Ariel Investments, LLC is a money management firm headquartered in Chicago, Illinois. Taking a long-term view and applying independent thinking to our investment decisions, we span the market cap spectrum from micro to large and cover the globe with our international and global offerings. Ariel claims compliance with the Global Investment Performance Standards (GIPS®). The Ariel Mid Cap Value Composite seeks long-term capital appreciation by investing in mid-sized undervalued companies that show strong potential for growth. The Ariel Mid Cap Value Composite differs from its benchmark, the Russell Midcap® Value Index, with holdings concentrated in fewer sectors. Index returns reflect the reinvestment of income and other earnings. Indexes are unmanaged, and investors cannot invest directly in an index. Performance results are net of transaction costs and reflect the reinvestment of dividends and other earnings. Net returns reflect the deduction of the maximum advisory fee in effect for the respective period, which is currently 1.00% per annum. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Fee information is available upon request and may also be found in Ariel’s Form ADV, Part 2. Returns are calculated in U.S. dollars. Effective August 1, 2010, the Ariel Mid Cap Value Composite was redefined to exclude pooled funds due to differences in performance calculation methods. The Ariel Mid Cap Value Composite has been examined for the periods from April 1, 1990 through December 31, 2012. A copy of the examination report is available upon request. Past performance does not guarantee future results. Investing in mid-cap stocks is more risky and volatile than investing in large-cap stocks.

Click here to obtain a complete list of composite descriptions or a presentation that adheres to the GIPS standards. You may also contact Krista Rivers at 800-725-0140, or write Ariel Investments, 200 East Randolph Drive, Suite 2900, Chicago, Illinois, 60601.

The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies. 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.

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 co-portfolio managers make the final purchase decision.

Represents percentage of total equity holdings in the representative portfolio

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.

The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies. 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.