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Ariel Fund

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. Click for the expense ratio and the standardized performance for the most recent quarter and month-end periods for the Fund.

Ariel Fund

Historical Performance

Period Ariel Fund
(Investor
Class)
Russell 2500 Value Index Russell 2500 Index Russell 2000 Value Index Russell 2000
Index
S&P 500 Index
4Q 1986 2.03% 0.31% 1.32% 0.15% 0.62% 5.57%
Period Ending 1986 2.03% 0.31% 1.32% 0.15% 0.62% 5.57%
1Q 1987 15.45% 19.22% 22.04% 21.45% 24.31% 21.35%
2Q 1987 3.46% 0.94% 0.60% 0.00% -0.71% 5.02%
3Q 1987 13.10% 5.37% 4.90% 5.14% 4.19% 6.60%
4Q 1987 -17.54% -24.99% -25.98% -27.25% -29.06% -22.53%
Year Ended 1987 11.40% -4.88% -4.68% -7.11% -8.77% 5.25%
1Q 1988 20.30% 17.56% 16.03% 20.73% 19.07% 5.69%
2Q 1988 12.91% 7.60% 6.79% 6.83% 6.59% 6.66%
3Q 1988 -0.22% 1.00% -0.82% 0.85% -0.94% 0.34%
4Q 1988 3.24% -0.07% -0.13% -0.46% -0.66% 3.09%
Year Ended 1988 39.93% 27.67% 22.73% 29.47% 24.89% 16.61%
1Q 1989 7.23% 7.81% 7.73% 7.99% 7.70% 7.09%
2Q 1989 7.73% 7.19% 7.59% 6.27% 6.37% 8.83%
3Q 1989 6.95% 5.43% 7.30% 4.62% 6.75% 10.71%
4Q 1989 1.27% -5.45% -3.97% -6.36% -4.95% 2.06%
Year Ended 1989 25.12% 15.19% 19.43% 12.43% 16.24% 31.69%
1Q 1990 -4.77% -2.71% -2.78% -1.77% -2.21% -3.01%
2Q 1990 5.50% 0.72% 3.93% 1.25% 3.86% 6.29%
3Q 1990 -25.39% -20.33% -21.98% -22.94% -24.54% -13.74%
4Q 1990 11.94% 5.82% 7.97% 2.07% 5.03% 8.96%
Year Ended 1990 -16.08% -17.40% -14.88% -21.77% -19.51% -3.11%
1Q 1991 18.88% 22.75% 25.46% 28.87% 29.74% 14.53%
2Q 1991 1.25% 2.12% -0.19% 0.55% -1.55% -0.23%
3Q 1991 4.27% 6.52% 8.59% 5.83% 8.15% 5.35%
4Q 1991 5.75% 5.34% 7.88% 3.32% 5.73% 8.38%
Year Ended 1991 32.72% 40.65% 46.70% 41.70% 46.05% 30.47%
1Q 1992 2.41% 8.45% 4.28% 12.30% 7.50% -2.53%
2Q 1992 -2.62% -0.17% -4.54% -1.98% -6.82% 1.90%
3Q 1992 1.96% 2.98% 2.73% 3.67% 2.87% 3.15%
4Q 1992 9.88% 12.02% 13.62% 13.17% 14.92% 5.03%
Year Ended 1992 11.73% 24.90% 16.19% 29.14% 18.41% 7.62%
1Q 1993 2.72% 9.03% 4.74% 9.74% 4.27% 4.37%
2Q 1993 -5.60% 1.87% 2.09% 1.62% 2.18% 0.49%
3Q 1993 5.62% 6.25% 7.07% 8.23% 8.74% 2.58%
4Q 1993 6.15% 1.10% 1.78% 2.62% 2.62% 2.32%
Year Ended 1993 8.72% 19.30% 16.54% 23.84% 18.91% 10.08%
1Q 1994 -5.33% -1.58% -2.22% -1.36% -2.65% -3.79%
2Q 1994 -0.59% -0.95% -3.54% -1.78% -3.89% 0.42%
3Q 1994 1.51% 4.82% 7.17% 4.73% 6.94% 4.89%
4Q 1994 0.26% -3.41% -2.12% -2.97% -1.87% -0.02%
Year Ended 1994 -4.22% -1.31% -1.06% -1.55% -1.82% 1.32%
1Q 1995 5.26% 6.26% 7.39% 3.70% 4.61% 9.74%
2Q 1995 2.04% 8.89% 8.91% 8.78% 9.37% 9.55%
3Q 1995 6.21% 7.99% 9.61% 8.32% 9.88% 7.95%
