Sunstone Financial Group, Inc.
207 East Buffalo Street, Suite 400
Milwaukee, WI 53202
Phone: 414/271-5885
Fax: 414/271-9717
November 27, 1996
VIA EDGAR
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Ariel Growth Fund - Registration Nos. 33-7699; 811-4786
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Dear Sir or Madam:
On behalf of the above-named registrant and pursuant to Rule 24f-2 under the
Investment Company Act of 1940, as amended, we hereby file the Funds' Form 24f-2
for the fiscal year ended September 30, 1996; and a legal opinion relating to
the validity of the issued shares.
Please telephone the undersigned at (414) 271-5885 should you have any questions
regarding this filing.
Sincerely,
/s/ Jon Kiekhofer
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Jon Kiekhofer
Senior Financial Analyst
October 3, 1996
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, 1996 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 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, 1996, 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 the use of this opinion as an exhibit to the
above-referenced Notice.
Very truly yours,
D'ANCONA & PFLAUM
By: /s/ Sheldon R. Stein
SRS:sls
cc: Roger P. Schmitt
Ed Singleton
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
Read instructions at end of Form before preparing Form.
Please print or type.
1. Name and address of issuer:
Ariel Growth Fund
307 North Michigan Avenue, Suite 500
Chicago, IL 60601
2. Name of each series or class of funds for which this notice is filed:
See Exhibit A
3. Investment Company Act File Number: 811-4786
Securities Act File Number: 33-7699
4. Last day of fiscal year for which this notice is filed:
September 30, 1996
5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold
after the close of the fiscal year but before termination of the issuer's
24f-2 declaration:
(_)
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
Not applicable
7. Number and 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 in a prior fiscal year, but which remained unsold at the beginning
of the fiscal year:
Number: 3,211,141
Sale Price: $80,245,914
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
None
9. Number and aggregate sale price of securities sold during the fiscal year:
Number: 14,521,969 shares
Sale Price: $356,580,532
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
Number: 11,310,828 shares
Sale Price: $276,334,618
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
Number: 1,075,770 shares
Sale Price: $26,583,379
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during
the fiscal year in reliance on rule 24f-2 (from
Item 10): $276,334,618
------------
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable): + 26,583,379
------------
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year (if
applicable): -400,280,167
------------
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as a reduction
to filing fees pursuant to rule 24e-2 (if
applicable): + 0
------------
(v) Net aggregate price of securities sold and
issued during the fiscal year in reliance on rule
24f-2 [line (i), plus line (ii), less line (iii),
plus line (iv)] (if applicable): (97,362,170)
------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation (see Instruction C.6): x 1/3300
------------
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]: $ --
============
INSTRUCTION: Issuers should complete lines (ii), (iii), (iv), and (v) only
if the form is being filed within 60 days after the close of the issuer's
fiscal year. See Instruction C.3.
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in Section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
( )
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
By (Signature and Title)<F1> /s/ Roger P. Schmitt
--------------------------
Vice President, Secretary &
Assistant Treasurer
--------------------------
Date November 27, 1996
-----------------
<F1>Please print the name and title of the signing officer below the
signature.
