13F-HR 1 d58476_13f-hr.txt FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/03 Check here if Amendment |_|; Amendment Number: This Amendment (Check only one.): |_| is a restatement. |X| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Ariel Capital Management, Inc. 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: Cheryl A. Cargie Title: VP, Head Trader Phone: 312-726-0140 Signature, Place, and Date of Signing: /s/ Cheryl A. Cargie Chicago, IL 02-13-04 ----------------------------------- ---------------- -------------------- Report Type (Check only one.): |X| 13F HOLDINGS REPORT. |_| 13F NOTICE. |_| 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 136 Form 13F Information Table Value Total: $15,047,764,000 (thousands) List of Other Included Managers: NONE ARIEL CAPITAL MANAGEMENT INC FORM 13F INFORMATION TABLE AS OF DATE: 12/31/03

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 ----------------------- -------- --------- -------- --------- --- ---- ------- -------- -------- -------- -------- ACCENTURE LTD. COM G1150G111 363800 13822179 SH SOLE 10287973 0 3534206 ACCENTURE LTD. COM G1150G111 4693 178300 SH OTHER 97000 0 81300 AMERICAN GREETINGS CORP. COM 26375105 333653 15256185 SH SOLE 12574235 0 2681950 ANDREW CORP. COM 34425108 167400 14443490 SH SOLE 12165290 0 2278200 ANIXTER INTERNATIONAL, INC. COM 35290105 209367 8089925 SH SOLE 6811475 0 1278450 APOGENT TECHNOLOGIES COM 03760A101 210391 9131561 SH SOLE 6847025 0 2284536 APOGENT TECHNOLOGIES COM 03760A101 2573 111655 SH OTHER 53155 0 58500 BANKNORTH GROUP INC COM COM 06646R107 152886 4699852 SH SOLE 3562519 0 1137333 BANKNORTH GROUP INC COM COM 06646R107 1939 59600 SH OTHER 30400 0 29200 BAXTER INTL INC COM COM 71813109 306587 10045460 SH SOLE 7520820 0 2524640 BAXTER INTL INC COM COM 71813109 4198 137545 SH OTHER 72345 0 65200 BLACK & DECKER CORP. COM 91797100 146606 2972538 SH SOLE 2280145 0 692393 BLACK & DECKER CORP. COM 91797100 1912 38765 SH OTHER 20040 0 18725 BOB EVANS FARMS, INC. COM 96761101 190163 5858394 SH SOLE 4855619 0 1002775 BRADY CORP. COM 104674106 253919 6231136 SH SOLE 5148911 0 1082225 BRADY CORP. COM 104674106 156 3840 SH OTHER 3840 0 0 CARNIVAL PAIRED CERTIFICATES COM 143658300 287172 7228101 SH SOLE 5267735 0 1960366 CARNIVAL PAIRED CERTIFICATES COM 143658300 3973 100000 SH OTHER 53400 0 46600 CENDANT CORP. COM 151313103 319582 14350330 SH SOLE 10743311 0 3607019 CENDANT CORP. COM 151313103 3948 177300 SH OTHER 90300 0 87000 CENTURYTEL, INC. COM 156700106 226070 6930396 SH SOLE 5231953 0 1698443 CENTURYTEL, INC. COM 156700106 2923 89615 SH OTHER 46290 0 43325 CERTEGY INC. COM 156880106 95138 2900540 SH SOLE 2218796 0 681744 CERTEGY INC. COM 156880106 1140 34751 SH OTHER 18276 0 16475 CLOROX CO. COM 189054109 172560 3553551 SH SOLE 2683322 0 870229 CLOROX CO. COM 189054109 2231 45950 SH OTHER 22600 0 23350 DEVRY, INC. COM 251893103 83134 3308140 SH SOLE 2764940 0 543200 DEVRY, INC. COM 251893103 53 2105 SH OTHER 2105 0 0 DIAL CORP. COM 25247D101 93084 3269548 SH SOLE 2866648 0 402900 DIAL CORP. COM 25247D101 94 3315 SH OTHER 3315 0 0 DUN & BRADSTREET CORP. COM 2.65E+104 241049 4753489 SH SOLE 3552618 0 1200871 DUN & BRADSTREET CORP. COM 2.65E+104 2990 58972 SH OTHER 31472 0 27500 ENERGIZER HLDGS, INC. COM 29266R108 136100 3623537 SH SOLE 3126737 0 496800 ENERGIZER HLDGS, INC. COM 29266R108 105 2785 SH OTHER 2785 0 0 EQUIFAX INC. COM 294429105 157021 6409031 SH SOLE 4871805 0 1537226 