Ariel Global Fund Q2 2025 Commentary

Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains and represents returns of the Investor Class shares. 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. Performance data current to the most recent month-end for Ariel Global Fund may be obtained by visiting our website, arielinvestments.com . For the period ended June 30, 2025 the average annual total returns of Ariel Global Fund (Investor Class) for the 1, 5, and 10-year periods were +17.61%, +10.00% and +7.26%, respectively.