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In this video of a television interview with Rupal J. Bhansali, she discusses her investment philosophy, opinions on the current market and regulatory environment, and her opinions on specific stocks. The funds she manages on behalf of Ariel, as well as their Morningstar™ rankings, are mentioned by the interviewer. The information contained in the video is not guaranteed as to its accuracy or completeness. This material should not be considered an offer for any of the securities referenced. The information and opinions contained in the article were current as of the date of the interview but are subject to change. The information provided 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. Click here for the current schedule of holdings for Ariel International Fund and here for a current schedule of holdings for Ariel Global Fund. See the Products section of our website for current product holdings.

Past performance does not guarantee future results. Investing in equity stocks is risky and subject to the volatility of the markets. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings of any Ariel fund. 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. 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. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.

Click here for the expense ratio and standardized performance data current to the most recent quarter- and month-end periods for Ariel International Fund.

Click here for the expense ratio and standardized performance data current to the most recent quarter- and month-end periods for Ariel Global Fund.

Dividends are not guaranteed and are subject to change or elimination. High-yield securities (including junk bonds) are subject to greater risk of loss of principal and interest, including default risk, than higher-rated securities.

Ariel International Fund (Investor Class) ranked 68 out of 341, 165 out of 292, and 33 out of 175 among the funds in Morningstar’s Foreign Large Value category for the one-, five- and ten-year periods ended 9/30/22. Rankings for the Institutional Class will differ. Each fund is ranked relative to all funds in the same category. Rankings are based on total returns. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. As of 9/30/22, Ariel International Fund (Investor Class)’s Overall Morningstar Rating™ is 5 stars among 314 funds in the Foreign Large Value category. The Fund’s Overall Morningstar Rating™ is based on its three-, five- and ten-year ratings: 4 stars among 314 funds, 4 stars among 292 funds, and 5 stars among 175 funds, respectively. Ratings for the Institutional Class will differ.

Ariel Global Fund (Investor Class) ranked 20 out of 172, 66 out of 148, and 22 out of 89 among the funds in Morningstar’s Global Large-Stock Value category for the one-, five- and ten-year periods ended 9/30/22. Rankings for the Institutional Class will differ. Each fund is ranked relative to all funds in the same category. Rankings are based on total returns. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. As of 9/30/22, Ariel Global Fund (Investor Class)’s Overall Morningstar Rating™ is 4 stars among 156 funds in the Global Large-Stock Value category. The Fund’s Overall Morningstar Rating™ is based on its three-, five- and ten-year ratings: 5 stars among 156 funds, 4 stars among 148 funds, and 4 stars among 89 funds, respectively. Ratings for the Institutional Class will differ.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three[1]year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds.

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.