In case you missed it…

Ariel’s portfolio management team discusses the growth and value landscape, global risks and 2026 portfolio positioning.

Mellody Hobson, Co-CEO and President, moderated the conversation with:

• John W. Rogers, Jr., Founder, Chairman, Co-CEO and Chief Investment Officer
• Charles K. Bobrinskoy, Vice Chairman, Head of Investment Group
• Kenneth E. Kuhrt, CPA, Executive Vice President, Portfolio Manager
• Henry S. Mallari-D’Auria, CFA®, Chief Investment Officer, Global & Emerging Markets Equities

Please do not hesitate to contact [email protected] if you have questions or need any additional information. As always, we appreciate the opportunity to serve you.

This recording presents information about separately managed account strategies and open-ended registered investment companies (“mutual funds”) offered by Ariel Investments, LLC.

The separately managed account strategies are available to institutional clients, including public and private retirement plans, union plans, foundations and endowment fund, and high net worth individuals. Advisory services provided and the fees charged will vary depending upon the nature of the account under management.

Per the Ariel Fund’s Prospectus as of February 1, 2025, the Investor Class and Institutional Class had an annual expense ratio of 1.00% and 0.69% respectively. Per the Ariel Appreciation Fund’s Prospectus as of February 1, 2025, the Investor Class and Institutional Class had an annual expense ratio of 1.14% and 0.83%, respectively. Per the Ariel Focus Fund’s Prospectus as of February 1, 2025, the gross expense ratio for the Investor Class and Institutional Class was 1.18% and 0.87%, respectively. Effective February 1, 2014, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel Focus Fund’s total annual operating expenses to 1.00% and 0.75% of net assets for the Investor Class and Institutional Class, respectively, through January 31, 2026. Prior to February 1, 2014, the Expense Cap was 1.25% of net assets for the Investor Class and 1.00% of net assets for the Institutional Class. Per the Ariel International Fund’s Prospectus as of February 1, 2025, the gross expense ratio for the Investor Class and Institutional Class was 1.40% and 1.01%, and had an annual net expense ratio of 1.17% and 0.91%, respectively. Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel International Fund’s total annual operating expenses to 1.13% and 0.88% of net assets for the Investor Class and Institutional Class, respectively, through January 31, 2026. The net expense ratio for the Investor Class and Institutional Class do not correlate to the Expense Cap due to the inclusion of acquired fund fees and certain other expenses which are excluded from the Expense Cap. Per the Ariel Global Fund’s Prospectus as of February 1, 2025, the gross expense ratio for the Investor Class and Institutional Class was 1.53% and 1.14%, and had an annual net expense ratio of 1.14% and 0.89%, respectively. Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel Global Fund’s total annual operating expenses to 1.13% and 0.88% of net assets for the Investor Class and Institutional Class, respectively, through January 31, 2026. The net expense ratio for the Investor Class and Institutional Class do not correlate to the Expense Cap due to the inclusion of acquired fund fees and certain other expenses which are excluded from the Expense Cap.

Investors should consult their financial advisors before making any investment decisions. Past performance does not guarantee future results. 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. All Ariel portfolios are often concentrated in fewer sectors than their benchmarks, and performance may suffer if these sectors underperform the overall stock market. The Ariel focused value strategy employed by certain accounts and the 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. The use of currency derivatives, ETFs and other hedges may increase investment losses and expenses and create more volatility. A growth investment strategy seeks stocks that are deemed to have above-average growth potential. Growth stocks offer an established track record and are perceived to be less risky than value stocks. A value investment strategy seeks undervalued stocks that show a strong potential for growth. The intrinsic value of the stocks in which a value strategy invests may be based on incorrect assumptions or estimations, may be affected by declining fundamentals or external forces, and may never be recognized by the broader market.

The information in this presentation 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. The opinions and forecasts were current as of the date of this presentation but are subject to change. Any specific securities identified or discussed in this presentation do not represent all of the securities purchased for the firm or for the firm’s clients. This material should not be considered an offer for any of the securities referenced.

Returns greater than one year are annualized. The Gross returns presented for the separately managed account strategies are gross of advisory fees, assume reinvestment of dividends and other earnings, and are net of transaction costs. Net returns reflect performance returns after the deduction of advisory fees (utilizing the highest management fee charged to any client in the composite, in the case of the separately managed account strategies, or any class, in the case of the mutual funds) and transaction costs and assume the reinvestment of dividends and other earnings. A client’s or investor’s returns will be reduced by advisory fees and any other expenses incurred directly by the client or investor in the management of its investment advisory account. Fee information for the separately managed accounts is available upon request and may also be found in Ariel Investments, LLC’s Form ADV, Part 2. Returns are expressed in U.S. dollars. Index returns reflect reinvested dividends and other earnings. The Composites differ from their benchmarks with fewer holdings in fewer sectors.

This video may contain forward‐looking statements relating to the objectives, opportunities, and the future performance of the markets generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Forward‐looking statements are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward‐looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward‐looking statements. None of Ariel Investments or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward‐looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.

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, a wholly-owned subsidiary of Ariel Investments LLC. Ariel Distributors, LLC is a member of the Securities Investor Protection Corporation.