# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0002066578-25-001675
**Filing Date:** 2025-11
**Character Count:** 268026
**Document Hash:** 73867c85a0901b3631ccbac0be85d01f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001675.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002066578-25-001675

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251126

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04786
- **FILM NUMBER:** 251522782

**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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-4786

#### Ariel Investment Trust
(Exact name of registrant as specified in charter)

------

200 East Randolph Street

Suite 2900

Chicago, Illinois, 60601

(Address of principal executive offices) (Zip code)

Emma Rodriguez-Ayala, Esq.

200 East Randolph Street

Suite 2900

Chicago, Illinois 60601

(Name and address of agent for service)

with a copy to:

Paulita Pike, Esq.

Ropes & Gray LLP

191 North Wacker Drive

32nd Floor

Chicago, Illinois 60606

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(312) 726-0140

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.

(b) Not Applicable.

![TSR - Fund Logo](images_7632.jpg)

### Ariel Fund

#### Investor Class/ARGFX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Fund (Investor Class) | $106 | 1.01% |

---

#### Management's Discussion of Fund Performance
Ariel Fund Investor Class advanced +9.86% over the trailing one-year period, ahead of both the Russell 2500<sup>TM</sup> Value Index's +9.00% return and the Russell 2000<sup>®</sup> Value Index's +7.88% gain but trailing the Russell 2500<sup>TM</sup> Index's return of +10.16%.

#### TOP PERFORMANCE CONTRIBUTORS
Global leader in for-profit education, **Adtalem Global Education (ATGE)**, was the top contributor to performance with robust earnings and accelerating student enrollment, prompting a raise to full year guidance. Chamberlain and Walden, both Adtalem- owned Universities, outperformed on revenue per student and margins, while remediation efforts at the medical and veterinary schools showed encouraging progress. Despite regulatory uncertainty in U.S. education, we view ATGE as well insulated. With strong fundamentals, consistent free cash flow, and leadership in nursing and minority medical education, we believe ATGE is well-positioned to benefit from the ongoing healthcare labor shortage.

Additionally, live entertainment, media and technology company, **Sphere Entertainment Co. (SPHR)** advanced over the period, supported by strengthening business fundamentals and strong consumer demand for *The Wizard of Oz*, which continues to outperform expectations. Financial results should continue to ramp as Sphere scales its concert residencies, launches the capital-light 'Sphere Network' of smaller immersive venues domestically and drives higher utilization across show types. We also anticipate incremental upside from advertising, sponsorship, and suite revenue. Additionally, international expansion plans beyond Abu Dhabi remain a strategic priority. In our view, Sphere's Las Vegas venue and its scalable franchise potential represent a compelling long-term opportunity that remains meaningfully undervalued.

#### TOP PERFORMANCE DETRACTORS
U.S. direct-to-consumer pool and spa care services company, **Leslie's Inc. (LESL)** was the biggest performance detractor over the period due to disappointing earnings results and downward revisions to full year guidance. Unfavorable weather, soft consumer demand, and excess inventory pressured pricing and margins. Management is focused on cost-cutting, inventory optimization, and improving in-store traffic, while continuing to reduce debt. Despite recent challenges, we remain cautiously optimistic given Leslie's loyal customer base, scale advantages, and omnichannel strength. Notably, the company also executed a reverse stock split during the period as part of its broader strategic reset.

Manufacturer and distributor of floorcovering products, **Mohawk Industries Inc. (MHK)** also declined during the period as housing market headwinds continued to pressure consumer demand, pricing and input costs. While earnings results were in-line, management lowered near-term guidance amid macro uncertainty. MHK remains better positioned than peers, with domestically sourced products and ongoing cost restructuring. Meanwhile, new product momentum is driving mix and share gains in North America and the company increased its buyback authorization, reinforcing confidence in its long-term outlook.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class Shares Class. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $10,000
![Fund Performance - Growth of 10K](chartimages_3153879.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Fund (Investor Class) | 9.86% | 14.79% | 9.98% |
| Russell 2500<sup>TM</sup> Value Index | 9.00% | 14.96% | 9.68% |
| Russell 2000<sup>®</sup> Value Index<sup>1</sup> | 7.88% | 15.49% | 9.23% |
| Russell 2500<sup>TM</sup> Index | 10.16% | 12.09% | 10.52% |
| S&P 500<sup>®</sup> Index **(Broad-based Index)** | 17.60% | 16.47% | 15.30% |

---

<sup>1</sup> The Russell 2000<sup>®</sup> Value Index is replacing the Russell 2500<sup>TM</sup> Index because it more closely aligns with certain market sectors in which the Fund invests.

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $2585239013 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $14928255 |
| Portfolio turnover rate as of the end of the reporting period | 17% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sphere Entertainment Company | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corporation | 5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corporation | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corporation | 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | 3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard, Inc., Class A | 3.66% |

---

#### Industry Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153895.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Fund

#### Institutional Class/ARAIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Fund (Institutional Class) | $74 | 0.70% |

---

#### Management's Discussion of Fund Performance
Ariel Fund Institutional Class advanced +10.22% over the trailing one-year period, ahead of both the Russell 2500<sup>TM</sup> Value Index's +9.00% return and the Russell 2000<sup>®</sup> Value Index's +7.88% gain but trailing the Russell 2500<sup>TM</sup> Index's return of +10.16%.

#### TOP PERFORMANCE CONTRIBUTORS
Global leader in for-profit education, **Adtalem Global Education (ATGE)**, was the top contributor to performance with robust earnings and accelerating student enrollment, prompting a raise to full year guidance. Chamberlain and Walden, both Adtalem-owned Universities, outperformed on revenue per student and margins, while remediation efforts at the medical and veterinary schools showed encouraging progress. Despite regulatory uncertainty in U.S. education, we view ATGE as well insulated. With strong fundamentals, consistent free cash flow, and leadership in nursing and minority medical education, we believe ATGE is well-positioned to benefit from the ongoing healthcare labor shortage.

Additionally, live entertainment, media and technology company, **Sphere Entertainment Co. (SPHR)** advanced over the period, supported by strengthening business fundamentals and strong consumer demand for *The Wizard of Oz*, which continues to outperform expectations. Financial results should continue to ramp as Sphere scales its concert residencies, launches the capital-light 'Sphere Network' of smaller immersive venues domestically and drives higher utilization across show types. We also anticipate incremental upside from advertising, sponsorship, and suite revenue. Additionally, international expansion plans beyond Abu Dhabi remain a strategic priority. In our view, Sphere's Las Vegas venue and its scalable franchise potential represent a compelling long-term opportunity that remains meaningfully undervalued.

#### TOP PERFORMANCE DETRACTORS
U.S. direct-to-consumer pool and spa care services company, **Leslie's Inc. (LESL)** was the biggest performance detractor over the period due to disappointing earnings results and downward revisions to full year guidance. Unfavorable weather, soft consumer demand, and excess inventory pressured pricing and margins. Management is focused on cost-cutting, inventory optimization, and improving in-store traffic, while continuing to reduce debt. Despite recent challenges, we remain cautiously optimistic given Leslie's loyal customer base, scale advantages, and omnichannel strength. Notably, the company also executed a reverse stock split during the period as part of its broader strategic reset.

Manufacturer and distributor of floorcovering products, **Mohawk Industries Inc. (MHK)** also declined during the period as housing market headwinds continued to pressure consumer demand, pricing and input costs. While earnings results were in-line, management lowered near-term guidance amid macro uncertainty. MHK remains better positioned than peers, with domestically sourced products and ongoing cost restructuring. Meanwhile, new product momentum is driving mix and share gains in North America and the company increased its buyback authorization, reinforcing confidence in its long-term outlook.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class Shares Class. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $1,000,000
![Fund Performance - Growth of 10K](chartimages_3153934.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Fund (Institutional Class) | 10.22% | 15.15% | 10.32% |
| Russell 2500<sup>TM</sup> Value Index | 9.00% | 14.96% | 9.68% |
| Russell 2000<sup>®</sup> Value Index<sup>1</sup> | 7.88% | 15.49% | 9.23% |
| Russell 2500<sup>TM</sup> Index | 10.16% | 12.09% | 10.52% |
| S&P 500<sup>®</sup> Index **(Broad-based Index)** | 17.60% | 16.47% | 15.30% |

---

<sup>1</sup> The Russell 2000<sup>®</sup> Value Index is replacing the Russell 2500<sup>TM</sup> Index because it more closely aligns with certain market sectors in which the Fund invests.

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $2585239013 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $14928255 |
| Portfolio turnover rate as of the end of the reporting period | 17% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sphere Entertainment Company | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corporation | 5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corporation | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corporation | 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | 3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard, Inc., Class A | 3.66% |

---

#### Industry Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153918.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Appreciation Fund

#### Investor Class/CAAPX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Appreciation Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Appreciation Fund (Investor Class) | $119 | 1.15% |

---

#### Management's Discussion of Fund Performance
Ariel Appreciation Fund Investor Class increased +7.26% over the trailing one-year period, slightly behind the Russell Midcap<sup>®</sup> Value Index's +7.58% return and short of the +11.11% gain posted by the Russell Midcap<sup>®</sup> Index.

#### TOP PERFORMANCE CONTRIBUTORS
Supplier of residential thermal, comfort and security solutions, **Resideo Technologies, Inc. (REZI)** was the top contributor for the year, boosted by strong earnings results. Organic revenue, EBITDA and adjusted EPS all exceeded expectations. The company also finalized its agreement with Honeywell, eliminating future financial obligations under their indemnification agreement. We believe REZI remains undervalued, with long-term growth supported by rising demand for connected smart home solutions and continued product innovation.

Leading global financial franchise, **Northern Trust Corporation (NTRS)** also advanced following strong quarterly earnings results and rumors of a potential merger with Bank of New York Mellon. In our view, NTRS remains a trusted name offering diversified products in a favorable industry with high barriers to entry. We believe Northern's 135-year track record highlights its stability and strength in navigating macroeconomic volatility with a conservative, operating approach.

#### TOP PERFORMANCE DETRACTORS
**CarMax, Inc. (KMX)**, a leading used and wholesale vehicle auction operator, was the largest detractor from performance during the period. Management suspended the timeframes around its long-term strategic objectives, citing heightened macroeconomic uncertainty. Earnings disappointed, driven by lower unit sales and an increase in loan loss provisions. The demand slowdown followed a prior quarter's pull-forward, as customers sought to preempt potential tariffs. The rise in provisions was concentrated in pandemic-era loans, which have underperformed, while more recent vintages are performing in line with expectations—suggesting the credit deterioration is largely contained. We view the weakness as cyclical, reflecting broader macro and industry volatility rather than structural challenges. As the market share leader in used vehicles, we believe CarMax's scale and omnichannel capabilities position it well for long-term growth once conditions normalize.

Oil services company, **Core Laboratories (CLB)** also declined over the trailing one-year period due to weaker financial results, margin pressure, and soft U.S. onshore activity. International disruptions and declining capital efficiency further weighed on performance. Importantly, management noted tariffs should have minimal impact given CLB's service-based revenue and domestic footprint. Looking ahead, the company expects international growth from projects in the Middle East, Asia Pacific, and West Africa, while remaining focused on free cash flow generation, debt reduction, and improving return on invested capital.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class Shares Class. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $10,000
![Fund Performance - Growth of 10K](chartimages_3153735.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Appreciation Fund (Investor Class) | 7.26% | 11.55% | 8.13% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |
| S&P 500<sup>®</sup> Index **(Broad-based Index)** | 17.60% | 16.47% | 15.30% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $896295297 |
| Total number of portfolio holdings | 42 |
| Total advisory fees paid | $6610823 |
| Portfolio turnover rate as of the end of the reporting period | 25% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sphere Entertainment Company | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corporation | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd. | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowles Corporation | 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 3.01% |

---

#### Industry Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153751.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Appreciation Fund

#### Institutional Class/CAAIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Appreciation Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Appreciation Fund (Institutional Class) | $87 | 0.84% |

---

#### Management's Discussion of Fund Performance
Ariel Appreciation Fund Institutional Class increased +7.60% over the trailing one-year period, slightly ahead of the Russell Midcap<sup>®</sup> Value Index's +7.58% return and short of the +11.11% gain posted by the Russell Midcap<sup>®</sup> Index.

#### TOP PERFORMANCE CONTRIBUTORS
Supplier of residential thermal, comfort and security solutions, **Resideo Technologies, Inc. (REZI)** was the top contributor for the year, boosted by strong earnings results. Organic revenue, EBITDA and adjusted EPS all exceeded expectations. The company also finalized its agreement with Honeywell, eliminating future financial obligations under their indemnification agreement. We believe REZI remains undervalued, with long-term growth supported by rising demand for connected smart home solutions and continued product innovation.

Leading global financial franchise, **Northern Trust Corporation (NTRS)** also advanced following strong quarterly earnings results and rumors of a potential merger with Bank of New York Mellon. In our view, NTRS remains a trusted name offering diversified products in a favorable industry with high barriers to entry. We believe Northern's 135-year track record highlights its stability and strength in navigating macroeconomic volatility with a conservative, operating approach.

#### TOP PERFORMANCE DETRACTORS
**CarMax, Inc. (KMX)**, a leading used and wholesale vehicle auction operator, was the largest detractor from performance during the period. Management suspended the timeframes around its long-term strategic objectives, citing heightened macroeconomic uncertainty. Earnings disappointed, driven by lower unit sales and an increase in loan loss provisions. The demand slowdown followed a prior quarter's pull-forward, as customers sought to preempt potential tariffs. The rise in provisions was concentrated in pandemic-era loans, which have underperformed, while more recent vintages are performing in line with expectations—suggesting the credit deterioration is largely contained. We view the weakness as cyclical, reflecting broader macro and industry volatility rather than structural challenges. As the market share leader in used vehicles, we believe CarMax's scale and omnichannel capabilities position it well for long-term growth once conditions normalize.

Oil services company, **Core Laboratories (CLB)** also declined over the trailing one-year period due to weaker financial results, margin pressure, and soft U.S. onshore activity. International disruptions and declining capital efficiency further weighed on performance. Importantly, management noted tariffs should have minimal impact given CLB's service-based revenue and domestic footprint. Looking ahead, the company expects international growth from projects in the Middle East, Asia Pacific, and West Africa, while remaining focused on free cash flow generation, debt reduction, and improving return on invested capital.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class Shares Class. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $1,000,000
![Fund Performance - Growth of 10K](chartimages_3153790.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Appreciation Fund (Institutional Class) | 7.60% | 11.89% | 8.46% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 9.96% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 11.39% |
| S&P 500<sup>®</sup> Index **(Broad-based Index)** | 17.60% | 16.47% | 15.30% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $896295297 |
| Total number of portfolio holdings | 42 |
| Total advisory fees paid | $6610823 |
| Portfolio turnover rate as of the end of the reporting period | 25% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sphere Entertainment Company | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corporation | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd. | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowles Corporation | 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 3.01% |

---

#### Industry Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153774.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Focus Fund

#### Investor Class/ARFFX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Focus Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Focus Fund (Investor Class) | $110 | 1.00% |

---

#### Management's Discussion of Fund Performance
Ariel Focus Fund Investor Class jumped +20.14% over the trailing one-year period, outperforming the +9.44% return posted by the Russell 1000<sup>®</sup> Value Index and the +17.60% gain of the S&P 500<sup>®</sup> Index.

#### TOP PERFORMANCE CONTRIBUTORS
Supplier of residential thermal, comfort and security solutions, **Resideo Technologies, Inc. (REZI)** was the top contributor for the year, boosted by strong earnings results. Organic revenue, EBITDA and adjusted EPS all exceeded expectations. The company also finalized its agreement with Honeywell, eliminating future financial obligations under their indemnification agreement. We believe REZI remains undervalued, with long-term growth supported by rising demand for connected smart home solutions and continued product innovation.

