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Mutual Fund Top Ten Holdings
Ariel Fund
As of March 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
103,129,995 Northern Institutional Treasury Portfolio NITXX 103,129,995 4.4
4,990,739 KKR & Co. L.P. KKR 101,312,002 4.3
689,300 Zebra Technologies Corp. ZBRA 95,943,667 4.1
4,017,123 MSG Networks, Inc. MSGN 90,786,980 3.9
1,699,803 Lazard Ltd., Class A LAZ 89,341,646 3.8
1,416,188 First American Financial Corp. FAF 83,101,912 3.6
1,544,885 Keysight Technologies, Inc. KEYS 80,936,525 3.5
461,399 JLL JLL 80,578,721 3.4
1,847,641 Kennametal, Inc. KMT 74,201,263 3.2
697,700 Northern Trust Corp. NTRS 71,953,801 3.1

Ariel Appreciation Fund
As of March 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
605,175 J.M. Smucker Co. SJM 75,047,752 4.5
1,184,600 First American Financial Corp. FAF 69,512,328 4.2
1,305,315 Keysight Technologies, Inc. KEYS 68,385,453 4.1
418,200 Laboratory Corp. of America Holdings LH 67,643,850 4.1
635,000 Northern Trust Corp. NTRS 65,487,550 3.9
1,448,200 Aflac, Inc. AFL 63,373,232 3.8
2,633,030 Interpublic Group of Cos., Inc. IPG 60,638,681 3.7
554,100 Zimmer Biomet Holdings, Inc. ZBH 60,419,064 3.6
1,015,120 Lazard Ltd., Class A LAZ 53,354,707 3.2
341,699 Stanley Black & Decker, Inc. SWK 52,348,287 3.2

Ariel Focus Fund
As of March 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
3,192,800 Northern Institutional Treasury Portfolio NITXX 3,192,800 5.4
18,400 Laboratory Corp. of America Holdings LH 2,976,200 5.0
58,400 BorgWarner, Inc. BWA 2,933,432 5.0
61,200 Oracle Corp. ORCL 2,799,900 4.7
135,300 KKR & Co. L.P. KKR 2,746,590 4.6
50,200 Lazard Ltd., Class A LAZ 2,638,512 4.5
7,456 Lockheed Martin Corp. LMT 2,519,606 4.3
198,582 Barrick Gold Corp. ABX 2,472,345 4.2
154,500 Hanger, Inc. HNGR 2,472,000 4.2
121,300 Western Union Co. WU 2,332,599 3.9

Ariel Discovery Fund
As of March 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
150,008 Cowen Group, Inc., Class A COWN 1,980,106 5.6
213,942 Century Casinos, Inc. CNTY 1,596,007 4.5
169,386 ORBCOMM, Inc. ORBC 1,587,147 4.5
513,296 RealNetworks, Inc. RNWK 1,570,686 4.4
276,088 Telenav, Inc. TNAV 1,490,875 4.2
120,093 Safeguard Scientifics, Inc. SFE 1,471,139 4.1
182,692 PCTEL, Inc. PCTI 1,311,729 3.7
74,085 Capital Southwest Corp. CSWC 1,260,927 3.5
48,800 U.S. Silica Holdings, Inc. SLCA 1,245,376 3.5
92,674 Rosetta Stone, Inc. RST 1,218,663 3.4

Ariel International Fund
As of March 31, 2018
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
50,946,089 Northern Institutional Treasury Portfolio 50,946,089 7.8
353,459 Deutsche Boerse AG 48,101,453 7.3
1,465,928 Koninklijke Ahold Delhaize N.V. 34,707,783 5.3
1,749,594 GlaxoSmithKline plc 34,218,248 5.2
142,100 Roche Holding AG 32,567,061 5.0
62,100 Nintendo Co., Ltd. 27,348,395 4.2
2,863,000 China Mobile Ltd. 26,247,313 4.0
177,813 Michelin (CGDE) 26,232,925 4.0
841,900 NTT DOCOMO, Inc. 21,493,552 3.3
343,160 Gemalto N.V. 20,964,279 3.2

Ariel Global Fund
As of March 31, 2018
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
113,998 Microsoft Corp. 10,404,597 8.6
86,975 Gilead Sciences, Inc. 6,557,045 5.4
26,210 Roche Holding AG 6,006,915 5.0
5,775,425 Northern Institutional Treasury Portfolio 5,775,425 4.8
25,347 Baidu, Inc. ADR 5,657,197 4.7
37,007 Johnson & Johnson 4,742,447 3.9
32,412 Deutsche Boerse AG 4,410,877 3.7
222,993 GlaxoSmithKline plc 4,361,257 3.6
20,718 Berkshire Hathaway, Inc., Class B 4,132,827 3.4
444,500 China Mobile Ltd. 4,075,072 3.4

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