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007 C020200 ARIEL APPRECIATION FUND
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007 C010300 3
007 C020300 ARIEL PREMIER BOND FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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<PAGE> PAGE 2
010 C02AA01 IL
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011 A00AA01 ARIEL DISTRIBUTORS, INC.
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011 C02AA01 IL
011 C03AA01 60601
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 84-00000
012 C01AA01 KANSAS CITY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 8
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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 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE JON KIEKHOFER
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
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<CIK> 0000798365
<NAME> ARIEL GROWTH FUND
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<NAME> ARIEL GROWTH FUND
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</TABLE>
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<NAME> ARIEL GROWTH FUND
<SERIES>
<NUMBER> 2
<NAME> ARIEL APPRECIATION FUND
<S> <C>
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<NAME> ARIEL PREMIER BOND FUND
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