Global leader in enterprise software, **Oracle Corporation (ORCL)** was another top performer over the trailing one-year period as investor enthusiasm for its cloud and AI strategy outweighed mixed earnings results and a cautious near-term outlook. A record $455B in remaining performance obligations (RPO) backlog and ~500% Cloud RPO growth tied to four major contracts underscored surging demand for Oracle Cloud Infrastructure (OCI), with revenue visibility now extending through FY30. MultiCloud database revenue from Amazon, Google, and Microsoft also accelerated, supported by plans to deliver 37 new datacenters. Operating margins improved, capex was raised to meet robust demand, and the upcoming launch of Oracle AI Database is expected to further drive cloud consumption. In our view, Oracle's entrenched leadership in database software and cloud infrastructure positions it as a key beneficiary of global generative AI adoption.

#### TOP PERFORMANCE DETRACTORS
Manufacturer and distributor of floorcovering products, **Mohawk Industries Inc. (MHK)** was the biggest detractor from results during the period as housing market headwinds continued to pressure consumer demand, pricing and input costs. While earnings results were in-line, management lowered near-term guidance amid macro uncertainty. MHK remains better positioned than peers, with domestically sourced products and ongoing cost restructuring. Meanwhile, new product momentum is driving mix and share gains in North America and the company increased its buyback authorization, reinforcing confidence in its long-term outlook.

Oil services company, **Core Laboratories (CLB)** declined over the trailing one-year period due to weaker financial results, margin pressure, and soft U.S. onshore activity. International disruptions and declining capital efficiency further weighed on performance. Importantly, management noted tariffs should have minimal impact given CLB's service-based revenue and domestic footprint. Looking ahead, the company expects international growth from projects in the Middle East, Asia Pacific, and West Africa, while remaining focused on free cash flow generation, debt reduction, and improving return on invested capital.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class Shares Class. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $10,000
![Fund Performance - Growth of 10K](chartimages_3153862.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Focus Fund (Investor Class) | 20.14% | 14.56% | 10.37% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| S&P 500<sup>®</sup> Index **(Broad-based Index)** | 17.60% | 16.47% | 15.30% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $77686523 |
| Total number of portfolio holdings | 28 |
| Total advisory fees paid | $317434 |
| Portfolio turnover rate as of the end of the reporting period | 31% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. | 5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corporation | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;PHINIA, Inc. | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;APA Corporation | 4.38% |

---

#### Industry Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153846.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Focus Fund

#### Institutional Class/AFOYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Focus Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025*. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.  * 

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Focus Fund (Institutional Class) | $83 | 0.75% |

---

 

#### Management's Discussion of Fund Performance
Ariel Focus Fund Institutional Class jumped +20.47% over the trailing one-year period, outperforming the +9.44% return posted by the Russell 1000<sup>®</sup> Value Index and the +17.60% gain of the S&P 500<sup>®</sup> Index.

#### TOP PERFORMANCE CONTRIBUTORS
Supplier of residential thermal, comfort and security solutions, **Resideo Technologies, Inc. (REZI)** was the top contributor for the year, boosted by strong earnings results. Organic revenue, EBITDA and adjusted EPS all exceeded expectations. The company also finalized its agreement with Honeywell, eliminating future financial obligations under their indemnification agreement. We believe REZI remains undervalued, with long-term growth supported by rising demand for connected smart home solutions and continued product innovation.

Global leader in enterprise software, **Oracle Corporation (ORCL)** was another top performer over the trailing one-year period as investor enthusiasm for its cloud and AI strategy outweighed mixed earnings results and a cautious near-term outlook. A record $455B in remaining performance obligations (RPO) backlog and ~500% Cloud RPO growth tied to four major contracts underscored surging demand for Oracle Cloud Infrastructure (OCI), with revenue visibility now extending through FY30. MultiCloud database revenue from Amazon, Google, and Microsoft also accelerated, supported by plans to deliver 37 new datacenters. Operating margins improved, capex was raised to meet robust demand, and the upcoming launch of Oracle AI Database is expected to further drive cloud consumption. In our view, Oracle's entrenched leadership in database software and cloud infrastructure positions it as a key beneficiary of global generative AI adoption.

#### TOP PERFORMANCE DETRACTORS
Manufacturer and distributor of floorcovering products, **Mohawk Industries Inc. (MHK)** was the biggest detractor from results during the period as housing market headwinds continued to pressure consumer demand, pricing and input costs. While earnings results were in-line, management lowered near-term guidance amid macro uncertainty. MHK remains better positioned than peers, with domestically sourced products and ongoing cost restructuring. Meanwhile, new product momentum is driving mix and share gains in North America and the company increased its buyback authorization, reinforcing confidence in its long-term outlook.

Oil services company, **Core Laboratories (CLB)** declined over the trailing one-year period due to weaker financial results, margin pressure, and soft U.S. onshore activity. International disruptions and declining capital efficiency further weighed on performance. Importantly, management noted tariffs should have minimal impact given CLB's service-based revenue and domestic footprint. Looking ahead, the company expects international growth from projects in the Middle East, Asia Pacific, and West Africa, while remaining focused on free cash flow generation, debt reduction, and improving return on invested capital.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class Shares Class. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $1,000,000
![Fund Performance - Growth of 10K](chartimages_3153807.jpg) 

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Focus Fund (Institutional Class) | 20.47% | 14.86% | 10.64% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 13.87% | 10.72% |
| S&P 500<sup>®</sup> Index **(Broad-based Index)** | 17.60% | 16.47% | 15.30% |

---

 

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $77686523 |
| Total number of portfolio holdings | 28 |
| Total advisory fees paid | $317434 |
| Portfolio turnover rate as of the end of the reporting period | 31% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. | 5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corporation | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;PHINIA, Inc. | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;APA Corporation | 4.38% |

---

#### Industry Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153823.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435. 

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel International Fund

#### Investor Class/AINTX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel International Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel International Fund (Investor Class) | $125 | 1.13% |

---

#### Management's Discussion of Fund Performance
Ariel International Fund Investor Class advanced +22.01% over the trailing one-year period, outperforming both the MSCI EAFE Net and MSCI ACWI ex-US Net indices, which returned +14.99% and +16.45%, respectively. Ariel International Fund Investor Class lagged the MSCI EAFE Value Net Index's +22.53% return, but came in ahead of the MSCI ACWI ex-US Value Net Index's +20.17% gain.

#### TOP PERFORMANCE CONTRIBUTORS
**Lasertec Corporation**, a Japan-based niche manufacturer of semiconductor and flat panel display production equipment was a top contributor to performance over the period. Improving investor sentiment lifted shares as Lasertec remains the only company with commercialized inspection systems that use extreme ultraviolet lithography (EUV) light sources. Management also reiterated their expectation for an order recovery in 2026 with the number of specific projects increasing and visibility in the outlook improving. Moreover, we believe Lasertec's process control intensity is nearing an inflection as the business shifts towards high volume manufacturing. Notably, the company's Actinic Patterned Mask Inspection (APMI) tool also provides a cheaper alternative to Advanced Semiconductor Materials Lithography (ASML). We think this in combination with an expansion of EUV processes in semiconductor production offers significant upside optionality over the long-term.

Bank holding company, **BAWAG Group AG** has advanced meaningfully following its strategic acquisitions of Barclays Consumer Bank Europe and Knab, a Netherlands-based mortgage bank. These transactions mark pivotal milestones, significantly enhancing the Group's footprint across key European markets. In our view, current consensus estimates for 2025 and 2026 underappreciate the company's long-term potential—particularly its ability to deliver sustainable growth, maintain best-in-class cost efficiency, and generate sector-leading capital returns. Management continues to execute with discipline, delivering strong financial results while remaining steadfast in its commitment to robust free cash flow generation and consistent capital return to shareholders through dividends.

#### TOP PERFORMANCE DETRACTORS
French pharmaceutical company, **Sanofi** underperformed during the period, driven by mixed Phase 3 results for Itepekimab in COPD, which pressured shares. Our thesis on the broader pipeline did not materialize, and Sanofi now exhibits a muted growth profile relative to peers, with limited exposure to high-growth areas such as obesity/GLP-1. While Dupixent remains a strong contributor, its outsized share of earnings heightens vulnerability to future competition and biosimilars. Rising research and development spend, pricing headwinds in the U.S. and European Union, as well as erosion in the legacy portfolio further cloud the outlook. As a result, we exited the position to reallocate capital toward more compelling opportunities.

French multinational tire manufacturer, **Michelin (CDGE)** was a notable underperformer during the period, impacted by softer demand amid a challenging macroeconomic backdrop. Despite volume declines, margins remain resilient, supported by a favorable pricing mix and disciplined cost management. In response to near-term market pressures, management announced the planned closures of factories in France and Mexico. These actions are part of a broader strategic effort to reshape Michelin's global footprint and align production with long-term market trends. While near-term demand remains uneven, the restructuring enhances operational flexibility and positions the company to benefit as end markets recover. We remain constructive on Michelin's strong global competitive position, pricing power, and financial discipline. Shares currently trade at a meaningful discount to historical multiples, despite a strengthened balance sheet, robust free cash flow generation and attractive capital returns to shareholders.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class Shares Class. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $10,000
![Fund Performance - Growth of 10K](chartimages_3154023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel International Fund (Investor Class) | 22.01% | 8.33% | 5.98% |
| MSCI EAFE Net Index **(Broad-based Index)** | 14.99% | 11.15% | 8.17% |
| MSCI ACWI ex-US Net Index | 16.45% | 10.26% | 8.23% |
| MSCI EAFE Value Net Index | 22.53% | 15.66% | 8.16% |
| MSCI ACWI ex-US Value Net Index | 20.17% | 14.41% | 8.10% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $269391634 |
| Total number of portfolio holdings | 60 |
| Total advisory fees paid | $1498186 |
| Portfolio turnover rate as of the end of the reporting period | 89% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lasertec Corporation | 4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptiv plc | 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Informa plc | 3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAWAG Group AG | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sega Sammy Holdings, Inc. | 3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Syensqo SA | 3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | 3.28% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financials | 19.77% |
| Consumer Discretionary | 19.30% |
| Information Technology | 15.89% |
| Communication Services | 13.25% |
| Industrials | 8.13% |
| Health Care | 7.98% |
| Consumer Staples | 5.45% |
| Utilities | 3.86% |
| Materials & Processing | 3.30% |
| Other | 1.32% |

---

#### Geographic Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3154039.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel International Fund

#### Institutional Class/AINIX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel International Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel International Fund (Institutional Class) | $98 | 0.88% |

---

#### Management's Discussion of Fund Performance
Ariel International Fund Institutional Class advanced +22.27% over the trailing one-year period, outperforming both the MSCI EAFE Net and MSCI ACWI ex-US Net indices, which returned +14.99% and +16.45%, respectively. Ariel International Fund Institutional Class lagged the MSCI EAFE Value Net Index's +22.53% return, but came in ahead of the MSCI ACWI ex-US Value Net Index's +20.17% gain.

#### TOP PERFORMANCE CONTRIBUTORS
**Lasertec Corporation**, a Japan-based niche manufacturer of semiconductor and flat panel display production equipment was a top contributor to performance over the period. Improving investor sentiment lifted shares as Lasertec remains the only company with commercialized inspection systems that use extreme ultraviolet lithography (EUV) light sources. Management also reiterated their expectation for an order recovery in 2026 with the number of specific projects increasing and visibility in the outlook improving. Moreover, we believe Lasertec's process control intensity is nearing an inflection as the business shifts towards high volume manufacturing. Notably, the company's Actinic Patterned Mask Inspection (APMI) tool also provides a cheaper alternative to Advanced Semiconductor Materials Lithography (ASML). We think this in combination with an expansion of EUV processes in semiconductor production offers significant upside optionality over the long-term.

Bank holding company, **BAWAG Group AG** has advanced meaningfully following its strategic acquisitions of Barclays Consumer Bank Europe and Knab, a Netherlands-based mortgage bank. These transactions mark pivotal milestones, significantly enhancing the Group's footprint across key European markets. In our view, current consensus estimates for 2025 and 2026 underappreciate the company's long-term potential—particularly its ability to deliver sustainable growth, maintain best-in-class cost efficiency, and generate sector-leading capital returns. Management continues to execute with discipline, delivering strong financial results while remaining steadfast in its commitment to robust free cash flow generation and consistent capital return to shareholders through dividends.

#### TOP PERFORMANCE DETRACTORS
French pharmaceutical company, **Sanofi** underperformed during the period, driven by mixed Phase 3 results for Itepekimab in COPD, which pressured shares. Our thesis on the broader pipeline did not materialize, and Sanofi now exhibits a muted growth profile relative to peers, with limited exposure to high-growth areas such as obesity/GLP-1. While Dupixent remains a strong contributor, its outsized share of earnings heightens vulnerability to future competition and biosimilars. Rising research and development spend, pricing headwinds in the U.S. and European Union, as well as erosion in the legacy portfolio further cloud the outlook. As a result, we exited the position to reallocate capital toward more compelling opportunities.

French multinational tire manufacturer, **Michelin (CDGE)** was a notable underperformer during the period, impacted by softer demand amid a challenging macroeconomic backdrop. Despite volume declines, margins remain resilient, supported by a favorable pricing mix and disciplined cost management. In response to near-term market pressures, management announced the planned closures of factories in France and Mexico. These actions are part of a broader strategic effort to reshape Michelin's global footprint and align production with long-term market trends. While near-term demand remains uneven, the restructuring enhances operational flexibility and positions the company to benefit as end markets recover. We remain constructive on Michelin's strong global competitive position, pricing power, and financial discipline. Shares currently trade at a meaningful discount to historical multiples, despite a strengthened balance sheet, robust free cash flow generation and attractive capital returns to shareholders.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class Shares Class. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $1,000,000
![Fund Performance - Growth of 10K](chartimages_3154078.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel International Fund (Institutional Class) | 22.27% | 8.59% | 6.24% |
| MSCI EAFE Net Index **(Broad-based Index)** | 14.99% | 11.15% | 8.17% |
| MSCI ACWI ex-US Net Index | 16.45% | 10.26% | 8.23% |
| MSCI EAFE Value Net Index | 22.53% | 15.66% | 8.16% |
| MSCI ACWI ex-US Value Net Index | 20.17% | 14.41% | 8.10% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $269391634 |
| Total number of portfolio holdings | 60 |
| Total advisory fees paid | $1498186 |
| Portfolio turnover rate as of the end of the reporting period | 89% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lasertec Corporation | 4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptiv plc | 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Informa plc | 3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAWAG Group AG | 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sega Sammy Holdings, Inc. | 3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Syensqo SA | 3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | 3.28% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financials | 19.77% |
| Consumer Discretionary | 19.30% |
| Information Technology | 15.89% |
| Communication Services | 13.25% |
| Industrials | 8.13% |
| Health Care | 7.98% |
| Consumer Staples | 5.45% |
| Utilities | 3.86% |
| Materials & Processing | 3.30% |
| Other | 1.32% |

---

#### Geographic Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3154062.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Global Fund

#### Investor Class/AGLOX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Global Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Global Fund (Investor Class) | $128 | 1.19% |

---

#### Management's Discussion of Fund Performance
Ariel Global Fund Investor Class traded +15.53% higher over the trailing one-year period, falling short of the MSCI ACWI Net Index's +17.27% gain, but ahead of the +12.14% return of the MSCI ACWI Value Net Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Lasertec Corporation**, a Japan-based niche manufacturer of semiconductor and flat panel display production equipment was a top contributor to performance over the period. Improving investor sentiment lifted shares as Lasertec remains the only company with commercialized inspection systems that use extreme ultraviolet lithography (EUV) light sources. Management also reiterated their expectation for an order recovery in 2026 with the number of specific projects increasing and visibility in the outlook improving. Moreover, we believe Lasertec's process control intensity is nearing an inflection as the business shifts towards high volume manufacturing. Notably, the company's Actinic Patterned Mask Inspection (APMI) tool also provides a cheaper alternative to Advanced Semiconductor Materials Lithography (ASML). We think this in combination with an expansion of EUV processes in semiconductor production offers significant upside optionality over the long-term.

