Ariel Funds

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    Funds Group: Ariel Funds

    Management Company: Ariel Investments

    Funds Affected: Ariel Appreciation Fund, Ariel Discovery Fund, Ariel Focus Fund, Ariel Fund

    Principal Sustainable Investment Strategy: Exclusions

    Summary:
    The funds do not invest in companies whose primary source of revenue is derived from the production or sale of tobacco products or the manufacture of handguns. Ariel believes these industries may be more likely to face shrinking growth prospects, litigation costs and legal liability that cannot be quantified.