13F-HR 1 do6-67989_sc13f.txt SC13F 1QTR 06 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/06 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, 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 Officerl Phone: 312-726-0140 Signature, Place, and Date of Signing: /s/ Wendy D. Fox Chicago, IL May 15, 2006 ----------------------------------- ---------------- -------------------- 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: 150 Form 13F Information Table Value Total: $18,582,127,000 List of Other Included Managers: 0

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 361987 12038144 SH SOLE 9932849 0 2105295 ACCENTURE LTD. COM G1150G111 6546 217700 SH OTHER 99900 0 117800 ACCO BRANDS CORP COM 00081T108 90013 4054657 SH SOLE 2530782 0 1523875 ACCO BRANDS CORP COM 00081T108 130 5875 SH OTHER 0 0 5875 AMBAC INC COM 23139108 298671 3752144 SH SOLE 3283749 0 468395 AMBAC INC COM 23139108 3896 48940 SH OTHER 22540 0 26400 AMERICAN GREETINGS CORP. COM 26375105 203187 9398084 SH SOLE 7724889 0 1673195 AMERICAN GREETINGS CORP. COM 26375105 21 985 SH OTHER 985 0 0 ANDREW CORP. COM 34425108 271284 22091564 SH SOLE 18504314 0 3587250 ANDREW CORP. COM 34425108 25 2020 SH OTHER 2020 0 0 ANIXTER INTERNATIONAL, INC. COM 35290105 342958 7177864 SH SOLE 5722789 0 1455075 ANIXTER INTERNATIONAL, INC. COM 35290105 23 475 SH OTHER 475 0 0 ARAMARK CORP COM 38521100 445103 15067795 SH SOLE 13890780 0 1177015 ARAMARK CORP COM 38521100 3668 124155 SH OTHER 57255 0 66900 ASSURED GUARANTY LTD COM G0585R106 225896 9035856 SH SOLE 7644656 0 1391200 ASSURED GUARANTY LTD COM G0585R106 137 5480 SH OTHER 0 0 5480 BAXTER INTL INC COM 71813109 233192 6008552 SH SOLE 4974582 0 1033970 BAXTER INTL INC COM 71813109 4153 107000 SH OTHER 49500 0 57500 BEARINGPOINT INC COM 74002106 250607 29517918 SH SOLE 26122768 0 3395150 BEARINGPOINT INC COM 74002106 131 15465 SH OTHER 0 0 15465 BERKSHIRE HATHAWAY INC COM 84670207 1208 401 SH SOLE 401 0 0 BIO RAD LABS INC COM 90572207 104415 1674656 SH SOLE 1358456 0 316200 BIO RAD LABS INC COM 90572207 37 600 SH OTHER 0 0 600 BLACK & DECKER CORP. COM 91797100 313828 3611786 SH SOLE 3135641 0 476145 BLACK & DECKER CORP. COM 91797100 4396 50595 SH OTHER 23295 0 27300 BLOCK H & R INC. COM 93671105 210561 9725692 SH SOLE 8025042 0 1700650 BLOCK H & R INC. COM 93671105 3921 181100 SH OTHER 82300 0 98800 BLOUNT INTL INC COM 95180105 103610 6431388 SH SOLE 3931713 0 2499675 BLOUNT INTL INC COM 95180105 138 8560 SH OTHER 0 0 8560 BOB EVANS FARMS, INC. COM 96761101 105264 3543065 SH SOLE 2147683 0 1395382 BRADY CORP. COM 104674106 383908 10248479 SH SOLE 7909679 0 2338800 BRADY CORP. COM 104674106 210 