# EDGAR Filing Document

**Accession Number:** 0000798365
**File Stem:** 0002066578-26-001219
**Filing Date:** 2026-5
**Character Count:** 184796
**Document Hash:** 406e0e51f624f2a5cce8fad8c6c17a20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001219.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0002066578-26-001219

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**EFFECTIVENESS DATE**: 20260522

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04786
- **FILM NUMBER:** 261013863

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

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

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

## Series and Classes Contracts Data

### Ariel Fund (Series ID: S000005024)

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 46dca690-fc6a-4a48-882f-aa220e388887

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### 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:

#### March 31, 2026

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

(b) Not Applicable.

![TSR - Fund Logo](images_8281.jpg)

### Ariel Fund

#### Institutional Class/ARAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $35 | 0.69% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $2564227960 |
| Total number of portfolio holdings | 36 |
| Portfolio turnover rate as of the end of the reporting period | 19% |

---

#### 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;Madison Square Garden Entertainment Corporation | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corporation | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Covista, Inc. | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sphere Entertainment Company | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard, Inc., Class A | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | 3.52% |

---

Industry Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3356973.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Fund

#### Investor Class/ARGFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $50 | 0.99% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $2564227960 |
| Total number of portfolio holdings | 36 |
| Portfolio turnover rate as of the end of the reporting period | 19% |

---

#### 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;Madison Square Garden Entertainment Corporation | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corporation | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Covista, Inc. | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sphere Entertainment Company | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard, Inc., Class A | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | 3.52% |

---

Industry Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3356938.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Appreciation Fund

#### Institutional Class/CAAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Appreciation Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $42 | 0.83% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $874677016 |
| Total number of portfolio holdings | 43 |
| Portfolio turnover rate as of the end of the reporting period | 11% |

---

#### 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;Madison Square Garden Entertainment Corporation | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corporation | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB, Inc. | 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowles Corporation | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | 2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 2.91% |

---

Industry Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3356829.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Appreciation Fund

#### Investor Class/CAAPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Appreciation Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $58 | 1.14% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $874677016 |
| Total number of portfolio holdings | 43 |
| Portfolio turnover rate as of the end of the reporting period | 11% |

---

#### 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;Madison Square Garden Entertainment Corporation | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corporation | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB, Inc. | 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowles Corporation | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | 2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 2.91% |

---

Industry Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3356794.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Focus Fund

#### Institutional Class/AFOYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Focus Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $39 | 0.75% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $81230462 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate as of the end of the reporting period | 11% |

---

#### 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;APA Corporation | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corporation | 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB, Inc. | 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;PHINIA, Inc. | 5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. | 4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 4.53% |

---

Industry Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3356866.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Focus Fund

#### Investor Class/ARFFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Focus Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $52 | 1.00% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $81230462 |
| Total number of portfolio holdings | 30 |
| Portfolio turnover rate as of the end of the reporting period | 11% |

---

#### 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;APA Corporation | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corporation | 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB, Inc. | 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;PHINIA, Inc. | 5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. | 4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 4.53% |

---

Industry Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3356901.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel International Fund

#### Institutional Class/AINIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel International Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $44 | 0.88% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $245640536 |
| Total number of portfolio holdings | 69 |
| Portfolio turnover rate as of the end of the reporting period | 62% |

---

#### 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;Daikin Industries, Ltd. | 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAWAG Group AG | 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;SUMCO Corporation | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corporation | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Informa plc | 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | 3.23% |

---

Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.42% |
| Information Technology | 16.38% |
| Communication Services | 13.71% |
| Consumer Discretionary | 13.22% |
| Industrials | 9.40% |
| Utilities | 8.78% |
| Consumer Staples | 5.73% |
| Health Care | 5.18% |
| Materials & Processing | 5.05% |
| Other | 0.11% |

---

Geographic Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3357117.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel International Fund

#### Investor Class/AINTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel International Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $56 | 1.13% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $245640536 |
| Total number of portfolio holdings | 69 |
| Portfolio turnover rate as of the end of the reporting period | 62% |

---

#### 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;Daikin Industries, Ltd. | 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAWAG Group AG | 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;SUMCO Corporation | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corporation | 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Informa plc | 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | 3.23% |

---

Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.42% |
| Information Technology | 16.38% |
| Communication Services | 13.71% |
| Consumer Discretionary | 13.22% |
| Industrials | 9.40% |
| Utilities | 8.78% |
| Consumer Staples | 5.73% |
| Health Care | 5.18% |
| Materials & Processing | 5.05% |
| Other | 0.11% |

---

Geographic Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3357082.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Global Fund

#### Institutional Class/AGLYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Global Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $44 | 0.88% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $54433260 |
| Total number of portfolio holdings | 76 |
| Portfolio turnover rate as of the end of the reporting period | 65% |

---

#### 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;Daikin Industries, Ltd. | 4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company | 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corporation | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Mengniu Dairy Company, Ltd. | 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company, Ltd. | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | 2.50% |

---

Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 24.86% |
| Financials | 15.91% |
| Communication Services | 13.79% |
| Industrials | 11.03% |
| Health Care | 7.97% |
| Consumer Discretionary | 7.13% |
| Utilities | 6.71% |
| Consumer Staples | 4.87% |
| Materials & Processing | 2.84% |
| Other | 1.47% |

---

Geographic Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3357045.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.

SLOW AND STEADY WINS THE RACE

![TSR - Fund Logo](images_8281.jpg)

### Ariel Global Fund

#### Investor Class/AGLOX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
*This semi-annual shareholder report contains important information about Ariel Global Fund (the "Fund") for the period from October 1, 2025 to March 31, 2026. 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 Six Months
(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) | $56 | 1.13% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| Net assets | $54433260 |
| Total number of portfolio holdings | 76 |
| Portfolio turnover rate as of the end of the reporting period | 65% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | 4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company | 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murata Manufacturing Company, Ltd. | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corporation | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Mengniu Dairy Company, Ltd. | 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company, Ltd. | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | 2.50% |

---

Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 24.86% |
| Financials | 15.91% |
| Communication Services | 13.79% |
| Industrials | 11.03% |
| Health Care | 7.97% |
| Consumer Discretionary | 7.13% |
| Utilities | 6.71% |
| Consumer Staples | 4.87% |
| Materials & Processing | 2.84% |
| Other | 1.47% |

---

Geographic Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3357010.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.

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.
Not applicable for the reporting period.

------

#### &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.
Not applicable for the reporting period.

------

#### &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 4. Principal Accountant Fees and Services.
Not applicable for the reporting period.

------

#### &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.

------

![](imge1c17d4a1.gif)

**Semi-Annual Financial Statements**

**March 31, 2026**

------

[**Table of Contents**](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_FCN-CC-RunningFooter-Website-20_1)

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_SOI-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 2 |
| [Statements of Assets and Liabilities](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_FS-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 12 |
| [Statements of Operations](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_FS-CC-RunningFooter-Website_3) | &nbsp;&nbsp; 14 |
| [Statements of Changes in Net Assets](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_FS-CC-RunningFooter-Website_5) | &nbsp;&nbsp; 16 |
| [Financial Highlights](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_FS-CC-RunningFooter-Website_8) | &nbsp;&nbsp; 19 |
| [Notes to the Financial Statements](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_NTF-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 24 |
| [Important Supplemental Information](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_ISI-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 30 |
| [Changes in and Disagreements with Accountants for](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_CIAD-CC-RunningFooter-Website_1) <br>[Open-End Management Investment Companies](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_CIAD-CC-RunningFooter-Website_1)<br>| &nbsp;&nbsp; 31 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_PD-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 32 |
| [Remuneration Paid to Directors, Officers, and Others of](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_REMUN-CC-RunningFooter-Website_1) <br>[Open-End Management Investment Companies](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_REMUN-CC-RunningFooter-Website_1)<br>| &nbsp;&nbsp; 33 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_78ab511f-f40c-4a91-a284-4f860ec6d61e_BA-CC-RunningFooter-Website_1) | &nbsp;&nbsp; 34 |

---

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.30% | Value ($) |
|  | **Basic Materials—2.28%** |  |
| 962642 | Scotts Miracle-Gro Company | &nbsp;&nbsp;&nbsp;&nbsp; 58538260 |
|  | **Consumer Discretionary—33.87%** |  |
| 2377565 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 140062354 |
| 855192 | Covista, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98560878 |
| 821771 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96475915 |
| 5767141 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83796559 |
| 4412725 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 82517958 |
| 954294 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 78423881 |
| 3137950 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 72015953 |
| 3239417 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 70781261 |
| 3954349 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66512150 |
| 200409 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64411453 |
| 1374773 | Paramount Skydance Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 12400452 |
| 2290814 | Leslie's, Inc.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2565712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 868524526 |
|  | **Consumer Staples—3.59%** |  |
| 953110 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 91917928 |
|  | **Energy—3.54%** |  |
| 5411351 | Core Laboratories, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90856583 |
|  | **Financials—17.36%** |  |
| 336062 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92988355 |
| 2169428 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 92157301 |
| 1721271 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 83292304 |
| 513593 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 65770719 |
| 429910 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 60002539 |
| 508738 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 30671814 |
| 2070647 | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 20292341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 445175373 |
|  | **Health Care—17.25%** |  |
| 4343924 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110205352 |
| 333105 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92853019 |
| 523713 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90340492 |
| 1264838 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 74966948 |
| 6385388 | Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 74070501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 442436312 |
|  | **Industrials—17.00%** |  |
| 832140 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81932505 |
| 375787 | Zebra Technologies Corporation, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78569546 |
| 568165 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75327316 |
| 383186 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 74847721 |
| 1581121 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53299589 |
| 7354458 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48318789 |
| 849123 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 23520707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 435816173 |
|  | **Real Estate—3.41%** |  |
| 287118 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87375750 |
|  | **Total Common Stocks (Cost $1,960,318,956)** | &nbsp;&nbsp;&nbsp;&nbsp; **2520640905** |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—1.89% | Value ($) |
| 48382294 | Northern Institutional Treasury Portfolio, 3.53%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48382294 |
|  | **Total Short-Term Investments (Cost $48,382,294)** | &nbsp;&nbsp;&nbsp;&nbsp; **48382294** |
|  | **Total Investments—100.19% (Cost $2,008,701,250)** | &nbsp;&nbsp;&nbsp;&nbsp; **2569023199** |
|  | Other Assets less Liabilities—(0.19)% | &nbsp;&nbsp;&nbsp;&nbsp; (4795239)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **2564227960** |

---

**Ariel Appreciation Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.16% | Value ($) |
|  | **Consumer Discretionary—28.73%** |  |
| 523994 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30868487 |
| 91678 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29465309 |
| 1210730 | OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 27786253 |
| 1023495 | Knowles Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26283352 |
| 344597 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25951600 |
| 1321822 | Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24718071 |
| 1412641 | Mattel, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20525674 |
| 166933 | Sphere Entertainment Company<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19597934 |
| 769634 | Gentex Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 16816503 |
| 938949 | Manchester United plc, Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15793122 |
| 323429 | CarMax, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13448178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 251254483 |
|  | **Consumer Staples—3.64%** |  |
| 181046 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 17460076 |
| 333417 | Molson Coors Brewing Company | &nbsp;&nbsp;&nbsp;&nbsp; 14356936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31817012 |
|  | **Energy—6.25%** |  |
| 568585 | SLB, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29219583 |
| 1513465 | Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25411078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54630661 |
|  | **Financials—21.05%** |  |
| 418784 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 25248487 |
| 541863 | Lazard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 23018340 |
| 240627 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22257998 |
| 223099 | The Charles Schwab Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 20966844 |
| 156226 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 20006302 |
| 143191 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 19985168 |
| 394133 | Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19072096 |
| 128095 | Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14053302 |
| 58925 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12786136 |
| 118674 | RLI Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 6769165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 184163838 |
|  | **Health Care—14.37%** |  |
| 171201 | Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29532172 |
| 93200 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24866692 |
| 975302 | Envista Holdings Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24743412 |
| 405584 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24038964 |
| 80900 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22550875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 125732115 |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel Appreciation Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—99.16% (continued) | Value ($) |
|  | **Industrials—19.73%** |  |
| 131886 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25761292 |
| 186941 | The Middleby Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24784638 |
| 87507 | Keysight Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24709351 |
| 655517 | Axalta Coating Systems, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18157821 |
| 141073 | nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp; 16686114 |
| 222403 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15803957 |
| 45905 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15577862 |
| 459422 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15487116 |
| 183801 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10256096 |
| 815303 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5356541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 172580788 |
|  | **Real Estate—5.39%** |  |
| 94267 | Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28687333 |
| 136223 | CBRE Group, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18452768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47140101 |
|  | **Total Common Stocks (Cost $596,247,904)** | &nbsp;&nbsp;&nbsp;&nbsp; **867318998** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.82% | Value ($) |
| 7204303 | Northern Institutional Treasury Portfolio, 3.53%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7204303 |
|  | **Total Short-Term Investments (Cost $7,204,303)** | &nbsp;&nbsp;&nbsp;&nbsp; **7204303** |
|  | **Total Investments—99.98% (Cost $603,452,207)** | &nbsp;&nbsp;&nbsp;&nbsp; **874523301** |
|  | Other Assets less Liabilities—0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 153715 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **874677016** |

