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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.


Quarter End
Month End

Ariel Fund Performance as of April 30, 2013

Inception date: November 6, 1986 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Three
Years 		Five
Years 		Ten
Years 		Since
Inception
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

Inception date: November 6, 1986 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Three
Years 		Five
Years 		Ten
Years 		Since
Inception
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%


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


Quarter End
Month End

Ariel Appreciation Fund Performance as of April 30, 2013

Inception date: December 1, 1989 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Three
Years 		Five
Years 		Ten
Years 		Since
Inception
Ariel Appreciation Fund 1.67% 7.74% 17.48% 24.51% 11.46% 9.67% 9.55% 10.85%
Russell Midcap® Value Index 1.12% 7.51% 15.49% 23.66% 13.70% 7.49% 11.88% 11.54%
Russell Midcap® Index 1.28% 7.08% 14.41% 19.20% 13.70% 7.24% 11.63% 11.20%
S&P 500® Index 1.93% 7.18% 12.74% 16.89% 12.80% 5.21% 7.88% 9.00%

Ariel Appreciation Fund Performance as of March 31, 2013

Inception date: December 1, 1989 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Three
Years 		Five
Years 		Ten
Years 		Since
Inception
Ariel Appreciation Fund 3.70% 15.55% 15.55% 18.63% 12.55% 10.21% 10.23% 10.81%
Russell Midcap® Value Index 4.48% 14.21% 14.21% 21.49% 14.95% 8.53% 12.57% 11.53%
Russell Midcap® Index 4.25% 12.96% 12.96% 17.30% 14.62% 8.37% 12.27% 11.18%
S&P 500® Index 3.75% 10.61% 10.61% 13.96% 12.67% 5.81% 8.53% 8.94%


Expense Ratio as of the fiscal year ended 9/30/12: 1.17%


Quarter End
Month End

Ariel Focus Fund Performance as of April 30, 2013

Inception date: June 30, 2005 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Three
Years 		Five
Years 		Since
Inception
Ariel Focus Fund 1.70% 7.46% 15.91% 16.35% 8.58% 3.38% 3.95%
Russell 1000® Value Index 1.51% 7.05% 14.01% 21.80% 12.35% 4.17% 5.38%
S&P 500® Index 1.93% 7.18% 12.74% 16.89% 12.80% 5.21% 6.03%

Ariel Focus Fund Performance as of March 31, 2013

Inception date: June 30, 2005 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Three
Years 		Five
Years 		Since
Inception
Ariel Focus Fund 4.23% 13.97% 13.97% 11.13% 8.26% 4.06% 3.77%
Russell 1000® Value Index 3.96% 12.31% 12.31% 18.77% 12.74% 4.85% 5.23%
S&P 500® Index 3.75% 10.61% 10.61% 13.96% 12.67% 5.81% 5.83%


Net Expense Ratio as of the fiscal year ended 9/30/12: 1.25%*
Gross Expense Ratio as of the fiscal year ended 9/30/12: 1.58%*

*Ariel Investments, LLC, the Adviser, 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 for the Investor Class through the end of the fiscal year ending September 30, 2014. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2014.


Quarter End
Month End

Ariel Discovery Fund Performance as of April 30, 2013

Inception date: January 31, 2011 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Since
Inception
Ariel Discovery Fund -0.17% 6.49% 13.34% 18.10% 7.70%
Russell 2000® Value Index -0.10% 5.25% 11.52% 19.71% 10.20%
S&P 500® Index 1.93% 7.18% 12.74% 16.89% 12.58%

Ariel Discovery Fund Performance as of March 31, 2013

Inception date: January 31, 2011 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Since
Inception
Ariel Discovery Fund 7.55% 13.54% 13.53% 17.95% 8.08%
Russell 2000® Value Index 4.16% 11.63% 11.63% 18.09% 10.65%
S&P 500® Index 3.75% 10.61% 10.61% 13.96% 12.09%


Net Expense Ratio: as of the fiscal year ended 9/30/12: 1.50%*
Gross Expense Ratio: as of the fiscal year ended 9/30/12: 5.18%*

*Ariel Investments, LLC, the Adviser, is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Discovery Fund’s total annual operating expenses to 1.50% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2014. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2014.


Quarter End
Month End

Ariel International Equity Fund Performance as of April 30, 2013

Inception date: December 30, 2011 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Since
Inception
Ariel International Equity Fund 4.94% 4.85% 9.01% 13.85% 10.13%
MSCI EAFE 5.33% 5.27% 10.84% 19.96% 22.21%

Ariel International Equity Fund Performance as of March 31, 2013

Inception date: December 30, 2011 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Since
Inception
Ariel International Equity Fund 1.32% 3.88% 3.88% 3.02% 6.64%
MSCI EAFE 0.88% 5.23% 5.23% 11.79% 18.80%


Net Expense Ratio as of the fiscal year ended 9/30/12: 1.40%*
Gross Expense Ratio as of the fiscal year ended 9/30/12: 17.00%*

*Annualized. Ariel Investments, LLC, the Adviser, is contractually obligated to waive fees or reimburse expenses in order to limit Ariel International Equity Fund’s total annual operating expenses to 1.40% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2015. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2015.


Quarter End
Month End

Ariel Global Equity Fund Performance as of April 30, 2013

Inception date: December 30, 2011 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Since
Inception
Ariel Global Equity Fund 3.60% 6.97% 11.94% 17.63% 13.28%
MSCI AC World Index 2.92% 4.89% 9.75% 15.69% 20.46%

Ariel Global Equity Fund Performance as of March 31, 2013

Inception date: December 30, 2011 Annualized
  One
Month 		Three
Months 		Year To
Date 		One
Year 		Since
Inception
Ariel Global Equity Fund 2.98% 8.06% 8.06% 8.36% 11.03%
MSCI AC World Index 1.88% 6.63% 6.63% 11.19% 19.16%


Net Expense Ratio as of the fiscal year ended 9/30/12: 1.40%*
Gross Expense Ratio as of the fiscal year ended 9/30/12: 12.33%*

*Annualized. Ariel Investments, LLC, the Adviser, is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Global Equity Fund’s total annual operating expenses to 1.40% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2015. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2015.


Investing in equity stocks is risky and subject to the volatility of the markets. Investing in small- and mid-cap stocks is more risky and volatile than investing in large-cap stocks. Ariel Fund and Ariel Appreciation Fund often invest a significant portion of their assets in companies within the financial services and consumer discretionary sectors and their performance may suffer if these sectors underperform the overall stock market. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment. Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives and ETFs may increase investment losses and expenses and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.

Average Annual Total Return for Ariel Fund and Ariel Appreciation Fund 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.

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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.