EQUIFAX INC. COM 294429105 1763 71970 SH OTHER 31970 0 40000 FRANKLIN RES INC. COM 354613101 202922 3897855 SH SOLE 2930258 0 967597 FRANKLIN RES INC. COM 354613101 2594 49825 SH OTHER 26950 0 22875 GENERAL BINDING CORP. COM 369154109 73072 4059528 SH SOLE 3333578 0 725950 GENERAL BINDING CORP. COM 369154109 55 3050 SH OTHER 3050 0 0 GRACO, INC. COM 384109104 232229 5791247 SH SOLE 4763667 0 1027580 GRACO, INC. COM 384109104 172 4295 SH OTHER 4295 0 0 GREY GLOBAL GROUP, INC. COM 39787M108 266152 389652 SH SOLE 324827 0 64825 HARTE-HANKS COMM, INC. COM 416196103 137045 6300932 SH SOLE 4715495 0 1585437 HARTE-HANKS COMM, INC. COM 416196103 1927 88590 SH OTHER 45690 0 42900 HASBRO INC. COM 418056107 227262 10679583 SH SOLE 8883233 0 1796350 HASBRO INC. COM 418056107 113 5310 SH OTHER 5310 0 0 HCC INSURANCE HOLDINGS, INC. COM 404132102 261816 8233192 SH SOLE 6908582 0 1324610 HCC INSURANCE HOLDINGS, INC. COM 404132102 95 2990 SH OTHER 2990 0 0 HORACE MANN EDUCATORS CORP. COM 440327104 178264 12760485 SH SOLE 10618485 0 2142000 IDEX CORP. COM 45167R104 303693 7302065 SH SOLE 6144740 0 1157325 IDEX CORP. COM 45167R104 108 2595 SH OTHER 2595 0 0 IMS HEALTH INC. COM 449934108 361066 14523963 SH SOLE 10962147 0 3561816 IMS HEALTH INC. COM 449934108 4874 196065 SH OTHER 103365 0 92700 INTERFACE, INC. COM 458665106 53896 9746145 SH SOLE 7902495 0 1843650 INTERFACE, INC. COM 458665106 22 3990 SH OTHER 3990 0 0 INTERPUBLIC GROUP COS INC. COM 460690100 246298 15788320 SH SOLE 12037953 0 3750367 INTERPUBLIC GROUP COS INC. COM 460690100 3318 212720 SH OTHER 114220 0 98500 INVACARE CORP. COM 461203101 270914 6710767 SH SOLE 5640455 0 1070312 INVACARE CORP. COM 461203101 65 1620 SH OTHER 1620 0 0 ISHARES TR RUSSELL MIDCAP COM 464287473 761 8159 SH SOLE 3784 0 4375 JANUS CAP GROUP INC COM COM 47102X105 437564 26664474 SH SOLE 21474053 0 5190421 JANUS CAP GROUP INC COM COM 47102X105 2511 153035 SH OTHER 76935 0 76100 JONES LANG LASALLE, INC. COM 48020Q107 181698 8764958 SH SOLE 7224058 0 1540900 JONES LANG LASALLE, INC. COM 48020Q107 87 4190 SH OTHER 4190 0 0 JOURNAL REGISTER, CO. COM 481138105 126465 6109400 SH SOLE 4967450 0 1141950 KROGER CO. COM 501044101 60880 3289018 SH SOLE 2314570 0 974448 KROGER CO. COM 501044101 882 47630 SH OTHER 26730 0 20900 LEE ENTERPRISES, INC. COM 523768109 327171 7495335 SH SOLE 6214885 0 1280450 LEE ENTERPRISES, INC. COM 523768109 167 3815 SH OTHER 3815 0 0 LIBBEY, INC. COM 529898108 79233 2782060 SH SOLE 2227760 0 554300 LITTELFUSE, INC. COM 537008104 93625 3248620 SH SOLE 2614120 0 634500 LONGS DRUG STORES CORP. COM 543162101 121370 4905822 SH SOLE 4072185 0 833637 LONGS DRUG STORES CORP. COM 543162101 90 3630 SH OTHER 3630 0 0 MARKEL CORP. COM 570535104 288972 1139883 SH SOLE 955938 0 183945 MARKEL CORP. COM 570535104 94 370 SH OTHER 370 0 0 MATTHEWS INTL CORP. COM 577128101 111238 3759322 SH SOLE 3058272 0 701050 MATTHEWS INTL CORP. COM 577128101 92 3100 SH OTHER 3100 0 0 MBIA, INC. COM 55262C100 357876 6042137 SH SOLE 4513182 0 1528955 MBIA, INC. COM 55262C100 4777 80652 SH OTHER 43052 0 37600 MBNA CORP. COM 55262L100 214538 8633339 SH SOLE 6284034 0 2349305 MBNA CORP. COM 55262L100 3117 125436 SH OTHER 65799 0 59637 MCCLATCHY CO. COM 579489105 171748 2496343 SH SOLE 1887240 0 609103 MCCLATCHY CO. COM 579489105 2001 29090 SH OTHER 15240 0 13850 MCCORMICK & CO INC. COM 579780206 256834 8532680 SH SOLE 6815135 0 1717545 MCCORMICK & CO INC. COM 579780206 1078 35800 SH OTHER 16800 