13F-HR 1 hr13f4q08.txt HR13F4Q08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/08 Check here if Amendment |_|; Amendment Number: This Amendment (Check only one.): |_| is a restatement. |_| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Ariel Investments, LLC Address: 200 E. Randolph Drive Suite 2900 Chicago, IL 60601 13F File Number: 28-04003 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Wendy D. Fox Title: Vice President/Chief Compliance Officer Phone: 312-726-0140 Signature, Place, and Date of Signing: /s/ Wendy D. Fox Chicago, IL February 13, 2009 ----------------------------------- ---------------- -------------------- Report Type (Check only one.): |_| 13F HOLDINGS REPORT. |_| 13F NOTICE. |X| 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: Form 13F File Number Name 28-06386 GW Capital Management, LLC FORM 13F SUMMARY PAGE AS OF DATE: 12/31/08 REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 3 FORM 13F INFORMATION TABLE ENTRY TOTAL: 214 FORM 13F INFORMATION TABLE VALUE TOTAL: $4,142,991,604 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME 1 28-10561 AIC Investment Services, Inc. 2 28-42 AXA Equitable Life Insurance Company 3 28-2682 UBS Global Asset Management FORM 13F INFORMATION TABLE

TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ----------------------- -------- --------- -------- ------- --- ---- ------- -------- ----- ------ ---- Accenture Ltd COMMON G1150G111 73455404 2240177 SH SOLE 0 2127584 0 112593 Accenture Ltd COMMON G1150G111 11319108 345200 SH OTHER 1 345200 0 0 Accenture Ltd COMMON G1150G111 2334648 71200 SH OTHER 2 71200 0 0 Aflac Inc. COMMON 001055102 3271142 71360 SH SOLE 0 46660 0 24700 Aflac Inc. COMMON 001055102 11652528 254200 SH OTHER 1 254200 0 0 American Express Company COMMON 025816109 1114484 60080 SH SOLE 0 39780 0 20300 American Express Company COMMON 025816109 4372235 235700 SH OTHER 1 235700 0 0 Anixter International Inc. COMMON 035290105 138269776 4590630 SH SOLE 0 3988360 0 602270 Anixter International Inc. COMMON 035290105 309332 10270 SH OTHER 1 10270 0 0 Anixter International Inc. COMMON 035290105 1524072 50600 SH OTHER 2 50600 0 0 Anixter International Inc. COMMON 035290105 3816204 126700 SH OTHER 3 126700 0 0 Baxter International Inc. COMMON 071813109 34914903 651519 SH SOLE 0 627996 0 23523 Baxter International Inc. COMMON 071813109 1302237 24300 SH OTHER 2 24300 0 0 Berkshire Hathaway Inc. COMMON 084670207 3837516 1194 SH SOLE 0 787 0 407 Berkshire Hathaway Inc. COMMON 084670207 13945546 4339 SH OTHER 1 4339 0 0 Bio-Rad Laboratories, Inc. COMMON 090572207 118349966 1571504 SH SOLE 0 1278754 0 294110 Bio-Rad Laboratories, Inc. COMMON 090572207 414205 5500 SH OTHER 1 5500 0 0 Bio-Rad Laboratories, Inc. COMMON 090572207 5090956 67600 SH OTHER 3 67600 0 0 Bio-Rad Laboratories, Inc. COMMON 090572207 102422 1360 SH OTHER 0 0 1360 Black & Decker Corp. COMMON 091797100 