13F-HR/A 1 HR13F3Q11.txt HR13F3Q11 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 09/30/11 Check here if Amendment |X|; Amendment Number: 1 This Amendment (Check only one.): |X| 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 July 5, 2012 ----------------------------------- ---------------- -------------------- 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: 9/30/2011 REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 1 FORM 13F INFORMATION TABLE ENTRY TOTAL: 189 FORM 13F INFORMATION TABLE VALUE TOTAL: $3,765,252 (In Thousands) LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME 1 28-05955 PAX WORLD MANAGEMENT LLC

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------ -------------- --------- -------- ----------------- ---------- -------- ----------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------ -------------- --------- -------- -------- --- ---- ---------- -------- -------- ------ ------- 21st Century Holding Co. COMMON 90136Q100 581 250230 SH SOLE 49930 0 200300 Abbott Laboratories COMMON 002824100 5815 113710 SH SOLE 89710 0 24000 Accenture plc COMMON G1151C101 48048 912066 SH SOLE 889838 0 22228 American Electric Technologies COMMON 025576109 638 172409 SH SOLE 48910 0 123499 American Reprographics Co. COMMON 029263100 1320 392915 SH SOLE 92915 0 300000 Anixter Intl Inc. COMMON 035290105 13930 293644 SH SOLE 269069 0 24575 Anixter Intl Inc. COMMON 035290105 8 170 SH OTHER 1 170 0 0 Apollo Group, Inc. COMMON 037604105 14843 374740 SH SOLE 352990 0 21750 Astro-Med, Inc. COMMON 04638F108 890 127178 SH SOLE 25789 0 101389 AuthenTec, Inc. COMMON 052660107 550 168660 SH SOLE 34180 0 134480 Avatar Holdings Inc. COMMON 053494100 1800 220099 SH SOLE 52899 0 167200 AFLAC Inc. COMMON 001055102 57761 1652666 SH SOLE 1625771 0 26895 Ballantyne Strong, Inc. COMMON 058516105 2628 853232 SH SOLE 205211 0 648021 Bank of New York Mellon Corp. COMMON 064058100 3965 213285 SH SOLE 165085 0 48200 Baxter Intl Inc. COMMON 071813109 46962 836514 SH SOLE 814681 0 21833 Berkshire Hathaway Inc. COMMON 084670702 3541 49850 SH SOLE 39050 0 10800 Bio-Rad Laboratories, Inc. COMMON 090572207 89901 990425 SH SOLE 963983 0 26442 Bio-Rad Laboratories, Inc. COMMON 090572207 18 195 SH OTHER 1 195 0 0 Blackstone Group L.P. COMMON 09253U108 19762 1649550 SH SOLE 1637355 0 12195 Blount Intl, Inc. COMMON 095180105 13285 994370 SH SOLE 884645 0 109725 Blount Intl, Inc. COMMON 095180105 132 9850 SH OTHER 0 0 9850 Bob Evans Farms, Inc. COMMON 096761101 12477 437492 SH SOLE 389442 0 48050 Brady Corp. COMMON 104674106 70790 2678404 SH SOLE 2605529 0 72875 Brady Corp. COMMON 104674106 18 690 SH OTHER 1 690 0 0 Brady Corp. COMMON 104674106 126 4755 SH OTHER 0 0 4755 Brink's Co. COMMON 109696104 54491 2337676 SH SOLE 2265126 0 72550 Brink's Co. COMMON 