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, 2000, in the Ariel Fund and the Ariel
Appreciation Fund, entries were recorded to
decrease undistributed net investment income
$121,922 and $4,030 respectively, decrease paid-in-
capital $159 and $4,954 respectively, and increase
accumulated net realized gain on investment
transactions by $122,081 and $8,984 respectively.
In the Ariel Premier Bond Fund, an entry was made
to reduce accumulated net realized gain on
investment transactions and increase undistributed
net investment income by $8,434.
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.