5595 SH OTHER 725 0 4870 CAREER EDUCATION CORP COM 141665109 570032 15108185 SH SOLE 13821320 0 1286865 CAREER EDUCATION CORP COM 141665109 5101 135200 SH OTHER 61500 0 73700 CARNIVAL PAIRED CERTIFICATES COM 143658300 115379 2435694 SH SOLE 2021034 0 414660 CARNIVAL PAIRED CERTIFICATES COM 143658300 2061 43500 SH OTHER 19900 0 23600 CENDANT CORP. COM 151313103 189045 10895989 SH SOLE 9004759 0 1891230 CENDANT CORP. COM 151313103 3482 200700 SH OTHER 91400 0 109300 CHITTENDEN CORP COM 170228100 146723 5064647 SH SOLE 4039454 0 1025193 CHITTENDEN CORP COM 170228100 135 4667 SH OTHER 0 0 4667 CITIGROUP INC COM 172967101 873 18485 SH SOLE 18485 0 0 CLOROX CO. COM 189054109 173768 2903391 SH SOLE 2388016 0 515375 CLOROX CO. COM 189054109 3094 51700 SH OTHER 24000 0 27700 DEVRY, INC. COM 251893103 131929 5794004 SH SOLE 4744854 0 1049150 DEVRY, INC. COM 251893103 137 6005 SH OTHER 495 0 5510 DUN & BRADSTREET CORP. COM 26483E100 146150 1905977 SH SOLE 1623462 0 282515 DUN & BRADSTREET CORP. COM 26483E100 2215 28887 SH OTHER 13787 0 15100 EDWARDS A G INC COM 281760108 98828 1982100 SH SOLE 1982100 0 0 ENERGIZER HLDGS, INC. COM 29266R108 354133 6681756 SH SOLE 5506406 0 1175350 ENERGIZER HLDGS, INC. COM 29266R108 196 3695 SH OTHER 655 0 3040 EQUIFAX INC. COM 294429105 201039 5398471 SH SOLE 4684761 0 713710 EQUIFAX INC. COM 294429105 2748 73800 SH OTHER 34700 0 39100 FISHER SCIENTIFIC INTL INC COM 338032204 386490 5679505 SH SOLE 5062452 0 617053 FISHER SCIENTIFIC INTL INC COM 338032204 4425 65024 SH OTHER 29876 0 35148 FRANKLIN RES INC. COM 354613101 242170 2569719 SH SOLE 2122444 0 447275 FRANKLIN RES INC. COM 354613101 4410 46800 SH OTHER 21800 0 25000 GANNETT INC COM 364730101 84698 1413515 SH SOLE 1155025 0 258490 GANNETT INC COM 364730101 1210 20200 SH OTHER 9200 0 11000 GAP INC COM 364760108 797 42675 SH SOLE 42675 0 0 GREATER BAY BANCORP COM 391648102 128387 4628233 SH SOLE 2816258 0 1811975 GREATER BAY BANCORP COM 391648102 152 5480 SH OTHER 0 0 5480 HARTE-HANKS INC COM 416196103 230373 8423153 SH SOLE 7626041 0 797112 HARTE-HANKS INC COM 416196103 2224 81310 SH OTHER 37710 0 43600 HASBRO INC. COM 418056107 319533 15143731 SH SOLE 12552626 0 2591105 HASBRO INC. COM 418056107 158 7465 SH OTHER 0 0 7465 HCC INSURANCE HOLDINGS, INC. COM 404132102 530905 15255878 SH SOLE 12767895 0 2487983 HCC INSURANCE HOLDINGS, INC. COM 404132102 252 7247 SH OTHER 1435 0 5812 HEWITT ASSOCS INC COM 42822Q100 274342 9224680 SH SOLE 9224680 0 0 HEWITT ASSOCS INC COM 42822Q100 38 1275 SH OTHER 1275 0 0 HORACE MANN EDUCATORS CORP. COM 440327104 168869 8982385 SH SOLE 5464520 0 3517865 IDEX CORP. COM 45167R104 492052 9431712 SH SOLE 7662663 