# EDGAR Filing Document

**Accession Number:** 0000936753
**File Stem:** 0000936753-23-000023
**Filing Date:** 2023-2
**Character Count:** 29615
**Document Hash:** da41f3777dcd6102667d9fd524e6a8bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000936753-23-000023.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000936753-23-000023

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARIEL INVESTMENTS, LLC
- **CENTRAL INDEX KEY:** 0000936753
- **IRS NUMBER:** 020712418
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04003
- **FILM NUMBER:** 23623066

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601
- **BUSINESS PHONE:** (312) 726-0140

**MAIL ADDRESS:**
- **STREET 1:** 200 EAST RANDOLPH STREET
- **STREET 2:** SUITE 2900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIEL CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20040218

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIEL CAPITAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19950202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ARIEL INVESTMENTS LLC<br>**Address:** 200 EAST RANDOLPH STREET<br>SUITE 2900<br>CHICAGO, IL 60601

**Form 13F File Number:** 028-04003

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:** James R. Prescott<br>**Title:** Vice President Compliance<br>**Phone:** 312-612-2759

**Signature, Place, and Date of Signing:**

/s/ James R. Prescott  Chicago, IL  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 252

**Form 13F Information Table Value Total:** $9849232870

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                     | Form 13F File Number   |
|:---|:---|:---|
|  | NORTHERN TRUST CORP                      | 028-00290              |
|  | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 028-03128              |
|  | VANGUARD GROUP INC                       | 028-06408              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADT Inc | COM | 00090Q103 |  | 143487 | 15820 | SH |  | OTR | 1 | 0 | 0 | 15820 |
| ADT Inc | COM | 00090Q103 |  | 266132 | 29342 | SH |  | OTR | 2 | 0 | 0 | 29342 |
| ADT Inc | COM | 00090Q103 |  | 4984292 | 549536 | SH |  | OTR | 3 | 549536 | 0 | 0 |
| ADT Inc | COM | 00090Q103 |  | 147208386 | 16230252 | SH |  | SOLE |  | 14566138 | 0 | 1664114 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 124641 | 3511 | SH |  | OTR | 2 | 0 | 0 | 3511 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 2151087 | 60594 | SH |  | OTR | 3 | 60594 | 0 | 0 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 132974977 | 3745774 | SH |  | SOLE |  | 3393768 | 0 | 352006 |
| Affiliated Managers Group Inc | COM | 008252108 |  | 3817054 | 24093 | SH |  | OTR | 3 | 24093 | 0 | 0 |
| Affiliated Managers Group Inc | COM | 008252108 |  | 174940624 | 1104214 | SH |  | SOLE |  | 980841 | 0 | 123373 |
| Aflac Inc | COM | 001055102 |  | 530486 | 7374 | SH |  | OTR | 1 | 0 | 0 | 7374 |
| Aflac Inc | COM | 001055102 |  | 229057 | 3184 | SH |  | OTR | 2 | 0 | 0 | 3184 |
| Aflac Inc | COM | 001055102 |  | 63126990 | 877495 | SH |  | SOLE |  | 870104 | 0 | 7391 |
| Amdocs Ltd | COM | G02602103 |  | 58603321 | 644701 | SH |  | SOLE |  | 321278 | 6963 | 316460 |
| APA Corp | COM | 03743Q108 |  | 8676038 | 185862 | SH |  | SOLE |  | 185862 | 0 | 0 |
| AstraZeneca PLC | ADR | 046353108 |  | 1518449 | 22396 | SH |  | SOLE |  | 22049 | 0 | 347 |
| Axalta Coating Systems Ltd | COM | G0750C108 |  | 464216 | 18226 | SH |  | OTR | 1 | 0 | 0 | 18226 |