34455161 824089 SH SOLE 0 793843 0 30246 Black & Decker Corp. COMMON 091797100 5292728 126590 SH OTHER 1 126590 0 0 Black & Decker Corp. COMMON 091797100 2002699 47900 SH OTHER 3 47900 0 0 Blount International, Inc. COMMON 095180105 37010157 3904025 SH SOLE 0 1745825 0 2170405 Blount International, Inc. COMMON 095180105 115703 12205 SH OTHER 0 0 12205 Bob Evans Farms, Inc. COMMON 096761101 22650189 1108673 SH SOLE 0 502007 0 606666 Brady Corp. COMMON 104674106 102341416 4273128 SH SOLE 0 3383803 0 893630 Brady Corp. COMMON 104674106 345958 14445 SH OTHER 1 14445 0 0 Brady Corp. COMMON 104674106 4272680 178400 SH OTHER 3 178400 0 0 Brady Corp. COMMON 104674106 103105 4305 SH OTHER 0 0 4305 Carnival Corp. COMMON 143658300 55712742 2290820 SH SOLE 0 2181767 0 109053 Carnival Corp. COMMON 143658300 8798976 361800 SH OTHER 1 361800 0 0 Carnival Corp. COMMON 143658300 1716992 70600 SH OTHER 2 70600 0 0 CB Richard Ellis Group, Inc. COMMON 12497T101 123405142 28566005 SH SOLE 0 24833605 0 3732400 CB Richard Ellis Group, Inc. COMMON 12497T101 267408 61900 SH OTHER 1 61900 0 0 CB Richard Ellis Group, Inc. COMMON 12497T101 1531872 354600 SH OTHER 2 354600 0 0 CB Richard Ellis Group, Inc. COMMON 12497T101 3294432 762600 SH OTHER 3 762600 0 0 CBS Corp. COMMON 124857202 101690259 12416393 SH SOLE 0 12131206 0 285187 CBS Corp. COMMON 124857202 221130 27000 SH OTHER 1 27000 0 0 CBS Corp. COMMON 124857202 2331693 284700 SH OTHER 2 284700 0 0 CBS Corp. COMMON 124857202 2701062 329800 SH OTHER 3 329800 0 0 City National Corp. COMMON 178566105 153060496 3142926 SH SOLE 0 2638235 0 507106 City National Corp. COMMON 178566105 380104 7805 SH OTHER 1 7805 0 0 City National Corp. COMMON 178566105 1621710 33300 SH OTHER 2 33300 0 0 City National Corp. COMMON 178566105 4056710 83300 SH OTHER 3 83300 0 0 City National Corp. COMMON 178566105 117611 2415 SH OTHER 0 0 2415 Clorox Co. COMMON 189054109 19709521 354743 SH SOLE 0 335785 0 18958 Clorox Co. COMMON 189054109 900072 16200 SH OTHER 2 16200 0 0 Constellation Brands, Inc. COMMON 21036P108 109060289 6915681 SH SOLE 0 6786510 0 135326 Constellation Brands, Inc. COMMON 21036P108 380057 24100 SH OTHER 1 24100 0 0 Constellation Brands, Inc. COMMON 21036P108 1539152 97600 SH OTHER 2 97600 0 0 Constellation Brands, Inc. COMMON 21036P108 4691575 297500 SH OTHER 3 297500 0 0 Constellation Brands, Inc. COMMON 21036P108 97064 6155 SH OTHER 0 0 6155 Covidien Ltd. COMMON G2552X108 1999397 55171 SH SOLE 0 35471 0 19700 Covidien Ltd. COMMON G2552X108 6367368 175700 SH OTHER 1 175700 0 0 Dell Inc. COMMON 24702R101 2464870 240710 SH SOLE 0 158710 0 82000 Dell Inc. COMMON 24702R101 8966144 875600 SH OTHER 1 875600 0 0 Dun & Bradstreet Corp. COMMON 26483E100 42923663 556006 SH SOLE 0 541782 0 15564 Dun & Bradstreet Corp. COMMON 26483E100 162120 2100 SH OTHER 1 2100 0 0 Dun & Bradstreet Corp. COMMON 26483E100 1613480 20900 SH OTHER 2 20900 0 0 