13F-HR 1 hr13f1q07.txt HR13F1Q07 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2007 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 Capital Management, 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 May 15, 2007 ----------------------------------- ---------------- -------------------- 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: 03/31/07 REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 3 FORM 13F INFORMATION TABLE ENTRY TOTAL: 225 FORM 13F INFORMATION TABLE VALUE TOTAL: $14,011,671,486 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 (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ----------------------- -------- --------- -------- ------- --- ---- ------- -------- -------- ------ ------ A.G. Edwards, Inc. COM 281760108 191690000 2770885 SH SOLE 2770885 0 0 A.G. Edwards, Inc. COMMON 281760108 372,534 5,385 SH 1 5,385 0 0 A.G. Edwards, Inc. COMMON 281760108 7,436,850 107,500 SH 3 107,500 0 0 Accenture Ltd COM G1150G111 282179000 7321728 SH SOLE 5564203 0 1757525 Accenture Ltd COM G1150G111 3704000 96100 SH OTHER 96100 0 0 Accenture Ltd COMMON G1150G111 2,108,138 54,700 SH 2 54,700 0 0 ACCO Brands Corp. COM 00081T108 177544000 7370015 SH SOLE 5606965 0 1763050 ACCO Brands Corp. COM 00081T108 180000 7455 SH OTHER 0 0 7455 ACCO Brands Corp. COMMON 00081T108 193,322 8,025 SH 1 8,025 0 0 ACCO Brands Corp. COMMON 00081T108 3,466,551 143,900 SH 3 143,900 0 0 Aflac Inc. COM 1055102 66292000 1408670 SH SOLE 1408670 0 0 Aflac Inc. COMMON 1055102 1,068,262 22,700 SH 2 22,700 0 0 Anixter International Inc. COM 35290105 423665000 6425008 SH SOLE 4793868 0 1631140 Anixter International Inc. COM 35290105 1002000 15200 SH OTHER 15200 0 0 Anixter International Inc. COMMON 35290105 347,504 5,270 SH 1 5,270 0 0 Anixter International Inc. COMMON 35290105 659,400 10,000 SH 2 10,000 0 0 Anixter International Inc. COMMON 35290105 9,488,766 143,900 SH 3 143,900 0 0 Assured Guaranty Ltd. COM G0585R106 229859000 8413575 SH SOLE 6580175 0 1833400 Assured Guaranty Ltd. COM G0585R106 177000 6480 SH OTHER 0 0 6480 Assured Guaranty Ltd. COMMON G0585R106 218,560 8,000 SH 1 8,000 0 0 Assured Guaranty Ltd. COMMON G0585R106 5,892,924 215,700 SH 3 215,700 0 0 Baxter International Inc. COM 71813109 187933000 3568131 SH SOLE 2770576 0 797555 Baxter International Inc. COM 71813109 2212000 42000 SH OTHER 42000 0 0 Baxter International Inc. COMMON 71813109 1,580,100 30,000 SH 2 30,000 0 0 BearingPoint, Inc. COM 74002106 217242000 28360621 SH SOLE 23944046 0 4416575 BearingPoint, Inc. COMMON 74002106 196,556 25,660 SH 1 25,660 0 0 BearingPoint, Inc. COMMON 74002106 3,610,924 471,400 SH 3 471,400 0 0 Berkshire Hathaway Inc. COM 84670207 3826000 1051 SH SOLE 1051 0 0 Bio-Rad Laboratories, Inc. COM 90572207 