Report of Independent Public Accountants

To the Board of Directors and Shareowners of NAIC Growth Fund,
Inc.:

	We have audited the accompanying statement of assets and
liabilities of NAIC GROWTH FUND, INC. (a Maryland corporation),
including the portfolio of investments, as of December 31, 2001, and
the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the five years
in the period then ended.  These financial statements and  financial
highlights are the responsibility of the Fund's management.  Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.

	We conducted our audits in accordance with generally
accepted auditing standards in the united states.  Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial
highlights are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  Our procedures included
confirmation of securities owned as of December 31, 2001, by
correspondence with the custodian.  An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis for
our opinion.

	In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material respects, the
financial position of NAIC Growth Fund, Inc. as of December 31,
2001, the results of its operations for the year then ended, the changes
in its net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then
ended in conformity with accounting principles generally accepted in
the united states.



	ARTHUR ANDERSEN LLP


Detroit, Michigan,
January 4, 2002.