<PAGE> PAGE 1
000 B000000 09/30/94
000 C000000 000798365
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ARIEL GROWTH
001 B000000 811-4786
001 C000000 3127260140
002 A000000 307 NORTH MICHIGAN AVENUE SUITE 500
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60601
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 ARIEL GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 ARIEL APPRECIATION FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 ARIEL CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-18767
008 D01AA01 CHICAGO
008 D02AA01 IL
<PAGE> PAGE 2
008 D03AA01 60601
010 A00AA01 ARIEL CAPITAL MANAGEMENT, INC.
010 B00AA01 801-18767
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60601
011 A00AA01 ARIEL CAPITAL MANAGEMENT, INC.
011 B00AA01 8-18767
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60601
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 84-00000
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 ARIEL CAPITAL MANAGEMENT
014 B00AA01 8-18767
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 REYNDERS & GRAY
020 B000001 13-2942212
020 C000001 138
020 A000002 CANTOR FITZGERALD
020 B000002 13-3686184
020 C000002 35
020 A000003 BEAR, STEARNS & CORP
020 B000003 13-3299429
020 C000003 21
020 A000004 SK INTERNATIONAL
020 B000004 11-2471620
020 C000004 16
020 A000005 LYNCH, JONES & RYAN
020 B000005 13-3356934
020 C000005 15
020 A000006 STANDARD & POORS SECURITIES
020 B000006 13-2671951
020 C000006 14
020 A000007 MERRIL LYNCH PIERCE FENNER
020 B000007 13-2629351
<PAGE> PAGE 3
020 C000007 14
020 A000008 FIDELITY CAPITAL
020 B000008 04-2785576
020 C000008 11
020 A000009 JACKSON SECURITIES
020 B000009 58-1732983
020 C000009 9
020 A000010 OPPENHEIMER & CO.,INC.
020 B000010 13-2798343
020 C000010 9
021 000000 416
022 A000001 REYNDERS & GRAY
022 B000001 13-2942212
022 C000001 11803
022 D000001 36883
022 A000002 CANTOR FITZGERALD
022 B000002 13-3686184
022 C000002 691
022 D000002 19281
022 A000003 SK INTERNATIONAL
022 B000003 11-2471620
022 C000003 1262
022 D000003 10430
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004 0
022 D000004 10476
022 A000005 PAINE WEBBER
022 B000005 13-2638166
022 C000005 1505
022 D000005 8518
022 A000006 MERRILL LYNCH PIERCE FENNER
022 B000006 13-2629351
022 C000006 8037
022 D000006 587
022 A000007 LYNCH, JONES & RYAN
022 B000007 13-3356934
022 C000007 3051
022 D000007 3837
022 A000008 BEAR, STEARNS & CORP.
022 B000008 13-3299429
022 C000008 890
022 D000008 5583
022 A000009 WEEDEN & COMPANY
022 B000009 13-3364318
022 C000009 925
022 D000009 4243
022 A000010 CLEARY,GULL, & REILA
022 B000010 39-1567700
022 C000010 0
022 D000010 4729
<PAGE> PAGE 4
023 C000000 41458
023 D000000 176761
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
066 A00AA00 Y
<PAGE> PAGE 5
066 B00AA00 Y
066 C00AA00 N
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 Y
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
<PAGE> PAGE 6
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 FEDERAL INSURANCE COMPANY
080 C00AA00 1200
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 2376
028 A020100 0
028 A030100 0
028 A040100 5029
028 B010100 4693
028 B020100 0
028 B030100 0
028 B040100 5802
028 C010100 1930
028 C020100 0
028 C030100 0
028 C040100 5998
<PAGE> PAGE 7
028 D010100 3253
028 D020100 0
028 D030100 0
028 D040100 15332
028 E010100 3010
028 E020100 0
028 E030100 0
028 E040100 23918
028 F010100 1824
028 F020100 0
028 F030100 0
028 F040100 14085
028 G010100 17086
028 G020100 0
028 G030100 0
028 G040100 70164
028 H000100 12
029 000100 Y
030 A000100 170
030 B000100 0.00
030 C000100 0.00
031 A000100 31
031 B000100 0
032 000100 122
033 000100 16
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 Y
040 000100 Y
041 000100 Y
042 A000100 11