4Q 1995 3.89% 3.84% 2.73% 2.91% 2.17% 6.02%
Year Ended 1995 18.52% 29.76% 31.70% 25.75% 28.44% 37.58%
1Q 1996 2.82% 4.52% 5.86% 4.39% 5.10% 5.37%
2Q 1996 5.91% 3.07% 4.16% 4.09% 5.00% 4.49%
3Q 1996 2.79% 3.10% 2.25% 1.49% 0.34% 3.09%
4Q 1996 10.35% 10.03% 5.57% 10.06% 5.20% 8.34%
Year Ended 1996 23.51% 22.20% 19.03% 21.37% 16.49% 22.96%
1Q 1997 1.06% 0.81% -3.35% -0.25% -5.17% 2.68%
2Q 1997 12.88% 14.17% 15.11% 15.09% 16.21% 17.46%
3Q 1997 13.80% 12.45% 14.35% 12.89% 14.88% 7.49%
4Q 1997 5.10% 2.83% -2.25% 1.68% -3.35% 2.87%
Year Ended 1997 36.44% 33.09% 24.36% 31.79% 22.36% 33.36%
1Q 1998 9.18% 9.54% 10.25% 8.35% 10.06% 13.95%
2Q 1998 -0.69% -3.58% -4.17% -3.61% -4.66% 3.30%
3Q 1998 -15.61% -16.47% -19.07% -17.88% -20.15% -9.95%
4Q 1998 20.10% 11.17% 17.40% 9.07% 16.31% 21.30%
Year Ended 1998 9.89% -1.92% 0.39% -6.45% -2.55% 28.58%
1Q 1999 -7.56% -8.00% -4.74% -9.69% -5.42% 4.98%
2Q 1999 10.02% 16.02% 16.40% 16.56% 15.55% 7.05%
3Q 1999 -6.52% -8.64% -6.45% -7.82% -6.32% -6.24%
4Q 1999 -0.87% 4.08% 19.67% 1.53% 18.44% 14.88%
Year Ended 1999 -5.76% 1.49% 24.14% -1.49% 21.26% 21.04%
1Q 2000 -4.21% 4.67% 10.10% 3.82% 7.08% 2.29%
2Q 2000 14.03% -0.59% -4.00% 1.95% -3.78% -2.66%
3Q 2000 4.94% 6.89% 2.40% 7.34% 1.11% -0.97%
4Q 2000 12.34% 8.61% -3.66% 8.11% -6.91% -7.83%
Year Ended 2000 28.77% 20.79% 4.27% 22.83% -3.02% -9.11%
1Q 2001 1.87% -1.97% -8.67% 0.97% -6.51% -11.86%
2Q 2001 5.78% 9.98% 13.70% 11.64% 14.29% 5.85%
3Q 2001 -7.29% -12.45% -18.80% -13.34% -20.79% -14.68%
4Q 2001 14.32% 16.27% 20.05% 16.72% 21.09% 10.69%
Year Ended 2001 14.21% 9.74% 1.22% 14.02% 2.49% -11.88%
1Q 2002 7.64% 8.51% 3.74% 9.58% 3.98% 0.27%
2Q 2002 -3.55% -3.49% -8.63% -2.12% -8.35% -13.40%
3Q 2002 -10.16% -18.38% -18.67% -21.29% -21.40% -17.28%
4Q 2002 1.66% 5.44% 6.64% 4.92% 6.16% 8.44%
Year Ended 2002 -5.18% -9.87% -17.79% -11.42% -20.48% -22.10%
1Q 2003 -5.51% -4.77% -4.09% -5.08% -4.49% -3.15%
2Q 2003 17.63% 21.28% 21.91% 22.72% 23.42% 15.39%
3Q 2003 4.26% 7.77% 8.75% 7.72% 9.08% 2.65%
4Q 2003 10.48% 16.43% 14.43% 16.37% 14.52% 12.18%
Year Ended 2003 28.04% 44.93% 45.51% 46.03% 47.25% 28.68%
1Q 2004 6.74% 6.18% 5.89% 6.92% 6.26% 1.69%
2Q 2004 4.78% 0.51% 0.34% 0.85% 0.47% 1.72%
3Q 2004 0.32% 0.25% -2.52% 0.15% -2.86% -1.87%
4Q 2004 8.72% 13.64% 14.22% 13.20% 14.09% 9.23%
Year Ended 2004 21.97% 21.58% 18.29% 22.25% 18.33% 10.88%
1Q 2005 -0.32% -2.12% -3.14% -3.98% -5.34% -2.15%
2Q 2005 1.68% 5.33% 4.52% 5.08% 4.32% 1.37%
3Q 2005 1.22% 3.55% 4.89% 3.09% 4.69% 3.60%
4Q 2005 -1.63% 0.92% 1.81% 0.66% 1.13% 2.09%
Year Ended 2005 0.93% 7.74% 8.11% 4.71% 4.55% 4.91%
1Q 2006 8.11% 10.47% 11.14% 13.51% 13.94% 4.21%
