What’s Inside

FORGED IN FIRE Co-CEOs John W. Rogers, Jr. and Mellody Hobson liken the Ariel portfolio managers to well-conditioned firefighters waiting for the inevitable fire, training to prepare themselves for inescapable market meltdowns. Our version of running into the fire is buying and selling. Amid investor panic, our trading and turnover picks up as we pounce on bargains with a calm head and hand.

OUR CONTRIBUTORS AND DETRACTORS Vice Chairman Charlie Bobrinskoy thinks early signs in the third quarter suggest momentum may be starting to shift in our favor. We remain optimistic and well-positioned to benefit as market leadership broadens.

STAYING DISCIPLINED AMID THE NOISE Chief Investment Officer, Global and Emerging Markets Equities, Henry Mallari-D’Auria explains how some investors steer clear of companies under scrutiny, even when the underlying businesses are solid. These reactions open the door for value investors, like us, who ignore the noise and remain focused on long-term fundamentals.

Company Spotlights

FUND SPOTLIGHTS Views from our investment team on Fiserv, Inc., JD.com, Inc., Kennametal, Inc. and Lasertec Corporation.

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