Investing in small and mid-cap stocks is more risky and more volatile than investing in large cap stocks.

For the period ended June 30, 2008, the average annual total returns of Ariel Appreciation Fund for the one-, three-, five- and ten-year periods were -21.05%, -0.26%, 5.33% and 6.51%, respectively.  All performance assumes the reinvestment of dividends and capital gains. Performance data quoted represents past performance. Past performance does not guarantee future results. 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. Performance data current to the most recent month-end for Ariel Appreciation Fund may be obtained by clicking here

As of June 30, 2008, Ariel Appreciation Fund had $1.7 billion in assets under management.  As of September 30, 2007 Ariel Appreciation Fund had an annual expense ratio of 1.12%. 

As of June 30, 2008, Ariel Appreciation Fund’s Lipper Classification Rank within its multi-cap core equity funds category over the one-, three-, five- and ten-year periods was 93% (784 out of 848); 94% (622 out of 665); 87% (423 out of 487); and 27% (51 out of 195), respectively.

Lipper, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds. Each fund is ranked within a universe of funds with similar investment objectives. Ranking is based on total returns.

This article was written in October 2007 by SmartMoney and candidly discusses individual funds. The information in this article is not guaranteed as to its accuracy or completeness. Information is current as of the date of this reprint and is subject to change. The content in this reprint is not reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular fund.

Investors should consider carefully the investment objectives, risks, and charges and expenses before investing.  For a current 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 prospectus carefully before investing.  Distributed by Ariel Distributors, LLC.