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Company Update


Clients and Friends of Ariel Investments, LLC


Mellody Hobson, Co-CEO and President


November 9, 2021


Company Update

Return to Office—Hybrid Style

Throughout the pandemic, we have written to provide regular updates on our progress during an unprecedented time. In our very first communication dated March 23, 2020, we concluded by saying, “We realize it may get worse before it gets better—but one thing we know for sure, it will get better. One day, in the not-so-distant future, we will all sit in our offices working side-by-side.”

Now, we admit “the not-so-distant future” has been much longer than we anticipated. Still, we are pleased to report we officially returned to working in-person in our Chicago, New York City and San Francisco offices on November 1st. Our team has embraced a vaccine mandate and we continue to observe all local mask and distancing guidelines. Our Sydney office remains closed in compliance with Australian directives.

Our U.S. offices are now fully operational five days a week. We are also piloting a hybrid structure that allows our colleagues to work from home two days a week. Our team has proven to be remarkably effective throughout the pandemic and many have come to appreciate workplace flexibility. In response, we have created a schedule that accommodates working from home while also bringing us in the office together on the same days of the week. We believe this arrangement allows us to foster the accountability and independence our teammates crave without compromising on the culture of collaboration that has been key to our long-term success.

To better serve you, we have been working diligently to deploy Assette, a well-regarded client service solution that will streamline our monthly and quarterly reporting processes through its highly secure platform. You can expect this new reporting to start this month.

Happy Birthday, Ariel Fund!

This week marks the 35th anniversary of our flagship Ariel Fund which was incepted on November 6, 1986. As we have mentioned on many occasions: Anyone can get lucky over the short term; real skill shines through over time. According to Morningstar, out of more than 17,000 mutual funds in existence today (across all share classes) only 63 have track records extending longer than 30 years. That’s 0.37%. Ariel Fund also has the distinction of being the longest-running fund in its Morningstar and Lipper categories and the sole survivor in those same categories since inception. Our founder and Co-CEO, John Rogers, has been the one constant. He and his fellow portfolio managers and research analysts have consistently applied our patient investing philosophy over four market cycles. We have made it through the crash of ’87, the bursting of the dot-com bubble, the Great Recession and a global pandemic. Throughout these traumas and dramas, we have accumulated a great deal of knowledge and are better for the wear.

Since inception through October 31, 2021, Ariel Fund’s +11.60% annualized return has outpaced its benchmarks as well as the broad market. As we sit here 35 years later, we are pleased with these results but not taking any victory laps. The stock market keeps us humble and our race has no finish line.

As always, we appreciate the opportunity to serve you and wish you all the best as the holiday season approaches.

Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains, and represents returns of the Investor Class shares. 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. Any extraordinary performance shown for the recent short-term periods may not be sustainable and is not representative of the performance over longer periods. Click here for Ariel Fund's expense ratio and the Fund’s standardized performance data current to the most recent month- and quarter-end periods, as well as performance of the Fund's benchmarks and the S&P 500 Index (representing the broad market). Ariel Fund is in Lipper’s and Morningstar’s Mid-Cap Value category. Lipper, Inc. and Morningstar, Inc. are nationally recognized organizations that report performance and calculate rankings for mutual funds.

Ariel Fund’s investment objective is long-term capital appreciation. The Fund invests in small- and mid-cap stocks, which is riskier 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. Investing in equity stocks is risky and subject to the volatility of the markets.

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.

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Past performance does not guarantee future results. © Ariel Investments, LLC. This website and all of its content is for informational and educational purposes only and should not be considered to be investment advice or a recommendation to buy or sell any particular security. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. Use of this website is subject to our Terms & Conditions. The Ariel mutual funds referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment products, funds or services to ineligible investors, investors for whom such products, funds or services are not suitable, or investors outside the United States.

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