13F-HR 1 hr13f3q10.txt HR13F3Q10 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 9/30/2010 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. Persons 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 November 12, 2010 --------------------------------- --------------- --------------------- Report Type (Check only one): [ ] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [x] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: 13F File Number Name 28-06386 GW Capital Management, LLC --------------- --------------------------------------------------------------- Form 13F SUMMARY PAGE AS OF DATE: 9/30/2010 Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 174 Form 13F Information Table Value Total: $4,800,655,778 List of Other Included Managers: No. 13F File Number Name 1 28-05955 PAX WORLD MANAGEMENT CORP

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------ -------------- --------- --------- ----------------- ---------- -------- ---------------------- SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------ -------------- --------- --------- -------- --- ---- ---------- -------- -------- ------ ------ 21st Century Holding Co. COMMON 90136Q100 383237 109810 SH SOLE 0 37110 0 72700 Accenture plc COMMON G1151C101 64155863 1509905 SH SOLE 0 1422322 0 87583 AFLAC Inc. COMMON 001055102 56405578 1090806 SH SOLE 0 1022981 0 67825 American Electric Technologies, Inc. COMMON 025576109 94238 40620 SH SOLE 0 40620 0 0 American Reprographics Co. COMMON 029263100 2309392 294190 SH SOLE 0 45590 0 248600 Anixter Intl Inc. COMMON 035290105 100752035 1866124 SH SOLE 0 1803899 0 62225 Anixter Intl Inc. COMMON 035290105 12688 235 SH OTHER 1 235 0 0 Apollo Group, Inc. COMMON 037604105 4633567 90235 SH SOLE 0 53835 0 36400 AuthenTec, Inc. COMMON 052660107 1529484 926960 SH SOLE 0 143960 0 783000 Avatar Holdings Inc. COMMON 053494100 2664121 139629 SH SOLE 0 21629 0 118000 Ballantyne Strong, Inc. COMMON 058516105 3088275 357026 SH SOLE 0 55126 0 301900 Bank of New York Mellon Corp. COMMON 064058100 4837447 185130 SH SOLE 0 110130 0 75000 Baxter Intl Inc. COMMON 071813109 64387460 1349559 SH SOLE 0 1274061 0 75498 Bio-Rad Laboratories, Inc. COMMON 090572207 136381011 1506806 SH SOLE 0 1466606 0 40200 Bio-Rad Laboratories, Inc. COMMON 090572207 20365 225 SH OTHER 1 225 0 0 Blount Intl, Inc. COMMON 095180105 19695436 1547167 SH SOLE 0 1389467 0 157700 Blount Intl, Inc. COMMON 095180105 155370 12205 SH OTHER 0 0 12205 Bob Evans Farms, Inc. COMMON 096761101 17724072 631424 SH SOLE 0 566624 0 64800 Brady Corp. COMMON 104674106 80812801 2770408 SH SOLE 0 2703258 0 67150 Brady Corp. COMMON 104674106 17648 605 SH OTHER 1 605 0 0 Brady Corp. COMMON 104674106 125577 4305 SH OTHER 0 0 4305 Brink's Co. COMMON 109696104 77028403 3349061 SH SOLE 0 3259461 0 89600 Brink's Co. COMMON 109696104 16330 710 SH OTHER 1 710 0 0 Brink's Co. COMMON 109696104 107985 4695 SH OTHER 0 0 4695 