Agent for service:
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With copies to:
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Arthur Don, Esq.
Greenberg Traurig, LLP
77 West Wacker Drive
Chicago, Illinois 60601
312.456.8438
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Anita Zagrodnik
Ariel Investment Trust
200 East Randolph Street
Suite 2900
Chicago, Illinois 60601
312.726.0140
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Alia S. Vasquez, Esq.
U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue
MailCode: MK-WI-T10F
Milwaukee, Wisconsin 53202
414.765.6620
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x immediately upon filing pursuant to paragraph (b)
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o on (date) pursuant to paragraph (b)
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o 60 days after filing pursuant to paragraph (a)(1)
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o on (date) pursuant to paragraph (a)(1)
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o 75 days after filing pursuant to paragraph (a)(2)
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o on (date) pursuant to paragraph (a)(2) of rule 485.
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ARIEL INVESTMENT TRUST
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By:
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/s/ Mellody Hobson*
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Mellody Hobson,
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President
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Signature
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Title
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Date
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/s/ James W. Compton*
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Trustee
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February 8, 2013
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James W. Compton
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/s/ William C. Dietrich*
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Trustee
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February 8, 2013
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William C. Dietrich
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/s/ Royce N. Flippin, Jr.*
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Lead Independent Trustee
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February 8, 2013
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Royce N. Flippin, Jr.
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/s/ Christopher G. Kennedy*
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Trustee
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February 8, 2013
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Christopher G. Kennedy
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/s/ H. Carl McCall*
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Trustee
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February 8, 2013
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H. Carl McCall
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/s/ Mellody Hobson*
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Principal Executive Officer, President
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February 8, 2013
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Mellody Hobson
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and Trustee
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/s/ Merrillyn J. Kosier*
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Trustee
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February 8, 2013
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Merrillyn J. Kosier
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/s/ John W. Rogers, Jr.*
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Trustee
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February 8, 2013
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John W. Rogers, Jr.
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||||
/s/ James M. Williams*
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Trustee
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February 8, 2013
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James M. Williams
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/s/ William M. Lewis, Jr.*
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Trustee
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February 8, 2013
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William M. Lewis, Jr.
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/s/ Anita Zagrodnik
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Principal Financial Officer,
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February 8, 2013
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Anita Zagrodnik
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Principal Accounting Officer and Treasurer
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*By:
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/s/ Mellody Hobson
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Mellody Hobson,
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Attorney-in-fact
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Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
|
;R9H;YY)7_`-"N\;HS"H7*Y)P[8/'/4=WBN9\6C_B?^"O^PO)_Z07=#!;G
M2
Ariel Global Equity Fund | Ariel Global Equity Fund | ||||||||||||||||||||||||||||||
Ariel Global Equity Fund | ||||||||||||||||||||||||||||||
Investment objective | ||||||||||||||||||||||||||||||
Ariel Global Equity Fund pursues long-term capital appreciation. |
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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. |
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Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||
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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. |
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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. During the most recent fiscal period, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio. |
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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 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. |
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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:
You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks. |
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\Performance | ||||||||||||||||||||||||||||||
The bar chart and the table below show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund’s Investor Class annual total returns over time by showing changes in the Fund’s Investor Class performance from year to year. The table shows the Fund’s average annual total returns for certain time periods compared to the returns of the MSCI ACWISM, a broad measure of market performance. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund’s website at arielinvestments.com or call 800.292.7435. The Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. |
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Total Return for the Year Ended December 31 | ||||||||||||||||||||||||||||||
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Average Annual Total Returns | ||||||||||||||||||||||||||||||
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Ariel Appreciation Fund | Ariel Appreciation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ariel Appreciation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ariel Appreciation Fund pursues long-term capital appreciation by investing in undervalued companies that show strong potential for growth. |
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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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The example below illustrates the expenses you would pay on a $10,000 investment in Ariel Appreciation 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 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. |
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|
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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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio. |
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Principal investment strategy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ariel Appreciation Fund invests primarily in common stocks of U.S. companies and the Fund generally will have a weighted average market capitalization between $2 billion and $15 billion. The Fund will not hold stocks that fall within the top quintile of the Russell U.S. equity indexes (a comprehensive representation of market-cap weighted security indexes of the investable U.S. equity market) and if such stock falls within the top quintile, it will be sold by the end of the following quarter. The essence of the Fund’s strategy is a combination of patience and stock selection. The Fund seeks to hold investments for a relatively long period of time—generally five years. The Fund seeks to invest in quality companies in industries in which the Adviser has expertise including the financial services and consumer discretionary sectors. The Fund only buys when Ariel believes that these businesses are selling at excellent values. Quality companies typically share several attributes that Ariel believes will result in capital appreciation over time: high barriers to entry, sustainable competitive advantages, predictable fundamentals that allow for double-digit earnings growth, skilled management teams and solid financials. Ariel’s strategy to focus on a limited number of names and industries is designed to add value in areas in which it has expertise. We believe this approach creates a portfolio of well-researched stocks. As disciplined value investors, we make opportunistic purchases when great companies are temporarily out of favor—generally seeking to invest in companies that are trading at a low valuation relative to potential earnings and/or a low valuation relative to intrinsic worth. We will sell a stock if its valuation reaches our private market value, as determined by the Adviser, if a better opportunity for investment presents itself, or if there are material changes to a company’s fundamentals. The Fund does not invest in corporations whose primary source of revenue is derived from the production or sale of tobacco products or the manufacture of handguns. We believe these industries are more likely to face shrinking growth prospects, draining litigation costs and legal liability that cannot be quantified. Ariel Appreciation Fund is a diversified fund that will generally hold between 30–50 securities in its portfolio. |
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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:
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 bar chart and the table show two aspects of the Fund: variability and performance. The bar chart shows the variability of the Fund’s Investor Class annual total returns over time by showing changes in the Fund’s Investor Class performance from year to year. The table shows the Fund’s average annual total returns for certain time periods compared to the returns of the S&P 500 Index, a broad measure of market performance, and indices that reflect the market sectors in which the Fund invests. The bar chart and table provide some indication of the risks of investing in the Fund. To obtain updated performance information, visit the Fund’s website at arielinvestments.com or call 800.292.7435. The Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. |
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Total Return for the Year Ended December 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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Average Annual Total Returns | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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After tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and are not relevant if Fund shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs). |
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