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It’s easy to start investing in Ariel’s Mutual Funds. To invest directly in our mutual funds, you can open an account with the transfer agent, U.S. Bank Global Fund Services. However, before opening your account, be sure to:

• Determine which type of investment account you would like to open. Choose from many options including Individual Retirement Accounts (e.g. Traditional, Roth, or SEP IRA), Education Savings Accounts (e.g., Coverdell), Regular Investment Accounts and more.
• Carefully review the prospectus for each of our no-load mutual funds.

Once you are ready, click here to invest with us.

To invest with Ariel Investments, you must be a U.S. citizen or resident alien, and you must reside in the United States or its territories or have a U.S. Military address. Shares of our mutual funds are offered for sale in the United States and its territories only.

To complete an application, please have the following information available:

• Social Security Number (SSN) or Tax Identification Number (TIN)
• Full Name and Date of Birth
• Residential Address or U.S. Military Address

Additional information you may need:

• If you are opening an IRA: the address and SSN of your beneficiary
• If opening an UGMA/UTMA or Coverdell Education Savings Account: the name, address, SSN and date of birth of the minor

The minimum initial investment for Investor Class shares is $1,000. The minimum initial investment for Institutional Class (Class I) shares is $1 million. The minimum subsequent investment amount is $100.

Please make checks payable to Ariel Investment Trust. Unfortunately, cash, cashier’s checks, travelers checks, money orders, credit cards, credit card checks, third-party checks (except for properly endorsed IRA rollover checks), starter checks or business checks cannot be accepted for deposit in individual accounts. Only purchases in U.S. dollars drawn on U.S. banks can be accepted.

Please call us at 800-292-7435 for instructions on how to invest via wire.

Even small amounts invested regularly can make a big difference over the long-term. Ariel’s Automatic Investment Program makes it easy to stay committed to your long-term goals. Here’s how it works:

1. Decide how much you want to save per month (minimum of $50 each month, per fund you select).
2. Choose among Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund.
3. Tell us if the money will come from your bank account or paycheck.

It’s that simple! The amount you choose will be automatically deducted each month and deposited into your account.

To get started, complete the Account Options Form or Payroll Deduction Form.

If you already have banking instructions on file, log into your account to establish an automatic investment program.

To open an account and make an initial investment by wire, a completed account application is required before your wire can be accepted. Upon receipt of your completed application, your account number is assigned. This number will be required as part of the instruction that you should provide to your bank to send the wire.

Before sending a wire, please contact an Investment Specialist at 800-292-7435 (option 1) to notify us of your intent to wire monies and to receive our wiring instructions. This will ensure prompt and accurate credit upon receipt of your wire. Your bank must include the name of the Fund you are purchasing, the account number and your name so that monies can be correctly applied. Wired funds must be received prior to 3:00 pm central time to be eligible for same day pricing. The Funds and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions. Wires cannot be sent on days when the Federal Reserve is closed (even if the Funds are open for business). This includes Columbus Day and Veterans’ Day. Wire orders to buy or sell shares that are placed on such days will be processed on the next day that both the Funds and the Federal Reserve are open.

Unfortunately, we cannot accept cash, cashier’s checks, travelers checks, money orders, credit cards, credit card checks, third-party checks (except for properly endorsed IRA rollover checks), starter checks or business checks for deposit in individual accounts. We can only accept purchases in U.S. dollars drawn on U.S. banks.

Whether you are saving for retirement, your child’s education or simply looking to diversify your investment portfolio, we can help you meet your goals. An overview of the accounts is provided below:

Retirement Accounts

• Traditional and Roth IRAs for your retirement needs. If you wish, you can easily transfer IRAs from other investment firms to Ariel or rollover retirement plans such as 401(k)s, 403(b)s and 457 plans from former employers to Ariel.
• SEP IRAs assist self-employed individuals and small businesses in saving for retirement.

