13F-HR 1 hr13f4q10.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/2010 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 Form 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 2/14/2011 --------------------------------- --------------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: 13F File Number Name 28-06386 GW Capital Management, LLC --------------- --------------------------------------------------------------- Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 179 Form 13F Information Table Value Total: $5,316,049,168.00 ----------------- List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 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 756093 237765 SH SOLE 0 37465 0 200300 Accenture plc COMMON G1151C101 67240307 1386684 SH SOLE 0 1338401 0 48283 AFLAC Inc. COMMON 001055102 59723029 1058356 SH SOLE 0 1017331 0 41025 American Electric Technologies, Inc. COMMON 025576109 91575 41065 SH SOLE 0 41065 0 0 American Reprographics Co. COMMON 029263100 2236545 294670 SH SOLE 0 46070 0 248600 Anixter Intl Inc. COMMON 035290105 82491789 1381078 SH SOLE 0 1346103 0 34975 Anixter Intl Inc. COMMON 035290105 12842 215 SH OTHER 1 215 0 0 Apollo Group, Inc. COMMON 037604105 3192174 80835 SH SOLE 0 44435 0 36400 Astro-Med, Inc. COMMON 04638F108 229775 29308 SH SOLE 0 5619 0 23689 AuthenTec, Inc. COMMON 052660107 1690850 676340 SH SOLE 0 108840 0 567500 Avatar Holdings Inc. COMMON 053494100 2968917 149794 SH SOLE 0 24094 0 125700 Ballantyne Strong, Inc. COMMON 058516105 4090485 526446 SH SOLE 0 84546 0 441900 Bank of New York Mellon Corp. COMMON 064058100 5083566 168330 SH SOLE 0 93330 0 75000 Baxter Intl Inc. COMMON 071813109 62352653 1231779 SH SOLE 0 1183081 0 48698 Beckman Coulter, Inc. COMMON 075811109 61978612 823855 SH SOLE 0 805855 0 18000 Beckman Coulter, Inc. COMMON 075811109 13918 185 SH OTHER 1 185 0 0 Beckman Coulter, Inc. COMMON 075811109 99304 1320 SH OTHER 0 0 1320 Bio-Rad Laboratories, Inc. COMMON 090572207 154789775 1490513 SH SOLE 0 1459113 0 31400 Bio-Rad Laboratories, Inc. COMMON 090572207 24924 240 SH OTHER 1 240 0 0 Blount Intl, Inc. COMMON 095180105 20227960 1283500 SH SOLE 0 1150700 0 132800 Blount Intl, Inc. COMMON 095180105 155236 9850 SH OTHER 0 0 9850 Bob Evans Farms, Inc. COMMON 096761101 20411700 619287 SH SOLE 0 555487 0 63800 Brady Corp. COMMON 104674106 91468409 2804919 SH SOLE 0 2733069 0 71850 Brady Corp. COMMON 104674106 20381 625 SH OTHER 1 625 0 0 Brady Corp. COMMON 104674106 140386 4305 SH OTHER 0 0 4305 Brink's Co. COMMON 109696104 94823124 3527646 SH SOLE 0 3435446 0 92200 Brink's Co. COMMON 109696104 21235 790 SH OTHER 1 790 0 0 Brink's Co. COMMON 109696104 126202 4695 SH OTHER 0 0 4695 Carnival Corp. COMMON 143658300 66780514 1448287 SH SOLE 0 1392119 0 56168 CB Richard Ellis Group, Inc. COMMON 12497T101 139905761 