---

**Ariel Focus Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.56% | Value ($) |
|  | **Basic Materials—6.94%** |  |
| 94325 | Barrick Mining Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3847517 |
| 70266 | Mosaic Company | &nbsp;&nbsp;&nbsp;&nbsp; 1791783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5639300 |
|  | **Consumer Discretionary—14.66%** |  |
| 59431 | PHINIA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4067458 |
| 36441 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2994721 |
| 5801 | Madison Square Garden Sports Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1864441 |
| 31842 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1727747 |
| 21317 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1255785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11910152 |
|  | **Consumer Staples—3.41%** |  |
| 28750 | J.M. Smucker Company | &nbsp;&nbsp;&nbsp;&nbsp; 2772650 |
|  | **Energy—15.50%** |  |
| 104412 | APA Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 4431245 |
| 83310 | SLB, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4281301 |
| 18745 | Chevron Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3878341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12590887 |
|  | **Financials—21.57%** |  |
| 34542 | BOK Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 4423448 |
| 13722 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3796877 |
| 71467 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3484016 |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel Focus Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—98.56% (continued) | Value ($) |
|  | **Financials—21.57% (continued)** |  |
| 35162 | First American Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 2119917 |
| 9189 | Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1990154 |
| 7844 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1702070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17516482 |
|  | **Health Care—14.88%** |  |
| 17965 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 4391365 |
| 67373 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3993198 |
| 11397 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3040833 |
| 2383 | Bio-Rad Laboratories, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 664261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12089657 |
|  | **Industrials—20.21%** |  |
| 10129 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3679055 |
| 6067 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 3666834 |
| 28524 | Mohawk Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2808473 |
| 74529 | Resideo Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2512372 |
| 43362 | Fiserv, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2419600 |
| 3588 | Generac Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 700844 |
| 95610 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 628158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16415336 |
|  | **Technology—1.39%** |  |
| 7643 | Oracle Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1124362 |
|  | **Total Common Stocks (Cost $54,899,684)** | &nbsp;&nbsp;&nbsp;&nbsp; **80058826** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—2.05% | Value ($) |
| 1664971 | Northern Institutional Treasury Portfolio, 3.53%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1664971 |
|  | **Total Short-Term Investments (Cost $1,664,971)** | &nbsp;&nbsp;&nbsp;&nbsp; **1664971** |
|  | **Total Investments—100.61% (Cost $56,564,655)** | &nbsp;&nbsp;&nbsp;&nbsp; **81723797** |
|  | Other Assets less Liabilities—(0.61)% | &nbsp;&nbsp;&nbsp;&nbsp; (493335)<br>|
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **81230462** |

---

**Ariel International Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.87% | Value ($) |
|  | **Austria—4.17%** |  |
| 67387 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10244680 |
|  | **Belgium—4.31%** |  |
| 43103 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp; 5275463 |
| 50843 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp; 2963767 |
| 290821 | Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp; 2353018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10592248 |
|  | **Brazil—0.88%** |  |
| 750924 | Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp; 2168755 |
|  | **Canada—3.53%** |  |
| 1412878 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 8675071 |
|  | **China—3.77%** |  |
| 1409000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 3112908 |
| 517100 | Hongfa Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2112047 |
| 343700 | Kuaishou Technology | &nbsp;&nbsp;&nbsp;&nbsp; 2024505 |
| 484300 | Minth Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2023187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9272647 |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.87% (continued) | Value ($) |
|  | **Finland—1.67%** |  |
| 160174 | Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp; 4096088 |
|  | **France—9.94%** |  |
| 412370 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 8454847 |
| 213759 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp; 6888910 |
| 70300 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 5818697 |
| 94720 | Michelin (CGDE) | &nbsp;&nbsp;&nbsp;&nbsp; 3245003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24407457 |
|  | **Germany—6.91%** |  |
| 62703 | Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp; 6207383 |
| 98174 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp; 4543320 |
| 74588 | Salzgitter AG | &nbsp;&nbsp;&nbsp;&nbsp; 3229411 |
| 66084 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp; 2997976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16978090 |
|  | **Greece—0.96%** |  |
| 589412 | Eurobank SA | &nbsp;&nbsp;&nbsp;&nbsp; 2360026 |
|  | **Hungary—0.49%** |  |
| 106823 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1216733 |
|  | **Indonesia—0.73%** |  |
| 8068800 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 1801882 |
|  | **Ireland—3.79%** |  |
| 512799 | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 9303837 |
|  | **Italy—6.52%** |  |
| 351811 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 10158497 |
| 452219 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp; 3945851 |
| 163316 | Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1902466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16006814 |
|  | **Japan—28.09%** |  |
| 98700 | Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 11838764 |
| 438100 | Murata Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 9829750 |
| 852400 | SUMCO Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 9417938 |
| 224700 | Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 7933950 |
| 65500 | Horiba, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 7660637 |
| 310100 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7650293 |
| 573000 | TDK Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 7443428 |
| 346300 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 7216292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68991052 |
|  | **Netherlands—1.57%** |  |
| 82615 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp; 3847314 |
|  | **South Korea—1.12%** |  |
| 28005 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2749264 |
|  | **Spain—3.16%** |  |
| 691512 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 7752347 |
|  | **Switzerland—2.20%** |  |
| 13520 | Roche Holdings AG | &nbsp;&nbsp;&nbsp;&nbsp; 5395708 |
|  | **Taiwan—1.17%** |  |
| 60000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2877910 |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel International Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—97.87% (continued) | Value ($) |
|  | **United Kingdom—12.89%** |  |
| 801673 | Informa plc  | &nbsp;&nbsp;&nbsp;&nbsp; 8051777 |
| 1579180 | Marks & Spencer Group plc  | &nbsp;&nbsp;&nbsp;&nbsp; 7115349 |
| 2490683 | British Telecom Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 6980307 |
| 1286275 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 6731700 |
| 101294 | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp; 2790192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31669325 |
|  | **Total Common Stocks (Cost $217,737,144)** | &nbsp;&nbsp;&nbsp;&nbsp; **240407248** |
|  | **Total Investments—97.87% (Cost $217,737,144)** | &nbsp;&nbsp;&nbsp;&nbsp; **240407248** |
|  | Foreign Currency, Other Assets less Liabilities—2.13% | &nbsp;&nbsp;&nbsp;&nbsp; 5233288 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **245640536** |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**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** |
| 04/09/2026 | UBS | Australian Dollar | 7344410 | Japanese Yen | 774205852 | $184064 |
| 04/09/2026 | UBS | Australian Dollar | 3677993 | Euro | 2107992 | 99709 |
| 04/09/2026 | UBS | Japanese Yen | 774205852 | Australian Dollar | 7000578 | 53136 |
| Subtotal UBS | Subtotal UBS | Subtotal UBS |  |  |  | 336909 |
| 04/09/2026 | Northern Trust | Australian Dollar | 8358662 | United States Dollar | 5613084 | 153326 |
| 04/09/2026 | Northern Trust | British Pound | 1287245 | Japanese Yen | 266910137 | 20470 |
| 04/09/2026 | Northern Trust | Japanese Yen | 197148205 | British Pound | 937198 | 2884 |
| 04/09/2026 | Northern Trust | Swiss Franc | 6007332 | Euro | 6489901 | 16119 |
| 04/09/2026 | Northern Trust | Swiss Franc | 5554045 | Euro | 6008667 | 5115 |
| 04/09/2026 | Northern Trust | United States Dollar | 2214894 | Australian Dollar | 3185995 | 16964 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | 214878 |
| 04/09/2026 | JPMorgan | Australian Dollar | 3004756 | Euro | 1765717 | 31061 |
| 04/09/2026 | JPMorgan | Australian Dollar | 106531 | United States Dollar | 71533 | 1960 |
| 04/09/2026 | JPMorgan | Euro | 2263899 | British Pound | 1967975 | 13144 |
| 04/09/2026 | JPMorgan | Euro | 582237 | Australian Dollar | 974848 | 765 |
| 04/09/2026 | JPMorgan | United States Dollar | 1021733 | Japanese Yen | 158036674 | 25052 |
| 04/09/2026 | JPMorgan | United States Dollar | 71533 | Australian Dollar | 102779 | 629 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 72611 |
| **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** | **$624398** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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** |
| 04/09/2026 | Northern Trust | Euro | 1312408 | Japanese Yen | 241426627 | $(4952) |
| 04/09/2026 | Northern Trust | Japanese Yen | 445327019 | Chinese Offshore Yuan | 19671746 | (49629) |
| 04/09/2026 | Northern Trust | Swedish Krona | 50475362 | Euro | 4712281 | (114610) |
| 04/09/2026 | Northern Trust | United States Dollar | 741576 | Australian Dollar | 1082991 | (5550) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (174741) |
| 04/09/2026 | JPMorgan | Australian Dollar | 1890762 | United States Dollar | 1338218 | (33834) |
| 04/09/2026 | JPMorgan | Australian Dollar | 1863245 | United States Dollar | 1321308 | (35906) |
| 04/09/2026 | JPMorgan | Australian Dollar | 4385264 | United States Dollar | 3116839 | (91567) |
| 04/09/2026 | JPMorgan | British Pound | 395162 | Euro | 452364 | (74) |
| 04/09/2026 | JPMorgan | British Pound | 1576775 | Euro | 1811535 | (7825) |
| 04/09/2026 | JPMorgan | Japanese Yen | 160348733 | United States Dollar | 1021733 | (10470) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (179676) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(354417)** |
| **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** | **$269981** |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel Global Fund**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.06% | Value ($) |
|  | **Austria—1.75%** |  |
| 6273 | BAWAG Group AG<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 953669 |
|  | **Belgium—0.28%** |  |
| 2581 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp; 150453 |
|  | **Brazil—1.10%** |  |
| 206507 | Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp; 596416 |
|  | **Canada—2.74%** |  |
| 242997 | Algonquin Power & Utilities Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1492002 |
|  | **China—5.47%** |  |
| 635000 | China Mengniu Dairy Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1402908 |
| 95000 | Kuaishou Technology | &nbsp;&nbsp;&nbsp;&nbsp; 559581 |
| 128000 | Minth Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 534726 |
| 117599 | Hongfa Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 480322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2977537 |
|  | **Finland—1.38%** |  |
| 29373 | Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp; 751148 |
|  | **France—4.49%** |  |
| 53018 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 1087031 |
| 24697 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp; 795921 |
| 6770 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp; 560350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2443302 |
|  | **Germany—4.86%** |  |
| 9699 | Wacker Chemie AG | &nbsp;&nbsp;&nbsp;&nbsp; 960168 |
| 16056 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp; 743043 |
| 11186 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp; 507466 |
| 10062 | Salzgitter AG | &nbsp;&nbsp;&nbsp;&nbsp; 435651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2646328 |
|  | **Greece—1.48%** |  |
| 201054 | Eurobank SA | &nbsp;&nbsp;&nbsp;&nbsp; 805027 |
|  | **Hungary—0.51%** |  |
| 24639 | Wizz Air Holdings plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 280642 |
|  | **Indonesia—0.84%** |  |
| 2039200 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 455383 |
|  | **Ireland—2.13%** |  |
| 63844 | Bank of Ireland Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 1158337 |
|  | **Italy—3.56%** |  |
| 41652 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1202696 |
| 84309 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp; 735641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1938337 |
|  | **Japan—18.26%** |  |
| 19600 | Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2350960 |
| 74800 | Murata Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1678305 |
| 38500 | Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1359400 |
| 114900 | SUMCO Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1269499 |
| 8900 | Horiba, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1040911 |
| 41900 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1033690 |
| 53500 | TDK Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 694980 |
| 24600 | Bridgestone Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 512621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9940366 |
|  | **South Korea—2.27%** |  |
| 7043 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 691415 |
| 957 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 542968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1234383 |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**Ariel Global Fund (Continued)**

