ARIEL GROWTH FUND
NSAR-B, 1995-11-28
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<PAGE>      PAGE  1
000 B000000 09/30/95
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
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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.
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012 C02AA01 MO
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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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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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SIGNATURE   JON KIEKHOFER                                
TITLE       FINANCIAL ANALYST   
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
   <NUMBER> 2
   <NAME> ARIEL APPRECIATION FUND
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
   <NUMBER> 1
   <NAME> ARIEL GROWTH FUND
       
<S>                             <C>
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<PER-SHARE-NAV-BEGIN>                            28.84
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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