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This is a reprint of a Barron’s article arising out of an interview with Rupal J. Bhansali in which she discussed her investment philosophy, strategy, process, market conditions and specific companies. The information contained in the article reprint is not guaranteed as to its accuracy or completeness. This material should not be considered an offer for any of the securities referenced. The information and opinions contained in the article were current as of the date of the interview but are subject to change. The information provided 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. Click here for the current schedule of holdings for Ariel International Fund.

Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives and exchange-traded funds (ETFs) may increase investment losses and expenses and create more volatility. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. Ariel International Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market. Investing in equity stocks is risky and subject to the volatility of the markets.

Performance data quoted represent past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Note that the expense ratio provided in the article is incorrect. Click here for the expense ratio and standardized performance data current to the most recent quarter- and month-end periods for Ariel International Fund. The +0.28%, -13.64%, and +6.39% returns for Ariel International Fund (Investor Class) quoted in the reprint represent the returns for the periods: 6/6/22 through 6/7/22, 12/31/19 through 3/31/20, and 6/7/12 through 6/7/22, respectively. Periods greater than one year are annualized. For the same periods, the MSCI ACWI ex-US Net Index returned -0.55%, -23.36%, and +6.13%, respectively.

Ariel International Fund (Investor Class) ranked 101 out of 767, 571 out of 610, and 319 out of 407 among the funds in the Foreign Large Value category for the one-, five- and ten-year periods ended 3/31/22. Rankings for the Institutional Class will differ. Each fund is ranked relative to all funds in the same category. Rankings are based on total returns. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. As of 3/31/22, Ariel International Fund (Investor Class)’s Overall Morningstar Rating™ is 3 stars among 705 funds in the Foreign Large Blend category. The Fund’s Overall Morningstar Rating™ is based on its three-, five- and ten-year ratings: 2 stars among 705 funds, 2 stars among 610 funds, and 3 stars among 407 funds, respectively. Ratings for the Institutional Class will differ.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds.

We have integrated a proprietary ESG-risk rating in our analysis of companies, and it is one factor, but not a primary factor, our investment teams use in evaluating companies.

Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current summary prospectus or full prospectus which contains this and other information about the funds offered by Ariel Investment Trust, call us at 800-292-7435 or click here. Please read the summary prospectus or full 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.

Use of this reprint is not intended to constitute an advertisement for the MainStay MacKay International Equity Fund, and Ariel Distributors does not serve as distributor for such fund.