---

| | | |
|:---|:---|:---|
| Number of Shares | Common Stocks—96.06% (continued) | Value ($) |
|  | **Spain—1.14%** |  |
| 55484 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 622016 |
|  | **Taiwan—5.51%** |  |
| 24000 | Taiwan Semiconductor Manufacturing Company, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1388029 |
| 23000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1103199 |
| 16000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp; 509607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3000835 |
|  | **United Arab Emirates—0.95%** |  |
| 158400 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp; 518354 |
|  | **United Kingdom—7.75%** |  |
| 276943 | Marks & Spencer Group plc  | &nbsp;&nbsp;&nbsp;&nbsp; 1247829 |
| 394767 | British Telecom Group plc | &nbsp;&nbsp;&nbsp;&nbsp; 1106361 |
| 104714 | Informa plc  | &nbsp;&nbsp;&nbsp;&nbsp; 1051718 |
| 155600 | Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp; 814330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4220238 |
|  | **United States—29.59%** |  |
| 42585 | Intel Corporation<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1879276 |
| 19167 | Walt Disney Company | &nbsp;&nbsp;&nbsp;&nbsp; 1847315 |
| 8084 | First Solar, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1594650 |
| 20489 | CVS Health Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1471520 |
| 22016 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp;&nbsp; 1335270 |
| 44627 | AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1293737 |
| 48071 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp;&nbsp; 1144570 |
| 5330 | M&T Bank Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1101818 |
| 2865 | FedEx Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 1020456 |
| 5673 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 790646 |
| 16983 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 789030 |
| 1852 | Microsoft Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 685555 |
| 14272 | CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 615980 |
| 10985 | Bank of America Corporation | &nbsp;&nbsp;&nbsp;&nbsp; 535519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16105342 |
|  | **Total Common Stocks (Cost $47,332,130)** | &nbsp;&nbsp;&nbsp;&nbsp; **52290115** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Short-Term Investments—0.10% | Value ($) |
| 54165 | Northern Institutional Treasury Portfolio, 3.53%<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54165 |
|  | **Total Short-Term Investments (Cost $54,165)** | &nbsp;&nbsp;&nbsp;&nbsp; **54165** |
|  | **Total Investments—96.16% (Cost $47,386,295)** | &nbsp;&nbsp;&nbsp;&nbsp; **52344280** |
|  | Foreign Currency, Other Assets less Liabilities—3.84% | &nbsp;&nbsp;&nbsp;&nbsp; 2088980 |
|  | **Net Assets—100.00%** | &nbsp;&nbsp;&nbsp;&nbsp; **54433260** |

---

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

SLOW AND STEADY WINS THE RACE

------

Schedules of Inveﬆments

As of March 31, 2026 (Unaudited)

**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** |
| 04/09/2026 | Northern Trust | Australian Dollar | 803243 | Japanese Yen | 84679528 | $20092 |
| 04/09/2026 | Northern Trust | Japanese Yen | 80050763 | Australian Dollar | 723029 | 6054 |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | 26146 |
| 04/09/2026 | JPMorgan | Canadian Dollar | 541227 | British Pound | 290802 | 4317 |
| 04/09/2026 | JPMorgan | Euro | 153182 | British Pound | 133331 | 662 |
| 04/09/2026 | JPMorgan | United States Dollar | 8140276 | Euro | 6949391 | 104151 |
| 04/09/2026 | JPMorgan | United States Dollar | 1080064 | Japanese Yen | 164266251 | 44095 |
| 04/09/2026 | JPMorgan | United States Dollar | 1445779 | British Pound | 1074304 | 23848 |
| 04/09/2026 | JPMorgan | United States Dollar | 576709 | Euro | 482752 | 18465 |
| 04/09/2026 | JPMorgan | United States Dollar | 580845 | Euro | 486837 | 17877 |
| 04/09/2026 | JPMorgan | United States Dollar | 579018 | British Pound | 424151 | 17618 |
| 04/09/2026 | JPMorgan | United States Dollar | 1310515 | Japanese Yen | 205694351 | 13273 |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | 244306 |
| **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** | **$270452** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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** |
| 04/09/2026 | Northern Trust | Canadian Dollar | 620908 | Chinese Offshore Yuan | 3104501 | $(4539) |
| 04/09/2026 | Northern Trust | Swedish Krona | 3451879 | Japanese Yen | 59275669 | (9013) |
| Subtotal Northern Trust | Subtotal Northern Trust | Subtotal Northern Trust |  |  |  | (13552) |
| 04/09/2026 | JPMorgan | British Pound | 61615 | Canadian Dollar | 114679 | (917) |
| 04/09/2026 | JPMorgan | British Pound | 133331 | Euro | 154044 | (1658) |
| 04/09/2026 | JPMorgan | Euro | 502588 | United States Dollar | 582296 | (1115) |
| 04/09/2026 | JPMorgan | Euro | 195385 | United States Dollar | 230591 | (4652) |
| 04/09/2026 | JPMorgan | Euro | 1806478 | Japanese Yen | 332133727 | (5678) |
| 04/09/2026 | JPMorgan | Japanese Yen | 164266251 | Euro | 907005 | (12873) |
| 04/09/2026 | JPMorgan | United States Dollar | 995380 | Japanese Yen | 158565425 | (4636) |
| Subtotal JPMorgan | Subtotal JPMorgan | Subtotal JPMorgan |  |  |  | (31529) |
| **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **Subtotal - Open Forward Currency Contracts with Unrealized Depreciation** | **$(45081)** |
| **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** | **$225371** |

---

<sup>(a)</sup> Non-income producing. <br> <sup>(b)</sup> Affiliated company (See Note Seven, Transactions with Affiliated Companies). <br> <sup>(c)</sup> The rate presented is the 7-day current yield as of March 31, 2026.

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

SLOW AND STEADY WINS THE RACE

------

Statements of Assets & Liabilities

As of March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| **Assets** |  |  |  |
| &nbsp;&nbsp; Investments in Unaffiliated Issuers, at Value<br> (cost $1,731,748,333, $596,247,904 and $54,899,684, respectively)<br>| &nbsp;&nbsp; $2427218610 | &nbsp;&nbsp; $867318998 | &nbsp;&nbsp; $80058826 |
| Investments in Affiliated Issuers, at Value (cost $228,570,623) | &nbsp;&nbsp; 93422295 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Short-Term Investments, at Value (cost $48,382,294, $7,204,303 and <br> $1,664,971, respectively)<br>| &nbsp;&nbsp; 48382294 | &nbsp;&nbsp; 7204303 | &nbsp;&nbsp; 1664971 |
| Dividends and Interest Receivable | &nbsp;&nbsp; 1237735 | &nbsp;&nbsp; 642403 | &nbsp;&nbsp; 42145 |
| Receivable for Dividend Reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3962 |
| Receivable for Fund Shares Sold | &nbsp;&nbsp; 5275023 | &nbsp;&nbsp; 39097 | &nbsp;&nbsp; 12305 |
| Prepaid and Other Assets | &nbsp;&nbsp; 123918 | &nbsp;&nbsp; 52150 | &nbsp;&nbsp; 16863 |
| Total Assets | &nbsp;&nbsp; 2575659875 | &nbsp;&nbsp; 875256951 | &nbsp;&nbsp; 81799072 |
| **Liabilities** |  |  |  |
| Payable for Securities Purchased | &nbsp;&nbsp; 10049045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 483648 |
| Payable for Fund Shares Redeemed | &nbsp;&nbsp; 854196 | &nbsp;&nbsp; 346101 | &nbsp;&nbsp; 54753 |
| Accrued Expenses: |  |  |  |
| Shareholder Service Fees | &nbsp;&nbsp; 152202 | &nbsp;&nbsp; 70223 | &nbsp;&nbsp; 1187 |
| Transfer Agent Fees | &nbsp;&nbsp; 212036 | &nbsp;&nbsp; 86201 | &nbsp;&nbsp; 8296 |
| Custody Fees | &nbsp;&nbsp; 3768 | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; 667 |
| Trustee Fees | &nbsp;&nbsp; 18096 | &nbsp;&nbsp; 6604 | &nbsp;&nbsp; 446 |
| Other Liabilities | &nbsp;&nbsp; 142572 | &nbsp;&nbsp; 69184 | &nbsp;&nbsp; 19613 |
| Total Liabilities | &nbsp;&nbsp; 11431915 | &nbsp;&nbsp; 579935 | &nbsp;&nbsp; 568610 |
| Net Assets | &nbsp;&nbsp; $2564227960 | &nbsp;&nbsp; $874677016 | &nbsp;&nbsp; $81230462 |
| **Net Assets Consist of** |  |  |  |
| Paid-in Capital | &nbsp;&nbsp; $1835448849 | &nbsp;&nbsp; $561006068 | &nbsp;&nbsp; $53592184 |
| Distributable Earnings | &nbsp;&nbsp; 728779111 | &nbsp;&nbsp; 313670948 | &nbsp;&nbsp; 27638278 |
| Net Assets | &nbsp;&nbsp; $2564227960 | &nbsp;&nbsp; $874677016 | &nbsp;&nbsp; $81230462 |
| **Investor Class Shares** |  |  |  |
| Net Assets | &nbsp;&nbsp; $1133559747 | &nbsp;&nbsp; $721667833 | &nbsp;&nbsp; $56146536 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 15592707 | &nbsp;&nbsp; 18495673 | &nbsp;&nbsp; 3006473 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $72.70 | &nbsp;&nbsp; $39.02 | &nbsp;&nbsp; $18.68 |
| **Institutional Class Shares** |  |  |  |
| Net Assets | &nbsp;&nbsp; $1430668213 | &nbsp;&nbsp; $153009183 | &nbsp;&nbsp; $25083926 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 19583248 | &nbsp;&nbsp; 3894738 | &nbsp;&nbsp; 1334890 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $73.06 | &nbsp;&nbsp; $39.29 | &nbsp;&nbsp; $18.79 |

