October 2, 1995
Ariel Investment Trust
c/o Sunstone Financial Group, Inc.
207 East Buffalo Street
Suite 400
Milwaukee, WI 53202
Re:Investment Company Act Rule 24f-2 Notice for Fiscal Year ended
September 30, 1995 for Ariel Growth Fund, d/b/a/ Ariel Investment Trust
Dear Sir or Madam:
We have examined such documents and records as we deem necessary to render
this opinion, including your Declaration of Trust.
From such examination, we are of the opinion that Ariel Growth Fund, d/b/a/
Ariel Investment Trust was authorized to issue its shares of beneficial
interest sold throughout the period covered by the Notice.
On the basis of our examination of all relevant documents, in our opinion,
the shares of beneficial interest sold in the one-year period ended September
30, 1995, were part of your authorized, but unissued, shares of beneficial
interest which, when sold, were legally issued and, when issued and fully
paid for in accordance with the terms of their offerings, constituted fully
paid and non-assessable shares of beneficial interest.
We hereby consent to use this opinion as an exhibit to the above-referenced
Notice.
Very truly yours,
D' ANCONA & PFLAUM
By: /s/ Sheldon R. Stein
---------------------------
Sheldon R. Stein, Partner
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
RULE 24f-2 NOTICE
FOR
ARIEL GROWTH FUND
-----------------
(Name of Registrant)
307 North Michigan Avenue, Suite 500
Chicago, IL 60601
------------------
(Address of Principal Executive Offices)
Series A Ariel Growth Fund, No Par Value
Series B Ariel Appreciation Fund, No Par Value
File No. 33-7699
The following information is required pursuant to Rule 24f-2(b)(1):
(i) Fiscal year for which Notice is filed:
October 1, 1994 to September 30, 1995
(ii) Number or amount of securities of the same class or series
which had been registered under the Securities Act of 1933 other than
pursuant to Rule 24f-2 but which remain unsold at the beginning of such
fiscal year:
None
(iii) Number or amount of securities, if any, registered during such
fiscal year other than pursuant to Rule 24f-2:
None
(iv) Amount of securities sold during such fiscal year*:
Series A Ariel Growth Fund $191,400,263
Series B Ariel Appreciation Fund 239,579,765
-----------
Total for the Series $430,980,028
===========
(v) Number and amount of securities sold during such fiscal year
in reliance upon registration pursuant to Rule 24f-2*:
Title No. of Shares Purchase Price
----- ------------- --------------
Series A Ariel Growth Fund 6,811,402 $191,400,263
Series B Ariel Appreciation Fund11,384,217 239,579,765
---------- -----------
18,195,619 $430,980,028
========== ===========
Enclosed herein is an opinion of counsel to the effect that the
above shares sold during the fiscal year in reliance upon registration
pursuant to Rule 24f-2 were, when issued for payment as described in the
Registrant's prospectuses pertaining to such shares, legally issued, fully
paid and nonassessable by the Registrant.
Dated: November 3, 1995
Ariel Growth Fund
By: /s/ Edward Singleton
-----------------------
Edward Singleton
Treasurer and Assistant Secretary
* Excludes shares issued upon reinvestment of dividends.
(1)The actual aggregate sales price for which Ariel Growth Fund shares were
sold was $430,980,028. During the fiscal year ended September 30, 1995, the
actual aggregate redemption price of securities of the series redeemed by the
Registrant was $510,935,942. No portion of such aggregate redemption price
has been applied by the Registration pursuant to Rule 24e-2(a) in a filing made
pursuant to Section 24(e)(1) of the Investment Company Act of 1940. Pursuant
to Rule 24f-2(c), the registration fee with respect to the shares of Ariel
Growth Fund sold during the fiscal year is zero as redemptions exceeded
securities sold.