Accounts for Minors

• Coverdell Education Savings Accounts are specifically intended for saving and preparing for education costs.
• Uniform Gifts to Minors Act (UGMA) and / Uniform Transfers To Minors Act (UTMA) accounts can be used if you prefer less restrictions and want a general investment account for a minor.

General Investment Accounts

• Individual and Joint Accounts for all-purpose investing with easy access to your money.
• Personal Trust Accounts are also available; please include a complete copy of the trust documents.
• Corporate Accounts give businesses as well as non-profit organizations access to our no-load mutual funds.

All of our Funds are no-load — meaning there are no sales charges. Our offerings include:

Ariel Fund – invests in high quality, undervalued small- and medium-sized companies

Ariel Appreciation Fund – invests in high quality, undervalued medium-sized companies

Ariel Focus Fund – invests in a concentrated number of high quality, undervalued companies across all market capitalization ranges

Ariel International Fund – invests in undervalued, quality franchises in overseas markets with an intrinsic value approach

Ariel Global Fund – invests in undervalued, quality franchises in markets around the world with an intrinsic value approach

To learn more, please view Our Products.

The following accounts for minors are offered:

• Coverdell Education Savings Account (ESA)
  Formerly known as “Education IRAs” these accounts offer tax-free investing for qualified elementary, secondary and college expenses.
• Uniform Gift to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA) Account
  While these accounts may not offer the tax advantages of Coverdell Education Savings Accounts, they are less restrictive and can be used for any general investment needs that benefit a minor.

As a shareholder, you will receive quarterly statements that will contain detailed information to help you stay informed about your investments. Key sections of your statement include:

1. Time Period
   This reflects the time period of your statement.
2. Statement Message
   Your statement message provides you with important fund information and helpful reminders for managing your account.
3. Contacting Ariel Investments
   In this section, you will find easy ways to contact us – via telephone, online, email, and regular mail.
4. Your Total Portfolio Value
   This is a snapshot of your entire portfolio value and includes all accounts you have at Ariel Investments.
5. Portfolio Summary
   This high level view provides you with the total dollar amount purchased and withdrawn within your overall Ariel Investments portfolio. It also details how much your portfolio changed in value.
6. Summary of Accounts
   This portion of your statement allows you to quickly see broad account activity within each of your Ariel Investments accounts. The information provided will include your: Beginning Value, Purchases, Withdrawals, Change in Value, and Ending Value. Please note, this is also where you will see your account number(s).
7. Retirement Account Contributions
   This section reports the dollar amount contributed into your Retirement Account(s).
8. Detailed Account Activity
   Here you will find detailed activity within each of your accounts. The information is organized according to each mutual fund you own within your accounts. This section will and provides you with line by line transaction details.

If you have any questions regarding your account statement, please feel free to contact us.

You can purchase, exchange or redeem Fund shares on any business day by written request, via the internet, wire transfer or by telephone. If you have banking instructions on file with Ariel Investments, you have the ability to conduct transactions by internet if you login to your account or by telephone at 800-292-7435 (option 1). Otherwise, you are able to conduct transactions by mail:

Ariel Investment Trust
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701

Unfortunately, cash, cashier’s checks, travelers checks, money orders, credit cards, credit card checks, third-party checks (except for properly endorsed IRA rollover checks), starter checks or business checks cannot be accepted for deposit in individual accounts. Only purchases in U.S. dollars drawn on U.S. banks can be accepted.

Please complete our Account Options Form. Return the completed form to Ariel Investments with a voided check from your new bank account (we cannot accept starter checks).

Please note, a signature guarantee* is required if none of the names on the voided check can be found on your Ariel Investments account registration.

Ariel Investment Trust
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701

*A signature guarantee verifies the authenticity of your signature and is designed to protect you and the Funds from fraudulent activities. It can be obtained from a commercial bank, savings bank, credit union or broker-dealer who participates in a signature guarantee program. Please note, you need to be a customer of the financial institution in order to receive a signature guarantee. A notary public cannot provide a signature guarantee.

