*Ariel Investments, LLC, the Adviser to the Funds, is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Focus Fund's total annual operating expenses to 1.25% of net assets through the end of the fiscal year ending September 30, 2009. After that date, there is no assurance that such expenses will be limited.
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Ratings. Morningstar does not guarantee the accuracy of this information.
Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment.
Investing in small cap and mid-cap stocks is more risky and more volatile than investing in large cap stocks. All performance assumes the reinvestment of dividends and capital gains. Performance data quoted represents past performance. Past performance does not guarantee future results. 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. Use the following links to view standardized performance data and performance data current to the most recent month-end for Ariel Fund and Ariel Appreciation Fund.
Ariel Fund received a two-star Overall Morningstar Rating™ as of 06/30/08 out of 410 Mid-Cap Blend Equity Funds. Ariel Fund was rated one star among 410, one star among 323 and three stars among 152 domestic mid-cap blend funds for the three-, five- and ten-year periods ended 06/30/08, respectively.
Ariel Appreciation Fund received a three-star Overall Morningstar Rating™ as of 06/30/08 out of 410 Mid-Cap Blend Equity Funds. Ariel Appreciation Fund was rated two stars among 410, two stars among 323 and three stars among 152 domestic mid-cap blend funds for the three-, five- and ten-year periods ended 06/30/08, respectively.
Ariel Focus Fund received a three-star Overall Morningstar Rating™ as of 06/30/08 out of 1,183 Large Cap Value Equity Funds. Ariel Focus Fund was rated three stars among 1,183 domestic large cap value funds for the three-year period ended 06/30/08.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. These ratings change monthly. The top 10% of funds in an investment category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star.
© 2008 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.
Please consider the investment objectives, risks, and charges and expenses of the funds carefully before investing. Before investing, you should carefully read the funds’ prospectus, which contains this and other information about the funds. Call Ariel Distributors, LLC at 800-292-7435 for a prospectus or visit our web site, arielinvestments.com.
(410 mid blend funds)
(410 mid blend funds)