---

&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 March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Ariel International <br> Fund<br>| Ariel Global Fund |
| **Assets** |  |  |
| Investments in Unaffiliated Issuers, at Value (cost $217,737,144 and $47,332,130, respectively) | &nbsp;&nbsp; $240407248 | &nbsp;&nbsp; $52290115 |
| Short-Term Investments, at Value (cost $— and $54,165, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; 54165 |
| Foreign Currencies (cost $74,683 and $19,044, respectively) | &nbsp;&nbsp; 74683 | &nbsp;&nbsp; 19081 |
| Dividends and Interest Receivable | &nbsp;&nbsp; 589734 | &nbsp;&nbsp; 131593 |
| Receivable for Dividend Reclaims | &nbsp;&nbsp; 3975491 | &nbsp;&nbsp; 453694 |
| Receivable for Fund Shares Sold | &nbsp;&nbsp; 37081 | &nbsp;&nbsp; 1306414 |
| Receivable for Securities and Foreign Currencies Sold | &nbsp;&nbsp; 496407 | &nbsp;&nbsp; — |
| Unrealized Appreciation on Forward Currency Contracts | &nbsp;&nbsp; 624398 | &nbsp;&nbsp; 270452 |
| Prepaid and Other Assets | &nbsp;&nbsp; 32234 | &nbsp;&nbsp; 25376 |
| Total Assets | &nbsp;&nbsp; 246237276 | &nbsp;&nbsp; 54550890 |
| **Liabilities** |  |  |
| Cash Overdraft | &nbsp;&nbsp; 3992 | &nbsp;&nbsp; — |
| Payable for Securities and Foreign Currencies Purchased | &nbsp;&nbsp; 816 | &nbsp;&nbsp; — |
| Payable for Fund Shares Redeemed | &nbsp;&nbsp; 160713 | &nbsp;&nbsp; — |
| Unrealized Depreciation on Forward Currency Contracts | &nbsp;&nbsp; 354417 | &nbsp;&nbsp; 45081 |
| Accrued Expenses: |  |  |
| Shareholder Service Fees | &nbsp;&nbsp; 13634 | &nbsp;&nbsp; 3238 |
| Transfer Agent Fees | &nbsp;&nbsp; 21519 | &nbsp;&nbsp; 5847 |
| Custody Fees | &nbsp;&nbsp; 18209 | &nbsp;&nbsp; 10170 |
| Trustee Fees | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 239 |
| Other Liabilities | &nbsp;&nbsp; 21611 | &nbsp;&nbsp; 53055 |
| Total Liabilities | &nbsp;&nbsp; 596740 | &nbsp;&nbsp; 117630 |
| Net Assets | &nbsp;&nbsp; $245640536 | &nbsp;&nbsp; $54433260 |
| **Net Assets Consist of** |  |  |
| Paid-in Capital | &nbsp;&nbsp; $199657497 | &nbsp;&nbsp; $45304740 |
| Distributable Earnings | &nbsp;&nbsp; 45983039 | &nbsp;&nbsp; 9128520 |
| Net Assets | &nbsp;&nbsp; $245640536 | &nbsp;&nbsp; $54433260 |
| **Investor Class Shares** |  |  |
| Net Assets | &nbsp;&nbsp; $17155303 | &nbsp;&nbsp; $12147733 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 1101079 | &nbsp;&nbsp; 906505 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp; $13.40 |
| **Institutional Class Shares** |  |  |
| Net Assets | &nbsp;&nbsp; $228485233 | &nbsp;&nbsp; $42285527 |
| Shares Outstanding (no par value, unlimited authorized) | &nbsp;&nbsp; 15001187 | &nbsp;&nbsp; 3330118 |
| Net Asset Value, Offering and Redemption Price per Share | &nbsp;&nbsp; $15.23 | &nbsp;&nbsp; $12.70 |

---

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

SLOW AND STEADY WINS THE RACE

------

Statements of Operations

Six Months Ended March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| **Investment Income** |  |  |  |
| Dividends |  |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; $11369102 | &nbsp;&nbsp; $4938115 | &nbsp;&nbsp; $717176 <br><sup>(a)</sup><br>|
| Affiliated Issuers | &nbsp;&nbsp; 119144 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 1226936 | &nbsp;&nbsp; 183100 | &nbsp;&nbsp; 25841 |
| Total Investment Income | &nbsp;&nbsp; 12715182 | &nbsp;&nbsp; 5121215 | &nbsp;&nbsp; 743017 |
| **Expenses** |  |  |  |
| Management Fees | &nbsp;&nbsp; 7536863 | &nbsp;&nbsp; 3272609 | &nbsp;&nbsp; 253586 |
| Distribution Fees (Investor Class) | &nbsp;&nbsp; 1486810 | &nbsp;&nbsp; 931752 | &nbsp;&nbsp; 67536 |
| Shareholder Service Fees |  |  |  |
| Investor Class | &nbsp;&nbsp; 455181 | &nbsp;&nbsp; 252559 | &nbsp;&nbsp; 12922 |
| Institutional Class | &nbsp;&nbsp; 247567 | &nbsp;&nbsp; 17637 | &nbsp;&nbsp; 1965 |
| Transfer Agent Fees and Expenses |  |  |  |
| Investor Class | &nbsp;&nbsp; 157165 | &nbsp;&nbsp; 107585 | &nbsp;&nbsp; 9981 |
| Institutional Class | &nbsp;&nbsp; 132756 | &nbsp;&nbsp; 14530 | &nbsp;&nbsp; 2437 |
| Printing and Postage Expenses |  |  |  |
| Investor Class | &nbsp;&nbsp; 66098 | &nbsp;&nbsp; 41844 | &nbsp;&nbsp; 4053 |
| Institutional Class | &nbsp;&nbsp; 42631 | &nbsp;&nbsp; 6052 | &nbsp;&nbsp; 1664 |
| Trustees' Fees and Expenses | &nbsp;&nbsp; 260898 | &nbsp;&nbsp; 90475 | &nbsp;&nbsp; 7592 |
| Professional Fees | &nbsp;&nbsp; 145663 | &nbsp;&nbsp; 60534 | &nbsp;&nbsp; 18973 |
| Custody Fees and Expenses | &nbsp;&nbsp; 14140 | &nbsp;&nbsp; 5865 | &nbsp;&nbsp; 1909 |
| Administration Fees | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1500 |
| Federal and State Registration Fees | &nbsp;&nbsp; 30922 | &nbsp;&nbsp; 21353 | &nbsp;&nbsp; 19087 |
| Miscellaneous Expenses | &nbsp;&nbsp; 170918 | &nbsp;&nbsp; 63849 | &nbsp;&nbsp; 9824 |
| Total Expenses Before Reimbursements | &nbsp;&nbsp; 10749112 | &nbsp;&nbsp; 4888144 | &nbsp;&nbsp; 413029 |
| Expense Reimbursements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (52890)<br>|
| Net Expenses | &nbsp;&nbsp; 10749112 | &nbsp;&nbsp; 4888144 | &nbsp;&nbsp; 360139 |
| Net Investment Income | &nbsp;&nbsp; 1966070 | &nbsp;&nbsp; 233071 | &nbsp;&nbsp; 382878 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |
| Net Realized Gain (Loss) on Investments |  |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; 241326155 | &nbsp;&nbsp; 57123402 | &nbsp;&nbsp; 3417668 |
| Affiliated Issuers | &nbsp;&nbsp; (7659439)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Realized Gain (Loss) on Investments | &nbsp;&nbsp; 233666716 | &nbsp;&nbsp; 57123402 | &nbsp;&nbsp; 3417668 |
| Change in Net Unrealized Appreciation (Depreciation) on Investments |  |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; (217737609)<br>| &nbsp;&nbsp; (19808421)<br>| &nbsp;&nbsp; 1307816 |
| Affiliated Issuers | &nbsp;&nbsp; 28298440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Total Change in Net Unrealized Appreciation (Depreciation) on <br> Investments<br>| &nbsp;&nbsp; (189439169)<br>| &nbsp;&nbsp; (19808421)<br>| &nbsp;&nbsp; 1307816 |
| Net Gain (Loss) on Investments | &nbsp;&nbsp; 44227547 | &nbsp;&nbsp; 37314981 | &nbsp;&nbsp; 4725484 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp; $46193617 | &nbsp;&nbsp; $37548052 | &nbsp;&nbsp; $5108362 |

---

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

<sup>(a)</sup> Net of $10,326 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

Six Months Ended March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Ariel International <br> Fund<br>| Ariel Global Fund |
| **Investment Income** |  |  |
| Dividends |  |  |
| Unaffiliated Issuers | &nbsp;&nbsp; $1902586 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $440612 <br><sup>(a)</sup><br>|
| Interest | &nbsp;&nbsp; 22277 | &nbsp;&nbsp; 4743 |
| Tax Reclaims | &nbsp;&nbsp; 111269 | &nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp; 2036132 | &nbsp;&nbsp; 445355 |
| **Expenses** |  |  |
| Management Fees | &nbsp;&nbsp; 1058860 | &nbsp;&nbsp; 220563 |
| Distribution Fees (Investor Class) | &nbsp;&nbsp; 26493 | &nbsp;&nbsp; 16130 |
| Shareholder Service Fees |  |  |
| Investor Class | &nbsp;&nbsp; 10867 | &nbsp;&nbsp; 4139 |
| Institutional Class | &nbsp;&nbsp; 71622 | &nbsp;&nbsp; 8280 |
| Transfer Agent Fees and Expenses |  |  |
| Investor Class | &nbsp;&nbsp; 4081 | &nbsp;&nbsp; 3443 |
| Institutional Class | &nbsp;&nbsp; 24378 | &nbsp;&nbsp; 4471 |
| Printing and Postage Expenses |  |  |
| Investor Class | &nbsp;&nbsp; 2481 | &nbsp;&nbsp; 2104 |
| Institutional Class | &nbsp;&nbsp; 8211 | &nbsp;&nbsp; 2830 |
| Trustees' Fees and Expenses | &nbsp;&nbsp; 27152 | &nbsp;&nbsp; 5499 |
| Professional Fees | &nbsp;&nbsp; 43008 | &nbsp;&nbsp; 23684 |
| Custody Fees and Expenses | &nbsp;&nbsp; 45141 | &nbsp;&nbsp; 16776 |
| Administration Fees | &nbsp;&nbsp; 17532 | &nbsp;&nbsp; 10676 |
| Fund Accounting Fees | &nbsp;&nbsp; 8662 | &nbsp;&nbsp; 4113 |
| Federal and State Registration Fees | &nbsp;&nbsp; 17866 | &nbsp;&nbsp; 17642 |
| Interest Expense | &nbsp;&nbsp; 5340 | &nbsp;&nbsp; 125 |
| Miscellaneous Expenses | &nbsp;&nbsp; 22432 | &nbsp;&nbsp; 8668 |
| Total Expenses Before Reimbursements | &nbsp;&nbsp; 1394126 | &nbsp;&nbsp; 349143 |
| Expense Reimbursements | &nbsp;&nbsp; (197545)<br>| &nbsp;&nbsp; (90268)<br>|
| Net Expenses | &nbsp;&nbsp; 1196581 | &nbsp;&nbsp; 258875 |
| Net Investment Income | &nbsp;&nbsp; 839551 | &nbsp;&nbsp; 186480 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net Realized Gain (Loss) on |  |  |
| Investments | &nbsp;&nbsp; 31519348 | &nbsp;&nbsp; 5613682 |
| Foreign Currency Transactions | &nbsp;&nbsp; 63445 | &nbsp;&nbsp; (118211)<br>|
| Forward Currency Contracts | &nbsp;&nbsp; 158570 | &nbsp;&nbsp; 409315 |
| Total Realized Gain (Loss) on Investments | &nbsp;&nbsp; 31741363 | &nbsp;&nbsp; 5904786 |
| Change in Net Unrealized Appreciation (Depreciation) on |  |  |
| Investments | &nbsp;&nbsp; (34117374)<br>| &nbsp;&nbsp; (6131466)<br>|
| Foreign Currency Translation | &nbsp;&nbsp; (67127)<br>| &nbsp;&nbsp; (7812)<br>|
| Forward Currency Contracts | &nbsp;&nbsp; 332086 | &nbsp;&nbsp; 296243 |
| Total Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp; (33852415)<br>| &nbsp;&nbsp; (5843035)<br>|
| Net Gain (Loss) on Investments | &nbsp;&nbsp; (2111052)<br>| &nbsp;&nbsp; 61751 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp; $(1271501)<br>| &nbsp;&nbsp; $248231 |

