Emphasis on higher absolute and relative returns over a full market cycle with less risk
Focus research as much on what can go wrong as what can go right

Independence

We invest to our convictions, not to benchmarks.

Benchmark aware only to the extent that tracking error is by design and not by default
Significant exposure to our highest-conviction ideas, tempered with prudent risk controls

Expertise

We specialize in bottom-up fundamental research.

Focus on connecting information versus collecting information
Take business analyst approach rather than financial analyst approach
Have extensive interactions with management teams around the world
Research a company's global peers to fully inform our competitive assessment

Teamwork

We work collaboratively with a shared commitment to excellence.

Debate best, base and worst case scenarios for every company considered
Three team members with clearly defined roles vet each stock

Rupal Bhansali on International and Global Investing I

Rupal Bhansali on International and Global Investing II

Our global process

Negative Screening

Negative screening seeks downside protection

Process:
Screen on risk, not growth rate or valuation
Risk management:
Eliminate approximately 60% of high-risk stocks in universe
Benefit:
Position for downside protection

Bottom-up Research

Proprietary bottom-up research enables better stock picking

Process:
Lead analysts perform research
Risk management:
Assess the prospects and durability of a business franchise
Benefit:
Proprietary insights enable better stock picking

Team Validation

Team validation avoids blind spots in our analysis

Process:
A team of three debates and stress tests each idea
Risk management:
Incorporate macro and micro factors in scenario analyses; lead analyst presents balanced case versus a recommendation
Benefit:
Ideas vetted from multiple perspectives yield more informed final decisions by portfolio manager

Portfolio Construction

Portfolios constructed to manage risks as well as long-term performance

Process:
Seek to own top decile of investment opportunities uncovered
Risk management:
Typically cap security position size at 5% at time of purchase, sector weights at the higher of 25% or 1.5x benchmark, hedge currency if practical and cost-efficient
Benefit:
Designed to generate superior long-term, risk-adjusted performance

Ariel Global Fund

Investor Class | AGLOX

Performance

As of June 30, 2017

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Since Inception
Inception date: December 30, 2011				Annualized
Ariel Global Fund	-0.52%	3.50%	9.47%	12.88%	4.37%	11.38%	9.43%
MSCI AC World Index	0.45%	4.27%	11.48%	18.78%	4.82%	10.54%	10.64%

Ariel Global Fund

Investor Class | AGLOX

Performance

As of June 30, 2017

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Since Inception
Inception date: December 30, 2011				Annualized
Ariel Global Fund	-0.52%	3.50%	9.47%	12.88%	4.37%	11.38%	9.43%
MSCI AC World Index	0.45%	4.27%	11.48%	18.78%	4.82%	10.54%	10.64%

Compare Performance for all our Funds

Expense Ratio Cap: 1.13%*
Gross Expense Ratio as of the fiscal year ended 9/30/16: 1.70%*

*Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees or reimburse expenses (the "Expense Cap") in order to limit Ariel Global Fund's total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2018. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives and exchange-traded funds (ETFs) may increase investment losses and expenses and create more volatility. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader 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.

MSCI ACWI (All Country World Index) Index is an unmanaged, market weighted index of global developed and emerging markets. The MSCI ACWI Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. MSCI uses the maximum tax rate applicable to institutional investors, as determined by the companies' country of incorporation. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

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.

Quarter End

Month End

Ariel Global Fund

Institutional Class | AGLYX

Performance

As of June 30, 2017

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Since Inception
Inception date: December 30, 2011				Annualized
Ariel Global Fund	-0.53%	3.54%	9.56%	13.17%	4.63%	11.67%	9.72%
MSCI AC World Index	0.45%	4.27%	11.48%	18.78%	4.82%	10.54%	10.64%

Ariel Global Fund

Institutional Class | AGLYX

Performance

As of June 30, 2017

	One Month	Three Months	Year To Date	One Year	Three Years	Five Years	Since Inception
Inception date: December 30, 2011				Annualized
Ariel Global Fund	-0.53%	3.54%	9.56%	13.17%	4.63%	11.67%	9.72%
MSCI AC World Index	0.45%	4.27%	11.48%	18.78%	4.82%	10.54%	10.64%

