Ariel Global Equity Fund (Prospectus Summary) | Ariel Global Equity Fund

Ariel Global Equity Fund

Investment objective

Ariel Global Equity Fund pursues long-term capital appreciation.

Fees and expenses of the Fund

The table below describes fees and expenses that you may pay if you buy and hold

shares of the Fund.  You do not pay a sales charge or load when you buy or sell

shares.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Ariel Global Equity Fund		Investor Class	Institutional Class (Class I)
Management fees		1.00%	1.00%
Distribution and service (12b-1) fees		0.25%	none
Other expenses	[1]	1.24%	1.24%
Total annual operating expenses	[2]	2.49%	2.24%
Less fee waiver or expense reimbursement		(1.09%)	(1.09%)
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.40%	1.15%

The example below illustrates the expenses you would pay on a $10,000 investment

in Ariel Global Equity Fund.  It assumes the Fund earned an annual return of 5%

each year, the Fund's operating expenses remain the same and that you redeem

your shares at the end of each time period.  The example reflects contractual

fee waivers and expense reimbursements through September 30, 2015.  The example

is intended to help you compare the cost of investing in the Fund with the cost

of investing in other mutual funds.  Your actual expenses may be greater or less

than the amounts shown.

Expense Example Ariel Global Equity Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Investor Class	143	443
Institutional Class (Class I)	117	365

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio).  Higher turnover rates may indicate

higher transaction costs and may result in higher taxes when shares are held in

a taxable account.  These costs, which are not reflected in annual fund

operating expenses or in the example, affect the Fund's performance.

Principal investment strategy

Ariel Global Equity Fund invests primarily in common stock issued by companies

both within and outside the U.S., including in countries with developed or

emerging markets.  The Fund may invest in large, medium, or small companies

without regard to market capitalization.  Under normal market conditions, the

Fund will invest at least 80% of its assets (net assets plus any borrowings for

investment purposes) in equity securities and at least 40% of its assets in

countries other than the U.S.



The Fund may buy and sell currency on a spot basis and enter into foreign

currency forward contracts for portfolio management.  The Fund may buy or sell

foreign currency options and securities, securities index options, futures

contracts and related options, and enter into swap agreements, which are types

of derivatives.  These techniques may be used for any legally permissible

purpose, including seeking to increase the Fund's return through the use of

derivatives as a substitute for securities or to reduce the risk of loss of

certain holdings.  The Fund may also invest in exchange traded funds ("ETFs").



The essence of the Fund's strategy is a combination of patience and stock

selection.  The Fund's investment process seeks to identify investment

opportunities offering superior risk-adjusted returns by pursuing a "bottom-up"

stock picking discipline that focuses on both the fundamentals of the business

and the intrinsic value of the business.  Particular attention is paid to

normalized cash flow generation and reinvestment or distribution for shareholder

benefit.



We will consider selling a stock if its valuation reaches our investment goals,

if a better opportunity for investment presents itself, or if there are material

adverse changes to a company's fundamentals.



Ariel Global Equity Fund is a diversified fund that will generally hold between

40-150 securities in its portfolio.

Principal risks

Although Ariel makes every effort to achieve the Fund's objective of long-term

capital appreciation, Ariel cannot guarantee it will attain that objective.  You

could lose money by investing in this Fund.  The principal risks are:



o The general level of stock prices could decline.



o Investments in foreign securities may underperform and may be more volatile

  than comparable U.S. stocks.  Foreign economies and markets may not be as

  strong or well regulated, foreign political systems may not be as stable, and

  foreign financial reporting and disclosure standards may not be as rigorous as

  those in the U.S.



o Investments in companies based in emerging or developing countries present

  risks greater than those in mature markets, including greater risk of adverse

  government intervention or economic turmoil, high inflation and more volatile

  interest and currency exchange rates.



o Securities issued by foreign companies are typically denominated in foreign

  currencies, resulting in a risk that adverse exchange rate fluctuations

  against the U.S. dollar could create losses and could depress prices for

  extended periods of time.  The use of foreign currency derivatives may be

  expensive and may result in further losses.



o The use of various types of derivatives may intensify investment losses from

  securities underlying the derivatives, may create more volatility and may

  expose the Fund to other losses and expenses. Certain derivatives, such as

  swap transactions, may entail the risk that a counterparty or party will

  default on payment or other obligations under the derivative.



o ETFs may be less liquid and subsequently more volatile than the underlying

  portfolio of securities.  ETFs also have management fees that increase the

  cost compared to owning the underlying securities directly.



o Small and medium capitalization stocks held by the Fund could fall out of

  favor and returns would subsequently trail returns from the overall stock

  market.  The performance of such stocks could also be more volatile.



o The Fund is new with no operating history and there can be no assurance that

  the Fund will grow to an economically viable size.  The Fund may be liquidated

  without shareholder approval which may trigger tax consequences upon

  liquidation.



You should consider investing in the Fund if you are looking for long-term

capital appreciation and are willing to accept the associated risks.

Performance

The inception date for the Fund is December 30, 2011.  Performance information

will be available after the Fund has been in operation for one full calendar

year.  The Fund's performance will then be compared to a broad measure of market

performance to give some indication of the risks of investing in the Fund.  To

obtain updated performance information, please visit the Fund's website at

arielinvestments.com or call 800.292.7435.

[1] Because the Fund is new, these expenses are based on estimated amounts for the current fiscal year.

[2] The Adviser is contractually obligated to waive fees or reimburse expenses in order to limit Ariel Global Equity Fund's total annual operating expenses to 1.40% of net assets for the Investor Class and 1.15% of net assets for Class I through the end of the fiscal year ending September 30, 2015. No termination of this agreement by either the Board of Trustees or the Adviser may be effective until, at the earliest, October 1, 2015.