In this segment, David Maley discusses certain individual securities, which at the time of the interview were held in Ariel Discovery Fund. Portfolio holdings are subject to change. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings of Ariel Discovery Fund.  Click here for the most recent holdings for Ariel Discovery Fund.
 
Investing in small cap stocks is more risky and more volatile than investing in large cap stocks. Attempting to purchase with a margin of safety on price cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations on our part, declining fundamentals or external forces.

Performance data discussed 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.  Click here for performance data for Ariel Discovery Fund.
 
Click here for a fund prospectus.