0000894189-12-006427.txt : 20121126 0000894189-12-006427.hdr.sgml : 20121126 20121126153514 ACCESSION NUMBER: 0000894189-12-006427 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121126 DATE AS OF CHANGE: 20121126 EFFECTIVENESS DATE: 20121126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARIEL INVESTMENT TRUST CENTRAL INDEX KEY: 0000798365 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04786 FILM NUMBER: 121224308 BUSINESS ADDRESS: STREET 1: 200 EAST RANDOLPH DRIVE STREET 2: SUITE 2900 CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3127260140 MAIL ADDRESS: STREET 1: 200 EAST RANDOLPH DRIVE STREET 2: SUITE 2900 CITY: CHICAGO STATE: IL ZIP: 60601 FORMER COMPANY: FORMER CONFORMED NAME: ARIEL GROWTH FUND DATE OF NAME CHANGE: 19931130 0000798365 S000005024 Ariel Fund C000013706 Investor Class ARGFX C000108536 Institutional Class (Class I) ARAIX 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054 G000500 N 054 H000500 Y 054 I000500 N 054 J000500 Y 054 K000500 N 054 L000500 N 054 M000500 Y 054 N000500 N 054 O000500 N 055 A000500 N 055 B000500 Y 056 000500 Y 057 000500 N 058 A000500 N 059 000500 Y 060 A000500 Y 060 B000500 Y 061 000500 1000 066 A000500 Y 066 B000500 N 066 C000500 Y 066 D000500 N 066 E000500 N 066 F000500 N 066 G000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 Y 070 B010500 Y 070 B020500 N 070 C010500 Y 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 Y 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 N 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 N PAGE 19 070 K010500 Y 070 K020500 N 070 L010500 Y 070 L020500 Y 070 M010500 Y 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 N 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 13942 071 B000500 19918 071 C000500 43602 071 D000500 32 072 A000500 12 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1721 074 Y000500 0 075 A000500 0 075 B000500 44078 076 000500 0.00 010 A000601 ARIEL INVESTMENTS, LLC 010 B000601 801-18767 010 C010601 CHICAGO 010 C020601 IL 010 C030601 60601 010 A000602 U.S. BANCORP FUND SERVICES, LLC 010 B000602 85-11357 010 C010602 MILWAUKEE 010 C020602 WI 010 C030602 53201 010 C040602 0701 024 000600 N PAGE 21 028 A010600 156 028 A020600 0 028 A030600 0 028 A040600 92 028 B010600 240 028 B020600 0 028 B030600 0 028 B040600 96 028 C010600 469 028 C020600 0 028 C030600 0 028 C040600 35 028 D010600 856 028 D020600 0 028 D030600 0 028 D040600 194 028 E010600 244 028 E020600 0 028 E030600 0 028 E040600 420 028 F010600 186 028 F020600 0 028 F030600 0 028 F040600 42 028 G010600 2151 028 G020600 0 028 G030600 0 028 G040600 879 028 H000600 0 042 A000600 0 042 B000600 0 042 C000600 100 042 D000600 0 042 E000600 0 042 F000600 0 042 G000600 0 042 H000600 0 043 000600 8 044 000600 0 045 000600 Y 046 000600 N 047 000600 Y 048 000600 0.000 048 A010600 500000 048 A020600 1.000 048 B010600 500000 048 B020600 0.950 048 C010600 0 048 C020600 0.000 048 D010600 0 048 D020600 0.000 PAGE 22 048 E010600 0 048 E020600 0.000 048 F010600 0 048 F020600 0.000 048 G010600 0 048 G020600 0.000 048 H010600 0 048 H020600 0.000 048 I010600 0 048 I020600 0.000 048 J010600 0 048 J020600 0.000 048 K010600 1000000 048 K020600 0.900 049 000600 N 050 000600 N 051 000600 N 052 000600 N 053 A000600 Y 053 B000600 Y 053 C000600 N 054 A000600 Y 054 B000600 Y 054 C000600 Y 054 D000600 N 054 E000600 N 054 F000600 N 054 G000600 N 054 H000600 Y 054 I000600 N 054 J000600 