109696104 14 585 SH OTHER 1 585 0 0 Brink's Co. COMMON 109696104 109 4695 SH OTHER 0 0 4695 Callaway Golf Co. COMMON 131193104 62 12000 SH SOLE 12000 0 0 Carnival Corp. COMMON 143658300 53819 1776212 SH SOLE 1725464 0 50748 Charles River Laboratories Int COMMON 159864107 28507 996065 SH SOLE 965715 0 30350 Charles River Laboratories Int COMMON 159864107 10 350 SH OTHER 1 350 0 0 Chesapeake Energy Corp. COMMON 165167107 47211 1847800 SH SOLE 1794905 0 52895 Citigroup Inc. COMMON 172967424 1946 75967 SH SOLE 56777 0 19190 City National Corp. COMMON 178566105 61021 1616027 SH SOLE 1580976 0 35051 City National Corp. COMMON 178566105 8 220 SH OTHER 1 220 0 0 Contango Oil & Gas Co. COMMON 21075N204 34861 637201 SH SOLE 637201 0 0 Contango Oil & Gas Co. COMMON 21075N204 12 215 SH OTHER 1 215 0 0 Cowen Group, Inc. COMMON 223622101 918 338780 SH SOLE 85780 0 253000 Crown Crafts, Inc. COMMON 228309100 1418 387815 SH SOLE 78115 0 309700 CBRE Group, Inc. COMMON 12497T101 87409 6493961 SH SOLE 6477196 0 16765 CBRE Group, Inc. COMMON 12497T101 21 1545 SH OTHER 1 1545 0 0 CBS Corp. COMMON 124857202 63833 3132127 SH SOLE 3109805 0 22322 CSP Inc. COMMON 126389105 744 218905 SH SOLE 45289 0 173616 Dell Inc. COMMON 24702R101 68034 4811425 SH SOLE 4667285 0 144140 DeVry Inc. COMMON 251893103 93707 2535353 SH SOLE 2464978 0 70375 DeVry Inc. COMMON 251893103 20 540 SH OTHER 1 540 0 0 DeVry Inc. COMMON 251893103 89 2400 SH OTHER 0 0 2400 Dun & Bradstreet Corp. COMMON 26483E100 45976 750514 SH SOLE 750514 0 0 Dun & Bradstreet Corp. COMMON 26483E100 15 250 SH OTHER 1 250 0 0 Dun & Bradstreet Corp. COMMON 26483E100 87 1425 SH OTHER 0 0 1425 Edgewater Technology Inc. COMMON 280358102 1547 663745 SH SOLE 135878 0 527867 Energizer Holdings, Inc. COMMON 29266R108 23517 353963 SH SOLE 353963 0 0 Energizer Holdings, Inc. COMMON 29266R108 9 130 SH OTHER 1 130 0 0 Energizer Holdings, Inc. COMMON 29266R108 117 1765 SH OTHER 0 0 1765 Exxon Mobil Corp. COMMON 30231G102 6672 91860 SH SOLE 72360 0 19500 Fair Isaac Corp. COMMON 303250104 76007 3481765 SH SOLE 3386765 0 95000 Fair Isaac Corp. COMMON 303250104 20 910 SH OTHER 1 910 0 0 Fair Isaac Corp. COMMON 303250104 152 6975 SH OTHER 0 0 6975 First American Financial Corp. COMMON 31847R102 92271 7208644 SH SOLE 7078839 0 129805 First American Financial Corp. COMMON 31847R102 14 1075 SH OTHER 1 1075 0 0 First American Financial Corp. COMMON 31847R102 95 7440 SH OTHER 0 0 7440 Force Protection, Inc. COMMON 345203202 24160 6275415 SH SOLE 5056840 0 1218575 Force Protection, Inc. COMMON 345203202 104 26945 SH OTHER 0 0 26945 Franklin Resources, Inc. COMMON 354613101 45020 470724 SH SOLE 467408 0 3316 Gaiam, Inc. COMMON 36268Q103 1037 306040 SH SOLE 71140 0 234900 Gannett Co., Inc. COMMON 364730101 122889 12894918 SH SOLE 12623207 0 271711 Gannett