Carnival Corp. & plc COMMON 143658300 59553976 1559617 SH SOLE 0 1465849 0 93768 CB Richard Ellis Group, Inc. COMMON 12497T101 137089471 7499424 SH SOLE 0 7399924 0 99500 CB Richard Ellis Group, Inc. COMMON 12497T101 19285 1055 SH OTHER 1 1055 0 0 CBS Corp. COMMON 124857202 160388009 10112737 SH SOLE 0 9966655 0 146082 CBS Corp. COMMON 124857202 25455 1605 SH OTHER 1 1605 0 0 Citigroup Inc. COMMON 172967101 3050347 780140 SH SOLE 0 456640 0 323500 City National Corp. COMMON 178566105 89930989 1694573 SH SOLE 0 1643492 0 51081 City National Corp. COMMON 178566105 10349 195 SH OTHER 1 195 0 0 Clorox Co. COMMON 189054109 17010448 254800 SH SOLE 0 246282 0 8518 Constellation Brands, Inc. COMMON 21036P108 25967770 1467935 SH SOLE 0 1467935 0 0 Constellation Brands, Inc. COMMON 21036P108 6811 385 SH OTHER 1 385 0 0 Constellation Brands, Inc. COMMON 21036P108 66603 3765 SH OTHER 0 0 3765 Covidien plc COMMON G2554F105 4145036 103136 SH SOLE 0 61136 0 42000 Crown Crafts, Inc. COMMON 228309100 268022 58520 SH SOLE 0 53820 0 4700 CSP Inc. COMMON 126389105 217662 50619 SH SOLE 0 30519 0 20100 Dell Inc. COMMON 24702R101 50083460 3861485 SH SOLE 0 3604185 0 257300 DeVry Inc. COMMON 251893103 121253686 2464005 SH SOLE 0 2398605 0 65400 DeVry Inc. COMMON 251893103 17470 355 SH OTHER 1 355 0 0 DeVry Inc. COMMON 251893103 78736 1600 SH OTHER 0 0 1600 Dun & Bradstreet Corp. COMMON 26483E100 104275019 1406461 SH SOLE 0 1394372 0 12089 Dun & Bradstreet Corp. COMMON 26483E100 18535 250 SH OTHER 1 250 0 0 Dun & Bradstreet Corp. COMMON 26483E100 105650 1425 SH OTHER 0 0 1425 Edgewater Technology Inc. COMMON 280358102 769523 282913 SH SOLE 0 51613 0 231300 Energizer Holdings, Inc. COMMON 29266R108 69994027 1041113 SH SOLE 0 1027582 0 13531 Energizer Holdings, Inc. COMMON 29266R108 12774 190 SH OTHER 1 190 0 0 Energizer Holdings, Inc. COMMON 29266R108 118661 1765 SH OTHER 0 0 1765 Exxon Mobil Corp. COMMON 30231G102 5639264 91265 SH SOLE 0 54665 0 36600 Fair Isaac Corp. COMMON 303250104 55995462 2270700 SH SOLE 0 2204900 0 65800 Fair Isaac Corp. COMMON 303250104 12947 525 SH OTHER 1 525 0 0 Fair Isaac Corp. COMMON 303250104 108751 4410 SH OTHER 0 0 4410 Force Protection, Inc. COMMON 345203202 1986592 394165 SH SOLE 0 75365 0 318800 Franklin Resources, Inc. COMMON 354613101 48978266 458169 SH SOLE 0 444033 0 14136 Gannett Co., Inc. COMMON 364730101 165454081 13528543 SH SOLE 0 13180512 0 348031 Gannett Co., Inc. COMMON 364730101 21647 1770 SH OTHER 1 1770 0 0 Goldman Sachs Group, Inc. COMMON 38141G104 4172579 28860 SH SOLE 0 17060 0 11800 Guaranty Bancorp COMMON 40075T102 583746 367136 SH SOLE 0 94636 0 272500

