and authority, subject to any applicable limitation in this Declaration of Trust or in the By-Laws of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To buy, and invest funds of the Trust, in securities including, but not limited to, common stocks, preferred stocks, bonds, debentures, warrants and rights to purchase securities, options, certificates of beneficial interest, money market instruments, notes or other evidences of indebtedness issued by corporations, trusts, associations, or banking institutions, domestic or foreign, or issued or guaranteed by the United States of America or any agency or instrumentality thereof, by the government of any foreign country, by any State of the United States (including the District of Columbia, Puerto Rico and Guam) or by any political subdivision or agency or instrumentality of any State or foreign country, or in "when-issued" or "delayed-delivery" contracts for any such securities, or in any repurchase agreement (agreement under which the seller agrees at the time of sale to repurchase the security at an agreed time and price); or retain Trust assets in cash, and from time to time change the investments constituting the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To adopt By-Laws not inconsistent with the Declaration of Trust providing for the conduct of the business of the Trust and to amend and repeal them to the extent that they do not reserve that right to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To elect and remove such officers and appoint and terminate such agents as they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To appoint or otherwise engage one or more banks or trust companies or member firms of any national securities exchange registered under the Securities Exchange Act of 1934 as custodian of any assets of the Trust, subject to any conditions set forth in this Declaration of Trust or in the By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To appoint or otherwise engage custodial agents, transfer agents, dividend disbursing agents, shareholder servicing agents, investment advisers, sub-investment advisers, principal underwriters, administrative service agents, and such other agents as the Trustees may from time-to-time appoint or otherwise engage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To provide for the distribution or interests of the Trust either through a principal underwriter in the manner hereinafter provided for or by the Trust itself, or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To set record dates in the manner hereinafter provided for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To delegate such authority as they consider desirable to a Committee or Committees composed of Trustees, including without limitation, an Executive Committee, or to any officers of the Trust and to any agent, custodian or underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To sell or exchange any or all of the assets of the Trust, subject to the provisions of Article XII, Section 4(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute

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and deliver powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To exercise powers and rights of subscription or otherwise which in any manner arises out of ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form; or either in its own name or in the name of a custodian or a nominee or nominees, subject in eithercase to proper safeguards according to the usual practice of Massachusetts trust companies or investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or concern, any security of which is held in the Trust; to consent to any contract, lease, mortgage, purchase, or sale of property by such corporation or concern, and to pay calls or subscriptions with respect to any security held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To engage in and to prosecute, compound, compromise, abandon, or adjust, by arbitration, or otherwise, any actions, suits, proceedings, disputes, claims, demands, and things relating to the Trust, and out of the assets of the Trust to pay, or to satisfy, any debts, claims or expenses incurred in connection therewith, including those of litigation, upon any evidence that the Trustees may deem sufficient (such powers shall include without limitation any actions, suits, proceedings, disputes, claims demands and things relating to the Trust wherein any of the Trustees may be named individually and the subject matter of which arises by reason of business for or on behalf of the Trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To make distributions of income and of capital gains to Shareholders in the manner hereinafter provided for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To borrow money and enter into reverse repurchase agreements (agreements in which the Trust sells assets while concurrently agreeing to repurchase such assets at a later date at a specific price) if such borrowings are made temporarily for extraordinary or emergency purposes or to permit redemptions of Shares without selling portfolio securities. Any borrowings hereunder may be made with or without collateral security, and the Trustees may, in their discretion, pledge, mortgage, charge, hypothecate or otherwise encumber the gross assets of the Trust as security for any loans or reverse repurchase agreements, subject to the limitations provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To lend portfolio securities of the Trust pursuant to policies established by the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To invest in securities having legal or contractual restrictions on their resale or for which no readily available market exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) From time-to-time to issue and sell the Shares of the Trust either for cash or for property whenever and in such amounts as the Trustees may deem desirable, but subject to the limitations set forth in Section 3 of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) To purchase insurance of any kind, including, without limitation, insurance on behalf of any person who is or was a Trustee,

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officer employee or agent of the Trust, or is or was serving at the request of the Trust as a trustee, director, officer, agent or employee of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) To redeem and repurchase shares in accordance with the provisions of Article X hereof.

No one dealing with the Trustees shall be under obligation to make any inquiry concerning the authority of the Trustees.

Section 2. <u>Trustees and Officers as Shareholders</u>. Any Trustee, officer or other agent of the Trust may acquire, own and dispose of Shares of the Trust to the same extent as if he were not a Trustee, officer or agent; and the Trustees may issue and sell or cause to be issued or sold Shares of the Trust to an interested person subject only to the general limitations herein contained as to the sale and purchase of such Shares; and all subject to any restrictions which may be contained in the By-Laws.

Section 3. <u>Parties to Contract</u>. The Trustees may enter into any contract of the character described in Section 1, 2, 3, or 4 of Article VII, or in Article IX hereof, or of any other character not prohibited by the 1940 Act with any corporation, firm, trust or association, although one or more of the Shareholders, Trustee, officers, employees, or agents of the Trust or their affiliates may be an Officer, director, trustee, shareholder or interested person of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, in the absence of actual fraud. The same person (including a firm, corporation, trust or association) may be the other party to contracts entered into pursuant to Sections 1, 2, 3, and 4 of Article VII or Article IX or any other capacity deemed legal under the 1940 Act, and any individual may be financially interested or otherwise an interested person of parties to any or all of the contracts mentioned in this Section 4.

ARTICLE VI

TRUSTEES' EXPENSES AND COMPENSATION

Section 1. <u>Trustee Reimbursement</u>. The Trustees shall be reimbursed from the Trust estate for all of their expenses and disbursements not otherwise reimbursed, including, without limitation, expenses of organizing the Trust and continuing its existence; fees and expenses of Trustees and officers of the Trust; fees for investment advisory services, administrative services and principal underwriting services provided for in Article VII, Sections 1, 2, 3; fees and expenses of preparing and printing its Registration Statements under the Securities Act of 1993 and the Investment Company Act of 1940 and any amendments thereto; expenses of registering and qualifying the Trust and its shares under Federal and state laws and regulations; expenses of preparing, printing and distributing prospectuses and any amendments thereof sent to Shareholders,

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underwriters, broker-dealers and to investors who may be considering the purchase of shares; expenses of registering, licensing or other authorization of the Trust as a broker-dealer and of its officers as agents and salesmen under Federal and state laws and regulations; interest expense, taxes, fees and commissions of every kind; expenses of issue (including cost of share certificates), repurchase and redemption of shares, including expenses attributable to a program or periodic issue; charges and expenses of custodians, transfer agents, dividend disbursing agents, shareholder servicing agents and registrars; printing and mailing costs; auditing, accounting and legal expenses; reports to Shareholders and governmental officers and commissions; expenses of meetings of Shareholders and proxy solicitations therefor; insurance expenses; association membership dues and nonrecurring items as may arise, including all losses and liabilities by them incurred in administering the Trust, including expenses incurred in connection with litigation, proceedings and claims and the obligations of the Trust under Article XI hereof to indemnify its Trustees, officers, employees, Shareholders and agents, and for the payment of such expenses, disbursements, losses and liabilities, the Trustees shall have a lien on the Trust estate prior to any rights or interests of the Shareholders thereto. This section shall not preclude the Trust from directly paying any of the aforementioned fees and expenses.

Section 2. <u>Trustee Compensation</u>. The Trustees shall be entitled to compensation from the Trust for their respective services as Trustees, to be determined from time-to-time by vote of the Trustees, and the Trustees shall also determine that compensation of all officers, consultants and agents who they may elect or appoint. The Trust may pay any Trustee or any corporation, firm, trust or association of which a Trustee is an interested person for services rendered to the Trust in any capacity not prohibited by the 1940 Act, and such payments shall not be deemed compensation for services as a Trustee under the first sentence of this Section 2 of Article VI.

ARTICLE VII

INVESTMENT ADVISER, ADMINISTRATIVE SERVICES,

PRINCIPAL UNDERWRITER AND TRANSFER AGENT

Section 1. <u>Investment Adviser</u>. Subject to a Majority Shareholder Vote, the Trustee may in their discretion from time-to-time enter into an investment advisory contract whereby the other party to such contract shall undertake to furnish the Trustees investment advisory services upon such terms and conditions and for such compensation by the Trustees may in their discretion determine. Subject to a Majority Shareholder Vote, the investment adviser may enter into a sub-investment advisory contract to receive investment advice, statistical and factual information from the sub-investment adviser upon such terms and conditions and for such compensation as the Trustees may in their discretion agree to. Notwithstanding any provisions of this Declaration of Trust, the Trustees may authorize the investment adviser or sub-investment adviser or any person furnishing administrative personnel and services as set forth in Article VII, Section 2 (subject to such general or specific instructions as the Trustees may from time-to-time adopt) to effect

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purchases, sales or exchanges of portfolio securities of the Trust of behalf of the Trustees or may authorize any officer or Trustee to effect such purchases, sales or exchanges pursuant to recommendations of the investment adviser (and all without further action by the Trustees). Any such purchases, sales and exchanges shall be deemed to have been authorized by the Trustees. The Trustees may also authorize the investment adviser to determine what firms shall be employed to effect transactions in securities for the account of the Trust and to determine what firms shall participate in any such transactions or shall share in commissions or fees charged in connection with such transactions.

Section 2. <u>Administrative Services</u>. The Trustees may in their discretion from time-to-time contract for administrative personnel and services whereby the other party shall agree to provide the Trustees administrative personnel and services to operate the Trust on a daily basis, on such terms and conditions as the Trustees may in their discretion determine. Such services may be provided by one or more entities.

Section 3. <u>Principal Underwriter</u>. The Trustees may in their discretion from time-to-time enter into an exclusive or non-exclusive contract or contracts providing for the sale of the shares of the Trust to net the Trust not less than the amount provided in Article III, Section 3 hereof, whereby the Trust may either agree to sell the Shares to the other party to the contract or appoint such other party its sales agent for such shares. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VII; and such contracts may also provide for the repurchase or sales of Shares of the Trust by such other party as principal or as agent of the Trust and may provide that the other party may maintain a market for shares of the Trust.

Section 4. <u>Transfer Agent</u>. The Trustees may in their discretion from time-to-time enter into transfer agency and shareholder services contracts whereby the other party shall undertake to furnish to the Trustees transfer agency and Shareholder services. The contracts shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Declaration of Trust. Such services may be provided by one or more entities.

ARTICLE VIII

SHAREHOLDERS' VOTING POWERS AND MEETINGS

Section 1. <u>Voting Powers</u>. The Shareholders shall have power to vote (i) for the election of Trustees as provided in Article IV, Section 2; (ii) for the removal of Trustees as provided in Article IV, Section 3(d); (iii) with respect to any investment adviser or sub-investment adviser as provided in Article VII, Section 1; (iv) with respect to the amendment of this Declaration of Trust as provided in Article XII, Section 7; (v) to the same extent as the Shareholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should be brought or maintained derivatively or a class action on behalf of the Trust or the Shareholders; and (vi) with respect to such additional matters

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relating to the Trust as may be required by law, by this Declaration of Trust, or by By-Laws of the Trust or any regulation of the Trust by the Commission or any State, or as the Trustees may consider desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote, and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required or permitted by law, this Declaration of Trust or any By-Laws of the Trust to be taken by Shareholders.

Section 2. <u>Meetings</u>. Shareholder meetings shall be held as specified in Section 2 of Article IV and in the By-Laws at the principal office of the Trust or at such other place as the Trustees may designate. Special meetings of the Shareholders may be called by the Trustees or by officers of the Trust given such authority in the By-Laws and shall be called by the Trustees at a place designated by them upon the written request of Shareholders owning at least one-tenth of the outstanding Shares entitled to vote. Shareholders shall be entitled to at least ten days' notice of any meeting.

Section 3. <u>Quorum and Required Vote</u>. Except as otherwise provided by law, to constitute a quorum for the transaction of any business at any meeting of Shareholders there must be present, in person or by proxy, holders of one-fourth of the total number of Shares of the Trust then outstanding and entitled to vote at such meeting. If a quorum, as above defined, shall not be present for the purpose of any vote that may properly come before the meeting, the Shareholders present in person or by proxy and entitled to vote at such meeting on such matter holding a majority of the Shares present entitled to vote on such matter may by vote adjourn the meeting from time-to-time to be held at the same place without further notice than by announcement to be given at the meeting until a quorum, as above defined, entitled to vote on such matter shall be present, whereupon any such matter may be noted upon at the meeting as though held when originally convened. Subject to any applicable requirement of law or of this Declaration of Trust or by the By-Laws, a plurality of the votes cast shall elect a Trustee and all other matters shall be decided by a majority of the votes cast entitled to vote thereon.

Section 4. <u>Proxies</u>. Any vote by a Shareholder of the Trust may be made in person or by proxy, provided that no proxy shall be noted at any meeting unless it shall have been placed on file with the Trustees or their designate prior to the time the vote is taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more officers of the Trust. Only Shareholders of record shall be entitled to vote. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of providing invalidity shall rest on the challenger.

