Complete List of Composites

Ariel Micro-Cap Value Composite

The Ariel Micro-Cap Value Composite includes all discretionary, fee-paying, commission-paying, non-wrap micro-cap portfolios that are invested in the micro-cap value strategy, excluding pooled funds. The Ariel Micro-Cap Value Composite may contain accounts with performance based fees. This strategy seeks long-term capital appreciation by investing in micro-cap companies that are selling at deep discounts to their intrinsic value. The deep value portfolio invests primarily in equity securities of U.S. companies that, at the time of initial purchase by Ariel for the strategy, have market capitalizations under $500 million. Over time, the market capitalizations for the strategy’s portfolio companies will change. This means that the strategy could continue to invest in a company if its capitalization were to exceed $500 million. Prior to May 1, 2009, the strategy’s market cap range was $50 million to $300 million; it was changed to broaden the availability of qualifying investments and to more closely resemble the range of its benchmark. The strategy will on occasion hold cash when values are difficult to identify. Also, the strategy at times includes temporary investments in exchange-traded funds (ETFs) while seeking other investment opportunities. During the period from June 2004 through January 2008, the investment strategy included periodically holding short positions in certain ETFs. This practice may have had a material effect on returns. The product has reached capacity and is not accepting any new assets. The benchmark for this composite is the Russell Microcap® Value Index.


Ariel Small Cap Deep Value Composite

The Ariel Small Cap Deep Value Composite includes all discretionary, fee-paying, commission-paying, non-wrap small cap deep value portfolios that are invested in the small cap deep value strategy, excluding pooled funds. This strategy seeks long-term capital appreciation by investing in small cap companies that are selling at deep discounts to their intrinsic value. The portfolio invests primarily in equity securities of U.S. companies that, at the time of initial purchase by Ariel for the strategy, have market capitalizations under $2 billion. Over time, the market capitalizations for the strategy’s portfolio companies will change. This means that the strategy could continue to invest in a company if its capitalization were to exceed $2 billion. The strategy will on occasion hold cash when values are difficult to identify. The benchmark for this composite is the Russell 2000® Value Index.


Ariel Small Cap Value Tax-Exempt Composite

The Ariel Small Cap Value Tax-Exempt Composite includes all discretionary, fee-paying, commission-paying, non-wrap small cap tax-exempt portfolios that are invested in the small cap value strategy, excluding pooled funds. This strategy seeks long-term capital appreciation by investing in small cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. This strategy generally will seek to initiate a position in companies with market capitalizations between $200 million and $2 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top three quintiles (i.e., mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top three quintiles, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell 2000® Value Index.


Ariel Small/Mid Cap Value Composite

The Ariel Small/Mid Cap Value Composite includes all discretionary, fee-paying, commission-paying, non-wrap small/mid cap portfolios that are invested in the small/mid cap value strategy, excluding pooled funds. The Ariel Small/Mid Cap Value Composite may contain accounts with performance based fees. This strategy seeks long-term capital appreciation by investing in small/mid cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. The strategy generally will seek to initiate a position in companies with market capitalizations between $1 billion and $7.5 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top two quintiles (i.e., upper mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held moves into the top two quintiles, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell 2500™ Value Index.


Ariel Mid Cap Value Composite

The Ariel Mid Cap Value Composite includes all discretionary, fee-paying, commission-paying, non-wrap mid cap portfolios that are invested in the mid cap value strategy, excluding pooled funds. This strategy seeks long-term capital appreciation by investing in mid cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. The strategy generally will seek to initiate a position in companies with market capitalizations between $2 billion and $15 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top quintile (i.e., the largest cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top quintile, it will be sold by the end of the following quarter. Effective August 1, 2010, the Ariel Mid Cap Value Composite was redefined to exclude pooled funds due to differences in performance calculation methods. The benchmark for this composite is the Russell Midcap® Value Index.


Ariel Focused Value Composite

The Ariel Focused Value Composite includes all discretionary, fee-paying, commission-paying, non-wrap portfolios that are invested in the focused value strategy, excluding pooled funds. This strategy seeks long-term capital appreciation by investing primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations. The benchmark for this composite is the Russell 1000® Value Index.


Ariel Small Cap Value Wrap Composite

Beginning in April 2001, the Ariel Small Cap Value Wrap Composite includes all discretionary, fee-paying wrap small cap portfolios that are invested in the small cap value strategy. This strategy seeks long-term capital appreciation by investing in small cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. This strategy generally will seek to initiate a position in companies with market capitalizations between $200 million and $2 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top three quintiles (i.e., mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top three quintiles, it will be sold by the end of the following quarter. Performance results from January 1997 through March 2001 are those of the Ariel Small Cap Value Taxable Composite. The benchmark for this composite is the Russell 2000® Value Index.