Korea-based leading pure-play producer of memory semiconductor products, **SK Hynix Inc.** advanced over the period following robust earnings results. Strong Artificial Intelligence (AI) driven demand for High Bandwidth Memory (HBM) products as well as a recovery in commodity memory prices were key highlights. Furthermore, the company is gaining market share in high-content server-grade Dynamic Random Access Memory (DRAM) modules and Solid State Drives (SSDs). With its entire 2025 HBM supply sold out and Nvidia as a key customer, SK Hynix solidified its leadership in the AI memory market.

#### TOP PERFORMANCE DETRACTORS
French pharmaceutical company, **Sanofi** underperformed during the period, driven by mixed Phase 3 results for Itepekimab in COPD, which pressured shares. Our thesis on the broader pipeline did not materialize, and Sanofi now exhibits a muted growth profile relative to peers, with limited exposure to high-growth areas such as obesity/GLP-1. While Dupixent remains a strong contributor, its outsized share of earnings heightens vulnerability to future competition and biosimilars. Rising research and development spend, pricing headwinds in the U.S. and European Union, as well as erosion in the legacy portfolio further cloud the outlook. As a result, we exited the position to reallocate capital toward more compelling opportunities.

China-based e-commerce company, **JD.com, Inc.** declined during the period primarily due to concerns surrounding the company's aggressive expansion into the highly competitive food delivery business. Specifically, the size of the investment and incremental return on the initiative remains unclear. Meanwhile, the core e-commerce business continues to deliver strong results highlighted by double-digit top line growth and margin expansion. Despite the attractive valuation and strength of the core business, we have trimmed the position to reflect our emerging concerns.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class Shares Class. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $10,000
![Fund Performance - Growth of 10K](chartimages_3153951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Global Fund (Investor Class) | 15.53% | 10.80% | 8.63% |
| MSCI ACWI Net Index **(Broad-based Index)** | 17.27% | 13.54% | 11.91% |
| MSCI ACWI Value Net Index | 12.14% | 13.45% | 9.12% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $54542574 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $188276 |
| Portfolio turnover rate as of the end of the reporting period | 99% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe SA | 2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lasertec Corporation | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 2.57% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 26.25% |
| Financials | 16.26% |
| Communication Services | 14.78% |
| Health Care | 12.03% |
| Consumer Discretionary | 11.60% |
| Industrials | 5.96% |
| Consumer Staples | 4.13% |
| Utilities | 4.01% |
| Other | 3.82% |

---

#### Geographic Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153967.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_7632.jpg)

### Ariel Global Fund

#### Institutional Class/AGLYX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
*This annual shareholder report contains important information about Ariel Global Fund (the "Fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the Fund at* arielinvestments.com/fundreports*. You may also request this information by contacting us at 800.292.7435.*

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Cost Paid as a Percentage of a $10,000 Investment** |
| Ariel Global Fund (Institutional Class) | $101 | 0.94% |

---

#### Management's Discussion of Fund Performance
Ariel Global Fund Institutional Class traded +15.82% higher over the trailing one-year period, falling short of the MSCI ACWI Net Index's +17.27% gain, but ahead of the +12.14% return of the MSCI ACWI Value Net Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Lasertec Corporation**, a Japan-based niche manufacturer of semiconductor and flat panel display production equipment was a top contributor to performance over the period. Improving investor sentiment lifted shares as Lasertec remains the only company with commercialized inspection systems that use extreme ultraviolet lithography (EUV) light sources. Management also reiterated their expectation for an order recovery in 2026 with the number of specific projects increasing and visibility in the outlook improving. Moreover, we believe Lasertec's process control intensity is nearing an inflection as the business shifts towards high volume manufacturing. Notably, the company's Actinic Patterned Mask Inspection (APMI) tool also provides a cheaper alternative to Advanced Semiconductor Materials Lithography (ASML). We think this in combination with an expansion of EUV processes in semiconductor production offers significant upside optionality over the long-term.

Korea-based leading pure-play producer of memory semiconductor products, **SK Hynix Inc.** advanced over the period following robust earnings results. Strong Artificial Intelligence (AI) driven demand for High Bandwidth Memory (HBM) products as well as a recovery in commodity memory prices were key highlights. Furthermore, the company is gaining market share in high-content server-grade Dynamic Random Access Memory (DRAM) modules and Solid State Drives (SSDs). With its entire 2025 HBM supply sold out and Nvidia as a key customer, SK Hynix solidified its leadership in the AI memory market.

#### TOP PERFORMANCE DETRACTORS
French pharmaceutical company, **Sanofi** underperformed during the period, driven by mixed Phase 3 results for Itepekimab in COPD, which pressured shares. Our thesis on the broader pipeline did not materialize, and Sanofi now exhibits a muted growth profile relative to peers, with limited exposure to high-growth areas such as obesity/GLP-1. While Dupixent remains a strong contributor, its outsized share of earnings heightens vulnerability to future competition and biosimilars. Rising research and development spend, pricing headwinds in the U.S. and European Union, as well as erosion in the legacy portfolio further cloud the outlook. As a result, we exited the position to reallocate capital toward more compelling opportunities.

China-based e-commerce company, **JD.com, Inc.** declined during the period primarily due to concerns surrounding the company's aggressive expansion into the highly competitive food delivery business. Specifically, the size of the investment and incremental return on the initiative remains unclear. Meanwhile, the core e-commerce business continues to deliver strong results highlighted by double-digit top line growth and margin expansion. Despite the attractive valuation and strength of the core business, we have trimmed the position to reflect our emerging concerns.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class Shares Class. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

#### Growth of $1,000,000
![Fund Performance - Growth of 10K](chartimages_3154006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1-Year** | **5-Year** | **10-Year** |
| Ariel Global Fund (Institutional Class) | 15.82% | 11.08% | 8.89% |
| MSCI ACWI Net Index **(Broad-based Index)** | 17.27% | 13.54% | 11.91% |
| MSCI ACWI Value Net Index | 12.14% | 13.45% | 9.12% |

---

**Performance data quoted represents past performance and does not guarantee future results.** 

All performance assumes the reinvestment of dividends and capital gains. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Please visit arielinvestments.com/performance for recent and since inception performance results.

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $54542574 |
| Total number of portfolio holdings | 68 |
| Total advisory fees paid | $188276 |
| Portfolio turnover rate as of the end of the reporting period | 99% |

---

#### Graphical Representation of Holdings (% of Net Assets)
The tables below represent the total net assets of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe SA | 2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lasertec Corporation | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 2.57% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 26.25% |
| Financials | 16.26% |
| Communication Services | 14.78% |
| Health Care | 12.03% |
| Consumer Discretionary | 11.60% |
| Industrials | 5.96% |
| Consumer Staples | 4.13% |
| Utilities | 4.01% |
| Other | 3.82% |

---

#### Geographic Allocation
![Graphical Representation - Allocation 2 Chart](chartimages_3153990.jpg)

Availability of Additional Information

Please visit arielinvestments.com/fundreports for the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800.292.7435.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 800.292.7435 or contact your financial intermediary. Instructions are typically effective within 30 days.

SLOW AND STEADY WINS THE RACE

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer, or persons performing similar functions.

During the period covered by this report, the code of ethics was revised to reflect a change in principal financial officer for the registrant.

A copy of the current code of ethics is available on our web site at www.arielinvestments.com and without charge, upon request by calling toll-free 1-800-292-7435.

During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: (1) William C. Dietrich, (2) Christopher G. Kennedy, and (3) Kim Y. Lew.

------

#### Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate Audit Fees of Deloitte & Touche LLP ("Deloitte") for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended September 30, 2025 and September 30, 2024, were $123,000 and $123,000, respectively.

(b) Audit-Related Fees. The aggregate Audit-Related Fees of Deloitte for services rendered for assurance and related services that are reasonably related to the performance of the audit or review of the registrant's financial statements, but not reported as Audit Fees for the fiscal years ended September 30, 2025 and September 30, 2024, were $0 and $0, respectively.

For the twelve month periods ended September 30, 2025 and September 30, 2024, aggregate Audit-Related Fees billed by Deloitte that were required to be approved by the Audit Committee of the registrant's Board of Directors (the "Audit Committee") for audit-related services rendered to the registrant's investment advisor and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the registrant (the "Affiliated Service Providers") that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(c) Tax Fees. The aggregate Tax Fees of Deloitte for professional services rendered for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended September 30, 2025 and September 30, 2024 were $135,600 and $23,800, respectively.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit.

For the twelve month periods ended September 30, 2025 and September 30, 2024, the aggregate Tax Fees billed by Deloitte that were required to be approved by the registrant's Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(d) All Other Fees. The aggregate Other Fees of Deloitte for all other non-audit services rendered to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024, were $0 and $0, respectively.

For the twelve month periods ended September 30, 2025 and September 30, 2024, the aggregate fees in this category billed by Deloitte that were required to be approved by the registrant's Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant's Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the registrant. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The registrant's Audit Committee has adopted a policy whereby audit and non-audit services performed by the registrant's independent accountant require pre-approval in advance at regularly scheduled Audit Committee meetings. If such a service is required between regularly scheduled Audit Committee meetings, pre-approval may be authorized by the Audit Committee Chairperson with ratification at the next scheduled audit committee meeting.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the twelve month periods ended September 30, 2025 and September 30, 2024, aggregate non-audit fees billed by Deloitte for services rendered to the registrant were $135,600 and $23,800, respectively.

For the twelve month periods ended September 30, 2025 and September 30, 2024, aggregate non-audit fees billed by Deloitte for services rendered to the Affiliated Services Providers were $0 and $0, respectively.

(h) The registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Included as part of the Financial Statements filed under Item 7 of this Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.

------

![](img5e6dc6f41.gif)

**Annual Financial Statements**

**September 30, 2025**

------

[**Table of Contents**](#xx_cae7e873-b198-4916-aba9-941d5686304e_FCN-CC-RunningFooter-Website-20_1)

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_cae7e873-b198-4916-aba9-941d5686304e_SOI-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 2 |
| [Statements of Assets and Liabilites](#xx_cae7e873-b198-4916-aba9-941d5686304e_FS-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 12 |
| [Statements of Operations](#xx_cae7e873-b198-4916-aba9-941d5686304e_FS-CC-RunningFooter-Website_3) | &nbsp;&nbsp; 14 |
| [Statements of Changes in Net Assets](#xx_cae7e873-b198-4916-aba9-941d5686304e_FS-CC-RunningFooter-Website_5) | &nbsp;&nbsp; 16 |
| [Financial Highlights](#xx_cae7e873-b198-4916-aba9-941d5686304e_FS-CC-RunningFooter-Website_8) | &nbsp;&nbsp; 19 |
| [Notes to the Financial Statements](#xx_cae7e873-b198-4916-aba9-941d5686304e_NTF-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_cae7e873-b198-4916-aba9-941d5686304e_RPA-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 31 |
| [Important Supplemental Information](#xx_cae7e873-b198-4916-aba9-941d5686304e_ISI-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 32 |
| [Changes in and Disagreements with Accountants for](#xx_cae7e873-b198-4916-aba9-941d5686304e_CIAD-CC-RunningFooter-Website_1)<br> [Open-End Management Investment Companies](#xx_cae7e873-b198-4916-aba9-941d5686304e_CIAD-CC-RunningFooter-Website_1)<br>| &nbsp;&nbsp; 33 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_cae7e873-b198-4916-aba9-941d5686304e_PD-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 34 |
| [Remuneration Paid to Directors, Officers, and Others of](#xx_cae7e873-b198-4916-aba9-941d5686304e_REMUN-CC-RunningFooter-Website_1)<br> [Open-End Management Investment Companies](#xx_cae7e873-b198-4916-aba9-941d5686304e_REMUN-CC-RunningFooter-Website_1)<br>| &nbsp;&nbsp; 35 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_cae7e873-b198-4916-aba9-941d5686304e_BA-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 36 |

---

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.15% | Value ($) |
|  | **Consumer Discretionary—36.40%** |  |
| 2426809 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 150753375 |
| 3185763 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 144123918 |
| 721253 | Adtalem Global Education, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 111397526 |
| 1232179 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 106521875 |
| 5445793 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91652696 |
| 2931125 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72193609 |
| 2274787 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 64376472 |
| 2806856 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 59336936 |
| 3811330 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 57703536 |
| 196896 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44695392 |
| 1374773 | Paramount Skydance Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 26010705 |
| 2240814 | Leslie's, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12324480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 941090520 |
|  | **Consumer Staples—2.94%** |  |
| 699571 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 75973411 |
|  | **Energy—3.12%** |  |
| 6518877 | Core Laboratories, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80573320 |
|  | **Financials—21.83%** |  |
| 1833226 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 114943270 |
| 448964 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 107046486 |
| 1791580 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 94559592 |
| 515246 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 69352112 |
| 504588 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 56231287 |
| 1135129 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 50524592 |
| 727024 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 46704022 |
| 2070647 | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24992709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 564354070 |
|  | **Health Care—13.81%** |  |
| 5084223 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103565622 |
| 346997 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 97294489 |
| 559930 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87606648 |
| 1100010 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68640624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 357107383 |
|  | **Industrials—17.68%** |  |
| 761877 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98221183 |
| 1789509 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77270998 |
| 425087 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71159564 |
| 7952398 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69265386 |
| 1809927 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51800111 |
| 158130 | Zebra Technologies Corporation, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46989911 |
| 318458 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 42332622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 457039775 |
|  | **Real Estate—3.37%** |  |
| 291975 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87090303 |
|  | **Total Common Stocks (Cost $1,813,467,664)** | &nbsp;&nbsp;&nbsp;&nbsp; **2563228782** |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—1.15% | Value ($) |
| 29638006 | Northern Institutional Treasury Portfolio, 3.95%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29638006 |
|  | **Total Short-Term Investments (Cost $29,638,006)** | &nbsp;&nbsp;&nbsp;&nbsp; **29638006** |
|  | **Total Investments—100.30% (Cost $1,843,105,670)** | &nbsp;&nbsp;&nbsp;&nbsp; **2592866788** |
|  | Other Assets less Liabilities—(0.30)% | &nbsp;&nbsp;&nbsp;&nbsp; (7627775)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **2585239013** |

---

**Ariel Appreciation Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.66% | Value ($) |
|  | **Consumer Discretionary—30.09%** |  |
| 494037 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30689578 |
| 675498 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30559530 |
| 1227568 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30235000 |
| 988266 | Interpublic Group of Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27582504 |
| 1175335 | Knowles Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27397059 |
| 1621719 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27293531 |
| 848245 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 24005334 |
| 97166 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22056682 |
| 1038560 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 21955158 |
| 323429 | CarMax, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14512259 |
| 883528 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13376614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 269663249 |
|  | **Consumer Staples—3.03%** |  |
| 135116 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 14673597 |
| 275903 | Molson Coors Brewing Company | &nbsp;&nbsp;&nbsp;&nbsp; 12484611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27158208 |
|  | **Energy—4.41%** |  |
| 606602 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp; 20848911 |
| 1513465 | Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18706427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39555338 |
|  | **Financials—19.08%** |  |
| 430929 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27019248 |
| 418198 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 26865040 |
| 461635 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24365095 |
| 196398 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 21886593 |
| 156598 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 21078091 |
| 193841 | The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 18506000 |
| 141527 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18391434 |
| 115387 | Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12888728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 171000229 |
|  | **Health Care—13.96%** |  |
| 189436 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29639156 |
| 100026 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28713464 |
| 89842 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25190798 |
| 1150573 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23437172 |
| 290755 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18143112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 125123702 |
|  | **Industrials—23.36%** |  |
| 189517 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 31725146 |
| 530283 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22897620 |
| 165316 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21975456 |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Appreciation Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.66% (continued) | Value ($) |
|  | **Industrials—23.36% (continued)** |  |
| 123545 | Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21610492 |
| 217685 | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp; 21472448 |
| 245677 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18261172 |
| 133940 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17268884 |
| 585944 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16769717 |
| 1881141 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16384738 |
| 51029 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13217021 |
| 373802 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7823676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 209406370 |
|  | **Real Estate—4.73%** |  |
| 81550 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24324734 |
| 114785 | CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18085525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42410259 |
|  | **Total Common Stocks (Cost $593,437,840)** | &nbsp;&nbsp;&nbsp;&nbsp; **884317355** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—1.38% | Value ($) |
| 12323714 | Northern Institutional Treasury Portfolio, 3.95%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12323714 |
|  | **Total Short-Term Investments (Cost $12,323,714)** | &nbsp;&nbsp;&nbsp;&nbsp; **12323714** |
|  | **Total Investments—100.04% (Cost $605,761,554)** | &nbsp;&nbsp;&nbsp;&nbsp; **896641069** |
|  | Other Assets less Liabilities—(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp; (345772)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **896295297** |