| Axalta Coating Systems Ltd | COM | G0750C108 |  | 190567 | 7482 | SH |  | OTR | 2 | 0 | 0 | 7482 |
| Axalta Coating Systems Ltd | COM | G0750C108 |  | 3288967 | 129131 | SH |  | OTR | 3 | 129131 | 0 | 0 |
| Axalta Coating Systems Ltd | COM | G0750C108 |  | 176866303 | 6944103 | SH |  | SOLE |  | 6361613 | 0 | 582490 |
| Baidu Inc | ADR | 056752108 |  | 326314473 | 2852898 | SH |  | SOLE |  | 1858756 | 13794 | 980348 |
| Banco Santander Chile | ADR | 05965X109 |  | 16197430 | 1022565 | SH |  | SOLE |  | 562494 | 3584 | 456487 |
| Bank of America Corp | COM | 060505104 |  | 3180812 | 96039 | SH |  | SOLE |  | 96039 | 0 | 0 |
| Bank of New York Mellon Corp/The | COM | 064058100 |  | 3580740 | 78663 | SH |  | SOLE |  | 78663 | 0 | 0 |
| Barrick Gold Corp | COM | 067901108 |  | 4332590 | 252188 | SH |  | SOLE |  | 252188 | 0 | 0 |
| Berkshire Hathaway Inc | COM | 084670702 |  | 4015391 | 12999 | SH |  | SOLE |  | 6230 | 145 | 6624 |
| Bio-Rad Laboratories Inc | COM | 090572207 |  | 128249 | 305 | SH |  | OTR | 2 | 0 | 0 | 305 |
| Bio-Rad Laboratories Inc | COM | 090572207 |  | 1667663 | 3966 | SH |  | OTR | 3 | 3966 | 0 | 0 |
| Bio-Rad Laboratories Inc | COM | 090572207 |  | 11616036 | 27625 | SH |  | SOLE |  | 19608 | 0 | 8017 |
| BOK Financial Corp | COM | 05561Q201 |  | 576969 | 5559 | SH |  | OTR | 1 | 0 | 0 | 5559 |
| BOK Financial Corp | COM | 05561Q201 |  | 4335101 | 41768 | SH |  | OTR | 3 | 41768 | 0 | 0 |
| BOK Financial Corp | COM | 05561Q201 |  | 269814767 | 2599622 | SH |  | SOLE |  | 2345056 | 0 | 254566 |
| BorgWarner Inc | COM | 099724106 |  | 476117 | 11829 | SH |  | OTR | 1 | 0 | 0 | 11829 |
| BorgWarner Inc | COM | 099724106 |  | 207006 | 5143 | SH |  | OTR | 2 | 0 | 0 | 5143 |
| BorgWarner Inc | COM | 099724106 |  | 67102103 | 1667133 | SH |  | SOLE |  | 1655278 | 0 | 11855 |
| Boyd Gaming Corp | COM | 103304101 |  | 3838967 | 70401 | SH |  | OTR | 3 | 70401 | 0 | 0 |
| Boyd Gaming Corp | COM | 103304101 |  | 184666827 | 3386518 | SH |  | SOLE |  | 2959507 | 0 | 427011 |
| Brady Corp | COM | 104674106 |  | 121518 | 2580 | SH |  | OTR | 2 | 0 | 0 | 2580 |
| Brady Corp | COM | 104674106 |  | 13085087 | 277815 | SH |  | SOLE |  | 205984 | 0 | 71831 |
| Brink's Co/The | COM | 109696104 |  | 290088 | 5401 | SH |  | OTR | 2 | 0 | 0 | 5401 |
| Brink's Co/The | COM | 109696104 |  | 2753389 | 51264 | SH |  | OTR | 3 | 51264 | 0 | 0 |
| Brink's Co/The | COM | 109696104 |  | 105320852 | 1960917 | SH |  | SOLE |  | 1638046 | 0 | 322871 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 56816469 | 789666 | SH |  | SOLE |  | 376698 | 8703 | 404265 |
| Cardinal Health Inc | COM | 14149Y108 |  | 219387 | 2854 | SH |  | OTR | 1 | 0 | 0 | 2854 |
| Cardinal Health Inc | COM | 14149Y108 |  | 26880286 | 349685 | SH |  | SOLE |  | 346815 | 0 | 2870 |
| Carlyle Group Inc/The | COM | 14316J108 |  | 3835365 | 128531 | SH |  | OTR | 3 | 128531 | 0 | 0 |
| Carlyle Group Inc/The | COM | 14316J108 |  | 83488172 | 2797861 | SH |  | SOLE |  | 2471438 | 0 | 326423 |
| CarMax Inc | COM | 143130102 |  | 411860 | 6764 | SH |  | OTR | 1 | 0 | 0 | 6764 |
| CarMax Inc | COM | 143130102 |  | 132436 | 2175 | SH |  | OTR | 2 | 0 | 0 | 2175 |
| CarMax Inc | COM | 143130102 |  | 51060527 | 838570 | SH |  | SOLE |  | 831755 | 0 | 6815 |
| CBRE Group Inc | COM | 12504L109 |  | 351322 | 4565 | SH |  | OTR | 1 | 0 | 0 | 4565 |