2Q 2006 -6.21% -2.53% -4.34% -2.70% -5.02% -1.44%
3Q 2006 2.42% 2.27% 0.52% 2.55% 0.44% 5.67%
4Q 2006 6.25% 9.14% 8.70% 9.03% 8.90% 6.70%
Year Ended 2006 10.35% 20.18% 16.16% 23.48% 18.37% 15.79%
1Q 2007 3.94% 3.08% 3.55% 1.46% 1.95% 0.64%
2Q 2007 7.89% 2.91% 4.94% 2.30% 4.41% 6.28%
3Q 2007 -6.02% -6.04% -2.50% -6.26% -3.09% 2.03%
4Q 2007 -6.73% -6.97% -4.32% -7.28% -4.58% -3.33%
Year Ended 2007 -1.70% -7.27% 1.38% -9.78% -1.57% 5.49%
1Q 2008 -11.21% -7.22% -9.37% -6.53% -9.90% -9.44%
2Q 2008 -9.15% -1.24% 1.39% -3.55% 0.58% -2.73%
3Q 2008 -2.38% -1.22% -6.72% 4.96% -1.11% -8.37%
4Q 2008 -34.28% -24.86% -26.25% -24.89% -26.12% -21.94%
Year Ended 2008 -48.25% -31.99% -36.79% -28.92% -33.79% -37.00%
1Q 2009 -16.10% -16.32% -11.43% -19.64% -14.95% -11.01%
2Q 2009 34.75% 18.76% 20.27% 18.00% 20.69% 15.93%
3Q 2009 34.11% 22.77% 20.06% 22.70% 19.28% 15.61%
4Q 2009 7.79% 4.65% 5.08% 3.63% 3.87% 6.04%
Year Ended 2009 63.42% 27.68% 34.39% 20.58% 27.17% 26.46%
1Q 2010 9.00% 9.57% 9.21% 10.02% 8.85% 5.39%
2Q 2010 -14.09% -10.16% -9.98% -10.60% -9.92% -11.43%
3Q 2010 18.47% 11.39% 12.22% 9.72% 11.29% 11.29%
4Q 2010 13.54% 13.84% 14.86% 15.36% 16.25% 10.76%
Year Ended 2010 25.97% 24.82% 26.71% 24.50% 26.86% 15.06%
1Q 2011 8.71% 7.68% 8.70% 6.60% 7.94% 5.92%
2Q 2011 -2.52% -1.47% -0.59% -2.65% -1.61% 0.10%
3Q 2011 -28.62% -21.10% -21.22% -21.47% -21.87% -13.87%
4Q 2011 17.21% 15.45% 14.52% 15.97% 15.47% 11.82%
Year Ended 2011 -11.34% -3.36% -2.51% -5.50% -4.18% 2.11%
1Q 2012 14.57% 11.52% 12.99% 11.59% 12.44% 12.59%
2Q 2012 -5.40% -3.02% -4.14% -3.01% -3.47% -2.75%
3Q 2012 6.66% 5.85% 5.57% 5.67% 5.25% 6.35%
4Q 2012 4.09% 4.14% 3.10% 3.22% 1.85% -0.38%
Year Ended 2012 20.32% 19.21% 17.88% 18.05% 16.35% 16.00%
1Q 2013 15.76% 13.35% 12.85% 11.63% 12.39% 10.61%
2Q 2013 1.69% 1.54% 2.27% 2.47% 3.08% 2.91%
3Q 2013 8.78% 6.43% 9.08% 7.59% 10.21% 5.24%
4Q 2013 12.99% 8.83% 8.66% 9.30% 8.72% 10.51%
Year Ended 2013 44.68% 33.32% 36.80% 34.52% 38.82% 32.39%
1Q 2014 -0.99% 3.52% 2.30% 1.78% 1.12% 1.81%
Annualized Return
Since Inception
11/06/1986 through 3/31/2014
11.69% 11.81% 11.17% 11.10% 9.69% 10.21%


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


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 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 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Russell® is a trademark of Russell Investment Group, which is the source and owner of the Russell Indexes’ trademarks, service marks and copyrights. 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.

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.