The mutual funds we offer are:

• Ariel Fund
  Small/mid cap value fund managed by John W. Rogers, Jr. since its inception in 1986, invests primarily in the stocks of companies with market capitalizations between $1 billion and $7.5 billion
• > Ariel Fund Fact Sheet - 4Q11
  
  
• Ariel Appreciation Fund
  Mid cap value fund co-managed by John W. Rogers, Jr., Tim Fidler and Matthew Sauer with a track record dating back to 1989, invests primarily in companies with market capitalizations between $2 billion and $15 billion 
• > Ariel Appreciation Fund Fact Sheet - 4Q11
  
  
• Ariel Focus Fund
  Mid/large cap value fund co-managed by Charlie Bobrinskoy and Tim Fidler since its June 2005 inception, searches primarily for companies with market capitalizations in excess of $10 billion
• > Ariel Focus Fund Fact Sheet - 4Q11
  


• Ariel Discovery Fund
  Launched on January 31, 2011 and managed by David Maley, invests in small cap deep value securities with market capitalizations under $2 billion
• > Ariel Discovery Fund Fact Sheet - 4Q11
  
  
• Ariel International Equity Fund
  International equity fund managed by Rupal Bhansali since its inception on December 30, 2011, invests in overseas markets across the market capitalization spectrum
  
  
• Ariel Global Equity Fund
  Launched on December 30, 2011 and managed by Rupal Bhansali, invests in companies throughout the world across all market capitalization ranges
  
  

Our separately managed accounts include:

•  Ariel Micro-Cap Value Product
  Managed by David Maley, with a track record dating back to July 31, 2002, invests in companies with market capitalizations generally below $500 million
•  Ariel Micro-Cap Value Product Fact Sheet - 4Q11
  
  
•  Ariel Small Cap Value Product
  Managed by John W. Rogers, Jr. since its inception in 1983, searches for companies with market capitalizations generally between $200 million and $2 billion
•  Ariel Small Cap Value Product Fact Sheet - 4Q11
  
  
•  Ariel Small/Mid Cap Value Product
  Managed by John W. Rogers, Jr., with a track record dating back to 2000, searches for companies with market capitalizations generally between $1 billion and $7.5 billion
•  Ariel Small/Mid Cap Value Product Fact Sheet - 4Q11
  
  
•  Ariel Mid Cap Value Product
  Co-managed by John W. Rogers, Jr., Tim Fidler and Matthew Sauer with a track record dating back to 1990, focuses on companies between $2 billion and $15 billion in market capitalization
•  Ariel Mid Cap Value Product Fact Sheet - 4Q11
  
  
•  Ariel Focused Value Product
  Co-managed by Charlie Bobrinskoy and Tim Fidler since its March 2005 inception, invests in companies with market capitalizations generally above $10 billion
•  Ariel Focused Value Product Fact Sheet - 4Q11
  
  
•  Ariel International Equity Product
  Managed by Rupal Bhansali since its inception on December 31, 2011, invests in overseas markets across the market capitalization spectrum
  
  
•  Ariel Global Equity Product
  Managed by Rupal Bhansali and launched on December 31, 2011, invests in companies throughout the world across all market capitalization ranges