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------ -------------- --------- --------- ----------------- ---------- -------- ---------------------- SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------ -------------- --------- --------- -------- --- ---- ---------- -------- -------- ------ ------ Gulf Island Fabrication, Inc. COMMON 402307102 620074 34070 SH SOLE 0 5370 0 28700 HCC Insurance Holdings, Inc. COMMON 404132102 60586407 2322208 SH SOLE 0 2257548 0 64660 HCC Insurance Holdings, Inc. COMMON 404132102 12523 480 SH OTHER 1 480 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 110413 4232 SH OTHER 0 0 4232 Herman Miller, Inc. COMMON 600544100 67174531 3413340 SH SOLE 0 3311420 0 101920 Herman Miller, Inc. COMMON 600544100 14268 725 SH OTHER 1 725 0 0 Horace Mann Educators Corp. COMMON 440327104 18223327 1024934 SH SOLE 0 920469 0 104465 Horace Mann Educators Corp. COMMON 440327104 151219 8505 SH OTHER 0 0 8505 Hospira, Inc. COMMON 441060100 88180503 1546755 SH SOLE 0 1546755 0 0 Hospira, Inc. COMMON 441060100 23545 413 SH OTHER 1 413 0 0 Hospira, Inc. COMMON 441060100 108604 1905 SH OTHER 0 0 1905 IDEX Corp. COMMON 45167R104 95701226 2695050 SH SOLE 0 2620245 0 74805 IDEX Corp. COMMON 45167R104 18643 525 SH OTHER 1 525 0 0 IDEX Corp. COMMON 45167R104 163808 4613 SH OTHER 0 0 4613 Illinois Tool Works Inc. COMMON 452308109 31179291 663107 SH SOLE 0 642007 0 21100 Interface, Inc. COMMON 458665106 94304515 6627162 SH SOLE 0 6434062 0 193100 Interface, Inc. COMMON 458665106 17930 1260 SH OTHER 1 1260 0 0 Interface, Inc. COMMON 458665106 183211 12875 SH OTHER 0 0 12875 International Business Machines COMMON 459200101 6026508 44927 SH SOLE 0 26927 0 18000 Corp. International Game Technology COMMON 459902102 114394364 7916565 SH SOLE 0 7839465 0 77100 International Game Technology COMMON 459902102 19797 1370 SH OTHER 1 1370 0 0 International Game Technology COMMON 459902102 77163 5340 SH OTHER 0 0 5340 Interpublic Group of Cos., Inc. COMMON 460690100 183295813 18274757 SH SOLE 0 17634725 0 640032 Interpublic Group of Cos., Inc. COMMON 460690100 25777 2570 SH OTHER 1 2570 0 0 Interpublic Group of Cos., Inc. COMMON 460690100 145886 14545 SH OTHER 0 0 14545 J.M. Smucker Co. COMMON 832696405 97354697 1608371 SH SOLE 0 1592171 0 16200 J.M. Smucker Co. COMMON 832696405 17251 285 SH OTHER 1 285 0 0 JAKKS Pacific, Inc. COMMON 47012E106 1506103 85380 SH SOLE 0 16780 0 68600 Janus Capital Group Inc. COMMON 47102X105 178235745 16277237 SH SOLE 0 15881477 0 395760 Janus Capital Group Inc. COMMON 47102X105 25349 2315 SH OTHER 1 2315 0 0 Johnson & Johnson COMMON 478160104 6290737 101529 SH SOLE 0 61629 0 39900 Jones Lang LaSalle Inc. COMMON 48020Q107 196065398 2272695 SH SOLE 0 2205250 0 67445 Jones Lang LaSalle Inc. COMMON 48020Q107 25018 290 SH OTHER 1 290 0 0 JPMorgan Chase & Co. COMMON 46625H100 4308011 113190 SH SOLE 0 67890 0 45300 Knoll, Inc. COMMON 498904200 21085535 1359480 SH SOLE 0 1220580 0 138900 Laboratory Corp. of America COMMON 50540R409 27136858 346001 SH SOLE 0 332201 0 13800 Laboratory Corp. of America COMMON 50540R409 111763 1425 SH OTHER 0 0 1425 Lazard Ltd COMMON G54050102 170622806 4863820 SH SOLE 0 4752720 0 111100 Lazard Ltd COMMON G54050102 24907 