| CBRE Group Inc | COM | 12504L109 |  | 208485 | 2709 | SH |  | OTR | 2 | 0 | 0 | 2709 |
| CBRE Group Inc | COM | 12504L109 |  | 3190223 | 41453 | SH |  | OTR | 3 | 41453 | 0 | 0 |
| CBRE Group Inc | COM | 12504L109 |  | 96400789 | 1252609 | SH |  | SOLE |  | 1152281 | 0 | 100328 |
| Charles River Laboratories International Inc | COM | 159864107 |  | 349730 | 1605 | SH |  | OTR | 1 | 0 | 0 | 1605 |
| Charles River Laboratories International Inc | COM | 159864107 |  | 221822 | 1018 | SH |  | OTR | 2 | 0 | 0 | 1018 |
| Charles River Laboratories International Inc | COM | 159864107 |  | 3262835 | 14974 | SH |  | OTR | 3 | 14974 | 0 | 0 |
| Charles River Laboratories International Inc | COM | 159864107 |  | 135133954 | 620165 | SH |  | SOLE |  | 572384 | 0 | 47781 |
| Charles Schwab Corp/The | COM | 808513105 |  | 587732 | 7059 | SH |  | OTR | 1 | 0 | 0 | 7059 |
| Charles Schwab Corp/The | COM | 808513105 |  | 73047911 | 877347 | SH |  | SOLE |  | 870248 | 0 | 7099 |
| Check Point Software Technologies Ltd | ORD | M22465104 |  | 68639871 | 544070 | SH |  | SOLE |  | 373081 | 1893 | 169096 |
| Core Laboratories NV | COM | N22717107 |  | 390704 | 19275 | SH |  | OTR | 1 | 0 | 0 | 19275 |
| Core Laboratories NV | COM | N22717107 |  | 2961265 | 146091 | SH |  | OTR | 3 | 146091 | 0 | 0 |
| Core Laboratories NV | COM | N22717107 |  | 193330314 | 9537756 | SH |  | SOLE |  | 8902274 | 0 | 635482 |
| Credicorp Ltd | COM | G2519Y108 |  | 142793274 | 1052582 | SH |  | SOLE |  | 617011 | 6124 | 429447 |
| Dun  Bradstreet Holdings Inc | COM | 26484T106 |  | 151828 | 12384 | SH |  | OTR | 2 | 0 | 0 | 12384 |
| Envista Holdings Corp | COM | 29415F104 |  | 241279 | 7166 | SH |  | OTR | 1 | 0 | 0 | 7166 |
| Envista Holdings Corp | COM | 29415F104 |  | 184714 | 5486 | SH |  | OTR | 2 | 0 | 0 | 5486 |
| Envista Holdings Corp | COM | 29415F104 |  | 2959627 | 87901 | SH |  | OTR | 3 | 87901 | 0 | 0 |
| Envista Holdings Corp | COM | 29415F104 |  | 166461180 | 4943902 | SH |  | SOLE |  | 4413302 | 0 | 530600 |
| Equity Commonwealth | COM SH BEN INT | 294628102 |  | 150560410 | 6029652 | SH |  | SOLE |  | 3228715 | 60497 | 2740440 |
| Evercore Inc | COM | 29977A105 |  | 16810428 | 154111 | SH |  | SOLE |  | 154111 | 0 | 0 |
| Fair Isaac Corp | COM | 303250104 |  | 266967 | 446 | SH |  | OTR | 2 | 0 | 0 | 446 |
| First American Financial Corp | COM | 31847R102 |  | 309643 | 5916 | SH |  | OTR | 1 | 0 | 0 | 5916 |
| First American Financial Corp | COM | 31847R102 |  | 222811 | 4257 | SH |  | OTR | 2 | 0 | 0 | 4257 |
| First American Financial Corp | COM | 31847R102 |  | 3205249 | 61239 | SH |  | OTR | 3 | 61239 | 0 | 0 |
| First American Financial Corp | COM | 31847R102 |  | 206549656 | 3946306 | SH |  | SOLE |  | 3544871 | 0 | 401435 |
| Fiserv Inc | COM | 337738108 |  | 312913 | 3096 | SH |  | OTR | 2 | 0 | 0 | 3096 |
| GCM Grosvenor Inc | COM | 36831E108 |  | 29708671 | 3903899 | SH |  | SOLE |  | 3355453 | 0 | 548446 |
| Generac Holdings Inc | COM | 368736104 |  | 210782 | 2094 | SH |  | OTR | 1 | 0 | 0 | 2094 |
| Generac Holdings Inc | COM | 368736104 |  | 203635 | 2023 | SH |  | OTR | 2 | 0 | 0 | 2023 |
| Generac Holdings Inc | COM | 368736104 |  | 1724004 | 17127 | SH |  | OTR | 3 | 17127 | 0 | 0 |
| Generac Holdings Inc | COM | 368736104 |  | 129915319 | 1290635 | SH |  | SOLE |  | 1203904 | 0 | 86731 |
| Gentex Corp | COM | 371901109 |  | 325195 | 11925 | SH |  | OTR | 1 | 0 | 0 | 11925 |