042 B000100 0
042 C000100 0
042 D000100 89
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 463
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.250
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
<PAGE> PAGE 8
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
<PAGE> PAGE 9
063 A000100 0
063 B000100 0.0
071 A000100 17599
071 B000100 101988
071 C000100 202839
071 D000100 9
072 A000100 12
072 B000100 2
072 C000100 3666
072 D000100 0
072 E000100 0
072 F000100 507
072 G000100 812
072 H000100 0
072 I000100 338
072 J000100 29
072 K000100 200
072 L000100 0
072 M000100 19
072 N000100 24
072 O000100 0
072 P000100 68
072 Q000100 0
072 R000100 14
072 S000100 6
072 T000100 463
072 U000100 0
072 V000100 0
072 W000100 49
072 X000100 2530
072 Y000100 0
072 Z000100 1138
072AA000100 8646
072BB000100 0
072CC010100 0
072CC020100 6970
072DD010100 2151
072DD020100 0
072EE000100 12391
073 A010100 0.3000
073 A020100 0.0000
073 B000100 1.7300
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 150612
074 G000100 0
074 H000100 0
<PAGE> PAGE 10
074 I000100 0
074 J000100 838
074 K000100 67
074 L000100 463
074 M000100 17
074 N000100 151996
074 O000100 1038
074 P000100 100
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1347
074 S000100 0
074 T000100 149511
074 U010100 5185
074 U020100 0
074 V010100 28.84
074 V020100 0.00
074 W000100 0.0000
074 X000100 12763
074 Y000100 0
075 A000100 0
075 B000100 202801
076 000100 0.00
028 A010200 30022
028 A020200 0
028 A030200 0
028 A040200 29914
028 B010200 38405
028 B020200 0
028 B030200 0
028 B040200 33084
028 C010200 36767
028 C020200 0
028 C030200 0
028 C040200 43404
028 D010200 42645
028 D020200 0
028 D030200 0
028 D040200 46761
028 E010200 33384
028 E020200 0
028 E030200 0
028 E040200 63170
028 F010200 28582
028 F020200 0
028 F030200 0
028 F040200 40280
028 G010200 209805
028 G020200 0
<PAGE> PAGE 11
028 G030200 0
028 G040200 256613
028 H000200 176
029 000200 Y
030 A000200 841
030 B000200 0.00
030 C000200 0.00
031 A000200 103
031 B000200 0
032 000200 682
033 000200 55
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 10
042 B000200 0
042 C000200 0
042 D000200 75
042 E000200 15
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 522
044 000200 53
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.250
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
<PAGE> PAGE 12
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
054 A000200 Y
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
054 M000200 Y
054 N000200 N
054 O000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
071 A000200 23860
071 B000200 74773
071 C000200 201858
071 D000200 12
072 A000200 12
072 B000200 152
072 C000200 3012
072 D000200 0
072 E000200 0
072 F000200 522
072 G000200 1042
072 H000200 0
<PAGE> PAGE 13
072 I000200 431
072 J000200 17
072 K000200 194
072 L000200 0
072 M000200 16
072 N000200 33
072 O000200 0
072 P000200 46
072 Q000200 0
072 R000200 14
072 S000200 10
072 T000200 522
072 U000200 0
072 V000200 0
072 W000200 65
072 X000200 2912
072 Y000200 104
072 Z000200 357
072AA000200 12323
072BB000200 0
072CC010200 0
072CC020200 6428
072DD010200 499
072DD020200 0
072EE000200 3298
073 A010200 0.0500
073 A020200 0.0000
073 B000200 0.3500
073 C000200 0.0000
074 A000200 10781
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 151770
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 87
074 L000200 423
074 M000200 9
074 N000200 163070
074 O000200 396
074 P000200 113
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 281
074 S000200 0
<PAGE> PAGE 14
074 T000200 162280
074 U010200 7438
074 U020200 0
074 V010200 21.82
074 V020200 0.00
074 W000200 0.0000
074 X000200 15079
074 Y000200 0
075 A000200 0
075 B000200 208497
076 000200 0.00
SIGNATURE FREDDIE JACOBS JR.