---

**Ariel Focus Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.24% | Value ($) |
|  | **Basic Materials—7.87%** |  |
| 112229 | Barrick Mining Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3677744 |
| 70266 | Mosaic Company | &nbsp;&nbsp;&nbsp;&nbsp; 2436825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6114569 |
|  | **Consumer Discretionary—13.85%** |  |
| 64415 | PHINIA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3702574 |
| 36441 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3150325 |
| 33799 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1529067 |
| 31842 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1399774 |
| 4300 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 976100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10757840 |
|  | **Consumer Staples—4.02%** |  |
| 28750 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 3122250 |
|  | **Energy—11.99%** |  |
| 140070 | APA Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3400899 |
| 87294 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp; 3000295 |
| 18745 | Chevron Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2910911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9312105 |
|  | **Financials—21.79%** |  |
| 35784 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3987769 |
| 16405 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3911444 |
| 71467 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3686983 |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Focus Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.24% (continued) | Value ($) |
|  | **Financials—21.79% (continued)** |  |
| 35162 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2258807 |
| 6343 | Arthur J Gallagher & Company  | &nbsp;&nbsp;&nbsp;&nbsp; 1964681 |
| 1406 | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1119668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16929352 |
|  | **Health Care—13.38%** |  |
| 23842 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 4420784 |
| 53828 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3358867 |
| 9120 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2617987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10397638 |
|  | **Industrials—20.57%** |  |
| 96718 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4176283 |
| 10682 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3701634 |
| 28524 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3677314 |
| 6556 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3272821 |
| 4572 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 765353 |
| 3010 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 388079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15981484 |
|  | **Technology—2.77%** |  |
| 7643 | Oracle Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2149517 |
|  | **Total Common Stocks (Cost $50,913,429)** | &nbsp;&nbsp;&nbsp;&nbsp; **74764755** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—4.19% | Value ($) |
| 3253641 | Northern Institutional Treasury Portfolio, 3.95%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3253641 |
|  | **Total Short-Term Investments (Cost $3,253,641)** | &nbsp;&nbsp;&nbsp;&nbsp; **3253641** |
|  | **Total Investments—100.43% (Cost $54,167,070)** | &nbsp;&nbsp;&nbsp;&nbsp; **78018396** |
|  | Other Assets less Liabilities—(0.43)% | &nbsp;&nbsp;&nbsp;&nbsp; (331873)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **77686523** |

---

**Ariel International Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.71% | Value ($) |
|  | **Austria—3.56%** |  |
| 72957 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9593379 |
|  | **Belgium—6.33%** |  |
| 110229 | Syensqo SA  | &nbsp;&nbsp;&nbsp;&nbsp; 8890767 |
| 45408 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp; 5408428 |
| 314868 | Proximus SADP  | &nbsp;&nbsp;&nbsp;&nbsp; 2750351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17049546 |
|  | **Canada—2.38%** |  |
| 1194706 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 6415571 |
|  | **China—2.63%** |  |
| 662000 | Minth Group, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 2877022 |
| 1360000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2621451 |
| 88750 | JD.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1579536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7078009 |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.71% (continued) | Value ($) |
|  | **France—11.38%** |  |
| 90829 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 8710175 |
| 446468 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 7238868 |
| 65148 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp; 5914741 |
| 107253 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp; 5117405 |
| 102551 | Michelin (CGDE) | &nbsp;&nbsp;&nbsp;&nbsp; 3677017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30658206 |
|  | **Germany—8.98%** |  |
| 249503 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 13082210 |
| 28519 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 7674243 |
| 12874 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 3447668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24204121 |
|  | **Hungary—0.67%** |  |
| 116661 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1812165 |
|  | **Indonesia—0.80%** |  |
| 8724700 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 2146491 |
|  | **Israel—2.94%** |  |
| 38310 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7926722 |
|  | **Italy—6.63%** |  |
| 1110782 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp; 7321295 |
| 243805 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 6560604 |
| 433448 | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp; 3987151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17869050 |
|  | **Japan—24.07%** |  |
| 80600 | Lasertec Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 11066592 |
| 557800 | Murata Manufacturing Company, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 10619643 |
| 444700 | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9370019 |
| 265100 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8828600 |
| 187800 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 8696314 |
| 790400 | SUMCO Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 8428582 |
| 342200 | Ebara Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 7828127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64837877 |
|  | **Netherlands—0.90%** |  |
| 59910 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp; 2423121 |
|  | **South Korea—2.02%** |  |
| 22204 | Samsung Electro-Mechanics Company, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 3062238 |
| 28734 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2365402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5427640 |
|  | **Spain—2.03%** |  |
| 285320 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp; 5473573 |
|  | **Switzerland—2.25%** |  |
| 18581 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 6066456 |
|  | **Taiwan—2.33%** |  |
| 185000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 4570674 |
| 40000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1712711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6283385 |
|  | **United Arab Emirates—0.78%** |  |
| 590886 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 2099362 |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.71% (continued) | Value ($) |
|  | **United Kingdom—13.17%** |  |
| 815911 | Informa plc  | &nbsp;&nbsp;&nbsp;&nbsp; 10068996 |
| 1609850 | Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp; 9645464 |
| 2696643 | British Telecom Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 6932466 |
| 1266107 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 6463781 |
| 111330 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp; 2357463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35468170 |
|  | **United States—3.86%** |  |
| 120531 | Aptiv plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10392183 |
|  | **Total Common Stocks (Cost $206,458,911)** | &nbsp;&nbsp;&nbsp;&nbsp; **263225027** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Investment Companies—0.31% | Value ($) |
| 13935 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp; 834985 |
|  | **Total Investment Companies (Cost $813,623)** | &nbsp;&nbsp;&nbsp;&nbsp; **834985** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.26% | Value ($) |
| 685821 | Northern Institutional Treasury Portfolio, 3.95%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 685821 |
|  | **Total Short-Term Investments (Cost $685,821)** | &nbsp;&nbsp;&nbsp;&nbsp; **685821** |
|  | **Total Investments—98.28% (Cost $207,958,355)** | &nbsp;&nbsp;&nbsp;&nbsp; **264745833** |
|  | Foreign Currency, Other Assets less Liabilities—1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 4645801 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **269391634** |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel International Fund (Continued)**

**Open Forward Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** |
| 10/22/2025 | UBS | Australian Dollar | 11779207 | Euro | 6586369 | $53172 |
| 10/22/2025 | UBS | Euro | 4478377 | Australian Dollar | 7905518 | 32494 |
| 10/22/2025 | UBS | Euro | 1883828 | United States Dollar | 2198211 | 16655 |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | 102321 |
| 10/22/2025 | JPMorgan | Australian Dollar | 1291295 | United States Dollar | 842879 | 11859 |
| 10/22/2025 | JPMorgan | Euro | 3635607 | Japanese Yen | 622485067 | 54490 |
| 10/22/2025 | JPMorgan | Euro | 2869412 | Japanese Yen | 493670598 | 26921 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 93270 |
| **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **$195591** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** |
| 10/22/2025 | UBS | Australian Dollar | 7921010 | Japanese Yen | 774205852 | $(5437) |
| 10/22/2025 | UBS | Swiss Franc | 638854 | Euro | 688886 | (5132) |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | (10569) |
| 10/22/2025 | Northern Trust | Japanese Yen | 405737630 | Chinese Offshore Yuan | 19671746 | (13680) |
| 10/22/2025 | Northern Trust | Swiss Franc | 10086063 | Euro | 10878109 | (83564) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (97244) |
| 10/22/2025 | JPMorgan | British Pound | 1578974 | Euro | 1811535 | (6032) |
| 10/22/2025 | JPMorgan | Canadian Dollar | 3400913 | Euro | 2109485 | (33625) |
| 10/22/2025 | JPMorgan | Japanese Yen | 810535830 | United States Dollar | 5510051 | (15219) |
| 10/22/2025 | JPMorgan | Japanese Yen | 1116829864 | Euro | 6505019 | (76841) |
| 10/22/2025 | JPMorgan | Swiss Franc | 3051125 | Euro | 3284677 | (18166) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (149883) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(257696)** |
| **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **$(62105)** |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Global Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.20% | Value ($) |
|  | **Austria—1.54%** |  |
| 6393 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 840639 |
|  | **Belgium—1.53%** |  |
| 10339 | Syensqo SA  | &nbsp;&nbsp;&nbsp;&nbsp; 833915 |
|  | **Canada—1.91%** |  |
| 193661 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1039960 |
|  | **China—3.91%** |  |
| 439000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 846189 |
| 39450 | JD.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 702115 |
| 134000 | Minth Group, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 582358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2130662 |
|  | **France—4.87%** |  |
| 16310 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 1564070 |
| 67432 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 1093318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2657388 |
|  | **Germany—5.82%** |  |
| 37385 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 1960211 |
| 2919 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 785480 |
| 1592 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 426339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3172030 |
|  | **Hungary—0.71%** |  |
| 25112 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 390080 |
|  | **Indonesia—0.92%** |  |
| 2039200 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 501693 |
|  | **Israel—2.16%** |  |
| 5687 | Check Point Software Technologies, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1176697 |
|  | **Italy—3.37%** |  |
| 188033 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1239348 |
| 22238 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 598407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1837755 |
|  | **Japan—14.61%** |  |
| 77000 | Murata Manufacturing Company, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 1465960 |
| 10300 | Lasertec Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1414217 |
| 108100 | SUMCO Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 1152745 |
| 54400 | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1146231 |
| 33300 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1108987 |
| 37900 | Ebara Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 866996 |
| 17600 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 814990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7970126 |
|  | **South Korea—3.81%** |  |
| 7400 | Samsung Electro-Mechanics Company, Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp; 1020562 |
| 7043 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 579785 |
| 1937 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 479746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2080093 |
|  | **Spain—1.46%** |  |
| 41624 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp; 798514 |
|  | **Switzerland—0.91%** |  |
| 1520 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 496260 |
|  | **Taiwan—2.21%** |  |
| 28000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 691778 |
| 12000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 513813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1205591 |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Global Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.20% (continued) | Value ($) |
|  | **United Arab Emirates—1.65%** |  |
| 253386 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 900257 |
|  | **United Kingdom—7.86%** |  |
| 234328 | Tesco plc | &nbsp;&nbsp;&nbsp;&nbsp; 1403983 |
| 106720 | Informa plc  | &nbsp;&nbsp;&nbsp;&nbsp; 1317010 |
| 402329 | British Telecom Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 1034298 |
| 103705 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 529439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4284730 |
|  | **United States—38.95%** |  |
| 5601 | Microsoft Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2901038 |
| 9163 | First Solar, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2020716 |
| 24452 | CVS Health Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1843436 |
| 14240 | Walt Disney Company | &nbsp;&nbsp;&nbsp;&nbsp; 1630480 |
| 32419 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1424815 |
| 5866 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1246994 |
| 10079 | NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1193958 |
| 29512 | CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1145066 |
| 5330 | M&T Bank Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 1053315 |
| 9931 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 978204 |
| 29107 | Intel Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 976540 |
| 8760 | Aptiv plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 755287 |
| 7707 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 668351 |
| 2503 | Humana, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp; 651206 |
| 5673 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 629703 |
| 3664 | D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 620938 |
| 10985 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 566716 |
| 2193 | FedEx Corporation  | &nbsp;&nbsp;&nbsp;&nbsp; 517131 |
| 1951 | Allstate Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 418782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21242676 |
|  | **Total Common Stocks (Cost $42,469,395)** | &nbsp;&nbsp;&nbsp;&nbsp; **53559066** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Investment Companies—0.20% | Value ($) |
| 783 | Vanguard Total World Stock Index Fund ETF | &nbsp;&nbsp;&nbsp;&nbsp; 107897 |
|  | **Total Investment Companies (Cost $108,117)** | &nbsp;&nbsp;&nbsp;&nbsp; **107897** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.57% | Value ($) |
| 312161 | Northern Institutional Treasury Portfolio, 3.95%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 312161 |
|  | **Total Short-Term Investments (Cost $312,161)** | &nbsp;&nbsp;&nbsp;&nbsp; **312161** |
|  | **Total Investments—98.97% (Cost $42,889,673)** | &nbsp;&nbsp;&nbsp;&nbsp; **53979124** |
|  | Foreign Currency, Other Assets less Liabilities—1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 563450 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **54542574** |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of September 30, 2025

**Ariel Global Fund (Continued)**

**Open Forward Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** | **Open Forward Currency Contracts with Unrealized Appreciation** |
| 10/22/2025 | Northern Trust | Euro | 262855 | United States Dollar | 306959 | $2086 |
| 10/22/2025 | Northern Trust | Euro | 315190 | United States Dollar | 369510 | 1067 |
| 10/22/2025 | Northern Trust | Swiss Franc | 838709 | Japanese Yen | 155767970 | 589 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | 3742 |
| 10/22/2025 | JPMorgan | Euro | 574402 | Japanese Yen | 99064383 | 3756 |
| 10/22/2025 | JPMorgan | Euro | 945756 | United States Dollar | 1109140 | 2810 |
| 10/22/2025 | JPMorgan | Euro | 49485 | United States Dollar | 57788 | 393 |
| 10/22/2025 | JPMorgan | United States Dollar | 1112739 | Japanese Yen | 163354587 | 5316 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 12275 |
| **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Appreciation** | **$16017** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Contract<br> Settlement<br> Date<br>| Counterparty | &nbsp;&nbsp; Currency to<br> be Received<br>| &nbsp;&nbsp; Amount to<br> be Received<br>| &nbsp;&nbsp; Currency to<br> be Delivered<br>| &nbsp;&nbsp; Amount to<br> be Delivered<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>|
| **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** | **Open Forward Currency Contracts with Unrealized Depreciation** |
| 10/22/2025 | Northern Trust | United States Dollar | 674614 | Euro | 578045 | $(5008) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (5008) |
| 10/22/2025 | JPMorgan | Canadian Dollar | 643256 | British Pound | 351000 | (9375) |
| 10/22/2025 | JPMorgan | Euro | 151989 | British Pound | 133331 | (643) |
| 10/22/2025 | JPMorgan | United States Dollar | 458958 | British Pound | 342747 | (2062) |
| 10/22/2025 | JPMorgan | United States Dollar | 9486964 | Euro | 8128396 | (69801) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (81881) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(86889)** |
| **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts** | **$(70872)** |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Affiliated company (See Note Seven, Transactions with Affiliated Companies).

<sup>(c)</sup> The rate presented is the 7-day current yield as of September 30, 2025.

