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Ariel investments offices for rent ubs investment research wikipedia

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BELGARATH INVESTMENTS SINGAPORE

Table of Contents Ariel Discovery Fund. Acquired fund fees and expenses. Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares. Table of Contents are held in a taxable account. The Fund only buys when Ariel believes these companies are selling at deep discounts to their intrinsic value. The Fund is managed on a dynamic basis as companies that approach fair value are likely to be sold and replaced by those with deeper discounts to intrinsic value. The Fund holds cash when values are difficult to identify.

We believe these industries are more likely to face shrinking growth prospects, litigation costs and legal liability that cannot be quantified. The Fund is a diversified fund that will generally hold between securities in its portfolio. Table of Contents You should consider investing in the Fund if you are looking for long-term capital appreciation and are willing to accept the associated risks.

David M. Table of Contents Ariel International Fund. Minimum sales charge load imposed on reinvested dividends. The Fund invests primarily in equity securities of foreign issuers based in developed international markets. The Fund may invest in large-, mid-, or small-capitalization companies. The Fund also may invest a portion of its assets in equity securities based in the U. The Fund uses various techniques to hedge currency exposure or to invest significant cash inflows in the market i.

The Fund may buy and sell currency on a spot basis i. The Fund may buy and sell foreign currency options and securities, securities index options or futures, other futures contracts or options, and enter into swap agreements, which are types of derivatives. Particular attention is paid to normalized cash flow generation and reinvestment or distribution for shareholder benefit. While the Fund may attempt to reduce the effect of currency fluctuations, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

To obtain updated performance information, visit the. Rupal J. Table of Contents Ariel Global Fund. The Fund invests primarily in equity securities of both U. Ariel Global Fund is a diversified fund that will generally hold between securities in its portfolio. You could lose money by investing in this Fund. The use of foreign currency derivatives may be expensive and may result in further losses. OTC transactions are less liquid and more risky than exchange-traded derivatives due to the credit and performance risk of counterparties.

Investors may purchase, redeem or exchange Fund shares on any business day by written request, via online, by telephone, by wire transfer, or through a financial intermediary. New accounts may be opened by mailing a signed account application and submitting your payment in the form of a check or wire transfer. New accounts cannot be opened online.

Investors who wish to purchase, exchange or redeem Fund shares through a financial intermediary should contact the intermediary directly. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements. If you purchase a Fund through a broker-dealer or other financial intermediary such as a financial adviser or bank , the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services.

These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. See also page 36 for more information. Patient investment philosophy. The Funds pursue a common fundamental investment objective: long-term capital appreciation. The Funds invest for appreciation, not income. They seek stocks whose underlying value should increase over time. Any dividend and interest income the Funds earn is incidental to their fundamental objective.

Only non-fundamental objectives may be changed without shareholder approval. The Adviser cannot guarantee any Fund will achieve capital appreciation in every circumstance, but Ariel is dedicated to that objective. Ariel Fund will not hold stocks that fall within the top two quintiles i. Ariel Appreciation Fund will not hold stocks that fall within the top quintile i. Ariel Focus Fund invests primarily in equity securities of companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations.

Ariel International Fund invests primarily in equity securities of foreign issuers based in developed international markets. The Fund will invest in companies without regard to market capitalization. Ariel Global Fund invests primarily in equity securities of both U. Our investment philosophy depends upon four key tenets: patience, independence, expertise and teamwork.

Digging deeper, our analysts review newspapers, company websites, trade periodicals and technical journals. In this way, we believe we can uncover outstanding investment opportunities that others may miss. Ariel applies the same intensive research approach once we have identified a candidate for investment.

For each prospective investment in Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund, we develop independent long-range financial projections and detail the risks the company may face. A network of independent, third-party contacts reveals the invaluable insights of customers, suppliers, competitors and others in the industry, including other investment managers.

We believe the skill of the management team will help a company overcome unforeseen obstacles. Our traditional value portfolios seek out companies with attractive prices, solid brands, strong balance sheets, and sustainable competitive advantages with a high quality bias. Table of Contents For the traditional value funds, buy decisions are made within the framework of a number of parameters:. For Ariel Fund and Ariel Appreciation Fund, the research team discusses the investment idea and senior research team members weigh in.

The final decision to purchase stocks for Ariel Appreciation Fund is that of co-portfolio managers John W. The final decision for stocks purchased for Ariel Focus Fund is that of its portfolio manager, Charles Bobrinskoy. We also develop asset-based metrics along with identifying the risks a prospective company may face. In addition, corporate governance and insider ownership plays a key role in our decision-making process. Once the gap between stock price and intrinsic value has been measured, we hold an informal discussion with research team members who are experts in the industry.

The investment processes for Ariel International Fund and Ariel Global Fund seek to identify investment opportunities that balance long-term performance with risk management. We begin our process by screening out high risk companies and spend as much time researching what can go wrong as what can go right. Other tools for our analysis include: interactions with company management teams, conference calls, factory visits or field visits, and information gathering from vendors, suppliers, customers, analysts, and industry experts.

Ariel believes the market will ultimately reward the companies in which the Funds invest, and we give them the time such recognition requires. For the traditional value and deep value strategies, this time is generally five years three to five years or more for Ariel Focus Fund. This long-term approach means those Funds typically have low rates of turnover. Each time a mutual fund turns over a holding i. High turnover rates can reduce investment performance while low turnover rates can enhance it.

However, even the turnover of a few holdings may result in considerable taxable capital gains if such holdings appreciated significantly during the holding period. In determining whether a stock is fully valued, Ariel Fund, Ariel Appreciation Fund and Ariel Focus Fund look at the price-to-earnings ratio based on future earnings and whether the stock trades at a discount to our private market value calculation. Ariel believes ethical business practices make good investment sense.

The following table summarizes our review of the business practices of companies for our Domestic Funds. The Domestic Funds do not invest in companies whose primary source of revenue is derived from:. The Domestic Funds believe these industries may be more likely to face shrinking growth prospects, litigation costs and legal liability that cannot be quantified.

In determining whether a security is foreign or domestic, the Adviser will generally look to the physical location of the headquarters of the issuer. However, if the issuer is believed by the Adviser to be headquartered in a jurisdiction primarily for tax purposes, the Adviser will consider additional factors. The Domestic Funds have not invested in, and do not currently expect to invest in, foreign issuers based in emerging markets. Unlike the Funds, shares of ETFs are not priced at.

ETFs also have management fees that can increase their costs versus the costs of owning the underlying securities directly. The Funds may invest in ETFs primarily to gain exposure for the Funds to a particular market or market segment without investing in individual securities. Any investments in ETFs consisting of portfolio holdings predominately in countries other than the U.

The Funds may buy and sell currency on a spot basis i. The Funds may buy and sell foreign currency options and securities, securities index options or futures, other futures contracts or options, and enter into swap agreements, which are types of derivatives. At times, the Funds may maintain larger than normal cash positions while the Adviser searches for compelling investments.

Cash positions may be comprised of cash equivalents that may include, but are not limited to, money market funds, commercial paper, treasury bills, and short-term government bonds. You could lose money on your purchase of shares in any of the Funds. Each Fund is also subject to risks unique to its investment strategy. To the extent a Fund utilizes an investment strategy, certain of the following risks may apply to your investment.

Investing in equity securities is risky and subject to the volatility of the markets. Equity securities represent an ownership position in a company. These securities may include, without limitation, common stock, preferred stock, preference shares, tracking stock, warrants, and securities with equity conversion or purchase rights. The prices of equity securities fluctuate based on changes in the financial condition of their issuers and on market and economic conditions.

Events that have a negative impact on a company probably will be reflected as a decline in the value of its equity securities. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, often will decline in value.

Micro, small and mid cap stocks held by the Funds could fall out of favor and returns would subsequently trail returns from the overall stock market. The performance of such stocks also could be more volatile. Therefore, when purchasing and selling such securities, higher transactional costs may be paid.

Additionally, if a Fund is forced to sell securities to meet redemption requests or other cash needs, it may be forced to dispose of such securities under disadvantageous circumstances and at a loss. Table of Contents The general level of stock prices could decline, and the intrinsic value of the stocks in which a Fund invests may never be recognized by the broader market.

The Domestic Funds avoid start-up ventures and highly cyclical or speculative companies. Conversely, the Domestic Funds seek companies with solid financials and proven records. Ariel Focus Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment.

A fluctuation in one stock could significantly affect the overall performance of the Fund. Investments in foreign securities, including ADRs and GDRs or other securities representing underlying shares of foreign companies, including but not limited to certificates of deposit issued by foreign banks and foreign branches of U. The values of foreign investments are affected favorably or unfavorably by foreign currency fluctuations.

Foreign economies and markets may not be as strong or well regulated, foreign political systems may not be as stable and may subject a portfolio to the risk of nationalization, expropriation, or confiscatory taxation of assets , and foreign financial reporting, accounting, custody, auditing and disclosure standards may not be as rigorous as those in the U. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs. In some foreign markets, sub-custodian arrangements for securities provide significantly less protection than custody arrangements in U.