0 1769049 IDEX CORP. COM 45167R104 198 3792 SH OTHER 0 0 3792 IMS HEALTH INC. COM 449934108 352481 13677946 SH SOLE 12507086 0 1170860 IMS HEALTH INC. COM 449934108 3127 121350 SH OTHER 55950 0 65400 INTERFACE, INC. COM 458665106 107036 7750629 SH SOLE 4762629 0 2988000 INTERFACE, INC. COM 458665106 190 13790 SH OTHER 0 0 13790 INTERPUBLIC GROUP COS INC. COM 460690100 377375 39474341 SH SOLE 36054196 0 3420145 INTERPUBLIC GROUP COS INC. COM 460690100 3459 361795 SH OTHER 166395 0 195400 INTL BUSINESS MACHINES COM 459200101 1199 14540 SH SOLE 14540 0 0 INVACARE CORP. COM 461203101 248050 7986170 SH SOLE 6295798 0 1690372 INVACARE CORP. COM 461203101 18 585 SH OTHER 585 0 0 INVESTORS FINL SVCS CORP COM 461915100 263669 5625540 SH SOLE 5625540 0 0 INVESTORS FINL SVCS CORP COM 461915100 41 870 SH OTHER 870 0 0 JANUS CAP GROUP INC COM 47102X105 670513 28938831 SH SOLE 24211331 0 4727500 JANUS CAP GROUP INC COM 47102X105 3951 170530 SH OTHER 79530 0 91000 JOHNSON CTLS INC COM 478366107 192040 2529178 SH SOLE 2090233 0 438945 JOHNSON CTLS INC COM 478366107 3447 45400 SH OTHER 20600 0 24800 JONES LANG LASALLE, INC. COM 48020Q107 511534 6683220 SH SOLE 5203050 0 1480170 JOURNAL REGISTER, CO. COM 481138105 68383 5614384 SH SOLE 3543029 0 2071355 JPMORGAN CHASE & CO COM 46625H100 880 21135 SH SOLE 21135 0 0 LEE ENTERPRISES, INC. COM 523768109 298056 8953319 SH SOLE 7286564 0 1666755 LEE ENTERPRISES, INC. COM 523768109 179 5390 SH OTHER 720 0 4670 LIBBEY, INC. COM 529898108 20289 2865618 SH SOLE 1784743 0 1080875 LITTELFUSE, INC. COM 537008104 94894 2780357 SH SOLE 1743832 0 1036525 MARKEL CORP. COM 570535104 475431 1407933 SH SOLE 1177193 0 230740 MARKEL CORP. COM 570535104 215 638 SH OTHER 144 0 494 MATTEL INC COM 577081102 272941 15054646 SH SOLE 13071141 0 1983505 MATTEL INC COM 577081102 3757 207200 SH OTHER 94800 0 112400 MATTHEWS INTL CORP. COM 577128101 119546 3124563 SH SOLE 2219683 0 904880 MATTHEWS INTL CORP. COM 577128101 147 3850 SH OTHER 0 0 3850 MBIA, INC. COM 55262C100 290335 4828454 SH SOLE 4213164 0 615290 MBIA, INC. COM 55262C100 3894 64767 SH OTHER 29667 0 35100 MCCLATCHY CO. COM 579489105 243762 4990017 SH SOLE 4596942 0 393075 MCCLATCHY CO. COM 579489105 2019 41325 SH OTHER 19325 0 22000 MCCORMICK & CO INC. COM 579780206 329995 9745856 SH SOLE 8175021 0 1570835 MCCORMICK & CO INC. COM 579780206 31 930 SH OTHER 930 0 0 MILLER HERMAN INC. COM 600544100 276268 8526798 SH SOLE 7164678 0 1362120 MILLER HERMAN INC. COM 600544100 30 920 SH OTHER 920 0 0 MOHAWK INDS INC COM 608190104 285298 3534419 SH SOLE 3071489 0 462930 MOHAWK INDS INC COM 608190104 4010 49680 SH OTHER 22780 0 26900 MORGAN STANLEY DEAN