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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE JON KIEKHOFER
TITLE FINANCIAL ANALYST
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<NAME> ARIEL APPRECIATION FUND
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<NAME> ARIEL PREMIER BOND FUND
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<NAME> ARIEL PREMIER BOND FUND
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