Ariel Small/Mid Cap Value Wrap Composite

Beginning in April 2002, the Ariel Small/Mid Cap Value Wrap Composite includes all discretionary, fee-paying wrap small/mid cap portfolios that are invested in the small/mid cap value strategy. This strategy seeks long-term capital appreciation by investing in small/mid cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. The strategy generally will seek to initiate a position in companies with market capitalizations between $1 billion and $7.5 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top two quintiles (i.e., upper mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held moves into the top two quintiles, it will be sold by the end of the following quarter. Performance results from January 2001 through March 2002 are those of the Ariel Small/Mid Cap Value Composite. The benchmark for this composite is the Russell 2500™ Value Index.


Ariel Mid Cap Value Wrap Composite

Beginning in July 2000, the Ariel Mid Cap Value Wrap Composite includes all discretionary, fee-paying wrap mid cap portfolios that are invested in the mid cap value strategy. This strategy seeks long-term capital appreciation by investing in mid cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. The strategy generally will seek to initiate a position in companies with market capitalizations between $2 billion and $15 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top quintile (i.e., the largest cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top quintile, it will be sold by the end of the following quarter. Performance results from April 1990 through June 2000 are those of the Ariel Mid Cap Value Composite. The benchmark for this composite is the Russell Midcap® Value Index.


Ariel Small Cap Value Taxable Composite

The Ariel Small Cap Value Taxable Composite includes all discretionary, fee-paying, commission-paying, non-wrap small cap taxable portfolios that are invested in the small cap value strategy, excluding pooled funds. This strategy seeks long-term capital appreciation by investing in small cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. This strategy generally will seek to initiate a position in companies with market capitalizations between $200 million and $2 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top three quintiles (i.e., mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top three quintiles, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell 2000® Value Index.


Ariel Small Cap Deep Value Fund Composite

The Ariel Small Cap Deep Value Fund Composite includes all proprietary mutual funds invested in the small cap deep value strategy. This strategy seeks long-term capital appreciation by investing in small/micro-sized companies that are selling at deep discounts to their intrinsic value. The portfolio invests primarily in equity securities of U.S. companies with market capitalizations under $2 billion, measured at the time of initial purchase. Over time, the market capitalizations for the strategy’s portfolio companies may change. This means that the strategy could continue to invest in a company if its capitalization were to exceed $2 billion. The strategy may hold cash when values are difficult to identify. The benchmark for this composite is the Russell 2000® Value Index.


Ariel Small/Mid Cap Value Fund Composite

The Ariel Small/Mid Cap Value Fund Composite includes all proprietary mutual funds invested in the small/mid cap value strategy. This strategy seeks long-term capital appreciation by investing in small/mid-sized undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies and generally will have a weighted average market capitalization between $1 billion and $7.5 billion. The strategy will not hold stocks that fall within the top two quintiles (i.e., upper mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held moves into the top two quintiles, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell 2500™ Value Index.


Ariel Mid Cap Value Fund Composite

The Ariel Mid Cap Value Fund Composite includes all proprietary mutual funds invested in the mid cap value strategy. This strategy seeks long-term capital appreciation by investing in mid-sized undervalued companies that show strong potential for growth. The strategy invests primarily in equity securities of U.S. companies and generally will have a weighted average market capitalization between $2 billion and $15 billion. The strategy will not hold stocks that fall within the top quintile (i.e., the largest cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held moves into the top quintile, it will be sold by the end of the following quarter. Performance results prior to August 1, 2010 are those of the Ariel Mid Cap Value Composite. The benchmark for this composite is the Russell Midcap® Value Index.


Ariel Mid/Large Cap Value Fund Composite

The Ariel Mid/Large Cap Value Fund Composite includes all proprietary mutual funds invested in the mid/large cap value strategy. This strategy seeks long-term capital appreciation by investing primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations. The benchmark for this composite is the Russell 1000® Value Index.


Ariel Non-Wrap/Zero Commission Micro-Cap Value Composite

The Ariel Non-Wrap/Zero Commission Micro-Cap Value Composite includes all discretionary, fee-paying, non-wrap micro-cap portfolios that are invested in the micro-cap value strategy, that do not pay trading commissions. This strategy seeks long-term capital appreciation by investing micro-cap companies that are selling at deep discounts to their intrinsic value. The deep value portfolio invests primarily in equity securities of U.S. companies that, at the time of initial purchase by Ariel for the strategy, have market capitalizations under $500 million. Over time, the market capitalizations for the strategy’s portfolio companies will change. This means that the strategy could continue to invest in a company if its capitalization were to exceed $500 million. The strategy will on occasion hold cash when values are difficult to identify. Also, the strategy at times includes temporary investments in exchange-traded funds (ETFs) while seeking other investment opportunities. The product has reached capacity and is not accepting any new assets. The benchmark for this composite is the Russell Microcap® Value Index.