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Assets & Liabilities

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| **Assets** |  |  |  |
| &nbsp;&nbsp; Investments in Unaffiliated Issuers, at Value<br> (cost $1,557,123,096, $593,437,840 and $50,913,429, respectively)<br>| &nbsp;&nbsp; $2470330982 | &nbsp;&nbsp; $884317355 | &nbsp;&nbsp; $74764755 |
| Investments in Affiliated Issuers, at Value (cost $256,344,568) | &nbsp;&nbsp; 92897800 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Short-Term Investments, at Value (cost $29,638,006, $12,323,714 and <br> $3,253,641, respectively)<br>| &nbsp;&nbsp; 29638006 | &nbsp;&nbsp; 12323714 | &nbsp;&nbsp; 3253641 |
| Dividends and Interest Receivable | &nbsp;&nbsp; 1249994 | &nbsp;&nbsp; 440955 | &nbsp;&nbsp; 33006 |
| Receivable for Fund Shares Sold | &nbsp;&nbsp; 695944 | &nbsp;&nbsp; 104139 | &nbsp;&nbsp; 43898 |
| Prepaid and Other Assets | &nbsp;&nbsp; 12657 | &nbsp;&nbsp; 9854 | &nbsp;&nbsp; 4154 |
| Total Assets | &nbsp;&nbsp; 2594825383 | &nbsp;&nbsp; 897196017 | &nbsp;&nbsp; 78099454 |
| **Liabilities** |  |  |  |
| Payable for Securities Purchased | &nbsp;&nbsp; 7817151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 386331 |
| Payable for Fund Shares Redeemed | &nbsp;&nbsp; 1195987 | &nbsp;&nbsp; 666509 | &nbsp;&nbsp; 100 |
| Accrued Expenses: |  |  |  |
| Shareholder Service Fees | &nbsp;&nbsp; 275278 | &nbsp;&nbsp; 101384 | &nbsp;&nbsp; 3511 |
| Transfer Agent Fees | &nbsp;&nbsp; 122396 | &nbsp;&nbsp; 53568 | &nbsp;&nbsp; 4573 |
| Custody Fees | &nbsp;&nbsp; 4615 | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 430 |
| Trustee Fees | &nbsp;&nbsp; 24890 | &nbsp;&nbsp; 8697 | &nbsp;&nbsp; 824 |
| Other Liabilities | &nbsp;&nbsp; 146053 | &nbsp;&nbsp; 68733 | &nbsp;&nbsp; 17162 |
| Total Liabilities | &nbsp;&nbsp; 9586370 | &nbsp;&nbsp; 900720 | &nbsp;&nbsp; 412931 |
| Net Assets | &nbsp;&nbsp; $2585239013 | &nbsp;&nbsp; $896295297 | &nbsp;&nbsp; $77686523 |
| **Net Assets Consist of** |  |  |  |
| Paid-in Capital | &nbsp;&nbsp; $1627464617 | &nbsp;&nbsp; $517472993 | &nbsp;&nbsp; $46598033 |
| Distributable Earnings | &nbsp;&nbsp; 957774396 | &nbsp;&nbsp; 378822304 | &nbsp;&nbsp; 31088490 |
| Net Assets | &nbsp;&nbsp; $2585239013 | &nbsp;&nbsp; $896295297 | &nbsp;&nbsp; $77686523 |
| **Investor Class Shares** |  |  |  |
| Net Assets | &nbsp;&nbsp; $1200169915 | &nbsp;&nbsp; $751248011 | &nbsp;&nbsp; $54134209 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 14999537 | &nbsp;&nbsp; 17773861 | &nbsp;&nbsp; 2744499 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $80.01 | &nbsp;&nbsp; $42.27 | &nbsp;&nbsp; $19.72 |
| **Institutional Class Shares** |  |  |  |
| Net Assets | &nbsp;&nbsp; $1385069098 | &nbsp;&nbsp; $145047286 | &nbsp;&nbsp; $23552314 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 17262292 | &nbsp;&nbsp; 3416001 | &nbsp;&nbsp; 1188934 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $80.24 | &nbsp;&nbsp; $42.46 | &nbsp;&nbsp; $19.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> See Note Seven, Transactions with Affiliated Companies, for information on affiliated issuers.

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Assets & Liabilities

As of September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Ariel International <br> Fund<br>| Ariel Global Fund |
| **Assets** |  |  |
| Investments in Unaffiliated Issuers, at Value (cost $207,272,534 and $42,577,512, respectively) | &nbsp;&nbsp; $264060012 | &nbsp;&nbsp; $53666963 |
| Short-Term Investments, at Value (cost $685,821 and $312,161, respectively) | &nbsp;&nbsp; 685821 | &nbsp;&nbsp; 312161 |
| Foreign Currencies (cost $246,259 and $14,310, respectively) | &nbsp;&nbsp; 246582 | &nbsp;&nbsp; 14387 |
| Dividends and Interest Receivable | &nbsp;&nbsp; 409732 | &nbsp;&nbsp; 69914 |
| Receivable for Dividend Reclaims | &nbsp;&nbsp; 4036710 | &nbsp;&nbsp; 473611 |
| Receivable for Fund Shares Sold | &nbsp;&nbsp; 138417 | &nbsp;&nbsp; 146164 |
| Unrealized Appreciation on Forward Currency Contracts | &nbsp;&nbsp; 195591 | &nbsp;&nbsp; 16017 |
| Prepaid and Other Assets | &nbsp;&nbsp; — | &nbsp;&nbsp; 1192 |
| Total Assets | &nbsp;&nbsp; 269772865 | &nbsp;&nbsp; 54700409 |
| **Liabilities** |  |  |
| Payable for Fund Shares Redeemed | &nbsp;&nbsp; 30580 | &nbsp;&nbsp; 1496 |
| Unrealized Depreciation on Forward Currency Contracts | &nbsp;&nbsp; 257696 | &nbsp;&nbsp; 86889 |
| Accrued Expenses: |  |  |
| Shareholder Service Fees | &nbsp;&nbsp; 29559 | &nbsp;&nbsp; 4909 |
| Transfer Agent Fees | &nbsp;&nbsp; 10559 | &nbsp;&nbsp; 2348 |
| Custody Fees | &nbsp;&nbsp; 16992 | &nbsp;&nbsp; 10179 |
| Trustee Fees | &nbsp;&nbsp; 2299 | &nbsp;&nbsp; 478 |
| Other Liabilities | &nbsp;&nbsp; 33546 | &nbsp;&nbsp; 51536 |
| Total Liabilities | &nbsp;&nbsp; 381231 | &nbsp;&nbsp; 157835 |
| Net Assets | &nbsp;&nbsp; $269391634 | &nbsp;&nbsp; $54542574 |
| **Net Assets Consist of** |  |  |
| Paid-in Capital | &nbsp;&nbsp; $185492926 | &nbsp;&nbsp; $37607351 |
| Distributable Earnings | &nbsp;&nbsp; 83898708 | &nbsp;&nbsp; 16935223 |
| Net Assets | &nbsp;&nbsp; $269391634 | &nbsp;&nbsp; $54542574 |
| **Investor Class Shares** |  |  |
| Net Assets | &nbsp;&nbsp; $21429515 | &nbsp;&nbsp; $12931131 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 1182088 | &nbsp;&nbsp; 829619 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $18.13 | &nbsp;&nbsp; $15.59 |
| **Institutional Class Shares** |  |  |
| Net Assets | &nbsp;&nbsp; $247962119 | &nbsp;&nbsp; $41611443 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 13966016 | &nbsp;&nbsp; 2798465 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $14.87 |

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Operations

Year Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| **Investment Income** |  |  |  |
| Dividends |  |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; $23993534 | &nbsp;&nbsp; $10395809 | &nbsp;&nbsp; $1245491 <br><sup>(a)</sup><br>|
| Affiliated Issuers | &nbsp;&nbsp; 176890 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 622131 | &nbsp;&nbsp; 453227 | &nbsp;&nbsp; 42396 |
| Total Investment Income | &nbsp;&nbsp; 24792555 | &nbsp;&nbsp; 10849036 | &nbsp;&nbsp; 1287887 |
| **Expenses** |  |  |  |
| Management Fees | &nbsp;&nbsp; 14928255 | &nbsp;&nbsp; 6610823 | &nbsp;&nbsp; 435192 |
| Distribution Fees (Investor Class) | &nbsp;&nbsp; 2890405 | &nbsp;&nbsp; 1865364 | &nbsp;&nbsp; 114514 |
| Shareholder Service Fees |  |  |  |
| Investor Class | &nbsp;&nbsp; 963355 | &nbsp;&nbsp; 537351 | &nbsp;&nbsp; 24556 |
| Institutional Class | &nbsp;&nbsp; 590994 | &nbsp;&nbsp; 36674 | &nbsp;&nbsp; 4845 |
| Transfer Agent Fees and Expenses |  |  |  |
| Investor Class | &nbsp;&nbsp; 324871 | &nbsp;&nbsp; 225335 | &nbsp;&nbsp; 20562 |
| Institutional Class | &nbsp;&nbsp; 271411 | &nbsp;&nbsp; 30794 | &nbsp;&nbsp; 4396 |
| Printing and Postage Expenses |  |  |  |
| Investor Class | &nbsp;&nbsp; 126156 | &nbsp;&nbsp; 81432 | &nbsp;&nbsp; 8208 |
| Institutional Class | &nbsp;&nbsp; 96552 | &nbsp;&nbsp; 14321 | &nbsp;&nbsp; 3536 |
| Trustees' Fees and Expenses | &nbsp;&nbsp; 619578 | &nbsp;&nbsp; 217571 | &nbsp;&nbsp; 16138 |
| Professional Fees | &nbsp;&nbsp; 399297 | &nbsp;&nbsp; 160384 | &nbsp;&nbsp; 40833 |
| Custody Fees and Expenses | &nbsp;&nbsp; 29703 | &nbsp;&nbsp; 12254 | &nbsp;&nbsp; 3003 |
| Federal and State Registration Fees | &nbsp;&nbsp; 62589 | &nbsp;&nbsp; 46196 | &nbsp;&nbsp; 39696 |
| Interest Expense | &nbsp;&nbsp; 9906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198 |
| Miscellaneous Expenses | &nbsp;&nbsp; 346964 | &nbsp;&nbsp; 135541 | &nbsp;&nbsp; 18939 |
| Total Expenses Before Reimbursements | &nbsp;&nbsp; 21660036 | &nbsp;&nbsp; 9974040 | &nbsp;&nbsp; 734616 |
| Expense Reimbursements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (117758)<br>|
| Net Expenses | &nbsp;&nbsp; 21660036 | &nbsp;&nbsp; 9974040 | &nbsp;&nbsp; 616858 |
| Net Investment Income | &nbsp;&nbsp; 3132519 | &nbsp;&nbsp; 874996 | &nbsp;&nbsp; 671029 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |
| Net Realized Gain (Loss) on Investments |  |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; 309208279 | &nbsp;&nbsp; 108214191 | &nbsp;&nbsp; 8511653 |
| Total Realized Gain (Loss) on Investments | &nbsp;&nbsp; 309208279 | &nbsp;&nbsp; 108214191 | &nbsp;&nbsp; 8511653 |
| Change in Net Unrealized Appreciation (Depreciation) on Investments |  |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; 29071307 | &nbsp;&nbsp; (51314476)<br>| &nbsp;&nbsp; 3714110 |
| Affiliated Issuers | &nbsp;&nbsp; (121101175 )<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Total Change in Net Unrealized Appreciation (Depreciation) on <br> Investments<br>| &nbsp;&nbsp; (92029868)<br>| &nbsp;&nbsp; (51314476)<br>| &nbsp;&nbsp; 3714110 |
| Net Gain (Loss) on Investments | &nbsp;&nbsp; 217178411 | &nbsp;&nbsp; 56899715 | &nbsp;&nbsp; 12225763 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp; $220310930 | &nbsp;&nbsp; $57774711 | &nbsp;&nbsp; $12896792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net of $15,401 in foreign taxes withheld.

<sup>(b)</sup> See Note Seven, Transactions with Affiliated Companies, for information on affiliated issuers.

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Operations

Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Ariel International <br> Fund<br>| Ariel Global Fund |
| **Investment Income** |  |  |
| Dividends |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; $7233144 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $1391368 <br><sup>(a)</sup><br>|
| Interest | &nbsp;&nbsp; 65918 | &nbsp;&nbsp; 13033 |
| Tax Reclaims | &nbsp;&nbsp; 1346330 | &nbsp;&nbsp; 197179 |
| Total Investment Income | &nbsp;&nbsp; 8645392 | &nbsp;&nbsp; 1601580 |
| **Expenses** |  |  |
| Management Fees | &nbsp;&nbsp; 1905138 | &nbsp;&nbsp; 410237 |
| Distribution Fees (Investor Class) | &nbsp;&nbsp; 50144 | &nbsp;&nbsp; 31199 |
| Shareholder Service Fees |  |  |
| Investor Class | &nbsp;&nbsp; 21841 | &nbsp;&nbsp; 9296 |
| Institutional Class | &nbsp;&nbsp; 128950 | &nbsp;&nbsp; 14988 |
| Transfer Agent Fees and Expenses |  |  |
| Investor Class | &nbsp;&nbsp; 8331 | &nbsp;&nbsp; 7309 |
| Institutional Class | &nbsp;&nbsp; 40046 | &nbsp;&nbsp; 7694 |
| Printing and Postage Expenses |  |  |
| Investor Class | &nbsp;&nbsp; 4351 | &nbsp;&nbsp; 3712 |
| Institutional Class | &nbsp;&nbsp; 18281 | &nbsp;&nbsp; 6697 |
| Trustees' Fees and Expenses | &nbsp;&nbsp; 56247 | &nbsp;&nbsp; 12086 |
| Professional Fees | &nbsp;&nbsp; 106397 | &nbsp;&nbsp; 80937 |
| Custody Fees and Expenses | &nbsp;&nbsp; 79774 | &nbsp;&nbsp; 35556 |
| Administration Fees | &nbsp;&nbsp; 26927 | &nbsp;&nbsp; 17303 |
| Fund Accounting Fees | &nbsp;&nbsp; 15762 | &nbsp;&nbsp; 8195 |
| Federal and State Registration Fees | &nbsp;&nbsp; 44307 | &nbsp;&nbsp; 41521 |
| Interest Expense | &nbsp;&nbsp; 4778 | &nbsp;&nbsp; 1631 |
| Miscellaneous Expenses | &nbsp;&nbsp; 46255 | &nbsp;&nbsp; 47911 |
| Total Expenses Before Reimbursements | &nbsp;&nbsp; 2557529 | &nbsp;&nbsp; 736272 |
| Expense Reimbursements | &nbsp;&nbsp; (406952)<br>| &nbsp;&nbsp; (221961)<br>|
| Net Expenses | &nbsp;&nbsp; 2150577 | &nbsp;&nbsp; 514311 |
| Net Investment Income | &nbsp;&nbsp; 6494815 | &nbsp;&nbsp; 1087269 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net Realized Gain (Loss) on |  |  |
| Investments | &nbsp;&nbsp; 29199628 | &nbsp;&nbsp; 8041299 |
| Foreign Currency Transactions | &nbsp;&nbsp; 158034 | &nbsp;&nbsp; (157083)<br>|
| Forward Currency Contracts | &nbsp;&nbsp; (2135967)<br>| &nbsp;&nbsp; (370195)<br>|
| Total Realized Gain (Loss) on Investments | &nbsp;&nbsp; 27221695 | &nbsp;&nbsp; 7514021 |
| Change in Net Unrealized Appreciation (Depreciation) on |  |  |
| Investments | &nbsp;&nbsp; 14287442 | &nbsp;&nbsp; (1093203)<br>|
| Foreign Currency Translation | &nbsp;&nbsp; 153121 | &nbsp;&nbsp; 19029 |
| Forward Currency Contracts | &nbsp;&nbsp; (346350)<br>| &nbsp;&nbsp; (107438)<br>|
| Total Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp; 14094213 | &nbsp;&nbsp; (1181612)<br>|
| Net Gain (Loss) on Investments | &nbsp;&nbsp; 41315908 | &nbsp;&nbsp; 6332409 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp; $47810723 | &nbsp;&nbsp; $7419678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net of $1,315,538 and $116,098 in foreign taxes withheld, respectively.