WITTER COM 617446448 900 14320 SH SOLE 14320 0 0 NORTHERN TRUST CORP. COM 665859104 292577 5572895 SH SOLE 4616130 0 956765 NORTHERN TRUST CORP. COM 665859104 5339 101700 SH OTHER 46300 0 55400 OMNICARE INC COM 681904108 65828 1197094 SH SOLE 1197094 0 0 OMNICARE INC COM 681904108 15 265 SH OTHER 265 0 0 OMNICOM GROUP INC. COM 681919106 214597 2577738 SH SOLE 2127903 0 449835 OMNICOM GROUP INC. COM 681919106 3915 47025 SH OTHER 21400 0 25625 PFIZER INC COM 717081103 926 37140 SH SOLE 37140 0 0 PITNEY BOWES INC. COM 724479100 374731 8728894 SH SOLE 7521594 0 1207300 PITNEY BOWES INC. COM 724479100 5324 124020 SH OTHER 57020 0 67000 POPULAR INC COM 733174106 122780 5914265 SH SOLE 5093292 0 820973 POPULAR INC COM 733174106 1842 88744 SH OTHER 40736 0 48008 RADIO ONE INC. COM 75040P405 146051 19577876 SH SOLE 16407576 0 3170300 RADIO ONE INC. COM 75040P405 11 1510 SH OTHER 1510 0 0 S & T BANCORP INC COM 783859101 89776 2454247 SH SOLE 1486672 0 967575 SCHERING PLOUGH CORP COM 806605101 46159 2430700 SH SOLE 2430700 0 0 SERVICEMASTER CO. COM 81760N109 444353 33868391 SH SOLE 27495056 0 6373335 SERVICEMASTER CO. COM 81760N109 2669 203440 SH OTHER 89695 0 113745 SKY FINL GROUP INC COM 83080P103 225707 8517264 SH SOLE 7115214 0 1402050 SKY FINL GROUP INC COM 83080P103 163 6155 SH OTHER 920 0 5235 SMUCKER, J.M. COMPANY COM 832696405 226212 5698047 SH SOLE 4792935 0 905112 SMUCKER, J.M. COMPANY COM 832696405 14 355 SH OTHER 355 0 0 STEELCASE INC. COM 858155203 292128 16229316 SH SOLE 13534891 0 2694425 STEELCASE INC. COM 858155203 20 1135 SH OTHER 1135 0 0 SYBRON DENTAL SPECIALTIES INC. COM 871142105 186653 4526027 SH SOLE 3609752 0 916275 SYBRON DENTAL SPECIALTIES INC. COM 871142105 173 4205 SH OTHER 505 0 3700 T ROWE PRICE GROUP INC. COM 74144T108 181562 2321468 SH SOLE 1920348 0 401120 T ROWE PRICE GROUP INC. COM 74144T108 3293 42100 SH OTHER 19400 0 22700 TD BANKNORTH INC COM 87235A101 250337 8529364 SH SOLE 7744464 0 784900 TD BANKNORTH INC COM 87235A101 2204 75100 SH OTHER 35829 0 39271 TOYOTA MTR CORP COM 892331307 766 7030 SH SOLE 7030 0 0 TRIBUNE CO. COM 896047107 276754 10089458 SH SOLE 8339478 0 1749980 TRIBUNE CO. COM 896047107 4959 180800 SH OTHER 83500 0 97300 TYCO INTL LTD COM 902124106 1133 42165 SH SOLE 42165 0 0 VALASSIS INC. COM 918866104 268461 9140666 SH SOLE 7384851 0 1755815 VALASSIS INC. COM 918866104 26 885 SH OTHER 885 0 0 WASTE MGMT INC COM 94106L109 94117 2666202 SH SOLE 1772737 0 893465 WASTE MGMT INC COM 94106L109 3477 98500 SH OTHER 44300 0 54200 YUM BRANDS INC. COM 988498101 220343 4509675 SH SOLE 3745070 0 764605 YUM BRANDS INC. COM 988498101 4016 82200 SH OTHER 37300 0 44900 LINE COUNT: 150