---

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

<sup>(a)</sup> Net of $313,485 and $40,291 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 |
|  | Six Months Ended<br> March 31, 2026<br> (Unaudited)<br>| Year Ended<br> September 30, 2025<br>| Six Months Ended<br> March 31, 2026<br> (Unaudited)<br>| Year Ended<br> September 30, 2025<br>|
| **Operations** |  |  |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp; $1966070 | &nbsp;&nbsp; $3132519 | &nbsp;&nbsp; $233071 | &nbsp;&nbsp; $874996 |
| Net Realized Gain (Loss) on Investments | &nbsp;&nbsp; 233666716 | &nbsp;&nbsp; 309208279 | &nbsp;&nbsp; 57123402 | &nbsp;&nbsp; 108214191 |
| &nbsp;&nbsp; Change in Net Unrealized Appreciation <br> (Depreciation) on Investments<br>| &nbsp;&nbsp; (189439169)<br>| &nbsp;&nbsp; (92029868)<br>| &nbsp;&nbsp; (19808421)<br>| &nbsp;&nbsp; (51314476)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Operations<br>| &nbsp;&nbsp; 46193617 | &nbsp;&nbsp; 220310930 | &nbsp;&nbsp; 37548052 | &nbsp;&nbsp; 57774711 |
| **Distributions to Shareholders** |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (126835540)<br>| &nbsp;&nbsp; (62826212)<br>| &nbsp;&nbsp; (85029526)<br>| &nbsp;&nbsp; (44966329)<br>|
| Institutional Class | &nbsp;&nbsp; (148353362)<br>| &nbsp;&nbsp; (84622563)<br>| &nbsp;&nbsp; (17669882)<br>| &nbsp;&nbsp; (11137302)<br>|
| Total Distributions | &nbsp;&nbsp; (275188902)<br>| &nbsp;&nbsp; (147448775)<br>| &nbsp;&nbsp; (102699408)<br>| &nbsp;&nbsp; (56103631)<br>|
| **Share Transactions** |  |  |  |  |
| Proceeds from Shares Sold |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 18467029 | &nbsp;&nbsp; 44244652 | &nbsp;&nbsp; 5143862 | &nbsp;&nbsp; 11251806 |
| Institutional Class | &nbsp;&nbsp; 187449878 | &nbsp;&nbsp; 246664867 | &nbsp;&nbsp; 17681843 | &nbsp;&nbsp; 14065141 |
| Distributions Reinvested |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 123938621 | &nbsp;&nbsp; 61252434 | &nbsp;&nbsp; 83475068 | &nbsp;&nbsp; 44122935 |
| Institutional Class | &nbsp;&nbsp; 142993909 | &nbsp;&nbsp; 82052724 | &nbsp;&nbsp; 16759110 | &nbsp;&nbsp; 10406298 |
| Cost of Shares Redeemed |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (103306837)<br>| &nbsp;&nbsp; (203840542)<br>| &nbsp;&nbsp; (64099148)<br>| &nbsp;&nbsp; (122057896)<br>|
| Institutional Class | &nbsp;&nbsp; (161558368)<br>| &nbsp;&nbsp; (505553718)<br>| &nbsp;&nbsp; (15427660)<br>| &nbsp;&nbsp; (74714214)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Share Transactions<br>| &nbsp;&nbsp; 207984232 | &nbsp;&nbsp; (275179583)<br>| &nbsp;&nbsp; 43533075 | &nbsp;&nbsp; (116925930)<br>|
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; (21011053)<br>| &nbsp;&nbsp; (202317428)<br>| &nbsp;&nbsp; (21618281)<br>| &nbsp;&nbsp; (115254850)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp; 2585239013 | &nbsp;&nbsp; 2787556441 | &nbsp;&nbsp; 896295297 | &nbsp;&nbsp; 1011550147 |
| End of Period | &nbsp;&nbsp; $2564227960 | &nbsp;&nbsp; $2585239013 | &nbsp;&nbsp; $874677016 | &nbsp;&nbsp; $896295297 |
| **Share Transactions** |  |  |  |  |
| **Investor Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 237320 | &nbsp;&nbsp; 602081 | &nbsp;&nbsp; 125491 | &nbsp;&nbsp; 289703 |
| Shares Reinvested | &nbsp;&nbsp; 1696627 | &nbsp;&nbsp; 854050 | &nbsp;&nbsp; 2169311 | &nbsp;&nbsp; 1130777 |
| Shares Redeemed | &nbsp;&nbsp; (1340777)<br>| &nbsp;&nbsp; (2802081)<br>| &nbsp;&nbsp; (1572990)<br>| &nbsp;&nbsp; (3090168)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; 593170 | &nbsp;&nbsp; (1345950)<br>| &nbsp;&nbsp; 721812 | &nbsp;&nbsp; (1669688)<br>|
| **Institutional Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 2463123 | &nbsp;&nbsp; 3367529 | &nbsp;&nbsp; 421135 | &nbsp;&nbsp; 357570 |
| Shares Reinvested | &nbsp;&nbsp; 1949474 | &nbsp;&nbsp; 1143592 | &nbsp;&nbsp; 432940 | &nbsp;&nbsp; 266078 |
| Shares Redeemed | &nbsp;&nbsp; (2091641)<br>| &nbsp;&nbsp; (7114532)<br>| &nbsp;&nbsp; (375338)<br>| &nbsp;&nbsp; (1928356)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; 2320956 | &nbsp;&nbsp; (2603411)<br>| &nbsp;&nbsp; 478737 | &nbsp;&nbsp; (1304708)<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 |
|  | Six Months Ended<br> March 31, 2026<br> (Unaudited)<br>| Year Ended<br> September 30, 2025<br>|
| **Operations** |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp; $382878 | &nbsp;&nbsp; $671029 |
| Net Realized Gain (Loss) on Investments | &nbsp;&nbsp; 3417668 | &nbsp;&nbsp; 8511653 |
| Change in Net Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp; 1307816 | &nbsp;&nbsp; 3714110 |
| Net Increase (Decrease) in Net Assets from Operations | &nbsp;&nbsp; 5108362 | &nbsp;&nbsp; 12896792 |
| **Distributions to Shareholders** |  |  |
| Investor Class | &nbsp;&nbsp; (5942738)<br>| &nbsp;&nbsp; (1013685)<br>|
| Institutional Class | &nbsp;&nbsp; (2615836)<br>| &nbsp;&nbsp; (520608)<br>|
| Total Distributions | &nbsp;&nbsp; (8558574)<br>| &nbsp;&nbsp; (1534293)<br>|
| **Share Transactions** |  |  |
| Proceeds from Shares Sold |  |  |
| Investor Class | &nbsp;&nbsp; 3665994 | &nbsp;&nbsp; 3797148 |
| Institutional Class | &nbsp;&nbsp; 389873 | &nbsp;&nbsp; 250339 |
| Distributions Reinvested |  |  |
| Investor Class | &nbsp;&nbsp; 5720419 | &nbsp;&nbsp; 975797 |
| Institutional Class | &nbsp;&nbsp; 2585517 | &nbsp;&nbsp; 515111 |
| Cost of Shares Redeemed |  |  |
| Investor Class | &nbsp;&nbsp; (4924555)<br>| &nbsp;&nbsp; (4193800)<br>|
| Institutional Class | &nbsp;&nbsp; (443097)<br>| &nbsp;&nbsp; (2630841)<br>|
| Net Increase (Decrease) in Net Assets from Share Transactions | &nbsp;&nbsp; 6994151 | &nbsp;&nbsp; (1286246)<br>|
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; 3543939 | &nbsp;&nbsp; 10076253 |
| **Net Assets** |  |  |
| Beginning of Period | &nbsp;&nbsp; 77686523 | &nbsp;&nbsp; 67610270 |
| End of Period | &nbsp;&nbsp; $81230462 | &nbsp;&nbsp; $77686523 |
| **Share Transactions** |  |  |
| **Investor Class Shares** |  |  |
| Shares Sold | &nbsp;&nbsp; 198587 | &nbsp;&nbsp; 219761 |
| Shares Reinvested | &nbsp;&nbsp; 331043 | &nbsp;&nbsp; 60571 |
| Shares Redeemed | &nbsp;&nbsp; (267656)<br>| &nbsp;&nbsp; (253845)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; 261974 | &nbsp;&nbsp; 26487 |
| **Institutional Class Shares** |  |  |
| Shares Sold | &nbsp;&nbsp; 20782 | &nbsp;&nbsp; 15311 |
| Shares Reinvested | &nbsp;&nbsp; 148764 | &nbsp;&nbsp; 31895 |
| Shares Redeemed | &nbsp;&nbsp; (23590)<br>| &nbsp;&nbsp; (162698)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; 145956 | &nbsp;&nbsp; (115492)<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 |
|  | Six Months Ended<br> March 31, 2026<br> (Unaudited)<br>| Year Ended<br> September 30, 2025<br>| Six Months Ended<br> March 31, 2026<br> (Unaudited)<br>| Year Ended<br> September 30, 2025<br>|
| **Operations** |  |  |  |  |
| Net Investment Income (Loss) | &nbsp;&nbsp; $839551 | &nbsp;&nbsp; $6494815 | &nbsp;&nbsp; $186480 | &nbsp;&nbsp; $1087269 |
| &nbsp;&nbsp; Net Realized Gain (Loss) on Investments, <br> Foreign Currency Transactions and Forward <br> Currency Contracts<br>| &nbsp;&nbsp; 31741363 | &nbsp;&nbsp; 27221695 | &nbsp;&nbsp; 5904786 | &nbsp;&nbsp; 7514021 |
| &nbsp;&nbsp; Change in Net Unrealized Appreciation <br> (Depreciation) on Investments, Foreign <br> Currency Translations and Forward Currency <br> Contracts<br>| &nbsp;&nbsp; (33852415)<br>| &nbsp;&nbsp; 14094213 | &nbsp;&nbsp; (5843035)<br>| &nbsp;&nbsp; (1181612)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Operations<br>| &nbsp;&nbsp; (1271501)<br>| &nbsp;&nbsp; 47810723 | &nbsp;&nbsp; 248231 | &nbsp;&nbsp; 7419678 |
| **Distributions to Shareholders** |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (2883265)<br>| &nbsp;&nbsp; (1063492)<br>| &nbsp;&nbsp; (1854382)<br>| &nbsp;&nbsp; (2663660)<br>|
| Institutional Class | &nbsp;&nbsp; (33760903)<br>| &nbsp;&nbsp; (12077429)<br>| &nbsp;&nbsp; (6200552)<br>| &nbsp;&nbsp; (8189023)<br>|
| Total Distributions | &nbsp;&nbsp; (36644168)<br>| &nbsp;&nbsp; (13140921)<br>| &nbsp;&nbsp; (8054934)<br>| &nbsp;&nbsp; (10852683)<br>|
| **Share Transactions** |  |  |  |  |
| Proceeds from Shares Sold |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 2152566 | &nbsp;&nbsp; 8672236 | &nbsp;&nbsp; 896078 | &nbsp;&nbsp; 2375403 |
| Institutional Class | &nbsp;&nbsp; 14255817 | &nbsp;&nbsp; 18999549 | &nbsp;&nbsp; 1813789 | &nbsp;&nbsp; 1419340 |
| Distributions Reinvested |  |  |  |  |
| Investor Class | &nbsp;&nbsp; 2667149 | &nbsp;&nbsp; 986877 | &nbsp;&nbsp; 1659628 | &nbsp;&nbsp; 2341084 |
| Institutional Class | &nbsp;&nbsp; 31824358 | &nbsp;&nbsp; 11326819 | &nbsp;&nbsp; 6144098 | &nbsp;&nbsp; 8098214 |
| Cost of Shares Redeemed |  |  |  |  |
| Investor Class | &nbsp;&nbsp; (6168652)<br>| &nbsp;&nbsp; (10547143)<br>| &nbsp;&nbsp; (1544679)<br>| &nbsp;&nbsp; (3655002)<br>|
| Institutional Class | &nbsp;&nbsp; (30566667)<br>| &nbsp;&nbsp; (35561293)<br>| &nbsp;&nbsp; (1271525)<br>| &nbsp;&nbsp; (10143751)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets from <br> Share Transactions<br>| &nbsp;&nbsp; 14164571 | &nbsp;&nbsp; (6122955)<br>| &nbsp;&nbsp; 7697389 | &nbsp;&nbsp; 435288 |
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; (23751098)<br>| &nbsp;&nbsp; 28546847 | &nbsp;&nbsp; (109314)<br>| &nbsp;&nbsp; (2997717)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp; 269391634 | &nbsp;&nbsp; 240844787 | &nbsp;&nbsp; 54542574 | &nbsp;&nbsp; 57540291 |
| End of Period | &nbsp;&nbsp; $245640536 | &nbsp;&nbsp; $269391634 | &nbsp;&nbsp; $54433260 | &nbsp;&nbsp; $54542574 |
| **Share Transactions** |  |  |  |  |
| **Investor Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 128381 | &nbsp;&nbsp; 540624 | &nbsp;&nbsp; 59959 | &nbsp;&nbsp; 164303 |
| Shares Reinvested | &nbsp;&nbsp; 169450 | &nbsp;&nbsp; 70541 | &nbsp;&nbsp; 122845 | &nbsp;&nbsp; 180779 |
| Shares Redeemed | &nbsp;&nbsp; (378840)<br>| &nbsp;&nbsp; (646837)<br>| &nbsp;&nbsp; (105918)<br>| &nbsp;&nbsp; (255280)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; (81009)<br>| &nbsp;&nbsp; (35672)<br>| &nbsp;&nbsp; 76886 | &nbsp;&nbsp; 89802 |
| **Institutional Class Shares** |  |  |  |  |
| Shares Sold | &nbsp;&nbsp; 875366 | &nbsp;&nbsp; 1230022 | &nbsp;&nbsp; 139140 | &nbsp;&nbsp; 105436 |
| Shares Reinvested | &nbsp;&nbsp; 2069204 | &nbsp;&nbsp; 827984 | &nbsp;&nbsp; 480383 | &nbsp;&nbsp; 656789 |
| Shares Redeemed | &nbsp;&nbsp; (1909399)<br>| &nbsp;&nbsp; (2401620)<br>| &nbsp;&nbsp; (87870)<br>| &nbsp;&nbsp; (659418)<br>|
| Net Increase (Decrease) | &nbsp;&nbsp; 1035171 | &nbsp;&nbsp; (343614)<br>| &nbsp;&nbsp; 531653 | &nbsp;&nbsp; 102807 |

