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In this interview, John W. Rogers, Jr., Chairman, Co-CEO and Chief Investment Officer, and Mellody Hobson, Co-CEO and President, candidly discuss their opinions on the market and different stocks and sectors that may have, at the time of the interview, been held in one or more of Ariel’s strategies. These opinions are current as of the date of this interview but are subject to change. The information provided in this interview does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. This material should not be considered an offer for any of the securities referenced. The information contained in the interview is not guaranteed as to its accuracy or completeness. Portfolio holdings are subject to change. See the Products section of our website for current product holdings.

Performance data quoted specific to the Ariel Fund represents past performance. All performance assumes the reinvestment of dividends and capital gains, and represents returns of the Institutional 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. For the period ended March 31, 2023, the average annual total returns of the Ariel Fund for the one-, five- and ten-year periods were -8.45%, 6.14%, and 9.39%, respectively. The Ariel Fund Institutional Class had an annual expense ratio of .67% as of September 30, 2022. Visit our website for Investor Class performance.

Past performance does not guarantee future results. Investing in equity stocks is risky and subject to the volatility of the markets. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings or its strategy. A growth investment strategy seeks stocks that are deemed to have above-average 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.

References to stocks being “cheap” or a “bargain” means that it is the speaker’s opinion that such stocks are selling at significant discounts to the speaker’s estimate of such stocks’ private market value. It, also, does not suggest that the stocks mentioned will generate favorable results.

References to FAANG stocks refers to Facebook, Amazon, Apple, Netflix, and Google.

In reference to the statement referencing getting higher returns by paying attention to ESG, see “The Impact of Corporate Sustainability on Organizational Processes and Performance” and “Corporate Sustainability: First Evidence on Materiality.”

The reference to having a top 10 performance in 1988 is specific to the Ariel Fund Investor Class.

The reference to being No. 1 in our category coming out of the bottom of the 2008-2009 financial crisis is specific to the Ariel Fund.

For the two-year period ended 03/31/11, Ariel Fund ranked 1 out of 290 among the funds in the Mid-Cap Value category. For the period ended 03/31/11, Ariel Fund ranked 7 out of 294, 69 out of 268, and 64 out of 153 among the funds in the Mid-Cap Value category for the one-, five- and ten-year periods. The rankings are for the Investor Class, noting that the Institutional Class was incepted thereafter on 12/31/11.

For the period ended 03/31/23, Ariel Fund ranked 329 out of 399, 236 out of 364, and 83 out of 266 among the funds in the Mid-Cap Value category for the one-, five- and ten-year periods. The rankings are for the Investor Class. Rankings for the Institutional Class will differ.

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. © 2023 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.

Investors should carefully consider 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 of 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.