| Gentex Corp | COM | 371901109 |  | 263837 | 9675 | SH |  | OTR | 2 | 0 | 0 | 9675 |
| Gentex Corp | COM | 371901109 |  | 3702884 | 135786 | SH |  | OTR | 3 | 135786 | 0 | 0 |
| Gentex Corp | COM | 371901109 |  | 237102015 | 8694610 | SH |  | SOLE |  | 7703197 | 0 | 991413 |
| Gilead Sciences Inc | COM | 375558103 |  | 101195688 | 1178750 | SH |  | SOLE |  | 605845 | 12371 | 560534 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 695001 | 2024 | SH |  | OTR | 1 | 0 | 0 | 2024 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 289469 | 843 | SH |  | OTR | 2 | 0 | 0 | 843 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 92152891 | 268370 | SH |  | SOLE |  | 266330 | 0 | 2040 |
| GSK PLC | ADR | 37733W204 |  | 6511020 | 185288 | SH |  | SOLE |  | 172519 | 0 | 12769 |
| Hackett Group Inc/The | COM | 404609109 |  | 159497 | 7830 | SH |  | OTR | 2 | 0 | 0 | 7830 |
| Hackett Group Inc/The | COM | 404609109 |  | 12975894 | 637010 | SH |  | SOLE |  | 471745 | 0 | 165265 |
| Haleon PLC | ADR | 405552100 |  | 1690280 | 211285 | SH |  | SOLE |  | 195323 | 0 | 15962 |
| Horace Mann Educators Corp | COM | 440327104 |  | 12457775 | 333363 | SH |  | SOLE |  | 249369 | 0 | 83994 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 495186 | 14866 | SH |  | OTR | 1 | 0 | 0 | 14866 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 220112 | 6608 | SH |  | OTR | 2 | 0 | 0 | 6608 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 5027045 | 150917 | SH |  | OTR | 3 | 150917 | 0 | 0 |
| Interpublic Group of Cos Inc/The | COM | 460690100 |  | 266679594 | 8005992 | SH |  | SOLE |  | 7266187 | 0 | 739805 |
| iShares MSCI ACWI ex US ETF | ETF | 464288240 |  | 5979747 | 131423 | SH |  | SOLE |  | 131423 | 0 | 0 |
| iShares Russell 2000 Value ETF | ETF | 464287630 |  | 3739237 | 26965 | SH |  | SOLE |  | 26965 | 0 | 0 |
| iShares Russell Mid-Cap Value ETF | ETF | 464287473 |  | 890228 | 8451 | SH |  | SOLE |  | 8451 | 0 | 0 |
| Itau Unibanco Holding SA | ADR | 465562106 |  | 3718399 | 789469 | SH |  | SOLE |  | 557575 | 3246 | 228648 |
| J M Smucker Co/The | COM | 832696405 |  | 234521 | 1480 | SH |  | OTR | 1 | 0 | 0 | 1480 |
| J M Smucker Co/The | COM | 832696405 |  | 97136 | 613 | SH |  | OTR | 2 | 0 | 0 | 613 |
| J M Smucker Co/The | COM | 832696405 |  | 1256271 | 7928 | SH |  | OTR | 3 | 7928 | 0 | 0 |
| J M Smucker Co/The | COM | 832696405 |  | 100595479 | 634832 | SH |  | SOLE |  | 582869 | 0 | 51963 |
| Janus Henderson Group PLC | ORD SH | G4474Y214 |  | 1194134 | 50771 | SH |  | OTR | 3 | 50771 | 0 | 0 |
| Janus Henderson Group PLC | ORD SH | G4474Y214 |  | 83750275 | 3560811 | SH |  | SOLE |  | 3103558 | 0 | 457253 |
| Johnson  Johnson | COM | 478160104 |  | 105870408 | 599323 | SH |  | SOLE |  | 326090 | 5886 | 267347 |
| Jones Lang LaSalle Inc | COM | 48020Q107 |  | 169092 | 1061 | SH |  | OTR | 2 | 0 | 0 | 1061 |
| Jones Lang LaSalle Inc | COM | 48020Q107 |  | 3040620 | 19079 | SH |  | OTR | 3 | 19079 | 0 | 0 |
| Jones Lang LaSalle Inc | COM | 48020Q107 |  | 203938617 | 1279655 | SH |  | SOLE |  | 1133175 | 0 | 146480 |
| Kennametal Inc | COM | 489170100 |  | 436521 | 18143 | SH |  | OTR | 1 | 0 | 0 | 18143 |
| Kennametal Inc | COM | 489170100 |  | 221063 | 9188 | SH |  | OTR | 2 | 0 | 0 | 9188 |
| Kennametal Inc | COM | 489170100 |  | 4055578 | 168561 | SH |  | OTR | 3 | 168561 | 0 | 0 |
| Kennametal Inc | COM | 489170100 |  | 244602646 | 10166361 | SH |  | SOLE |  | 9166029 | 0 | 1000332 |