Dun & Bradstreet Corp. COMMON 26483E100 1960880 25400 SH OTHER 3 25400 0 0 Dun & Bradstreet Corp. COMMON 26483E100 103448 1340 SH OTHER 0 0 1340 eBay, Inc. COMMON 278642103 2622177 187835 SH SOLE 0 123835 0 64000 eBay, Inc. COMMON 278642103 9537472 683200 SH OTHER 1 683200 0 0 Energizer Holdings, Inc. COMMON 29266R108 106837765 1973361 SH SOLE 0 1949090 0 25781 Energizer Holdings, Inc. COMMON 29266R108 309952 5725 SH OTHER 1 5725 0 0 Energizer Holdings, Inc. COMMON 29266R108 1737894 32100 SH OTHER 2 32100 0 0 Energizer Holdings, Inc. COMMON 29266R108 3849354 71100 SH OTHER 3 71100 0 0 Energizer Holdings, Inc. COMMON 29266R108 81751 1510 SH OTHER 0 0 1510 Equifax Inc. COMMON 294429105 118240322 4458534 SH SOLE 0 4392043 0 66491 Equifax Inc. COMMON 294429105 433735 16355 SH OTHER 1 16355 0 0 Equifax Inc. COMMON 294429105 1877616 70800 SH OTHER 2 70800 0 0 Equifax Inc. COMMON 294429105 5343780 201500 SH OTHER 3 201500 0 0 Franklin Resources, Inc. COMMON 354613101 45711828 716711 SH SOLE 0 681385 0 35326 Franklin Resources, Inc. COMMON 354613101 7168872 112400 SH OTHER 1 112400 0 0 Franklin Resources, Inc. COMMON 354613101 1428672 22400 SH OTHER 2 22400 0 0 Gannett Co., Inc. COMMON 364730101 84818216 10602277 SH SOLE 0 10425606 0 176671 Gannett Co., Inc. COMMON 364730101 208800 26100 SH OTHER 1 26100 0 0 Gannett Co., Inc. COMMON 364730101 1378400 172300 SH OTHER 2 172300 0 0 Gannett Co., Inc. COMMON 364730101 2570400 321300 SH OTHER 3 321300 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 95720702 3578344 SH SOLE 0 2848655 0 734181 HCC Insurance Holdings, Inc. COMMON 404132102 190059 7105 SH OTHER 1 7105 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 738300 27600 SH OTHER 2 27600 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 2332627 87201 SH OTHER 3 87201 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 120161 4492 SH OTHER 0 0 4492 Herman Miller, Inc. COMMON 600544100 10355136 794715 SH SOLE 0 366195 0 428520 Hess Corp. COMMON 42809H107 27211840 507305 SH SOLE 0 482570 0 24735 Hess Corp. COMMON 42809H107 4200012 78300 SH OTHER 1 78300 0 0 Hess Corp. COMMON 42809H107 1035252 19300 SH OTHER 2 19300 0 0 Hewitt Associates, Inc. COMMON 42822Q100 178902724 6303831 SH SOLE 0 5453419 0 850412 Hewitt Associates, Inc. COMMON 42822Q100 365960 12895 SH OTHER 1 12895 0 0 Hewitt Associates, Inc. COMMON 42822Q100 1929840 68000 SH OTHER 2 68000 0 0 Hewitt Associates, Inc. COMMON 42822Q100 5375172 189400 SH OTHER 3 189400 0 0 Horace Mann Educators Corp. COMMON 440327104 36838023 4008490 SH SOLE 0 1797450 0 2222790 Horace Mann Educators Corp. COMMON 440327104 107983 11750 SH OTHER 0 0 11750 Hospira, Inc. COMMON 441060100 44749841 1668525 SH SOLE 0 1668525 0 1790 Hospira, Inc. COMMON 441060100 211878 7900 SH OTHER 1 7900 0 0 Hospira, Inc. COMMON 441060100 2628360 98000 SH OTHER 3 98000 0 0 Hospira, Inc. COMMON 441060100 48008 1790 SH OTHER 0 0 1790 