ARIEL APPRECIATION FUND INVESTOR CLASS 

The investment seeks long-term capital appreciation. The fund invests in mid-capitalization undervalued companies that show strong potential for growth. It invests primarily in equity securities of U.S. companies that have market capitalizations within the range of the companies in the Russell Midcap® Index, measured at the time of initial purchase. The fund seeks to invest in quality companies in industries in which Ariel has expertise. This often results in the fund investing a significant portion of its assets among fewer sectors than its benchmarks.