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Ariel Fund Historical Portfolio Characteristics as of December 31

Market Capitalization ($ weighted avg. nlog — millions) 2006 2007 2008 2009 2010 2011 2012  
Ariel Fund 3220 3390 2170 3440 4190 2830 2890  
Russell 2500 Value 1950 1860 1290 1640 1980 1840 2130  
Russell 2000 Value 1020 960 660 750 900 840 910  
S&P 500 53920 56600 38450 43770 48460 49810 55340  
     
Price/Earnings (Forward)                
Ariel Fund 15.9 13.2 8.9 16.3 15.2 12.0 13.4  
Russell 2500 Value 16.1 13.9 10.7 14.7 14.5 12.8 13.4  
Russell 2000 Value 16.8 13.9 11.5 14.7 14.8 13.1 13.7  
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 Fund 0.80 1.05 1.14 1.36 1.40 1.41 1.43  
Russell 2500 Value 1.01 1.12 0.91 1.28 1.25 1.24 1.30  
Russell 2000 Value 1.04 1.21 0.87 1.31 1.28 1.22 1.28  
S&P 500 0.95 0.90 0.81 0.94 0.97 0.93 0.96  
     
Number of Issues                
Ariel Fund 34 33 33 35 36 38 40  
Russell 2500 Value 1616 1611 1638 1757 1646 1693 1798  
Russell 2000 Value 1310 1301 1293 1393 1297 1354 1422  
S&P 500 500 500 500 500 500 500 500  
     
Portfolio Turnover                
Ariel Fund 23.7 26.8 30.6 39.9 31.1 30.3 30.0  

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 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 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™ 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.

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Past performance does not guarantee future results. © Ariel Investments, LLC. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC. Use of this website is subject to our Terms & Conditions of use. Each of the investment products, mutual funds or services referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment products, funds or services to investors outside the United States. Original illustrations © Omar Rayyan 2007.