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<PAGE> PAGE 2
008 D01AA01 CHICAGO
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011 A00AA01 ARIEL DISTRIBUTORS, INC.
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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 8
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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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL MUTUAL FUNDS
<SERIES>
<NUMBER> 1
<NAME> ARIEL FUND
<S> <C>
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<NET-CHANGE-IN-ASSETS> 52,866,602
<ACCUMULATED-NII-PRIOR> 254,687
<ACCUMULATED-GAINS-PRIOR> 17,074,017
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,327,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,543,641
<AVERAGE-NET-ASSETS> 200,887,148
<PER-SHARE-NAV-BEGIN> 36.49
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 5.20
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (3.72)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.99
<EXPENSE-RATIO> 1.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL MUTUAL FUNDS
<SERIES>
<NUMBER> 2
<NAME> ARIEL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 283,607,756
<INVESTMENTS-AT-VALUE> 350,384,496
<RECEIVABLES> 5,636,046
<ASSETS-OTHER> 26,347
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 356,046,889
<PAYABLE-FOR-SECURITIES> 2,653,892
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 551,740
<TOTAL-LIABILITIES> 3,205,632
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 259,422,897
<SHARES-COMMON-STOCK> 10,427,756
<SHARES-COMMON-PRIOR> 6,722,858
<ACCUMULATED-NII-CURRENT> 414,410
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,227,210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66,776,740
<NET-ASSETS> 352,841,257
<DIVIDEND-INCOME> 3,743,883
<INTEREST-INCOME> 797,904
<OTHER-INCOME> 0
<EXPENSES-NET> (4,126,991)
<NET-INVESTMENT-INCOME> 414,796
<REALIZED-GAINS-CURRENT> 26,232,699
<APPREC-INCREASE-CURRENT> 6,077,755
<NET-CHANGE-FROM-OPS> 32,725,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (271,554)
<DISTRIBUTIONS-OF-GAINS> (25,199,149)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,706,840
<NUMBER-OF-SHARES-REDEEMED> 2,660,008
<SHARES-REINVESTED> 658,066
<NET-CHANGE-IN-ASSETS> 139,028,854
<ACCUMULATED-NII-PRIOR> 262,188
<ACCUMULATED-GAINS-PRIOR> 25,202,640
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,454,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,126,991
<AVERAGE-NET-ASSETS> 318,434,703
<PER-SHARE-NAV-BEGIN> 31.80
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 5.50
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (3.46)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 33.84
<EXPENSE-RATIO> 1.26
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL MUTUAL FUNDS
<SERIES>
<NUMBER> 4
<NAME> ARIEL PREMIER BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 230,014,094
<INVESTMENTS-AT-VALUE> 228,211,790
<RECEIVABLES> 1,155,211
<ASSETS-OTHER> 482,458
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 229,849,459
<PAYABLE-FOR-SECURITIES> 64,912,268
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 817,751
<TOTAL-LIABILITIES> 65,730,019
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,752,540
<SHARES-COMMON-STOCK> 264,899
<SHARES-COMMON-PRIOR> 167,402
<ACCUMULATED-NII-CURRENT> 4,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,835,228)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,802,304)
<NET-ASSETS> 164,119,440
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,577,529
<OTHER-INCOME> 0
<EXPENSES-NET> (725,399)
<NET-INVESTMENT-INCOME> 8,852,130
<REALIZED-GAINS-CURRENT> (2,564,439)
<APPREC-INCREASE-CURRENT> (6,754,988)
<NET-CHANGE-FROM-OPS> (467,297)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,852,130)
<DISTRIBUTIONS-OF-GAINS> (1,862,283)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,779
<NUMBER-OF-SHARES-REDEEMED> 151,766
<SHARES-REINVESTED> 13,484
<NET-CHANGE-IN-ASSETS> 12,363,507
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,595,926
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 719,401
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 725,399
<AVERAGE-NET-ASSETS> 2,349,250
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.60)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Exhibit to Accompany
Item 77J b
Form N-SAR
Ariel Growth Fund
the Funds
According to the provisions of Statement of
Position 93 - 2 SOP 93 - 2 Determination,
Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital
Distributions by Investment Companies, the Funds
are required to report the accumulated net
investment income loss and accumulated net capital
gain loss accounts to approximate amounts
available for future distributions on a tax basis or to
offset future realized capital gains. Accordingly, at
September 30, 1999, in the Ariel Fund, the Ariel
Appreciation Fund and the Ariel Premier Bond
Fund, entries were recorded to undistributed net
investment income to reduce accumulated net
realized gain on investment transactions by $8,983,
$8,980 and $4,432 respectively.
These reclassifications have no impact on the net
assets of the Funds and it is designed to present the
Funds accumulated net realized income and gain
accounts on a tax basis.
Report of Independent Auditors
To the Board of Trustees of
Ariel Mutual Funds
In planning and performing our audit of the financial
statements of the Ariel Fund, Ariel Appreciation Fund
and the Ariel Premier Bond Fund, comprising Ariel
Investment Trust the Funds for the year ended
September 30, 1999, we considered its internal control,
including controls over safeguarding securities, in order
to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, and
not to provide assurance on internal control.
The management of the Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in
which the design or operation of one or more of the
specific internal control components does not reduce to
a relatively low level the risk that errors or fraud in
amounts that would be material in relation to the
financial statements being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control
and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above at September 30, 1999.
This report is intended solely for the information and
use of the Board of Trustees and management of Ariel
Investment Trust and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.
October 15, 1999
Chicago, Illinois
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL MUTUAL FUNDS
<SERIES>
<NUMBER> 3
<NAME> ARIEL PREMIER BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 230,014,094
<INVESTMENTS-AT-VALUE> 228,211,790
<RECEIVABLES> 1,155,211
<ASSETS-OTHER> 482,458
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 229,849,459
<PAYABLE-FOR-SECURITIES> 64,912,268
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 817,751
<TOTAL-LIABILITIES> 65,730,019
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,752,540
<SHARES-COMMON-STOCK> 16,294,009
<SHARES-COMMON-PRIOR> 14,103,227
<ACCUMULATED-NII-CURRENT> 4,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,835,228)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,802,304)
<NET-ASSETS> 164,119,440
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,577,529
<OTHER-INCOME> 0
<EXPENSES-NET> (725,399)
<NET-INVESTMENT-INCOME> 8,852,130
<REALIZED-GAINS-CURRENT> (2,564,439)
<APPREC-INCREASE-CURRENT> (6,754,988)
<NET-CHANGE-FROM-OPS> (467,297)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,852,130)
<DISTRIBUTIONS-OF-GAINS> (1,862,283)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,154,315
<NUMBER-OF-SHARES-REDEEMED> 1,989,194
<SHARES-REINVESTED> 1,025,661
<NET-CHANGE-IN-ASSETS> 12,363,507
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,595,926
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 719,401
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 725,399
<AVERAGE-NET-ASSETS> 156,079,483
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> (0.60)
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 0.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