Section 5. <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

ARTICLE IX

CUSTODIANS

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Section 1. <u>Appointment of Custodian and Duties</u>. The Trustees shall appoint or otherwise engage a bank or trust company having an aggregate capital, surplus and undivided profits (as shown in its last published report) of at least two million dollars ($2,000,000) as its Custodian with authority as its agent, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To receive and hold securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To receive and receipt for any moneys due to the Trust and deposit the same in its own banking department or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To keep, if authorized to do so by the Trustees, the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To compute, if authorized to do so by the Trustees, the Accumulated Net Income of the Trust and the net asset value of the Shares in accordance with the provisions hereof;

all upon such basis of compensation as may be agreed upon between the Trustees and the Custodian. If so directed by a Majority Shareholder Vote, the Custodian shall deliver and pay over all property of the Trust held by it as specified in such vote.

The Trustee may also authorize the Custodian to employ one or more sub-custodians from time-to-time to perform such of the acts and services of the Custodian and upon such terms and conditions, as may be agreed upon between the Custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall be a bank or trust company organized under the laws of the United States or one of the States thereof and having an aggregate capital, surplus and undivided profits (as shown in its last published report) of at least two million dollars ($2,000,000) or a member firm of a national securities exchange registered under the Securities Exchange Act of 1934.

Section 2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the Custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Custodian at the direction of the Trustees.

Section 3. <u>Special Custodians</u>. The Trustees may appoint or otherwise engage any institution which would be permitted to act as a sub-custodian hereunder to act as a Special Custodian of the Trust. Any Special Custodian which is a member firm of a national securities

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exchange shall have custody only of securities owned by the Trust and shall not hold any of its cash. Special Custodians shall be appointed pursuant to a written agreement approved and thereafter at least annually ratified by the Trustees, and any such written agreement shall meet such requirements as may be specified by law or by the regulations of the Commission. Any such written agreement with a member firm of a national securities exchange shall also require that the Special Custodian shall deliver to the Custodian its receipt, evidencing that it holds the specific securities in question of behalf of the Trust in its safekeeping, before any payment can be made for such securities by the Trust. Special Custodians shall be used by the Trust only for proposes of safekeeping designated types of securities for periods of limited duration in cases where, in the opinion of the Trustees, officers of the Trust, its investment adviser or other authorized agent, such safekeeping services would be more appropriate or convenient to the Trust than the safekeeping of such securities with the Custodian.

Section 4. <u>Special Depositories</u>. The Trustees may by resolution appoint as Special Depositories any commercial banks insured by the Federal Deposit Insurance Corporation having aggregate capital, surplus and undivided profits (as shown in their respective last published reports) of at least two million dollars ($2,000,000). The Trust may maintain with a Special Depository only demand deposit accounts and shall not permit the aggregate balances in such accounts to exceed the amount of any fidelity bond covering any officer of the Trust authorized by the Trustees to have signature authority over such demand deposit accounts.

ARTICLE X

DISTRIBUTIONS AND REDEMPTIONS

Section 1. <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time-to-time declare and pay dividends, and the amount of such dividends and the payment of them shall be wholly in the direction of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees may declare Accumulated Net Income of the Trust (as defined in Section 3 of this Article X) as a dividend to Shareholders of record at such time as the Trustees shall designate, payable in additional full and fractional Shares or in cash. The Trustees may, if they deem it advisable, declare a negative dividend (or reverse split) and deduct such amount from the previously accumulated dividends of each Shareholder or from such Shareholder's interest in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may distribute in respect of any fiscal year as ordinary dividends and as capital gains distributions, respectively, amounts sufficient to enable the Trust as a regulated investment company to avoid any liability for federal income taxes in respect of that year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The decision of the Trustees as to what, in accordance with good accounting practice, is income and what is principal shall be final, and except as specifically provided herein, the decision of the Trustees as to what expenses and charges of the Trust shall be charged against principal and what against income shall be final. Any income not distributed in any year may be permitted to accumulate and as long

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as not distributed may be invested from time-to-time in the same manner as the principal funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustees shall have power, to the fullest extent permitted by law, at any time or from time-to-time, to declare and cause to be paid dividends, which, at the election of the Trustees, may be accrued, automatically reinvested in additional Shares (or fractions thereof) of the Trust or paid in cash or additional Shares, all upon such terms and conditions as the Trustees may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Anything in this instrument to the contrary notwithstanding, the Trustees may at any time declare and distribute a dividend consisting of Shares of the Trust.

Section 2. <u>Redemptions and Repurchases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Shareholder of record of the Trust at any time desires or authorizes the disposition of Shares recorded in his name, he or his authorized agent may deposit a written request (or such other form of request as the Trustees may from time-to-time authorize) requesting that the Trust purchase his Shares, together with such other instruments or authorization to effect the transfer as the Trustees may from time-to-time require, at the office of the Trust, and the Trust shall purchase his said Shares, but only at the net asset value of such Shares (as defined in Section 4 of this Article X) next determined by or on behalf of the Trustees after said request.

Payment for such Shares shall be made by the Trust to the Shareholder of record at a time determined by the Trustees within seven (7) days after the date upon which the request (and, if required, such other instruments or authorizations of transfer is deposited, subject to the right of the Trustees to postpone the date of payment pursuant to Section 5 of this Article X. If the redemption is postponed beyond the date on which it would normally occur by reason of a declaration by the Trustees suspending the right of redemption pursuant to Section 5 of this Article X, the right of the Shareholder to have his shares purchased by the Trust shall be similarly suspended, and he may withdraw his request (or such other instruments or authorizations of transfer) from deposit if he so elects; or, if he does not so elect, the purchase price shall be the net asset value of his Shares, determined next after termination of such suspension and payment therefor shall be made within seven (7) days thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust may purchase Shares of the Trust by agreement with the owner thereof (1) at the price not exceeding the net asset value per share determined next after the purchase or contract of purchase is made or (2) at a price not exceeding the net asset value per Share determined at some later time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares purchased by the Trust either pursuant to paragraph (a) or paragraph (b) of this Section 2 shall be deemed treasury Shares and may be resold by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Trustees determine that economic conditions would make it seriously detrimental to the best interests of the remaining Shareholders of the Trust to make payment wholly or partly in cash, the Trust may pay the redemption price in whole or in part by a distribution in kind of securities from the portfolio of the Trust, in lieu of cash, in conformity with applicable rules of the Commission, taking such securities at the same value employed in determining net

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asset value and selecting the securities in such manner as the Trustees may deem fair and equitable.

Section 3. <u>Determination of Accumulated Net Income</u>. The Accumulated Net Income of the Trust shall be determined by or on behalf of the Trustees daily or more frequently at the discretion of the Trustees, on each business day at such time or times as the Trustees shall in their discretion determine. Such determination shall be made in accordance with generally accepted accounting principles and practices and the accounting policies established by the Trustees and may include realized and/or unrealized gains from the sale or disposition of securities or other property of the Trust. The power and duty to determine Accumulated Net Income may be delegated by the Trustees from time-to-time to one or more of the Trustees or officers of the Trust, to the other party to any contract entered into pursuant to Section 1 or 2 of Article VII, or to the Custodian or to a transfer agent.

Section 4. <u>Net Asset Value of Shares</u>. The net asset value of each share of the Trust outstanding shall be determined at least once on each business day by or on behalf of the Trustees. The power and duty to determine net asset value may be delegated by the Trustees from time-to-time to one or more of the Trustees or officers of the Trust, to the other party to any contract entered into pursuant to Section 1 or 2 of Article VII, or to the Custodian or to a transfer agent.

The net asset value of each Share of the Trust as of any particular time shall be the quotient (adjusted to the number of significant digits determined by the Trustees) obtained by dividing the value, as of such time, of the net assets of the Trust (i.e., the value of the assets of the Trust less its liabilities exclusive of capital and surplus) by the total number of Shares outstanding (exclusive of treasury Shares) at such time in accordance with the requirements of the 1940 Act and any applicable rules, regulations and orders thereunder, and applicable provisions of the By-Laws of the Trust in conformity with generally accepted accounting practices and principles.

Section 5. <u>Suspension of the Rights of Redemption</u>. The Trustees may declare a suspension of the determination of net asset value and/or the right of redemption or postpone the date of payment for the whole or any part of any period (i) during which the New York Stock Exchange is closed other than customary weekend and holiday closings, (ii) during which trading on the New York Stock Exchange is restricted, (iii) during which an emergency exists as a result of which disposal by the Trust of securities owned by it is not reasonably practicable or it is not reasonable practicable for the Trust fairly to determine the value of its net assets, or (iv) during any other period when the Commission may permit suspension of the right of redemption or postponement of the date of payment on redemption by order, rule or interpretation for the protection of security holdings of the Trust; provided that applicable rules, interpretations and regulations of the Commission shall govern as to whether the conditions prescribed in (ii) or (iii) exist. Such suspension shall take effect at such time as the Trustees shall specify but not later than the close of business on the

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business day next following the declaration of suspension, and thereafter there shall be no right of redemption or payment until the Trustees shall declare the suspension at an end, except that the suspension shall terminate in any event on the first day on which said Stock Exchange shall have reopened or the period specified in (ii) or (iii) shall have expired (as to which in the absence of an official ruling by the Commission, the determination of the Trustees shall be conclusive).

Section 6. <u>Trust's Right to Redeem Shares</u>. The Trust shall have the right to cause the redemption of Shares in any Shareholder's account for their then current net asset value (which will be promptly paid to the Shareholder in cash) if at any time the total investment in the account does not have a minimum dollar value determined from time-to-time by the Trustees in their sole discretion. Shares of the Trust are redeemable at the option of the Trust if, in the opinion of the Trustees, ownership of the Trust Shares has or may become concentrated to an extent which would cause the Trust to be a personal holding company within the meaning of the Internal Revenue Code of 1954, as amended, and any successor statute (and thereby disqualified under Sub-chapter M of said Code); in such circumstances the Trust may compel the redemption of Shares, reject any order for the purchase of Shares or refuse to give effect to the Transfer of Shares.

ARTICLE XI

LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 1. <u>Limitation of Personal Liability and Indemnification of Shareholders</u>. The Trustees, officers, employees or agents of the Trust shall have no power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever, other than such as the Shareholder may at any time agree to pay by way of subscription to any Shares or otherwise.

No Shareholder or former Shareholder of the Trust shall be liable solely by reason of his being or having been a Shareholder for any debt, claim, action, demand, suit, proceeding, judgment, degree, liability or obligation of any kind, against, or with respect to the Trust arising out of any action taken or omitted for or on behalf of the Trust, and the Trust shall be solely liable therefor and resort shall be had solely to the Trust property for the payment or performance thereof.

Each Shareholder or former Shareholder of the Trust (or their heirs, executors, administrators or other legal representatives of, in case of a corporate entity, its corporate or general successor) shall be entitled to indemnity and reimbursement out of the Trust property to the full extent of such liability and the costs of any litigation or other proceedings in which such liability shall have been determined, including, without limitation, the fees and disbursements of counsel if, contrary to the provisions hereof, such Shareholder or former Shareholder of the Trust shall be held to personal liability.

The Trust shall, upon request by the Shareholder or former Shareholder, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon.

Section 2. <u>Limitation of Personal Liability of Trustees,</u> 

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 <u>Officers, Employees or Agents of the Trust</u>. No Trustee, officer, employee or agent of the Trust shall have the power to bind any other Trustee, officer, employee or agent of the Trust personally. The Trustees, officers, employees or agents of the Trust incurring any debts, liabilities or obligations, or in taking or omitting any other actions for or in connection with the Trust are, and each shall be deemed to be, acting as Trustee, officer, employee or agent of the Trust and not in his own individual capacity.

Provided they have acted under the belief that their actions are in the best interest of the Trust, the Trustees and officers shall not be responsible for or liable in any event for neglect or wrongdoing by them or any officer, agent, employee, investment adviser, principal underwriter, transfer agent or custodian of the Trust or of any entity providing administrative services for the Trust, but nothing herein contained shall protect any Trustee or officer against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Section 3. <u>Express Exculpatory Clauses and Instruments</u>. The Trustees shall use appropriate means to assure that all persons having dealings with the Trust shall be informed that the property of the Shareholders and the Trustees, officers, employees and agents of the Trust shall not be subject to claims against or obligations of the Trust to any extent whatsoever. The Trustees may cause to be inserted in any written agreement, undertaking or obligation made or issued on behalf of the Trust (including certificates for Shares of the Trust) an appropriate reference to this Declaration, providing that neither the Shareholders, the Trustees, the officers, the employees nor any agent of the Trust shall be liable thereunder, and that the other parties to such instrument shall look solely to the Trust property for the payment of any claim thereunder or for the performance thereof; but the omission of such provisions from any such instrument shall not render any Shareholder, Trustee, officer, employee or agent liable, nor shall the Trustee, or any officer, agent or employee of the Trust be liable to anyone for such omission. If, notwithstanding this provision, any Shareholder, Trustee, officer, employee or agent shall be held liable to any other person by reason of the omission of such provision from any such agreement, undertaking or obligation, the Shareholder, Trustee, officer, employee or agent shall be entitled to indemnity and reimbursement out of the Trust property, as provided in this Article XI.

