Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment.

Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Investing in equity stocks is risky and subject to the volatility of the markets. 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. Use the following links to view standardized performance data and performance data current to the most recent month-end for Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund.

Ariel Fund received a two-star Overall Morningstar Rating™ as of 02/28/10 out of 371 mid-cap blend funds. Ariel Fund was rated one star among 371, one star among 304 and four stars among 157 domestic mid-cap blend funds for the three-, five- and ten-year periods ended 02/28/10, respectively.

Ariel Appreciation Fund received a four-star Overall Morningstar Rating™ as of 02/28/10 out of 371 mid-cap blend funds. Ariel Appreciation Fund was rated three stars among 371, three stars among 304 and four stars among 157 domestic mid-cap blend funds for the three-, five- and ten-year periods ended 02/28/10, respectively.

Ariel Focus Fund received a four-star Overall Morningstar Rating™ as of 02/28/10 out of 1,115 large value funds. Ariel Focus Fund was rated four stars among 1,115 domestic large value funds for the three-year period ended 02/28/10.  

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. These ratings change monthly. The top 10% of funds in an investment category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Ratings. Morningstar does not guarantee the accuracy of this information.

© 2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  

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.