6831336 SH SOLE 0 6813036 0 18300 CB Richard Ellis Group, Inc. COMMON 12497T101 22426 1095 SH OTHER 1 1095 0 0 CBS Corp. COMMON 124857202 189366182 9940482 SH SOLE 0 9912600 0 27882 CBS Corp. COMMON 124857202 32671 1715 SH OTHER 1 1715 0 0 Citigroup Inc. COMMON 172967101 3671544 776225 SH SOLE 0 416325 0 359900 City National Corp. COMMON 178566105 102486049 1670242 SH SOLE 0 1635461 0 34781 City National Corp. COMMON 178566105 13192 215 SH OTHER 1 215 0 0 Clorox Co. COMMON 189054109 15680784 247800 SH SOLE 0 246082 0 1718 Constellation Brands, Inc. COMMON 21036P108 25646267 1157845 SH SOLE 0 1157845 0 0 Constellation Brands, Inc. COMMON 21036P108 7420 335 SH OTHER 1 335 0 0 Constellation Brands, Inc. COMMON 21036P108 83395 3765 SH OTHER 0 0 3765 Crown Crafts, Inc. COMMON 228309100 1896135 368110 SH SOLE 0 58410 0 309700 CSP Inc. COMMON 126389105 773226 208980 SH SOLE 0 34114 0 174866 Dell Inc. COMMON 24702R101 53746753 3966550 SH SOLE 0 3798850 0 167700 DeVry Inc. COMMON 251893103 183619364 3826998 SH SOLE 0 3724098 0 102900 DeVry Inc. COMMON 251893103 27589 575 SH OTHER 1 575 0 0 DeVry Inc. COMMON 251893103 76768 1600 SH OTHER 0 0 1600 Dun & Bradstreet Corp. COMMON 26483E100 121853493 1484389 SH SOLE 0 1481700 0 2689 Dun & Bradstreet Corp. COMMON 26483E100 22164 270 SH OTHER 1 270 0 0 Dun & Bradstreet Corp. COMMON 26483E100 116978 1425 SH OTHER 0 0 1425 Edgewater Technology Inc. COMMON 280358102 1519764 646708 SH SOLE 0 104108 0 542600 Energizer Holdings, Inc. COMMON 29266R108 74956072 1028204 SH SOLE 0 1025498 0 2706 Energizer Holdings, Inc. COMMON 29266R108 14580 200 SH OTHER 1 200 0 0 Energizer Holdings, Inc. COMMON 29266R108 128669 1765 SH OTHER 0 0 1765 Exxon Mobil Corp. COMMON 30231G102 6048121 82715 SH SOLE 0 46115 0 36600 Fair Isaac Corp. COMMON 303250104 55583909 2378430 SH SOLE 0 2300630 0 77800 Fair Isaac Corp. COMMON 303250104 14139 605 SH OTHER 1 605 0 0 Fair Isaac Corp. COMMON 303250104 103062 4410 SH OTHER 0 0 4410 Force Protection, Inc. COMMON 345203202 20498021 3720149 SH SOLE 0 2958649 0 761500 Force Protection, Inc. COMMON 345203202 80997 14700 SH OTHER 0 0 14700 Franklin Resources, Inc. COMMON 354613101 49671502 446646 SH SOLE 0 443810 0 2836

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 ------------------------------------ -------------- --------- --------- -------- --- ---- ---------- -------- -------- ------ ------ Gaiam, Inc. COMMON 36268Q103 787441 102265 SH SOLE 0 16465 0 85800 Gannett Co., Inc. COMMON 364730101 220029448 14581143 SH SOLE 0 14317512 0 263631 Gannett Co., Inc. COMMON 364730101 31161 2065 SH OTHER 1 2065 0 0 Goldman Sachs Group, Inc. COMMON 38141G104 4449514 26460 SH SOLE 0 14660 0 11800 Guaranty Bancorp COMMON 40075T102 845732 595586 SH SOLE 0 95586 0 500000 HCC Insurance Holdings, Inc. COMMON 404132102 68398330 2363453 SH SOLE 0 