Section 4. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject only to the provisions hereof and any applicable provisions of the By-Laws of the Trust, every person who is or has been a Trustee, officer, employee or agent of the Trust and every person who serves at the Trust's request as director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprises shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him in connection with any debt, claim, action, demand, suit, proceeding, judgment, decree, liability or obligation of any kind in which he becomes involved as a

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party or otherwise or is threatened by virtue of his being or having been a Trustee, officer, employee or agent of the Trust or of another corporation, partnership, joint venture, trust or other enterprise at the request of the Trust against amounts paid or incurred by him in the compromise or settlement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "claim", "action", "suit", or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, administrative, legislative, investigative or other, including appeals), actual or threatened, and the words "liabilities" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnification shall be provided to any person hereunder against any liabilities to the Trust or its Shareholders adjudicated to have been incurred by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such person's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee, officer, employee or agent may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee, officer, employee, or agent and shall inure to the benefit of the heirs, executors and administrators of such a person; provided, however, that no person may satisfy any right of indemnity or reimbursement granted herein except out of the property of the Trust, and no other person shall be personally liable to provide indemnity or reimbursement hereunder (except an insurer of surety of person otherwise bound by contract).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 4 may be paid by the Trust prior to final disposition thereof upon receipt of a written undertaking by or on behalf of the Trustee, officer, employee or agent to reimburse the Trust if it is ultimately determined under this Section 4 that he is not entitled to indemnification.

ARTICLE XII

MISCELLANEOUS

Section 1. <u>Trust is not a Partnership</u>. It is hereby expressly declared that a trust and not a partnership is created hereby.

Section 2. <u>Trustee's Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder in good faith and with reasonable care under the circumstances then prevailing, shall be binding upon everyone interested. Subject to the provisions of Article XI, the Trustees shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and, subject to the provisions of Article XI, shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

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Section 3. <u>Establishment of Record Dates</u>. The Trustees may close the Share transfer books of the Trust for a period not exceeding ninety (90) days preceding the date of any meeting of Shareholders, or the date for the payment of any dividend or the making of any distribution to Shareholders, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect; or in lieu of closing the Share transfer books as aforesaid, the Trustees may fix in advance a date, not exceeding ninety (90) days preceding the date of any meeting of Shareholders, or the date for the payment of any dividend or the making of any distribution to Shareholders, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect, or the last day on which the consent or dissent of Shareholders may be effectively expressed for any purpose, as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such meeting and any adjournment thereof, or entitled to receive payment of any such dividend or distribution, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of shares, or to exercise the right to give such consent or dissent, and in such case, such Shareholders and only such Shareholders as shall be Shareholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or distribution, or to receive such allotment or rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any Shares on the books of the Trust after any such date fixed as aforesaid.

Section 4. <u>Termination of Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Trust shall continue without limitation of time but subject to the provisions of paragraphs (b), (c) and (d) of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees, with the approval of the holders of a majority of the outstanding Shares, may merge, consolidate, or sell and convey the assets of the Trust including its goodwill to another trust or corporation organized under the laws of any state of the United States for an adequate consideration which may include the assumption of all outstanding obligations, taxes, and other liabilities, accrued or contingent, of the Trust and which may include shares of beneficial interest or stock of such trust or corporation. Upon making provision for the payment of all such liabilities by such assumption or otherwise, the Trustees shall distribute the net proceeds of the transaction ratably among the holdings of the Shares of the Trust then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to a Majority Shareholder Vote, the Trustees may at any time sell and convert into money all the assets of the Trust. Upon making provision for the payment of all outstanding obligations, taxes and other liabilities, accrued or contingent, of the Trust, the Trustees shall distribute the remaining assets of the Trust ratably among the holders of the outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon completion of the distribution of the remaining proceeds or the remaining assets as provided in paragraphs (b) and (c), the Trust shall be discharged of any and all further liabilities and

------

duties hereunder and the right, title, and interest of all parties shall be canceled and discharged.

Section 5. <u>Officers of the Trust, Filing of Copies, References, Headings</u>. The Trust may maintain such offices in such locations as the Trustees may from time-to-time determine. The original or a copy of this instrument and of each declaration of trust supplemental hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each supplemental declaration of trust shall be filed by the Trustees with the Massachusetts Secretary of State, as well as any other governmental office where such filings may from time-to-time be required. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such supplemental declaration of trust has been made and as to any matters in connection with the Trust hereunder, and with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or in any such supplemental declaration of trust. In this instrument or in any such supplemental declaration of trust, references to this instrument, and all expressions like "herein," "hereof" and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such supplemental declaration of trust. Headings are placed herein for convenience or reference only, and in case of any conflict, the text of this instrument, rather than the headings, shall control. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 6. <u>Applicable Law</u>. The Trust set forth in this instrument is created under and is to be governed by and construed and administered according to the laws of the Commonwealth of Massachusetts. The Trust shall be of the type commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

Section 7. <u>Amendments</u>. Prior to the initial issuance of Shares pursuant to the second sentence of Section 3 of Article III, a majority of the Trustees then in office may amend or otherwise supplement this instrument by making a declaration of trust supplemental hereto, which thereafter shall form a part hereof. Subsequent to such initial issuance of Shares, if authorized by a majority of the Trustees then in office and by a Majority Shareholder Vote, or by any larger vote which may be required by applicable law or this declaration of trust in any particular case, the Trustees shall amend or otherwise supplement this instrument, by making a Declaration of Trust supplemental hereto, which thereafter shall form a part hereof. Any such supplemental declaration of trust shall be signed by at least a majority of the Trustees then in office. Copies of the supplemental declaration of trust shall be filed as specified in Section 5 of this Article XII.

Section 8. <u>Conflicts with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration of Trust are severable, and if the Trustees determine, with the advice of counsel, that any such provision is in unresolvable conflict with the 1940 Act, with the provisions of the Internal Revenue Code relating to the tax treatment

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of a regulated investment company or other matters concerning regulated investment companies, or with other applicable laws or regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions hereof nor tender invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not attach to such provision in any other jurisdiction or any other provision hereof in any jurisdiction.

Section 9. <u>Use of Name</u>. The Trustees of the Trust acknowledge that, in consideration of its assumption of certain expenses of formation of the Trust, Calvert Asset Management Company, Inc., has reserved for itself the rights to the name "ARIEL GROWTH FUND" (or any similar name) and that use by the Trust of such name shall continue only with the continuing consent of Calvert Asset Management Company, Inc., which consent may be withdrawn at any time, effect immediately, upon written notice thereof to the trust.

IN WITNESS WHEREOF, the undersigned have executed this instrument on the date first written above.

---

| |
|:---|
| <u>/s/ John G. Guffey, Jr.</u> |
| John G. Guffey, Jr. |

---

---

| |
|:---|
| <u>/s/ Wayne B. Bardsley</u> |
| Wayne B. Bardsley |

---

## Ex-99.(G)(Ii)

![LOGO](g59093dsp137.jpg)

**Exhibit 99.g.ii** 

October 1, 2025

Ariel Investment Trust

200 East Randolph Street, Suite 2900

Chicago, IL 60601

Re: Class Action Service

Dear Adam,

This letter agreement (the "**Letter Agreement**") sets forth the terms and conditions under which The Northern Trust Company ("**Northern**") will provide class action services (the "**Services**") Ariel Investment Trust ("**Client**"), and the Client's acceptance of such Services and related terms. This Letter Agreement is entered into pursuant to, and supplements, the Custody Agreement, dated as of March 24, 2016 (as amended, restated or otherwise modified from time to time, the "**Agreement**") between the Client and Northern. Except as expressly modified herein, all terms and condition of the Agreement shall remain in full force and effect and shall apply to the Services described below.

In the event that Northern receives notice of a settled securities class action litigation, Northern will use reasonable endeavors to identify whether Northern held the relevant securities on behalf of the Client at the relevant time specified in the class action. In the event that the Client was an affected owner of the relevant securities, Northern will notify the Client accordingly, file the proof of a claim and the required documentation directly with the third party administrator appointed to process settlement claims and/or distribute settlement proceeds (the "**Claims Administrator**") and collect and receive payment from the Claims Administrator in relation to that class action unless otherwise directed by the Client. The Client acknowledges and agrees that Northern does not select and has no control over such Claims Administrators and Northern Trust shall have no liability for the actions or omissions of Claims Administrators.

In addition, Northern shall provide information to the Client of any class action litigation opportunities of which it is notified in respect of which the Client would be entitled to participate. Where the Client wishes to participate in such litigation, the Client agrees to appoint Northern to provide an active class action administration service as more particularly described below (the "**Active Class Action Service**"). In the performance of the Active Class Action Service, the Client and Northern agree as follows:

i. Northern will use its reasonable endeavors to determine whether it held the securities to which the class
action relates on behalf of the Client at the relevant time specified in the class action;

ii. Northern will determine whether the Client's potential recovery under the relevant class action exceeds
such materiality loss threshold as the Client and Northern shall agree from time to time;

iii. Northern will, without unreasonable delay, make available to the Client information in relation to the relevant
class action; and

iv. under no circumstances will Northern, nor any of its affiliates, foreign custodians or nominees, be named as a
participant to the relevant class action, it being understood that the Client as beneficial owner will participate in all class actions in its name and the appointment of any law firm, litigation funder or related party will be made by the Client
and not by Northern.

------

![LOGO](g59093dsp137.jpg)

Upon direction from the Client, Northern will liaise directly with the appointed law firm, litigation funders or related party during the course of the litigation process and submit to such law firm such documents as are reasonably requested. Northern shall collect and receive payment from the law firm in the relevant class action of any amounts payable to the Client. In the absence of any direction related to such class action, Northern will take no action.

The Client acknowledges that Northern will use the Client's transaction data and portfolio holdings records for the provision of the Active Class Action Service and such information may be shared with external law firms and litigation funders for the purposes of performing a preliminary loss analysis.

Northern may utilize Broadridge Financial Solutions, Inc. or another firm of recognized standing as its delegate to provide the Services. The Client acknowledges that the Services are only available in certain jurisdictions and Northern will make available to the Client upon request details of those markets in which this service is available.

In the event that the Client no longer wishes to receive the Services (including the Active Class Action Service), the Client shall provide Northern with at least ten (10) Business Days' prior notice in writing.

Attached to this Letter Agreement as Schedule C is a comprehensive fee schedule applicable to the Client and includes fees related to the Services (the "**Fee Schedule**"). The prior fee schedule which was attached to the Agreement as Schedule C is hereby amended and superseded by the Fee Schedule attached hereto, and shall be deemed to amend the Agreement accordingly. Please confirm your acceptance of this Letter Agreement and agreement with the provision of the Services as described in this Letter Agreement and the fees set forth in the Fee Schedule, by signing, dating and returning a signed copy of this Letter Agreement to us.

---

| | |
|:---|:---|
| **THE NORTHERN TRUST COMPANY** | **THE NORTHERN TRUST COMPANY** |
| By: | /s/ Bryan Rooney |
| Name: Bryan Rooney | Name: Bryan Rooney |
| Title: Vice President | Title: Vice President |

---

Terms of the Letter Agreement agreed to by:

**ARIEL INVESTMENT TRUST** 

---

| | |
|:---|:---|
| By: | /s/ Adam Nelson |
| Name: Adam Nelson | Name: Adam Nelson |
| Title: Vice President and Treasurer | Title: Vice President and Treasurer |

---

------

![LOGO](g59093dsp137.jpg)

SCHEDULE C

FEE SCHEDULE

[Redacted]

## Ex-99.(H)(Ii)(6)

Exhibit 99.h.ii.(6)

**ARIEL INVESTMENT TRUST** 

**SIXTH AMENDMENT TO AMENDED AND RESTATED** 

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS SIXTH AMENDMENT** dated as of December 2, 2025 (the "Effective Date"), to the Amended and Restated Transfer Agent Servicing Agreement, dated as of January 1, 2016, as amended (the "Agreement"), is entered into by and between **ARIEL INVESTMENT TRUST**, a Massachusetts business trust, (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC**, a Wisconsin limited liability company ("USBFS").