A Fund may be required to maintain a license to invest directly in some foreign markets. In addition, a Fund may be limited in some jurisdictions from engaging in short sales or short-term trading as defined by the relevant jurisdiction. Investments in foreign countries may subject a Fund to non-U. Investments in companies based in emerging markets present risks greater than those in mature markets. These countries may have less-developed legal and accounting systems, and investments may be subject to greater risks of government restrictions on withdrawing the sale proceeds of securities from the country.

Economies of emerging countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. Governments may be more unstable and present greater risks of nationalization, expropriation, restrictions on repatriation, or other confiscation of assets of issuers of securities, greater risk of default by both the government and private issuers , greater governmental involvement in the economy, capital controls, inability to purchase and sell investments or otherwise settle security or derivative transactions i.

There may be greater risk of high inflation and more volatile interest and currency exchange rates, which could depress prices for extended periods of time. Investments in emerging countries may involve trading and operational risks including the risk of natural disasters and wars and may require the payment of additional costs. Many emerging market countries have experienced substantial rates of inflation for many years, which may have adverse effects on the economies and the securities markets of those countries.

These techniques include the following: buying and selling currency on a spot basis i. The Funds may buy and sell foreign currency options and securities, securities index options or futures, other futures contracts and options, and enter into swap agreements.

The use of various types of derivatives and other hedges may intensify investment losses, may create more volatility and may expose the Funds to other losses and expenses. Derivatives involve the risk that changes in their value may not move as expected relative to the value of the assets, rates, or indexes they are designed to track, and suitable derivative instruments may not be available in all circumstances. Investments involving derivatives, such as foreign currency forward contracts, involve counterparty risk that could result in defaults on payment, delivery or other obligations.

In addition, given their complexity, derivatives expose the Funds to risks of mispricing or improper valuation. Forward contracts are used to protect against uncertainty in the level of future exchange rates. The use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities a Fund owns or intends to acquire, but it does fix a rate of exchange in advance.

Although forward contracts may reduce the risk of loss from a decline in the value of the hedged currency, at the same time they limit any potential gain if the value of the hedged currency increases. A Fund will not be perfectly hedged as the costs could be prohibitive and often unwarranted. In particular, the projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

Ariel uses discretion and judgment in determining the cost benefit analysis of hedging. The risks of owning ETFs generally reflect the risks of owning the underlying companies, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. ETFs also have management fees that increase the cost of owning ETFs compared to owning the underlying securities directly.

Certain Funds will temporarily hold excess cash i. If the Funds hold excess cash, they will be exposed to inflation risk and the risk of lower returns. Foreign cash equivalents are riskier because they involve foreign counterparties, foreign exchange risk, as well as the risks associated with foreign currencies.

The Funds are also subject to the risk that a change in U. Although past performance cannot predict future results, stock investments historically have outperformed most bond and money market investments over long time periods. However, this higher return has come at the expense of greater short-term price fluctuations.

Table of Contents Management of the Funds. Ariel, which began operations in , manages the investments of the Funds. Its investment management services include buying and selling securities on behalf of the Funds, as well as conducting the research that leads to buy and sell decisions.

Neither this Prospectus nor the Statement of Additional Information is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that have not been waived.

The Funds enter into contractual arrangements with various parties, including, among others, the Adviser, who provide services to the Funds. Shareholders are not parties to, or intended to be third-party beneficiaries of, those contractual arrangements. This Prospectus and the Statement of Additional Information provide information concerning each Fund that you should consider in determining whether to purchase shares of the Funds.

Each Fund may make changes to this information from time to time. Ariel is paid for its investment and administration services provided to Ariel Fund at the annual rate of 0. Ariel is paid for its investment and administration services provided to Ariel Appreciation Fund at the annual rate of 0. Ariel is paid for its investment and administration services provided to Ariel Focus Fund at the annual rate of 0. Ariel is paid for its investment and administration services provided to Ariel Discovery Fund at the annual rate of 0.

Ariel is paid for its investment services provided to Ariel International Fund at the annual rate of 0. For the fiscal. Ariel is paid for its investment services provided to Ariel Global Fund at the annual rate of 0. As such, he makes the final investment decisions for the Fund.

John has served in this capacity since November Ken has served in this capacity since December Ken joined Ariel in as a Research Analyst. Prior to joining Ariel in , Charlie spent 21 years working at Citigroup and its predecessor company, Salomon Brothers, Inc. Prior to joining Ariel in , David spent 25 years in the investment industry, most recently serving as the Portfolio Manager for the micro-cap value strategy at Maple Hill Capital Management.

David began his career at Goldman Sachs in The Adviser is responsible for the administrative services for the Domestic Funds. These services include:. As transfer agent, USBFS maintains shareholder records, opens shareholder accounts and processes buy and sell orders for shares of the Funds.

Managing your account. You may purchase or sell shares in the Funds directly through Ariel or through an intermediary, such as a broker, bank, investment adviser or record-keeper. The following sections apply to purchasing and selling Fund shares directly. Shareholder services representatives are available Monday through Friday except holidays from a.

Central Time. Virgin Islands. To invest in the Funds, you must be a U. You can obtain an account application by calling Mail your completed application to:. Milwaukee, WI The Funds do not consider the U. Postal Service or other independent delivery service to be their agents. Therefore, deposit in the mail or with such services, or receipt at a USBFS post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Funds.

To open an account and make an initial investment by wire, a completed account application must be sent by mail before your wire can be accepted. Upon receipt of your completed application, your account number will be assigned. This number will be required as part of the instruction that you should provide to your bank to send the wire. Your bank should transmit monies by wire to:. ABA Number: Credit: U.

Account Number: Further Credit: Ariel Investment Trust. Your shareholder registration name. Your shareholder account number and Fund name or Fund number. Before sending a wire, please contact the transfer agent at This will ensure prompt and accurate credit upon receipt of your wire. Your bank must include the name of the Fund you are purchasing, your Ariel shareholder account number and your name so that monies can be correctly applied.

Wired funds must be received prior to p. Central Time to be eligible for same day pricing. The Funds and U. Bank, N. Wires cannot be sent on days when the Federal Reserve is closed even if the Funds are open for business. Wire orders to buy or sell shares that are placed on such days will be processed on the next day that both the Funds and the Federal Reserve are open. Once you have opened an account, you can make subsequent purchases online at arielinvestments.

To set up your online account after first opening an account, you will need the last four digits of your Social Security number or taxpayer identification number and your account number. Payment for shares purchased online may be made only through an ACH Automatic Clearing House debit of your bank account of record.

Redemptions will be paid by check, wire or ACH transfer only to the address or bank account of record. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions online. Online transactions also are subject to the same purchase and redemption minimums and maximums as other transaction methods. You should be aware that there may be delays, malfunctions or other inconveniences associated with online transactions.

There also may be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider performing transactions by another method. Table of Contents The Funds employ procedures to confirm that online transactions are genuine. These procedures include passwords, encryption and other precautions reasonably designed to protect the integrity, confidentiality and security of shareholder information. In order to conduct transactions online, you will need your account number, username and password.

The Funds and their service providers will not be liable for any loss, liability, cost or expense for following instructions communicated online, including fraudulent or unauthorized instructions. The Distributor may waive the initial minimum in certain circumstances, including, but not limited to, the following:. The Funds are required to reject your account application if you fail to provide all of the required information. The Funds will attempt to contact you or your broker to try and collect the missing information.

Please note:. If the Funds are unable to verify your identity based on the information you provide, they reserve the right to close and liquidate your account. You will receive the Fund share price for the day your account is closed, and the proceeds will be mailed to you. Please note that your redemption proceeds may be more or less than the amount you paid for your shares and the redemption may be a taxable transaction.

If the Funds pay your redemptions in-kind, you will bear the market risks associated with such securities until you have converted them to cash. Under certain circumstances, if no activity occurs in your account within a time period specified by state law, your shares in the Fund may be transferred to that state. Although state laws vary, to prevent this, we recommend you contact us regarding your account at least annually by phone at In some cases, you will have to obtain a signature guarantee.

A signature guarantee can be obtained from a financial institution such as a commercial bank, savings bank, credit union or broker-dealer who participates in a signature guarantee program. You need to be a customer of the financial institution in order to receive a signature guarantee. A signature guarantee is designed to protect you and the Funds from fraudulent activities.

The Funds require a signature guarantee, from either a Medallion program member or a non-Medallion program member, in the following situations:. Table of Contents Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial source.

In addition to the situations described above, the Funds and their transfer agent reserve the right to require a signature guarantee or Signature Validation Program stamp in other instances based on the circumstances of the particular transaction. For your convenience, forms to process most transactions that require a signature guarantee are available at arielinvestments.

