Exhibit 99.h.iii.(1)

AMENDMENT TO

FUND ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT

This Amendment is entered into as of August 21, 2024 (the “Amendment”), by among Ariel Investments, LLC (the “Adviser”), a Delaware limited liability company, on behalf of itself, Ariel Investment Trust (the “Trust”), a business trust organized under the laws of the Commonwealth of Massachusetts, on behalf of itself and each of its separate series listed on Annex A to the Administration Agreement (as defined below) (each, a “Fund” and collectively, the “Funds”) and The Northern Trust Company (“Northern”), an Illinois corporation

WHEREAS, the Adviser, the Trust and Northern are party to a Fund Administration and Accounting Services Agreement, dated as of March 24, 2016 (as amended, restated or otherwise modified from time to time prior to the date hereof, the “Administration Agreement”), wherein Northern agreed to provide certain services to the Funds; and

WHEREAS, in addition to the provisions contained in the Agreement, effective as of the date hereof, the Adviser, the Trust and Northern wish to make certain amendments to the Administration Agreement.

NOW THEREFORE, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. DEFINITIONS; INTERPRETATION.

(a) Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Administration Agreement.

(b) The headings to the clauses of this Amendment shall not affect its interpretation.

2. AMENDMENTS.

(a) As of the date of this Amendment, Schedule A (Fees and Expenses) to the Administration Agreement is hereby amended by inserting the following new Item C at the end of such Schedule.

C. In addition to the fees set forth in the attached Annex 1 to this Schedule A, the Funds shall pay Northern the following fees in connection with providing TSR Reporting and Filing services:

TSR Reporting and Filing

• $2,000 per share class, per annum^1,2

¹The fee applicable to a given fund will be capped at a maximum of 4 share classes.

²The annual fee will be billed in equal installments on a monthly basis beginning June 1, 2024.

(b) Effective as of the date of this Amendment, Schedule B (Regulatory and Fund Administration (and Sub-Administration) Services) to the Administration Agreement shall be amended by inserting the following new bullet point at the end of such schedule under the section titled “Description of Administration Services on a Continuous Basis.”

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• In connection with the preparation of the Form-CSR, prepare and coordinate filing with the SEC of the semi-annual and annual TSRs for each applicable share class, inclusive of the required tagging requirements, and facilitate delivery of the TSR output to client or client’s applicable vendor(s) as agreed with the Funds.

3. GOVERNING LAW. This Amendment shall be construed and the substantive provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

4. MISCELLANEOUS. This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign^® or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign^® or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

5. EFFECT OF AMENDMENT. All other terms and conditions set forth in the Agreement shall remain unchanged and in full force and effect. On and after the date hereof, each reference to the Agreement in the Agreement and all schedules thereto shall mean and be a reference to the Agreement as amended by this Amendment.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.

ARIEL INVESTMENT TRUST
By:	/s/ Tricia Larkin
Name:	Tricia Larkin
Title:	Vice President, Treasurer
ARIEL INVESTMENTS, LLC
By:	/s/ Tricia Larkin
Name:	Tricia Larkin
Title:	Senior Vice President
THE NORTHERN TRUST COMPANY
By:	/s/ Bryan Rooney
Name:	Bryan Rooney
Title:	Vice President

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