**WHEREAS**, the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the fees listed in Exhibit E of the Agreement;

**WHEREAS**, Section 13 of the Agreement allows for its amendment by written agreement executed by the parties and authorized or approved by the Board of Trustees of the Trust; and

**NOW THEREFORE**, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of August 1, 2025, Exhibit E of the Agreement is hereby superseded and replaced in its entirety with the Exhibit E attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Sixth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

---

| | | | |
|:---|:---|:---|:---|
| **ARIEL INVESTMENT TRUST** | **ARIEL INVESTMENT TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Adam Nelson | By: | /s/ Gregory Farley |
| Name: | Adam Nelson | Name: | Gregory Farley |
| Title: | Vice President and Treasurer | Title: | Senior Vice President |
| Date: | January 15, 2026 | Date: | January 15, 2026 |

---

------

**Exhibit E** 

**Transfer Agent Agreement – Ariel Investment Trust** 

**Transfer Agent, Shareholder & Account Services Fee Schedule** 

[Redacted]

## Ex-99.(H)(Iv)(7)

**EX.99.h.iv.(7)** 

**EXECUTION VERSION** 

THE NORTHERN TRUST COMPANY

50 South LaSalle St

Chicago, Illinois 60603

March 31, 2025

Ariel Investment Trust

c/o Ariel Investments LLC

200 East Randolph Street

Suite 2900Chicago, IL 60601

Attn: Mrs. Tricia Larkin

---

| | |
|:---|:---|
| Re: | <u>Ariel Investment Trust $125,000,000 Overdraft Facility—Renewal Amendment</u>  |

---

Dear Sirs,

Reference is made to that certain letter agreement dated as of April 1, 2016 by and between The Northern Trust Company (the **"Bank"**) and Ariel Investment Trust, a registered open-end management investment company (the "**Trust**") on behalf of the accounts, series or portfolios of the Trust which are listed beneath the Trust's name on the signature page thereto (each such account, series or portfolio, a "**Borrower**" and, collectively, the "**Borrowers**"), in respect of an overdraft facility not exceeding $125,000,000 (such letter as amended, restated supplemented or otherwise modified from time to time, the "**Facility Letter**"). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Facility Letter.

By its terms the Facility Letter is scheduled to terminate on March 31, 2025. We understand that the Borrowers wish to extend the term of the Facility Letter for an additional year which the Bank is willing to permit, subject to the terms and conditions of this letter agreement (this "**Amendment**").

**NOW, THEREFORE**, in consideration of the mutual agreements contained in this Amendment and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows.

---

| | |
|:---|:---|
| **1** | **AMENDMENT**  |

---

<u>Section</u> <u>1.6</u> of the Facility Letter is hereby amended so that the following definition reads in its entirety as follows:

"***Termination Date***": March 31, 2026.

------

---

| | |
|:---|:---|
| **2** | **ACKNOWLEDGEMENT**  |

---

Each Borrower acknowledges (i) the Bank's continuing right to cancel the Facility at any time upon written notice to the borrowers, at which time all sums outstanding under the Facility shall be repayable upon demand, and (ii) that such right is not limited or diminished in any way by this Amendment or the amendments contained herein.

---

| | |
|:---|:---|
| **3** | **REPRESENTATIONS AND WARRANTIES**  |

---

To induce the Bank to enter into this Amendment, the Trust on behalf of itself and each Borrower hereby represents and warrants on a continuing basis to the Bank that (it being agreed that the Trust represents and warrants only to matters with respect to itself and each Borrower, and each Borrower represents and warrants only to matters with respect to itself):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment and the Facility Letter (and the execution, delivery and performance thereof) have been duly authorized and, in the case of this Amendment, executed and delivered by it, and constitute its legal, valid and binding obligations enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The representations and warranties set forth in the Facility Letter are true and correct in all material respects (provided that all representations and warranties already qualified in the Facility Letter as to materiality or the absence of a material adverse effect are true and correct in *all* respects) on the date hereof with the same effect as if made on the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust's board of trustees have authorized the amendments to the Facility Letter effected by this Amendment, including the extension of the term of the Facility Letter for an additional year.

---

| | |
|:---|:---|
| **4** | **MISCELLANEOUS**  |

---

This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with, the substantive laws of the state of Illinois, without regard for its choice of law rules. Each Borrower, the Trust and the Bank hereby irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or relating to this Amendment or the transactions contemplated hereby.

------

This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which shall constitute, an original, and all of which together shall constitute one and the same agreement. A signed copy of this Amendment transmitted by a party to another party via facsimile or an emailed "pdf" version shall be binding on the signatory thereto. Delivery of an executed counterpart of a signature page of this Amendment and/or any document, amendment, approval, consent, information, notice certificate, request, statement, disclosure or authorization related to this Amendment, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "**Ancillary Document**") that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment or such Ancillary Document, as applicable. "**Electronic Signature**" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Bank under the Facility Letter, nor constitute a waiver of any provision thereof.

*[The remainder of this page intentionally left blank; signature page follows.]* 

------

If the foregoing correctly sets forth our arrangement, please indicate your acceptance of the terms hereof by signing in the appropriate space below and returning to the Bank an original executed copy of this Amendment.

---

| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/ Jack Stibich |
|  | Name: Jack Stibich |
|  | Title: Second Vice President |

---

---

| | |
|:---|:---|
| ACCEPTED AND AGREED TO BY: | ACCEPTED AND AGREED TO BY: |
| ARIEL INVESTMENT TRUST, on behalf of | ARIEL INVESTMENT TRUST, on behalf of |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariel Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariel Appreciation Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariel Focus Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariel International Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariel Global Fund |
| By: | /s/ Tricia Larkin |
|  | Name: Tricia Larkin |
|  | Title: Fund Treasurer |

---

## Ex-99.(Ii)

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| | | |
|:---|:---|:---|
| ![LOGO](g59093g85r61.jpg)  | ROPES & GRAY LLP<br>191 NORTH WACKER DRIVE<br>32nd FLOOR<br>CHICAGO, ILLINOIS 60606-4302<br>WWW.ROPESGRAY.COM | Exhibit 99.i.i |

---

January 26, 2026

Ariel Investment Trust

200 East Randolph Street

Suite 2900

Chicago, Illinois 60601

Ladies and Gentlemen:

We have acted as counsel to Ariel Investment Trust, a Massachusetts business trust (the "<u>Trust</u>"), in connection with the filing of the Trust's registration statement on Form N-1A to be filed with the Securities and Exchange Commission (the "<u>Commission</u>") on or about January 27, 2026 (the "<u>Registration Statement</u>") under the Securities Act of 1933, as amended, (the "<u>Securities Act</u>") and the Investment Company Act of 1940, as amended, (the "<u>Investment Company Act</u>") for the registration of an indefinite number of shares of beneficial interest (without par value) of each share class of each series of the Trust (collectively, the "<u>Series</u>") as set forth in Appendix A hereto (collectively, the "<u>Shares</u>").

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act.

In connection with this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Trust's Declaration of Trust, dated August 1, 1986, and the amendment thereto dated
November 6, 2021 (the "Declaration of Trust"), on file in the office of the Secretary of State of the Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trust's By-Laws, as amended as of August 8, 2000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certain votes of the Trustees of the Trust.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to

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![LOGO](g59093g50b34.jpg)

Ariel Investment Trust - 2 - January 26, 2026

the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

We are familiar with the actions taken by the Trustees of the Trust to authorize the issuance of the Shares. We assume that appropriate action has been taken to register or qualify the sale of the Shares of the Series under any applicable state and federal laws regulating offerings and sales of securities. We also have assumed that the Shares of the Series will be sold for the consideration described in the Registration Statement of the Trust on Form N-1A, as amended to the date of such sale, and that such consideration will in each event be at least equal to the net asset value per Share of such Shares.

We have not examined independently the question of what law would govern the interpretation or enforcement of any provision of the Declaration of Trust. For purposes of this opinion, we have relied solely on a certificate of good standing received from the Secretary of the Commonwealth of Massachusetts with respect to the Trust's standing as a duly established and validly existing unincorporated voluntary association with transferable shares under Massachusetts law (commonly known as a "Massachusetts business trust") and for purposes of this opinion have assumed that the interpretation and enforcement of each provision of the Declaration of Trust will be governed by the laws of the Commonwealth of Massachusetts. Our opinion is limited accordingly.

We have made such examination of Massachusetts law as we have deemed relevant for purposes of this opinion. We express no opinion as to the effect of laws, rules, and regulations of any state or jurisdiction other than the Commonwealth of Massachusetts.

The opinion expressed herein is limited to matters governed by the Securities Act and the Investment Company Act, and the rules and regulations promulgated thereunder (together, the "federal securities laws"), and the laws of the Commonwealth of Massachusetts. In particular, we express no opinion with respect to any matter governed by the securities or blue sky laws of the various states of the United States of America. To the extent that any opinion herein relates to matters governed by any laws other than the federal securities laws and/or the laws of the Commonwealth of Massachusetts, we have assumed that such laws are the same as the federal securities laws and/or the laws of the Commonwealth of Massachusetts in all relevant respects. We understand that all of the foregoing assumptions and limitations are acceptable to you.

Based upon and subject to the foregoing, we are of the opinion that (i) the Trust is authorized to issue Shares of the Series under Massachusetts law and (ii) upon the issue and sale of the authorized but unissued Shares of the Series and upon receipt of the authorized consideration therefore in an amount not less than the net asset value of the Shares of the Series established and in force at the time of their sale, the Shares of the Series issued will be validly issued, fully paid and non-assessable by the Trust.

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![LOGO](g59093g50b34.jpg)

Ariel Investment Trust - 3 - January 26, 2026

The opinion expressed in this letter is limited to the matter set forth in this letter, and no other opinion should be inferred beyond the matter expressly stated. The opinion expressed herein is given only as of the date hereof, and we undertake no responsibility to update or supplement this opinion letter after the date hereof for any reason.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder liability for payment under any credit, contract, or claim against the Trust or any series of the Trust. The Declaration of Trust provides for indemnification by the Trust of any shareholder or former shareholder held liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability should be limited to circumstances in which the Trust itself would be unable to meet its obligations.

We consent to the filing of this opinion as an exhibit to the Registration Statement.

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| |
|:---|
| Very truly yours, |
| /s/ Ropes & Gray LLP |
| Ropes & Gray LLP |

---

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![LOGO](g59093g50b34.jpg)

Ariel Investment Trust - 4 - January 26, 2026

**APPENDIX A** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Funds** | **Share Classes** |
| &nbsp;&nbsp;&nbsp;Ariel Fund | Investor Class<br> Institutional Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Ariel Appreciation Fund | Investor Class<br> Institutional Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Ariel Focus Fund | Investor Class<br> Institutional Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Ariel International Fund | Investor Class<br> Institutional Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Ariel Global Fund | Investor Class<br> Institutional Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Ex-99.(J)

Exhibit 99.j.

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 33-7699 on Form N-1A of our report dated November 13, 2025, relating to the financial statements and financial highlights of Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund, each a series of Ariel Investment Trust, appearing in Form N-CSR of Ariel Investment Trust for the year ended September 30, 2025, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Disclosure of Portfolio Holdings" and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, which are a part of such Registration Statement.

*/s/ DELOITTE & TOUCHE LLP*

Chicago, Illinois

January 26, 2026

## Ex-99.(P)(I)

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| | |
|:---|:---|
| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

---

**Code of Ethics** 

Ariel Capital Management Holdings, Inc., Ariel Investments, LLC, Ariel Investment Trust, Ariel Distributors,

LLC, Ariel Alternatives, LLC, Project Black Management Company, LLC, Project Level Management

Company, LLC and Ariel Investments Holding Company, LLC

As amended December 31, 2025

**A.** **Applicability** 

<u>Ariel Personnel</u> – You are subject to this Code of Ethics ("Code") if you are an employee or officer of Ariel Capital Management Holdings, Inc. ("ACM Holdings"), Ariel Investments, LLC ("Ariel Investments"), Ariel Investment Trust (the "Trust"), Ariel Distributors, LLC ("Distributor"), Ariel Alternatives, LLC ("Ariel Alternatives"), Project Black Management Company, LLC ("Project Black ManCo"), Project Level Management Company, LLC ("Project Level ManCo") or Ariel Investments Holding Company, LLC ("Ariel Investments HoldCo" and all such entities, collectively, the "Ariel Entities"). Consultants or interns for these entities may be subject to this Code as determined by these entities' respective Chief Compliance Officers.

<u>Disinterested Trustees</u> – "Disinterested Trustees" means an independent trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"). Disinterested Trustees are access persons of each series of the Trust ("Trust Fund"). If you are a Disinterested Trustee, you are subject to Code Section B "Governing Principles" with respect to the Trust Funds. You are not subject to Code Sections D, F, G and H. You are also not subject to Code Section E except for Section E.8, which sets forth your Code reporting obligations.

<u>Outside Board Members</u> – "Outside Board Members" refers to any member of the board of directors or the board of managers of Ariel Investments, Ariel Alternatives, Project Black ManCo, and/or Project Level ManCo who is not an employee of Ariel Investments, Ariel Alternatives, Project Black ManCo, or Project Level ManCo and does not receive any Confidential Trading Information (as defined below) or Pre-Acquisition Confidential Information (as defined below). Outside Board Members are deemed to be access persons. That said, Outside Board Members are only subject to Code Section B "Governing Principles" with respect to all Clients of the entity for which they serve and to Code Section E.9 reporting obligations.

