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 invests 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. 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. Click on the following links for the expense ratio and the standardized performance current to the most recent quarter and month-end periods for Ariel Fund and Ariel Appreciation Fund. Lipper, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds. Each fund is ranked within a universe of funds with similar investment objectives. Ranking is based on total returns. Reference to Ariel Fund’s rating in the 9th percentile since inception is based on the following Lipper rankings. Ariel Fund was rated 363 among 6,949; 3,303 among 5,016; 226 among 2,689 and 22 among 251 US Diversified Equity Funds for the one-, five-, ten-year and since inception periods ended 09/30/10, respectively. Ariel Fund and Ariel Appreciation Fund pursue long-term capital appreciation by investing in undervalued companies that show strong potential for growth. Ariel Fund invests primarily in common stocks of companies with market capitalizations between $1 billion and $5 billion measured at the time of purchase. Ariel Appreciation Fund invests primarily in common stocks of companies with market capitalizations between $2.5 billion and $15 billion measured at the time of purchase. The Money 100 reference is a list of 100 mutual funds compiled by Money magazine. 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.