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
<NUMBER> 1
<NAME> ARIEL GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 121,844,326
<INVESTMENTS-AT-VALUE> 150,611,676
<RECEIVABLES> 1,367,653
<ASSETS-OTHER> 17,087
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,996,416
<PAYABLE-FOR-SECURITIES> 1,037,523
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,447,655
<TOTAL-LIABILITIES> 2,485,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,061,100
<SHARES-COMMON-STOCK> 5,184,978
<SHARES-COMMON-PRIOR> 7,675,343
<ACCUMULATED-NII-CURRENT> 273,446
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,409,342
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,767,350
<NET-ASSETS> 149,511,238
<DIVIDEND-INCOME> 3,666,024
<INTEREST-INCOME> 2,167
<OTHER-INCOME> 0
<EXPENSES-NET> 2,530,208
<NET-INVESTMENT-INCOME> 1,137,983
<REALIZED-GAINS-CURRENT> 8,645,691
<APPREC-INCREASE-CURRENT> (6,970,227)
<NET-CHANGE-FROM-OPS> 2,813,447
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,150,516
<DISTRIBUTIONS-OF-GAINS> 12,390,927
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,767,016
<NUMBER-OF-SHARES-REDEEMED> 120,895,117
<SHARES-REINVESTED> 14,541,425
<NET-CHANGE-IN-ASSETS> (84,314,672)
<ACCUMULATED-NII-PRIOR> 1,285,979
<ACCUMULATED-GAINS-PRIOR> 10,154,578
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 507,089
<INTEREST-EXPENSE> 68,367
<GROSS-EXPENSE> 2,530,208
<AVERAGE-NET-ASSETS> 202,800,504
<PER-SHARE-NAV-BEGIN> 30.46
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> 1.73
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.84
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
<NUMBER> 2
<NAME> ARIEL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 129,515,841
<INVESTMENTS-AT-VALUE> 151,769,549
<RECEIVABLES> 509,443
<ASSETS-OTHER> 10,790,560
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,069,552
<PAYABLE-FOR-SECURITIES> 194,736
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595,243
<TOTAL-LIABILITIES> 789,979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,236,321
<SHARES-COMMON-STOCK> 7,437,655
<SHARES-COMMON-PRIOR> 9,554,689
<ACCUMULATED-NII-CURRENT> 313,672
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,475,872
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,253,708
<NET-ASSETS> 162,279,573
<DIVIDEND-INCOME> 3,012,265
<INTEREST-INCOME> 152,171
<OTHER-INCOME> 0
<EXPENSES-NET> 2,807,502
<NET-INVESTMENT-INCOME> 356,934
<REALIZED-GAINS-CURRENT> 12,322,890
<APPREC-INCREASE-CURRENT> (6,427,549)
<NET-CHANGE-FROM-OPS> 6,252,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 498,701
<DISTRIBUTIONS-OF-GAINS> 3,297,972
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 363,284,131
<NUMBER-OF-SHARES-REDEEMED> 414,321,318
<SHARES-REINVESTED> 3,796,630
<NET-CHANGE-IN-ASSETS> (44,784,955)
<ACCUMULATED-NII-PRIOR> 226,457
<ACCUMULATED-GAINS-PRIOR> (1,312,857)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 521,810
<INTEREST-EXPENSE> 46,272
<GROSS-EXPENSE> 2,911,842
<AVERAGE-NET-ASSETS> 208,496,988
<PER-SHARE-NAV-BEGIN> 21.67
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .51
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> .35
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.82
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>