710 SH OTHER 1 710 0 0 Lazard Ltd COMMON G54050102 145231 4140 SH OTHER 0 0 4140 Lee Enterprises, Inc. COMMON 523768109 15138945 5648860 SH SOLE 0 5075505 0 573355 Littelfuse, Inc. COMMON 537008104 29040617 664545 SH SOLE 0 596295 0 68250 Lockheed Martin Corp. COMMON 539830109 3459218 48530 SH SOLE 0 28130 0 20400 Markel Corp. COMMON 570535104 9945901 28863 SH SOLE 0 26174 0 2689 Markel Corp. COMMON 570535104 39628 115 SH OTHER 0 0 115 Mattel, Inc. COMMON 577081102 25673451 1094350 SH SOLE 0 1054850 0 39500 Mattel, Inc. COMMON 577081102 101582 4330 SH OTHER 0 0 4330 Matthews Intl Corp. COMMON 577128101 18369131 519489 SH SOLE 0 467134 0 52355 Matthews Intl Corp. COMMON 577128101 112091 3170 SH OTHER 0 0 3170 MB Financial, Inc. COMMON 55264U108 165931 10230 SH SOLE 0 10230 0 0 McClatchy Co. COMMON 579489105 13002350 3308486 SH SOLE 0 2971586 0 336900 McCormick & Co., Inc. COMMON 579780206 71790447 1707670 SH SOLE 0 1691770 0 15900 McCormick & Co., Inc. COMMON 579780206 16185 385 SH OTHER 1 385 0 0 MEDTOX Scientific, Inc. COMMON 584977201 1715774 147530 SH SOLE 0 22930 0 124600 Meredith Corp. COMMON 589433101 64632559 1940335 SH SOLE 0 1880135 0 60200 Meredith Corp. COMMON 589433101 11825 355 SH OTHER 1 355 0 0 Meredith Corp. COMMON 589433101 127744 3835 SH OTHER 0 0 3835 Microsoft Corp. COMMON 594918104 3663826 149605 SH SOLE 0 89805 0 59800 Middleby Corp. COMMON 596278101 16186953 255355 SH SOLE 0 229155 0 26200

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------ -------------- --------- --------- ----------------- ---------- -------- ---------------------- SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP VALUE PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------ -------------- --------- --------- -------- --- ---- ---------- -------- -------- ------ ------ Middleby Corp. COMMON 596278101 102375 1615 SH OTHER 0 0 1615 Mitcham Industries, Inc. COMMON 606501104 1607559 218122 SH SOLE 0 56222 0 161900 Mohawk Industries, Inc. COMMON 608190104 162638394 3051377 SH SOLE 0 2978677 0 72700 Mohawk Industries, Inc. COMMON 608190104 21853 410 SH OTHER 1 410 0 0 Mohawk Industries, Inc. COMMON 608190104 144976 2720 SH OTHER 0 0 2720 Morgan Stanley COMMON 617446448 4498547 182275 SH SOLE 0 108875 0 73400 Multi-Fineline Electronix, Inc. COMMON 62541B101 677512 30810 SH SOLE 0 4910 0 25900 Myrexis, Inc. COMMON 62856H107 1044844 270685 SH SOLE 0 42185 0 228500 Newell Rubbermaid Inc. COMMON 651229106 67125534 3768980 SH SOLE 0 3768980 0 0 Newell Rubbermaid Inc. COMMON 651229106 21639 1215 SH OTHER 1 1215 0 0 Nordstrom, Inc. COMMON 655664100 97901100 2631750 SH SOLE 0 2595250 0 36500 Nordstrom, Inc. COMMON 655664100 16554 445 SH OTHER 1 445 0 0 Nordstrom, Inc. COMMON 655664100 111972 3010 SH OTHER 0 0 3010 Northern Trust Corp. COMMON 665859104 66236077 1373053 SH SOLE 0 1340553 0 32500 Omnicom Group Inc. COMMON 681919106 53122551 1345556 SH SOLE 0 1250860 0 94696 ORBCOMM