Y 054 K000600 N 054 L000600 N 054 M000600 Y 054 N000600 N 054 O000600 N 055 A000600 N 055 B000600 N 056 000600 Y 057 000600 N 058 A000600 N 059 000600 Y 060 A000600 Y 060 B000600 Y 061 000600 1000 066 A000600 Y 066 B000600 N 066 C000600 Y 066 D000600 N 066 E000600 N 066 F000600 N PAGE 23 066 G000600 N 067 000600 N 068 A000600 N 068 B000600 N 069 000600 N 070 A010600 Y 070 A020600 Y 070 B010600 Y 070 B020600 N 070 C010600 Y 070 C020600 N 070 D010600 Y 070 D020600 N 070 E010600 Y 070 E020600 N 070 F010600 N 070 F020600 N 070 G010600 N 070 G020600 N 070 H010600 N 070 H020600 N 070 I010600 N 070 I020600 N 070 J010600 Y 070 J020600 N 070 K010600 Y 070 K020600 N 070 L010600 Y 070 L020600 Y 070 M010600 Y 070 M020600 N 070 N010600 Y 070 N020600 N 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 N 070 Q020600 N 070 R010600 Y 070 R020600 N 071 A000600 3227 071 B000600 1527 071 C000600 4638 071 D000600 33 072 A000600 12 072 B000600 0 072 C000600 26 072 D000600 0 072 E000600 0 072 F000600 48 PAGE 24 072 G000600 0 072 H000600 0 072 I000600 57 072 J000600 5 072 K000600 0 072 L000600 12 072 M000600 32 072 N000600 36 072 O000600 0 072 P000600 0 072 Q000600 0 072 R000600 19 072 S000600 15 072 T000600 8 072 U000600 0 072 V000600 0 072 W000600 10 072 X000600 242 072 Y000600 174 072 Z000600 -42 072AA000600 0 072BB000600 30 072CC010600 1432 072CC020600 0 072DD010600 0 072DD020600 0 072EE000600 0 073 A010600 0.0000 073 A020600 0.0000 073 B000600 0.0000 073 C000600 0.0000 074 A000600 5 074 B000600 319 074 C000600 0 074 D000600 0 074 E000600 0 074 F000600 6226 074 G000600 0 074 H000600 0 074 I000600 0 074 J000600 0 074 K000600 0 074 L000600 6 074 M000600 13 074 N000600 6569 074 O000600 45 074 P000600 0 074 Q000600 0 074 R010600 0 074 R020600 0 074 R030600 0 PAGE 25 074 R040600 40 074 S000600 0 074 T000600 6484 074 U010600 399 074 U020600 211 074 V010600 10.63 074 V020600 10.66 074 W000600 0.0000 074 X000600 319 074 Y000600 0 075 A000600 0 075 B000600 4782 076 000600 0.00 010 A000701 U.S. BANCORP FUND SERVICES, LLC 010 B000701 85-11357 010 C010701 MILWAUKEE 010 C020701 WI 010 C030701 53201 010 C040701 0701 024 000700 N 028 A010700 48 028 A020700 0 028 A030700 0 028 A040700 0 028 B010700 16 028 B020700 0 028 B030700 0 028 B040700 1 028 C010700 375 028 C020700 0 028 C030700 0 028 C040700 1 028 D010700 8 028 D020700 0 028 D030700 0 028 D040700 0 028 E010700 1219 028 E020700 0 028 E030700 0 028 E040700 1 028 F010700 30 028 F020700 0 028 F030700 0 028 F040700 0 028 G010700 1696 028 G020700 0 028 G030700 0 028 G040700 3 028 H000700 0 042 A000700 0 042 B000700 0 PAGE 26 042 C000700 100 042 D000700 0 042 E000700 0 042 F000700 0 042 G000700 0 042 H000700 0 043 000700 2 044 000700 0 045 000700 Y 046 000700 N 047 000700 Y 048 000700 0.000 048 A010700 500000 048 A020700 1.000 048 B010700 500000 048 B020700 0.950 048 C010700 0 048 C020700 0.000 048 D010700 0 048 D020700 0.000 048 E010700 0 048 E020700 0.000 048 F010700 0 048 F020700 0.000 048 G010700 0 048 G020700 0.000 048 H010700 0 048 H020700 0.000 048 I010700 0 048 I020700 0.000 048 J010700 0 048 J020700 0.000 048 K010700 1000000 048 K020700 0.900 049 000700 N 050 000700 N 051 000700 N 052 000700 N 053 A000700 Y 053 B000700 Y 053 C000700 N 054 A000700 Y 054 B000700 Y 054 C000700 N 054 D000700 N 054 E000700 N 054 F000700 N 054 G000700 N 054 H000700 Y 054 I000700 N 054 J000700 Y PAGE 27 054 K000700 N 054 L000700 N 054 M000700 Y 054 