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Changes

in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Fund | Ariel Appreciation Fund | Ariel Appreciation Fund |
|  | Year Ended<br> September 30, 2025<br>| Year Ended<br> September 30, 2024<br>| Year Ended<br> September 30, 2025<br>| Year Ended<br> September 30, 2024<br>|
| **Operations** |  |  |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp; $3132519 | &nbsp;&nbsp; $9614708 | &nbsp;&nbsp; $874996 | &nbsp;&nbsp; $5989991 |
| Net Realized Gain (Loss) on Investments | &nbsp;&nbsp; 309208279 | &nbsp;&nbsp; 143225531 | &nbsp;&nbsp; 108214191 | &nbsp;&nbsp; 57811965 |
| &nbsp;&nbsp; Change in Net Unrealized Appreciation <br> (Depreciation) on Investments<br>| &nbsp;&nbsp; (92029868)<br>| &nbsp;&nbsp; 492347683 | &nbsp;&nbsp; (51314476)<br>| &nbsp;&nbsp; 105487855 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Operations<br>| &nbsp;&nbsp; 220310930 | &nbsp;&nbsp; 645187922 | &nbsp;&nbsp; 57774711 | &nbsp;&nbsp; 169289811 |
| **Distributions to Shareholders** |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (62826212)<br>| &nbsp;&nbsp; (60750331)<br>| &nbsp;&nbsp; (44966329)<br>| &nbsp;&nbsp; (50933531)<br>|
| Institutional Class | &nbsp;&nbsp; (84622563)<br>| &nbsp;&nbsp; (79576906)<br>| &nbsp;&nbsp; (11137302)<br>| &nbsp;&nbsp; (14883187)<br>|
| Total Distributions | &nbsp;&nbsp; (147448775)<br>| &nbsp;&nbsp; (140327237)<br>| &nbsp;&nbsp; (56103631)<br>| &nbsp;&nbsp; (65816718)<br>|
| **Share Transactions** |  |  |  |  |
| Proceeds from Shares Sold |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 44244652 | &nbsp;&nbsp; 46285664 | &nbsp;&nbsp; 11251806 | &nbsp;&nbsp; 22488205 |
| Institutional Class | &nbsp;&nbsp; 246664867 | &nbsp;&nbsp; 286664032 | &nbsp;&nbsp; 14065141 | &nbsp;&nbsp; 21492011 |
| Distributions Reinvested |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 61252434 | &nbsp;&nbsp; 58993510 | &nbsp;&nbsp; 44122935 | &nbsp;&nbsp; 49825637 |
| Institutional Class | &nbsp;&nbsp; 82052724 | &nbsp;&nbsp; 75646264 | &nbsp;&nbsp; 10406298 | &nbsp;&nbsp; 13906461 |
| Cost of Shares Redeemed |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (203840542)<br>| &nbsp;&nbsp; (221726414)<br>| &nbsp;&nbsp; (122057896)<br>| &nbsp;&nbsp; (135585022)<br>|
| Institutional Class | &nbsp;&nbsp; (505553718)<br>| &nbsp;&nbsp; (513454362)<br>| &nbsp;&nbsp; (74714214)<br>| &nbsp;&nbsp; (82106433)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Share Transactions<br>| &nbsp;&nbsp; (275179583)<br>| &nbsp;&nbsp; (267591306)<br>| &nbsp;&nbsp; (116925930)<br>| &nbsp;&nbsp; (109979141)<br>|
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; (202317428)<br>| &nbsp;&nbsp; 237269379 | &nbsp;&nbsp; (115254850)<br>| &nbsp;&nbsp; (6506048)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp; 2787556441 | &nbsp;&nbsp; 2550287062 | &nbsp;&nbsp; 1011550147 | &nbsp;&nbsp; 1018056195 |
| End of Year | &nbsp;&nbsp; $2585239013 | &nbsp;&nbsp; $2787556441 | &nbsp;&nbsp; $896295297 | &nbsp;&nbsp; $1011550147 |
| **Share Transactions** |  |  |  |  |
| **Investor Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 602081 | &nbsp;&nbsp; 675606 | &nbsp;&nbsp; 289703 | &nbsp;&nbsp; 582959 |
| Shares Reinvested | &nbsp;&nbsp; 854050 | &nbsp;&nbsp; 961116 | &nbsp;&nbsp; 1130777 | &nbsp;&nbsp; 1394741 |
| Shares Redeemed | &nbsp;&nbsp; (2802081)<br>| &nbsp;&nbsp; (3274407)<br>| &nbsp;&nbsp; (3090168)<br>| &nbsp;&nbsp; (3530094)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; (1345950)<br>| &nbsp;&nbsp; (1637685)<br>| &nbsp;&nbsp; (1669688)<br>| &nbsp;&nbsp; (1552394)<br>|
| **Institutional Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 3367529 | &nbsp;&nbsp; 4102322 | &nbsp;&nbsp; 357570 | &nbsp;&nbsp; 562956 |
| Shares Reinvested | &nbsp;&nbsp; 1143592 | &nbsp;&nbsp; 1221849 | &nbsp;&nbsp; 266078 | &nbsp;&nbsp; 385779 |
| Shares Redeemed | &nbsp;&nbsp; (7114532)<br>| &nbsp;&nbsp; (7485593)<br>| &nbsp;&nbsp; (1928356)<br>| &nbsp;&nbsp; (2123459)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; (2603411)<br>| &nbsp;&nbsp; (2161422)<br>| &nbsp;&nbsp; (1304708)<br>| &nbsp;&nbsp; (1174724)<br>|

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Changes

in Net Assets

---

| | | |
|:---|:---|:---|
|  | Ariel Focus Fund | Ariel Focus Fund |
|  | Year Ended<br> September 30, 2025<br>| Year Ended<br> September 30, 2024<br>|
| **Operations** |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp; $671029 | &nbsp;&nbsp; $805885 |
| Net Realized Gain (Loss) on Investments | &nbsp;&nbsp; 8511653 | &nbsp;&nbsp; 183961 |
| Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp; 3714110 | &nbsp;&nbsp; 15198849 |
| Net Increase (Decrease) in Net Assets from Operations | &nbsp;&nbsp; 12896792 | &nbsp;&nbsp; 16188695 |
| **Distributions to Shareholders** |  |  |
| Investor Class | &nbsp;&nbsp; (1013685)<br>| &nbsp;&nbsp; (1470285)<br>|
| Institutional Class | &nbsp;&nbsp; (520608)<br>| &nbsp;&nbsp; (779930)<br>|
| Total Distributions | &nbsp;&nbsp; (1534293)<br>| &nbsp;&nbsp; (2250215)<br>|
| **Share Transactions** |  |  |
| Proceeds from Shares Sold |  |  |
| Investor Class | &nbsp;&nbsp; 3797148 | &nbsp;&nbsp; 2582516 |
| Institutional Class | &nbsp;&nbsp; 250339 | &nbsp;&nbsp; 861647 |
| Distributions Reinvested |  |  |
| Investor Class | &nbsp;&nbsp; 975797 | &nbsp;&nbsp; 1291053 |
| Institutional Class | &nbsp;&nbsp; 515111 | &nbsp;&nbsp; 773975 |
| Cost of Shares Redeemed |  |  |
| Investor Class | &nbsp;&nbsp; (4193800)<br>| &nbsp;&nbsp; (8404212)<br>|
| Institutional Class | &nbsp;&nbsp; (2630841)<br>| &nbsp;&nbsp; (4840569)<br>|
| Net Increase (Decrease) in Net Assets from Share Transactions | &nbsp;&nbsp; (1286246)<br>| &nbsp;&nbsp; (7735590)<br>|
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; 10076253 | &nbsp;&nbsp; 6202890 |
| **Net Assets** |  |  |
| Beginning of Year | &nbsp;&nbsp; 67610270 | &nbsp;&nbsp; 61407380 |
| End of Year | &nbsp;&nbsp; $77686523 | &nbsp;&nbsp; $67610270 |
| **Share Transactions** |  |  |
| **Investor Class Shares** |  |  |
| Shares Sold | &nbsp;&nbsp; 219761 | &nbsp;&nbsp; 176864 |
| Shares Reinvested | &nbsp;&nbsp; 60571 | &nbsp;&nbsp; 92783 |
| Shares Redeemed | &nbsp;&nbsp; (253845)<br>| &nbsp;&nbsp; (554042)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; 26487 | &nbsp;&nbsp; (284395)<br>|
| **Institutional Class Shares** |  |  |
| Shares Sold | &nbsp;&nbsp; 15311 | &nbsp;&nbsp; 60542 |
| Shares Reinvested | &nbsp;&nbsp; 31895 | &nbsp;&nbsp; 55338 |
| Shares Redeemed | &nbsp;&nbsp; (162698)<br>| &nbsp;&nbsp; (311665)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; (115492)<br>| &nbsp;&nbsp; (195785)<br>|

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Statements of Changes

in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ariel International Fund | Ariel International Fund | Ariel Global Fund | Ariel Global Fund |
|  | Year Ended<br> September 30, 2025<br>| Year Ended<br> September 30, 2024<br>| Year Ended<br> September 30, 2025<br>| Year Ended<br> September 30, 2024<br>|
| **Operations** |  |  |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp; $6494815 | &nbsp;&nbsp; $7079634 | &nbsp;&nbsp; $1087269 | &nbsp;&nbsp; $708282 |
| &nbsp;&nbsp; Net Realized Gain (Loss) on Investments, <br> Foreign Currency Transactions and Forward <br> Currency Contracts<br>| &nbsp;&nbsp; 27221695 | &nbsp;&nbsp; 47591962 | &nbsp;&nbsp; 7514021 | &nbsp;&nbsp; 17628008 |
| &nbsp;&nbsp; Change in Net Unrealized Appreciation <br> (Depreciation) on Investments, Foreign <br> Currency Translations and Forward Currency <br> Contracts<br>| &nbsp;&nbsp; 14094213 | &nbsp;&nbsp; 7616825 | &nbsp;&nbsp; (1181612)<br>| &nbsp;&nbsp; (6370769)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Operations<br>| &nbsp;&nbsp; 47810723 | &nbsp;&nbsp; 62288421 | &nbsp;&nbsp; 7419678 | &nbsp;&nbsp; 11965521 |
| **Distributions to Shareholders** |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (1063492)<br>| &nbsp;&nbsp; (304378)<br>| &nbsp;&nbsp; (2663660)<br>| &nbsp;&nbsp; (2267487)<br>|
| Institutional Class | &nbsp;&nbsp; (12077429)<br>| &nbsp;&nbsp; (7394652)<br>| &nbsp;&nbsp; (8189023)<br>| &nbsp;&nbsp; (11120137)<br>|
| Total Distributions | &nbsp;&nbsp; (13140921)<br>| &nbsp;&nbsp; (7699030)<br>| &nbsp;&nbsp; (10852683)<br>| &nbsp;&nbsp; (13387624)<br>|
| **Share Transactions** |  |  |  |  |
| Proceeds from Shares Sold |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 8672236 | &nbsp;&nbsp; 2216635 | &nbsp;&nbsp; 2375403 | &nbsp;&nbsp; 2074686 |
| Institutional Class | &nbsp;&nbsp; 18999549 | &nbsp;&nbsp; 11977336 | &nbsp;&nbsp; 1419340 | &nbsp;&nbsp; 3089758 |
| Distributions Reinvested |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 986877 | &nbsp;&nbsp; 280699 | &nbsp;&nbsp; 2341084 | &nbsp;&nbsp; 2010770 |
| Institutional Class | &nbsp;&nbsp; 11326819 | &nbsp;&nbsp; 7098155 | &nbsp;&nbsp; 8098214 | &nbsp;&nbsp; 10712341 |
| Cost of Shares Redeemed |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (10547143)<br>| &nbsp;&nbsp; (5155054)<br>| &nbsp;&nbsp; (3655002)<br>| &nbsp;&nbsp; (4294092)<br>|
| Institutional Class | &nbsp;&nbsp; (35561293)<br>| &nbsp;&nbsp; (391626242)<br>| &nbsp;&nbsp; (10143751)<br>| &nbsp;&nbsp; (45030274)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Share Transactions<br>| &nbsp;&nbsp; (6122955)<br>| &nbsp;&nbsp; (375208471)<br>| &nbsp;&nbsp; 435288 | &nbsp;&nbsp; (31436811)<br>|
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; 28546847 | &nbsp;&nbsp; (320619080)<br>| &nbsp;&nbsp; (2997717)<br>| &nbsp;&nbsp; (32858914)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp; 240844787 | &nbsp;&nbsp; 561463867 | &nbsp;&nbsp; 57540291 | &nbsp;&nbsp; 90399205 |
| End of Year | &nbsp;&nbsp; $269391634 | &nbsp;&nbsp; $240844787 | &nbsp;&nbsp; $54542574 | &nbsp;&nbsp; $57540291 |
| **Share Transactions** |  |  |  |  |
| **Investor Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 540624 | &nbsp;&nbsp; 153870 | &nbsp;&nbsp; 164303 | &nbsp;&nbsp; 127861 |
| Shares Reinvested | &nbsp;&nbsp; 70541 | &nbsp;&nbsp; 20079 | &nbsp;&nbsp; 180779 | &nbsp;&nbsp; 129772 |
| Shares Redeemed | &nbsp;&nbsp; (646837)<br>| &nbsp;&nbsp; (361923)<br>| &nbsp;&nbsp; (255280)<br>| &nbsp;&nbsp; (270217)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; (35672)<br>| &nbsp;&nbsp; (187974)<br>| &nbsp;&nbsp; 89802 | &nbsp;&nbsp; (12584)<br>|
| **Institutional Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 1230022 | &nbsp;&nbsp; 857938 | &nbsp;&nbsp; 105436 | &nbsp;&nbsp; 193772 |
| Shares Reinvested | &nbsp;&nbsp; 827984 | &nbsp;&nbsp; 518871 | &nbsp;&nbsp; 656789 | &nbsp;&nbsp; 717868 |
| Shares Redeemed | &nbsp;&nbsp; (2401620)<br>| &nbsp;&nbsp; (28247448)<br>| &nbsp;&nbsp; (659418)<br>| &nbsp;&nbsp; (2878840)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; (343614)<br>| &nbsp;&nbsp; (26870639)<br>| &nbsp;&nbsp; 102807 | &nbsp;&nbsp; (1967200)<br>|

---

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Financial Highlights

For a Share Outstanding Throughout Each Year

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Financial Highlights

For a Share Outstanding Throughout Each Year

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Financial Highlights

For a Share Outstanding Throughout Each Year

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Financial Highlights

For a Share Outstanding Throughout Each Year

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Financial Highlights

For a Share Outstanding Throughout Each Year

---

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

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.

The accompanying notes are an integral part of the financial statements.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

**NOTE One \| ORGANIZATION**

Ariel Investment Trust (the "Trust") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund and Ariel Global Fund (each, a "Fund" and collectively, the "Funds") are series of the Trust. Ariel Focus Fund is a non-diversified Fund, all other Funds are diversified. The Funds issue two classes of shares: an Investor Class and an Institutional Class.

The Northern Trust Company ("Northern Trust") provides fund administration and tax reporting services for the Funds in its role as sub-fund administrator engaged by Ariel Investments, LLC (the "Adviser" or "Ariel") for Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund and as fund administrator engaged by the Trust for Ariel International Fund and Ariel Global Fund. Northern Trust also acts as the Funds' accounting agent and custodian. U.S. Bank Global Fund Services serves as the Funds' transfer agent.

**NOTE Two \| SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance provided under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946).