<u>Covered Board Members</u> – "Covered Board Members" refers to any Outside Board Member who receives Confidential Trading Information or Pre-Acquisition Confidential Information. Upon receipt of such information, a Covered Board Member will become subject to the Code's personal securities provisions to the extent determined by the relevant entity's Chief Compliance Officer (in accordance with the federal securities laws). For example, if an Outside Board Member receives Pre-Acquisition Confidential Information, such person will become subject to Code Sections D, E and F.

<u>Ariel Entities</u> – Each Ariel Entity is subject to all sections of the Code pertaining to its own securities investments.

**B.** **Governing Principles** 

At all times, the interests of our Clients must come first. For the avoidance of doubt, Clients include the Trust Funds and the private funds advised by the Ariel Entities. To that end, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be vigilant in maintaining the integrity of our business by promoting ethical conduct, creating a culture of
compliance and avoiding any actual or potential conflicts of interest or any abuse of our position of trust and responsibility in our activities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with applicable securities laws and regulations;<sup>1</sup> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct your personal securities transactions and other activities in a manner consistent with, and in compliance
with, this Code, which includes our Insider Trading Policy and Procedures set forth in Exhibit A.

In connection with a purchase or sale, directly or indirectly, of a Security Held or to Be Acquired by any Client, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme or artifice to defraud any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of a material fact to, or omit to state a material fact to, any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on any
Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to any Client.

**C.** **Definitions** 

1. <u>Reportable Security</u>. The term "Reportable Security" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share of any mutual fund advised or sub-advised by Ariel Investments
("Ariel-advised mutual funds" which includes, but is not limited to, the Trust Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share of any closed-end fund (a limited structured fund that raises a
fixed amount of capital through an initial public offering traded on a stock exchange) or exchange-traded fund ("ETF");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share issued in any "Limited Offering" (as defined in Section C.13), including any limited
partnership or limited liability company interests in a private fund advised by Ariel Investments, Ariel Alternatives, Project Black ManCo, and/or Project Level ManCo ("Ariel-advised private fund");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest in limited partnerships and limited liability companies, generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasury stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond, debenture or evidence of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal bond or interest in a Section 529 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of interest or participation in any profit-sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral-trust certificate, voting-trust certificate, pre-organization certificate, or subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment contract (which may include an interest in a limited partnership or a limited liability company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of deposit for a security versus a certificate of deposit offered by a bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fractional undivided interest in oil, gas or other mineral rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any
group or index of securities (including any interest therein or based on the value thereof), including those entered into on a national securities exchange relating to foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, any interest or instrument commonly known as a "security;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or
warrant or right to subscribe to or purchase any of the foregoing; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial coin offering, which is an offering involving the exchange of currency for a digital asset, such as
bitcoin. These offerings can be structured as either an "initial public offering" or a "limited offering." Which of these two terms applies to an individual initial coin offering will be based upon the definitions of those
terms as written in this Code.

<sup>1</sup> These securities laws and regulations include the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934, the 1940 Act, and the Investment Advisers Act of 1940 (the "Advisers Act"), each, as amended, and the rules and regulations promulgated thereunder, and all other applicable Federal securities laws (as defined under Rule 38a-1 of the 1940 Act and Rule 204A-1 of the Advisers Act), and applicable rules of the Financial Industry Regulatory Authority. 

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Reportable Security does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government, such as U.S. bonds or treasuries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt
instruments (including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies (such as some variable annuities or other variable life insurance products) where none of the open-end investment companies are advised or sub-advised by Ariel Investments, Ariel Alternatives, Project Black ManCo, and/or Project Level ManCo; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of registered open-end investment companies or series where Ariel
Investments, Ariel Alternatives, Project Black ManCo, and/or Project Level ManCo does not act as an investment adviser or sub-adviser.

***Special Note:*** "Open-end investment companies" are commonly referred to as "mutual funds" and can be distinguished from closed-end funds and ETFs based on the fact that open-end investment companies, unlike closed-end funds and ETFs, stand ready to redeem their shares and typically do not trade on a stock exchange.

2. <u>Reportable Account</u>. A Reportable Account is an account at a broker, dealer, bank or other financial
institution in which transactions in Reportable Securities may be executed. These accounts include Section 529 plans, health savings accounts, and retirement plan accounts, such as 401(k) and 403(b) plans, if the account is self-directed and
can execute transactions in a Reportable Security. A Reportable Account does not include an account held directly with an open-end investment company that is not advised or sub-advised by Ariel Investments (e.g., a direct account with the Longleaf Funds).

3. <u>Advisory Person</u> or <u>You</u>. An Advisory Person or You refers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any director, trustee, officer or employee of an Ariel Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any natural person in a control relationship to an Ariel Entity who obtains information concerning purchases or
sales of a Security Held or to Be Acquired (as defined in Section C.15 below) by a Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Ariel Entity.

4. <u>Ariel Investments Separate Account</u>. Ariel Investments Separate Account refers to accounts that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are separately managed by Ariel Investments on your behalf as a Client (or on behalf of your "Immediate
Family Member" or "Domestic Partner" living in the same household, as defined in Code Sections C.11 and C.12 below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are traded and managed in accordance with Ariel Investments' investment strategies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are subject to Ariel Investments' trading procedures.

5. <u>Beneficial Ownership</u>. You have a "Beneficial Ownership" of a Reportable Security or
Reportable Account when you, or an "Immediate Family Member" or "Domestic Partner" living in the same household (as defined in Code Sections C.11 and C.12 below), directly or indirectly, through any contract, arrangement,
understanding, relationship, or otherwise has or shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment power or discretion in respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Reportable Security (the power or discretion to direct the purchase or sale of a Reportable Security) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Reportable Account; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The opportunity, directly or indirectly, to profit or share in the gains, losses, dividends, or interest obtained
from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Reportable Security transaction or holding or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions or holdings in a Reportable Account.

Examples of situations in which you, your Immediate Family Member or Domestic Partner may have Beneficial Ownership of a Reportable Security or a Reportable Account subject to this Code's requirements include, but are not limited to, engaging in investment activities via powers of attorney, estate executor activities, and service on any board or committee for any organization (including non-profit organizations) which has decision-making authority over securities investments for the organization.

6. <u>Client</u>. A "Client" refers to any person or entity for which Ariel Investments, Ariel
Alternatives, Project Black ManCo, or Project Level ManCo manages investments or otherwise acts as investment adviser, including all Ariel-advised mutual funds and private funds.

7. <u>Chief Compliance Officer</u>. "Chief Compliance Officer" refers to the chief compliance officer
of the relevant Ariel Entity, as applicable.<sup>2</sup> For the avoidance of doubt, different Ariel Entities may have different Chief Compliance Officers.

8. <u>Control</u>. "Control" means the power to exercise a controlling influence over a
company's management or policies, unless such power is solely the result of an official position with that company. Any person who beneficially owns more than 25% of the voting securities of a company is presumed to control such company,
unless the Chief Compliance Officer decides otherwise.<sup>3</sup>

9. <u>Directly or Indirectly</u>. For purposes of the prohibition in Section B on purchases or sales of Reportable
Securities, "directly or indirectly" refers to any transaction involving

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other security of the same issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any derivative security or other instrument relating to the same security or any other security of the same
issuer, including any option to purchase or sell the security, any security convertible into or exchangeable into the security, and any related futures contract.

10. <u>Discretionary Account</u>. "Discretionary Account" means a Reportable Account over which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or an Immediate Family Member or Domestic Partner has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or an Immediate Family Member or Domestic Partner does not receive notice of transactions prior to execution;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person or entity not subject to the Code has sole investment power.

11. <u>Domestic Partner</u>. The term "Domestic partner" means a person, 18 years of age or older:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To whom you are neither married nor related;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With whom you live in the same residence and intend to do so indefinitely; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With whom you have an exclusive committed relationship.

12. <u>Immediate Family Member</u>. The term "Immediate Family Member" means a member of your immediate
family sharing your household. "Immediate family" means son, daughter (including a legally adopted child) or any descendants of either, stepson or stepdaughter, son-in-law, daughter-in-law, father or mother or any ancestor of either, stepfather or
stepmother, mother-in-law or father-in-law, siblings or siblings-in-law, and spouse.

<sup>2</sup> In the event that Ariel Investments', the Trust's, the Distributor's, Ariel Alternatives', Project Black ManCo's, or Project Level ManCo's Chief Compliance Officer has a conflict, is unavailable or unable to act, then the following people, in the following order, will assume the role of "Chief Compliance Officer": first, the Chief Compliance Officer of another Ariel Entity; second, the General Counsel of Ariel Investments; third, the Chief Financial Officer of Ariel Investments; fourth, the President and Co-Chief Executive Officer of Ariel Investments in the case of Ariel Investments, Ariel Distributors, and Project Level ManCo and the Chief Executive Officer of Ariel Alternatives in the case of Ariel Alternatives. 

<sup>3</sup> Please note that beneficial ownership may be either direct or through one or more controlled companies.

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13. <u>Limited Offering</u>. The term "Limited Offering" means an offering that is exempt from
registration with the Securities and Exchange Commission ("SEC"). Examples of limited offerings include private placements and interests in limited partnerships and limited liability companies.

14. <u>Purchase or Sale of a Reportable Security</u>. The term "Purchase or Sale of a Reportable
Security" includes, among other things, the writing of an option to purchase or sell a Reportable Security, and the exercise of that option.

15. <u>Security Held or to Be Acquired</u>. "Security Held or to Be Acquired" by any Client means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Reportable Security which, within the "most recent 15-day period"<sup>4</sup> is or has been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Held by any Client in any Ariel Investments or Ariel Alternatives strategy (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered by Ariel Investments or Ariel Alternatives for purchase or sale by any Client in any Ariel Investments
or Ariel Alternatives strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any option to purchase or sell, and any security convertible into or exchangeable for, any Reportable Security
described in the bullet point above.

A Reportable Security is or has been considered for purchase or sale when, within the "most recent 15-day period," a recommendation to purchase or sell a Reportable Security has been made and communicated and remains in effect and, with respect to the person making the recommendation, the point in time when such person seriously considers making such a recommendation.

16. <u>Confidential Trading Information</u>. An Outside Board Member has received Confidential Trading Information
if that member is informed of non-public information regarding Ariel Investments' planned purchase or sale of securities on behalf of Clients or recommendations of securities to Clients.

17. <u>Pre-Acquisition Confidential Information</u>. An Outside Board
Member has received Pre-Acquisition Confidential Information if that member is informed of the identity of a prospective portfolio company in which any Client of Ariel Alternatives or Project Level ManCo may
invest (a "Prospective Company") or information that would reasonably allow a person to determine the identity of a Prospective Company, *prior to the acquisition* of such Prospective Company. For the avoidance of doubt, Pre-Acquisition Confidential Information does not include Prospective Company confidential information that is anonymized or post-acquisition receipt of any portfolio company information, even if not anonymized.

18. <u>Gambling Entity</u>. A "Gambling Entity" includes a casino, sportsbook, or other establishment
or business that offers commercial gambling.

**D.** **Prohibited Actions Relating to Reportable Securities Applicable to Ariel Personnel and Entities** 

These prohibitions apply to all Reportable Securities in which you have Beneficial Ownership.

1. <u>Purchases or Sales by Advisory Persons of a Security Held or to Be Acquired by or for Any Client</u>.
Advisory Persons associated with Ariel Investments, Ariel Alternatives, Project Black ManCo, or Project Level ManCo may not purchase or sell any Security Held or to be Acquired by or for any Client. The Chief Compliance Officer may agree to an
exception to the foregoing in very limited circumstances. In the ordinary course, the Chief Compliance Officer expects to provide an exception with respect to the sales (not purchases) of a security the Chief Compliance Officer has determined is *de minimis* provided there are no pending Client orders for the same security. A transaction generally will be deemed *de* 

<sup>4</sup> The "most recent 15-day period" when analyzing actual purchases or sales of Reportable Securities is the seven calendar days before or after the transaction.

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 *minimis* if the transaction, aggregated with all your transactions in the same (or equivalent) security during the thirty (30) days prior to the request, involves fewer than 500 shares with a gross amount of $25,000 or less in an issuer with a market capitalization of $5 billion or more. To monitor this prohibition, the Compliance Team maintains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A restricted list consisting of those securities held for any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A watch list consisting of those securities to be acquired by or for any Client or with respect to which any
Ariel Entity or employee has material non-public information ("MNPI").

2. <u>Inducing a Client to Take Action</u>. You may not intentionally induce or cause any Client to take action or
to fail to take action, in order to obtain a personal benefit. For example, you may neither have a Client purchase a Reportable Security you own in order to support or drive up the security's price, nor stop a Client from selling a Reportable
Security in order to protect the value of your investment.

3. <u>Personal Profit from Knowledge of Client Transactions</u>. You may not use actual knowledge of Client
transactions to profit from such transactions.

4. <u>Failure to Make Recommendations</u>. You may not intentionally fail to consider the purchase of, or fail to
purchase, a Reportable Security for a Client in order to avoid the appearance of a conflict arising from a personal transaction in that security.