IDEX Corp. COMMON 45167R104 92631696 3835681 SH SOLE 0 2971127 0 869167 IDEX Corp. COMMON 45167R104 277725 11500 SH OTHER 1 11500 0 0 IDEX Corp. COMMON 45167R104 3409980 141200 SH OTHER 3 141200 0 0 IDEX Corp. COMMON 45167R104 111404 4613 SH OTHER 0 0 4613 Illinois Tool Works Inc. COMMON 452308109 38445539 1096877 SH SOLE 0 1032302 0 64575 Illinois Tool Works Inc. COMMON 452308109 11752265 335300 SH OTHER 1 335300 0 0 Illinois Tool Works Inc. COMMON 452308109 1454575 41500 SH OTHER 2 41500 0 0 IMS Health Inc. COMMON 449934108 203981408 13455238 SH SOLE 0 11671073 0 1791710 IMS Health Inc. COMMON 449934108 12165521 802475 SH OTHER 1 802475 0 0 IMS Health Inc. COMMON 449934108 2384668 157300 SH OTHER 2 157300 0 0 IMS Health Inc. COMMON 449934108 5621328 370800 SH OTHER 3 370800 0 0 IMS Health Inc. COMMON 449934108 114382 7545 SH OTHER 0 0 7545 Interface, Inc. COMMON 458665106 37523170 8086890 SH SOLE 0 6069340 0 2029210 Interface, Inc. COMMON 458665106 96048 20700 SH OTHER 1 20700 0 0 Interface, Inc. COMMON 458665106 1183664 255100 SH OTHER 3 255100 0 0 Interface, Inc. COMMON 458665106 54102 11660 SH OTHER 0 0 11660 International Business Machines Corp. COMMON 459200101 2434749 28930 SH SOLE 0 18930 0 10000 International Business Machines Corp. COMMON 459200101 8929376 106100 SH OTHER 1 106100 0 0 International Game Technology COMMON 459902102 80555226 6775040 SH SOLE 0 6642930 0 137105 International Game Technology COMMON 459902102 170027 14300 SH OTHER 1 14300 0 0 International Game Technology COMMON 459902102 1675301 140900 SH OTHER 2 140900 0 0 International Game Technology COMMON 459902102 2089073 175700 SH OTHER 3 175700 0 0 International Game Technology COMMON 459902102 59391 4995 SH OTHER 0 0 4995 Interpublic Group of Cos., Inc. COMMON 460690100 127659930 32237356 SH SOLE 0 28073284 0 4182597 Interpublic Group of Cos., Inc. COMMON 460690100 279338 70540 SH OTHER 1 70540 0 0 Interpublic Group of Cos., Inc. COMMON 460690100 1437876 363100 SH OTHER 2 363100 0 0 Interpublic Group of Cos., Inc. COMMON 460690100 3439656 868600 SH OTHER 3 868600 0 0 Interpublic Group of Cos., Inc. COMMON 460690100 73359 18525 SH OTHER 0 0 18525 IShares Russell 2000 Value COMMON 464287630 238966 4860 SH SOLE 0 4860 0 0 IShares Russell Midcap Value COMMON 464287473 772004 27145 SH SOLE 0 27145 0 0 J.M. Smucker Co. COMMON 832696405 76932044 1774263 SH SOLE 0 1774263 0 0 J.M. Smucker Co. COMMON 832696405 304170 7015 SH OTHER 1 7015 0 0 J.M. Smucker Co. COMMON 832696405 4899680 113000 SH OTHER 3 113000 0 0 Janus Capital Group Inc. COMMON 47102X105 121525530 15133939 SH SOLE 0 13097384 0 2036555 Janus Capital Group Inc. COMMON 47102X105 283981 35365 SH OTHER 1 35365 0 0 Janus Capital Group Inc. COMMON 47102X105 1349843 168100 SH OTHER 2 168100 0 0 Janus Capital Group Inc. COMMON 47102X105 3509110 437000 SH OTHER 3 437000 0 0 Johnson & Johnson COMMON 478160104 3521893 58865 SH