Ariel Investments - 2007 Income and Capital Gains Distributions

2007 Income and Capital Gains Distributions

Income Distributions

The Ariel Mutual Funds distributed the per-share income shown in the table below on Thursday, December 27, 2007 to shareholders of record as of December 26, 2007.

Fund	Income Distribution Per Share
Ariel Fund	$0.14854
Ariel Appreciation Fund	$0.22959
Ariel Focus Fund	$0.04098

Capital Gains Distributions

The Ariel Mutual Funds distributed the per-share capital gains shown in the table below on Thursday, November 15, 2007 to shareholders of record on Wednesday, November 14, 2007.

Fund	Short-Term Gains Per Share	Long-Term Gains Per Share	Total Distribution Per Share
Ariel Fund	$0.14147	$4.35944	$4.50091
Ariel Appreciation Fund	$0.02576	$4.43014	$4.45590
Ariel Focus Fund	$0.18860	$0.07842	$0.26702

Note: Realized capital gains represent the profit a mutual fund makes when it sells securities. Mutual funds are required by law to distribute these gains to shareholders. The distributions are taxable unless an investor's shares are held in a tax-deferred account such as a 401(k) or IRA.

For Frequently Asked Questions about capital gain distributions, please click here.

If you have any questions about any of these distributions, please contact an Ariel Mutual Funds Investment Specialist at 800-292-7435.