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Mutual Fund Top Ten Holdings
Ariel Fund
As of September 30, 2021
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
2,155,149 Madison Square Garden Entertainment Corp. MSGE 156,614,678 5.1
3,348,003 Lazard Ltd., Class A LAZ 153,338,537 5.0
500,299 JLL JLL 124,119,179 4.1
1,785,088 First American Financial Corp. FAF 119,690,150 3.9
3,173,966 Interpublic Group of Cos., Inc. IPG 116,389,333 3.8
601,704 Mohawk Industries, Inc. MHK 106,742,290 3.5
1,751,368 KKR & Co., Inc. KKR 106,623,284 3.5
2,600,502 Adtalem Global Education, Inc. ATGE 98,324,981 3.2
1,043,807 BOK Financial Corp. BOKF 93,472,917 3.1
1,363,500 Stericycle, Inc. SRCL 92,677,095 3.0
Ariel Appreciation Fund
As of September 30, 2021
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
784,855 Madison Square Garden Entertainment Corp. MSGE 57,035,413 4.2
1,173,802 Lazard Ltd., Class A LAZ 53,760,132 3.9
591,289 BOK Financial Corp. BOKF 52,949,930 3.9
488,900 Northern Trust Corp. NTRS 52,708,309 3.9
133,106 Goldman Sachs Group, Inc. GS 50,318,061 3.7
907,900 Aflac, Inc. AFL 47,328,827 3.5
521,900 Progressive Corp. PGR 47,174,541 3.4
692,050 First American Financial Corp. FAF 46,401,953 3.4
950,888 Walgreens Boots Alliance, Inc. WBA 44,739,280 3.3
2,317,959 Mattel, Inc. MAT 43,021,319 3.1
Ariel Focus Fund
As of September 30, 2021
Shares Security Description Ticker Current Value ($) % of Net Assets
Top Ten Equity Holdings
103,732 Mosaic Co. MOS 3,705,307 6.0
153,675 APA Corp. APA 3,293,255 5.4
8,166 Goldman Sachs Group, Inc. GS 3,086,993 5.0
33,906 BOK Financial Corp. BOKF 3,036,282 4.9
63,200 BorgWarner, Inc. BWA 2,730,872 4.4
22,567 J.M. Smucker Co. SJM 2,708,717 4.4
59,024 Lazard Ltd., Class A LAZ 2,703,299 4.4
56,833 Walgreens Boots Alliance, Inc. WBA 2,673,993 4.3
12,770 Snap-on, Inc. SNA 2,668,292 4.3
135,671 Nielsen Holdings plc NLSN 2,603,526 4.2
Ariel International Fund
As of September 30, 2021
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
177,085 Roche Holding AG 64,630,708 7.5
337,667 Deutsche Boerse AG 54,792,085 6.4
551,464 Philip Morris Intl, Inc. 52,273,273 6.1
1,461,228 Koninklijke Ahold Delhaize NV 48,656,174 5.6
2,500,718 GlaxoSmithKline plc 47,196,477 5.5
296,706 Michelin (CGDE) 45,497,040 5.3
91,500 Nintendo Co., Ltd. 43,726,282 5.1
271,486 Baidu, Inc. ADR 41,740,973 4.8
6,889,656 Snam SpA 38,112,823 4.4
1,838,291 Endesa SA 37,073,765 4.3
Ariel Global Fund
As of September 30, 2021
Units Security Description Market Value % of Total Value
Top Ten Equity Holdings
70,695 Microsoft Corp. 19,930,334 9.5
39,246 Roche Holding AG 14,323,612 6.8
135,162 Philip Morris Intl, Inc. 12,812,006 6.1
170,698 Gilead Sciences, Inc. 11,923,255 5.7
74,774 Baidu, Inc. ADR 11,496,503 5.5
603,108 GlaxoSmithKline plc 11,382,560 5.4
50,430 Michelin (CGDE) 7,732,960 3.7
47,246 Johnson & Johnson 7,630,229 3.6
316,056 Endesa SA 6,374,065 3.0
38,183 Deutsche Boerse AG 6,195,827 3.0
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