Our patient investment philosophy

A Patient View

"Time is the friend of the wonderful company, the enemy of the mediocre."
- Warren Buffett

Compels us to wait for the perfect pitch - differentiated companies with strong cash flows, low debt, high quality products or services, significant barriers to entry and low reinvestment requirements.
Allows us to take a long-term view and look past short-term noise with a 3-5 year time horizon in mind.

A Focused Approach

"Invest within your circle of competence." - Warren Buffett

Augments our conviction, especially during crunch time when it matters most.
Leads us to isolate key issues of importance to a company in the midst of market noise.
Results in our portfolio concentration in a limited number of names and industries.

A Team of Independent Thinkers

"If you buy the same stocks as everyone else, you get the same results."
- Sir John Templeton

Encourages us to buy out of favor, misunderstood and ignored stocks.
Leads us to perform our own original, proprietary research.
Persuades us to be benchmark agnostic with very different industry weightings.

Social Screens: The responsibility factor

We believe ethical business practices make good investment sense.

We do not invest in corporations whose primary source of revenue is derived from:

the production or sale of tobacco products or
the manufacture of handguns.

Additionally, we consider a company’s environmental record which includes reviewing research from outside vendors that provide such services, and we encourage portfolio companies to have proactive diversity practices.

For more information, read The Responsibility Factor.

Fund Facts

Market Cap Range: generally between $1 billion and $7.5 billion

Inception:
Investor Class: 11/06/1986
Institutional Class: 12/30/2011

Number of holdings: 25-40

Turnover: 20-30%

Ticker Symbol:
Investor Class: ARGFX
Institutional Class: ARAIX

Fund Assets (all classes):
$2.0 billion as of 3/31/2013

> Click for Expense Ratios

Portfolio Managers

John W. Rogers, Jr.
Lead Portfolio Manager
View Full Bio

John P. Miller, CFA^®
Portfolio Manager
View Full Bio

Kenneth E. Kuhrt, CPA
Portfolio Manager
View Full Bio

Fund Spotlight

Ariel Fund a Category King
WSJ recognizes Ariel Fund as a top-performing Midcap Value fund

Lessons Learned from the Basketball Court
[video] Learn from John W. Rogers, Jr. how he successfully applies teamwork, patience and hard work both on and off the court

Sector Weightings (%) as of March 31, 2013

	Ariel Fund	Russell 2500 Value	Russell 2000 Value	S&P 500
Consumer Discretionary	35.27	12.38	12.61	13.61
Financial Services	30.68	33.24	37.86	17.19
Health Care	14.56	6.48	4.67	12.37
Producer Durables	8.34	13.55	12.86	10.57
Materials and Processing	4.07	7.78	7.09	3.78
Technology	2.82	8.07	9.95	15.65
Energy	2.34	6.62	6.02	10.93
Consumer Staples	1.92	2.16	2.21	9.56
Utilities	0.00	9.71	6.75	6.33

> View Historical Sector Diversification

Represents percentage of total equity holdings in the portfolio

Portfolio Characteristics as of March 31, 2013

	Market Capitalization	Ariel Fund	Russell 2500 Value	Russell 2000 Value	S&P 500
Market Capitalization	(In billions)
Large Capitalization	64.31 & Above	0.0	0.0	0.0	48.1
Medium/Large Capitalization	18.65 -- 64.31	0.0	0.0	0.0	31.4
Medium Capitalization	6.39 -- 18.65	20.7	9.4	0.0	18.1
Medium/Small Capitalization	2.39 -- 6.39	44.8	50.6	12.5	2.4
Small Capitalization	2.39 & Below	34.5	40.0	87.5	0.0
Dollar-Weighted Average (BIL)^*		$3.50	$2.46	$1.04	$58.72
Valuation Metrics
Forward Price/Earnings		14.7	14.8	14.9	14.0
Trailing Price/Earnings		19.5	20.3	23.3	17.0
Discount to Private Market Value		-14.8	n/a	n/a	n/a
Fundamentals
5 Yr. Estimated Earnings Growth ^**		11.3	10.2	10.1	10.8
Interest Coverage Ratio		4.5	4.3	4.2	7.2
Portfolio Construction
Number of Holdings		40	1,776	1,403	500
Turnover		41.1	n/a	n/a	n/a

> View Historical Portfolio Characteristics

Market Capitalization data, Valuation Metrics, Fundamentals and Number of Holdings are obtained from BNY Mellon. Portfolio Turnover is generated internally through Fiserv APL.

*Market Capitalization is a dollar-weighted average natural log. Using the natural log of each stock’s market capitalization reduces the weight given to the largest companies in a simple averaging process.
**This measure is not a forecast of the fund’s performance.

