What’s Inside

BREADTH OVER CONCENTRATION Co-CEOs John W. Rogers, Jr. and Mellody Hobson explain that during the quarter, prices fell but fundamentals improved. That divergence is precisely the environment that we believe patient, research-driven investors have historically found their best future opportunities.

LOOKING AHEAD Vice Chairman Charlie Bobrinskoy says we are currently employing a barbell approach to portfolio construction with value and our definition of quality as the two most important inputs. Our recent strong performance reflects this dual approach.

READING BETWEEN THE LINES IN A NOISY MARKET Chief Investment Officer, Global and Emerging Markets Equities, Henry Mallari-D’Auria explains how a choppy start to the year has masked the earnings power of the businesses we own. As macro noise fades, we see a setting for company-specific fundamentals to reassert, supporting a more favorable outlook.

ENERGY TRANSITION: BACK IN VOGUE Henry Mallari-D’Auria emphasizes that the energy transition is once again gaining investor attention, with the recent spike in geopolitical risk reinforcing the fundamental case for renewables. While market sentiment may shift, our investment approach remains consistent: we focus on identifying businesses with underappreciated cash earnings power where business momentum is inflecting and the path to value realization is becoming clearer.

Company Spotlights

FUND SPOTLIGHTS Views from our investment team on AirTAC International Group, Daifuku Co., Ltd., Keysight Technologies, Inc. and Zebra Technologies.

The companies highlighted in the Company Spotlights were held in one or more of the following Fund portfolios during the quarter ending March 31, 2026: 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 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.