<PAGE> PAGE 1
000 A000000 03/31/99
000 C000000 0000798365
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
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001 C000000 3127260140
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002 B000000 CHICAGO
002 C000000 IL
002 D010000 60601
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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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
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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007 C011600 16
007 C011700 17
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008 B00AA01 A
008 C00AA01 801-18767
<PAGE> PAGE 2
008 D01AA01 CHICAGO
008 D02AA01 IL
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010 B00AA01 801-18767
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60601
011 A00AA01 ARIEL DISTRIBUTORS, INC.
011 B00AA01 8-48238
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60601
012 A00AA01 DST
012 B00AA01 84-0000
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
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014 A00AA01 ARIEL DISTRIBUTORS, INC.
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015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
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020 A000002 BRIDGE TRADING CO.
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020 A000003 LYNCH, JONES & RYAN, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
054 O00AA00 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 H020100 N
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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
067 000200 N
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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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<PAGE> PAGE 18
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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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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL MUTUAL FUNDS
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<NUMBER> 2
<NAME> ARIEL APPRECIATION FUND
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<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000798365
<NAME> ARIEL PREMIER BOND FUND
<SERIES>
<NUMBER> 3
<NAME> ARIEL PREMIER BOND FUND
<S> <C>
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[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>
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<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