5. <u>Prohibition of Certain Short-Term Trading</u>.<sup>5</sup> You may
not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell, redeem or exchange shares of Ariel-advised mutual funds within sixty (60) calendar days after buying
such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Write an option on a Reportable Security if the option will expire in less than sixty (60) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise an option on a Reportable Security within sixty (60) calendar days of purchase of the option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all other Reportable Securities, profit from the purchase and sale, or sale and purchase, of the same (or
equivalent) Reportable Securities within sixty (60) calendar days after the trade date.

6. <u>Insider Trading Prohibition</u>. You may not engage in insider trading which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transacting in any security, either personally or on behalf of others, when in possession of MNPI regarding the
security and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating MNPI regarding a security to others who then transact in the security.

The Compliance Team maintains an MNPI list that identifies all securities for which any Ariel Entity's employees have MNPI. See the Insider Trading Policy and Procedures set forth in Exhibit A for more details.

7. <u>Prohibition from Owning Certain Gambling Entities</u>. Unless otherwise authorized by the Project Level
Chief Compliance Officer and Chairwoman, You may not beneficially own any part of a Gambling Entity that generates revenue from sports betting operations unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Such ownership is solely through mutual fund accounts or other passive diversified accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company is publicly traded and owned passively by you such that you or your Immediate Family Member has no
role with the company and no access to the company's non-public information.

**E.** **Reporting and Prior Approvals** 

These reporting and prior approval provisions apply to all Reportable Securities and Reportable Accounts in which you have Beneficial Ownership.

<sup>5</sup> With respect to short term trades, the Code looks to the last transaction you made in the same (or equivalent) Reportable Security in any of your reportable accounts. Please note the exemption to this prohibition for systematic investment programs or dividend reinvestments set forth in Code Section F.1 

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1. <u>Initial and Annual Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within ten (10) days of becoming an Advisory Person, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report all your Reportable Accounts and holdings of Reportable Securities as of a date no more than 45 days prior
to the date on which you became an Advisory Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute the Code of Ethics Certification (Exhibit C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On an annual basis, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report no later than January 30 all your Reportable Accounts and holdings of Reportable Securities as of
December 31; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute the Code of Ethics Certification (Exhibit C).

***Special Note****:* As indicated in Section E.5 below, you are limited to having Reportable Accounts at only certain firms acceptable to the Chief Compliance Officer.

2. <u>Duplicate Transaction Confirmations and Account Statements.</u> You must provide, or direct your broker to
supply to, the Chief Compliance Officer with duplicate copies of transaction confirmations and account statements pertaining to all your Reportable Accounts. These confirmations and account statements are due no more than thirty (30) days after
they become available to you.

3. <u>Quarterly Reporting</u>. You must report no later than thirty (30) days after the end of each calendar
quarter to the Chief Compliance Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All your transactions in Reportable Securities that took place during the prior calendar quarter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If no such transactions took place, the fact that no such transactions took place.

4. <u>Prior Approval of the Purchase and Sale of Reportable Securities</u>. You must obtain prior written approval
of the Chief Compliance Officer before executing the purchase or sale of any Reportable Security. The Chief Compliance Officer has discretion to place conditions on such approvals. Unless otherwise determined by the Chief Compliance Officer, all
approvals expire at the close of the business day following the date of approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Prior Approval of Initial Public Offerings and Limited Offerings*. In reviewing requests for approval of a
transaction involving an initial public offering or Limited Offering, the Chief Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for Clients and whether the opportunity is being
offered to you by virtue of your position with an Ariel Entity. If you have received approval to acquire these Reportable Securities, you must disclose such investments whenever you are involved in an Ariel Entity's subsequent consideration of
these investments for any Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Systematic (or Automatic) Investment Plans*. You must obtain prior written approval of the Chief Compliance
Officer before transacting in a Reportable Security through a systematic (or automatic) investment plan involving predetermined amounts on a predetermined basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Exemption for Purchases, Sales, Redemptions, or Exchanges of Ariel Investments-Advised Open End Mutual Fund Shares and Municipal Securities (including Section 529 Plan Interests)*. Your purchase, sale, redemption, or exchange of Trust Fund or other Ariel Investments-advised open end mutual fund shares or municipal securities
(including Section 529 Plan Interests), including transactions in these securities executed pursuant to systematic (or automatic) investment plans, do not require the prior approval of the Chief Compliance Officer. Purchases, sales, redemptions
or exchanges of these securities outside of a systematic (or automatic) investment plan must be reported in your quarterly transaction report, as required by Section E.3 above.  ***Special Note:*** *Ariel Investments-advised ETFs are not exempted from this requirement.* 

5. <u>Opening Reportable Accounts – Prior Approval and Immediate Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Accounts Requiring Immediate Reporting*. For the following Reportable Accounts, you must report the account
opening to the Chief Compliance Officer on the same day as the account's inception (you do not need to obtain prior approval):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Accounts at firms identified as acceptable to the Chief Compliance Officer, all of which are
identified within Ariel's code of ethics compliance system and either currently provide such system employee trading feeds or are 529 plan accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct account with any Ariel-advised mutual fund (i.e., an account in which you can buy, sell, redeem or
exchange shares of the Ariel-advised open end mutual funds only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account in which only transactions in municipal securities are permitted (such as Section 529 plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A compensation or retirement plan connected with employment (such as 401(k) and stock option plans) in which you
could own a Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IRA account transfers (within the same firm, or to a firm that has been identified as acceptable to the Chief
Compliance Officer as referenced in the first bullet point directly above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the registered name on an account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers to a living trust for the benefit of a shareowner or your spouse (within the same firm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Accounts Requiring Prior Approval*. You must obtain prior written approval of the Chief Compliance Officer
before opening any other Reportable Account. Generally, you are limited to Reportable Accounts at only certain firms acceptable to the Chief Compliance Officer, all of which are identified within the Ariel Entities' code of ethics compliance
system and either currently provide such system employee trading feeds or are 529 plan accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Special Note**: The only compensation or retirement plans that require reporting are those plans in which
the plan participant has the option of investing in a Reportable Security. For example, if your spouse has a 401(k) plan with investment options limited to open-end mutual funds not advised by Ariel
Investments and no single-stock company funds, then you do not need to report that account.

6. <u>Reporting of Outside Board Member's Receipt of Confidential Trading Information or Pre-Acquisition Confidential Information</u>. You must notify the Chief Compliance Officer immediately upon becoming aware that an Outside Board Member has received Confidential Trading Information or Pre-Acquisition Confidential Information.

7. <u>Reporting Code Violations</u>. You must report promptly to the Chief Compliance Officer any and all Code
violations, regardless of whether you are responsible for the violation. Failure to report any Code violation is itself a Code violation.

8. <u>Reporting Obligations of Disinterested Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Code of Ethics Certification*: Within ten (10) days of being designated a Disinterested Trustee, and
thereafter on an annual basis, each Disinterested Trustee must execute the Code of Ethics Certification for Disinterested Trustees, including the affirmation that they have read the Code and understands that it applies to him or her (Exhibit C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Reporting Requirements*: No later than 30 days after the end of each calendar quarter, each
Disinterested Trustee must report to the Chief Compliance Officer any transaction executed during such calendar quarter in a Reportable Security in which such Disinterested Trustee had a Beneficial Interest if the Disinterested Trustee knew, or in
the ordinary course of fulfilling his or her official duties as an Disinterested Trustee should have known, that during the 15-day period immediately before or after the date of such transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Trust Fund purchased or sold such Reportable Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ariel considered purchasing or selling such Reportable Security for a Trust Fund.

No reporting requirement exists if a Disinterested Trustee purchases a security and then subsequently learns that Ariel, within the 15-day reporting period, purchased, sold or considered a purchase or sale of the same security for a Trust Fund.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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9. <u>Reporting Obligations of Outside Board Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Code of Ethics Certification:* Within ten (10) days of being designated an Outside Board Member, and
thereafter on an annual basis, each Outside Board Member must execute the Code of Ethics Certification for Outside Board Member, including the affirmation that they have read the Code and understands that it applies to him or her (Exhibit C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction Reporting Requirements:* Each Outside Board Member should consult with the Chief Compliance
Officer prior to executing any transaction in which such Outside Board Member knows, or in the ordinary course of fulfilling his or her official duties as an Outside Board Member should know, that during the 15-day period immediately before or after the date of such transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Client has purchased or sold or is expected to purchase or sell such Reportable Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ariel has considered or is considering purchasing or selling such Reportable Security for a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Confidential Trading Information and Pre-Acquisition Confidential Information:* Each Outside Board Member must notify the Chief Compliance Officer immediately upon becoming aware that they have received Confidential Trading Information or Pre-Acquisition Confidential
Information. An Outside Board Member in receipt of such information will become subject to the Code to the extent determined by the relevant Chief Compliance Officer (in accordance with the federal securities laws).

**F.** **Exempt Transactions** 

1. <u>Broad-based exemptions.</u> The prohibitions of Section D and the obligations imposed by Sections E.3 and
E.4 do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Involuntary Transactions*: Purchases or sales of securities that are non-volitional on the part of either the Advisory Person or a Client, noting that this would include involuntary capital calls for Limited Offerings previously approved by the Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dividend Reinvestments*: Purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pro Rata Rights*: Purchases effected upon the exercise of rights issued by the issuer proportionately to
all holders of a class of its securities and sales of such rights so acquired;<sup>6</sup> or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Systematic Investment Plans:* Purchases or sales of Reportable Securities transacted through a systematic
(or automatic) plan involving predetermined amounts on predetermined dates for which you have received prior approval from the Chief Compliance Officer.

2. <u>Exemption for Discretionary Accounts and Ariel Investments Separate Accounts</u>. The prohibitions of
Section D, the reporting obligations imposed by Sections E.3, E.4 and E.5, and the reporting obligations imposed by Section E.2 relating only to Reportable Securities do not apply to any Discretionary Account or Ariel Investments Separate Account.
To qualify for this exemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must request the Chief Compliance Officer's written approval to open any new Discretionary Account(s)
or Ariel Investments Separate Account as required by Section E.5 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must report your Discretionary Account(s) or Ariel Investments Separate Account as required by Section E.2 of
the Code, but need not report the securities held in these accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to Discretionary Accounts only, you must provide initial and annual certifications as described in
the Supplemental Procedures for Discretionary Accounts attached as Exhibit B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to Ariel Investments Separate Accounts for which you serve as a portfolio manager, you must obtain
prior written approval of the Chief Compliance Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To make any transactions in your Ariel Investments Separate Account that are different from transactions made for
other Clients invested in the same strategy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To refrain from making transactions in your Ariel Investments Separate Account that you are making for other
Clients invested in the same strategy.

***Special Note***: The Chief Compliance Officer has authority under this Code to determine at any time whether a particular account qualifies or continues to qualify as a Discretionary Account, whether additional information should be provided by the relevant person(s) or whether additional steps must be taken by the relevant person(s) in order to maintain Discretionary Account status for the relevant account.

<sup>6</sup> This exemption applies only to the extent such rights were acquired from such issuer.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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3. <u>Exemption for Purchases and Sales of Units of Ariel Investments HoldCo and Shares of ACM Holdings</u>. The
reporting obligations imposed by Sections E.1 through E.5 do not apply to the purchase or sale of Ariel Investments HoldCo units and shares of ACM Holdings. Nevertheless, within 30 days after each quarter end, the Finance Team will provide the Chief
Compliance Officer with a list of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your transactions in Ariel Investments HoldCo units and ACM Holdings shares during the prior quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your holdings in Ariel Investments HoldCo units and ACM Holdings shares.

4. <u>Exemption for Purchases and Sales of Reportable Securities in Ariel Employees' Profit Sharing and Savings Plan</u> <u>& Trust</u>. The reporting obligations imposed by Sections E.1 through E.5 do not apply to the purchase or sale of Reportable Securities by employees through the Ariel Entities' 401(k) plan for U.S.-based
employees: the Profit Sharing and Savings Plan & Trust (the "Profit Sharing Plan"). Nevertheless, within 30 days after each quarter end, the Finance Team will provide the Chief Compliance Officer with a list of all the Profit
Sharing Plan's transactions in Reportable Securities during the prior quarter. Additionally, within 30 days after each year end, the Finance Team will provide the Chief Compliance Officer with a list of all employees' Profit Sharing Plan
holdings in Reportable Securities as of December 31.

5. <u>Limited Exemption for Exercise of Options Received as Compensation Followed by Sale of Resulting Shares</u>.
The prohibitions of Section D.5 (short-term trading's 60 day rule) do not apply to the exercise of a company's options received as compensation followed by the sale of the resulting company shares within sixty calendar days after
exercising the options so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company shares at issue are currently not a Security Held or to Be Acquired by any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You obtain prior written approval of the Chief Compliance Officer pertaining to these transactions in accordance
with Section E.4.