SOLE 0 38665 0 20200 Johnson & Johnson COMMON 478160104 13042940 218000 SH OTHER 1 218000 0 0 Jones Lang LaSalle Inc. COMMON 48020Q107 147582969 5327905 SH SOLE 0 4570435 0 757470 Jones Lang LaSalle Inc. COMMON 48020Q107 310240 11200 SH OTHER 1 11200 0 0 Jones Lang LaSalle Inc. COMMON 48020Q107 1620450 58500 SH OTHER 2 58500 0 0 Jones Lang LaSalle Inc. COMMON 48020Q107 3808750 137500 SH OTHER 3 137500 0 0 JPMorgan Chase & Co. COMMON 46625H100 1823695 57840 SH SOLE 0 38340 0 19500 JPMorgan Chase & Co. COMMON 46625H100 6976643 221270 SH OTHER 1 221270 0 0 Laboratory Corp. of America Holdings COMMON 50540R409 35100745 544958 SH SOLE 0 522513 0 23285 Laboratory Corp. of America Holdings COMMON 50540R409 1294641 20100 SH OTHER 2 20100 0 0 Laboratory Corp. of America Holdings COMMON 50540R409 54104 840 SH OTHER 0 0 840 Lee Enterprises, Inc. COMMON 523768109 2258761 5509172 SH SOLE 0 2371742 0 3137430 Littelfuse, Inc. COMMON 537008104 24015801 1446735 SH SOLE 0 652260 0 794475 Markel Corp. COMMON 570535104 101998468 341132 SH SOLE 0 272577 0 68884 Markel Corp. COMMON 570535104 197938 662 SH OTHER 1 662 0 0 Markel Corp. COMMON 570535104 1046500 3500 SH OTHER 2 3500 0 0 Markel Corp. COMMON 570535104 2541500 8500 SH OTHER 3 8500 0 0 Markel Corp. COMMON 570535104 98371 329 SH OTHER 0 0 329 Matthews International Corp. COMMON 577128101 36742136 1001694 SH SOLE 0 441814 0 562675 Matthews International Corp. COMMON 577128101 102521 2795 SH OTHER 0 0 2795 McClatchy Company COMMON 579489105 11735557 14669446 SH SOLE 0 11862646 0 2806800 McClatchy Company COMMON 579489105 33108 41385 SH OTHER 1 41385 0 0 McClatchy Company COMMON 579489105 407840 509800 SH OTHER 3 509800 0 0 Meredith Corporation COMMON 589433101 35263519 2059785 SH SOLE 0 1550060 0 512730 Meredith Corporation COMMON 589433101 97584 5700 SH OTHER 1 5700 0 0 Meredith Corporation COMMON 589433101 1194976 69800 SH OTHER 3 69800 0 0 Meredith Corporation COMMON 589433101 51446 3005 SH OTHER 0 0 3005 Mohawk Industries, Inc. COMMON 608190104 31788433 739782 SH SOLE 0 739782 0 1505 Mohawk Industries, Inc. COMMON 608190104 168228 3915 SH OTHER 1 3915 0 0 Mohawk Industries, Inc. COMMON 608190104 2062560 48000 SH OTHER 3 48000 0 0 Mohawk Industries, Inc. COMMON 608190104 64670 1505 SH OTHER 0 0 1505 Newell Rubbermaid Inc. COMMON 651229106 45416168 4643780 SH SOLE 0 4643780 0 0 Newell Rubbermaid Inc. COMMON 651229106 241566 24700 SH OTHER 1 24700 0 0 Newell Rubbermaid Inc. COMMON 651229106 2918352 298400 SH OTHER 3 298400 0 0 Nordstrom, Inc. COMMON 655664100 62289003 4679865 SH SOLE 0 4607105 0 76385 Nordstrom, Inc. COMMON 655664100 173030 13000 SH OTHER 1 13000 0 0 Nordstrom, Inc. COMMON 655664100 950334 71400 SH OTHER 2 71400 0 0 Nordstrom, Inc. COMMON 655664100 2122945 159500 SH OTHER 3 159500 0 0 Nordstrom, Inc. COMMON 655664100 48249 3625 SH OTHER 0 0 3625 Northern Trust Corp. COMMON 665859104 46532812 892459 