Market Capitalization ($ weighted avg. nlog — millions)	2006	2007	2008	2009	2010	2011	2012
Ariel Appreciation Fund	9990	8880	4690	7050	9280	7910	6840
Russell Midcap Value	7070	7010	4060	5050	6420	6360	6970
Russell Midcap	7050	7590	4270	5340	6700	6590	7420
S&P 500	53920	56600	38450	43770	48460	49810	55340

Price/Earnings (Forward)
Ariel Appreciation Fund	17.1	14.7	9.8	15.6	14.2	11.1	11.8
Russell Midcap Value	15.2	14.3	10.0	14.4	14.0	12.3	13.0
Russell Midcap	17.2	16.4	10.6	15.7	15.7	13.7	14.6
S&P 500	15.4	15.2	11.1	15.1	13.8	12.3	13.2

Beta (Correlated to the Russell 3000 Index)
Ariel Appreciation Fund	0.87	1.04	1.16	1.26	1.31	1.42	1.34
Russell Midcap Value	0.95	0.99	0.93	1.25	1.20	1.16	1.25
Russell Midcap	1.09	1.11	1.02	1.16	1.19	1.15	1.17
S&P 500	0.95	0.90	0.81	0.94	0.97	0.93	0.96

Number of Issues
Ariel Appreciation Fund	31	35	32	39	38	38	42
Russell Midcap Value	481	485	537	553	541	528	564
Russell Midcap	784	794	798	773	785	783	798
S&P 500	500	500	500	500	500	500	500

Portfolio Turnover
Ariel Appreciation Fund	21.6	32.3	29.7	48.2	29.2	29.7	27.1
The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies. The S&P 500® Index is the most widely accepted barometer of the market. It includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market.

Mutual Funds

Separately Managed Accounts

Ariel Appreciation Fund Historical Portfolio Characteristics as of December 31