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An actively managed portfolio is more risky than a passively managed portfolio that replicates an index because it contains fewer stocks than its benchmark index. Indexes are unmanaged, and an investor cannot invest directly in an index. However, investors may invest in an index fund, which mimics the composition of an index. There are lower costs associated with index funds, as compared to actively managed funds.

A growth investment strategy seeks stocks that are deemed to have superior growth potential. Growth stocks offer an established track record and are perceived to be less risky than value stocks. 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. Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks.

Past performance does not guarantee future results. As of 3/31/18, Ariel Fund (Investor Class) was ranked number two out of 320 funds in the Mid-Cap Value category since the market bottom on 3/9/09. Morningstar, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds. Each fund is ranked relative to all funds in the same category. Rankings are based on total returns. The rankings mentioned in the interview are for the Investor Class. Rankings for the Institutional Class will differ. At the time of the interview , for the period ended 3/31/18, Ariel Fund ranked 58 out of 420, 21 out of 362, and 60 out of 315 among the funds in the mid-cap value category for the one-, five- and ten-year periods. See current Morningstar rankings for Ariel Fund by clicking here.

© 2018 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.

Past performance does not guarantee future results. As of 3/31/18, Ariel Fund (Investor Class) was ranked number one out of 207 funds in Lipper’s Mid-Cap Core universe since the market bottom on 3/9/09. Lipper, Inc. is a nationally recognized organization that reports performance and calculates rankings for mutual funds. Each fund is ranked within a universe of funds with similar investment objectives. Rankings are based on total returns. The rankings mentioned in the interview are for the Investor Class. Rankings for the Institutional Class will differ. For the period ended 3/31/18, Ariel Fund ranked 193 out of 417, 25 out of 283, and 33 out of 193 among the funds in the Mid-Cap Core universe for the one-, five- and ten-year periods. See current Lipper rankings for Ariel Fund by clicking here.

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.