About the Firm Ariel Investments, LLC (“Ariel”1), a Delaware limited liability company, is an investment adviser that manages investment strategies seeking long-term capital appreciation by investing primarily in equity investments. Ariel utilizes bottom-up, fundamental analysis to select quality company stocks. The firm exists to transform the lives of those who entrust it with their financial futures including institutional investors, professional advisors, investment consultants and future-thinking individuals from all walks of life. Ownership of the firm is held directly in Ariel and indirectly through a holding company, Ariel Capital Management Holdings, Inc. Co-CEOs John W. Rogers, Jr. and Mellody Hobson have a controlling interest (currently 76.2%) in the combined companies. Ariel’s Advisory Services Overview Ariel is an independent money management firm founded in 1983 by John W. Rogers, Jr. and built on a philosophy of patient, long-term investing. Headquartered in Chicago, Illinois, with other offices in New York, New York, San Francisco, California, and Sydney, New South Wales, Australia, we apply our slow and steady approach to strategies that span the market cap spectrum and the globe. Ariel offers the following investment strategy approaches: Domestic Value, Focused Value, Global, and Emerging Markets Value (“EMV”). The Domestic Value strategies include small cap value, small cap value concentrated, small/mid cap value, and mid cap value. The Focused Value strategy is a single, all-cap strategy. The Global strategies include global, global concentrated, international (DM), and international (DM/EM). The EMV strategies include emerging markets value and emerging markets value ex-China. Advisory services that Ariel offers to existing and prospective clients are limited to these investment strategies, which are described in more detail in Item 8 of this brochure. Currently, we offer a custom strategy to one non-proprietary investment company client that it does not offer to anyone else. Pooled Investment Vehicles Ariel serves as investment adviser to Ariel Investment Trust (the “Trust”), an open-end investment company. The Trust is composed of separate mutual funds (each a “Mutual Fund” and collectively, the “Mutual Funds”). Ariel serves as investment adviser to private funds (each, a “Private Fund”) offered only to eligible investors and collective investment trusts available only to qualified retirement plans (each, a “CIT,” and together with the Mutual Funds and Private Funds, the “Funds”). The CITs are maintained by an unaffiliated trust company, subject to banking regulations. Ariel may launch additional Funds on an ongoing basis. While there are disclosures in this Part 2A of Form ADV that relate to the Funds, most disclosures relate solely to our firm’s separate account products. This document should not be considered an offering document for any Fund. For more information, including investment objectives, risks, and charges and expenses, please read each Fund’s offering and governing documents (the “Fund Documents”). The Mutual Funds’ Fund Documents, including the prospectus and summary prospectuses (collectively, “prospectuses”), statement of additional information, and other reports to shareholders are available on Ariel’s website at https://www.arielinvestments.com/prospectus-and-reports/. 1 In addition to “Ariel,” the words “firm,” “we,” “our,” and “us” also refer to Ariel Investments, LLC. The words “you,” “your,” and “client” refer to you as either a current or prospective client of Ariel. In addition, our

firm provides investment advisory services to other SEC-registered mutual funds that are not proprietary to Ariel. For more information, including investment objectives, risks, and charges and expenses, please see the respective fund’s prospectus (and other fund documents) or offering memorandum before investing. Other Services We currently participate in managed account programs whereby we license one or more of our strategies for a fee. Ariel exercises no discretion over the assets in the programs. The managers of the programs are responsible for determining in what manner and to what extent they use our strategy for their clients. The program managers also execute trades for the accounts. Ariel does not provide the managed account program clients with any services it commonly provides to its other clients. Ariel prepares special commentaries, reports, analyses, charts, or other materials relating to its investment management services. There is no charge for these materials, which are made available to clients, prospective clients, financial advisors, and consultants. Ariel does not participate in or offer wrap fee programs. Managing to the Individual Needs of Clients Ariel offers specific equity investment strategies and does not modify its investment strategy based on an individual client’s financial situation, investment experience, risk tolerance, or investment objective if it differs from the investment objective of Ariel’s strategy. We have developed a model portfolio for each strategy offered from which the portfolio managers construct client portfolios. Our clients can request reasonable investment restrictions that do not materially affect our investment strategy. (See Item 12 for information that clients may wish to consider concerning investment restrictions.) We believe models help to provide more structural consistency among similarly managed portfolios. In general, the securities in each model portfolio for a strategy are substantially the same across individual client portfolios. Ariel’s portfolio managers may veer from a model account as a result of client requests, client investment restrictions, cash flows, cash availability, ownership limits, stocks approaching their intrinsic values, stocks being considered for elimination, or other relevant factors. In addition, portfolio managers will use their discretion when investing a new account or additional assets in an existing account and, as a result, may veer from the model. Ariel does not engage in securities lending on behalf of its clients. However, a client may choose to establish a securities lending program directly with such client’s custodian. Any client that has entered into a securities lending program should be aware that the client itself and/or its custodian are responsible for adhering to the requirements of such arrangements, including ensuring that the securities or other assets in the client’s account are available for any securities lending transactions or for settlement in connection with any transactions placed by Ariel. Our firm places trades based on a number of factors, including market conditions and best execution, and does not consider factors relating to a client’s securities lending arrangements, such as whether the client’s custodian may need to recall securities on loan to settle sales transactions. Regulatory Assets Under Management Ariel’s Regulatory Assets Under Management as of December 31, 2023, were $13,392,842,256, consisting of $13,352,409,107 managed on a discretionary basis and $40,433,149 managed on a non-discretionary basis.