EXHIBIT 99.d (1)
ADDENDUM TO MANAGEMENT AGREEMENT
DATED FEBRUARY 1, 1995 BETWEEN
ARIEL CAPITAL MANAGEMENT, INC. AND
ARIEL INVESTMENT TRUST f/k/a ARIEL GROWTH FUND
The series of Ariel Investment Trust (the "Trust") designated Ariel Focus
Fund (the "Fund") shall be managed by Ariel Capital Management, LLC (the
"Adviser/Manager") pursuant to the Management Agreement between Ariel Capital
Management, Inc. and the Trust dated February 1, 1995, with an initial effective
date of February 1, 1995, which was assumed by the Adviser/Manager pursuant to
an Assumption Agreement dated February 1, 2004 between the Adviser/Manager and
the Trust. The compensation payable out of the assets of the Fund pursuant to
Section 4(a) of the Agreement shall be at the following annual rates:
ANNUAL RATE VALUE OF AVERAGE DAILY NET ASSETS
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0.75% First $500 million
0.70% Next $500 million
0.65% Over $1 billion
Dated May 17, 2005
ARIEL CAPITAL MANAGEMENT, LLC
By: Xxxxxxx X. Xxxxxx
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Title: President
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ARIEL INVESTMENT TRUST
By: Xxxxxxx X. Xxxxxx
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Title: President
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