| Keysight Technologies Inc | COM | 49338L103 |  | 280726 | 1641 | SH |  | OTR | 1 | 0 | 0 | 1641 |
| Keysight Technologies Inc | COM | 49338L103 |  | 263961 | 1543 | SH |  | OTR | 2 | 0 | 0 | 1543 |
| Keysight Technologies Inc | COM | 49338L103 |  | 3100473 | 18124 | SH |  | OTR | 3 | 18124 | 0 | 0 |
| Keysight Technologies Inc | COM | 49338L103 |  | 35606510 | 208140 | SH |  | SOLE |  | 206487 | 0 | 1653 |
| KKR  Co Inc | COM | 48251W104 |  | 343229 | 7394 | SH |  | OTR | 1 | 0 | 0 | 7394 |
| KKR  Co Inc | COM | 48251W104 |  | 239527 | 5160 | SH |  | OTR | 2 | 0 | 0 | 5160 |
| KKR  Co Inc | COM | 48251W104 |  | 44993746 | 969275 | SH |  | SOLE |  | 961896 | 0 | 7379 |
| Knowles Corp | COM | 49926D109 |  | 390156 | 23761 | SH |  | OTR | 1 | 0 | 0 | 23761 |
| Knowles Corp | COM | 49926D109 |  | 188830 | 11500 | SH |  | OTR | 2 | 0 | 0 | 11500 |
| Knowles Corp | COM | 49926D109 |  | 84699828 | 5158333 | SH |  | SOLE |  | 4557779 | 0 | 600554 |
| Korn Ferry | COM | 500643200 |  | 111263 | 2198 | SH |  | OTR | 2 | 0 | 0 | 2198 |
| Korn Ferry | COM | 500643200 |  | 40059706 | 791381 | SH |  | SOLE |  | 588883 | 0 | 202498 |
| Laboratory Corp of America Holdings | COM | 50540R409 |  | 556675 | 2364 | SH |  | OTR | 1 | 0 | 0 | 2364 |
| Laboratory Corp of America Holdings | COM | 50540R409 |  | 222764 | 946 | SH |  | OTR | 2 | 0 | 0 | 946 |
| Laboratory Corp of America Holdings | COM | 50540R409 |  | 4122548 | 17507 | SH |  | OTR | 3 | 17507 | 0 | 0 |
| Laboratory Corp of America Holdings | COM | 50540R409 |  | 159819334 | 678696 | SH |  | SOLE |  | 636082 | 0 | 42614 |
| Lazard Ltd | SHS A | G54050102 |  | 418536 | 12072 | SH |  | OTR | 1 | 0 | 0 | 12072 |
| Lazard Ltd | SHS A | G54050102 |  | 214087 | 6175 | SH |  | OTR | 2 | 0 | 0 | 6175 |
| Lazard Ltd | SHS A | G54050102 |  | 3330296 | 96057 | SH |  | OTR | 3 | 96057 | 0 | 0 |
| Lazard Ltd | SHS A | G54050102 |  | 263210410 | 7591878 | SH |  | SOLE |  | 6737161 | 0 | 854717 |
| Leslie's Inc | COM | 527064109 |  | 209939 | 17194 | SH |  | OTR | 2 | 0 | 0 | 17194 |
| Leslie's Inc | COM | 527064109 |  | 21814569 | 1786615 | SH |  | SOLE |  | 1324520 | 0 | 462095 |
| Lindblad Expeditions Holdings Inc | COM | 535219109 |  | 286001 | 37143 | SH |  | OTR | 2 | 0 | 0 | 37143 |
| Lindblad Expeditions Holdings Inc | COM | 535219109 |  | 48942109 | 6356118 | SH |  | SOLE |  | 4717230 | 0 | 1638888 |
| Littelfuse Inc | COM | 537008104 |  | 276571 | 1256 | SH |  | OTR | 1 | 0 | 0 | 1256 |
| Littelfuse Inc | COM | 537008104 |  | 205667 | 934 | SH |  | OTR | 2 | 0 | 0 | 934 |
| Littelfuse Inc | COM | 537008104 |  | 81452200 | 369901 | SH |  | SOLE |  | 314470 | 0 | 55431 |
| Lockheed Martin Corp | COM | 539830109 |  | 6608967 | 13585 | SH |  | SOLE |  | 13585 | 0 | 0 |
| M Bank Corp | COM | 55261F104 |  | 366277 | 2525 | SH |  | OTR | 1 | 0 | 0 | 2525 |
| M Bank Corp | COM | 55261F104 |  | 268796 | 1853 | SH |  | OTR | 2 | 0 | 0 | 1853 |
| M Bank Corp | COM | 55261F104 |  | 910687 | 6278 | SH |  | SOLE |  | 3744 | 0 | 2534 |
| Madison Square Garden Entertainment Corp | COM | 55826T102 |  | 412375 | 9170 | SH |  | OTR | 1 | 0 | 0 | 9170 |
| Madison Square Garden Entertainment Corp | COM | 55826T102 |  | 251023 | 5582 | SH |  | OTR | 2 | 0 | 0 | 5582 |
| Madison Square Garden Entertainment Corp | COM | 55826T102 |  | 4710787 | 104754 | SH |  | OTR | 3 | 104754 | 0 | 0 |