---

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 Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $80.01 | &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; (0.01 )<sup>(a)</sup><br>| &nbsp;&nbsp; (0.04 )<sup>(a)</sup><br>| 0.25 | 0.33 | 0.39 | &nbsp;&nbsp; (0.04)<br>|
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 1.41 | 7.16 | 16.44 | 8.47 | &nbsp;&nbsp; (20.38)<br>| 34.33 |
| Total from Investment Operations | 1.40 | 7.12 | 16.69 | 8.80 | &nbsp;&nbsp; (19.99)<br>| 34.29 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.11)<br>| &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; (8.60)<br>| &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; (8.71)<br>| &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 Period  | &nbsp;&nbsp; $72.70 | &nbsp;&nbsp; $80.01 | &nbsp;&nbsp; $76.86 | &nbsp;&nbsp; $63.65 | &nbsp;&nbsp; $60.46 | &nbsp;&nbsp; $85.09 |
| Total Return | 1.69 %<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $1133560 | &nbsp;&nbsp; $1200170 | &nbsp;&nbsp; $1256282 | &nbsp;&nbsp; $1144615 | &nbsp;&nbsp; $1110849 | &nbsp;&nbsp; $1778696 |
| Ratios to Average Net Assets: |  |  |  |  |  |  |
| Expenses | 0.99 %<sup>(c)</sup><br>| 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; (0.01 )%<sup>(c)</sup><br>| &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; 19 %<sup>(b)</sup><br>| &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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $80.24 | &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) | 0.11 <br><sup>(a)</sup><br>| 0.19 <br><sup>(a)</sup><br>| 0.37 | 0.47 | 0.38 | 0.25 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 1.41 | 7.18 | 16.57 | 8.55 | &nbsp;&nbsp; (20.17)<br>| 34.34 |
| Total from Investment Operations | 1.52 | 7.37 | 16.94 | 9.02 | &nbsp;&nbsp; (19.79)<br>| 34.59 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.10)<br>| &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; (8.60)<br>| &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; (8.70)<br>| &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 Period | &nbsp;&nbsp; $73.06 | &nbsp;&nbsp; $80.24 | &nbsp;&nbsp; $77.08 | &nbsp;&nbsp; $63.82 | &nbsp;&nbsp; $60.64 | &nbsp;&nbsp; $85.34 |
| Total Return | 1.85 %<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $1430668 | &nbsp;&nbsp; $1385069 | &nbsp;&nbsp; $1531274 | &nbsp;&nbsp; $1405672 | &nbsp;&nbsp; $1208385 | &nbsp;&nbsp; $1273796 |
| Ratios to Average Net Assets: |  |  |  |  |  |  |
| Expenses | 0.69 %<sup>(c)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>| 0.67<br> %<br>| 0.69<br> %<br>|
| Net Investment Income | 0.29 %<sup>(c)</sup><br>| 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; 19 %<sup>(b)</sup><br>| &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. <br> <sup>(b)</sup> Not annualized. <br> <sup>(c)</sup> Annualized.

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 Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $42.27 | &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) | &nbsp;&nbsp; (— )<sup>(a)</sup><br>| 0.02 <br><sup>(b)</sup><br>| 0.26 | 0.33 | 0.06 | 0.12 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 1.71 | 2.82 | 6.22 | 5.15 | &nbsp;&nbsp; (7.89)<br>| 16.31 |
| Total from Investment Operations | 1.71 | 2.84 | 6.48 | 5.48 | &nbsp;&nbsp; (7.83)<br>| 16.43 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.01)<br>| &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; (4.95)<br>| &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; (4.96)<br>| &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 Period  | &nbsp;&nbsp; $39.02 | &nbsp;&nbsp; $42.27 | &nbsp;&nbsp; $41.83 | &nbsp;&nbsp; $37.82 | &nbsp;&nbsp; $36.32 | &nbsp;&nbsp; $50.93 |
| Total Return | 4.21 %<sup>(c)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $721668 | &nbsp;&nbsp; $751248 | &nbsp;&nbsp; $813234 | &nbsp;&nbsp; $794113 | &nbsp;&nbsp; $838963 | &nbsp;&nbsp; $1101184 |
| Ratios to Average Net Assets: |  |  |  |  |  |  |
| Expenses | 1.14 %<sup>(d)</sup><br>| 1.15<br> %<br>| 1.14<br> %<br>| 1.12<br> %<br>| 1.10<br> %<br>| 1.12<br> %<br>|
| Net Investment Income | &nbsp;&nbsp; (— )%<sup>(d),(e)</sup><br>| 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; 11 %<sup>(c)</sup><br>| &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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $42.46 | &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) | 0.06 | 0.14 <br><sup>(b)</sup><br>| 0.35 | 0.31 | 0.29 | 0.36 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 1.73 | 2.84 | 6.27 | 5.32 | &nbsp;&nbsp; (8.00)<br>| 16.26 |
| Total from Investment Operations | 1.79 | 2.98 | 6.62 | 5.63 | &nbsp;&nbsp; (7.71)<br>| 16.62 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.01)<br>| &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; (4.95)<br>| &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; (4.96)<br>| &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 Period | &nbsp;&nbsp; $39.29 | &nbsp;&nbsp; $42.46 | &nbsp;&nbsp; $42.01 | &nbsp;&nbsp; $37.99 | &nbsp;&nbsp; $36.47 | &nbsp;&nbsp; $51.10 |
| Total Return | 4.39 %<sup>(c)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $153009 | &nbsp;&nbsp; $145047 | &nbsp;&nbsp; $198316 | &nbsp;&nbsp; $223943 | &nbsp;&nbsp; $175831 | &nbsp;&nbsp; $267375 |
| Ratios to Average Net Assets: |  |  |  |  |  |  |
| Expenses | 0.83 %<sup>(d)</sup><br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>|
| Net Investment Income | 0.31 %<sup>(d)</sup><br>| 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; 11 %<sup>(c)</sup><br>| &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> Amount is less than $(0.005).

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

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Amount is less than (0.05)%.

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 Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $19.72 | &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) | 0.08 <br><sup>(a)</sup><br>| 0.15 <br><sup>(a)</sup><br>| 0.17 | 0.19 | 0.13 | 0.16 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 1.09 | 3.15 | 3.48 | 0.93 | &nbsp;&nbsp; (2.50)<br>| 4.65 |
| Total from Investment Operations | 1.17 | 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; (0.18)<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; (2.03)<br>| &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; (2.21)<br>| &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 Period  | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $19.72 | &nbsp;&nbsp; $16.79 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $16.60 |
| Total Return | 6.77 %<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $56146 | &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 %<sup>(c)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Expenses, Excluding Waivers | 1.15 %<sup>(c)</sup><br>| 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 | 0.90 %<sup>(c)</sup><br>| 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 | 0.75 %<sup>(c)</sup><br>| 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; 11 %<sup>(b)</sup><br>| &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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $19.81 | &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) | 0.11 <br><sup>(a)</sup><br>| 0.20 <br><sup>(a)</sup><br>| 0.21 | 0.21 | 0.18 | 0.18 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 1.08 | 3.16 | 3.49 | 0.96 | &nbsp;&nbsp; (2.52)<br>| 4.67 |
| Total from Investment Operations | 1.19 | 3.36 | 3.70 | 1.17 | &nbsp;&nbsp; (2.34)<br>| 4.85 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.18)<br>| &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; (2.03)<br>| &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; (2.21)<br>| &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 Period | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $19.81 | &nbsp;&nbsp; $16.85 | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $16.63 |
| Total Return | 6.90 %<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $25084 | &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 %<sup>(c)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Expenses, Excluding Waivers | 0.85 %<sup>(c)</sup><br>| 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 | 1.15 %<sup>(c)</sup><br>| 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 | 1.05 %<sup>(c)</sup><br>| 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; 11 %<sup>(b)</sup><br>| &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. <br> <sup>(b)</sup> Not annualized. <br> <sup>(c)</sup> Annualized.