6. <u>Exemption for the Distributors' Outsourced Financial Operations Professional</u>. The following
sections do not apply to the Distributor's Outsourced Financial Operations Professional ("FINOP"):<sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prohibitions of Code Section D.1 through Section D.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code Section E.1's annual reporting of Reportable Accounts and holdings of Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quarterly reporting obligations of Code Section E.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prior approval obligations of Code Section E.4  ***except*** that the FINOP must obtain prior written
approval of Limited Offerings.

***Special Note:*** For Outside Employment, the FINOP need only obtain prior written approval from the Chief Compliance Officer.

**G.** **Gifts and Entertainment** 

1. The giving or receiving of gifts or business entertainment could give rise to a potential or actual conflict of
interest, such that the gift or entertainment is provided as a kickback or *quid pro quo*.

2. Definitions for the purposes of this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ariel Business Partner" is a Client, prospective Client or any person or entity that does or seeks
to do business with or on behalf of an Ariel Entity.

<sup>7</sup> The Distributors' FINOP is not an employee of any other Ariel entity and therefore, with respect to personal securities trading, is subject to the obligations of FINRA Rules 3210 and 3280 only. FINRA Rule 3210 requires, among other things, that this employee obtain the Distributors' prior approval to open any account in which the employee has a beneficial interest and securities transactions can be effected. FINRA Rule 3280 requires that this employee obtain prior written approval of any participation in a private securities transaction. 

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Gift" is any item, service or accommodation of value. A gift can include meals, refreshments, goods,
services, and tickets to entertainment or sporting events. Promotional items of nominal value that are widely distributed and display a gift giver's logo, such as golf balls, shirts, towels, and pens, do not fall within the definition of
"gift."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Business entertainment" is generally in the form of a social event, hospitality event, meal, leisure
activity or event of like nature or purpose in which an employee of an Ariel Entity is in attendance as the host and an Ariel Business Partner is in attendance as the guest, or vice versa. This includes virtual entertainment and includes food or
beverages provided for a meeting held by video conference.

3. No employee may accept gifts, favors, entertainment, special accommodations, or other things of material value
that could influence their decision-making or make them feel beholden to any person or firm.

4. No employee may give or accept:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any cash gifts or cash equivalent gifts (e.g., an American Express gift certificate) to or from any Ariel
Business Partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extravagant or excessive business entertainment to or from any Ariel Business Partner. Employees may provide or
accept a business entertainment event, such as dinner or a sporting event, of reasonable value, if the person or entity providing the entertainment is present. If you have questions as to whether entertainment is extravagant or excessive, please
consult with the Chief Compliance Officer.

5. With respect to non-cash gifts, employees cannot give or accept any
such gift having a value of more than $100 to or from any Ariel Business Partner. Registered representatives and principals of the Distributor are prohibited from giving non-cash gifts totaling more than $100
per person per year.

6. Prior to giving a gift and/or entertainment to employees, agents or representatives of a Client, employees must
ensure they are in compliance with the Client's gifts and entertainment policy (as reflected in the applicable Ariel entity's Client file).

7. Prior to giving a gift, entertainment or other payments to employees, agents or representatives of a
governmental entity or an ERISA plan, employees should consult with the Chief Compliance Officer because of limitations and/or prohibitions imposed on such giving by non-U.S. and U.S. federal, state, and local
laws.<sup>8</sup> For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• State and local ethics laws, regulations or rules may limit or prohibit the giving of gifts, entertainment or
other payments to various state or local governmental entities, agencies and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The U.S. Department of Labor's ERISA law limits gifts, entertainment or payments to ERISA plans, or certain
persons associated with such plans to not more than $250 per person per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The U.S. and some non-U.S. governments prohibit gifts, entertainment or
payments to non-U.S. government officials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No employee may provide any gifts or entertainment to any member of the U.S. Congress or their staff unless the
entertainment falls under one of four categories listed below. This prohibition applies to the Ariel Entities because Ariel Investments engages an external federal lobbying firm on certain federal matters. If Ariel Investments ceases to engage such
lobbying firm, this prohibition will automatically cease to be applicable and the Code would be automatically deemed amended without further action necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receptions if only "finger food" and/ or drinks are offered, but not a meal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Widely-attended event (25 or more attendees from more than one company) if the U.S. Congressperson or staffer is
a speaker or panel participant presenting information related to Congress, a matter before Congress or performing a ceremonial function appropriate to the person's official position;

<sup>8</sup> In connection with the provision of anything of value to non-U.S. governmental officials and others, please also reference the Ariel Entities' anticorruption guidelines.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Official Duty-Attendance is appropriate to the person's official duties, such as meeting with constituents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unsolicited free attendance to a charitable event.<sup></sup>

8. Prior to giving gifts or business entertainment to the Trust's independent trustees, employees must
obtain the prior written approval of the Trust's Chief Compliance Officer.

9. The provision of gratuities to service providers to whom providing gratuities is customary is excluded from
these gift-giving prohibitions.

10. All employees are required to report gifts and business entertainment received and given as outlined in
guidelines provided by separate memorandum.

**H.** **Outside Employment, Investment Service and Governmental Service** 

1. <u>Outside Activities</u>. All employees must obtain prior written approval from their supervisor, the Chief
Human Resources Officer and the Chief Compliance Officer before accepting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside employment, which includes any business activity for which the employee receives compensation
("Outside Employment"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A role on any board or committee for any organization (including non-profit organizations) which has decision-making authority over securities investments for the organization ("Investment Service"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A position with a governmental entity ("Governmental Service" and, together with Outside Employment
and Investment Service, "Outside Activities").

Employees may not work for, or operate, in whole or in part, directly or indirectly, a Gambling Entity.

The Outside Employment approval requirement does not extend to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ariel Alternatives, Project Black ManCo, and/or Project Level ManCo employees who are appointed to serve as
directors of the privately held companies purchased by these advisers for their Clients, provided that they do not provide Investment Service to such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ariel entities personnel who perform services for multiple Ariel entities inclusive of shared services personnel
or personnel of one Ariel entity serving on the board of another Ariel entity.

In evaluating requests for Outside Activities, the supervisor, Chief Human Resources Officer and Chief Compliance Officer will consider the following, among other, factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Outside Activity creates an actual or potential conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the purpose and duties of the Outside Activity is consistent with the Ariel Entity(ies) for which the
employee works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether there is a risk that the Ariel Entities will be seen as associated with the Outside Activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the employee will be involved in the financial decisions of the outside employer, organization or
governmental entity, as applicable, and the resulting risks to the Ariel Entities.

Initially (upon hire) and annually, all employees must report all such outside business activities via a certification process initiated by the Compliance Team. Registered representatives and principals of the Distributor may have additional requirements related to the disclosure of such Outside Activities.

*2.* <u>Service as a Director of a Publicly Traded Company</u>. An employee may serve on the board of
directors of a publicly traded company only if the employee obtains prior written approval from the Chief Compliance Officer. The Chief Compliance Officer's approval will be based upon a determination that such service is not inconsistent with
the interests of any Client.  ***Special Note:*** **  The Ariel Entities' policy is to prohibit the purchase, on behalf of their clients, of those securities issued by a company for which any Ariel entity employee serves as a
director. The Ariel Entities' relevant Chief Compliance Officer will provide relevant Ariel Entities staff with a list identifying those securities subject to this prohibition.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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3. <u>Board Reporting</u>. The Chief Compliance Officer will provide the following quarterly reporting to the
following Boards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ariel Investments' Board of Directors and Trust's Board of Trustees* —All outside
employment involving service as a director of a publicly or privately held company by an Ariel Investments and/or Ariel Distributors employee approved by the Chief Compliance Officer during the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ariel Alternatives Board of Managers* – All outside employment involving service as a director of
publicly or privately held company by an Ariel Alternatives employee approved by the Chief Compliance Officer during the prior quarter, exclusive of service as a director of a company owned by Ariel Alternatives or Project Level Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Project Level Board of Directors* – All outside employment involving service as a director of
publicly or privately held company by a Project Level employee approved by the Chief Compliance Officer during the prior quarter, exclusive of service as a director of a company owned by Ariel Alternatives or Project Level Clients.

**I.** **Gambling** 

1. <u>Scope</u>. Project Level employs a women's sports-focused investment strategy and invests in sports
teams and leagues ("Sports Assets"). Project Level is strongly committed to maintaining the integrity of its brand, as well as that of its team members, officers, directors and Sports Assets. Sports gambling presents risks to our
integrity and can undermine the confidence and trust placed on us by our Sports Assets, their personnel, players, and fans. The following paragraphs set forth the standards of conduct expected of all Ariel Entities' employees with respect to
gambling and gambling-related activities.

2. <u>No Illegal Gambling</u>. Employees are strictly prohibited from participating in or facilitating any form of
illegal gambling, whether on sports or otherwise. Sports betting remains illegal in many states, and in states where it is legal in brick-and-mortar establishments,
mobile and/or on-line betting may not be legal. Illegal gambling includes the following sports-focused activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Sports Game Fixing:*** attempting to influence the outcome of any game, statistics or score, or
otherwise manipulating or attempting to manipulate any other aspect of any sports game (including games for Sports Assets) for a gambling-related purpose. This includes accepting a bribe or agreeing to influence a game (including games for Sports
Assets), as well as failing to report any bribe, offer or attempt to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Illegal Fantasy Games*** : participating in any fantasy game (including daily, season-long, or other
format) if participation is prohibited by applicable law or regulation.

3. <u>Restrictions on Legal Gambling Activities</u>. Employees are subject to the following rules concerning legal
gambling activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Women Sports Betting*** *:* Prohibition from placing, soliciting, or facilitating any bet, whether
directly or through a third party, on any women's sports game, practice or other event (e.g., Draft), including professional, college, international, or amateur (including Olympic) sports competitions, tournaments and events. This includes
betting on game outcome, statistics, score, performance of any individual participant, "futures", or any other kind of "proposition bet" in any way related to a women's sports league, regardless of whether such bet
involves actual on-field play (e.g., prop bets related to Gatorade color, pre- or post-game events, halftime show, off-field player conduct or outcomes, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Fantasy Games*** *:* Prohibition from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepting prizes with a value in excess of $250 in any season-long women-sports fantasy game (a "Fantasy
Game"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participating in any "daily" or other similar short duration Fantasy Game that offers a prize.

These prohibitions are intended to avoid any appearance of impropriety which may result from participation in Fantasy Games by individuals perceived to have an unfair advantage due to their preferential access to information.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting Obligation</u>. Employees are required to report to the Chief Compliance Officer violations of the
Code's gambling provisions as well as improper approaches or solicitations by others that, if the employee were to accept, would become violations of the Code's gambling provisions.

**J.** **Enforcement and Sanctions** 

1. <u>Penalties for Violations of this Code</u>. The Chief Compliance Officer will take any action they deem
appropriate against any Advisory Person who violates any provision of this Code. Such action may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An oral reprimand, a written censure, fines (imposed in accordance with the Code's penalty floor guidelines
detailed by separate memorandum), the disgorgement of profits or the payment of avoided losses, requiring the sale of an improperly purchased security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A recommendation to the appropriate executive officer(s), the relevant Board of Trustees, Board of Directors or
Board of Managers, as applicable, that the Advisory Person's duties be limited or that the Advisory Person be suspended or removed from office or have his or her employment terminated.

2. <u>Reporting Code Violations to the Board of Trustees, Board of Directors or Board of Managers, as applicable</u>. Each violation of this Code by Advisory Persons associated with the Trust and Ariel Investments will be reported to the Trust's Board of Trustees and Ariel Investments' Board of Directors at or before the respective
Board's next regular meeting. Violations of this Code by Advisory Persons associated with Ariel Alternatives will be reported to Ariel Alternatives Board of Managers. Violations of this Code by Advisory Persons associated with Project Level
ManCo will be reported to the Project Level Board of Directors. The relevant Board may impose sanctions in addition to those imposed by the Chief Compliance Officer.

3. <u>Safe Harbor from Sections E.4 and D.1 Violations</u>. The Chief Compliance Officer may make a written
determination that an Advisory Person who sold a *de minimis* position of a Reportable Security without obtaining prior approval did not violate Section E.4 of the Code.

4. <u>Safe Harbor from Section E.5 Violations</u>. The Chief Compliance Officer may make a written determination
that an Advisory Person who opened a Reportable Account without reporting it on the same day as the account's inception or obtaining prior approval did not violate Section E.5 of the Code if such person had not yet made any transactions in the
applicable Reportable Account.

**K.** **Administration of the Code** 

1. <u>Administration of the Code</u>. The Chief Compliance Officer will administer the Code, using reasonable
diligence and instituting procedures reasonably necessary to prevent Code violations. Among other things, the Chief Compliance Officer will review reports submitted by Advisory Persons against pre-clearance requests, transaction confirmations and account statements on a quarterly basis, and look for unusual or very large trades, which may indicate insider trading.

2. <u>Recordkeeping</u>. The Chief Compliance Officer will maintain a record of all Code violations, and of any
action taken as a result of the violation. The record of violations will be maintained for five years, or such other timing as may be required under applicable law, in an easily accessible place.