0 19000 MILLER HERMAN INC. COM 600544100 215965 8905785 SH SOLE 7599160 0 1306625 MILLER HERMAN INC. COM 600544100 63 2610 SH OTHER 2610 0 0 NEIMAN MARCUS GROUP COM 640204202 365570 6811444 SH SOLE 5685794 0 1125650 NEIMAN MARCUS GROUP COM 640204202 122 2265 SH OTHER 2265 0 0 NORTHERN TRUST CORP. COM 665859104 323527 6990644 SH SOLE 5233373 0 1757271 NORTHERN TRUST CORP. COM 665859104 3477 75130 SH OTHER 47330 0 27800 OMNICARE INC COM COM 681904108 185173 4584635 SH SOLE 3462345 0 1122290 OMNICARE INC COM COM 681904108 2527 62575 SH OTHER 32875 0 29700 OMNICOM GROUP INC. COM 681919106 145936 1671089 SH SOLE 1198046 0 473043 OMNICOM GROUP INC. COM 681919106 1734 19855 SH OTHER 8730 0 11125 ONEIDA LTD. COM 682505102 19210 3261530 SH SOLE 2615830 0 645700 ONEIDA LTD. COM 682505102 7 1265 SH OTHER 1265 0 0 PARK PL ENTMT CORP. COM 700690100 269808 24913000 SH SOLE 21219200 0 3693800 PARK PL ENTMT CORP. COM 700690100 90 8290 SH OTHER 8290 0 0 PEOPLES ENERGY COM 711030106 11304 268895 SH SOLE 268895 0 0 PEOPLES ENERGY COM 711030106 39 920 SH OTHER 920 0 0 PITNEY BOWES INC. COM 724479100 287297 7072808 SH SOLE 5297170 0 1775638 PITNEY BOWES INC. COM 724479100 3876 95410 SH OTHER 50035 0 45375 RADIO ONE INC. COM 75040P405 79946 4142270 SH SOLE 3337770 0 804500 ROUSE CO. COM 779273101 455476 9690972 SH SOLE 7763729 0 1927243 ROUSE CO. COM 779273101 2941 62565 SH OTHER 32840 0 29725 SAFEWAY INC. COM 786514208 20762 947595 SH SOLE 691483 0 256112 SAFEWAY INC. COM 786514208 446 20350 SH OTHER 11600 0 8750 SERVICEMASTER CO. COM 81760N109 300792 25819072 SH SOLE 20700553 0 5118519 SERVICEMASTER CO. COM 81760N109 1546 132670 SH OTHER 75320 0 57350 SMUCKER, J.M. COMPANY COM 832696405 168202 3713881 SH SOLE 3028489 0 685392 SOTHEBY'S HLDGS INC. COM 835898107 180743 13231585 SH SOLE 10934485 0 2297100 SOTHEBY'S HLDGS INC. COM 835898107 72 5280 SH OTHER 5280 0 0 ST PAUL COS INC COM COM 792860108 206173 5199823 SH SOLE 3898763 0 1301060 ST PAUL COS INC COM COM 792860108 2758 69570 SH OTHER 36270 0 33300 STEELCASE INC. COM 858155203 196224 13664590 SH SOLE 11547190 0 2117400 SUNGARD DATA SYS INC. COM 867363103 216890 7827143 SH SOLE 5880481 0 1946662 SUNGARD DATA SYS INC. COM 867363103 2843 102595 SH OTHER 53045 0 49550 SYBRON DENTAL SPECIALTIES INC. COM 871142105 158583 5643527 SH SOLE 4811377 0 832150 SYBRON DENTAL SPECIALTIES INC. COM 871142105 63 2255 SH OTHER 2255 0 0 T ROWE PRICE GROUP INC. COM 74144T108 158286 3338662 SH SOLE 2481387 0 857275 T ROWE PRICE GROUP INC. COM 74144T108 2048 43205 SH OTHER 22455 0 20750 TRIBUNE CO. COM 896047107 152436 2954192 SH SOLE 2170030 0 784162 TRIBUNE CO. COM 896047107 2251 43625 SH OTHER 22725 0 20900 VALASSIS COMMUNICATIONS INC. COM 918866104 286940 9776495 SH SOLE 8235670 0 1540825 VALASSIS COMMUNICATIONS INC. COM 918866104 136 4625 SH OTHER 4625 0 0 WADDELL & REED FINL INC. COM 930059100 156951 6690165 SH SOLE 5587565 0 1102600 WADDELL & REED FINL INC. COM 930059100 89 3805 SH OTHER 3805 0 0 WASTE MGMT INC COM 94106L109 96597 3263400 SH SOLE 1692410 0 1570990 WASTE MGMT INC COM 94106L109 2341 79100 SH OTHER 41600 0 37500 WMS INDS INC. COM 929297109 84332 3218785 SH SOLE 2704460 0 514325 XL CAPITAL LTD. COM G98255105 193484 2494955 SH SOLE 1880846 0 614109 XL CAPITAL LTD. COM G98255105 2584 33315 SH OTHER 17215 0 16100 YUM BRANDS INC. COM 988498101 223069 6484565 SH SOLE 4969688 0 1514877 YUM BRANDS INC. COM 988498101 2821 82000 SH OTHER 42500 0 39500 LINE COUNT: 136