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The information provided in this interview does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. This material should not be considered an offer for any of the securities referenced. The information contained in the interview is not guaranteed as to its accuracy or completeness, and the opinions expressed therein were current as of the date of the interview but are subject to change. Portfolio holdings are subject to change. The industry and individual security investment discussions are not reflective of a specific product. See the Products section of our website for current product holdings for the strategies managed by John W. Rogers, Jr.

Past performance does not guarantee future results. Investing in equity stocks is risky and subject to the volatility of the markets. A value investment strategy seeks undervalued stocks that show a strong potential for growth. The intrinsic value of the stocks in which a value strategy invests may be based on incorrect assumptions or estimations, may be affected by declining fundamentals or external forces, and may never be recognized by the broader market.

In the interview, the speaker mentions the following terms which we define as follows:

• Discount to Private Market Value is the percentage discount the portfolio trades at relative to Ariel Investments’ internal estimate of the portfolio’s private market value (PMV). There is no guarantee that companies we invest in will achieve our PMV or projected future earnings.
• An economic moat is a perceived competitive advantage that acts as a barrier to entry for other companies in the same industry. This perceived advantage cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations, declining fundamentals or external forces.

References to stocks being “cheap” means that it is the speaker’s opinion that such stocks are selling at significant discounts to the speaker’s estimate of such stocks’ private market value. It, also, does not suggest that the stocks mentioned will generate favorable results.

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. Ariel Distributors, LLC is a member of the Securities Investor Protection Corporation.