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Mutual Fund Top Ten Holdings
Ariel Fund
As of December 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
3,856,139 KKR & Co., Inc. KKR 75,696,009 4.2
472,100 Zebra Technologies Corp. ZBRA 75,172,483 4.2
3,144,484 MSG Networks, Inc. MSGN 74,084,043 4.1
1,709,703 Lazard Ltd., Class A LAZ 63,105,138 3.5
5,790,552 TEGNA, Inc. TGNA 62,943,300 3.5
1,857,741 Kennametal, Inc. KMT 61,825,620 3.4
2,643,735 Nielsen Holdings plc NLSN 61,678,337 3.4
656,845 J.M. Smucker Co. SJM 61,408,439 3.4
2,365,225 Viacom, Inc., Class B VIAB 60,786,283 3.4
718,800 Northern Trust Corp. NTRS 60,084,492 3.3

Ariel Appreciation Fund
As of December 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
465,299 Stanley Black & Decker, Inc. SWK 55,714,902 4.5
624,100 Northern Trust Corp. NTRS 52,168,519 4.3
1,146,900 First American Financial Corp. FAF 51,197,616 4.2
493,100 Zimmer Biomet Holdings, Inc. ZBH 51,144,332 4.2
1,498,300 Kennametal, Inc. KMT 49,863,424 4.1
1,059,100 Aflac, Inc. AFL 48,252,596 3.9
508,875 J.M. Smucker Co. SJM 47,574,724 3.9
751,415 Keysight Technologies, Inc. KEYS 46,647,843 3.8
368,700 Laboratory Corp. of America Holdings LH 46,588,932 3.8
1,228,420 Lazard Ltd., Class A LAZ 45,340,982 3.7

Ariel Focus Fund
As of December 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
137,700 Hanger, Inc. HNGR 2,609,415 5.5
17,600 Snap-on, Inc. SNA 2,557,104 5.4
54,700 Oracle Corp. ORCL 2,469,705 5.2
78,800 Mosaic Co. MOS 2,301,748 4.9
75,500 Blackstone Group L.P. BX 2,250,655 4.8
47,600 CBS Corp., Class B CBS 2,081,072 4.4
55,400 Lazard Ltd., Class A LAZ 2,044,814 4.3
19,700 Zimmer Biomet Holdings, Inc. ZBH 2,043,284 4.3
56,600 BorgWarner, Inc. BWA 1,966,284 4.2
112,000 Western Union Co. WU 1,910,720 4.0

Ariel Discovery Fund
As of December 31, 2018
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
132,322 Kindred Biosciences, Inc. KIN 1,448,926 6.8
528,344 RealNetworks, Inc. RNWK 1,220,475 5.7
162,942 Century Casinos, Inc. CNTY 1,204,141 5.6
151,092 Green Brick Partners, Inc. GRBK 1,093,906 5.1
74,908 Cowen Group, Inc., Class A COWN 999,273 4.7
116,999 Safeguard Scientifics, Inc. SFE 1,008,531 4.7
225,588 Telenav, Inc. TNAV 915,887 4.3
47,045 Capital Southwest Corp. CSWC 904,205 4.2
106,751 ORBCOMM, Inc. ORBC 881,763 4.1
30,221 Strattec Security Corp. STRT 870,365 4.1

Ariel International Fund
As of December 31, 2018
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
364,259 Deutsche Boerse AG 43,549,113 6.8
170,491 Roche Holding AG 42,325,902 6.6
1,975,041 GlaxoSmithKline plc 37,539,282 5.8
3,271,000 China Mobile Ltd. 31,475,621 4.9
1,240,514 Koninklijke Ahold Delhaize N.V. 31,375,617 4.9
498,521 Gemalto N.V. 28,936,002 4.5
264,694 Michelin (CGDE) 26,293,784 4.1
1,004,900 NTT DOCOMO, Inc. 22,579,326 3.5
5,123,718 Snam SpA 22,433,508 3.5
3,500,129 Nokia Corp. ADR 20,370,751 3.2

Ariel Global Fund
As of December 31, 2018
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
99,150 Microsoft Corp. 10,070,665 9.5
27,859 Roche Holding AG 6,916,244 6.5
97,302 Gilead Sciences, Inc. 6,086,240 5.8
521,500 China Mobile Ltd. 5,018,201 4.8
66,511 Philip Morris Intl, Inc. 4,440,274 4.2
230,093 GlaxoSmithKline plc 4,373,340 4.1
20,143 Berkshire Hathaway, Inc., Class B 4,112,798 3.9
25,801 Baidu, Inc. ADR 4,092,039 3.9
31,344 Johnson & Johnson 4,044,943 3.8
33,786 Michelin (CGDE) 3,356,184 3.2

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