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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. For the period ended December 31, 2020, the average annual total returns of Ariel Fund (Investor Class) for the one-, five-, and ten-year periods was 10.02%, 9.66% and 10.04%, respectively. For the years ended September 30, 2020 and September 30, 2019, respectively, the annual expense ratios for Ariel Fund (Investor Class) were 1.04% and 1.02%, respectively. Click here for performance data current to the most recent month-end for Ariel Fund.

Ariel Fund pursues long-term capital appreciation as an investment objective. Ariel Fund invests primarily in small- and mid-cap companies. Investing in small- and mid-cap stocks is more risky and more volatile than investing in large cap stocks. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. Ariel Fund is often concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market.

The analysis was prepared by The Wall Street Journal. This material should not be considered an offer for any of the securities referenced. The information in this analysis is not guaranteed as to its accuracy or completeness. 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 or an offer for any particular security.

Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current 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 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.