To keep you informed about your investments, the Funds send you various account statements and reports, including:. When the Funds send financial reports, prospectuses and other regulatory materials to shareholders, we attempt to reduce the volume of mail you receive by sending one copy of these documents to two or more account holders who share the same address.

Should you wish to receive individual copies of materials, please contact us at Once we have received your instructions, you will begin receiving individual copies for each account at the same address within 30 days. With eDelivery, you can receive your tax forms, account statements, Fund reports, and prospectuses online rather than by regular mail. Taking advantage of this free service not only decreases the clutter in your mailbox, it also reduces your Fund fees by lowering printing and postage costs.

To receive materials electronically, please contact us at The Funds will take all reasonable precautions to ensure that your telephone and online transactions are authentic. By telephone, such procedures include a request for personal identification account or Social Security number and tape-recording your instructions. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

Online, such procedures include the use of your Ariel shareholder account number, Social Security number, username, password and encryption. The Funds and their service providers cannot be held liable for executing instructions they reasonably believe to be genuine. All shareholders automatically receive telephone and online privileges to exchange, purchase or sell shares. Retirement accounts established under Internal Revenue Code section b for employees of public institutions or tax-exempt organizations do not have any telephone or online privileges.

If you do not want the flexibility of telephone and online privileges, please inform the Funds by telephone or in writing. Telephone and online trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone and online transactions. You may exchange shares of any Fund you own for shares of another Fund, so long as you meet the investment minimums required for each Fund and share class.

An exchange represents both a sale and a purchase of Fund. Table of Contents shares. Therefore, you may incur a gain or loss for income tax purposes on any exchange. Shares purchased through exchange must be registered in the current account name with the same Social Security or taxpayer identification number.

You also may exchange the shares of any Fund you own for shares of a money market fund made available by the Trust or exchange shares of such money market fund for shares of any Fund. You can obtain a prospectus for the money market fund by calling If you wish to receive regular withdrawals from your account, please send a letter with your account name; account number; the number of shares you wish to sell or the dollar amount you wish to receive on a regular basis; how often you wish to receive each payment monthly or quarterly ; and the method of receipt.

See page 34 for signature guarantee requirements. Fees generally are based on the value of shares of the Funds held by the Intermediary for its customers or based on sales of shares of the Funds by the Intermediary, or a combination thereof.

Some Intermediaries also may choose to pay additional compensation to their registered representatives who sell the Funds. The Statement of Additional Information provides more details about these payments. These employees are salespersons, not senior research team members or portfolio managers who provide investment advice. It should be noted that employees of the Adviser do not sell non-Ariel investment products or services.

Shareholders should be aware that they may purchase the Funds through other intermediaries, some of which also may be incentivized to sell the Funds, as discussed above. The Funds have adopted a plan under Rule 12b-1 that allows the Funds to pay distribution fees of 0. Because these fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Funds do not knowingly permit frequent or short-term trading also known as market timing. Do not invest in the Funds if you are a market timer. It is the policy of the Funds to discourage, take reasonable steps to deter or minimize, and not accommodate, to the extent practical, frequent purchases and redemptions of shares of the Funds.

Although there is no assurance that the Funds will be able to detect or prevent frequent trading or market timing in all circumstances, the following policies have been adopted to address these issues:. The preceding policies do not apply to the following:. The Funds have not entered into any arrangements that permit organizations or individuals to market time the Funds. Although the Funds will not knowingly permit investors to excessively trade shares of the Funds, investors seeking to engage in frequent trading may employ a variety of strategies to avoid detection, and there can be no guarantee that all market timing will be prevented, despite the best efforts of the Funds and its service providers.

The ability of the Funds to detect and curtail excessive trading practices also may be limited by operational systems and technological limitations. The Funds reserve the right to terminate or amend the exchange privilege at any time. The Funds have entered into agreements with Intermediaries which trade shares in the Funds through omnibus accounts in order to help the Funds obtain transaction information from those Intermediaries for the purpose of identifying investors who engage in frequent trading.

The Funds cannot always detect or prevent excessive trading that may be facilitated by Intermediaries or by the use of omnibus accounts. There can be no assurance that the Funds will successfully identify all Intermediaries with omnibus accounts in the Funds or all frequent trading that occurs in those accounts. Intermediaries may apply frequent trading policies that differ from those used by the Funds. Ariel may suspend redemptions or postpone payment dates on days when the NYSE is closed other than weekends and holidays , when trading is restricted or as permitted by the SEC.

Bonds generally are valued on the basis of quotations provided by pricing services or dealers in those securities. Short-term securities are valued at amortized cost, so long as it approximates fair value. For example, the Funds may calculate a fair value for a security if the principal market in which a portfolio security is traded closes early or if trading in a security is halted before a Fund calculates its NAV.

Further, the use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated using last or next reported prices. In general, foreign securities are more likely to require a fair value determination than domestic securities because circumstances may arise between the close of the market on which the securities trade and the time as of which a Fund values its portfolio securities, which may affect the value of such securities.

Securities denominated in foreign currencies and traded in foreign markets will have their values converted into U. Fluctuation in the values of foreign currencies in relation to the U. In addition, trading in certain portfolio investments may not occur on days the Fund is open for business because markets or exchanges other than the NYSE may be closed. For example, the primary trading markets for a Fund may close early on the day before certain holidays and the day after Thanksgiving.

Central Time , you will receive the NAV calculated that day. In some cases the Funds may require additional documentation to complete your request to purchase, sell or exchange Fund shares. Once the Funds receive your request in good form, your transaction will be processed at the next calculated price. If you are purchasing, selling or exchanging Fund shares through an Intermediary, your NAV is dependent upon when your Intermediary receives your request and sends it to the Funds.

To receive the closing price for the day you place your order, your Intermediary must receive your order at or before NYSE Closing Time and promptly transmit the order to the Funds. The Funds rely on your Intermediary to have procedures in place to assure that our pricing policies are followed. Net realized capital gains of a Fund, if any, are distributed to all shareholders at least annually.

Net investment income of a Fund, if any, is declared and distributed once per year. The tax status of your distributions from a Fund does not depend on whether you reinvest them or take them in cash, nor does it depend on how long you have owned your shares.

Rather, income dividends and short-term capital gains distributions are taxed as ordinary income. Long-term capital gains distributions are taxed as long-term capital gains at a different tax rate. This form will show the amount of each taxable distribution you received from the previous. Table of Contents year. Please note retirement account shareholders will not receive a Form DIV. If you sell shares you have held for a year or longer, any gain or loss is treated as a capital gain or loss.

If you sell shares within one year of purchase, any gains are treated as ordinary income and losses are subject to special rules. The Funds publicly disclose portfolio holdings as of the most recent quarter-end at arielinvestments. This information is also available at arielinvestments. Please note that indexes are unmanaged, and you cannot invest directly in an index. It includes those Russell Index companies with lower price-to-book ratios and lower forecasted growth values.

This index pertains to Ariel Discovery Fund. For Ariel Fund, this index is included for historical reference only. It includes approximately 2, of the smallest securities based on a combination of their market cap and current index membership.

This index pertains to Ariel Fund. This index pertains to Ariel Appreciation Fund. It includes approximately of the smallest securities based on a combination of their market cap and current index membership. This index pertains to Ariel Focus Fund. This index pertains to the Domestic Funds. The MSCI EAFE Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties.

This index pertains to Ariel International Fund. The MSCI ACWI ex-US Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties.

The MSCI ACWI Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. This index pertains to Ariel Global Fund.

Russell does not promote, sponsor or endorse the content of this communication. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This document is not approved or produced by MSCI. Table of Contents Financial Highlights. The financial performance information reflects financial results for a single share of each Fund.

The total returns represent the rates of return that an investor would have earned, or lost, on an investment in that Fund, assuming all dividends and distributions were reinvested in additional shares of that Fund. Net asset value, beginning of year. Income from investment operations:.

Net investment income. Net realized and unrealized gain loss on investments. Total from investment operations. Distributions to shareholders:. Dividends from net investment income. Distributions from capital gains. Total distributions. Net asset value, end of year. Total return. Supplemental data and ratios:. Net assets, end of year, in thousands. Ratio of expenses to average net assets. Ratio of net investment income to average net assets. Portfolio turnover rate. Net asset value, beginning of period.

Net asset value, end of period. Net assets, end of period, in thousands. Ariel Appreciation Fund. Ratio of expenses to average net assets, including waivers. Ratio of expenses to average net assets, excluding waivers. Ratio of net investment income to average net assets, including waivers. Ratio of net investment income to average net assets, excluding waivers. Net investment loss. Ratio of net investment income loss to average net assets, including waivers. Ratio of net investment income loss to average net assets, excluding waivers.

Ariel International Fund. Net investment income loss. You can also find more detailed information about the Funds in the current Statement of Additional Information SAI , dated February 1, , which has been filed electronically with the Securities and Exchange Commission SEC and is incorporated by reference into this Prospectus.