2293793 0 69660 HCC Insurance Holdings, Inc. COMMON 404132102 14325 495 SH OTHER 1 495 0 0 HCC Insurance Holdings, Inc. COMMON 404132102 122474 4232 SH OTHER 0 0 4232 Herman Miller, Inc. COMMON 600544100 85648065 3385299 SH SOLE 0 3284779 0 100520 Herman Miller, Inc. COMMON 600544100 18975 750 SH OTHER 1 750 0 0 Horace Mann Educators Corp. COMMON 440327104 18135684 1005304 SH SOLE 0 902439 0 102865 Horace Mann Educators Corp. COMMON 440327104 153430 8505 SH OTHER 0 0 8505 Hospira, Inc. COMMON 441060100 91486140 1642775 SH SOLE 0 1642775 0 0 Hospira, Inc. COMMON 441060100 26063 468 SH OTHER 1 468 0 0 Hospira, Inc. COMMON 441060100 106089 1905 SH OTHER 0 0 1905 IDEX Corp. COMMON 45167R104 104634381 2674703 SH SOLE 0 2600998 0 73705 IDEX Corp. COMMON 45167R104 21907 560 SH OTHER 1 560 0 0 IDEX Corp. COMMON 45167R104 161292 4123 SH OTHER 0 0 4123 Illinois Tool Works Inc. COMMON 452308109 34489565 645872 SH SOLE 0 641572 0 4300 Imation Corp. COMMON 45245A107 853132 82748 SH SOLE 0 13905 0 68843 Interface, Inc. COMMON 458665106 99904414 6371455 SH SOLE 0 6181155 0 190300 Interface, Inc. COMMON 458665106 20462 1305 SH OTHER 1 1305 0 0 Interface, Inc. COMMON 458665106 162915 10390 SH OTHER 0 0 10390 International Business Machines COMMON 459200101 5822997 39677 SH SOLE 0 21677 0 18000 Corp. International Game Technology COMMON 459902102 144761604 8183245 SH SOLE 0 8164645 0 18600 International Game Technology COMMON 459902102 25916 1465 SH OTHER 1 1465 0 0 International Game Technology COMMON 459902102 118346 6690 SH OTHER 0 0 6690 Interpublic Group of Cos., Inc. COMMON 460690100 152386136 14348977 SH SOLE 0 14185095 0 163882 Interpublic Group of Cos., Inc. COMMON 460690100 25647 2415 SH OTHER 1 2415 0 0 Interpublic Group of Cos., Inc. COMMON 460690100 154468 14545 SH OTHER 0 0 14545 J.M. Smucker Co. COMMON 832696405 111404833 1696951 SH SOLE 0 1693651 0 3300 J.M. Smucker Co. COMMON 832696405 21993 335 SH OTHER 1 335 0 0 JAKKS Pacific, Inc. COMMON 47012E106 1492127 81895 SH SOLE 0 13295 0 68600 Janus Capital Group Inc. COMMON 47102X105 180171186 13891379 SH SOLE 0 13615319 0 276060 Janus Capital Group Inc. COMMON 47102X105 26978 2080 SH OTHER 1 2080 0 0 Johnson & Johnson COMMON 478160104 5543554 89629 SH SOLE 0 49729 0 39900 Jones Lang LaSalle Inc. COMMON 48020Q107 183638863 2188261 SH SOLE 0 2141366 0 46895 Jones Lang LaSalle Inc. COMMON 48020Q107 26854 320 SH OTHER 1 320 0 0 JPMorgan Chase & Co. COMMON 46625H100 4419740 104190 SH SOLE 0 58890 0 45300 Knoll, Inc. COMMON 498904200 22236094 1329115 SH SOLE 0 1192315 0 136800 Laboratory Corp. of America COMMON 50540R409 28080417 319386 SH SOLE 0 316586 0 2800 Laboratory Corp. of America COMMON 50540R409 125286 1425 SH OTHER 0 0 1425 Landec Corp. COMMON 514766104 1441599 241070 SH SOLE 0 38770 0 202300 Lazard Ltd COMMON G54050102 184797799 4679610 