| Madison Square Garden Entertainment Corp | COM | 55826T102 |  | 295588440 | 6573014 | SH |  | SOLE |  | 5993123 | 0 | 579891 |
| Madison Square Garden Sports Corp | COM | 55825T103 |  | 405893 | 2214 | SH |  | OTR | 1 | 0 | 0 | 2214 |
| Madison Square Garden Sports Corp | COM | 55825T103 |  | 189197 | 1032 | SH |  | OTR | 2 | 0 | 0 | 1032 |
| Madison Square Garden Sports Corp | COM | 55825T103 |  | 2998912 | 16358 | SH |  | OTR | 3 | 16358 | 0 | 0 |
| Madison Square Garden Sports Corp | COM | 55825T103 |  | 192875993 | 1052070 | SH |  | SOLE |  | 943611 | 0 | 108459 |
| Manchester United Plc | ORD CL A | G5784H106 |  | 477262 | 20457 | SH |  | OTR | 1 | 0 | 0 | 20457 |
| Manchester United Plc | ORD CL A | G5784H106 |  | 339848 | 14567 | SH |  | OTR | 2 | 0 | 0 | 14567 |
| Manchester United Plc | ORD CL A | G5784H106 |  | 4548627 | 194969 | SH |  | OTR | 3 | 194969 | 0 | 0 |
| Manchester United Plc | ORD CL A | G5784H106 |  | 191876955 | 8224473 | SH |  | SOLE |  | 7422412 | 0 | 802061 |
| Masco Corp | COM | 574599106 |  | 123209 | 2640 | SH |  | OTR | 2 | 0 | 0 | 2640 |
| Masco Corp | COM | 574599106 |  | 3403690 | 72931 | SH |  | OTR | 3 | 72931 | 0 | 0 |
| Masco Corp | COM | 574599106 |  | 79667837 | 1707046 | SH |  | SOLE |  | 1548029 | 0 | 159017 |
| Mattel Inc | COM | 577081102 |  | 486622 | 27277 | SH |  | OTR | 1 | 0 | 0 | 27277 |
| Mattel Inc | COM | 577081102 |  | 236469 | 13255 | SH |  | OTR | 2 | 0 | 0 | 13255 |
| Mattel Inc | COM | 577081102 |  | 4881720 | 273639 | SH |  | OTR | 3 | 273639 | 0 | 0 |
| Mattel Inc | COM | 577081102 |  | 278115627 | 15589441 | SH |  | SOLE |  | 14067736 | 0 | 1521705 |
| Methode Electronics Inc | COM | 591520200 |  | 14388792 | 324291 | SH |  | SOLE |  | 240443 | 0 | 83848 |
| Microsoft Corp | COM | 594918104 |  | 239775154 | 999813 | SH |  | SOLE |  | 530158 | 10141 | 459514 |
| Middleby Corp/The | COM | 596278101 |  | 177551 | 1326 | SH |  | OTR | 2 | 0 | 0 | 1326 |
| Middleby Corp/The | COM | 596278101 |  | 38223496 | 285463 | SH |  | SOLE |  | 211694 | 0 | 73769 |
| Mohawk Industries Inc | COM | 608190104 |  | 303491 | 2969 | SH |  | OTR | 1 | 0 | 0 | 2969 |
| Mohawk Industries Inc | COM | 608190104 |  | 131864 | 1290 | SH |  | OTR | 2 | 0 | 0 | 1290 |
| Mohawk Industries Inc | COM | 608190104 |  | 3134167 | 30661 | SH |  | OTR | 3 | 30661 | 0 | 0 |
| Mohawk Industries Inc | COM | 608190104 |  | 197078524 | 1927984 | SH |  | SOLE |  | 1730471 | 0 | 197513 |
| Molson Coors Beverage Co | COM | 60871R209 |  | 200516 | 3892 | SH |  | OTR | 1 | 0 | 0 | 3892 |
| Molson Coors Beverage Co | COM | 60871R209 |  | 23724290 | 460487 | SH |  | SOLE |  | 456565 | 0 | 3922 |
| Mosaic Co/The | COM | 61945C103 |  | 5842694 | 133182 | SH |  | SOLE |  | 133182 | 0 | 0 |
| Motorola Solutions Inc | COM | 620076307 |  | 184005 | 714 | SH |  | OTR | 2 | 0 | 0 | 714 |
| NetApp Inc | COM | 64110D104 |  | 44601877 | 742622 | SH |  | SOLE |  | 385544 | 7189 | 349889 |
| Nokia Oyj | ADR | 654902204 |  | 15520020 | 3344832 | SH |  | SOLE |  | 2121724 | 0 | 1223108 |
| Northern Trust Corp | COM | 665859104 |  | 270425 | 3056 | SH |  | OTR | 2 | 0 | 0 | 3056 |
| Northern Trust Corp | COM | 665859104 |  | 4537236 | 51274 | SH |  | OTR | 3 | 51274 | 0 | 0 |
| Northern Trust Corp | COM | 665859104 |  | 194266787 | 2195353 | SH |  | SOLE |  | 2111744 | 0 | 83609 |
| Norwegian Cruise Line Holdings Ltd | SHS | G66721104 |  | 363589 | 29705 | SH |  | OTR | 2 | 0 | 0 | 29705 |
