Performance

Separate Accounts Performance:

Past performance does not guarantee future results. Investing in small- and mid-cap stocks is more risky and more volatile than investing in large-cap stocks. Investing in equity stocks is risky and subject to the volatility of the markets. Investments in foreign securities may underperform and may be more volatile because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives, ETFs, and other hedges may increase investment losses and expenses and create more volatility. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. A focused or concentrated portfolio may be subject to greater volatility than a more diversified portfolio. Certain portfolios are often concentrated in fewer sectors than their benchmarks, and their performance may suffer if these sectors underperform the overall stock market. The intrinsic value of the stocks in which the portfolio invests may never be recognized by the broader market.

Performance results are net of transaction costs and reflect the reinvestment of dividends and other earnings. Ariel Composite Net of Fees returns are calculated by deducting: (1) for the period from inception to August 31, 2024, the maximum advisory fee in effect for the respective period, applied on a monthly basis; and (2) for the period from September 1, 2024 onwards, the actual monthly advisory fee (on an asset-weighted basis) accrued for the accounts in the composite, using the fee rates in place as of the most recent calendar quarter-end. Gross returns do not reflect the deduction of advisory fees. Client returns will be reduced by advisory fees and such other expenses as may be incurred in the management of the account. Advisory fees are described in Part 2 of Ariel’s Form ADV. Results shown may be preliminary. Returns are calculated in U.S. dollars. Index returns reflect the reinvestment of income and other earnings. Indexes are unmanaged, and investors cannot invest directly in an index.

Effective August 1, 2010, the Ariel Mid Cap Value Composite was redefined to exclude pooled funds due to differences in performance calculation methods.

Mutual Fund Performance:

All return calculations are not audited and include accrued income. Gross return calculations do not include applicable management fees and expenses. Net return calculations (if shown) reflect the deduction of applicable management fees and expenses, which may be based on a preliminary market value. All fees are deducted and reflected in quarter-end months only. Time periods may differ from those shown in previous statements. Returns greater than one year are annualized.

Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Investing in small- and mid-cap stocks is more risky and volatile than investing in large-cap stocks. The intrinsic value of the stocks in which the Funds invests may never be recognized by the broader market. The Funds are often concentrated in fewer sectors than their benchmarks, and their performance may suffer if these sectors underperform the overall stock market. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment. Investing in equity stocks is risky and subject to the volatility of the markets. Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives and ETFs may increase investment losses and expenses and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.

Average Annual Total Return for Ariel Fund and Ariel Appreciation Fund does not reflect a maximum 4.75% sales load charged prior to 07/15/94.

Ariel Fund Performance, Investor Class:

Expense Ratio as of the fiscal year ended 9/30/22: 0.98%*

*As of September 30, 2021, Ariel Fund’s Investor Class had an annual expense ratio of 1.00% (as shown in the Fund’s current prospectus).

Ariel Fund Performance, Institutional Class:

Expense Ratio as of the fiscal year ended 9/30/22: 0.67%*

*As of September 30, 2021, Ariel Fund’s Institutional Class had an annual expense ratio of 0.69% (as shown in the Fund’s current prospectus).

Ariel Appreciation Fund Performance, Investor Class:

Expense Ratio as of the fiscal year ended 9/30/22: 1.10%*

*As of September 30, 2021, Ariel Appreciation Fund’s Investor Class had an annual expense ratio of 1.12% (as shown in the Fund’s current prospectus).

Ariel Appreciation Fund Performance, Institutional Class:

Expense Ratio as of the fiscal year ended 9/30/22: 0.79%*

*As of September 30, 2021, Ariel Appreciation Fund’s Institutional Class had an annual expense ratio of 0.81% (as shown in the Fund’s current prospectus).

Ariel Focus Fund Performance, Investor Class:

Expense Ratio Cap: 1.00%
Gross Expense Ratio as of the fiscal year ended 9/30/22: 1.13%*

*As of September 30, 2021, Ariel Focus Fund (Investor Class) had an annual net expense ratio of 1.00% and a gross expense ratio of 1.20%. Effective February 1, 2014, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses in order to limit Ariel Focus Fund’s total annual operating expenses to 1.00% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2024. Through January 31, 2014, the Expense Cap was 1.25% for the Investor Class.

Ariel Focus Fund Performance, Institutional Class:

Expense Ratio Cap: 0.75%
Gross Expense Ratio as of the fiscal year ended 9/30/22: 0.85%*

*As of September 30, 2021, Ariel Focus Fund (Institutional Class) had an annual net expense ratio of 0.75% and a gross expense ratio of 0.86%. Effective February 1, 2014, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses in order to limit Ariel Focus Fund’s total annual operating expenses to 0.75% of net assets for the Institutional Class through the end of the fiscal year ending September 30, 2024. Through January 31, 2014, the Expense Cap was 1.00% for the Institutional Class.