**Securities Valuation—**Investments for which market quotations are readily available are valued at the closing price on the national securities 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. The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. If a closing price is not reported on the national securities exchange or market on which such investments are primarily traded, 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 Funds' 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 the Board's Valuation Designee, under procedures adopted and periodically reviewed by the Board and monitored by the Adviser's Valuation Committee. Certain common stocks that trade on foreign exchanges are subject to valuation adjustments to account for the market movement between the close of a foreign market in which the security is traded and the close of the New York Stock Exchange. Such valuation adjustments are provided by approved pricing vendors or other independent pricing sources.

**Fair Value Measurements—**Accounting Standards Codification Topic 820-10 (ASC 820-10) establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' investments and are summarized below:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, "quoted" prices in inactive markets, dealer indications, and inputs corroborated by observable market data)

Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables summarize the inputs used as of September 30, 2025 in valuing the Funds' investments carried at fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| Level 1 | &nbsp;&nbsp; $2592866788 | &nbsp;&nbsp; $896641069 | &nbsp;&nbsp; $78018396 |
| Level 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments  | &nbsp;&nbsp; $2592866788 | &nbsp;&nbsp; $896641069 | &nbsp;&nbsp; $78018396 |

---

Industry classifications for Ariel Fund, Ariel Appreciation Fund, and Ariel Focus Fund are included in the Schedules of Investments for the respective Fund.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel International Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $35700856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35700856 |
| Consumer Discretionary | &nbsp;&nbsp; 51981295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51981295 |
| Consumer Staples | &nbsp;&nbsp; 14690036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14690036 |
| Financials | &nbsp;&nbsp; 53252163 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53252163 |
| Health Care | &nbsp;&nbsp; 21506129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21506129 |
| Industrials | &nbsp;&nbsp; 21885209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21885209 |
| Information Technology | &nbsp;&nbsp; 42816488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42816488 |
| Materials & Processing | &nbsp;&nbsp; 8890767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8890767 |
| Real Estate | &nbsp;&nbsp; 2099362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2099362 |
| Utilities | &nbsp;&nbsp; 10402722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10402722 |
| Total Common Stocks | &nbsp;&nbsp; $263225027 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $263225027 |
| Investment Companies | &nbsp;&nbsp; 834985 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 834985 |
| Short-Term Investments | &nbsp;&nbsp; 685821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 685821 |
| Total Investments | &nbsp;&nbsp; $264745833 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $264745833 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(62105)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(62105)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel Global Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $8063991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8063991 |
| Consumer Discretionary | &nbsp;&nbsp; 6329313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6329313 |
| Consumer Staples | &nbsp;&nbsp; 2250172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2250172 |
| Financials | &nbsp;&nbsp; 8869915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8869915 |
| Health Care | &nbsp;&nbsp; 6559020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6559020 |
| Industrials | &nbsp;&nbsp; 3251465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3251465 |
| Information Technology | &nbsp;&nbsp; 14315992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14315992 |
| Materials & Processing | &nbsp;&nbsp; 833915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 833915 |
| Real Estate | &nbsp;&nbsp; 900257 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 900257 |
| Utilities | &nbsp;&nbsp; 2185026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2185026 |
| Total Common Stocks | &nbsp;&nbsp; $53559066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53559066 |
| Investment Companies | &nbsp;&nbsp; 107897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 107897 |
| Short-Term Investments | &nbsp;&nbsp; 312161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 312161 |
| Total Investments | &nbsp;&nbsp; $53979124 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53979124 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70872)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70872)<br>|

---

---

| | |
|:---|:---|
| \* | As of September 30, 2025, the Level 2 investments held were forward currency contracts. See Schedules of Investments. |
| ^ | Forward currency contracts derive their value from underlying exchange rates. These instruments are normally valued by pricing vendors using pricing models. The pricing models typically <br> use inputs that are observed from trading in active forward foreign currency markets. As such, forward currency contracts are categorized as Level 2. The value of forward currency contracts <br> that is disclosed in this table is equal to the difference between Open forward currency contracts with unrealized appreciation and Open forward currency contracts with unrealized <br> depreciation shown in the Schedules of Investments.<br>|

---

**Securities Transactions and Investment Income—**Securities transactions are accounted for on a trade date basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost. Dividend income is recorded on the ex-dividend date, or as soon as the information is available and interest income is recognized on an accrual basis.

**Foreign Taxes —** Funds that invest in foreign securities may be subject to foreign dividend withholding taxes which are imposed by certain countries in which the Funds invest. These taxes are recorded concurrently with foreign dividend income on ex-dividend date. The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of the foreign tax withheld. The Funds record reclaim receivables based on rates established by applicable tax treaties and market convention. In consideration of recent judgements rendered by European courts, the Ariel International and Ariel Global Funds have filed for additional reclaims ("EU reclaims") related to prior years. A receivable for such EU reclaims is established only when both the amount is known and significant uncertainties regarding collectability are removed. These amounts, if any, are reported in the receivable for dividend reclaims in the Statements of Assets and Liabilities. Tax reclaims received are reported under investment income on the Statements of Operations and expenses incurred related to filing EU reclaims are reported under professional fees in the Statements of Operations. Expenses that are contingent upon successful EU reclaims are recorded by the Funds once the amount is known.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

**Foreign Currency—**Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars on a daily basis using exchange rates obtained from an independent third party. Net realized gain (loss) and net unrealized appreciation (depreciation) on investments include the effects of changes in exchange rates on the underlying investments. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are included as distributable earnings on the Statements of Assets and Liabilities until the underlying assets or liabilities are settled in cash, at which time they are recorded as net realized gain (loss) on foreign currency transactions on the Statements of Operations.

**Forward Currency Contracts—**Ariel International Fund and Ariel Global Fund use forward currency contracts in a strategy designed to reduce tracking error relative to their respective benchmarks. The primary risk associated with a Fund's use of these contracts is that a counterparty will fail to fulfill its obligation to pay gains due to the Fund under the contracts. This counterparty risk is mitigated by entering into forward currency contracts only with highly rated counterparties. Forward currency contracts are "marked-to-market" daily, and as noted above, any resulting unrealized gain (loss) is recorded as net unrealized appreciation (depreciation) on forward currency contracts as disclosed in the Schedules of Investments and in the Statements of Assets and Liabilities as a component of distributable earnings. The Funds record realized gain (loss) when a forward currency contract is settled or closed and disclose such realized gain (loss) on the Statements of Operations as net realized gain (loss) on forward currency contracts.

**Offsetting Assets and Liabilities—**The Funds are subject to various master netting agreements ("Master Netting Agreements") that govern the terms of certain transactions with select counterparties. Master Netting Agreements seek to reduce the counterparty risk associated with relevant transactions by allowing the Funds to close out and net their total exposure to a counterparty in the event of a default by the other party or a termination event. Termination events include, but are not limited to, a failure to pay or deliver or a breach of the terms of the agreement with respect to transactions governed under a single agreement with that counterparty. The Master Netting Agreements may also specify collateral posting arrangements at pre-arranged exposure levels. The Funds are not currently collateralizing their exposures related to foreign exchange trades. For financial reporting purposes, the Funds do not offset financial assets and liabilities that are subject to the Master Netting Agreements in the Statements of Assets and Liabilities. Gross exposure relating to open forward currency contracts by counterparty is disclosed in the Schedules of Investments as open forward currency contracts with unrealized appreciation (assets) and open forward currency contracts with unrealized depreciation (liabilities) and in total by Fund on the Statements of Assets and Liabilities as unrealized appreciation on forward currency contracts (assets) and unrealized depreciation on forward currency contracts (liabilities). The net recognized asset (appreciation) or liability (depreciation) is shown in the Schedules of Investments as net unrealized appreciation (depreciation) on forward currency contracts.

**Class and Expense Allocations—**Each class of shares of the Funds has equal rights as to assets and earnings, except that shareholders of each class bear certain class-specific expenses related to marketing and distribution and shareholder servicing and communication. Income, other non-class-specific expense, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets. Expenses that are not directly attributable to one or more Funds are allocated among applicable Funds on an equitable and consistent basis considering such things as the nature and type of expense and the relative net assets of the Funds.

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

**Distributions to Shareholders—**Dividends from net investment income and net realized capital gains, if any, are declared and paid to shareholders at least annually and are recorded on ex-dividend date.

**Use of Estimates—**The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**NOTE Three \| INVESTMENT TRANSACTIONS**

**Purchases and Sales—**Cost of purchases and proceeds from sales of securities, excluding short-term investments, for the year ended September 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel<br> Appreciation<br> Fund<br>| Ariel Focus Fund  | Ariel<br> International<br> Fund<br>| Ariel Global Fund |
| Purchases | &nbsp;&nbsp; $448187702 | &nbsp;&nbsp; $221547538 | &nbsp;&nbsp; $20287702 | &nbsp;&nbsp; $207368598 | &nbsp;&nbsp; $50717798 |
| Sales | &nbsp;&nbsp; 870646485 | &nbsp;&nbsp; 393282156 | &nbsp;&nbsp; 25284509 | &nbsp;&nbsp; 222126949 | &nbsp;&nbsp; 60729917 |

---

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

**NOTE Four \| INCOME TAX MATTERS AND DISTRIBUTIONS TO SHAREHOLDERS**

**Income Tax Matters—**It is the Funds' policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income to shareholders. The Funds file U.S. federal income tax returns in addition to any state and local tax returns that may be required. Management has analyzed the Funds' tax positions taken for all open federal income tax years (September 30, 2022 – 2025), and has concluded that no provision for federal income tax is required in the financial statements.

The cost and unrealized appreciation and depreciation of investments (including derivative instruments) on a federal income tax basis at September 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel<br> Appreciation<br> Fund<br>| Ariel Focus Fund  | Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| Cost of investments | &nbsp;&nbsp; $1861211505 | &nbsp;&nbsp; $614042484 | &nbsp;&nbsp; $54701060 | &nbsp;&nbsp; $208967558 | &nbsp;&nbsp; $43364066 |
| Gross unrealized appreciation | &nbsp;&nbsp; 906777496 | &nbsp;&nbsp; 312576219 | &nbsp;&nbsp; 24036115 | &nbsp;&nbsp; 61206912 | &nbsp;&nbsp; 11870625 |
| Gross unrealized depreciation | &nbsp;&nbsp; (175122213)<br>| &nbsp;&nbsp; (29977634)<br>| &nbsp;&nbsp; (718779)<br>| &nbsp;&nbsp; (5428637)<br>| &nbsp;&nbsp; (1255567)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $731655283 | &nbsp;&nbsp; $282598585 | &nbsp;&nbsp; $23317336 | &nbsp;&nbsp; $55778275 | &nbsp;&nbsp; $10615058 |

---

The difference between book basis and tax basis unrealized appreciation and depreciation is attributable primarily to the deferral of losses due to wash sales and prior period partnership adjustments.

For federal income tax purposes, EU reclaims received by Ariel International Fund and Ariel Global Fund reduce the foreign tax credit that the Funds pass through to shareholders. In the event that EU reclaims received by either Fund during the year exceed creditable foreign withholding taxes paid, and the Fund previously passed through a foreign tax credit to its shareholders, the Fund will enter into a closing agreement with the Internal Revenue Service ("IRS") in order to pay the associated tax liability on behalf of the Fund's shareholders. As of September 30, 2025, Ariel Global Fund carried a liability in the amount of $30,220 in anticipation of entering into a closing agreement with the IRS.

**Distributions —**The tax character of distributions paid during the years ended September 30 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Fund | Ariel Appreciation Fund | Ariel Appreciation Fund | Ariel Focus Fund | Ariel Focus Fund |
|  | 09/30/25 | 09/30/24 | 09/30/25 | 09/30/24 | 09/30/25 | 09/30/24 |
| Distributions From |  |  |  |  |  |  |
| Ordinary Income | &nbsp;&nbsp; $8511953 | &nbsp;&nbsp; $29811258 | &nbsp;&nbsp; $7895670 | &nbsp;&nbsp; $14710755 | &nbsp;&nbsp; $750859 | &nbsp;&nbsp; $1068821 |
| Long-Term Capital Gains | &nbsp;&nbsp; 138936822 | &nbsp;&nbsp; 110515979 | &nbsp;&nbsp; 48207961 | &nbsp;&nbsp; 51105963 | &nbsp;&nbsp; 783434 | &nbsp;&nbsp; 1181394 |
| Total Distributions | &nbsp;&nbsp; $147448775 | &nbsp;&nbsp; $140327237 | &nbsp;&nbsp; $56103631 | &nbsp;&nbsp; $65816718 | &nbsp;&nbsp; $1534293 | &nbsp;&nbsp; $2250215 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ariel International Fund | Ariel International Fund | Ariel Global Fund | Ariel Global Fund |
|  | 09/30/25 | 09/30/24 | 09/30/25 | 09/30/24 |
| Distributions From |  |  |  |  |
| Ordinary Income | &nbsp;&nbsp; $11712239 | &nbsp;&nbsp; $7699030 | &nbsp;&nbsp; $2382444 | &nbsp;&nbsp; $6047280 |
| Long-Term Capital Gains | &nbsp;&nbsp; 1428679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8470239 | &nbsp;&nbsp; 7340344 |
| Total Distributions | &nbsp;&nbsp; $13140918 | &nbsp;&nbsp; $7699030 | &nbsp;&nbsp; $10852683 | &nbsp;&nbsp; $13387624 |

---

Reclassifications between net asset accounts are made at the end of the fiscal year for such differences that are permanent in nature. These differences are primarily due to merger adjustments, foreign currency, distribution reclassifications or the utilization of a portion of payments made to redeeming shareholders as a distribution for income tax purposes. Reclassifications recorded at September 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel<br> Appreciation<br> Fund<br>| Ariel Focus Fund  | Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| Paid in Capital | &nbsp;&nbsp; $31095062 | &nbsp;&nbsp; $8966874 | &nbsp;&nbsp; $264684 | &nbsp;&nbsp; $1140169 | &nbsp;&nbsp; $851439 |
| Undistributed Net Investment Income (Loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (947032)<br>| &nbsp;&nbsp; (46476)<br>|
| Accumulated Net Realized Gain (Loss) | &nbsp;&nbsp; (31095062)<br>| &nbsp;&nbsp; (8966874)<br>| &nbsp;&nbsp; (264684)<br>| &nbsp;&nbsp; (193137)<br>| &nbsp;&nbsp; (804963)<br>|

---

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

The components of accumulated earnings at September 30, 2025 on a federal income tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel<br> Appreciation<br> Fund<br>| Ariel Focus Fund  | Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| &nbsp;&nbsp; Undistributed<br> Ordinary Income<br>| &nbsp;&nbsp; $15478329 | &nbsp;&nbsp; $12535429 | &nbsp;&nbsp; $1166579 | &nbsp;&nbsp; $14280916 | &nbsp;&nbsp; $1920120 |
| &nbsp;&nbsp; Undistributed Long-<br> Term Capital Gains<br>| &nbsp;&nbsp; 210640784 | &nbsp;&nbsp; 83688290 | &nbsp;&nbsp; 6604575 | &nbsp;&nbsp; 13467280 | &nbsp;&nbsp; 4354916 |
| &nbsp;&nbsp; Tax Accumulated<br> Earnings<br>| &nbsp;&nbsp; 226119113 | &nbsp;&nbsp; 96223719 | &nbsp;&nbsp; 7771154 | &nbsp;&nbsp; 27748196 | &nbsp;&nbsp; 6275036 |
| &nbsp;&nbsp; Accumulated Capital<br> and Other Losses<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Unrealized<br> Appreciation<br> (Depreciation)<br>| &nbsp;&nbsp; 731655283 | &nbsp;&nbsp; 282598585 | &nbsp;&nbsp; 23317336 | &nbsp;&nbsp; 56150512 | &nbsp;&nbsp; 10660187 |
| &nbsp;&nbsp; Total Accumulated<br> Earnings<br>| &nbsp;&nbsp; $957774396 | &nbsp;&nbsp; $378822304 | &nbsp;&nbsp; $31088490 | &nbsp;&nbsp; $83898708 | &nbsp;&nbsp; $16935223 |

---

On June 28, 2019, Ariel Fund acquired the assets of Ariel Discovery Fund through a tax free reorganization. Pursuant to IRS Code Sections 381 & 382, Ariel Fund is limited as to how much of Ariel Discovery Fund's capital loss carry-forward it can use to offset its net capital gains on an annual basis. The annual limitation available to Ariel Fund is $423,143. During the tax year ended September 30, 2025, the Ariel Fund utilized $423,143 of its capital loss carry-forward.

