[LETTERHEAD OF D'ANCONA & PFLAUM LLC]

October 23, 2001

Ariel Investment Trust
200 East Randolph Drive
Suite 2900
Chicago, Illinois 60601

         RE:      ARIEL FUND, ARIEL APPRECIATION FUND, ARIEL PREMIER GROWTH
                  FUND AND ARIEL PREMIER BOND FUND (THE "FUNDS")

Ladies and Gentlemen:

         We have acted as counsel for Ariel Growth Fund d/b/a Ariel Investment
Trust (the "Trust") in connection with the registration under the Securities Act
of 1933 (the "Act") of an indefinite number of shares of beneficial interest of
the series of the Trust designated Ariel Fund, Ariel Appreciation Fund, Ariel
Premier Growth Fund and Ariel Premier Bond Fund (the "Shares") in registration
statement No. 33-7699 on Form N-1A (the "Registration Statement").

         In this connection we have examined originals, or copies certified or
otherwise identified to our satisfaction, of such documents, corporate and other
records, certificates and other papers as we deemed it necessary to examine for
the purpose of this opinion, including the Agreement and Declaration of Trust
(the "Trust Agreement") and bylaws of the Trust, actions of the Board of
Trustees of the Trust authorizing the issuance of shares of the Funds and the
Registration Statement.

         Based on the foregoing examination, we are of the opinion that upon the
issuance and delivery of the Shares of each Fund in accordance with the Trust
Agreement and the actions of the Board of Trustees authorizing the issuance of
the Shares, and the receipt by the Trust of the authorized consideration
therefor, the Shares so issued will be validly issued, fully paid and
nonassessable (although shareholders of the Fund may be subject to liability
under certain circumstances as described in the Statement of Additional
Information of the Trust included as Part B of the Registration Statement under
the caption "General Information").

         We consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not admit that we are in
the category of persons whose consent is required under section 7 of the Act.

                                                   Very truly yours,

                                                   D'ANCONA & PFLAUM LLC

                                                   /s/ Arthur Don
                                                   --------------------------
                                                         Arthur Don