SH SOLE 0 4604010 0 75600 Lazard Ltd COMMON G54050102 28630 725 SH OTHER 1 725 0 0 Lazard Ltd COMMON G54050102 163489 4140 SH OTHER 0 0 4140 Lee Enterprises, Inc. COMMON 523768109 18296513 7437607 SH SOLE 0 6654352 0 783255 Littelfuse, Inc. COMMON 537008104 30630836 650889 SH SOLE 0 583639 0 67250 Lockheed Martin Corp. COMMON 539830109 3106101 44430 SH SOLE 0 24030 0 20400 Markel Corp. COMMON 570535104 10762714 28463 SH SOLE 0 25774 0 2689 Markel Corp. COMMON 570535104 43485 115 SH OTHER 0 0 115 Market Leader, Inc. COMMON 57056R103 727206 413185 SH SOLE 0 66485 0 346700 Mattel, Inc. COMMON 577081102 27004626 1061920 SH SOLE 0 1053920 0 8000 Mattel, Inc. COMMON 577081102 110112 4330 SH OTHER 0 0 4330 Matthews Intl Corp. COMMON 577128101 17690995 505746 SH SOLE 0 454191 0 51555 Matthews Intl Corp. COMMON 577128101 110887 3170 SH OTHER 0 0 3170 McClatchy Co. COMMON 579489105 16305543 3491551 SH SOLE 0 3139251 0 352300 McCormick & Co., Inc. COMMON 579780206 75634748 1625505 SH SOLE 0 1622305 0 3200 McCormick & Co., Inc. COMMON 579780206 18612 400 SH OTHER 1 400 0 0

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 ------------------------------------ -------------- --------- --------- -------- --- ---- ---------- -------- -------- ------ ------ MEDTOX Scientific, Inc. COMMON 584977201 1935591 147755 SH SOLE 0 23155 0 124600 Meredith Corp. COMMON 589433101 71859630 2073871 SH SOLE 0 2009571 0 64300 Meredith Corp. COMMON 589433101 15073 435 SH OTHER 1 435 0 0 Meredith Corp. COMMON 589433101 132883 3835 SH OTHER 0 0 3835 Microsoft Corp. COMMON 594918104 4463925 159940 SH SOLE 0 89140 0 70800 Middleby Corp. COMMON 596278101 21113526 250101 SH SOLE 0 224001 0 26100 Middleby Corp. COMMON 596278101 136338 1615 SH OTHER 0 0 1615 Mitcham Industries, Inc. COMMON 606501104 3780546 326472 SH SOLE 0 52672 0 273800 Mohawk Industries, Inc. COMMON 608190104 171174651 3015762 SH SOLE 0 2967562 0 48200 Mohawk Industries, Inc. COMMON 608190104 24691 435 SH OTHER 1 435 0 0 Mohawk Industries, Inc. COMMON 608190104 154387 2720 SH OTHER 0 0 2720 Morgan Stanley COMMON 617446448 4756036 174790 SH SOLE 0 97090 0 77700 Multi-Fineline Electronix, Inc. COMMON 62541B101 1236553 46680 SH SOLE 0 7380 0 39300 Myrexis, Inc. COMMON 62856H107 1127693 271080 SH SOLE 0 42580 0 228500 Newell Rubbermaid Inc. COMMON 651229106 60789830 3343775 SH SOLE 0 3343775 0 0 Newell Rubbermaid Inc. COMMON 651229106 19907 1095 SH OTHER 1 1095 0 0 Nordstrom, Inc. COMMON 655664100 110102181 2597975 SH SOLE 0 2590575 0 7400 Nordstrom, Inc. COMMON 655664100 19707 465 SH OTHER 1 465 0 0 Nordstrom, Inc. COMMON 655664100 127564 3010 SH OTHER 0 0 3010 Northern Trust Corp. COMMON 665859104 74234827 1339737 SH SOLE 0 1339737 0 0 Omnicom Group Inc. COMMON 681919106 56662615 1237175 SH SOLE 0 1172679 0 64496 ORBCOMM Inc. COMMON 68555P100 771343 