ARIEL GROWTH FUND
NSAR-B, 1994-11-29
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<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
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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
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020 A000002 CANTOR FITZGERALD
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020 C000002     35
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<PAGE>      PAGE  3
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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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
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
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054 K000200 N
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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>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
   <NUMBER> 2
   <NAME> ARIEL APPRECIATION FUND
       
<S>                             <C>
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              21.82
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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