Simply complete our Name Change Form and mail it to:

Ariel Investment Trust
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701

Please note, this form will ask you to provide your former signature and your new signature. Both signatures will need to be signature guaranteed*.

*A signature guarantee verifies the authenticity of your signature and is designed to protect you and the Funds from fraudulent activities. It can be obtained from a commercial bank, savings bank, credit union or broker-dealer who participates in a signature guarantee program. Please note, you need to be a customer of the financial institution in order to receive a signature guarantee. A notary public cannot provide a signature guarantee.

To update your beneficiary information, select one of two forms listed below based on the type of account you have.

• Designation of Transfer on Death Form (TOD)
  Use this form to add beneficiary information to a non-IRA account.
• Designation of Retirement Account Beneficiary Form
  Use this form to add or update beneficiary information on a retirement account.

Both forms are available in the Applications and Forms section of our website.

A signature guarantee verifies the authenticity of your signature and is designed to protect you and the Funds from fraudulent activities. It can be obtained from a commercial bank, savings bank, credit union or broker-dealer who participates in a signature guarantee program. Please note, you need to be a customer of the financial institution in order to receive a signature guarantee. A notary public cannot provide a signature guarantee. Please refer to our Full Prospectus for details about when a signature guarantee may be required.

Yes! There are many benefits to managing your account online. You will have 24-hour access to your account with the functionality to:

• Execute purchases, redemptions or exchanges of your mutual fund shares*
• Sign-up for eDelivery and receive e-mail notifications when your account statements, tax forms and fund reports are available for download
• View your account balances and account history at your convenience
• Add or modify an automatic investment program*
• Update your address and email

* Banking Instructions must be on file with Ariel Investments to take advantage of this feature. To add banking instructions to your account, please complete our Account Options Form.

Take advantage of this free service and set-up your online access today. Please note, you will need your account number and Social Security Number to establish online access.

If you need additional assistance, please call 800-292-7435 (option 1), Monday through Friday, 8am – 7pm CT and an Investment Specialist will be happy to assist you.

When you enroll in eDelivery, you will receive an email notification whenever new statements, quarterly reports, tax forms or prospectuses are available to be viewed online. By cutting down on clutter and paper, you are doing your part to help reduce Fund expenses by lowering printing and postage costs.

Take advantage of this free service to save time and paper by using these easy steps:

1. Log on to your account.
2. In the dropdown menu, select Account Profile.
3. Under Delivery Preferences, click eDelivery and Email Address.
4. Enter your email address.
5. Choose which documents you wish to receive electronically.
6. Review the Terms and Conditions and click the check box to agree.
7. Click Submit.

Welcome to less clutter and more convenience.

eDelivery is a complimentary service enjoyed by investors who prefer the convenience and efficiency of electronic delivery.

You can cancel electronic delivery at any time and once again receive paper documents delivered to your postal address.

• Log into your account
• Select Account Profile.
• Under Delivery Preferences, select eDelivery & Email Address.
• In the Choose Delivery Methods section, edit your preferences.

You can also contact us by phone at 800-292-7435 (option 1) and we will gladly help you make the change.

When eDelivery documents are available for you to view, you will receive a notification via email. The notifications themselves do not contain your statements, or any personal or confidential shareholder information. They simply direct you to our Login page. Once you have logged into your account, you will have secure access to all of your personal documents.

Please note, Ariel Investments will never ask for sensitive information such as your Social Security Number or account numbers via email. If you are not certain about the authenticity of an e-mail communication, please contact us at 800-292-7435 (option 1).

Even small amounts invested regularly can make a big difference over the long-term. Ariel’s Automatic Investment Program makes it easy to stay committed to your long-term goals. Here’s how it works:

1. Decide how much you want to save per month (minimum of $50 each month, per fund you select).
2. Choose among Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel International Fund, and Ariel Global Fund.
3. Tell us if the money will come from your bank account or paycheck.