**NOTE Five \| INVESTMENT ADVISORY AND OTHER TRANSACTIONS WITH RELATED PARTIES**

**Management Fees—**The Adviser provides investment advisory and administrative services to Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund under a Management Agreement. The Adviser provides investment advisory services to Ariel International Fund and Ariel Global Fund under an Advisory Agreement (the Management Agreement and the Advisory Agreement, collectively, the "Agreements"). Pursuant to the Agreements, the Adviser is paid a monthly fee on average daily net assets at the annual rates shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Management Fees | Ariel Fund | Ariel<br> Appreciation<br> Fund<br>| Ariel Focus Fund  | Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| Average Daily Net Assets |  |  |  |  |  |
| First $500 Million | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Next $500 Million | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Over $1 Billion | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |

---

The Adviser has contractually agreed to reimburse the Funds to the extent their respective total annual operating expenses (excluding brokerage, interest, taxes, distribution plan expenses and extraordinary items) exceed certain limits as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation Fund | Ariel Focus Fund | Ariel Focus Fund |
|  | Investor Class | Investor Class | Investor Class | Institutional Class |
| First $30 million | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Over $30 million | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| On average daily net assets | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.75% |
| Expiration of waivers\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ariel International Fund | Ariel International Fund | Ariel Global Fund | Ariel Global Fund |
|  | Investor Class | Institutional Class | Investor Class | Institutional Class |
| On average daily net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.88% |
| Expiration of waivers\* | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 2026 |

---

\* Through January 31, 2027. After this date, there is no assurance that such expenses will be limited. The Adviser has no right to recapture previously-waived fees.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

**Distribution Fees—**Ariel Distributors, LLC is the Funds' distributor and principal underwriter (the "Distributor"). The Trust has adopted a plan of distribution under Rule 12b-1 of the 1940 Act for the Investor Class of the Funds. Under the plan, the Investor Class of each Fund pays 12b-1 distribution fees calculated at an annual rate of 0.25% of average daily net assets on a weekly basis to the Distributor for its services. For the year ended September 30, 2025, distribution fee expenses were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel<br> Appreciation<br> Fund<br>| Ariel Focus Fund  | Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| Paid to Distributor | &nbsp;&nbsp; $2890405 | &nbsp;&nbsp; $1865364 | &nbsp;&nbsp; $114514 | &nbsp;&nbsp; $50144 | &nbsp;&nbsp; $31199 |
| Paid to Broker/Dealers | &nbsp;&nbsp; $2073164 | &nbsp;&nbsp; $1254594 | &nbsp;&nbsp; $67730 | &nbsp;&nbsp; $36672 | &nbsp;&nbsp; $16853 |

---

The remaining amounts were used by the Distributor to offset the costs of marketing, advertising, and other distribution expenses.

**Trustees' Fees—**Trustees' fees and expenses represent only those expenses of disinterested (independent) trustees of the Funds.

**NOTE Six \| FORWARD CURRENCY CONTRACTS**

Net realized gain (loss) and the change in net unrealized appreciation (depreciation) on forward currency contracts as reflected in the Statements of Operations as well as the volume of forward currency contracts measured by the number of trades during the year, and the average notional value of the forward currency contracts for the year ended September 30, 2025 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| Net Realized Gain (Loss) on Forward Currency Contracts | $(2135967) | &nbsp;&nbsp; $(370195)<br>|
| Change in Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts | $(346350) | &nbsp;&nbsp; $(107438)<br>|
| Volume of Forward Currency Contracts | 55 | &nbsp;&nbsp; 58 |
| Average Notional Value of Forward Currency Contracts | $4850932 | &nbsp;&nbsp; $1025110 |

---

Complete lists of forward currency contracts open as of September 30, 2025 are included in the Schedules of Investments for the respective Fund.

Rule 18f-4 under the 1940 Act requires, among other things, that funds deemed to be full derivatives users under the rule limit derivatives exposure through a value-at-risk test and requires such funds to adopt and implement a derivatives risk management program that is reasonably designed to manage derivatives risk. Accordingly, the Ariel International Fund and Ariel Global Fund have adopted a derivatives risk management program that takes into account how each Fund's derivatives use affects its investment portfolio strategy, including whether derivatives are used to increase or decrease portfolio risks or facilitate efficient portfolio management.

**NOTE Seven \| TRANSACTIONS WITH AFFILIATED COMPANIES**

If a fund's holding represents ownership of 5% or more of the outstanding voting securities of a company, the company is deemed to be an affiliate of the fund as defined in the 1940 Act. The following transactions were made during the year ended September 30, 2025 in securities of a company deemed to be an affiliated company of the Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security name | Shares Held<br> September 30, 2025<br>| Market Value<br> September 30,<br> 2024<br>| Purchases | Sales | Net<br> realized<br> gain (loss)<br>| Change in<br> unrealized<br> gain (loss)<br>| Market Value<br> September 30, 2025<br>| Dividend<br> Income<br>|
| Ariel Fund |  |  |  |  |  |  |  |  |
| **Common Stocks - 3.60%** |  |  |  |  |  |  |  |  |
| **Consumer Discretionary - 0.48%** |  |  |  |  |  |  |  |  |
| Leslie's, Inc.<sup>(a)</sup> <br>| 2240814 | $80221027 | $33300332 |  |  | $(101196879)<br>| $12324480 |  |
| **Energy - 3.12%** |  |  |  |  |  |  |  |  |
| Core Laboratories, Inc. | 6518877 | 64954117 | 35523499 |  |  | (19904296)<br>| 80573320 | 176890 |
| **Total Common Stocks** |  | **$145175144** | **$68823831** | **$—** | **$—** | **$(121101175)**<br>| **$92897800** | **$176890** |

---

<sup>(a)</sup> Non-income producing.

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of September 30, 2025

**NOTE Eight \| LINE OF CREDIT**

The Funds have a $125,000,000 Line of Credit (the "Line"), which is uncommitted, with Northern Trust. The Line is for temporary or emergency purposes such as to provide liquidity for shareholder redemptions. The Funds incur interest expense on any amounts drawn (borrowed) under the Line. The interest rate charged on borrowing is equal to the Federal Funds Effective Rate plus 1.00%. As of September 30, 2025, there were no outstanding borrowings under the Line.

Borrowings on the Line for the year ended September 30, 2025 are shown below:

---

| | | | |
|:---|:---|:---|:---|
| Fund  | Average daily <br> borrowings<br>| Number of days <br> outstanding<br>| Weighted average <br> annualized interest <br> rate<br>|
| Ariel Fund | &nbsp;&nbsp; $5513194 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5.33% |
| Ariel Focus Fund | &nbsp;&nbsp; 334274 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5.33% |
| Ariel International Fund | &nbsp;&nbsp; 1783106 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 5.57% |
| Ariel Global Fund | &nbsp;&nbsp; 479115 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 5.58% |

---

**NOTE Nine \| SEGMENT REPORTING**

During the reporting period, the Funds adopted FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting (ASC Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the standard impacted financial statement disclosure only and did not affect the Funds' financial positions or the results of operations for the period. Under ASU 2023-07, each Fund represents a single operating segment and therefore, a single reportable segment. The Chief Financial Officer of the Adviser serves as the chief operating decision maker (CODM). Each Fund's income, expenses, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE Ten \| ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**NOTE Eleven \| SUBSEQUENT EVENTS**

In preparing these financial statements, the Trust has evaluated subsequent events occurring after September 30, 2025 through the date the financial statements were issued and determined that there were no such events that would require adjustment to or additional disclosure in these financial statements.

SLOW AND STEADY WINS THE RACE

------

Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF ARIEL INVESTMENT TRUST:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Ariel Investment Trust, comprising the Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund (collectively the "Funds"), including the schedules of investments as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Ariel Investment Trust as of September 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

November 13, 2025

We have served as the auditor of one or more Ariel Investment Trust investment companies since 2011.

SLOW AND STEADY WINS THE RACE

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Important Supplemental Information

September 30, 2025 (Unaudited)

**2025 TAX INFORMATION**

The following information for the fiscal year ended September 30, 2025 for Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund and Ariel Global Fund is provided pursuant to provisions of the Internal Revenue Code.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ariel Fund | Ariel <br> Appreciation <br> Fund<br>| Ariel Focus Fund | Ariel <br> International <br> Fund<br>| Ariel Global <br> Fund<br>|
| &nbsp;&nbsp; Long term capital gain<br> distributions paid<br> during the year \*<br>| &nbsp;&nbsp; $138936822 | &nbsp;&nbsp; $48207961 | &nbsp;&nbsp; $783434 | &nbsp;&nbsp; $1428679 | &nbsp;&nbsp; $8470239 |
| &nbsp;&nbsp; Dividends received<br> deduction % for<br> corporate shareholders<br>| &nbsp;&nbsp; 94% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% |

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\* Designated for purposes of the dividends paid deduction.

Complete information will be reported on Forms 1099-DIV sent to shareholders in January 2026. The Funds intend to designate the maximum amount of qualified dividend income allowed.

**FOREIGN TAX CREDIT PASS THROUGH**

Pursuant to Section 853 of the Internal Revenue Code, Ariel International Fund and Ariel Global Fund have historically designated certain amounts of foreign taxes paid as a foreign tax credit. During the year ended September 30, 2025, these Funds received additional European tax refunds which were greater than the amount of current year foreign taxes paid. As a result, neither the Ariel International Fund nor the Ariel Global Fund elects to pass through a foreign tax credit for the year ended September 30, 2025.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, will receive an IRS 1099-DIV regarding the Federal tax status of the dividends and distributions they received in the calendar year.

**PROXY VOTING POLICIES, PROCEDURES AND RECORD**

Both a description of the policies and procedures that the Funds' investment adviser uses to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available upon request by calling 800-292-7435. Such information for the Funds is also available on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**SHAREHOLDER STATEMENTS AND REPORTS**

The Funds attempt to reduce the volume of mail sent to shareholders by sending one copy of financial reports, prospectuses and other regulatory materials to two or more account holders who share the same address. We will send you a notice at least 60 days before sending only one copy of these documents if we have not received written consent from you previously. Should you wish to receive individual copies of materials, please contact us at 800-292-7435. Once we have received your instructions, we will begin sending individual copies for each account within 30 days.

**AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES**

The Funds file complete schedules of investments with the SEC for the quarters ended December 31 and June 30 of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov.

All of the Funds' quarterly reports contain a complete schedule of portfolio holdings. All quarterly reports are made available to shareholders on the Funds' website at www.arielinvestments.com. Shareholders also may obtain copies of shareholder reports upon request by calling 800-292-7435, or by writing to Ariel Investment Trust, c/o U.S. Bank Global Fund Services, P.O. Box 219227, Kansas City, Missouri, 64121-9227.

SLOW AND STEADY WINS THE RACE

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

As of September 30, 2025

None to report.

SLOW AND STEADY WINS THE RACE

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Proxy Disclosures for Open-End Management Investment Companies

As of September 30, 2025

None to report.

SLOW AND STEADY WINS THE RACE

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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

As of September 30, 2025

See amounts disclosed above in the Statements of Operations under "Trustees' Fees and Expenses".

SLOW AND STEADY WINS THE RACE

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Statement Regarding Basis for Approval of Investment Advisory Contract

As of September 30, 2025

Not applicable.

SLOW AND STEADY WINS THE RACE

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**Ariel Investment Trust**

**c/o U.S. Bank Global Fund Services**

**P.O. Box 219227**

**Kansas City, MO 64121-9227**

**800.292.7435** **• arielinvestments.com** 

**• linkedin.com/company/ariel-investments**

**• instagram.com/arielinvestments**

**• x.com/arielinvests**![](img7a9352702.gif)

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to them by others, particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no significant changes in the registrant's internal controls over financial reporting, or in other factors that could significantly affect these controls, that occurred during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) Code of Ethics – Not applicable. Item 2 requirements satisfied through alternative means.

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 - Not applicable.

(a)(3) [Certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) - Filed as an attachment to this filing.](Exhibit_a3.htm)

(a)(4) Written solicitation to purchase securities under Rule 23c-1 - Not applicable.

(a)(5) There has been no change to the registrant's independent public accountant.

(b) [A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference - Filed as an attachment to this filing.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **Ariel Investment Trust**  | **Ariel Investment Trust**  |
| By:  | <u>/s/ Mellody L. Hobson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Mellody L. Hobson  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: November 25, 2025  | Date: November 25, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By:  | <u>/s/ Mellody L. Hobson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Mellody L. Hobson  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: November 25, 2025  | Date: November 25, 2025  |
| By:  | <u>/s/ Adam Nelson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Adam Nelson  |
|  | Vice President and Treasurer  |
|  | (Principal Financial Officer)  |
| Date: November 25, 2025  | Date: November 25, 2025  |

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## Exhibit 99.906

#### CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER OF

#### ARIEL INVESTMENT TRUST

#### PURSUANT TO SECTION 906 OF

#### THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
I, Mellody L. Hobson, am President (principal executive officer) of Ariel Investment Trust (the "Registrant").

This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant's Annual Report on Form N-CSR for the period ended September 30, 2025 (the "Report").

I hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 25, 2025

---

| |
|:---|
| <u>/s/ Mellody L. Hobson</u>  |
| Mellody L. Hobson  |
| President  |
| (Principal Executive Officer)  |

---

#### CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER OF

#### ARIEL INVESTMENT TRUST

#### PURSUANT TO SECTION 906 OF

#### THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
I, Adam Nelson, am Treasurer (principal financial officer) of Ariel Investment Trust (the "Registrant").

This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant's Annual Report on Form N-CSR for the period ended September 30, 2025 (the "Report").

I hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 25, 2025

---

| |
|:---|
| <u>/s/ Adam Nelson &nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Adam Nelson  |
| Vice President and Treasurer  |
| (Principal Financial Officer)  |

---

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## Ex-99.Cert

#### CERTIFICATIONS BY PRINCIPAL EXECUTIVE OFFICER

#### AND PRINCIPAL FINANCIAL OFFICER OF ARIEL INVESTMENT TRUST

#### PURSUANT TO RULE 30a-2 OF THE INVESTMENT COMPANY ACT OF 1940
I, Mellody L. Hobson, President (principal executive officer) of Ariel Investment Trust, certify that:

1. I have reviewed this report on Form N-CSR of Ariel Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| <u>/s/ Mellody L. Hobson</u>  |
| Mellody L. Hobson  |
| President  |
| (Principal Executive Officer)  |

---

Date: November 25, 2025

------

#### CERTIFICATIONS BY PRINCIPAL EXECUTIVE OFFICER

#### AND PRINCIPAL FINANCIAL OFFICER OF ARIEL INVESTMENT TRUST

#### PURSUANT TO RULE 30a-2 OF THE INVESTMENT COMPANY ACT OF 1940
I, Adam Nelson, Treasurer (principal financial officer) of Ariel Investment Trust, certify that:

1. I have reviewed this report on Form N-CSR of Ariel Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| <u>/s/ Adam Nelson&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Adam Nelson  |
| Vice President and Treasurer  |
| (Principal Financial Officer)  |

---

Date: November 25, 2025

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