Co., Inc. COMMON 364730101 23 2390 SH OTHER 1 2390 0 0 Goldman Sachs Group, Inc. COMMON 38141G104 5209 55095 SH SOLE 42595 0 12500 Herman Miller, Inc. COMMON 600544100 40112 2245904 SH SOLE 2158534 0 87370 Herman Miller, Inc. COMMON 600544100 13 720 SH OTHER 1 720 0 0 Horace Mann Educators Corp. COMMON 440327104 8550 749334 SH SOLE 667044 0 82290 Horace Mann Educators Corp. COMMON 440327104 97 8505 SH OTHER 0 0 8505 Hospira, Inc. COMMON 441060100 87995 2378240 SH SOLE 2353035 0 25205 Hospira, Inc. COMMON 441060100 19 524 SH OTHER 1 524 0 0 Hospira, Inc. COMMON 441060100 118 3190 SH OTHER 0 0 3190 HCC Insurance Holdings, Inc. COMMON 404132102 8933 330231 SH SOLE 293921 0 36310 HCC Insurance Holdings, Inc. COMMON 404132102 114 4232 SH OTHER 0 0 4232 Illinois Tool Works Inc. COMMON 452308109 28535 685947 SH SOLE 681127 0 4820 Imation Corp. COMMON 45245A107 1401 191710 SH SOLE 46410 0 145300 InfoSpace, Inc. COMMON 45678T300 813 97210 SH SOLE 24610 0 72600 Interface, Inc. COMMON 458665106 67508 5692075 SH SOLE 5514050 0 178025 Interface, Inc. COMMON 458665106 16 1335 SH OTHER 1 1335 0 0 Interface, Inc. COMMON 458665106 123 10390 SH OTHER 0 0 10390 International Business Machine COMMON 459200101 7693 43992 SH SOLE 34692 0 9300 International Game Technology COMMON 459902102 96214 6621750 SH SOLE 6603510 0 18240 International Game Technology COMMON 459902102 20 1400 SH OTHER 1 1400 0 0 International Game Technology COMMON 459902102 122 8420 SH OTHER 0 0 8420 Interpublic Group of Cos., Inc COMMON 460690100 117750 16354131 SH SOLE 16144974 0 209157 Interpublic Group of Cos., Inc COMMON 460690100 20 2725 SH OTHER 1 2725 0 0 Interpublic Group of Cos., Inc COMMON 460690100 120 16715 SH OTHER 0 0 16715 IDEX Corp. COMMON 45167R104 56850 1824449 SH SOLE 1761219 0 63230 IDEX Corp. COMMON 45167R104 17 535 SH OTHER 1 535 0 0 IDEX Corp. COMMON 45167R104 128 4123 SH OTHER 0 0 4123 Janus Capital Group Inc. COMMON 47102X105 118027 19671239 SH SOLE 19260539 0 410700 Janus Capital Group Inc. COMMON 47102X105 23 3790 SH OTHER 1 3790 0 0 Johnson & Johnson COMMON 478160104 5631 88409 SH SOLE 69709 0 18700 Jones Lang LaSalle Inc. COMMON 48020Q107 127660 2464000 SH SOLE 2410809 0 53191 Jones Lang LaSalle Inc. COMMON 48020Q107 22 425 SH OTHER 1 425 0 0 J.M. Smucker Co. COMMON 832696405 89364 1226012 SH SOLE 1222117 0 3895 J.M. Smucker Co. COMMON 832696405 19 262 SH OTHER 1 262 0 0 JAKKS Pacific, Inc. COMMON 47012E106 1435 75710 SH SOLE 17310 0 58400 JPMorgan Chase & Co. COMMON 46625H100 3928 130400 SH SOLE 101100 0 29300 Knoll, Inc. COMMON 498904200 14113 1030115 SH SOLE 916690 0 113425 KKR & Co. L.P. COMMON 48248M102 39630 3810540 SH SOLE 3794650 0 15890 KKR & Co. L.P. COMMON 48248M102 10 955 SH OTHER 1 955 0 0 Landec Corp. COMMON 514766104 1622 304975 SH SOLE 72875 0 232100 Lazard Ltd