Investment Company Act File No. The Annual Report may be obtained free of charge by writing or calling the Funds or by downloading the documents at arielinvestments. This Statement of Additional Information, although not itself a prospectus, is incorporated by reference into the prospectus in its entirety. Ariel Focus Fund is a non-diversified fund. The Declaration of Trust, as amended, contains an express disclaimer of shareholder liability for acts or obligations of the Trust.

The shareholders of a Massachusetts business trust might, however, under certain circumstances, be held personally liable as partners for its obligations. The Declaration of Trust provides for indemnification and reimbursement of expenses out of Trust assets for any shareholder held personally liable for obligations of the Trust.

The Declaration of Trust further provides that the Trust may maintain appropriate insurance for example, fidelity bonding and errors and omissions insurance for the protection of the Trust, its shareholders, Trustees, officers, employees and agents to cover possible tort and other liabilities. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance exists and the Trust itself is unable to meet its obligations.

Fund Shares. The Funds may issue shares in different classes and each Fund presently issues two classes of shares: an Investor Class and an Institutional Class. Each share, when issued and paid for in accordance with the terms of the offering, is fully paid and non-assessable. Shares have no preemptive or subscription rights and are freely transferable. Each share of each series of the Trust represents an equal proportionate interest in that series and is entitled to such dividends and distributions out of the income belonging to such shares as declared by the Board.

Upon any liquidation of the Trust, shareholders are entitled to share pro rata in the net assets belonging to that series available for distribution. Each fractional share has the same rights, in proportion, as a full share. For other issues, such as approval of the advisory agreement, each authorized series votes separately.

The Act and the rules thereunder further provide that a series shall not be deemed to be affected by a matter unless it is clear that the interests of each series in the matter are identical or that the matter does not affect any interest of such series. The Act and the rules thereunder exempt the selection of independent accountants and the election of board members from the separate voting requirements of the rules. The Trust will hold shareholder meetings as required under the Act or Massachusetts law or for other purposes.

The Trust has adopted the following investment restrictions for the Funds. Shares have equal rights as to voting. Fundamental Investment Restrictions. The Funds have adopted the following fundamental investment restrictions:. A Fund may not purchase or sell commodities or commodity contracts except contracts in respect to financial futures. A Fund may not purchase real estate or real estate mortgages, but may purchase securities backed by real estate or interests therein including mortgage interests and securities of companies, including real estate investment trusts, holding real estate or interests including mortgage interests therein.

This does not prevent a Fund from owning and liquidating real estate or real estate interests incident to a default on portfolio securities. Government or its agencies and instrumentalities. Government securities are not subject to this limitation. A Fund may not issue senior securities except as permitted under the Act.

A Fund may not pledge or hypothecate any of its assets, except in connection with permitted borrowing. Further explanation of Senior Securities policy. No Fund may issue senior securities, except as permitted by the Act and any rules, regulations, orders or letters issued thereunder.

This limitation does not apply to selling short against the box. Under the Act and its interpretations, certain transactions that create leverage will not be considered. Table of Contents to constitute the issuance of a senior security, and will therefore, not be subject to limitations otherwise applicable to borrowing by a Fund.

With respect to such transactions, the Funds maintain offsetting positions, appropriately segregated or liquid earmarked assets, or otherwise cover a transaction in accordance with applicable SEC guidance. The Funds do not engage in the underwriting of securities. This does not preclude a Fund from selling restricted securities in its portfolio.

A Fund may not lend money, except that it may purchase and hold debt securities publicly distributed or traded or privately placed and may enter into repurchase agreements. Non-Fundamental Investment Restrictions. In addition to the foregoing restrictions, the Funds have adopted the following non-fundamental investment restrictions that may be changed without shareholder approval:. A Fund may not purchase a security for the purpose of exercising control or management of the issuer.

The Funds typically purchase securities for long-term investment purposes for the benefit of its shareholders. Our research reports are an essential resource to commercial real estate investors, owners and professionals throughout New York City. Our commercial mortgage calculator to efficiently calculate a loan payment, and total loan costs. Real-time information for real estate professionals. Notable events throughout the commercial real estate industry. Listen to our latest podcast episode here.

Publications featuring Ariel Property Advisors. News from our Press Office. Press information and contact. The NYC multifamily market has begun to show positive signs of recovery in Q3 Price discovery has become more solidified as deals continue to close throughout the year. However, ongoing factors such as rising vacancy rates and reduced collections have significantly affected the value of NYC real estate. The subject property is a 3, square foot, 3 story walk-up which features one store and two apartments above.

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Short-term securities are valued at amortized cost, so long as it approximates fair value. For example, the Funds may calculate a fair value for a security if the principal market in which a portfolio security is traded closes early or if trading in a security is halted before a Fund calculates its NAV. Further, the use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated using last or next reported prices.

In general, foreign securities are more likely to require a fair value determination than domestic securities because circumstances may arise between the close of the market on which the securities trade and the time as of which a Fund values its portfolio securities, which may affect the value of such securities. Securities denominated in foreign currencies and traded in foreign markets will have their values converted into U.

Fluctuation in the values of foreign currencies in relation to the U. In addition, trading in certain portfolio investments may not occur on days the Fund is open for business because markets or exchanges other than the NYSE may be closed. For example, the primary trading markets for a Fund may close early on the day before certain holidays and the day after Thanksgiving. Central Time , you will receive the NAV calculated that day.

In some cases the Funds may require additional documentation to complete your request to purchase, sell or exchange Fund shares. Once the Funds receive your request in good form, your transaction will be processed at the next calculated price. If you are purchasing, selling or exchanging Fund shares through an Intermediary, your NAV is dependent upon when your Intermediary receives your request and sends it to the Funds.

To receive the closing price for the day you place your order, your Intermediary must receive your order at or before NYSE Closing Time and promptly transmit the order to the Funds. The Funds rely on your Intermediary to have procedures in place to assure that our pricing policies are followed.

Net realized capital gains of a Fund, if any, are distributed to all shareholders at least annually. Net investment income of a Fund, if any, is declared and distributed once per year. The tax status of your distributions from a Fund does not depend on whether you reinvest them or take them in cash, nor does it depend on how long you have owned your shares. Rather, income dividends and short-term capital gains distributions are taxed as ordinary income.

Long-term capital gains distributions are taxed as long-term capital gains at a different tax rate. This form will show the amount of each taxable distribution you received from the previous. Table of Contents year. Please note retirement account shareholders will not receive a Form DIV. If you sell shares you have held for a year or longer, any gain or loss is treated as a capital gain or loss. If you sell shares within one year of purchase, any gains are treated as ordinary income and losses are subject to special rules.

The Funds publicly disclose portfolio holdings as of the most recent quarter-end at arielinvestments. This information is also available at arielinvestments. Please note that indexes are unmanaged, and you cannot invest directly in an index. It includes those Russell Index companies with lower price-to-book ratios and lower forecasted growth values.

This index pertains to Ariel Discovery Fund. For Ariel Fund, this index is included for historical reference only. It includes approximately 2, of the smallest securities based on a combination of their market cap and current index membership. This index pertains to Ariel Fund. This index pertains to Ariel Appreciation Fund. It includes approximately of the smallest securities based on a combination of their market cap and current index membership.

This index pertains to Ariel Focus Fund. This index pertains to the Domestic Funds. The MSCI EAFE Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties.

This index pertains to Ariel International Fund. The MSCI ACWI ex-US Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties. The MSCI ACWI Index net returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties.

This index pertains to Ariel Global Fund. Russell does not promote, sponsor or endorse the content of this communication. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indexes or financial products. This document is not approved or produced by MSCI.

Table of Contents Financial Highlights. The financial performance information reflects financial results for a single share of each Fund. The total returns represent the rates of return that an investor would have earned, or lost, on an investment in that Fund, assuming all dividends and distributions were reinvested in additional shares of that Fund. Net asset value, beginning of year.

Income from investment operations:. Net investment income. Net realized and unrealized gain loss on investments. Total from investment operations. Distributions to shareholders:. Dividends from net investment income. Distributions from capital gains. Total distributions. Net asset value, end of year.

Total return. Supplemental data and ratios:. Net assets, end of year, in thousands. Ratio of expenses to average net assets. Ratio of net investment income to average net assets. Portfolio turnover rate. Net asset value, beginning of period. Net asset value, end of period. Net assets, end of period, in thousands.

Ariel Appreciation Fund. Ratio of expenses to average net assets, including waivers. Ratio of expenses to average net assets, excluding waivers. Ratio of net investment income to average net assets, including waivers.

Ratio of net investment income to average net assets, excluding waivers. Net investment loss. Ratio of net investment income loss to average net assets, including waivers. Ratio of net investment income loss to average net assets, excluding waivers.