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. 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.

Monthly Commentary: Perspectives on the current market

> Open the most recent Market Commentary

Quarterly Report: Quarterly performance update and communication to investors

> Open the most recent Ariel Investments Quarterly Report

Fact Sheets: Quarterly overview of fund objectives and performance summary

> Open the most recent Ariel Fund Fact Sheet

Morningstar Analyst Report: Independent fund report published by Morningstar

> Open the most recent Ariel Fund Morningstar Analyst Report

The four-part investment process drives us to take a long-term view, focusing on what matters most through independent thought and research.

The Idea: We read extensively, monitor computer screens, meet with industry experts, and stay abreast of former holdings.

The Science: We seek to purchase companies that trade at a 40% discount to the PMV we have calculated, sell for 13x or less forward cash earnings estimates, or both.

The Art: We surround companies to paint a long-term picture and identify what others are missing. The chief tool is our extensive independent verification network — the many experts we know well. We use strategic questioning of company management and outside experts to identify the key issues affecting an industry or company.

The Decision: We generally purchase only a few companies each year so we weigh our options carefully. Typically, key information is captured in a research report. Our research team vets the idea in a vigorous discussion and each senior research team member weighs in. After this step, the lead portfolio manager makes the final purchase decision.

Schedule of Holdings as of March 31, 2013

Shares	Security Description	CUSIP	Ticker	Current Value ($)	% of Net Assets

3,937,704	KKR & Co. L.P.	48248M102	KKR	76,076,441	3.9
3,301,101	Gannett Co., Inc.	364730101	GCI	72,195,079	3.7
5,296,961	Interpublic Group of Cos., Inc.	460690100	IPG	69,019,402	3.5
7,074,366	Janus Capital Group Inc.	47102X105	JNS	66,499,040	3.4
1,014,413	Life Technologies Corp.	53217V109	LIFE	65,561,512	3.3
1,479,001	Charles River Laboratories Intl Inc.	159864107	CRL	65,475,374	3.3
1,889,108	Lazard Ltd	G54050102	LAZ	64,475,256	3.3
1,931,711	Hospira, Inc.	441060100	HSP	63,418,072	3.2
739,893	Dun & Bradstreet Corp.	26483E100	DNB	61,892,049	3.1
1,893,401	International Speedway Corp.	460335201	ISCA	61,876,345	3.1
621,314	Jones Lang LaSalle Inc.	48020Q107	JLL	61,764,825	3.1
2,333,498	CBRE Group, Inc.	12504L109	CBG	58,920,825	3.0
2,285,963	First American Financial Corp.	31847R102	FAF	58,452,074	3.0
495,476	Mohawk Industries, Inc.	608190104	MHK	56,048,245	2.8
2,141,509	Newell Rubbermaid Inc.	651229106	NWL	55,893,385	2.8
845,026	Bristow Group Inc.	110394103	BRS	55,721,014	2.8
1,206,428	Fair Isaac Corp.	303250104	FICO	55,121,695	2.8
780,313	Anixter Intl Inc.	035290105	AXE	54,559,485	2.8
3,300,763	International Game Technology	459902102	IGT	54,462,590	2.8
3,426,300	Western Union Co.	959802109	WU	51,531,552	2.6
1,322,813	Meredith Corp.	589433101	MDP	50,610,825	2.6
598,913	Snap-on Inc.	833034101	SNA	49,530,105	2.5
363,306	Bio-Rad Laboratories, Inc.	090572207	BIO	45,776,556	2.3
1,127,403	Contango Oil & Gas Co.	21075N204	MCF	45,197,586	2.3
1,469,627	Simpson Manufacturing Co., Inc.	829073105	SSD	44,985,283	2.3
99,778	Washington Post Co.	939640108	WPO	44,600,766	2.3
1,277,580	Royal Caribbean Cruises Ltd.	V7780T103	RCL	42,441,208	2.2
41,114,222	Fixed Income Clearing Corporation	85748R009		41,114,222	2.1
1,192,239	Brady Corp.	104674106	BRC	39,975,774	2.0
683,644	Madison Square Garden Co.	55826P100	MSG	39,377,894	2.0
655,970	City National Corp.	178566105	CYN	38,643,193	2.0
1,176,490	DeVry Inc.	251893103	DV	37,353,558	1.9
644,741	IDEX Corp.	45167R104	IEX	34,442,064	1.8
1,758,506	Interface, Inc.	458665304	TILE	33,798,485	1.7
865,650	Sotheby's	835898107	BID	32,383,967	1.6
457,966	Littelfuse, Inc.	537008104	LFUS	31,072,993	1.6
2,180,672	Symmetry Medical Inc.	871546206	SMA	24,968,694	1.3
215,785	J.M. Smucker Co.	832696405	SJM	21,397,241	1.1
217,241	Zimmer Holdings, Inc.	98956P102	ZMH	16,340,868	0.8
293,638	Nordstrom, Inc.	655664100	JWN	16,217,627	0.8
214,095	McCormick & Co., Inc.	579780206	MKC	15,746,687	0.8
	Cash, Other Assets and Liabilities			-5,771,136	-0.3
Grand Total				$1,969,168,720	100.0%