Ariel International Fund Performance, Investor Class:

Expense Ratio Cap: 1.13%
Gross Expense Ratio as of the fiscal year ended 9/30/22: 1.28%*

*As of September 30, 2021, Ariel International Fund (Investor Class) had an annual net expense ratio of 1.13% and a gross expense ratio of 1.30%. Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel International Fund’s total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2024. Prior to November 29, 2016, the Expense Cap was 1.25% of net assets for the Investor Class. Through January 31, 2014, the Expense Cap was 1.40% for the Investor Class. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Ariel International Fund Performance, Institutional Class:

Expense Ratio Cap: 0.88%
Gross Expense Ratio as of the fiscal year ended 9/30/22: 0.93%*

*As of September 30, 2021, Ariel International Fund (Institutional Class) had an annual net expense ratio of 0.88% and a gross expense ratio of 0.93%. Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel International Fund’s total annual operating expenses to 0.88% of net assets for the Institutional Class through the end of the fiscal year ending September 30, 2024. Prior to November 29, 2016, the Expense Cap was 1.00% for the Institutional Class. Through January 31, 2014, the Expense Cap was 1.15% for the Institutional Class. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Ariel Global Fund Performance, Investor Class:

Expense Ratio Cap: 1.13%
Gross Expense Ratio as of the fiscal year ended 9/30/22: 1.30%*

*As of September 30, 2021, Ariel Global Fund (Investor Class) had an annual net expense ratio of 1.13% and a gross expense ratio of 1.36%. Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel Global Fund’s total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2024. Prior to November 29, 2016, the Expense Cap was 1.25% for the Investor Class. Through January 31, 2014, the Expense Cap was 1.40% for the Investor Class. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Ariel Global Fund Performance, Institutional Class:

Expense Ratio Cap: 0.88%
Gross Expense Ratio as of the fiscal year ended 9/30/22: 0.94%*

*As of September 30, 2021, Ariel Global Fund (Institutional Class) had an annual net expense ratio of 0.88% and a gross expense ratio of 0.95%. Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel Global Fund’s total annual operating expenses to 0.88% of net assets for the Institutional Class through the end of the fiscal year ending September 30, 2024. Prior to November 29, 2016, the Expense Cap was 1.00% of net assets for the Institutional Class. Through January 31, 2014, the Expense Cap was 1.15% for the Institutional Class. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Benchmark Definitions:

Indexes are unmanaged. An investor cannot invest directly in an index.

Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios, lower forecast growth and lower sales per share historical growth. Its inception date is June 1, 1993.

Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Its inception date is January 1, 1984.

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

Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. Its inception date is June 1, 1990.

Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios, lower forecasted growth values and lower sales per share historical growth. Its inception date is February 1, 1995.

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

Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios, lower forecasted growth values and lower sales per share historical growth. Its inception date is January 1, 1987.

S&P 500® Index is widely regarded as the best gauge of large-cap U.S. equities. It includes 500 leading companies and covers approximately 80% of available U.S. market capitalization. Its inception date is March 4, 1957.

MSCI ACWI (All Country World Index) Index is an equity index of large and mid-cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. Its inception date is January 1, 2001.

MSCI ACWI Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 24 Emerging Markets (EM) countries. Its inception date is December 8, 1997.

MSCI EAFE® Index is an equity index of large and mid-cap representation across 21 Developed Markets (DM) countries around the world, excluding the U.S. and Canada. Its inception date is May 31, 1986.

MSCI EAFE Value Index captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. Its inception date is December 8, 1997.

MSCI ACWI (All Country World Index) ex-US Index is an index of large and mid-cap representation across 22 Developed Markets (DM) and 24 Emerging Markets (EM) countries. Its inception date is January 1, 2001.

MSCI ACWI ex-US Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 22 Developed and 24 Emerging Markets countries. Its
inception date is December 8, 1997.

MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. Its inception date is January 1, 2001.

MSCI Emerging Markets Value Index captures large and mid cap securities exhibiting overall value style characteristics across 24 Emerging Markets (EM) countries. Its inception date is December 8, 1997.

MSCI Emerging Markets ex-China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. Its inception date is March 9, 2017.

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

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

The sectors shown for the Global strategies are the Global Industry Classification Standard (“GICS”). GICS was developed by and is the exclusive property and service mark of MSCI Inc. and Standard & Poor’s (S&P), a division of The McGraw Hill Companies, Inc. GICS is licensed for use by Ariel Investments, LLC. Neither MSCI, S&P nor any third party involved in making or compiling GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.