Ariel Non-Wrap/Zero Commission Small Cap Value Composite

The Ariel Non-Wrap/Zero Commission Small Cap Value Composite includes all discretionary, fee-paying, non-wrap small cap portfolios that are invested in the small cap value strategy, that do not pay trading commissions. This strategy seeks long-term capital appreciation by investing in small cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. This strategy generally will seek to initiate a position in companies with market capitalizations between $200 million and $2 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top three quintiles (i.e., mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top three quintiles, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell 2000® Value Index.


Ariel Non-Wrap/Zero Commission Small/Mid Cap Value Composite

The Ariel Non-Wrap/Zero Commission Small/Mid Cap Value Composite includes all fully discretionary, fee-paying, non-wrap small/mid cap portfolios that are invested in the small/mid cap value strategy that do not pay trading commissions. This strategy seeks long-term capital appreciation by investing in small/mid cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. The strategy generally will seek to initiate a position in companies with market capitalizations between $1 billion and $7.5 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top two quintiles (i.e., upper mid and large cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held moves into the top two quintiles, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell 2500™ Value Index.


Ariel Non-Wrap/Zero Commission Mid Cap Value Composite

The Ariel Non-Wrap/Zero Commission Mid Cap Value Composite includes all fully discretionary, fee-paying, non-wrap mid cap portfolios that are invested in the mid cap value strategy that do not pay trading commissions. This strategy seeks long-term capital appreciation by investing in mid cap undervalued companies that show strong potential for growth. The portfolio invests primarily in equity securities of U.S. companies. The strategy generally will seek to initiate a position in companies with market capitalizations between $2 billion and $15 billion, except that it will at times invest a portion of the portfolio outside (above or below) this range. However, the strategy will not hold stocks that fall within the top quintile (i.e., the largest cap stocks) of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if a stock held in the strategy moves into the top quintile, it will be sold by the end of the following quarter. The benchmark for this composite is the Russell Midcap® Value Index.


Ariel International (DM) Composite

The Ariel International (DM) Composite includes all discretionary, fee-paying, commission-paying, non-wrap portfolios that are invested in the international (DM) strategy, excluding pooled funds. The Ariel International (DM) Composite may contain accounts with performance based fees. This strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objective is to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of foreign (non-U.S.) issuers in developed international markets. The strategy will invest in foreign securities through the purchase of individual securities on recognized foreign exchanges and over-the-counter markets, or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes, or other instruments that allow the strategy to participate in foreign markets. The strategy will invest in large, medium, or small companies without regard to market capitalization. The strategy also will at times invest a portion of its assets in equity securities based in the U.S. and in emerging markets.

The strategy uses various techniques to hedge currency exposure, or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange-traded funds (“ETFs”), and other hedges. The strategy will buy and sell currency on a spot basis and enter into foreign currency forward contracts. Ariel uses these and other techniques in an attempt to decrease the strategy’s exposure to changing security prices or foreign currency risk, or to reduce unintended tracking error versus its respective benchmarks, or to address other factors that affect security values. The strategy will at times include the holding of cash or cash equivalents for defensive purposes. The benchmark for this composite is the MSCI EAFE Index.


Ariel International (DM/EM) Composite

The Ariel International (DM/EM) Composite includes all discretionary, fee-paying, commission-paying, non-wrap portfolios that are invested in the international (DM/EM) strategy, excluding pooled funds. This strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objective is to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of foreign (non-U.S.) issuers in developed or emerging markets. The strategy will invest in foreign securities through the purchase of individual securities on recognized foreign exchanges and over-the-counter markets, or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes, or other instruments that allow the strategy to participate in foreign markets. The strategy will invest in large, medium, or small companies without regard to market capitalization. The strategy also will at times invest a portion of its assets in equity securities based in the U.S.

The strategy uses various techniques to hedge currency exposure, or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange-traded funds (“ETFs”), and other hedges. The strategy will buy and sell currency on a spot basis and enter into foreign currency forward contracts. Ariel uses these and other techniques in an attempt to decrease the strategy’s exposure to changing security prices or foreign currency risk, or to reduce unintended tracking error versus its respective benchmarks, or to address other factors that affect security values. The strategy will at times include the holding of cash or cash equivalents for defensive purposes. The benchmark for this composite is the MSCI ACWI (All Country World Index) ex-US Index.


Ariel International Fund Composite

The Ariel International Fund Composite includes all proprietary mutual funds invested in the international (DM) strategy. This strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objective is to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of foreign issuers based in non-U.S. developed markets. The strategy will invest in foreign securities through the purchase of individual securities on recognized foreign exchanges and developed over-the-counter markets, or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes (instruments issued by registered foreign financial intermediaries to U.S. institutional investors), or other instruments that allow the strategy to participate in foreign markets. The strategy may invest in large, medium, or small companies without regard to market capitalization. The strategy also may invest a portion of its assets in equity securities based in the U.S. and in emerging markets.