Compare Performance for all our Funds

Expense Ratio Cap: 0.88%*
Gross Expense Ratio as of the fiscal year ended 9/30/16: 1.14%*

*Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees or reimburse expenses (the "Expense Cap") in order to limit Ariel Global Fund's total annual operating expenses to 0.88% of net assets for the Institutional Class through the end of the fiscal year ending September 30, 2018. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Ariel Global Fund

Sector Weightings (%)

As of June 30, 2017

	Ariel Global Fund	MSCI ACWI
Health Care	23.06	11.42
Information Technology	22.21	16.84
Telecommunication Services	14.48	3.23
Financials	13.62	18.64
Consumer Staples	8.49	9.35
Consumer Discretionary	5.02	12.12
Utilities	4.39	3.13
Energy	4.11	6.10
Industrials	3.84	10.87
Real Estate	0.78	3.15
Materials	0.00	5.15

Represents percentage of total equity holdings in the portfolio

MSCI ACWI (All Country World Index) Index is an unmanaged, market weighted index of global developed and emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

These sectors are the Global Industry Classification Standard (“GICS”). GICS was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Ariel Investments, LLC. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Ariel Global Fund

Schedule of Holdings

As of June 30, 2017

	Units	Security Description	Market Value	% of Total Value
AUSTRALIA			96,989	0.1
	24,314	AMP Ltd.	96,989	0.1
CANADA			780,955	0.8
	13,113	IGM Financial, Inc.	406,697	0.4
	7,877	Suncor Energy, Inc.	230,151	0.2
	2,092	Magna International, Inc.	96,905	0.1
	2,635	Hydro One Ltd.	47,202	0.1
CHILE			494,733	0.5
	19,470	Banco Santander-Chile ADR	494,733	0.5
CHINA			9,748,837	10.0
	27,616	Baidu, Inc. ADR	4,939,398	5.1
	232,000	China Mobile Ltd.	2,461,905	2.5
	44,218	China Mobile Ltd. ADR	2,347,534	2.4
DENMARK			398,436	0.4
	9,304	Novo Nordisk A/S	398,436	0.4
FINLAND			4,418,878	4.6
	682,605	Nokia Corp. ADR	4,204,847	4.4
	34,994	Nokia Corp.	214,031	0.2
FRANCE			4,120,550	4.2
	22,729	Michelin (CGDE)	3,021,735	3.1
	10,847	Safran SA	994,085	1.0
	973	Thales SA	104,730	0.1
GERMANY			4,858,979	5.0
	31,552	Deutsche Boerse AG	3,330,550	3.4
	257,497	Telefonica Deutschland Holding	1,286,100	1.3
	5,676	Dialog Semiconductor plc	242,329	0.3
HONG KONG			176,785	0.2
	486,000	Li & Fung Ltd.	176,785	0.2
ITALY			1,014,315	1.1
	232,724	Snam SpA	1,014,315	1.1
JAPAN			7,520,073	7.7
	89,500	NTT DOCOMO, Inc.	2,110,282	2.2
	33,300	Nippon Telegraph & Telephone Corp.	1,572,109	1.6
	4,250	Nintendo Co., Ltd.	1,423,783	1.5
	4,500	Daito Trust Construction Co., Ltd.	699,955	0.7
	16,100	Japan Tobacco, Inc.	564,985	0.6
	2,100	Murata Manufacturing Co., Ltd.	318,711	0.3
	4,100	Toyota Motor Corp.	214,815	0.2
	2,800	Secom Co., Ltd.	212,225	0.2
	1,700	Shimamura Co., Ltd.	207,975	0.2
	5,800	Subaru Corp.	195,233	0.2
