December 5, 2016

On an annual basis, we evaluate the expense ratios of our Funds and decide whether to offer fee waivers and expense reimbursements (“expense caps”). Expense caps have been put into place for some of our newer funds to cap the amount of certain fees and expenses paid by shareholders. This November, we asked our Board of Trustees to approve a 12 basis point decrease of the expense caps for the Investor and Institutional share classes of Ariel International Fund and Ariel Global Fund. The Board approved the lower expense caps, which became effective on November 29, 2016. A summary of these changes is shown in the chart below. Over time as the funds grow, the expense ratios will naturally decrease, eventually eliminating the need for expense caps in order to limit the expense ratios. In the meantime, we wanted to offer this reduction as a benefit to our investors.

We remain committed to being best in class and competitive in this ever changing environment. Lower expense ratios will ultimately help drive better investment returns for our shareholders. Our responsibility to you is first and foremost and we value the trust you have bestowed upon us.

We appreciate the opportunity to serve you and welcome your comments or questions at any time.

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.