The Fund may use various techniques to hedge currency exposure or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange traded funds (“ETFs”), and other hedges. The Fund may buy and sell currency on a spot basis (i.e., foreign currency contracts that settle within two days) and enter into foreign currency forward contracts. The Fund may buy or sell foreign currency options and securities, securities index options or futures, other futures contracts or options, and enter into swap agreements, which are types of derivatives. These techniques may be used in an attempt to decrease the Fund’s exposure to changing security prices, foreign currency risk, or to reduce unintended tracking error versus its respective benchmarks, or other factors that affect security values. The benchmark for this composite is the MSCI EAFE Index.


Ariel Global Composite

The Ariel Global Composite includes all discretionary, fee-paying, commission-paying, non-wrap portfolios that are invested in the global strategy, excluding pooled funds. This strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objective is to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of both U.S. and foreign (non-U.S.) issuers, including issuers in developed or emerging markets. The strategy will invest in foreign securities through the purchase of individual securities on recognized foreign exchanges and over-the-counter markets, or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes, or other instruments that allow the strategy to participate in foreign markets. The strategy will invest in large, medium, or small companies without regard to market capitalization.

The strategy uses various techniques to hedge currency exposure, or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange-traded funds (“ETFs”), and other hedges. The strategy will buy and sell currency on a spot basis and enter into foreign currency forward contracts. Ariel uses these and other techniques in an attempt to decrease the strategy’s exposure to changing security prices or foreign currency risk, or to reduce unintended tracking error versus its respective benchmarks, or to address other factors that affect security values. The strategy will at times include the holding of cash or cash equivalents for defensive purposes. The benchmark for this composite is the MSCI ACWI (All Country World Index) Index.


Ariel Global Fund Composite

The Ariel Global Fund Composite includes all proprietary mutual funds invested in the global strategy. This strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objective is to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of both U.S. and foreign issuers, including issuers based in developed or emerging markets. The strategy may invest in foreign securities through the purchase of individual securities on recognized foreign exchanges and developed over-the-counter markets, or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes (instruments issued by registered foreign financial intermediaries to U.S. institutional investors), or other instruments that allow the strategy to participate in foreign markets. The strategy may invest in large, medium, or small companies without regard to market capitalization. Under normal market conditions, the strategy will invest at least 40% of its assets in countries other than the U.S.

The strategy may use various techniques to hedge currency exposure or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange-traded funds (“ETFs”), and other hedges. The strategy may buy and sell currency on a spot basis (i.e., foreign currency contracts that settle within two days) and enter into foreign currency forward contracts. The strategy may buy or sell foreign currency options and securities, securities index options or futures, other futures contracts or options, and enter into swap agreements, which are types of derivatives. These techniques may be used in an attempt to decrease the strategy’s exposure to changing security prices, foreign currency risk, or to reduce unintended tracking error versus their respective benchmarks, or other factors that affect security values. The benchmark for this composite is the MSCI ACWI (All Country World Index) Index.


Ariel Domestic All Cap Composite

The Ariel Domestic All Cap Composite includes all discretionary, fee-paying, commission-paying, non-wrap portfolios that are invested in the domestic all cap strategy, excluding pooled funds. This strategy seeks long-term capital appreciation as a primary objective. The strategy’s secondary objective is to generate attractive absolute and risk-adjusted returns, and to attain higher relative returns compared to its benchmark over a full market cycle. The strategy invests primarily in equity securities of U.S. companies. The strategy will invest in foreign securities through the purchase of individual securities on recognized foreign exchanges and over-the-counter markets, or through American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), or other securities representing underlying shares of foreign companies, including, but not limited to, certificates of deposit issued by foreign banks and foreign branches of U.S. banks, participatory notes, or other instruments that allow the strategy to participate in foreign markets. The strategy will invest in large, medium, or small companies without regard to market capitalization.

The strategy uses various techniques to hedge currency exposure, or to invest significant cash inflows in the market (i.e., reducing “cash drag”), including derivatives, exchange-traded funds (“ETFs”), and other hedges. The strategy will buy and sell currency on a spot basis and enter into foreign currency forward contracts. Ariel uses these and other techniques in an attempt to decrease the strategy’s exposure to changing security prices or foreign currency risk, or to reduce unintended tracking error versus its respective benchmarks, or to address other factors that affect security values. The strategy will at times include the holding of cash or cash equivalents for defensive purposes. The benchmark for this composite is the S&P 500® Index.

 

Past performance does not guarantee future results. © Ariel Investments, LLC. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC. Use of this website is subject to our Terms & Conditions of use. 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 investors outside the United States.

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