3. <u>List of Advisory Persons</u>. The Chief Compliance Officer will prepare a list of the Advisory Persons,
update the list as necessary, and maintain former lists.

4. <u>Notice of Amendments to the Code</u>. The Chief Compliance Officer will provide you with all Code
amendments, and you will acknowledge receipt of all amendments.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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5. <u>Exceptions and Exemptions</u>. The Chief Compliance Officer may grant an exception to or exemption from this
Code to any person, transaction or series of transactions, provided that the exception or exemption is not contrary to the mandatory requirements of the 1940 Act or the Advisers Act. Exceptions or exemptions must be in writing and specify the Code
section(s) from which the person, transaction or series of transactions is excepted or exempted, the reasons for the exception or exemption and any conditions related to the exception or exemption.

6. <u>Annual Report for each Ariel Entity</u>. At least once a year, the Chief Compliance Officer of an Ariel
Entity will furnish to its Board of Trustees, Board of Directors, or Board of Managers, as applicable, and such Board will consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considers the Code's adequacy and the effectiveness of its implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code since the last annual report that are relevant to the respective
Boards including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the Ariel Entity has adopted procedures reasonably necessary to prevent violations.

7. <u>Changes to the Code</u>. The Trust's Board of Trustees (including a majority of the Disinterested
Trustees voting separately) will consider and determine whether to approve any material change to this Code at its next regular Board meeting after such change, and in no event more than six (6) months thereafter.

8. <u>Maintaining Copies of Versions of the Code</u>. A copy of each version of the Code will be maintained for
five (5) years, or such other timing as may be required under applicable law, in an easily accessible place.

9. <u>Disclosure</u>. The Code will be described in the applicable Ariel Entity's Form ADV Part 2A, which is
available online and is also provided to prospective Clients prior to their becoming Clients and at least annually to existing Clients.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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**Exhibit A** 

**Insider Trading Policy and Procedures** 

**1.** **Insider Trading Policy** 

As set forth in Code Section D.6, all directors, trustees, officers, board of manager members or employees of the Ariel Entities are prohibited from trading in any security, either personally or on behalf of others, including Ariel Entities' Clients, on the basis of material nonpublic information ("MNPI") or communicating MNPI to others in violation of the law. This conduct is frequently referred to as "insider trading." Federal securities laws prohibit insider trading and such laws may extend to activities within and outside your duties at the Ariel Entities.

Employees must notify the Chief Compliance Officer immediately if they have any reason to believe that a violation of this policy has occurred or is about to occur. Employee questions regarding this policy should be referred to the Chief Compliance Officer.

The term "insider trading" generally is used to refer to the use of MNPI to trade in securities (whether or not one is an "insider") or to communication of MNPI to others.

The law concerning insider trading is generally understood to prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider, while in possession of MNPI; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider, while in possession of MNPI, where the
information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating MNPI to others.

**Who is an Insider?** 

The concept of "insider" is broad, and includes a company's officers, directors, trustees, and employees. Each director, trustee, officer, manager, or employee of an Ariel Entity is considered an insider of his or her respective Ariel Entity(ies).

A person can be a "temporary insider" if they enter into a special confidential relationship in the conduct of a company's affairs and as a result are given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. To become an insider, the company must expect the outsider to keep the disclosed nonpublic information confidential, and the company's relationship with an insider must at least imply such a duty. As such, an Ariel Entity itself or an employee of an Ariel Entity may become a temporary insider of a company the Ariel Entity advises or for which it performs services.

**What is Material Information?** 

Trading on inside information is not a basis for liability unless the information is material. "Material Information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities.

Information that should be considered as material includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant dividend increases or decreases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant earnings information or estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in earnings information or estimates previously released by a company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant expansion or curtailment of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant increases or declines in orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant merger, acquisition or divestiture proposals or agreements/

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant new products or discoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extraordinary borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extraordinary management developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or sale of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital restructuring, such as exchange offers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Block and/or Restricted Securities transactions.

Material Information also may relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be deemed material. Similarly, prepublication information regarding reports in the financial press also may be deemed material. Moreover, advance reports of securities to be bought or sold by a large, influential institutional investor, such as the Trust, may be deemed material to an investment in those portfolio securities.

Advance knowledge of important proposed government regulation, for example, could also be deemed material information regarding companies in regulated industries.

**What is Nonpublic Information?** 

Information is nonpublic until it has been broadly distributed to the public marketplace. For example, information is public after it has become available to the general public through a public filing with the SEC or some other governmental agency, the Dow Jones "tape" or *The Wall Street Journal* or some other publication of general circulation or the internet, and after sufficient time has passed so that the information has been widely distributed.

**Penalties for Insider Trading**.

Civil and criminal penalties for trading on or communicating material nonpublic information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below ***even if they do not personally benefit from the violation***. Penalties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treble damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Civil fines for the person who committed the violation of up to three times the profit gained, or loss avoided,
whether or not the person actually benefited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Civil fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the
amount of the profit gained or loss avoided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal fines of up to $5,000,000 for individuals or $25,000,000 for non-natural persons.

In addition, employee violations of this policy can be expected to result in serious sanctions by the Ariel Entities, including dismissal.

**2.** **Identifying Inside Information** 

Before any Ariel Entity employee covered by this policy executes any trade for the employee or on behalf of others, including Clients, in the securities of a company about which the employee may have potential inside information, the following questions should be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the information material? Is this information that an investor would consider important in making his or her
investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed?

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the information nonpublic? How was the information obtained? To whom has this information been provided? Has
the information been disseminated broadly to investors in the marketplace by being published in Reuters, *The Wall Street Journal* or other publications of general circulation? Is it on file with the SEC?

If, after consideration of the above, it is found that the information is material and nonpublic, or if the person has questions as to whether the information is material and nonpublic, employees should take the following steps before any trade is executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the matter immediately to the Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities should not be purchased or sold by the person or on behalf of others, including a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information should not be communicated inside or outside any Ariel Entity, other than to the Chief Compliance
Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the issue has been reviewed, the Chief Compliance Officer will instruct the person as to whether to
continue the prohibitions against trading and communication, or allowing the trade and communication of the information.

Disinterested Trustees and Outside Board Members are encouraged to discuss any questions regarding potential inside information relating to the Ariel Entities with the General Counsel.

**3.** **Contacts with Public Companies** 

Contacts with public companies represent an important part of Ariel Investments', Ariel Alternatives', Project Black ManCo's, and Project Level ManCo's research efforts. Ariel Investments, Ariel Alternatives, Project Black ManCo, and Project Level ManCo may make investment decisions on the basis of the firm's conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, an Ariel Investments, Ariel Alternatives, Project Black ManCo, or Project Level ManCo employee or other person subject to this policy becomes aware of MNPI. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to the analyst or an investor relations representative makes a selective disclosure of adverse news to a handful of investors. In such a situation, Ariel Investments, Ariel Alternatives Project Black ManCo, and/or Project Level ManCo (as applicable) must make a judgment as to its further conduct. For the protection of the Ariel Entities and its employees, the Chief Compliance Officer should be contacted if an employee believes that an Ariel Entity or an employee has received MNPI.

**4.** **Expert Networks** 

The Ariel Entities may utilize expert network firms in connection with their investment research so long as such utilization is approved, in advance, by the Chief Compliance Officer, and controls imposed by the Chief Compliance Officer are followed by the business. This policy is set forth in the relevant Ariel Entity's compliance manual (pertaining to portfolio management).

**5.** **Tender Offers** 

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in possession of MNPI regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Persons subject to this policy should exercise particular caution any time they become aware of nonpublic information relating to a tender offer.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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**6.** **Service on Company and Non-Profit Boards of Directors and Other Outside Business Activities** 

No Ariel Entity buys for Clients securities issued by a public company for which any Ariel Entity employee serves as a director. Ariel Alternatives, Project Black ManCo, and Project Level ManCo do not buy for their Clients privately-held companies for which any Ariel Entity employee serves as a director except where Ariel Alternatives or Project Level ManCo appoint an Ariel Entity employee to a private company's board of directors specifically in connection with their Clients' investment in that private company.

That said, employees serving on company or non-profit boards of directors may receive MNPI about other public companies. Additionally, employees engaged in other outside business activities may also receive MNPI. If an employee believes they have received MNPI about a public company, they should contact the Chief Compliance Officer in accordance with the procedures set forth in Section 2 "Identifying Inside Information" above.

**7.** **Prior Employment Arrangements** 

A new employee's prior employment may raise concerns specific to the employee possessing MNPI regarding a public company. New employees possessing such information should meet with the Chief Compliance Officer who will develop information barriers in consultation with the employee and the employee's supervisor.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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**Exhibit B** 

**Supplemental Procedures for Discretionary Accounts** 

The following procedures govern the Code's requirements for Discretionary Accounts.

1. <u>Accounts Qualifying as Discretionary</u>. To qualify as a Discretionary Account, you and the trustee, broker
or adviser ("third party manager") for the account will agree that you or your Immediate Family Member or Domestic Partner will not have any direct or indirect influence or control over the account. You or your Immediate Family Member or
Domestic Partner may, however: (a) inform the third party manager of general investment objectives, such as a need for income, the degree of risk tolerance, and general mix and asset allocation guidelines; and (b) receive confirmation
statements or monthly statements in regular course after transactions are effected. You or your Immediate Family Member or Domestic Partner may not either direct or suggest to the third party manager any purchases or sales of investments, or consult
with the third party manager as to the particular allocation of investments to be made in the account.

2. <u>Prior Approval of these Accounts Required</u>. Before opening a Discretionary Account, in order to be exempt
from the provisions outlined in paragraph 3 below, you must provide the Chief Compliance Officer with a copy of the proposed investment management agreement (or equivalent) and obtain the Chief Compliance Officer's prior written approval. The
Chief Compliance Officer will review the identity of the account holder; the identity of the trustee, broker or adviser having investment discretion; and the written terms of the arrangement.

3. <u>Code Exemptions for Approved Discretionary Accounts</u>. An approved Discretionary Account relieves you ONLY
from the prohibitions of Section D (other than the prohibitions of D.7) and the reporting obligations imposed by Sections E.2, E.3 and E.4, and the reporting obligations imposed by Section E.1 relating only to Reportable Securities. You are still
subject at all times to general insider trading restrictions as well as the high fiduciary standards expected from all Advisory Persons.

4. <u>Initial and Annual Certifications</u>. You will initially and annually certify, in substantially the
following form:

"*The undersigned certifies that, as of this day and for the period since the last certification or the establishment of the Discretionary Account, you or your Immediate Family Member or Domestic Partner has had no direct or indirect influence or control over any particular transaction made or to be made in the account and the third party manager has made all investment decisions without informing you or your Immediate Family Member or Domestic Partner as to the transaction until after the transaction has been effected.*"

5. <u>Termination of Arrangements</u>. If at any time you or your Immediate Family Member or Domestic Partner
determines to exercise any influence or control over the account, including consulting with respect to any particular transaction, you must give prior notice to the Chief Compliance Officer. The account will then be subject to all provisions of the
Code, and the exemptions in paragraph 3 of these procedures will be revoked.

6. <u>Chief Compliance Officer Discretion</u>. The Chief Compliance Officer has discretion to withhold approval of
blind trust or discretionary accounts arrangements, or at any time to impose additional or different conditions on such accounts.

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| ![LOGO](g59093ddsp146.jpg) | Exhibit 99.p.i |

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**Exhibit C** 

**Code of Ethics Certifications** 

**Code of Ethics Certification for Employees** 

I acknowledge that I have received and read a copy of the Code of Ethics, as amended December 31, 2025 (the "Code"), for Ariel Capital Management Holdings, Inc., Ariel Investments, LLC, Ariel Investment Trust, Ariel Distributors, LLC, Ariel Alternatives, LLC, Project Black Management Company, LLC, Project Level Management Company, LLC and Ariel Investments Holding Company, LLC (the "Ariel Entities"). I understand my responsibilities under the Code and agree to comply with all of its terms and conditions. I further agree that my adherence to the Code is a condition of employment with the Ariel Entities. I will retain a copy of the Code for future reference.

I further certify that I have complied with the requirements of the Code, including but not limited to disclosing or reporting all personal securities transactions and accounts required to be disclosed or reported pursuant to the Code.

**Code of Ethics Certification for Disinterested Trustees, Outside Board Members or Covered Board Members** 

I acknowledge that I have received and read a copy of the Code of Ethics, as amended December 31, 2025 (the "Code"), for Ariel Capital Management Holdings, Inc., Ariel Investments, LLC, Ariel Investment Trust, Ariel Distributors, LLC, Ariel Alternatives, LLC, Project Black Management Company, LLC, Project Level Management Company, LLC and Ariel Investments Holding Company, LLC (the "Ariel Entities"). I understand my responsibilities under the Code and agree to comply with all of its terms and conditions. I will retain a copy of the Code for future reference.

I further certify that I have complied with the requirements of the Code, including but not limited to disclosing or reporting all personal securities transactions required to be disclosed or reported pursuant to the Code.

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