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Performance
Mutual Fund Performance
Separate Account Performance
Mutual Fund Performance
Investor Class
Institutional Class


Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains. 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.


Quarter End
Month End

Ariel Fund Performance

Investor Class | ARGFX
As of May 31, 2021
Inception date: November 6, 1986 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Ten
Years		 Since
Inception
Ariel Fund 2.85% 12.26% 28.82% 78.87% 14.98% 14.99% 12.00% 11.67%
Russell 2500™ Value Index 2.03% 11.69% 24.32% 68.49% 11.28% 12.72% 10.79% 11.32%
Russell 2500™ Index 0.21% 5.92% 15.60% 60.45% 15.06% 16.06% 12.48% 11.31%
S&P 500® Index 0.70% 10.72% 12.62% 40.32% 18.00% 17.16% 14.38% 11.03%

Ariel Fund Performance

Investor Class | ARGFX
As of March 31, 2021
Inception date: November 6, 1986 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Ten
Years		 Since
Inception
Ariel Fund 4.14% 19.50% 19.50% 102.70% 11.97% 13.71% 11.09% 11.49%
Russell 2500™ Value Index 4.96% 16.83% 16.83% 87.47% 10.88% 12.15% 10.23% 11.18%
Russell 2500™ Index 1.64% 10.93% 10.93% 89.40% 15.34% 15.93% 12.20% 11.23%
S&P 500® Index 4.38% 6.17% 6.17% 56.35% 16.78% 16.29% 13.91% 10.89%
Expense Ratio as of the fiscal year ended 9/30/20: 1.04%

Quarter End
Month End

Ariel Appreciation Fund Performance

Investor Class | CAAPX
As of May 31, 2021
Inception date: December 1, 1989 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Ten
Years		 Since
Inception
Ariel Appreciation Fund 1.91% 13.63% 24.31% 63.61% 13.01% 12.18% 10.80% 10.91%
Russell Midcap® Value Index 1.97% 12.43% 20.86% 56.61% 12.59% 12.25% 11.58% 11.56%
Russell Midcap® Index 0.80% 8.81% 14.56% 50.29% 16.15% 15.39% 12.83% 11.80%
S&P 500® Index 0.70% 10.72% 12.62% 40.32% 18.00% 17.16% 14.38% 10.51%

Ariel Appreciation Fund Performance

Investor Class | CAAPX
As of March 31, 2021
Inception date: December 1, 1989 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Ten
Years		 Since
Inception
Ariel Appreciation Fund 5.72% 15.65% 15.65% 81.07% 10.16% 11.28% 10.21% 10.72%
Russell Midcap® Value Index 5.16% 13.05% 13.05% 73.76% 10.70% 11.60% 11.05% 11.38%
Russell Midcap® Index 2.71% 8.14% 8.14% 73.64% 14.73% 14.67% 12.47% 11.66%
S&P 500® Index 4.38% 6.17% 6.17% 56.35% 16.78% 16.29% 13.91% 10.36%
Expense Ratio as of the fiscal year ended 9/30/20: 1.15%

Quarter End
Month End

Ariel Focus Fund Performance

Investor Class | ARFFX
As of May 31, 2021
Inception date: June 30, 2005 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Ten
Years		 Since
Inception
Ariel Focus Fund 3.13% 13.75% 26.01% 66.57% 13.14% 13.96% 10.18% 7.36%
Russell 1000® Value Index 2.33% 12.69% 18.41% 44.38% 12.94% 12.33% 11.51% 8.39%
S&P 500® Index 0.70% 10.72% 12.62% 40.32% 18.00% 17.16% 14.38% 10.49%

Ariel Focus Fund Performance

Investor Class | ARFFX
As of March 31, 2021
Inception date: June 30, 2005 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Ten
Years		 Since
Inception
Ariel Focus Fund 5.15% 16.48% 16.48% 85.57% 11.00% 13.20% 9.48% 6.90%
Russell 1000® Value Index 5.88% 11.26% 11.26% 56.09% 10.96% 11.74% 10.99% 8.05%
S&P 500® Index 4.38% 6.17% 6.17% 56.35% 16.78% 16.29% 13.91% 10.20%
Expense Ratio Cap: 1.00%
Gross Expense Ratio as of the fiscal year ended 9/30/20: 1.25%*

*Effective February 1, 2014, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses in order to limit Ariel Focus Fund’s total annual operating expenses to 1.00% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2022. Through January 31, 2014, the Expense Cap was 1.25% for the Investor Class.