297816 SH SOLE 0 47716 0 250100 Orion Energy Systems, Inc. COMMON 686275108 3452892 1033800 SH SOLE 0 169314 0 864486 PCTEL, Inc. COMMON 69325Q105 2038380 339730 SH SOLE 0 53730 0 286000 Perceptron, Inc. COMMON 71361F100 2634379 533275 SH SOLE 0 114571 0 418704 PrivateBancorp, Inc. COMMON 742962103 35982686 2502273 SH SOLE 0 2426173 0 76100 PrivateBancorp, Inc. COMMON 742962103 7190 500 SH OTHER 1 500 0 0 Red Lion Hotels Corp. COMMON 756764106 1894931 237460 SH SOLE 0 38060 0 199400 Royal Caribbean Cruises Ltd. COMMON V7780T103 107439650 2285950 SH SOLE 0 2285950 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 30550 650 SH OTHER 1 650 0 0 Royal Caribbean Cruises Ltd. COMMON V7780T103 173900 3700 SH OTHER 0 0 3700 Shoe Carnival, Inc. COMMON 824889109 1824255 67565 SH SOLE 0 10865 0 56700 Sigma Designs, Inc. COMMON 826565103 3330446 235035 SH SOLE 0 37935 0 197100 Sotheby's COMMON 835898107 67921785 1509373 SH SOLE 0 1483273 0 26100 Sotheby's COMMON 835898107 8775 195 SH OTHER 1 195 0 0 Sotheby's COMMON 835898107 155475 3455 SH OTHER 0 0 3455 St. Jude Medical, Inc. COMMON 790849103 53650823 1254990 SH SOLE 0 1246690 0 8300 Stanley Black & Decker, Inc. COMMON 854502101 143945566 2152618 SH SOLE 0 2147866 0 4752 Stanley Black & Decker, Inc. COMMON 854502101 27216 407 SH OTHER 1 407 0 0 Steelcase Inc. COMMON 858155203 10573086 1000292 SH SOLE 0 896892 0 103400 Symmetry Medical Inc. COMMON 871546206 25111160 2714720 SH SOLE 0 2271620 0 443100 T. Rowe Price Group, Inc. COMMON 74144T108 44285089 686165 SH SOLE 0 681806 0 4359 Team, Inc. COMMON 878155100 34455791 1423793 SH SOLE 0 1154193 0 269600 Team, Inc. COMMON 878155100 164439 6795 SH OTHER 0 0 6795 Tecumseh Products Co. COMMON 878895200 1030102 78935 SH SOLE 0 12535 0 66400 The Knot, Inc. COMMON 499184109 2293049 232090 SH SOLE 0 37090 0 195000 Thermo Fisher Scientific Inc. COMMON 883556102 54584683 985995 SH SOLE 0 979413 0 6582 Tiffany & Co. COMMON 886547108 126120724 2025385 SH SOLE 0 2020485 0 4900 Tiffany & Co. COMMON 886547108 21483 345 SH OTHER 1 345 0 0 Tiffany & Co. COMMON 886547108 153184 2460 SH OTHER 0 0 2460 TomoTherapy Inc. COMMON 890088107 2533379 701767 SH SOLE 0 110667 0 591100 Toyota Motor Corp. COMMON 892331307 3160926 40200 SH SOLE 0 21600 0 18600 Tyco Intl Ltd. COMMON H89128104 5217130 125896 SH SOLE 0 70396 0 55500 Versar Inc. COMMON 925297103 1002230 288827 SH SOLE 0 46427 0 242400 Viacom, Inc. COMMON 92553P201 72133573 1821095 SH SOLE 0 1809095 0 12000 Vical Inc. COMMON 925602104 1609724 796893 SH SOLE 0 127093 0 669800 Walgreen Co. COMMON 931422109 6220159 159655 SH SOLE 0 88055 0 71600 Washington Post Co. COMMON 939640108 47621144 108353 SH SOLE 0 108353 0 0 Washington Post Co. COMMON 939640108 13625 31 SH OTHER 1 31 0 0 Zimmer Holdings, Inc. COMMON 98956P102 59818952 1114362 SH SOLE 0 1064262 0 50100