Ariel International Fund. Net investment income loss. You can also find more detailed information about the Funds in the current Statement of Additional Information SAI , dated February 1, , which has been filed electronically with the Securities and Exchange Commission SEC and is incorporated by reference into this Prospectus. Investment Company Act File No. The Annual Report may be obtained free of charge by writing or calling the Funds or by downloading the documents at arielinvestments.

This Statement of Additional Information, although not itself a prospectus, is incorporated by reference into the prospectus in its entirety. Ariel Focus Fund is a non-diversified fund. The Declaration of Trust, as amended, contains an express disclaimer of shareholder liability for acts or obligations of the Trust. The shareholders of a Massachusetts business trust might, however, under certain circumstances, be held personally liable as partners for its obligations.

The Declaration of Trust provides for indemnification and reimbursement of expenses out of Trust assets for any shareholder held personally liable for obligations of the Trust. The Declaration of Trust further provides that the Trust may maintain appropriate insurance for example, fidelity bonding and errors and omissions insurance for the protection of the Trust, its shareholders, Trustees, officers, employees and agents to cover possible tort and other liabilities.

Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance exists and the Trust itself is unable to meet its obligations. Fund Shares. The Funds may issue shares in different classes and each Fund presently issues two classes of shares: an Investor Class and an Institutional Class.

Each share, when issued and paid for in accordance with the terms of the offering, is fully paid and non-assessable. Shares have no preemptive or subscription rights and are freely transferable. Each share of each series of the Trust represents an equal proportionate interest in that series and is entitled to such dividends and distributions out of the income belonging to such shares as declared by the Board. Upon any liquidation of the Trust, shareholders are entitled to share pro rata in the net assets belonging to that series available for distribution.

Each fractional share has the same rights, in proportion, as a full share. For other issues, such as approval of the advisory agreement, each authorized series votes separately. The Act and the rules thereunder further provide that a series shall not be deemed to be affected by a matter unless it is clear that the interests of each series in the matter are identical or that the matter does not affect any interest of such series.

The Act and the rules thereunder exempt the selection of independent accountants and the election of board members from the separate voting requirements of the rules. The Trust will hold shareholder meetings as required under the Act or Massachusetts law or for other purposes. The Trust has adopted the following investment restrictions for the Funds. Shares have equal rights as to voting. Fundamental Investment Restrictions. The Funds have adopted the following fundamental investment restrictions:.

A Fund may not purchase or sell commodities or commodity contracts except contracts in respect to financial futures. A Fund may not purchase real estate or real estate mortgages, but may purchase securities backed by real estate or interests therein including mortgage interests and securities of companies, including real estate investment trusts, holding real estate or interests including mortgage interests therein.

This does not prevent a Fund from owning and liquidating real estate or real estate interests incident to a default on portfolio securities. Government or its agencies and instrumentalities. Government securities are not subject to this limitation. A Fund may not issue senior securities except as permitted under the Act. A Fund may not pledge or hypothecate any of its assets, except in connection with permitted borrowing.

Further explanation of Senior Securities policy. No Fund may issue senior securities, except as permitted by the Act and any rules, regulations, orders or letters issued thereunder. This limitation does not apply to selling short against the box. Under the Act and its interpretations, certain transactions that create leverage will not be considered.

Table of Contents to constitute the issuance of a senior security, and will therefore, not be subject to limitations otherwise applicable to borrowing by a Fund. With respect to such transactions, the Funds maintain offsetting positions, appropriately segregated or liquid earmarked assets, or otherwise cover a transaction in accordance with applicable SEC guidance. The Funds do not engage in the underwriting of securities. This does not preclude a Fund from selling restricted securities in its portfolio.

A Fund may not lend money, except that it may purchase and hold debt securities publicly distributed or traded or privately placed and may enter into repurchase agreements. Non-Fundamental Investment Restrictions. In addition to the foregoing restrictions, the Funds have adopted the following non-fundamental investment restrictions that may be changed without shareholder approval:. A Fund may not purchase a security for the purpose of exercising control or management of the issuer.

The Funds typically purchase securities for long-term investment purposes for the benefit of its shareholders. As a routine matter, the Adviser utilizes Schedule 13G for its reporting of the ownership positions held by the Funds. In such situations, the Adviser may elect to file on Schedule 13D in order to be more active in corporate governance and management matters, and to have the ability to enter into discussions with third parties concerning proposed corporate matters of a significant nature.

The Funds invest their assets primarily in equity securities. Ariel Focus Fund seeks to invest primarily in companies of any size in order to provide investors access to superior opportunities in companies of all market capitalizations. Ariel International Fund also may invest a portion of its assets in U. Ariel International Fund may invest in large, mid, or small capitalization companies. Ariel International Fund also may invest in other types of investments or investment strategies described in this section.

Ariel Global Fund may invest in large, mid, or small capitalization companies. Ariel Global Fund also may invest in other types of investments or investment strategies described in this section. The strategies and risks that follow are applicable to all Funds unless otherwise indicated.

Equity Securities. Events that have a negative impact on a business probably will be reflected as a decline in the value of its equity securities. Furthermore, when the stock market declines, most equity securities, even those issued by strong companies, likely will decline in value. Preferred stock has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock normally carries no voting rights. Preferred stock dividends may be cumulative or non-cumulative, participating or non-participating, or adjustable rate.

Tracking stock is created when the board of directors of a public company proposes, and the shareholders approve, a new class of stock whose value is linked to a unit of the company. The value of the tracking unit is related to the specific performance of the unit, which can pay dividends to shareholders independent of the parent company. However, tracking stock does not represent a share of the tracking unit, but rather a share of the parent company. A tracking stock unit is completely controlled by the parent.

Managers of the unit and managers of the parent company report to the same board, which could lead to conflicts of interest. There is no transfer of ownership of assets or cash flows to tracking stock shareholders. While tracking stock performance should reflect performance of the unit, claims in the case of bankruptcy are on the assets of the company as a whole, not on the unit. IPOs can have a dramatic impact on Fund performance, and assumptions about future performance based on that impact may not be warranted.

Investing in IPOs involves special risks. Many, but not all, of the companies issuing IPOs are small, unseasoned companies. These are companies that have been in operation for a short period of time. Generally, small company securities, including IPOs, are subject to greater volatility in their prices than are securities issued by more established companies.

If the Fund does not intend to make a long-term investment in the IPO it is sometimes possible to immediately sell an IPO at a profit , the Adviser may not perform the same detailed research on the company that it does for core holdings.

Micro, Small and Mid Cap Companies. Investing in micro, small and mid cap companies may be more risky than investing in large cap companies. Such companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies.

Securities of these companies may be subject to volatility in their prices. Other investors that own a security issued by a micro, small or mid cap company for which there is limited liquidity might trade the security when a Fund is attempting to dispose of its holdings in that security. In that case, a Fund might receive a lower price for its holdings than otherwise might be obtained. Micro, small and mid cap companies also may be unseasoned.

These include companies that have been in operation for less than three years, including the operations of any predecessors. Exchange Traded Funds. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities.

Disruptions in the. ETFs also have management fees that may increase their costs versus the costs of owning the underlying securities directly. Any investments in ETFs that invest predominately in other countries are considered investments in countries other than the U. Business Development Companies. The risks of owning a BDC generally reflect the risks of owning its underlying investments.

Risks may include, but are not limited to, credit and investment risk, market and valuation risk, price volatility risk, liquidity risk, and interest rate risk. BDCs also have management fees that may increase costs to the Funds. Limited Partnerships. As a limited partner, the Fund generally is not permitted to participate in the management of the partnership. Limited partnerships are subject to the possibility of failing to qualify for tax-free pass-through of certain income, under the Internal Revenue Code of , as amended.

Certain companies are organized as MLPs in which ownership interests are publicly traded. MLPs often own several properties or businesses or directly own interests that are primarily engaged in transportation or the use of natural resources, such as mining, exploration, or research and development, but they also may finance motion pictures, real estate and other projects.

Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners like a Fund that invests in an MLP are not involved in the day-to-day management of the partnership. They are allocated income and capital gains associated with the partnership project in accordance with the terms established in the partnership agreement.

The risks of investing in an MLP are generally those inherent in investing in a partnership. There may be fewer protections afforded investors in an MLP than investors in a corporation. Additional risks involved are risks associated with the specific industry or industries in which the partnership invests.

MLPs are subject to the possibility of failing to qualify for tax-free pass-through of certain income, under the Internal Revenue Code of , as amended. Real estate securities are a form of an equity security. The Funds do not invest. Table of Contents directly in real estate. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents.

Equity REITs also can realize capital gains by selling property that has appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. To the extent that the management fees paid to a REIT are for the same or similar services as the management fees paid by a Fund, there will be a layering of fees, which would increase expenses and decrease returns.

Real estate securities, including REITs, are subject to risks associated with the direct ownership of real estate. A Fund also could be subject to such risks by reason of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, uninsured casualties or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates.

Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of credit extended. Equity and Mortgage REITs are dependent on management skill, may not be diversified and are subject to project financing risks. Such trusts also are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of , as amended, and failing to maintain exemption from registration under the Act.

By investing in REITs indirectly through a Fund, a shareholder will bear not only his or her proportionate share of the expense of the Fund but also, indirectly, similar expenses of the REITs, including compensation of management.

Some real estate securities also may be rated less than investment grade by rating services. Rights and Warrants. Rights and warrants are forms of equity securities. Warrants are options to purchase equity securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Rights are similar to warrants, but normally have a shorter maturity and are distributed directly by the issuer to its shareholders.

Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Convertible Securities. Convertible Securities are a combined form of equity security and debt security. Generally, convertible securities are bonds, debentures, notes, or other securities that convert or are exchangeable into shares of the underlying common stock at a stated exchange ratio.

Usually, the conversion or exchange is solely at the option of the holder. However, some convertible securities may be convertible or exchangeable at the option of the issuer or are automatically converted or exchanged at a certain time, or on the occurrence of certain events, or have a combination of these characteristics.

A convertible security also. Table of Contents may be subject to redemption by the issuer after a certain date and under certain circumstances including a specified price established on issue. If a convertible security held by a Fund is called for redemption, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it. Convertible bonds, debentures and notes are varieties of debt securities, and as such are subject to many of the same risks, including interest rate sensitivity, changes in debt rating and credit risk.

Thus, convertible securities are subject to many of the same risks as high-yield, high-risk securities. Due to its conversion feature, the price of a convertible security normally will vary in some proportion to changes in the price of the underlying common stock. A convertible security will also normally provide a higher yield than the underlying common stock but generally lower than comparable non-convertible securities.

The difference between this conversion value and the price of convertible securities will vary over time depending on the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because the yield acts as a price support. When the underlying common stocks rise in value, the value of convertible securities also may be expected to increase, but generally will not increase to the same extent as the underlying common stocks.

Debt securities generally are considered to be interest rate-sensitive. The market value of convertible securities will change in response to changes in interest rates. During periods of falling interest rates, the value of convertible bonds generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Changes by recognized rating services in their ratings of debt securities and changes in the ability of an issuer to make payments of interest and principal also will affect the value of these investments.

Foreign Securities. A sponsored facility is established jointly by the issuer of the security. Table of Contents underlying the receipt and a depositary, whereas an unsponsored facility may be established by a depositary without participation by the issuer of the underlying security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to pass through shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities.

Generally, ADRs are denominated in U. The depositaries that issue ADRs are usually U. GDRs may be issued in U. The issuing depositary, which may be a foreign or a U. When a Fund invests in foreign securities, the expenses of trading and holding such securities are likely to be higher than the expenses relating to comparable U. Investments in foreign securities may involve a higher degree of risk than investments in domestic issuers.

Foreign securities are often denominated in foreign currencies, which means that their value will be affected by changes in exchange rates, as well as other factors that affect securities prices. There generally is less information publicly available about foreign securities and securities markets, and there may be less government regulation and supervision of foreign issuers and securities markets.

Foreign securities and markets also may be affected by political and economic instabilities and may be more volatile and less liquid than domestic securities and markets. Investment risks may include expropriation or nationalization of assets, confiscatory taxation, exchange controls and limitations on the use or transfer of assets and significant withholding taxes.

Foreign economies may differ from the United States favorably or unfavorably with respect to inflation rates, balance of payments, capital reinvestment, gross national product expansion and other relevant indicators. There is no universally accepted definition of an emerging market country. Many of the risks outlined above are more pronounced for investments in developing or emerging market countries. Governments may be more unstable and present greater risks of nationalization, expropriation, or other confiscation of assets of issuers of securities, greater risk of default by both the government and private issuers , greater governmental involvement in the economy, capital controls, inability to purchase and sell investments or otherwise settle security or derivative transactions i.

Investments in emerging market countries may involve trading and operational risks including the risk of natural disasters and wars and may require the payment of additional costs. Short Sales. A Fund may engage in short sales, if, at the time of the short sale, the Fund owns or has the right to acquire securities equivalent in kind and amount to the securities being sold short.

In a short sale, the seller does not immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs. To make delivery to the purchaser, the executing broker borrows the securities being sold short on behalf of the seller.

While the short position is maintained, the seller collateralizes its obligation to deliver the securities sold short in an amount equal to the proceeds of the short sale plus an additional margin amount established by the Board of Governors of the Federal Reserve. While the short sale is open, the Fund will maintain, in a segregated custodial account, an amount of securities convertible into, or exchangeable for, such equivalent securities at no additional cost.

The Fund may make a short sale, as described above, when it wants to sell the security it owns at a current attractive price, but also wishes to defer recognition of gain or loss for federal income tax purposes. There will be certain additional transaction costs associated with short sales, but the Fund will endeavor to offset these costs with returns from the investment of the cash proceeds of short sales.

Lending portfolio securities. Although the Funds have this authority, as of the date of this SAI none of the Funds have made such loans nor are any currently anticipated. Any such loans must be secured continuously in the form of cash or cash equivalents, such as U. Treasury bills. The amount of the collateral must, on a current basis, equal or exceed the market value of the loaned securities, and the loan must be terminable upon notice, at any time.

The borrower is obligated, after notice, to redeliver the borrowed securities within five business days. The Trust will exercise its right to terminate a securities loan in order to preserve its right to vote upon matters of importance affecting holders of the securities. The advantage of such loans is that the Fund continues to receive the equivalent of the interest earned or dividends paid by the issuer on the loaned securities while at the same time earning interest on the cash or equivalent collateral.

Securities loans may be made to broker-dealers and other financial institutions to facilitate their deliveries of such securities. As with any extension of credit, there may be risks of delay in recovery and possibly loss of rights in the loaned securities should the borrower of the loaned securities fail financially. While the Fund holds the collateral, it will be subject to any risks associated with characteristics of that collateral.

However, loans will be made only to those firms that the Adviser deems creditworthy and only on such terms as it believes should compensate for such risk. On termination of the loan, the borrower is obligated to return the securities to the Fund; any gain or loss in the market value of the security during the loan period will inure to the benefit of the Fund. The Funds may pay custodial fees in connection with the loan of securities, including to its custodian, provided the fees are approved by the Trustees.

Table of Contents Aggregate Ownership. The Adviser may hold on behalf of its clients, including the Funds, in the aggregate, a significant percentage of the stock of certain companies. Cash Equivalents. To the extent permitted by its investment objective, each Fund may invest in cash equivalents including U. Cash equivalents are negotiable instruments payable by third parties and may include short-term fixed income securities issued by private and governmental institutions, foreign banks and foreign governments.

Holding cash exposes an investment to inflation risk and the risk of exchanging lower risk for potentially lower returns. Foreign cash equivalents are riskier because they involve foreign counterparties. Repurchase Agreements. A Fund may purchase and sell securities under repurchase agreements. Repurchase agreements are short-term money market investment securities transactions, designed to generate current income.

A repurchase agreement is essentially a loan. Repurchase agreements involve transactions where a buyer the Fund purchases a security and simultaneously commits to resell that security to the seller such as a bank or securities dealer at a mutually agreed upon time and price. The repurchase price reflects the initial purchase price plus interest, based upon an agreed upon market rate of interest. While the underlying securities collateral may bear a maturity in excess of one year, the term of the repurchase agreement is always less than one year, and is often one business day.

If the seller defaults on its obligation to repurchase and the value of the underlying securities declines, the Fund may incur a loss and may incur expenses in selling the underlying securities. Commercial Paper. The Funds may invest in commercial paper, short-term promissory notes issued by companies primarily to finance short-term credit needs.

Certain notes may have floating or variable rates and may contain options, exercisable by either the buyer or the seller, that extend or shorten the maturity of the note. Investments in Sovereign Debt can involve greater risks than investing in U. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund may have limited legal recourse in the event of default.

Debt Obligations. AAA, AA, A, or BBB or, if not rated, are of comparable quality as determined by the Adviser bonds rated Baa or BBB are considered medium grade obligations and have speculative characteristics ; obligations issued or guaranteed as to principal by the U. In the event any debt obligation held by a Fund is downgraded below the lowest permissible grade, the Fund is not required to sell the security, but the Adviser will consider the downgrade in determining whether to hold the security.

Debt obligations, such as bonds and other debt securities, generally are subject to credit risk and interest rate risk. While debt obligations issued by the U. Treasury generally are considered free of credit risk, debt issued by agencies and corporations all entail some level of credit risk. Investment grade debt securities have less credit risk than do high-yield, high-risk debt securities.

Debt obligations generally are interest rate-sensitive. During periods of falling interest rates, the value of debt obligations held by a Fund generally rises. Changes by recognized rating services in their ratings of debt obligations and changes in the ability of an issuer to make payments of interest and principal also will affect the value of these investments. The lower ratings reflect a greater possibility that adverse changes in the financial condition of the issuer or in general economic conditions, or both, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal.