129512000 1854410 SH SOLE 1361910 0 492500 Bio-Rad Laboratories, Inc. COM 90572207 103000 1470 SH OTHER 0 0 1470 Black & Decker Corp. COM 91797100 341353000 4182227 SH SOLE 3707672 0 474555 Black & Decker Corp. COM 91797100 1853000 22700 SH OTHER 22700 0 0 Black & Decker Corp. COMMON 91797100 284,854 3,490 SH 1 3,490 0 0 Black & Decker Corp. COMMON 91797100 1,558,942 19,100 SH 2 19,100 0 0 Black & Decker Corp. COMMON 91797100 7,378,448 90,400 SH 3 90,400 0 0 Blount International, Inc. COM 95180105 80571000 6471580 SH SOLE 2292680 0 4178900 Blount International, Inc. COM 95180105 162000 13050 SH OTHER 0 0 13050 Bob Evans Farms, Inc. COM 96761101 83500000 2259810 SH SOLE 821644 0 1438166 Brady Corp. COM 104674106 266012000 8526033 SH SOLE 6095433 0 2430600 Brady Corp. COM 104674106 148000 4735 SH OTHER 0 0 4735 Brady Corp. COMMON 104674106 232,284 7,445 SH 1 7,445 0 0 Brady Corp. COMMON 104674106 6,040,320 193,600 SH 3 193,600 0 0 Career Education Corp. COM 141665109 242962000 7965980 SH SOLE 6126340 0 1839640 Career Education Corp. COM 141665109 1132000 37100 SH OTHER 37100 0 0 Career Education Corp. COMMON 141665109 160,430 5,260 SH 1 5,260 0 0 Career Education Corp. COMMON 141665109 793,000 26,000 SH 2 26,000 0 0 Career Education Corp. COMMON 141665109 4,044,300 132,600 SH 3 132,600 0 0 Carnival Corp. COM 143658300 213322000 4552319 SH SOLE 3656719 0 895600 Carnival Corp. COM 143658300 2291000 48900 SH OTHER 48900 0 0 Carnival Corp. COMMON 143658300 2,075,898 44,300 SH 2 44,300 0 0 CBS Corp. COM 124857202 184395000 6027959 SH SOLE 4715584 0 1312375 CBS Corp. COM 124857202 2086000 68200 SH OTHER 68200 0 0 CBS Corp. COMMON 124857202 1,737,512 56,800 SH 2 56,800 0 0 Chittenden Corp. COM 170228100 132894000 4401912 SH SOLE 2957312 0 1444600 Chittenden Corp. COM 170228100 180000 5957 SH OTHER 0 0 5957 Citigroup Inc. COM 172967101 2118000 41250 SH SOLE 41250 0 0 City National Corp. COM 178566105 326564000 4437015 SH SOLE 3840000 0 597015 City National Corp. COM 178566105 2127000 28900 SH OTHER 28900 0 0 City National Corp. COMMON 178566105 309,488 4,205 SH 1 4,205 0 0 City National Corp. COMMON 178566105 1,361,600 18,500 SH 2 18,500 0 0 City National Corp. COMMON 178566105 6,815,360 92,600 SH 3 92,600 0 0 Clorox Co. COM 189054109 126230000 1981943 SH SOLE 1453783 0 528160 Clorox Co. COM 189054109 1675000 26300 SH OTHER 26300 0 0 Clorox Co. COMMON 189054109 980,826 15,400 SH 2 15,400 0 0 Constellation Brands COM 21036P108 125314000 5916640 SH SOLE 5255940 0 660700 Constellation Brands COM 21036P108 703000 33200 SH OTHER 33200 0 0 Constellation Brands COMMON 21036P108 110,136 5,200 SH 1 5,200 0 0 Constellation Brands COMMON 21036P108 504,084 23,800 SH 2 23,800 0 0 Constellation Brands COMMON 21036P108 2,867,772 135,400 SH 3 