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Mutual Fund Top Ten Holdings
Ariel Fund
As of September 30, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
3,962,239 KKR & Co., Inc. KKR 108,050,257 4.8
592,000 Zebra Technologies Corp. ZBRA 104,683,360 4.6
3,711,584 MSG Networks, Inc. MSGN 95,758,867 4.2
2,653,925 Viacom, Inc., Class B VIAB 89,596,508 4.0
1,912,841 Kennametal, Inc. KMT 83,323,354 3.7
1,658,003 Lazard Ltd., Class A LAZ 79,799,684 3.5
1,151,385 Keysight Technologies, Inc. KEYS 76,313,798 3.4
413,863 Snap-on, Inc. SNA 75,985,247 3.4
576,040 Royal Caribbean Cruises Ltd. RCL 74,850,638 3.3
1,013,497 Simpson Manufacturing Co., Inc. SSD 73,437,993 3.2

Ariel Appreciation Fund
As of September 30, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
519,100 Zimmer Biomet Holdings, Inc. ZBH 68,246,077 4.3
1,381,400 Aflac, Inc. AFL 65,022,498 4.1
367,600 Laboratory Corp. of America Holdings LH 63,844,768 4.0
605,175 J.M. Smucker Co. SJM 62,097,007 3.9
904,815 Keysight Technologies, Inc. KEYS 59,971,138 3.8
582,500 Northern Trust Corp. NTRS 59,490,725 3.7
1,361,700 Kennametal, Inc. KMT 59,315,652 3.7
397,299 Stanley Black & Decker, Inc. SWK 58,180,466 3.7
1,073,800 First American Financial Corp. FAF 55,397,342 3.5
2,339,730 Interpublic Group of Cos., Inc. IPG 53,509,625 3.4

Ariel Focus Fund
As of September 30, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
20,000 Snap-on, Inc. SNA 3,672,000 5.6
61,200 Oracle Corp. ORCL 3,155,472 4.8
63,600 Lazard Ltd., Class A LAZ 3,061,068 4.6
79,600 Blackstone Group L.P. BX 3,031,168 4.6
22,600 Zimmer Biomet Holdings, Inc. ZBH 2,971,222 4.5
140,400 Hanger, Inc. HNGR 2,924,532 4.4
47,300 CBS Corp., Class B CBS 2,717,385 4.1
82,200 Mosaic Co. MOS 2,669,856 4.1
62,000 BorgWarner, Inc. BWA 2,652,360 4.0
14,900 Laboratory Corp. of America Holdings LH 2,587,832 3.9

Ariel Discovery Fund
As of September 30, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
143,585 Kindred Biosciences, Inc. KIN 2,003,011 6.1
121,808 Cowen Group, Inc., Class A COWN 1,985,470 6.0
240,342 Century Casinos, Inc. CNTY 1,792,951 5.4
156,711 Green Brick Partners, Inc. GRBK 1,582,781 4.8
502,730 RealNetworks, Inc. RNWK 1,478,026 4.5
121,986 ORBCOMM, Inc. ORBC 1,324,768 4.0
257,888 Telenav, Inc. TNAV 1,302,334 3.9
24,900 First American Financial Corp. FAF 1,284,591 3.9
66,885 Capital Southwest Corp. CSWC 1,269,477 3.8
66,100 U.S. Silica Holdings, Inc. SLCA 1,244,663 3.8

Ariel International Fund
As of September 30, 2018
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
353,459 Deutsche Boerse AG 47,358,267 7.0
44,547,113 Northern Institutional Treasury Portfolio 44,547,113 6.6
157,659 Roche Holding AG 38,193,833 5.7
1,818,164 GlaxoSmithKline plc 36,419,013 5.4
3,069,500 China Mobile Ltd. 30,250,554 4.5
1,306,989 Koninklijke Ahold Delhaize N.V. 29,970,223 4.4
206,198 Michelin (CGDE) 24,646,868 3.7
66,100 Nintendo Co., Ltd. 24,119,926 3.6
892,800 NTT DOCOMO, Inc. 24,005,492 3.6
97,471 Baidu, Inc. ADR 22,289,668 3.3

Ariel Global Fund
As of September 30, 2018
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
114,324 Microsoft Corp. 13,075,236 9.7
97,302 Gilead Sciences, Inc. 7,512,687 5.6
30,292 Roche Holding AG 7,338,418 5.5
27,778 Baidu, Inc. ADR 6,352,273 4.7
39,171 Johnson & Johnson 5,412,257 4.0
521,500 China Mobile Ltd. 5,139,490 3.8
59,147 Philip Morris Intl, Inc. 4,822,846 3.6
4,780,897 Northern Institutional Treasury Portfolio 4,780,897 3.6
21,902 Berkshire Hathaway, Inc., Class B 4,689,437 3.5
230,093 GlaxoSmithKline plc 4,608,913 3.4

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