ARIEL GROWTH FUND
NSAR-B, 1997-11-25
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<PAGE>      PAGE  1
000 B000000 09/30/97
000 C000000 0000798365
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
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002 D010000 60601
003  000000 N
004  000000 N
005  000000 N
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007 A000000 Y
007 B000000  3
007 C010100  1
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007 C030100 N
007 C010200  2
007 C020200 ARIEL APPRECIATION FUND
007 C030200 N
007 C010300  3
007 C020300 ARIEL PREMIER BOND FUND
007 C030300 N
007 C010400  4
007 C010500  5
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  14
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SIGNATURE   JON KIEKHOFER                                
TITLE       FINANCIAL ANALYST   
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
   <NUMBER> 1
   <NAME> ARIEL GROWTH FUND
       
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<INTEREST-INCOME>                              215,211
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,605,603)
<NET-INVESTMENT-INCOME>                        296,358
<REALIZED-GAINS-CURRENT>                    14,275,357
<APPREC-INCREASE-CURRENT>                   33,739,637
<NET-CHANGE-FROM-OPS>                       48,015,004
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                   (6,352,876)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      8,947,566
<NUMBER-OF-SHARES-REDEEMED>                (8,766,712)
<SHARES-REINVESTED>                            184,857
<NET-CHANGE-IN-ASSETS>                      54,295,424
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    6,350,947
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          838,232
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,605,603
<AVERAGE-NET-ASSETS>                       130,003,671
<PER-SHARE-NAV-BEGIN>                            30.58
<PER-SHARE-NII>                                   0.07
<PER-SHARE-GAIN-APPREC>                          12.62
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (1.78)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              41.49
<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-30-1997
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                      106,895,796
<INVESTMENTS-AT-VALUE>                     187,307,234
<RECEIVABLES>                                  322,083
<ASSETS-OTHER>                                  12,962
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             187,642,279
<PAYABLE-FOR-SECURITIES>                       879,163
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      285,010
<TOTAL-LIABILITIES>                          1,164,173
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    88,581,282
<SHARES-COMMON-STOCK>                        5,533,096
<SHARES-COMMON-PRIOR>                        5,428,331
<ACCUMULATED-NII-CURRENT>                       95,385
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     17,390,001
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    80,411,438
<NET-ASSETS>                               186,478,106
<DIVIDEND-INCOME>                            1,901,857
<INTEREST-INCOME>                              244,434
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (2,035,883)
<NET-INVESTMENT-INCOME>                        110,408
<REALIZED-GAINS-CURRENT>                    18,598,505
<APPREC-INCREASE-CURRENT>                   37,099,202
<NET-CHANGE-FROM-OPS>                       55,808,115
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (397,468)
<DISTRIBUTIONS-OF-GAINS>                   (7,316,330)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,486,623
<NUMBER-OF-SHARES-REDEEMED>                (1,650,759)
<SHARES-REINVESTED>                            268,901
<NET-CHANGE-IN-ASSETS>                      50,850,900
<ACCUMULATED-NII-PRIOR>                        382,445
<ACCUMULATED-GAINS-PRIOR>                    6,107,826
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,151,445
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,035,883
<AVERAGE-NET-ASSETS>                       153,949,846
<PER-SHARE-NAV-BEGIN>                            24.99
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                          10.13
<PER-SHARE-DIVIDEND>                            (0.07)
<PER-SHARE-DISTRIBUTIONS>                       (1.37)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              33.70
<EXPENSE-RATIO>                                   1.33
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
   <NUMBER> 3
   <NAME> ARIEL PREMIER BOND FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                      111,890,510
<INVESTMENTS-AT-VALUE>                     113,474,797
<RECEIVABLES>                                1,006,414
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             114,481,211
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       82,000
<TOTAL-LIABILITIES>                             82,000
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   112,271,361
<SHARES-COMMON-STOCK>                       11,067,707
<SHARES-COMMON-PRIOR>                        1,544,997
<ACCUMULATED-NII-CURRENT>                        4,050
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        539,513
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,584,287
<NET-ASSETS>                               114,399,211
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            4,486,479
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (311,174)
<NET-INVESTMENT-INCOME>                      4,175,305
<REALIZED-GAINS-CURRENT>                       570,915
<APPREC-INCREASE-CURRENT>                    1,572,509
<NET-CHANGE-FROM-OPS>                        6,318,729
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (4,175,319)
<DISTRIBUTIONS-OF-GAINS>                      (93,776)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      9,242,477
<NUMBER-OF-SHARES-REDEEMED>                  (156,525)
<SHARES-REINVESTED>                            436,758
<NET-CHANGE-IN-ASSETS>                      99,032,591
<ACCUMULATED-NII-PRIOR>                          4,064
<ACCUMULATED-GAINS-PRIOR>                       62,374
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          310,927
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                311,174
<AVERAGE-NET-ASSETS>                        68,185,446
<PER-SHARE-NAV-BEGIN>                             9.95
<PER-SHARE-NII>                                   0.52
<PER-SHARE-GAIN-APPREC>                           0.37
<PER-SHARE-DIVIDEND>                            (0.52)
<PER-SHARE-DISTRIBUTIONS>                       (0.02)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.30
<EXPENSE-RATIO>                                   0.45
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
<SERIES>
   <NUMBER> 4
   <NAME> ARIEL PREMIER BOND FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                      111,890,510
<INVESTMENTS-AT-VALUE>                     113,474,797
<RECEIVABLES>                                1,006,414
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<OTHER-ITEMS-ASSETS>                                 0
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<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       82,000
<TOTAL-LIABILITIES>                             82,000
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   112,271,361
<SHARES-COMMON-STOCK>                           39,000
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        4,050
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        539,513
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,584,287
<NET-ASSETS>                               114,399,211
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            4,486,479
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (311,174)
<NET-INVESTMENT-INCOME>                      4,175,305
<REALIZED-GAINS-CURRENT>                       570,915
<APPREC-INCREASE-CURRENT>                    1,572,509
<NET-CHANGE-FROM-OPS>                        6,318,729
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (4,175,319)
<DISTRIBUTIONS-OF-GAINS>                      (93,776)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         40,697
<NUMBER-OF-SHARES-REDEEMED>                    (2,413)
<SHARES-REINVESTED>                                716
<NET-CHANGE-IN-ASSETS>                      99,032,591
<ACCUMULATED-NII-PRIOR>                          4,064
<ACCUMULATED-GAINS-PRIOR>                       62,374
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          310,927
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                311,174
<AVERAGE-NET-ASSETS>                        68,185,446
<PER-SHARE-NAV-BEGIN>                            10.10
<PER-SHARE-NII>                                   0.37
<PER-SHARE-GAIN-APPREC>                           0.19
<PER-SHARE-DIVIDEND>                            (0.37)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.29
<EXPENSE-RATIO>                                   0.85
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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