Average Annual Total Return does not reflect a maximum 4.75% sales load charged prior to 07/15/94.

Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Ariel Fund often invests a significant portion of its assets in companies within the financial services and consumer discretionary sectors and its performance may suffer if these sectors underperform the overall stock market.

Performance data quoted represents 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.

One of the fund’s benchmarks has been changed from the Russell 2500 Index to the Russell 2000 Value Index as the Adviser believes the new index is more indicative of the market capitalization and style profile of the fund. The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. 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.

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.

The four-part investment process drives us to take a long-term view, focusing on what matters most through independent thought and research.

The Idea: We read extensively, monitor computer screens, meet with industry experts, and stay abreast of former holdings.

The Science: We seek to purchase companies that trade at a 40% discount to the PMV we have calculated, sell for 13x or less forward cash earnings estimates, or both.

The Art: We surround companies to paint a long-term picture and identify what others are missing. The chief tool is our extensive independent verification network — the many experts we know well. We use strategic questioning of company management and outside experts to identify the key issues affecting an industry or company.

The Decision: We generally purchase only a few companies each year so we weigh our options carefully. Typically, key information is captured in a research report. Our research team vets the idea in a vigorous discussion and each senior research team member weighs in. After this step, the lead portfolio manager makes the final purchase decision.

Represents percentage of total equity holdings in the portfolio

The Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. 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.