Table of Contents sell their securities at prices approximating the values the Funds had placed on such securities. In the absence of a liquid trading market for securities held by it, a Fund at times may be unable to establish the fair value of such securities. Like those of other fixed income securities, the values of lower rated securities go up and down in response to changes in interest rates.

A decrease in interest rates generally will result in an increase in the value of fixed income securities. The values of lower rated securities often may be affected to a greater extent by changes in general economic conditions and business conditions affecting the issuers of such securities and their industries. Negative publicity or investor perceptions also may adversely affect the values of lower rated securities. Changes by recognized rating services in their ratings of any fixed income security and changes in the ability of an issuer to make payments of interest and principal also may affect the value of these investments.

Issuers of lower rated securities often are highly leveraged, so that their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. Such issuers may not have more traditional methods of financing available to them and may be unable to repay outstanding obligations at maturity by refinancing.

The risk of loss due to default in payment of interest or repayment of principal by such issuers is significantly greater because such securities frequently are unsecured and subordinated to the prior payment of senior indebtedness. Financial Services Sector. The financial services sector consists of several different industries that behave differently in different economic and market environments; for example, banking, insurance and securities brokerage houses.

Companies in the financial services sector include commercial banks, industrial banks, savings institutions, finance companies, diversified financial services companies, investment banking firms, securities brokerage houses, investment advisory companies, leasing companies, insurance companies and companies providing similar services.

Due to the wide variety of companies in the financial services sector, they may react in different ways to changes in economic and market conditions. Consumer Discretionary Sector. Table of Contents The consumer discretionary sector consists of businesses that sell nonessential goods and services. Companies in this sector include retailers, media companies, consumer services companies, consumer durables and apparel companies, and automobiles and components companies.

A Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities. In the event that market fluctuations cause borrowing to exceed the limits stated above, the Adviser would act to remedy the situation as promptly as possible normally within three business days. Restricted and Illiquid Securities. A Fund may invest in restricted securities that are subject to contractual restrictions on resale. This Rule permits certain qualified institutional buyers, such as the Funds, to trade in privately placed securities even though such securities are not registered under the Act.

In making this determination, the Adviser will consider the frequency of trades and quotes, the number of dealers and potential purchasers, dealer undertakings to make a market and the nature of the security and the marketplace trades for example, the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer.

Investing in Rule A Securities could have the effect of increasing the amount of investments in illiquid securities if qualified institutional buyers are unwilling to purchase such securities. Commodity Futures, generally. A Fund may net futures contracts with the same underlying commodity across designated contract markets and foreign boards of trade, and swaps cleared on the same designated clearing organization where appropriate.

The Funds will not be, and have not been, marketing their securities to the public as or in a commodity pool or otherwise as or in a vehicle for trading in the commodity futures, commodity options or swaps markets. Hedging strategies, if successful, can reduce the risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements in the investments being hedged. Hedging strategies can also reduce the opportunity for gain by offsetting the positive effect of favorable price movements in the hedged investments.

Derivatives may be used to invest significant cash inflows in the market i. Managing Risk. Risk management strategies include, but are not limited to, facilitating the sale of portfolio securities, establishing a position in the derivatives markets as a substitute for buying or selling certain securities or creating or altering exposure to certain asset classes, such as equity and foreign securities.

Exchange-traded derivatives are standardized options and futures contracts transacted on an organized futures exchange. Exchange contracts are generally liquid. The exchange clearinghouse is the counterparty of every contract. OTC derivatives are contracts between the holder and another party to the transaction usually a securities dealer or a bank , but not an exchange clearinghouse.

OTC transactions are less liquid than exchange-traded derivatives since they often can only be closed out with the other party to the transaction. Market Risk. The primary risk of derivatives is the same as the risk of the underlying assets; namely, that the value of the underlying asset may increase or decrease in value due to market fluctuations. Adverse movements in the value of an underlying asset can expose a Fund to losses.

Derivative instruments may include elements of leverage and, accordingly, the fluctuation of the value of such instrument in relation to the underlying asset may be magnified. There can be no assurance that any particular strategy adopted will succeed.

Credit Risk. A Fund may be subject to the risk that a loss may be sustained as a result of the failure of a counterparty to comply with the terms of a derivative instrument. The counterparty risk for exchange-traded derivative instruments is generally less than for privately-negotiated or OTC derivative instruments, since generally a clearing agency, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. In all transactions, a Fund will bear the risk that the counterparty may default, resulting in a loss of the expected benefit of the derivative transaction and possibly other losses to the Fund.

A Fund will enter into transactions in derivative instruments only with counterparties that the portfolio manager reasonably believes are capable of performing under the contract. Correlation Risk. Correlation risk is the risk that there might be imperfect correlation, or even no correlation, between price movements of a derivative instrument and price movements of investments being hedged.

The effectiveness of hedges using instruments on indexes will depend, in part, on the degree of correlation between price movements in the index and price movements in the investment being hedged. Liquidity Risk.

Liquidity risk is the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value. Generally, exchange contracts are very liquid because the exchange clearinghouse is the counterparty of every contract. Regulatory Risk. A forward contract is a foreign currency exchange contract that involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days usually less than one year from the contract date, at a price set at the time of the contract.

A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. These contracts are traded in the inter-bank market conducted directly among currency traders usually large commercial banks and their customers.

Currency risk is measured, among other things, at the portfolio level in relation to the benchmark. In the use of this hedging strategy, the Adviser aims to dampen the effects of large currency moves primarily in major benchmark currencies, not eliminate all currency tracking error entirely.

The Funds will not be perfectly hedged as the costs could be prohibitive and often unwarranted. The Adviser uses discretion and judgment in determining the cost benefit analysis of hedging. Ariel Discovery Fund. Ariel Global Fund. Management of the Funds. Financial Highlights. Shareholder fees fees paid directly from your investment. Annual fund operating expenses expenses that you pay each year as a percentage of the value of your investment.

The performance of such stocks could also be more volatile. The intrinsic value of the stocks in which the Fund invests may never be recognized by the broader market. The Fund often invests a significant portion of its assets in companies within the financial services and consumer discretionary sectors and its performance may suffer if these sectors underperform the overall stock market. The Russell Value Index is included for historical reference only. Mid cap stocks held by the Fund could fall out of favor and returns would subsequently trail returns from the overall stock market.

Mid cap stocks often have less predictable earnings, more limited product lines and markets, and more limited financial and management resources than large cap stocks. As the Fund holds relatively few stocks, a fluctuation in one stock could significantly affect overall performance. If the Fund incurs expenses excluded from the reimbursement agreement, the net annual fund operating expenses could exceed the expense caps.

Therefore, when purchasing and selling such securities, the Fund may experience higher transactional costs. Additionally, if the Fund is forced to sell securities to meet redemption requests or other cash needs, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. Attempting to purchase with a margin of safety on price cannot protect investors from the volatility associated with stocks, incorrect assumptions or estimations on our part, declining fundamentals or external forces.

Investments in foreign securities, including ADRs and GDRs or other securities or instruments representing underlying shares of foreign companies, may underperform and may be more volatile than comparable U. 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.

Securities issued by foreign companies are typically denominated in foreign currencies, resulting in a risk that adverse exchange rate fluctuations against the U. The use of foreign currency derivatives, such as foreign currency forwards, may be expensive and may result in further losses. Investments in companies based in emerging markets 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.

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 will default on payment or other obligations under the derivative.

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. Net index returns reflect the reinvestment of income and other earnings, including the dividends net of the maximum withholding tax applicable to non-resident institutional investors that do not benefit from double taxation treaties.

Ariel invests within its circle of competence, closely following certain industries and companies. Ariel generally does not try to time the market, and seeks to remain fully invested. At times, Ariel maintains larger than normal cash positions in the Funds. Cash positions are generally not held for defensive purposes in these strategies, but are maintained while Ariel searches for compelling investments.

The Domestic Funds encourage portfolio companies to have an open dialogue on proactive diversity practices. The Domestic Funds believe a company that cultivates diversity is more likely to attract and recruit the best talent and broaden its markets in profitable new directions. Responding to shareholder requests for information on their accounts and the Funds in general. Box Milwaukee, WI Fund Numbers.

Certain wrap or other fee based programs for the benefit of clients of investment professionals or other financial intermediaries. Employees and directors of the Adviser and its affiliates and their family members. Certain registered investment advisers, broker-dealers and individuals accessing accounts through registered investment advisers.

If you are unable to provide the requested information or the Funds are unable to contact you within two business days, your application will be rejected and your money will be returned. If you provide the required information following the request, your investment will be accepted and you will receive the Fund price as of the date all information is received. Broker-dealers may charge a transaction fee on the purchase or sale of Fund shares. The Funds will be deemed to have received a purchase or redemption order when an authorized broker-dealer, or its authorized designee, receives the order.

