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Morningstar Ranking™ Information

Ariel Fund

Past performance does not guarantee future results. The rankings are for the Investor Class. Rankings for the Institutional Class will differ. Ariel Fund (inception 11/6/86). For the period ended 09/30/22, Ariel Fund ranked 405 out of 405, 230 out of 364, and 91 out of 270 among the funds in the Mid-Cap Value category for the one-, five- and ten-year periods.

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. © 2022 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.