135,400 0 0 Dell Inc. COM 24702R101 2605000 112220 SH SOLE 112220 0 0 DeVry Inc. COM 251893103 50949000 1735915 SH SOLE 1019315 0 716600 DeVry Inc. COM 251893103 162000 5510 SH OTHER 0 0 5510 DeVry Inc. COMMON 251893103 2,811,730 95,800 SH 3 95,800 0 0 Dun & Bradstreet Corp. COM 26484E100 137511000 1507794 SH SOLE 1218824 0 288970 Dun & Bradstreet Corp. COM 26484E100 1240000 13600 SH OTHER 13600 0 0 Dun & Bradstreet Corp. COMMON 2.65E+104 1,194,720 13,100 SH 2 13,100 0 0 Dun & Bradstreet Corp. COMMON 2.65E+104 2,416,800 26,500 SH 3 26,500 0 0 Energizer Holdings, Inc. COM 29266R108 547608000 6417537 SH SOLE 4913552 0 1503985 Energizer Holdings, Inc. COM 29266R108 1613000 18900 SH OTHER 16400 0 2500 Energizer Holdings, Inc. COMMON 29266R108 420,250 4,925 SH 1 4,925 0 0 Energizer Holdings, Inc. COMMON 29266R108 1,049,559 12,300 SH 2 12,300 0 0 Energizer Holdings, Inc. COMMON 29266R108 10,956,372 128,400 SH 3 128,400 0 0 Equifax Inc. COM 294429105 259760000 7126477 SH SOLE 6206327 0 920150 Equifax Inc. COM 294429105 1695000 46500 SH OTHER 46500 0 0 Equifax Inc. COMMON 294429105 282,670 7,755 SH 1 7,755 0 0 Equifax Inc. COMMON 294429105 1,242,945 34,100 SH 2 34,100 0 0 Equifax Inc. COMMON 294429105 6,232,950 171,000 SH 3 171,000 0 0 Franklin Resources, Inc. COM 354613101 158076000 1308250 SH SOLE 1002530 0 305720 Franklin Resources, Inc. COM 354613101 1970000 16300 SH OTHER 16300 0 0 Franklin Resources, Inc. COMMON 354613101 1,232,466 10,200 SH 2 10,200 0 0 Gannett Co., Inc. COM 364730101 182203000 3236865 SH SOLE 2489890 0 746975 Gannett Co., Inc. COM 364730101 2124000 37725 SH OTHER 37725 0 0 Gannett Co., Inc. COMMON 364730101 1,683,071 29,900 SH 2 29,900 0 0 Greater Bay Bancorp COM 391648102 84687000 3149385 SH SOLE 1156785 0 1992600 Greater Bay Bancorp COM 391648102 163000 6055 SH OTHER 0 0 6055 H&R Block, Inc. COM 93671105 333612000 15856071 SH SOLE 14034286 0 1821785 H&R Block, Inc. COM 93671105 1845000 87700 SH OTHER 87700 0 0 H&R Block, Inc. COMMON 93671105 276,781 13,155 SH 1 13,155 0 0 H&R Block, Inc. COMMON 93671105 1,360,762 64,675 SH 2 64,675 0 0 H&R Block, Inc. COMMON 93671105 6,539,232 310,800 SH 3 310,800 0 0 Harte-Hanks, Inc. COM 416196103 300551000 10893482 SH SOLE 8546820 0 2346662 Harte-Hanks, Inc. COM 416196103 1273000 46145 SH OTHER 43550 0 2595 Harte-Hanks, Inc. COMMON 416196103 172,438 6,250 SH 1 6,250 0 0 Harte-Hanks, Inc. COMMON 416196103 880,121 31,900 SH 2 31,900 0 0 Harte-Hanks, Inc. COMMON 416196103 5,286,244 191,600 SH 3 191,600 0 0 HCC Insurance Holdings, Inc. COM 404132102 412743000 13400754 SH SOLE 10448155 0 2952599 HCC Insurance Holdings, Inc. COM 404132102 1066000 34612 SH OTHER 28800 0 5812 HCC Insurance Holdings, Inc. COMMON 404132102 206,514 6,705 SH 1 6,705 