The number of shares you have purchased is calculated based on the Fund share price net asset value you received at the time of your order. Purchases are accepted only in U. The Funds will not accept payment in cash or money orders.

The Funds are unable to accept post dated checks, gift cards or certificates or any conditional order or payment. Two consecutive rejects will result in suspension of your Automatic Investment Program until further notice. If payment for your check or telephone purchase order does not clear, the Funds will cancel your purchase.

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You may access daily fund prices, account balances and execute transactions 24 hours per day, 7 days per week via Turtle Talk, our automated shareholder phone service. Please send all correspondence regarding opening an account; buying, selling or exchanging shares; changing your account registration or other account related activities to:.

Bank Global Fund Services P. Box Milwaukee, WI Important Note: We cannot perform transactions based on instructions received by email. To perform transactions on your accounts, please use our online account access feature or contact an Ariel Investments representative at option 1. Please do NOT send personal information or account numbers via email. Messages submitted to Ariel by email, including any questions, comments, suggestions or other materials are, and will be treated as, nonconfidential and nonproprietary.

Invest with Us. Shareholder Login. Stay Connected Subscribe to our e-newsletter. Mutual Funds Ariel Fund Invests in high quality, undervalued small- and medium-sized companies. Invests in a concentrated number of high quality, undervalued companies across all market capitalization ranges.

Invests in undervalued, quality franchises in overseas markets with an intrinsic value approach. Invests in undervalued, quality franchises in markets around the world with an intrinsic value approach. Invests in undervalued, quality franchises in overseas and emerging markets with an intrinsic value approach. Invests in undervalued, quality franchises in markets around the world with an intrinsic value approach and concentrated positions.

While our research capabilities have expanded across the globe, patience is still the disciplined approach that drives the firm today. John also serves as vice chair of the board of trustees of the University of Chicago. Kennedy Center for Justice and Human Rights. John received an AB in economics from Princeton University, where he was also captain of the varsity basketball team. Charles K.

Charlie manages our focused value strategy—an all-cap, concentrated portfolio of U. Prior to joining Ariel in , Charlie spent 21 years as an investment banker at Salomon Brothers and its successor company Citigroup, where he rose to managing director and head of North American investment banking branch offices. He also teaches monthly investing classes at two Chicago inner-city schools. Prior to joining the firm in , she was vice president and head trader at Fiduciary Management Associates.

Traders Magazine also recognized her industry experience and commitment to excellence in with The Lifetime Achievement Award. As a research analyst she specializes in health care and office supply companies. He joined Ariel in as a summer intern and returned as a full-time research analyst in Prior to joining the firm, he served as an investment banking analyst at Barclays and corporate attorney at Jones Day.

Aaron graduated with an AB in politics from Princeton University. Aaron is also a member of American Mensa, Ltd. He also serves as co-portfolio manager for our mid cap value strategy. As a research analyst, he currently specializes in financial services companies. Prior to joining Ariel in , Tim was a research analyst and portfolio manager at Morgan Stanley asset management in U.

In , he graduated from the Fellowship Program of Leadership Greater Chicago, an initiative to educate and connect emerging leaders in Chicago. In , Institutional Investor magazine recognized him as one of 20 rising stars in the industry. Jim focuses on services and industrials as a research analyst.

Previously, he served as a managing consultant for Navigant Consulting for three years. Kenneth E. Ken serves as co-portfolio manager of our small cap value and small cap value concentrated strategies. Additionally, his portfolio management responsibilities extend across Ariel Fund, as well as our micro-cap value and small cap deep value products. In his research capacity, Ken covers consumer services and industrials. David M. David is lead portfolio manager for our micro-cap and small cap deep value strategies.

He joined the firm in April , bringing his micro-cap value track record, as well as 25 years of investment experience. He began his investment career at Goldman Sachs, where he rose to vice president, and then later joined Harris Bank as a vice president and senior portfolio manager. David serves on the finance and investment committees of Thresholds, and the board of directors and finance committee of the Joseph Maley Foundation.

John P. John T.

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The ARK's mission is to create a safety net for Chicagoland Jews in need by providing vital human services, and to build bridges between volunteers and those in need. Founded in as a small, free medical clinic serving an indigent, elderly population on Chicago's north side, The ARK now serves 3, clients each year, by providing medical, dental, and eye care and prescription medications; food; complete case management; transitional housing; legal aid; mental health counseling and day treatment; job counseling; rent and utility assistance; clothing and household goods; Jewish spiritual enrichment; and more.

Services are provided by a small staff and by 2, professional and lay volunteers, from The ARK's two locations in Chicago and Northbrook. The ARK charges no fees for any of its services. A fundamental component of The ARK's mission is to serve as a venue for community members to contribute their time and talents on behalf of their neighbors in need. This policy of direct, personal involvement educates the community as to the needs of its most vulnerable members, and provides opportunities for hand-on engagement in caring for those in need.

Established in , Thresholds provides healthcare, housing, and hope for thousands of persons with mental illnesses in Illinois each year. Through care, employment, advocacy, and housing, Thresholds assists and inspires people with mental illnesses to reclaim their lives. Thresholds is one of the oldest and largest providers of recovery services for persons with mental illnesses in Illinois.

We reject the notion that anyone is a lost cause, utilizing evidence-based practices and a wide range of supports to treat the whole person, rather than just the disease. We offer 30 innovative programs at more than locations throughout Chicago, the adjacent suburbs, and McHenry and Kankakee Counties. Services include assertive outreach, case management, housing, employment, education, psychiatry, primary care, substance abuse treatment, and research.

The Toigo Foundation is committed to ethical leadership and broader diversity of thought and experience in business. Our mission is to foster the career advancement and increased leadership of underrepresented talent by creating mechanisms for greater inclusion from the classroom to the boardroom. For more than 25 years, the Foundation has advanced the success of thousands of talented diverse professionals as they ascend through their MBA studies and embark on careers and investment roles across a variety of finance industry sectors.

Voices for Illinois Children champions the full development of every child in Illinois to assure the future well-being of everyone in the state. By clicking on any of the above links, you'll leave this site and go to a third-party website. Ariel is not affiliated with these organizations, does not control the content or privacy practices of these websites and does not accept responsibility for the content, policies, activities, products or services offered on the site.

Invest with Us. Shareholder Login. Stay Connected Subscribe to our e-newsletter. Mutual Funds Ariel Fund Invests in high quality, undervalued small- and medium-sized companies. Invests in a concentrated number of high quality, undervalued companies across all market capitalization ranges. Invests in undervalued, quality franchises in overseas markets with an intrinsic value approach.

Invests in undervalued, quality franchises in markets around the world with an intrinsic value approach. Invests in undervalued, quality franchises in overseas and emerging markets with an intrinsic value approach. Invests in undervalued, quality franchises in markets around the world with an intrinsic value approach and concentrated positions.

About Ariel. Ariel Advantage. Our Team. Ariel Insights. Making an Impact. Landmark Surveys. Our Reach. Ariel Investments Black Investor Survey In , we began conducting surveys to compare and contrast the saving and investing behaviors among middle class black and white Americans. Black Corporate Directors Conference BCDC In , Ariel co-founded BCDC to push for lasting and meaningful change on civil rights and diversity in corporate boardrooms, with best practices applied to our portfolio engagement activities.

John W. Rogers, Jr. Internship Program in Finance at the University of Chicago UofC In , Ariel created this unique program to connect non-profit endowment and investment offices with exceptional summer internship candidates, primarily from underrepresented backgrounds. Commitment to Community At Ariel, we have made a firm-wide commitment to social and civic responsibility.

After School Matters After School Matters provides life-changing after-school and summer program opportunities to more than 15, individual Chicago high school teens each year. Big Shoulders Stock Market Program The Big Shoulders Fund is a tax exempt non-profit organization whose mission is to provide support to the Catholic schools in the neediest areas of inner-city Chicago.

Good Sports Good Sports gives all kids the lifelong benefits of sport and physical activity by providing new equipment, apparel and footwear to those most in need. Lincoln Park Zoo Lincoln Park Zoo is dedicated to connecting people with nature by providing a free, family-oriented wildlife experience in the heart of Chicago and by exhibiting leadership and advancing the highest quality of animal care, education, science and conservation.

About Ariel. Ariel Advantage. Our Team. Ariel Insights. Making an Impact. Landmark Surveys. Our patient investment philosophy We use the market's short-term focus to uncover mispriced companies whose true value will be realized over time. Our focus We began as a small- and mid-cap value manager, and evolved strategically to offer three approaches - all of which seek out attractive intrinsic value through relatively concentrated portfolios.

Our culture of learning Intensive fundamental research is essential to our proprietary investment processes. Founded: Approaches: Value, deep value, global. Products: 11 separate account strategies, 5 mutual funds. Employees: Ownership: You may also be interested in.

ESG Investing. Sign up to receive our quarterly e-newsletter:. Open an Ariel Mutual Fund Account. Mutual Funds.