Quarter End
Month End

Ariel International Fund Performance

Investor Class | AINTX
As of May 31, 2021
Inception date: December 30, 2011 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Since
Inception
Ariel International Fund 3.85% 6.22% 5.41% 19.63% 4.98% 5.64% 6.24%
MSCI EAFE 3.26% 8.81% 10.07% 38.41% 8.23% 9.77% 8.42%
MSCI ACWI ex-US 3.13% 7.51% 9.87% 42.78% 8.93% 10.88% 7.96%

Ariel International Fund Performance

Investor Class | AINTX
As of March 31, 2021
Inception date: December 30, 2011 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Since
Inception
Ariel International Fund 0.90% 0.14% 0.14% 23.89% 2.42% 4.41% 5.77%
MSCI EAFE 2.30% 3.48% 3.48% 44.57% 6.02% 8.85% 7.86%
MSCI ACWI ex-US 1.26% 3.49% 3.49% 49.41% 6.51% 9.76% 7.42%
Expense Ratio Cap: 1.13%
Gross Expense Ratio as of the fiscal year ended 9/30/20: 1.33%*

*Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel International Fund’s total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2022. Prior to November 29, 2016, the Expense Cap was 1.25% of net assets for the Investor Class. Through January 31, 2014, the Expense Cap was 1.40% for the Investor Class. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.

Quarter End
Month End

Ariel Global Fund Performance

Investor Class | AGLOX
As of May 31, 2021
Inception date: December 30, 2011 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Since
Inception
Ariel Global Fund 2.44% 4.89% 7.84% 22.14% 7.96% 8.50% 8.70%
MSCI ACWI Index 1.56% 8.83% 10.84% 41.85% 13.86% 14.18% 11.83%

Ariel Global Fund Performance

Investor Class | AGLOX
As of March 31, 2021
Inception date: December 30, 2011 Annualized
  One
Month		 Three
Months		 Year
To Date		 One
Year		 Three
Years		 Five
Years		 Since
Inception
Ariel Global Fund 0.64% 3.47% 3.47% 28.51% 6.60% 7.62% 8.38%
MSCI ACWI Index 2.67% 4.57% 4.57% 54.60% 12.07% 13.21% 11.35%
Expense Ratio Cap: 1.13%
Gross Expense Ratio as of the fiscal year ended 9/30/20: 1.46%*

*Effective November 29, 2016, Ariel Investments, LLC, the Adviser, has contractually agreed to waive fees and reimburse expenses (the “Expense Cap”) in order to limit Ariel Global Fund’s total annual operating expenses to 1.13% of net assets for the Investor Class through the end of the fiscal year ending September 30, 2022. Prior to November 29, 2016, the Expense Cap was 1.25% for the Investor Class. Through January 31, 2014, the Expense Cap was 1.40% for the Investor Class. The Expense Cap has been lowered over time. Contact us for historical information about the Expense Cap.


Investing in small- and mid-cap stocks is more risky and volatile than investing in large-cap stocks. The intrinsic value of the stocks in which the Funds invests may never be recognized by the broader market. The Funds are often concentrated in fewer sectors than their benchmarks, and their performance may suffer if these sectors underperform the overall stock market. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment. Investing in equity stocks is risky and subject to the volatility of the markets. Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives and ETFs may increase investment losses and expenses and create more volatility. Investments in emerging and developing markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.

Average Annual Total Return for Ariel Fund and Ariel Appreciation Fund does not reflect a maximum 4.75% sales load charged prior to 07/15/94.

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Slow and steady wins the race.
Form ADV, Part 2 | Client Relationship Summary | Privacy Notice | Policies & Procedures | Terms & Conditions | Important Information for Non-US Investors
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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