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 856,240 27,800 SH 2 27,800 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 7,995,711 259,601 SH 3 259,601 0 0 Herman Miller, Inc. COM 600544100 215007000 6420037 SH SOLE 4762242 0 1657795 Herman Miller, Inc. COMMON 600544100 277,297 8,280 SH 1 8,280 0 0 Herman Miller, Inc. COMMON 600544100 5,810,515 173,500 SH 3 173,500 0 0 Hewitt Associates, Inc. COM 42822Q100 535470000 18319187 SH SOLE 14487752 0 3831435 Hewitt Associates, Inc. COM 42822Q100 1003000 34300 SH OTHER 34300 0 0 Hewitt Associates, Inc. COMMON 42822Q100 426,612 14,595 SH 1 14,595 0 0 Hewitt Associates, Inc. COMMON 42822Q100 748,288 25,600 SH 2 25,600 0 0 Hewitt Associates, Inc. COMMON 42822Q100 11,735,845 401,500 SH 3 401,500 0 0 Home Depot, Inc. COM 437076102 2104000 57255 SH SOLE 57255 0 0 Horace Mann Educators Corp. COM 440327104 127618000 6210115 SH SOLE 2265075 0 3945040 Horace Mann Educators Corp. COM 440327104 163000 7910 SH OTHER 0 0 7910 IDEX Corp. COM 45167R104 324014000 6368210 SH SOLE 5032511 0 1335699 IDEX Corp. COM 45167R104 193000 3792 SH OTHER 0 0 3792 IDEX Corp. COMMON 45167R104 172,992 3,400 SH 1 3,400 0 0 IDEX Corp. COMMON 45167R104 7,586,208 149,100 SH 3 149,100 0 0 IMS Health Inc. COM 449934108 380427000 12826269 SH SOLE 11413734 0 1412535 IMS Health Inc. COM 449934108 1981000 66800 SH OTHER 66800 0 0 IMS Health Inc. COMMON 449934108 384,839 12,975 SH 1 12,975 0 0 IMS Health Inc. COMMON 449934108 1,616,470 54,500 SH 2 54,500 0 0 IMS Health Inc. COMMON 449934108 8,396,746 283,100 SH 3 283,100 0 0 Interface, Inc. COM 458665106 81021000 5066980 SH SOLE 1824080 0 3242900 Interface, Inc. COM 458665106 204000 12775 SH OTHER 0 0 12775 International Business Machine COM 459200101 3399000 36065 SH SOLE 36065 0 0 Interpublic Group of Cos., Inc COM 460690100 239852000 19484346 SH SOLE 17038676 0 2445670 Interpublic Group of Cos., Inc COM 460690100 1411000 114600 SH OTHER 114600 0 0 Interpublic Group of Cos., Inc COMMON 460690100 203,607 16,540 SH 1 16,540 0 0 Interpublic Group of Cos., Inc COMMON 460690100 892,475 72,500 SH 2 72,500 0 0 Interpublic Group of Cos., Inc COMMON 460690100 5,413,938 439,800 SH 3 439,800 0 0 Invacare Corp. COM 461203101 81857000 4693607 SH SOLE 3671610 0 1021997 Invacare Corp. COMMON 461203101 58,686 3,365 SH 1 3,365 0 0 Invacare Corp. COMMON 461203101 1,076,048 61,700 SH 3 61,700 0 0 J.M. Smucker Co. COM 832696405 270933000 5081264 SH SOLE 3990704 0 1090560 J.M. Smucker Co. COMMON 832696405 235,408 4,415 SH 1 4,415 0 0 J.M. Smucker Co. COMMON 832696405 6,920,936 129,800 SH 3 129,800 0 0 Janus Capital Group Inc. COM 47102X105 540376000 25842939 SH SOLE 20287934 0 5555005 Janus Capital Group Inc. COM 47102X105 2007000 96000 SH OTHER 96000 0 0 Janus Capital Group Inc. COMMON 