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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.

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