N000700 N 054 O000700 N 055 A000700 N 055 B000700 N 056 000700 Y 057 000700 N 058 A000700 N 059 000700 Y 060 A000700 Y 060 B000700 Y 061 000700 1000 066 A000700 Y 066 B000700 N 066 C000700 Y 066 D000700 N 066 E000700 N 066 F000700 N 066 G000700 N 067 000700 N 068 A000700 N 068 B000700 Y 069 000700 N 070 A010700 Y 070 A020700 Y 070 B010700 Y 070 B020700 N 070 C010700 Y 070 C020700 N 070 D010700 Y 070 D020700 N 070 E010700 Y 070 E020700 N 070 F010700 Y 070 F020700 N 070 G010700 Y 070 G020700 N 070 H010700 Y 070 H020700 N 070 I010700 Y 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 Y 070 L010700 Y 070 L020700 Y 070 M010700 Y 070 M020700 Y PAGE 28 070 N010700 Y 070 N020700 N 070 O010700 Y 070 O020700 N 070 P010700 Y 070 P020700 N 070 Q010700 N 070 Q020700 N 070 R010700 Y 070 R020700 N 071 A000700 3037 071 B000700 355 071 C000700 1695 071 D000700 21 072 A000700 9 072 B000700 0 072 C000700 62 072 D000700 0 072 E000700 0 072 F000700 14 072 G000700 38 072 H000700 0 072 I000700 43 072 J000700 10 072 K000700 0 072 L000700 6 072 M000700 21 072 N000700 28 072 O000700 0 072 P000700 0 072 Q000700 26 072 R000700 22 072 S000700 13 072 T000700 2 072 U000700 0 072 V000700 0 072 W000700 5 072 X000700 228 072 Y000700 210 072 Z000700 44 072AA000700 0 072BB000700 19 072CC010700 17 072CC020700 0 072DD010700 0 072DD020700 0 072EE000700 0 073 A010700 0.0000 073 A020700 0.0000 073 B000700 0.0000 073 C000700 0.0000 PAGE 29 074 A000700 0 074 B000700 121 074 C000700 0 074 D000700 0 074 E000700 0 074 F000700 2660 074 G000700 0 074 H000700 0 074 I000700 0 074 J000700 0 074 K000700 0 074 L000700 12 074 M000700 540 074 N000700 3333 074 O000700 36 074 P000700 0 074 Q000700 0 074 R010700 0 074 R020700 0 074 R030700 0 074 R040700 58 074 S000700 0 074 T000700 3239 074 U010700 134 074 U020700 197 074 V010700 9.77 074 V020700 9.78 074 W000700 0.0000 074 X000700 84 074 Y000700 0 075 A000700 0 075 B000700 1833 076 000700 0.00 010 A000801 U.S. BANCORP FUND SERVICES, LLC 010 B000801 85-11357 010 C010801 MILWAUKEE 010 C020801 WI 010 C030801 53201 010 C040801 0701 024 000800 N 028 A010800 35 028 A020800 0 028 A030800 0 028 A040800 0 028 B010800 10042 028 B020800 0 028 B030800 0 028 B040800 1 028 C010800 13 028 C020800 0 028 C030800 0 PAGE 30 028 C040800 43 028 D010800 5 028 D020800 0 028 D030800 0 028 D040800 0 028 E010800 20 028 E020800 0 028 E030800 0 028 E040800 8 028 F010800 12 028 F020800 0 028 F030800 0 028 F040800 0 028 G010800 10127 028 G020800 0 028 G030800 0 028 G040800 52 028 H000800 0 042 A000800 0 042 B000800 0 042 C000800 100 042 D000800 0 042 E000800 0 042 F000800 0 042 G000800 0 042 H000800 0 043 000800 2 044 000800 0 045 000800 Y 046 000800 N 047 000800 Y 048 000800 0.000 048 A010800 500000 048 A020800 1.000 048 B010800 500000 048 B020800 0.950 048 C010800 0 048 C020800 0.000 048 D010800 0 048 D020800 0.000 048 E010800 0 048 E020800 0.000 048 F010800 0 048 F020800 0.000 048 G010800 0 048 G020800 0.000 048 H010800 0 048 H020800 0.000 048 I010800 0 048 I020800 0.000 048 J010800 0 PAGE 31 048 J020800 0.000 048 K010800 1000000 048 K020800 0.900 049 000800 N 050 000800 N 051 000800 N 052 000800 N 053 A000800 Y 053 B000800 Y 053 C000800 N 054 A000800 Y 054 B000800 Y 054 C000800 N 054 D000800 N 054 E000800 N 054 F000800 N 054 G000800 N 054 H000800 Y 054 I000800 N 054 J000800 Y 054 K000800 N 054 L000800 N 054 M000800 Y 054 N000800 N 054 O000800 N 055 A000800 N 055 B000800 N 056 000800 