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 Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $18.13 | &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) | 0.03 <br><sup>(a)</sup><br>| 0.41 <br><sup>(a)</sup><br>| 0.51 | 0.68 | 0.14 | 0.36 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| &nbsp;&nbsp; (0.14)<br>| 2.80 | 2.09 | 1.25 | &nbsp;&nbsp; (2.95)<br>| 0.86 |
| Total from Investment Operations | &nbsp;&nbsp; (0.11)<br>| 3.21 | 2.60 | 1.93 | &nbsp;&nbsp; (2.81)<br>| 1.22 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.40)<br>| &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; (2.04)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (2.44)<br>| &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 Period  | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp; $18.13 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $14.69 |
| Total Return | &nbsp;&nbsp; (0.74 )%<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $17156 | &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 %<sup>(c)</sup><br>| 1.13<br> %<br>| 1.17 %<sup>(d)</sup><br>| 1.13<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Expenses, Excluding Waivers | 1.36 %<sup>(c)</sup><br>| 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 | 0.37 %<sup>(c)</sup><br>| 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 | 0.14 %<sup>(c)</sup><br>| 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; 62 %<sup>(b)</sup><br>| &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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $17.75 | &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) | 0.05 <br><sup>(a)</sup><br>| 0.43 <br><sup>(a)</sup><br>| 0.77 | 0.40 | 0.41 | 0.34 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| &nbsp;&nbsp; (0.13)<br>| 2.75 | 1.81 | 1.53 | &nbsp;&nbsp; (3.13)<br>| 0.89 |
| Total from Investment Operations | &nbsp;&nbsp; (0.08)<br>| 3.18 | 2.58 | 1.93 | &nbsp;&nbsp; (2.72)<br>| 1.23 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.40)<br>| &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; (2.04)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (2.44)<br>| &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 Period | &nbsp;&nbsp; $15.23 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $15.49 | &nbsp;&nbsp; $13.18 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $14.38 |
| Total Return | &nbsp;&nbsp; (0.58 )%<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $228485 | &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 %<sup>(c)</sup><br>| 0.88<br> %<br>| 0.91 %<sup>(d)</sup><br>| 0.88<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>|
| Expenses, Excluding Waivers | 1.03 %<sup>(c)</sup><br>| 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 | 0.66 %<sup>(c)</sup><br>| 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 | 0.51 %<sup>(c)</sup><br>| 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; 62 %<sup>(b)</sup><br>| &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> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</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 Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $15.59 | &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) | 0.04 <br><sup>(a)</sup><br>| 0.28 <br><sup>(a)</sup><br>| 0.03 | 0.49 | 0.34 | 0.31 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 0.02 | 1.67 | 2.93 | 1.91 | &nbsp;&nbsp; (2.05)<br>| 2.12 |
| Total from Investment Operations | 0.06 | 1.95 | 2.96 | 2.40 | &nbsp;&nbsp; (1.71)<br>| 2.43 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.32)<br>| &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; (1.93)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (2.25)<br>| &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 Period  | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $15.59 | &nbsp;&nbsp; $17.26 | &nbsp;&nbsp; $17.17 | &nbsp;&nbsp; $15.57 | &nbsp;&nbsp; $17.65 |
| Total Return | 0.33 %<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $12148 | &nbsp;&nbsp; $12931 | &nbsp;&nbsp; $12766 | &nbsp;&nbsp; $12920 | &nbsp;&nbsp; $10781 | &nbsp;&nbsp; $12053 |
| Ratios to Average Net Assets: |  |  |  |  |  |  |
| Expenses, Including Waivers | 1.13 %<sup>(c)</sup><br>| 1.19 %<sup>(d)</sup><br>| 1.14 %<sup>(d)</sup><br>| 1.15 %<sup>(d)</sup><br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Expenses, Excluding Waivers | 1.52 %<sup>(c)</sup><br>| 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 | 0.49 %<sup>(c)</sup><br>| 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 | 0.10 %<sup>(c)</sup><br>| 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; 65 %<sup>(b)</sup><br>| &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>| Six Months <br> Ended<br> March 31, <br> 2026<br> (Unaudited)<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp; $14.87 | &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) | 0.05 <br><sup>(a)</sup><br>| 0.30 <br><sup>(a)</sup><br>| 0.08 | 1.07 | 0.43 | 0.25 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on <br> Investments<br>| 0.03 | 1.59 | 2.80 | 1.30 | &nbsp;&nbsp; (2.05)<br>| 2.15 |
| Total from Investment Operations | 0.08 | 1.89 | 2.88 | 2.37 | &nbsp;&nbsp; (1.62)<br>| 2.40 |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp; (0.32)<br>| &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; (1.93)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp; (2.25)<br>| &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 Period | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $16.61 | &nbsp;&nbsp; $16.62 | &nbsp;&nbsp; $15.08 | &nbsp;&nbsp; $17.11 |
| Total Return | 0.50 %<sup>(b)</sup><br>| 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 Period, in Thousands | &nbsp;&nbsp; $42285 | &nbsp;&nbsp; $41612 | &nbsp;&nbsp; $44774 | &nbsp;&nbsp; $77479 | &nbsp;&nbsp; $148296 | &nbsp;&nbsp; $197299 |
| Ratios to Average Net Assets: |  |  |  |  |  |  |
| Expenses, Including Waivers | 0.88 %<sup>(c)</sup><br>| 0.94 %<sup>(d)</sup><br>| 0.89 %<sup>(d)</sup><br>| 0.89 %<sup>(d)</sup><br>| 0.88<br> %<br>| 0.88<br> %<br>|
| Expenses, Excluding Waivers | 1.19 %<sup>(c)</sup><br>| 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 | 0.74 %<sup>(c)</sup><br>| 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 | 0.43 %<sup>(c)</sup><br>| 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; 65 %<sup>(b)</sup><br>| &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> Not annualized.

<sup>(c)</sup> Annualized.

<sup>(d)</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 March 31, 2026 (Unaudited)

**NOTE One \| ORGANIZATION**

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

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

**NOTE Two \| SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies 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.

**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.

**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 March 31, 2026 in valuing the Funds' investments carried at fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | Ariel Fund | Ariel Appreciation <br> Fund<br>| Ariel Focus Fund |
| Level 1 | &nbsp;&nbsp; $2569023199 | &nbsp;&nbsp; $874523301 | &nbsp;&nbsp; $81723797 |
| Level 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments  | &nbsp;&nbsp; $2569023199 | &nbsp;&nbsp; $874523301 | &nbsp;&nbsp; $81723797 |

---

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 March 31, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel International Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $2353018 | &nbsp;&nbsp; $31330133 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33683151 |
| Consumer Discretionary | &nbsp;&nbsp; 2168755 | &nbsp;&nbsp; 30293272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32462027 |
| Consumer Staples | &nbsp;&nbsp; 3847314 | &nbsp;&nbsp; 10228257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14075571 |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 50165050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50165050 |
| Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 12729220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12729220 |
| Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 23101494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23101494 |
| Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 40227639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40227639 |
| Materials & Processing | &nbsp;&nbsp; — | &nbsp;&nbsp; 12400561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12400561 |
| Utilities | &nbsp;&nbsp; 8675071 | &nbsp;&nbsp; 12887464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21562535 |
| Total Common Stocks | &nbsp;&nbsp; $17044158 | &nbsp;&nbsp; $223363090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $240407248 |
| Total Investments | &nbsp;&nbsp; $17044158 | &nbsp;&nbsp; $223363090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $240407248 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $269981 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $269981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ariel Global Fund | Level 1 | Level 2\* | Level 3 | Total |
| **Common Stocks** |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $3141052 | &nbsp;&nbsp; $4365041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7506093 |
| Consumer Discretionary | &nbsp;&nbsp; 596416 | &nbsp;&nbsp; 3283733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3880149 |
| Consumer Staples | &nbsp;&nbsp; — | &nbsp;&nbsp; 2650737 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2650737 |
| Financials | &nbsp;&nbsp; 2426367 | &nbsp;&nbsp; 6235818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8662185 |
| Health Care | &nbsp;&nbsp; 3597436 | &nbsp;&nbsp; 743043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4340479 |
| Industrials | &nbsp;&nbsp; 1020456 | &nbsp;&nbsp; 4980931 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6001387 |
| Information Technology | &nbsp;&nbsp; 5304051 | &nbsp;&nbsp; 8225357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13529408 |
| Materials & Processing | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546272 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 518354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 518354 |
| Utilities | &nbsp;&nbsp; 2107982 | &nbsp;&nbsp; 1547069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3655051 |
| Total Common Stocks | &nbsp;&nbsp; $18193760 | &nbsp;&nbsp; $34096355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52290115 |
| Short-Term Investments | &nbsp;&nbsp; 54165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54165 |
| Total Investments | &nbsp;&nbsp; $18247925 | &nbsp;&nbsp; $34096355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52344280 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Currency Contracts<sup>^</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $225371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225371 |

---

---

| | |
|:---|:---|
| \* | As of March 31, 2026, the Level 2 investments held were securities subject to fair valuation and forward currency contracts. See Schedules of Investments.  |
| ^ | Forward currency contracts derive their value from underlying exchange rates. These instruments are normally valued by pricing vendors using pricing models. The pricing models typically <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.

**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.

SLOW AND STEADY WINS THE RACE

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Notes to the

Financial Statements

As of March 31, 2026 (Unaudited)

**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 six months ended March 31, 2026 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; $473395415 | &nbsp;&nbsp; $93776408 | &nbsp;&nbsp; $8912385 | &nbsp;&nbsp; $160457668 | &nbsp;&nbsp; $35707473 |
| Sales | &nbsp;&nbsp; 560171242 | &nbsp;&nbsp; 148084624 | &nbsp;&nbsp; 8342909 | &nbsp;&nbsp; 181513004 | &nbsp;&nbsp; 36566792 |

---

**NOTE Four \| INCOME TAX**

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.

The cost and unrealized appreciation and depreciation of investments (including derivative instruments) on a federal income tax basis at March 31, 2026 were as follows:

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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; $2018567596 | &nbsp;&nbsp; $609184811 | &nbsp;&nbsp; $57098558 | &nbsp;&nbsp; $218969184 | &nbsp;&nbsp; $47798483 |
| Gross unrealized appreciation | &nbsp;&nbsp; 742650541 | &nbsp;&nbsp; 311969667 | &nbsp;&nbsp; 28200076 | &nbsp;&nbsp; 34848122 | &nbsp;&nbsp; 7334796 |
| Gross unrealized depreciation | &nbsp;&nbsp; (192194938)<br>| &nbsp;&nbsp; (46631177)<br>| &nbsp;&nbsp; (3574837)<br>| &nbsp;&nbsp; (13410058)<br>| &nbsp;&nbsp; (2788999)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $550455603 | &nbsp;&nbsp; $265338490 | &nbsp;&nbsp; $24625239 | &nbsp;&nbsp; $21438064 | &nbsp;&nbsp; $4545797 |

---

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.

**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; 2027 | &nbsp;&nbsp; 2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; 2027 | &nbsp;&nbsp; 2027 | &nbsp;&nbsp; 2027 | &nbsp;&nbsp; 2027 |

---

\* 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.

**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 six months ended March 31, 2026, 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; $1486810 | &nbsp;&nbsp; $931752 | &nbsp;&nbsp; $67536 | &nbsp;&nbsp; $26493 | &nbsp;&nbsp; $16130 |
| Paid to Broker/Dealers | &nbsp;&nbsp; $1050594 | &nbsp;&nbsp; $618082 | &nbsp;&nbsp; $40299 | &nbsp;&nbsp; $19012 | &nbsp;&nbsp; $7985 |

---

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

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of March 31, 2026 (Unaudited)

**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 six months ended March 31, 2026 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Ariel<br> International<br> Fund<br>| Ariel Global <br> Fund<br>|
| Net Realized Gain (Loss) on Forward Currency Contracts | $158570 | &nbsp;&nbsp; $409315 |
| Change in Net Unrealized Appreciation (Depreciation) on Forward Currency Contracts | $332086 | &nbsp;&nbsp; $296243 |
| Volume of Forward Currency Contracts | 52 | &nbsp;&nbsp; 37 |
| Average Notional Value of Forward Currency Contracts | $2993094 | &nbsp;&nbsp; $1076612 |

---

Complete lists of forward currency contracts open as of March 31, 2026 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 six months ended March 31, 2026 in securities of a company deemed to be an affiliated company of the Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security name | Shares Held<br> March 31, 2026<br>| Market Value<br> September 30,<br> 2025<br>| Purchases | Sales | Net<br> realized<br> gain (loss)<br>| Change in<br> unrealized<br> gain (loss)<br>| Market Value<br> March 31, 2026<br>| Dividend<br> Income<br>|
| Ariel Fund |  |  |  |  |  |  |  |  |
| **Common Stocks - 3.64%** |  |  |  |  |  |  |  |  |
| **Consumer Discretionary - 0.10%** |  |  |  |  |  |  |  |  |
| Leslie's, Inc.<sup>(a)</sup> <br>| 2290814 | $12324480 | $91749 |  |  | $(9850517)<br>| $2565712 |  |
| **Energy - 3.54%** |  |  |  |  |  |  |  |  |
| Core Laboratories, Inc. | 5411351 | 80573320 | 1549312 | 21755567 | (7659439)<br>| 38148957 | 90856583 | 119144 |
| **Total Common Stocks** |  | **$92897800** | **$1641061** | **$21755567** | **$(7659439)**<br>| **$28298440** | **$93422295** | **$119144** |

---

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

**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 March 31, 2026, there were no outstanding borrowings under the Line.

Borrowings on the Line for the six months ended March 31, 2026 are shown below:

---

| | | | |
|:---|:---|:---|:---|
| Fund  | Average daily <br> borrowings<br>| Number of days <br> outstanding<br>| Weighted average <br> annualized interest <br> rate<br>|
| Ariel International Fund | &nbsp;&nbsp; $3202584 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 4.64% |
| Ariel Global Fund | &nbsp;&nbsp; 226782 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4.72% |

---

SLOW AND STEADY WINS THE RACE

------

Notes to the

Financial Statements

As of March 31, 2026 (Unaudited)

**NOTE Nine \| SEGMENT REPORTING**

Accounting Standards Codification Topic 280 (ASC 280) establishes segment reporting requirements applicable to the Funds. Under ASC 820, 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 March 31, 2026 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

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Important Supplemental Information

March 31, 2026 (Unaudited)

**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 March 31, 2026

None to report.