It’s that simple! The amount you choose will be automatically deducted each month and deposited into your account.

To get started, complete the Account Options Form or Payroll Deduction Form.

If you already have banking instructions on file, log into your account to establish an automatic investment program.

You can easily make changes to your Automatic Investment Program (AIP):

• Increase or decrease your monthly AIP amount
• Stop/restart your AIP
• Change the day of the month the automatic investment is made

To modify your Automatic Investment Plan, simply:

1. Login to Your Account.
2. Select the account you wish to edit (if you only have one account, only one option will be shown).
3. Click the Automatics icon above the Account Summary Table.
4. If you have an active Automatic Investment Program, it will be shown in the table.
5. Select Edit in the Action column of the table.
6. Adjust your automatic investment program and click Continue.
7. Review your changes and click Submit.

If you need additional assistance, please call 800-292-7435 (option 1), Monday through Friday, 8am – 7pm CT and an Investment Specialist will be happy to assist you.

To convert your Ariel Investments Traditional IRA into a Roth IRA, simply complete our IRA Distribution Request Form. If you need to establish a new Roth IRA, please also complete an IRA Application. We encourage you to consult a tax advisor before converting your Traditional IRA into a Roth IRA.

If you need help, please call a shareholder services representative at 800-292-7435 (option 1) for additional assistance.

In order to redeem shares from your Ariel Investments IRA, you have two options:

1. Simply complete an IRA Distribution Request Form and mail it to:Ariel Investment Trust
   c/o U.S. Bank Global Fund Services
   P.O. Box 701
   Milwaukee, WI 53201-0701
2. Or you may call 1-800-292-7435 (option 1), Monday through Friday, 8am – 7pm CT, and an Investment Specialist will be happy to assist you.

Note: We encourage you to consult a tax advisor before requesting a distribution from an IRA.

If you signed-up for Ariel’s free eDelivery service, you will receive an email notification once your tax forms are available online. If you have not signed up for eDelivery, we will mail your tax forms to your address on record.

Please note, you will receive a Form 1009-DIV if the distributions from your non-retirement account fund are at least $10. As you may know, this form provides a record of all taxable capital gains and dividends paid to an investor, including those that have been reinvested in a given taxation year. To confirm the amount of distributions you received, please review your year-end statement.

Click here for additional details about Tax Forms.

Click here to log into your account and sign up for eDelivery.

If you need additional assistance, please call 800-292-7435 (option 1), Monday through Friday, 8am – 7pm CT and an Investment Specialist will be happy to assist you.

As a shareholder, you may receive one or more of the following tax forms:

• Form 1099-DIV
  Reports taxable ordinary income, qualified dividends and capital gains distributed to non-retirement accounts. Please note, you will receive a Form 1009-DIV if the distributions from your non-retirement account fund are at least $10.
• Form 1099-B
  Reports redemptions or exchanges from non-retirement accounts.
• Form 1099-Q
  Reports withdrawals from education savings accounts (e.g. Coverdell accounts).
• Form 1099-R
  Reports withdrawals from retirement accounts. This form also reports recharacterizations, rollovers, conversions or excess contribution removals.
• Form 5498 and Form 5498-ESA
  Reports contributions made to retirement (5498) and education savings accounts (5498-ESA) through the current year’s tax deadline.

Sign up for eDelivery to be notified:

To receive an email notification as soon as these forms are available online — as well as your fund reports and shareholder statements — sign up for eDelivery.

1. Log into your account
2. In the dropdown menu, select Account Profile.
3. Under Delivery Preferences, choose eDelivery and Email Address.
4. Enter your email address.
5. Choose which documents you wish to receive electronically.
6. Review the Terms and Conditions and click the check box to agree.
7. Click Submit.