| Norwegian Cruise Line Holdings Ltd | SHS | G66721104 |  | 84946481 | 6940072 | SH |  | SOLE |  | 5910070 | 0 | 1030002 |
| NOV Inc | COM | 62955J103 |  | 165762 | 7935 | SH |  | OTR | 1 | 0 | 0 | 7935 |
| NOV Inc | COM | 62955J103 |  | 21032762 | 1006834 | SH |  | SOLE |  | 998844 | 0 | 7990 |
| Novartis AG | ADR | 66987V109 |  | 793800 | 8750 | SH |  | SOLE |  | 8750 | 0 | 0 |
| nVent Electric PLC | SHS | G6700G107 |  | 450407 | 11708 | SH |  | OTR | 1 | 0 | 0 | 11708 |
| nVent Electric PLC | SHS | G6700G107 |  | 300143 | 7802 | SH |  | OTR | 2 | 0 | 0 | 7802 |
| nVent Electric PLC | SHS | G6700G107 |  | 4385311 | 113993 | SH |  | OTR | 3 | 113993 | 0 | 0 |
| nVent Electric PLC | SHS | G6700G107 |  | 135125721 | 3512496 | SH |  | SOLE |  | 3161892 | 0 | 350604 |
| OneSpaWorld Holdings Ltd | COM | P73684113 |  | 416155 | 44604 | SH |  | OTR | 2 | 0 | 0 | 44604 |
| OneSpaWorld Holdings Ltd | COM | P73684113 |  | 6154320 | 659627 | SH |  | OTR | 3 | 659627 | 0 | 0 |
| OneSpaWorld Holdings Ltd | COM | P73684113 |  | 142735891 | 15298595 | SH |  | SOLE |  | 12877028 | 0 | 2421567 |
| Oracle Corp | COM | 68389X105 |  | 5709539 | 69850 | SH |  | SOLE |  | 69850 | 0 | 0 |
| Paramount Global | COM | 92556H206 |  | 122431 | 7253 | SH |  | OTR | 2 | 0 | 0 | 7253 |
| Paramount Global | COM | 92556H206 |  | 3161151 | 187272 | SH |  | OTR | 3 | 187272 | 0 | 0 |
| Paramount Global | COM | 92556H206 |  | 138516504 | 8205954 | SH |  | SOLE |  | 7494714 | 0 | 711240 |
| Patterson Cos Inc | COM | 703395103 |  | 176365 | 6292 | SH |  | OTR | 2 | 0 | 0 | 6292 |
| Philip Morris International Inc | COM | 718172109 |  | 360854539 | 3565404 | SH |  | SOLE |  | 2644264 | 18332 | 902808 |
| Prestige Consumer Healthcare Inc | COM | 74112D101 |  | 303610 | 4850 | SH |  | OTR | 2 | 0 | 0 | 4850 |
| Prestige Consumer Healthcare Inc | COM | 74112D101 |  | 2255603 | 36032 | SH |  | OTR | 3 | 36032 | 0 | 0 |
| Prestige Consumer Healthcare Inc | COM | 74112D101 |  | 49614319 | 792561 | SH |  | SOLE |  | 587497 | 0 | 205064 |
| Progressive Corp/The | COM | 743315103 |  | 76269 | 588 | SH |  | OTR | 1 | 0 | 0 | 588 |
| Progressive Corp/The | COM | 743315103 |  | 173422 | 1337 | SH |  | OTR | 2 | 0 | 0 | 1337 |
| Progressive Corp/The | COM | 743315103 |  | 8944802 | 68960 | SH |  | SOLE |  | 68366 | 0 | 594 |
| Resideo Technologies Inc | COM | 76118Y104 |  | 254860 | 15493 | SH |  | OTR | 1 | 0 | 0 | 15493 |
| Resideo Technologies Inc | COM | 76118Y104 |  | 276673 | 16819 | SH |  | OTR | 2 | 0 | 0 | 16819 |
| Resideo Technologies Inc | COM | 76118Y104 |  | 3333280 | 202631 | SH |  | OTR | 3 | 202631 | 0 | 0 |
| Resideo Technologies Inc | COM | 76118Y104 |  | 215899341 | 13124580 | SH |  | SOLE |  | 11884332 | 0 | 1240248 |
| Reynolds Consumer Products Inc | COM | 76171L106 |  | 149960 | 5002 | SH |  | OTR | 2 | 0 | 0 | 5002 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 7085988 | 143354 | SH |  | OTR | 3 | 143354 | 0 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 130432276 | 2638727 | SH |  | SOLE |  | 2394022 | 0 | 244705 |
| Sanofi | ADR | 80105N105 |  | 283025 | 5844 | SH |  | SOLE |  | 745 | 0 | 5099 |
| Sensata Technologies Holding PLC | SHS | G8060N102 |  | 208159 | 5155 | SH |  | OTR | 2 | 0 | 0 | 5155 |
| Simpson Manufacturing Co Inc | COM | 829073105 |  | 125897 | 1420 | SH |  | OTR | 2 | 0 | 0 | 1420 |
