Investing in small and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment. The performance of Ariel Focus Fund may differ from that of Ariel Fund and Ariel Appreciation Fund due to its status as a non-diversified fund.

For the period ended June 30, 2008, the average annual total returns of Ariel Fund for the one-, five- and ten-year periods were -29.29%, 4.41% and 6.27%, respectively.  For the period ended June 30, 2008, the average annual total returns of Ariel Appreciation Fund for the one-, five- and ten-year periods were -21.05%, 5.33% and 6.51%, respectively. For the period ended June 30, 2008, the average annual total returns of Ariel Focus Fund for the one-year and three-year periods were -15.48% and 1.67%. Ariel Focus Fund has an inception date of June 30, 2005, and does not yet have annualized performance for the five- and ten-year periods. As of September 30, 2007, Ariel Fund and Ariel Appreciation Fund had annual expense ratios of 1.03% and 1.12%, respectively. As of September 30, 2007, Ariel Focus Fund had an annual net expense ratio of 1.25% and a gross expense ratio of 1.63%. Ariel Investments, LLC the Adviser to the Funds, is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Focus Fund’s total annual operating expenses to 1.25% of net assets through the end of the fiscal year ending September 30, 2009. After that date, there is no assurance that such expenses will be limited.  For the period ended June 30, 2008, the average annual total returns of the Russell 2500 Value Index for the one-, five- and ten-year periods were -19.91%, 10.91% and 8.12%, respectively.  For the period ended June 30, 2008, the average annual total returns of the S&P 500 Index for the one-, five- and ten-year periods were -13.12%, 7.58% and 2.88%, 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. To obtain performance data current to the most recent month-end, as well as the annual expense ratios, click the following: Ariel Fund, Ariel Appreciation Fund or Ariel Focus Fund.

As of June 30, 2008, Ariel Investments, LLC had over $8.9 billion in assets under management.  As of June 30, 2008, Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund had $2.4 billion, $1.7 billion and $38.7 million in assets under management, respectively.  As of June 30, 2008, Ariel Fund held 28 securities, Ariel Appreciation Fund held 32 securities and Ariel Focus Fund held 22 securities.

This article was written in February 2008 by SmartMoney and candidly discusses individual funds and securities. 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 or security.

The performance of any single portfolio holding is no indication of the performance of other portfolio holdings of Ariel Fund, Ariel Appreciation Fund or Ariel Focus Fund or of the performance of the Funds themselves.  As of June 30, 2008, Ariel Fund held the following positions referenced: McDonald’s Corp., 0.0%; Clorox Co., 0.0%; T. Rowe Price Group, Inc., 0.0%; Countrywide Financial Corp., 0.0%; McClatchy Co., 2.0%;  Lee Enterprises, Inc., 0.0%; Gannett Co., Inc., 2.5%; Yahoo! Inc., 0.0%; USG Corp., 0.0%; Mohawk Industries, Inc., 2.7%; Interface, Inc., 0.0%; Black & Decker Corp., 3.7%; Janus Capital Group Inc., 4.6%; Markel Corp., 4.4%; Horace Mann Educators Corp., 0.0%; Assured Guaranty Ltd., 0.0%; Northern Trust Corp., 0.0%; City National Corp., 3.9% and Starbucks Corp., 0.0%. As of June 30, 2008, Ariel Appreciation Fund held the following positions referenced: McDonald’s Corp., 0.0%; Clorox Co., 3.0%; T. Rowe Price Group, Inc., 2.9%; Countrywide Financial Corp., 0.0%; McClatchy Co., 0.0%;  Lee Enterprises, Inc., 0.0%; Gannett Co., Inc., 2.6%; Yahoo! Inc., 0.0%; USG Corp., 0.0%; Mohawk Industries, Inc., 1.6%; Interface, Inc., 0.0%; Black & Decker Corp., 2.6%; Janus Capital Group Inc., 3.8%; Markel Corp., 0.0%; Horace Mann Educators Corp., 0.0% Assured Guaranty Ltd., 0.0%; Northern Trust Corp., 3.4%; City National Corp., 3.1% and Starbucks Corp., 0.0%.  As of June 30, 2008, Ariel Focus Fund held the following positions referenced: McDonald’s Corp., 0.0%; Clorox Co., 0.0%; T. Rowe Price Group, Inc., 0.0%; Countrywide Financial Corp., 0.0%; McClatchy Co., 0.0%;  Lee Enterprises, Inc., 0.0%; Gannett Co., Inc., 0.0%; Yahoo! Inc., 0.0%; USG Corp., 2.7%; Mohawk Industries, Inc., 0.0%; Interface, Inc., 0.0%; Black & Decker Corp., 3.4%; Janus Capital Group Inc., 0.0%; Markel Corp., 0.0%; Horace Mann Educators Corp., 0.0% Assured Guaranty Ltd., 0.0%; Northern Trust Corp., 0.0%; City National Corp., 0.0% and Starbucks Corp., 0.0%.

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.