SH SOLE 0 868914 0 23545 Northern Trust Corp. COMMON 665859104 1522488 29200 SH OTHER 2 29200 0 0 Omnicom Group Inc. COMMON 681919106 38599753 1433869 SH SOLE 0 1341653 0 92216 Omnicom Group Inc. COMMON 681919106 9771960 363000 SH OTHER 1 363000 0 0 Omnicom Group Inc. COMMON 681919106 915280 34000 SH OTHER 2 34000 0 0 Pitney Bowes Inc. COMMON 724479100 6680601 262190 SH SOLE 0 226770 0 35420 PrivateBancorp, Inc. COMMON 742962103 51834238 1596865 SH SOLE 0 1033565 0 563300 Radio One, Inc. COMMON 75040P405 2807842 12762920 SH SOLE 0 5777220 0 6985700 Royal Caribbean Cruises Ltd. COMMON V7780T103 119339756 8679255 SH SOLE 0 7680905 0 1004780 Royal Caribbean Cruises Ltd. COMMON V7780T103 429000 31200 SH OTHER 1 31200 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 5352875 389300 SH OTHER 3 389300 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 88413 6430 SH OTHER 0 0 6430 Sotheby's COMMON 835898107 53559210 6024658 SH SOLE 0 5225273 0 804715 Sotheby's COMMON 835898107 133350 15000 SH OTHER 1 15000 0 0 Sotheby's COMMON 835898107 525399 59100 SH OTHER 2 59100 0 0 Sotheby's COMMON 835898107 1645539 185100 SH OTHER 3 185100 0 0 Sotheby's COMMON 835898107 47384 5330 SH OTHER 0 0 5330 Steelcase Inc. COMMON 858155203 11960950 2128283 SH SOLE 0 959083 0 1169200 T. Rowe Price Group, Inc. COMMON 74144T108 26990820 761592 SH SOLE 0 725868 0 35724 T. Rowe Price Group, Inc. COMMON 74144T108 737152 20800 SH OTHER 2 20800 0 0 Thermo Fisher Scientific Inc. COMMON 883556102 35627067 1045702 SH SOLE 0 999421 0 46281 Thermo Fisher Scientific Inc. COMMON 883556102 1291253 37900 SH OTHER 2 37900 0 0 Tiffany & Co. COMMON 886547108 111645961 4724755 SH SOLE 0 4624095 0 104265 Tiffany & Co. COMMON 886547108 6344655 268500 SH OTHER 1 268500 0 0 Tiffany & Co. COMMON 886547108 1618655 68500 SH OTHER 2 68500 0 0 Tiffany & Co. COMMON 886547108 3485425 147500 SH OTHER 3 147500 0 0 Tiffany & Co. COMMON 886547108 85186 3605 SH OTHER 0 0 3605 Toyota Motor Corp. COMMON 892331307 2598950 39715 SH SOLE 0 25315 0 14400 Toyota Motor Corp. COMMON 892331307 9907616 151400 SH OTHER 1 151400 0 0 Tyco International Ltd. COMMON G9143X208 1627366 75341 SH SOLE 0 49541 0 25800 Tyco International Ltd. COMMON G9143X208 6073920 281200 SH OTHER 1 281200 0 0 UBS AG COMMON H89231338 1407020 98393 SH SOLE 0 64993 0 33400 UBS AG COMMON H89231338 5284279 369530 SH OTHER 1 369530 0 0 USG Corp. COMMON 903293405 524369 65220 SH SOLE 0 43920 0 21300 USG Corp. COMMON 903293405 1899048 236200 SH OTHER 1 236200 0 0 Walt Disney Co. COMMON 254687106 1869656 82400 SH SOLE 0 54600 0 27800 Walt Disney Co. COMMON 254687106 6918181 304900 SH OTHER 1 304900 0 0 Wilmington Trust Corporation COMMON 971807102 22767310 1023710 SH SOLE 0 1023710 0 0 Wilmington Trust Corporation COMMON 971807102 186816 8400 SH OTHER 1 8400 0 0 Wilmington Trust Corporation COMMON 971807102 2308512 103800 SH OTHER 3 103800 0 0 4142991604