> Investor Class

> Institutional Class

Quarter End

Month End

Ariel Fund Performance as of April 30, 2013

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Ten Years	Since Inception
Inception date: November 6, 1986				Annualized
Ariel Fund	0.25%	7.06%	16.05%	25.84%	10.67%	7.86%	8.31%	11.23%
Russell 2500™ Value Index	0.27%	6.41%	13.66%	22.25%	12.13%	7.90%	11.20%	11.43%
Russell 2000® Value Index	-0.10%	5.25%	11.52%	19.71%	9.58%	6.60%	10.28%	10.65%
S&P 500® Index	1.93%	7.18%	12.74%	16.89%	12.80%	5.21%	7.88%	9.83%

Ariel Fund Performance as of March 31, 2013

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Ten Years	Since Inception
Inception date: November 6, 1986				Annualized
Ariel Fund	4.46%	15.76%	15.76%	21.57%	12.59%	8.18%	9.06%	11.26%
Russell 2500™ Value Index	4.49%	13.35%	13.35%	21.17%	14.16%	8.81%	12.14%	11.45%
Russell 2000® Value Index	4.16%	11.63%	11.63%	18.09%	12.12%	7.29%	11.29%	10.69%
S&P 500® Index	3.75%	10.61%	10.61%	13.96%	12.67%	5.81%	8.53%	9.79%

> View Historical Quarter-by-Quarter Performance

Expense Ratio as of the fiscal year ended 9/30/12: 1.06%

Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Ariel Fund often invests a significant portion of its assets in companies within the financial services and consumer discretionary sectors and its performance may suffer if these sectors underperform the overall stock market. 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.

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. 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.

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

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.

Quarter End

Month End

Ariel Fund Performance as of April 30, 2013

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Ten Years	Since Inception
Inception date: November 6, 1986				Annualized
Ariel Fund	0.29%	7.15%	16.17%	26.29%	10.84%	7.96%	8.36%	11.25%
Russell 2500™ Value Index	0.27%	6.41%	13.66%	22.25%	12.13%	7.90%	11.20%	11.43%
Russell 2000® Value Index	-0.10%	5.25%	11.52%	19.71%	9.58%	6.60%	10.28%	10.65%
S&P 500® Index	1.93%	7.18%	12.74%	16.89%	12.80%	5.21%	7.88%	9.83%

Ariel Fund Performance as of March 31, 2013

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Ten Years	Since Inception
Inception date: November 6, 1986				Annualized
Ariel Fund	4.49%	15.84%	15.84%	21.99%	12.75%	8.27%	9.10%	11.28%
Russell 2500™ Value Index	4.49%	13.35%	13.35%	21.17%	14.16%	8.81%	12.14%	11.45%
Russell 2000® Value Index	4.16%	11.63%	11.63%	18.09%	12.12%	7.29%	11.29%	10.69%
S&P 500® Index	3.75%	10.61%	10.61%	13.96%	12.67%	5.81%	8.53%	9.79%

Expense Ratio as of the fiscal year ended 9/30/12: 0.68%*

*Annualized.

The inception date for the Institutional Class shares is December 30, 2011. Performance information for the Institutional Class prior to that date reflects the actual performance of the Fund's Investor Class (and uses the actual expenses of the Fund's Investor Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund's Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund's Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses, which are primarily differences in distribution and service fees.

Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Ariel Fund often invests a significant portion of its assets in companies within the financial services and consumer discretionary sectors and its performance may suffer if these sectors underperform the overall stock market. 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.

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. 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.

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

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.

Separately Managed Accounts

Mutual Funds

Our patient investment philosophy

A Patient View

A Focused Approach

A Team of Independent Thinkers

We believe ethical business practices make good investment sense.

Sector Weightings (%) as of March 31, 2013

Portfolio Characteristics as of March 31, 2013

Schedule of Holdings as of March 31, 2013

Ariel Fund Performance as of April 30, 2013

Ariel Fund Performance as of March 31, 2013

Ariel Fund Performance as of April 30, 2013

Ariel Fund Performance as of March 31, 2013