MEXICO			406,833	0.4
	122,441	Wal-Mart de Mexico SAB de CV	284,231	0.3
	12,718	Santander Mexico Financial Group ADR	122,602	0.1
NETHERLANDS			3,155,167	3.2
	97,549	Koninklijke Ahold Delhaize N.V.	1,865,097	1.9
	21,494	Gemalto N.V.	1,290,070	1.3
SINGAPORE			285,484	0.3
	17,000	United Overseas Bank Ltd.	285,484	0.3
SOUTH KOREA			59,047	0.1
	1,821	LG Display Co., Ltd.	59,047	0.1
SPAIN			910,728	0.9
	39,533	Endesa SA	910,728	0.9
SWITZERLAND			7,396,722	7.7
	19,731	Roche Holding AG	5,024,831	5.2
	4,151	Swisscom AG	2,002,991	2.1
	109	SGS SA	263,946	0.3
	1,206	Nestle SA	104,954	0.1
THAILAND			573,767	0.6
	80,100	Kasikornbank PCL	468,056	0.5
	18,000	Kasikornbank PCL	105,711	0.1
UNITED KINGDOM			6,138,016	6.3
	61,450	GlaxoSmithKline plc ADR	2,649,724	2.7
	112,081	GlaxoSmithKline plc	2,387,501	2.5
	49,697	National Grid plc	616,080	0.6
	4,781	Reckitt Benckiser Group plc	484,711	0.5
UNITED STATES			37,141,242	38.8
	99,129	Microsoft Corp.	6,832,962	7.1
	75,092	Gilead Sciences, Inc.	5,315,012	5.5
	32,183	Johnson & Johnson	4,257,489	4.4
	26,192	Philip Morris Intl, Inc.	3,076,250	3.2
	18,018	Berkshire Hathaway, Inc., Class B	3,051,709	3.2
	27,573	American Express Co.	2,322,749	2.4
	28,453	Southern Co.	1,362,330	1.4
	26,514	Fluor Corp.	1,213,811	1.3
	27,019	Verizon Communications, Inc.	1,206,669	1.3
	7,426	Costco Wholesale Corp.	1,187,640	1.2
	8,910	Sempra Energy	1,004,603	1.0
	10,499	Schlumberger Ltd.	691,254	0.7
	6,811	Core Laboratories N.V.	689,750	0.7
	13,109	U.S. Bancorp	680,619	0.7
	11,038	Occidental Petroleum Corp.	660,845	0.7
	5,886	Quest Diagnostics, Inc.	654,288	0.7
	133,951	Acacia Research Corp.	549,199	0.6
	4,462	EOG Resources, Inc.	403,900	0.4
	5,460	Discover Financial Services	339,557	0.4
	2,616	CME Group, Inc.	327,628	0.3
	6,818	Coach, Inc.	322,764	0.3
	2,924	Tractor Supply Co.	158,510	0.2
	17,535	Pandora Media, Inc.	156,412	0.2
	1,168	Accenture plc, Class A	144,458	0.2
	1,205	InterDigital, Inc.	93,146	0.1
	265	Acuity Brands, Inc.	53,869	0.1
	791	IntercontinentalExchange, Inc.	52,143	0.1
	948	Church & Dwight Co., Inc.	49,182	0.1
	853	Expeditors International of Washington, Inc.	48,177	0.1
	785	FactSet Research Systems, Inc.	130,451	0.1
	2,719	TripAdvisor, Inc.	103,866	0.1
Total Equities			89,696,536	92.9
Short Term Investments
	4,972,719	Northern Institutional Treasury Portfolio	4,972,719	5.1
Foreign Currency and Other Assets less Liabilities			1,971,242	2.0
Grand Total			96,640,497	100.0%

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Ariel Global Fund

Commentary

Monthly Commentary: Perspectives on the current market

Ariel Monthly Commentary

Quarterly Report: Quarterly performance update and communication to investors

Mutual Funds Quarterly Report

Fact Sheets: Quarterly overview of fund objectives and performance summary

Ariel Global Fund Fact Sheet