| Simpson Manufacturing Co Inc | COM | 829073105 |  | 1074648 | 12121 | SH |  | OTR | 3 | 12121 | 0 | 0 |
| Simpson Manufacturing Co Inc | COM | 829073105 |  | 54285011 | 612283 | SH |  | SOLE |  | 509432 | 0 | 102851 |
| Snap-on Inc | COM | 833034101 |  | 223463 | 978 | SH |  | OTR | 1 | 0 | 0 | 978 |
| Snap-on Inc | COM | 833034101 |  | 184163 | 806 | SH |  | OTR | 2 | 0 | 0 | 806 |
| Snap-on Inc | COM | 833034101 |  | 2175453 | 9521 | SH |  | OTR | 3 | 9521 | 0 | 0 |
| Snap-on Inc | COM | 833034101 |  | 115632620 | 506073 | SH |  | SOLE |  | 463173 | 0 | 42900 |
| Stanley Black  Decker Inc | COM | 854502101 |  | 375450 | 4998 | SH |  | OTR | 1 | 0 | 0 | 4998 |
| Stanley Black  Decker Inc | COM | 854502101 |  | 47203004 | 628368 | SH |  | SOLE |  | 623332 | 0 | 5036 |
| Stericycle Inc | COM | 858912108 |  | 365594 | 7328 | SH |  | OTR | 1 | 0 | 0 | 7328 |
| Stericycle Inc | COM | 858912108 |  | 250997 | 5031 | SH |  | OTR | 2 | 0 | 0 | 5031 |
| Stericycle Inc | COM | 858912108 |  | 3635584 | 72872 | SH |  | OTR | 3 | 72872 | 0 | 0 |
| Stericycle Inc | COM | 858912108 |  | 206458640 | 4138277 | SH |  | SOLE |  | 3771554 | 0 | 366723 |
| Tapestry Inc | COM | 876030107 |  | 14261760 | 374521 | SH |  | SOLE |  | 179911 | 4208 | 190402 |
| Telefonica Brasil SA | ADR | 87936R205 |  | 25968979 | 3632025 | SH |  | SOLE |  | 3587974 | 0 | 44051 |
| TIM SA/Brazil | ADR | 88706T108 |  | 4616907 | 396301 | SH |  | SOLE |  | 396301 | 0 | 0 |
| Trip.com Group Ltd | ADR | 89677Q107 |  | 9731657 | 282897 | SH |  | SOLE |  | 164140 | 1671 | 117086 |
| US Bancorp | COM | 902973304 |  | 8558942 | 196261 | SH |  | SOLE |  | 94058 | 2203 | 100000 |
| Vail Resorts Inc | COM | 91879Q109 |  | 192825 | 809 | SH |  | OTR | 1 | 0 | 0 | 809 |
| Vail Resorts Inc | COM | 91879Q109 |  | 47399949 | 198867 | SH |  | SOLE |  | 172849 | 0 | 26018 |
| Vanguard FTSE Developed Markets ETF | ETF | 921943858 |  | 21550672 | 513478 | SH |  | SOLE |  | 513478 | 0 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 133316834 | 3383676 | SH |  | SOLE |  | 1776715 | 33480 | 1573481 |
| Vodafone Group PLC | ADR | 92857W308 |  | 4549588 | 449564 | SH |  | SOLE |  | 243035 | 0 | 206529 |
| Walgreens Boots Alliance Inc | COM | 931427108 |  | 263239 | 7046 | SH |  | OTR | 1 | 0 | 0 | 7046 |
| Walgreens Boots Alliance Inc | COM | 931427108 |  | 61420 | 1644 | SH |  | OTR | 2 | 0 | 0 | 1644 |
| Walgreens Boots Alliance Inc | COM | 931427108 |  | 32485379 | 869523 | SH |  | SOLE |  | 862411 | 0 | 7112 |
| Western Union Co/The | COM | 959802109 |  | 3742149 | 271761 | SH |  | SOLE |  | 271761 | 0 | 0 |
| Zebra Technologies Corp | COM | 989207105 |  | 335128 | 1307 | SH |  | OTR | 2 | 0 | 0 | 1307 |
| Zebra Technologies Corp | COM | 989207105 |  | 4626918 | 18045 | SH |  | OTR | 3 | 18045 | 0 | 0 |
| Zebra Technologies Corp | COM | 989207105 |  | 122121416 | 476274 | SH |  | SOLE |  | 435509 | 0 | 40765 |
| Zimmer Biomet Holdings Inc | COM | 98956P102 |  | 352920 | 2768 | SH |  | OTR | 1 | 0 | 0 | 2768 |
| Zimmer Biomet Holdings Inc | COM | 98956P102 |  | 253470 | 1988 | SH |  | OTR | 2 | 0 | 0 | 1988 |
| Zimmer Biomet Holdings Inc | COM | 98956P102 |  | 45103125 | 353750 | SH |  | SOLE |  | 350964 | 0 | 2786 |
| Zimvie Inc | COM | 98888T107 |  | 14645 | 1568 | SH |  | OTR | 2 | 0 | 0 | 1568 |
| Zimvie Inc | COM | 98888T107 |  | 2391750 | 256076 | SH |  | SOLE |  | 256076 | 0 | 0 |

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