Inc. COMMON 68555P100 275308 121281 SH SOLE 0 45281 0 76000 Orion Energy Systems, Inc. COMMON 686275108 2130665 672134 SH SOLE 0 167634 0 504500 PCTEL, Inc. COMMON 69325Q105 2082934 339240 SH SOLE 0 53240 0 286000 Perceptron, Inc. COMMON 71361F100 1201228 268731 SH SOLE 0 113531 0 155200 PrivateBancorp, Inc. COMMON 742962103 51449997 4517120 SH SOLE 0 4399520 0 117600 PrivateBancorp, Inc. COMMON 742962103 10137 890 SH OTHER 1 890 0 0 Red Lion Hotels Corp. COMMON 756764106 867244 116565 SH SOLE 0 47165 0 69400 Royal Caribbean Cruises Ltd. COMMON V7780T103 77903536 2470775 SH SOLE 0 2470775 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 21283 675 SH OTHER 1 675 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 130692 4145 SH OTHER 0 0 4145 Shoe Carnival, Inc. COMMON 824889109 1893199 93630 SH SOLE 0 14430 0 79200 Sigma Designs, Inc. COMMON 826565103 2071532 180290 SH SOLE 0 37590 0 142700 Sotheby's COMMON 835898107 94630125 2570074 SH SOLE 0 2498574 0 71500 Sotheby's COMMON 835898107 15096 410 SH OTHER 1 410 0 0 Sotheby's COMMON 835898107 159431 4330 SH OTHER 0 0 4330 St. Jude Medical, Inc. COMMON 790849103 50248392 1277285 SH SOLE 0 1240085 0 37200 Stanley Black & Decker, Inc. COMMON 854502101 135830245 2216551 SH SOLE 0 2191812 0 24739 Stanley Black & Decker, Inc. COMMON 854502101 24022 392 SH OTHER 1 392 0 0 Steelcase Inc. COMMON 858155203 8498041 1020173 SH SOLE 0 915173 0 105000 Symmetry Medical Inc. COMMON 871546206 22711213 2355935 SH SOLE 0 1967735 0 388200 T. Rowe Price Group, Inc. COMMON 74144T108 36871121 736465 SH SOLE 0 715306 0 21159 Team, Inc. COMMON 878155100 25034234 1454633 SH SOLE 0 1183033 0 271600 Team, Inc. COMMON 878155100 116942 6795 SH OTHER 0 0 6795 Tecumseh Products Co. COMMON 878895200 866559 75550 SH SOLE 0 9150 0 66400 The Knot, Inc. COMMON 499184109 753362 82515 SH SOLE 0 36715 0 45800 Thermo Fisher Scientific Inc. COMMON 883556102 48083011 1004240 SH SOLE 0 973990 0 30250 Tiffany & Co. COMMON 886547108 99280942 2112810 SH SOLE 0 2086010 0 26800 Tiffany & Co. COMMON 886547108 16212 345 SH OTHER 1 345 0 0 Tiffany & Co. COMMON 886547108 127813 2720 SH OTHER 0 0 2720 TomoTherapy Inc. COMMON 890088107 2466295 700652 SH SOLE 0 109552 0 591100 Toyota Motor Corp. COMMON 892331307 3192468 44600 SH SOLE 0 26000 0 18600 Tyco Intl Ltd. COMMON H89128104 4897799 133346 SH SOLE 0 77846 0 55500 Versar Inc. COMMON 925297103 870914 288382 SH SOLE 0 45982 0 242400 Viacom, Inc. COMMON 92553P201 73392777 2027985 SH SOLE 0 1966485 0 61500 Vical Inc. COMMON 925602104 1774473 795728 SH SOLE 0 125928 0 669800 Walgreen Co. COMMON 931422109 5978243 178455 SH SOLE 0 106855 0 71600 Walt Disney Co. COMMON 254687106 4063853 122775 SH SOLE 0 70975 0 51800 Washington Post Co. COMMON 939640108 32590658 81597 SH SOLE 0 81597 0 0 Washington Post Co. COMMON 939640108 9186 23 SH OTHER 1 23 0 0 Zimmer Holdings, Inc. COMMON 98956P102 51164716 977732 SH SOLE 0 947932 0 29800