SLOW AND STEADY WINS THE RACE

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Proxy Disclosures for Open-End Management Investment Companies

As of March 31, 2026

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 March 31, 2026

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 March 31, 2026

Each year the Board of Trustees of the Trust (the "Board"), including a majority of the Trustees who are not "interested persons" of the Adviser or the Funds ("Independent Trustees"), is required by the 1940 Act to determine whether to continue each Fund's management and advisory agreements with the Adviser (together the "Agreements"). At a meeting held in December 2025, the Board, including all of the Independent Trustees, upon recommendation of the Board's Management Contracts Committee (the "Committee"), determined that the continuation of the Agreements was in the best interest of each Fund and its shareholders, and approved the continuation of each Agreement.

The Committee, which is comprised entirely of Independent Trustees and includes all Independent Trustees, led the Board in its consideration of the Agreements. In evaluating the Agreements with respect to each Fund, both the Committee and the Board held meetings in December 2025 to review and evaluate materials provided by the Adviser in response to questions submitted by the Independent Trustees and counsel that is independent of the Adviser ("Independent Counsel"). At its meetings, the Committee received presentations from members of management of the Adviser and from the portfolio manager(s) of each Fund. In addition, the Committee members received a memorandum from Independent Counsel describing the factors they should consider in performing their review, a supplemental report (the "Broadridge Report") prepared by Broadridge, an independent provider of investment company data, and additional written material and presentations from the Adviser. During the meetings, the Committee was advised by, and met in executive session with, Independent Counsel. In connection with its deliberations, the Committee also considered a broad range of information relevant to the Board's annual review of the Agreements that is provided to the Board and its various standing committees at meetings throughout the year, including investment performance reports and related portfolio information for each Fund, as well as periodic reports on, among other matters, pricing and valuation; brokerage and execution; compliance; and shareholder and other services provided by the Adviser, its affiliates, and the Funds' other service providers.

**Nature, Extent and Quality of Services.** The Committee considered the Adviser's specific responsibilities in the day-to-day management of the Funds, also taking into account information received at quarterly Board meetings related to the services rendered by the Adviser and the Independent Trustees' knowledge of the Adviser's operations. In addition, the Committee considered the Adviser's historical approach in managing the Funds; the consistency of the Adviser's investment approach; the background, education and experience of the Adviser's investment personnel; the nature and quality of the Adviser's services, including, among other things, compliance matters such as the Funds' Liquidity Risk Management Program, trading practices, broker approval and selection, shareholder communications, Fund marketing and distribution strategies, information technology, and cybersecurity protections; and the Adviser's commitment to diversity and civic affairs. The Committee also considered whether each Fund had operated within its investment objectives and each Fund's record of compliance with its investment restrictions and other regulatory requirements. The Committee also considered information regarding the structure of the Adviser's compensation program for portfolio managers and certain other employees, including with respect to the Adviser's ability to attract and retain quality personnel. The Committee also considered the personal investments made by the Adviser's personnel in the Funds, which aligns the interests of the Adviser and its personnel with those of the Funds' shareholders.

**Investment Performance.** The Committee discussed with the Adviser's portfolio managers factors that contributed to each Fund's comparative performance as measured against its Broadridge Peer Group (as defined below). The Committee considered the investment performance of both the Investor and Institutional Classes of each Fund over time, including information provided in the Broadridge Report, comparing each Fund's performance with that of comparable funds selected by Broadridge (the "Peer Group" or "Broadridge Peer Group") as well as an analysis of Fund performance as compared to the performance of its benchmark over specific historical periods. For each period, the Broadridge report ranks each fund with the highest investment performance at the top, the fund with the lowest investment performance at the bottom and separates the Peer Group into five levels that each contain 20% of the universe ("quintiles"), with the top 20% being the first quintile and the bottom 20% being the fifth quintile. Where applicable, the Committee considered the one-, two-, three-, four-, five-, and ten-year periods for the fiscal year ended September 30, 2025. In the case of those Funds that underperformed their Broadridge Peer Group in one or more periods, the Committee discussed with the Adviser factors that caused such underperformance; considered the Adviser's long-term investment process; and noted that in most instances the long-term track records supported the investment philosophy that, over time, consistent implementation of the investment approach should result in positive performance, but also would involve periods of underperformance. Further, the Committee observed that the Funds performed in line with expectations in light of the market environment during each period, given each Fund's respective investment objective and investment strategy.

**Fees and Expenses.** The Committee considered comparative fee and expense information for each Fund's Expense Group, as selected and analyzed in the Broadridge Report, which ranks funds with the lowest fee at the top, the funds with the highest fee at the bottom and separates the Expense Group into five levels that each contain 20% of the universe ("quintiles"), with the top being the first quintile and the bottom being the fifth quintile. The Committee also considered the historical expenses with respect to economies of scale realized by the Adviser and whether such benefits were being passed on to shareholders, such as through the use of breakpoints in the Adviser's management fees. The Committee considered the impact of the Rule 12b-1 distribution services ("12b-1") fees on the total expense ratio of the Investor Class of shares for all Funds and the resulting negative impact

SLOW AND STEADY WINS THE RACE

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Statement Regarding Basis for Approval of Investment Advisory Contract

As of March 31, 2026

on the Funds' Investor Class total expense ratio when compared to funds in their respective Broadridge Expense Groups that do not impose 12b-1 fees. The Committee observed that the Peer Group comparisons for the Funds' Institutional Class shares were more illustrative since the Institutional Class does not charge 12b-1 fees.

The Committee considered the fees charged and services provided by Ariel to other types of clients and the rationale for any differences between those fees. The Committee also considered the revenue sharing payments made by the Adviser.

The Committee considered the following with respect to the investment performance and fees and expenses of each Fund for the fiscal year ended September 30, 2025:

**Ariel Fund.** The performance for Ariel Fund (both share classes) ranked in the first quintile for the one-year period and the second quintile for the five-year and ten-year periods as compared to its Broadridge Peer Group.

The actual management fees for Ariel Fund (both share classes) ranked in the first quintile as compared to its Broadridge Expense Group. The total expenses for the Ariel Fund's Investor Class ranked in the third quintile, and the Ariel Fund's Institutional Class ranked in the first quintile as compared to its Broadridge Expense Group.

**Ariel Appreciation Fund.** The performance for Ariel Appreciation Fund's Investor Class ranked in the second quintile for the one-year period and the fifth quintile for the five-year and the ten-year periods as compared to its Broadridge Peer Group. The performance for Ariel Appreciation Fund's Institutional Class ranked in the first quintile for the one-year period, the fifth quintile for the five-year period, and the fourth quintile for the ten-year period as compared to its Broadridge Peer Group.

The actual management fees for Ariel Appreciation Fund (both share classes) ranked in the third quintile as compared to its Broadridge Expense Group. The total expenses for the Ariel Appreciation Fund's Investor Class ranked in the fourth quintile, and the Ariel Appreciation Fund's Institutional Class ranked in the third quintile as compared to its Broadridge Expense Group.

**Ariel Focus Fund.** The performance for Ariel Focus Fund's Investor Class ranked in the first quintile for the one-year period, the third quintile for the five-year period, and the fourth quintile for the ten-year period as compared to its Broadridge Peer Group. The performance for Ariel Focus Fund's Institutional Class ranked in the first quintile for the one-year period and the third quintile for the five-year and ten-year periods as compared to its Broadridge Peer Group.

Ariel Focus Fund had fee reimbursements and expense limitations in place which resulted in reduced fees and/or expenses. The actual management fees for Ariel Focus Fund's Investor Class ranked in the first quintile, and the Ariel Focus Fund's Institutional Class ranked in the third quintile as compared to its Broadridge Expense Group. The total expenses for the Ariel Focus Fund's Investor Class ranked in the third quintile, and the Ariel Focus Fund's Institutional Class ranked in the first quintile as compared to its Broadridge Expense Group.

**Ariel International Fund.** The performance for Ariel International Fund (both share classes) ranked in the first quintile for the one-year period and the fifth quintile for the five-year and the ten-year periods as compared to its Broadridge Peer Group.

Ariel International Fund had fee reimbursements and expense limitations in place which resulted in reduced fees and/or expenses. The actual management fees for Ariel International Fund (both share classes) ranked in the first quintile as compared to its Broadridge Expense Group. The total expenses for the Ariel International Fund (both share classes) ranked in the third quintile as compared to its Broadridge Expense Group.

**Ariel Global Fund.** The performance for Ariel Global Fund's Investor Class ranked in the second quintile for the one-year period and the fourth quintile for the five-year and ten-year periods as compared to its Broadridge Peer Group. The performance for Ariel Global Fund's Institutional Class ranked in the second quintile for the one-year period, the fourth quintile for the five-year period, and the third quintile for the ten-year period as compared to its Broadridge Peer Group.

Ariel Global Fund had fee reimbursements and expense limitations in place, which resulted in reduced fees and/or expenses. The actual management fees for Ariel Global Fund (both share classes) ranked in the first quintile as compared to its Broadridge Expense Group. The total expenses for the Ariel Global Fund's Investor Class ranked in the fourth quintile, and the Ariel Global Fund's Institutional Class ranked in the third quintile as compared to its Broadridge Expense Group.

**Profitability and Economies of Scale.** The Committee considered the profitability to the Adviser from its relationship with each Fund, including the methodology by which that profitability analysis was calculated. The Committee also considered the fee reimbursements and expense limitations in place for Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund. The Committee considered the extent to which economies of scale may be realized as Funds increase in size and that the management fee schedule for each Fund contains breakpoints at different levels. The Committee considered the effective advisory fee rates for the Funds and whether the advisory fee schedules provide an appropriate sharing between the Funds and

SLOW AND STEADY WINS THE RACE

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Statement Regarding Basis for Approval of Investment Advisory Contract

As of March 31, 2026

the Adviser of such economies of scale as may exist under the Agreements. The Committee considered information about the Funds' soft dollar arrangements that benefit the Adviser, as well as the Adviser's brokerage and trading practices. The Committee also considered ancillary benefits, including whether the Funds benefited from Mr. Rogers' and Ms. Hobson's high media profiles.

**Approval.** After full consideration of the above factors, as well as other factors that were instructive in evaluating the Agreements, the Board, including all of the Independent Trustees, concluded that continuation of each Fund's Agreement was in the best interests of each Fund and its respective shareholders, and the Board approved the continuation of each Agreement. In reaching this determination, the Board considered that the nature, extent and quality of the services provided by the Adviser to each Fund were appropriate and consistent with the Fund's Agreement; the Adviser's commitment to its stated investment strategy and identified circle of competency, and its calm, reasoned and long-term approach to investing; that the management fees paid by each Fund were reasonable in light of the services provided; that the breakpoints in the fee schedule for each Fund have the potential to allow shareholders to benefit from economies of scale; that the profitability associated with the Adviser's relationship with the Trust was within a reasonable range and was neither excessive nor so low that the Adviser could not be expected to continue to service the Funds effectively; and that the benefits accruing to the Adviser by virtue of its relationship with the Funds were reasonable in light of the costs of providing the investment management services and the benefits accruing to each Fund. The Board's determinations were based upon a comprehensive consideration of all information provided to it, including both quantitative measures and qualitative factors, and were not the result of any single factor.

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**![](img85ae33e12.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 for the reporting period.

(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)) - Files 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.

---

| | |
|:---|:---|
| **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: May 22, 2026  | Date: May 22, 2026  |

---

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.

---

| | |
|:---|:---|
| 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: May 22, 2026  | Date: May 22, 2026  |
| By:  | <u>/s/</u> <u>Adam Nelson</u>  |
|  | Adam Nelson  |
|  | Vice President and Treasurer  |
|  | (Principal Financial Officer)  |
| Date: May 22, 2026  | Date: May 22, 2026  |

---

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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.

---

| |
|:---|
| <br> <u>/s/ Mellody L. Hobson</u>  |
| Mellody L. Hobson  |
| President  |
| (Principal Executive Officer) <br>Date: May 22, 2026  |

---

------

#### 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: May 22, 2026

------

## 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 Semi-Annual Report on Form N-CSR for the period ended March 31, 2026 (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: May 22, 2026

---

| |
|:---|
| <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 Semi-Annual Report on Form N-CSR for the period ended March 31, 2026 (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: May 22, 2026

---

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

---

------