47102X105 346,374 16,565 SH 1 16,565 0 0 Janus Capital Group Inc. COMMON 47102X105 1,367,514 65,400 SH 2 65,400 0 0 Janus Capital Group Inc. COMMON 47102X105 8,679,741 415,100 SH 3 415,100 0 0 Johnson & Johnson COM 478160104 2261000 37520 SH SOLE 37520 0 0 Jones Lang LaSalle Inc. COM 48020Q107 270021000 2589385 SH SOLE 1898715 0 690670 Journal Register Co. COM 481138105 30077000 5046435 SH SOLE 2240155 0 2806280 JPMorgan Chase & Co. COM 46625H100 2319000 47935 SH SOLE 47935 0 0 Lee Enterprises, Inc. COM 523768109 250963000 8351521 SH SOLE 6244441 0 2107080 Lee Enterprises, Inc. COM 523768109 170000 5670 SH OTHER 0 0 5670 Lee Enterprises, Inc. COMMON 523768109 248,514 8,270 SH 1 8,270 0 0 Lee Enterprises, Inc. COMMON 523768109 5,398,483 179,650 SH 3 179,650 0 0 Littelfuse, Inc. COM 537008104 79555000 1959475 SH SOLE 736175 0 1223300 Markel Corp. COM 570535104 458900000 946517 SH SOLE 732332 0 214185 Markel Corp. COM 570535104 206000 424 SH OTHER 0 0 424 Markel Corp. COMMON 570535104 232,718 480 SH 1 480 0 0 Markel Corp. COMMON 570535104 11,296,539 23,300 SH 3 23,300 0 0 Mattel, Inc. COM 577081102 159526000 5786204 SH SOLE 4797909 0 988295 Mattel, Inc. COM 577081102 1221000 44300 SH OTHER 44300 0 0 Mattel, Inc. COMMON 577081102 278,043 10,085 SH 1 10,085 0 0 Mattel, Inc. COMMON 577081102 898,782 32,600 SH 2 32,600 0 0 Mattel, Inc. COMMON 577081102 7,051,028 255,750 SH 3 255,750 0 0 Matthews International Corp. COM 577128101 105691000 2596840 SH SOLE 897035 0 1699805 Matthews International Corp. COM 577128101 191000 4700 SH OTHER 0 0 4700 McClatchy Co. COM 579489105 258048000 8163477 SH SOLE 7326742 0 836735 McClatchy Co. COM 579489105 1255000 39700 SH OTHER 39700 0 0 McClatchy Co. COMMON 579489105 242,923 7,685 SH 1 7,685 0 0 McClatchy Co. COMMON 579489105 986,232 31,200 SH 2 31,200 0 0 McClatchy Co. COMMON 579489105 6,789,828 214,800 SH 3 214,800 0 0 Mohawk Industries, Inc. COM 608190104 439412000 5355413 SH SOLE 4690653 0 664760 Mohawk Industries, Inc. COM 608190104 2650000 32300 SH OTHER 32300 0 0 Mohawk Industries, Inc. COMMON 608190104 403,276 4,915 SH 1 4,915 0 0 Mohawk Industries, Inc. COMMON 608190104 1,919,970 23,400 SH 2 23,400 0 0 Mohawk Industries, Inc. COMMON 608190104 8,861,400 108,000 SH 3 108,000 0 0 Morgan Stanley COM 617446448 1457000 18500 SH SOLE 18500 0 0 Northern Trust Corp. COM 665859104 228934000 3806678 SH SOLE 2911033 0 895645 Northern Trust Corp. COM 665859104 2784000 46300 SH OTHER 46300 0 0 Northern Trust Corp. COMMON 665859104 1,834,270 30,500 SH 2 30,500 0 0 Omnicom Group Inc. COM 681919106 174025000 1699798 SH SOLE 1304288 0 395510 Omnicom Group Inc. COM 681919106 2283000 22300 SH OTHER 22300 0 0 Omnicom Group Inc. COMMON 681919106 1,494,748 14,600 SH 2 14,600 0 0 Pfizer Inc COM 717081103 