COMMON G54050102 121399 5753520 SH SOLE 5624745 0 128775 Lazard Ltd COMMON G54050102 22 1030 SH OTHER 1 1030 0 0 Lazard Ltd COMMON G54050102 87 4115 SH OTHER 0 0 4115 Littelfuse, Inc. COMMON 537008104 47699 1186244 SH SOLE 1121869 0 64375 Lockheed Martin Corp. COMMON 539830109 4990 68700 SH SOLE 53800 0 14900 Madison Square Garden Co. COMMON 55826P100 36344 1594047 SH SOLE 1543362 0 50685 Madison Square Garden Co. COMMON 55826P100 99 4335 SH OTHER 0 0 4335 Markel Corp. COMMON 570535104 8651 24225 SH SOLE 21721 0 2504 Markel Corp. COMMON 570535104 41 115 SH OTHER 0 0 115 Market Leader, Inc. COMMON 57056R103 3222 1464630 SH SOLE 347195 0 1117435 Mattel, Inc. COMMON 577081102 20072 775270 SH SOLE 768610 0 6660 Mattel, Inc. COMMON 577081102 112 4330 SH OTHER 0 0 4330 Matthews Intl Corp. COMMON 577128101 14854 483376 SH SOLE 430296 0 53080 Matthews Intl Corp. COMMON 577128101 97 3170 SH OTHER 0 0 3170 McCormick & Co., Inc. COMMON 579780206 25215 546260 SH SOLE 546260 0 0 McCormick & Co., Inc. COMMON 579780206 10 215 SH OTHER 1 215 0 0 Meredith Corp. COMMON 589433101 46661 2060982 SH SOLE 1993807 0 67175 Meredith Corp. COMMON 589433101 11 485 SH OTHER 1 485 0 0 Meredith Corp. COMMON 589433101 87 3835 SH OTHER 0 0 3835 Microsoft Corp. COMMON 594918104 8377 336570 SH SOLE 265670 0 70900 Middleby Corp. COMMON 596278101 15430 218996 SH SOLE 196271 0 22725 Middleby Corp. COMMON 596278101 114 1615 SH OTHER 0 0 1615 Mitcham Industries, Inc. COMMON 606501104 2579 230264 SH SOLE 54567 0 175697 Mohawk Industries, Inc. COMMON 608190104 111255 2592747 SH SOLE 2543007 0 49740 Mohawk Industries, Inc. COMMON 608190104 19 440 SH OTHER 1 440 0 0 Mohawk Industries, Inc. COMMON 608190104 117 2720 SH OTHER 0 0 2720 Morgan Stanley COMMON 617446448 4363 322980 SH SOLE 254680 0 68300 Multi-Fineline Electronix, Inc COMMON 62541B101 1612 80860 SH SOLE 20560 0 60300 Myrexis, Inc. COMMON 62856H107 781 285150 SH SOLE 57750 0 227400 MEDTOX Scientific, Inc. COMMON 584977201 666 50855 SH SOLE 10355 0 40500 Newell Rubbermaid Inc. COMMON 651229106 64692 5450015 SH SOLE 5439560 0 10455 Newell Rubbermaid Inc. COMMON 651229106 16 1345 SH OTHER 1 1345 0 0 Nordstrom, Inc. COMMON 655664100 76407 1672650 SH SOLE 1668040 0 4610 Nordstrom, Inc. COMMON 655664100 17 375 SH OTHER 1 375 0 0 Nordstrom, Inc. COMMON 655664100 137 3010 SH OTHER 0 0 3010 Northern Trust Corp. COMMON 665859104 53808 1538240 SH SOLE 1537970 0 270 Omnicom Group Inc. COMMON 681919106 50098 1359890 SH SOLE 1320989 0 38901 Orion Energy Systems, Inc. COMMON 686275108 2685 1013345 SH SOLE 230959 0 782386 ORBCOMM Inc. COMMON 68555P100 1079 423151 SH SOLE 85651 0 337500 Perceptron, Inc. COMMON 71361F100 2809 519197 SH SOLE 100493 0 418704 Pervasive Software Inc. COMMON 715710109 2774 462375 SH SOLE 111720 0 350655 PrivateBancorp, Inc. COMMON 