Y 057 000800 N 058 A000800 N 059 000800 Y 060 A000800 Y 060 B000800 Y 061 000800 1000 066 A000800 Y 066 B000800 N 066 C000800 Y 066 D000800 N 066 E000800 N 066 F000800 N 066 G000800 N 067 000800 N 068 A000800 N 068 B000800 Y 069 000800 N 070 A010800 Y 070 A020800 Y 070 B010800 Y 070 B020800 N 070 C010800 Y 070 C020800 N PAGE 32 070 D010800 Y 070 D020800 N 070 E010800 Y 070 E020800 N 070 F010800 Y 070 F020800 N 070 G010800 Y 070 G020800 N 070 H010800 Y 070 H020800 N 070 I010800 Y 070 I020800 N 070 J010800 Y 070 J020800 N 070 K010800 Y 070 K020800 Y 070 L010800 Y 070 L020800 Y 070 M010800 Y 070 M020800 Y 070 N010800 Y 070 N020800 N 070 O010800 Y 070 O020800 N 070 P010800 Y 070 P020800 N 070 Q010800 N 070 Q020800 N 070 R010800 Y 070 R020800 N 071 A000800 11771 071 B000800 1389 071 C000800 5416 071 D000800 26 072 A000800 9 072 B000800 0 072 C000800 226 072 D000800 0 072 E000800 0 072 F000800 52 072 G000800 37 072 H000800 0 072 I000800 43 072 J000800 11 072 K000800 0 072 L000800 6 072 M000800 21 072 N000800 28 072 O000800 0 072 P000800 0 072 Q000800 26 PAGE 33 072 R000800 22 072 S000800 13 072 T000800 2 072 U000800 0 072 V000800 0 072 W000800 5 072 X000800 266 072 Y000800 205 072 Z000800 165 072AA000800 0 072BB000800 93 072CC010800 0 072CC020800 82 072DD010800 0 072DD020800 0 072EE000800 0 073 A010800 0.0000 073 A020800 0.0000 073 B000800 0.0000 073 C000800 0.0000 074 A000800 545 074 B000800 579 074 C000800 0 074 D000800 0 074 E000800 0 074 F000800 10170 074 G000800 0 074 H000800 0 074 I000800 0 074 J000800 0 074 K000800 0 074 L000800 36 074 M000800 406 074 N000800 11736 074 O000800 0 074 P000800 0 074 Q000800 0 074 R010800 0 074 R020800 0 074 R030800 0 074 R040800 67 074 S000800 0 074 T000800 11669 074 U010800 99 074 U020800 1063 074 V010800 10.02 074 V020800 10.04 074 W000800 0.0000 074 X000800 77 074 Y000800 0 075 A000800 0 PAGE 34 075 B000800 6318 076 000800 0.00 SIGNATURE ANITA ZAGRODNIK TITLE SECRETARY EX-99.77B ACCT LTTR 2 acctlttr.htm INTERNAL CONTROL LETTER Unassociated Document
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
To the Board of Trustees and Shareholders of Ariel Investment Trust:
 
 
In planning and performing our audits of the financial statements of Ariel Investment Trust (the “Trust”), comprised of Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund and Ariel Discovery Fund, as of and for the year ended September 30, 2012, and Ariel International Equity Fund and Ariel Global Equity Fund as of September 30, 2012 and for the period December 30, 2011 (commencement of operations) to September 30, 2012, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trust’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
 
The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and
 
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund’s assets that could have a material effect on the financial statements.
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
 
 
 
 
 
Our consideration of the Trust’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operations, including controls for safeguarding securities that we consider to be a material weakness, as defined above, as of September 30, 2012.
 
This report is intended solely for the information and use of management, the Board of Trustees of Ariel Investment Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
 
 
/s/ DELOITTE & TOUCHE LLP
 
 
Chicago, Illinois
November 12, 2012