What’s Inside

SMALL CAPS STRIKE A CHORD Co-CEOs John W. Rogers, Jr. and Mellody Hobson explain how a small-cap earnings recovery provided a source of harmony with estimates turning decisively higher for the first time in over a year.

PERFORMANCE ROUNDUP Vice Chairman Charlie Bobrinskoy says strong performance over the last three months produced more trading than normal as some holdings moved from large, attractively priced positions to fairly priced and more modest weights.

U.S. POLICY IS SEEDING NON-U.S. EQUITY UPSIDE Chief Investment Officer, Global and Emerging Markets Equities, Henry Mallari-D’Auria describes how de-globalization has ignited little fires everywhere—conflicts, choices and rebellions—that can flare up and transform everything.

Company Spotlights

FUND SPOTLIGHTS Views from our investment team on Generac Holdings, Inc., Informa PLC, Prestige Consumer Healthcare, Inc. and Siemens AG.

The companies highlighted in the Company Spotlights were held in one or more of the following Fund portfolios during the quarter ending September 30, 2025: Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund or Ariel Global Fund. We candidly discuss various individual companies to illustrate our investment process. The information and our opinions were current as of the date above but are subject to change. The information shown does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. These securities do not represent all securities purchased or sold to investors during the period. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings of any Fund or of any particular Fund itself. Portfolio holdings are subject to change. Past performance does not guarantee future results. Click here for the top holdings of the Funds.

Investing in equity stocks is risky and subject to the volatility of the markets. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings or its strategy. Investing in small- and mid-cap stocks is more risky and volatile than investing in large-cap stocks. Investments in non-U.S. securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving non-U.S. economies, markets, political systems, regulatory standards, currencies, and taxes. The intrinsic value of the stocks in which the Funds invest 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. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.

Investors should consider carefully the investment objectives, risks and charges and expenses before investing. For a current prospectus or summary prospectus which contains this and other information about the funds offered by Ariel Investment Trust, call us at 800-292-7435, visit our website, arielinvestments.com or click here. Please read the prospectus or summary prospectus carefully before investing. Distributed by Ariel Distributors LLC, an affiliated entity of Ariel Investments LLC. Ariel Distributors, LLC is a member of the Securities Investor Protection Corporation.