742962103 5165 686898 SH SOLE 609073 0 77825 PCTEL, Inc. COMMON 69325Q105 2570 417905 SH SOLE 97905 0 320000 Red Lion Hotels Corp. COMMON 756764106 1391 207315 SH SOLE 42115 0 165200 Richardson Electronics, Ltd. COMMON 763165107 533 39140 SH SOLE 9615 0 29525 Royal Caribbean Cruises Ltd. COMMON V7780T103 61392 2836970 SH SOLE 2836970 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 21 980 SH OTHER 1 980 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 61 2820 SH OTHER 0 0 2820 Shoe Carnival, Inc. COMMON 824889109 671 28425 SH SOLE 7725 0 20700 Sigma Designs, Inc. COMMON 826565103 1690 215605 SH SOLE 50605 0 165000 Simpson Manufacturing Co., Inc COMMON 829073105 42292 1696410 SH SOLE 1655335 0 41075 Simpson Manufacturing Co., Inc COMMON 829073105 11 450 SH OTHER 1 450 0 0 Simpson Manufacturing Co., Inc COMMON 829073105 56 2255 SH OTHER 0 0 2255 Sotheby's COMMON 835898107 38399 1392798 SH SOLE 1370153 0 22645 Sotheby's COMMON 835898107 6 220 SH OTHER 1 220 0 0 Sotheby's COMMON 835898107 65 2355 SH OTHER 0 0 2355 Stanley Black & Decker, Inc. COMMON 854502101 66297 1350244 SH SOLE 1346195 0 4049 Stanley Black & Decker, Inc. COMMON 854502101 15 297 SH OTHER 1 297 0 0 Steelcase Inc. COMMON 858155203 4597 728597 SH SOLE 646572 0 82025 St. Jude Medical, Inc. COMMON 790849103 36562 1010275 SH SOLE 1003000 0 7275 Symmetry Medical Inc. COMMON 871546206 44231 5729450 SH SOLE 5273025 0 456425 Symmetry Medical Inc. COMMON 871546206 8 1065 SH OTHER 1 1065 0 0 Target Corp. COMMON 87612E106 6241 127270 SH SOLE 101170 0 26100 Team, Inc. COMMON 878155100 24770 1180672 SH SOLE 952547 0 228125 Team, Inc. COMMON 878155100 143 6795 SH OTHER 0 0 6795 Tecumseh Products Co. COMMON 878895200 652 89415 SH SOLE 23015 0 66400 Thermo Fisher Scientific Inc. COMMON 883556102 50150 990321 SH SOLE 982965 0 7356 Tiffany & Co. COMMON 886547108 26244 431500 SH SOLE 430270 0 1230 Tiffany & Co. COMMON 886547108 6 100 SH OTHER 1 100 0 0 Tiffany & Co. COMMON 886547108 150 2460 SH OTHER 0 0 2460 Tyco Intl Ltd. COMMON H89128104 4820 118271 SH SOLE 93171 0 25100 T. Rowe Price Group, Inc. COMMON 74144T108 28017 586495 SH SOLE 582331 0 4164 Versar Inc. COMMON 925297103 1007 359667 SH SOLE 72867 0 286800 Viacom, Inc. COMMON 92553P201 60067 1550525 SH SOLE 1539760 0 10765 Vical Inc. COMMON 925602104 1602 645963 SH SOLE 155663 0 490300 Walgreen Co. COMMON 931422109 5244 159435 SH SOLE 125835 0 33600 Washington Post Co. COMMON 939640108 30723 93963 SH SOLE 93963 0 0 Washington Post Co. COMMON 939640108 10 31 SH OTHER 1 31 0 0 Washington Post Co. COMMON 939640108 47 145 SH OTHER 0 0 145 XO Group Inc. COMMON 983772104 2054 251435 SH SOLE 57835 0 193600 Zimmer Holdings, Inc. COMMON 98956P102 109987 2056597 SH SOLE 2028812 0 27785 Zimmer Holdings, Inc. COMMON 98956P102 18 345 SH OTHER 1 345 0 0