What’s Inside

PORTFOLIO MANAGEMENT IN TIMES OF MARKET TURMOIL Co-CEO Mellody Hobson interviews our domestic portfolio managers—colleagues with over 138 years of collective experience at Ariel—about the current market environment based on views as of April 11, 2025.

A NEW ERA OF DISRUPTION Vice Chairman Charlie Bobrinskoy knows investors believe in the benefits of free trade and have expressed their objections to higher tariffs with unmistakable clarity. See how we are advocating for the benefits of trade and plan to continue to do so.

REBALANCING OF GLOBAL MARKETS HAS JUST BEGUN Chief Investment Officer, Global and Emerging Markets Equities, Henry Mallari-D’Auria expects capital outflows from the U.S. to continue. He believes investors will seek to rotate into non-U.S. markets, especially in Europe and Emerging Markets, as currency tailwinds and valuation gaps grow.

Company Spotlights

FUND SPOTLIGHTS Views from our investment team on Check Point Software Technologies, Ltd., Intesa Sanpaolo SpA, Northern Trust Corporation and Norwegian Cruise Line Holdings, Ltd.

The companies highlighted in the Company Spotlights were held in one or more of the following Fund portfolios during the quarter ending March 31, 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, a wholly-owned subsidiary of Ariel Investments LLC. Ariel Distributors, LLC is a member of the Securities Investor Protection Corporation.