Exhibit 99.h (1)
AGREEMENT TO WAIVE FEES AND REIMBURSE EXPENSES
THIS AGREEMENT is made this 17th day of May 2005, between Ariel Capital
Management, LLC, a Delaware limited liability company (the "Adviser/Manager"),
and Ariel Investment Trust, a Massachusetts business trust (the "Trust").
RECITALS:
WHEREAS, the Trust is a registered open-end management investment company
with multiple authorized series;
WHEREAS, the Adviser/Manager serves as the investment adviser for the
Trust; and
WHEREAS, both the Adviser/Manager and the Trust agree it is important that
the actual expenses of Ariel Focus Fund (the "Fund") not exceed a specified
percentage (1.25%) of the net assets on an annual basis.
NOW, THEREFORE, the parties hereby agree as follows:
1. Expense Caps. Adviser/Manager agrees to waive fees and reimburse the
expenses of Ariel Focus Fund to the extent it is necessary to ensure that
the actual expense incurred by the Fund, after recognizing the benefits of
custody or other credits, fee waivers, and expense reimbursements, not
exceed 1.25% of net assets on an annual basis.
2. Duration of Agreement. This Agreement shall be effective for an initial
period beginning on the date above stated and ending on September 30, 2006.
This Agreement shall automatically renew for additional one-year periods if
not terminated, in writing, by either party before September 30th of each
year.
IN WITNESS WHEREOF, the parties have duly executed and sealed this Agreement,
all as of the date first written above.
ARIEL CAPITAL MANAGEMENT, LLC
By: /s/ Xxxxxxx X. Xxxxxx
----------------------------------
Name: Xxxxxxx X. Xxxxxx
--------------------------------
Its: President
---------------------------------
ARIEL INVESTMENT TRUST
By: /s/ Xxxxxxx X. Xxxxxx
----------------------------------
Name: Xxxxxxx X. Xxxxxx
--------------------------------
Its: President
---------------------------------