1483000 58715 SH SOLE 58715 0 0 Pitney Bowes Inc. COM 724479100 233403000 5142164 SH SOLE 3846484 0 1295680 Pitney Bowes Inc. COM 724479100 2601000 57300 SH OTHER 57300 0 0 Pitney Bowes Inc. COMMON 724479100 2,047,089 45,100 SH 2 45,100 0 0 Radio One, Inc. COM 75040P405 60529000 9369885 SH SOLE 3460885 0 5909000 S&T Bancorp, Inc. COM 783859101 73515000 2225035 SH SOLE 764235 0 1460800 ServiceMaster Co. COM 81760N109 142371000 9250890 SH SOLE 6726385 0 2524505 ServiceMaster Co. COM 81760N109 201000 13045 SH OTHER 0 0 13045 ServiceMaster Co. COMMON 81760N109 241,623 15,700 SH 1 15,700 0 0 ServiceMaster Co. COMMON 81760N109 3,170,340 206,000 SH 3 206,000 0 0 Steelcase Inc. COM 858155203 250903000 12614509 SH SOLE 9429309 0 3185200 Steelcase Inc. COMMON 858155203 330,970 16,640 SH 1 16,640 0 0 Steelcase Inc. COMMON 858155203 6,832,215 343,500 SH 3 343,500 0 0 T. Rowe Price Group, Inc. COM 74144T108 144607000 3064347 SH SOLE 2393707 0 670640 T. Rowe Price Group, Inc. COM 74144T108 1746000 37000 SH OTHER 37000 0 0 T. Rowe Price Group, Inc. COMMON 74144T108 1,141,998 24,200 SH 2 24,200 0 0 TD Banknorth Inc. COM 87235A101 51610000 1604782 SH SOLE 1042061 0 562721 TD Banknorth Inc. COM 87235A101 948000 29468 SH OTHER 29468 0 0 TD Banknorth Inc. COMMON 87235A101 57,566 1,790 SH 1 1,790 0 0 TD Banknorth Inc. COMMON 87235A101 2,239,687 69,642 SH 3 69,642 0 0 Thermo Fisher Scientific Inc. COM 883556102 153681000 3287287 SH SOLE 2529704 0 757583 Thermo Fisher Scientific Inc. COM 883556102 1839000 39328 SH OTHER 39328 0 0 Thermo Fisher Scientific Inc. COMMON 883556102 1,280,950 27,400 SH 2 27,400 0 0 Toyota Motor Corp. COM 892331307 3116000 24310 SH SOLE 24310 0 0 Tribune Co. COM 896047107 442767000 13789069 SH SOLE 12141074 0 1647995 Tribune Co. COM 896047107 2681000 83500 SH OTHER 83500 0 0 Tribune Co. COMMON 896047107 170,986 5,325 SH 1 5,325 0 0 Tribune Co. COMMON 896047107 1,705,041 53,100 SH 2 53,100 0 0 Tribune Co. COMMON 896047107 8,043,555 250,500 SH 3 250,500 0 0 Tyco International Ltd. COM 902124106 3212000 101800 SH SOLE 101800 0 0 USG Corporation COM 903293405 157400000 3371890 SH SOLE 2985760 0 386130 USG Corporation COM 903293405 901000 19300 SH OTHER 19300 0 0 USG Corporation COMMON 903293405 140,040 3,000 SH 1 3,000 0 0 USG Corporation COMMON 903293405 648,852 13,900 SH 2 13,900 0 0 USG Corporation COMMON 903293405 3,253,596 69,700 SH 3 69,700 0 0 Waste Management, Inc. COM 94106L109 29501000 857341 SH SOLE 393546 0 463795 Waste Management, Inc. COM 94106L109 888000 25800 SH OTHER 25800 0 0 YUM Brands, Inc. COM 988498101 160624000 2780892 SH SOLE 2146522 0 634370 YUM Brands, Inc. COM 988498101 2022000 35000 SH OTHER 35000 0 0 YUM Brands, Inc. COMMON 988498101 1,380,464 23,900 SH 2 23,900 0 0 $14,011,671,486.00