NAIC 
GROWTH 
FUND, 
INC.










Semi-Annual Report
June 30, 1996













































Contents



Report to Shareholders                                2
Statement of Assets and Liabilities                   3
Statement of Operations                               4
Statements of Changes in Net Assets                   5
Financial Highlights                                  6
Portfolio of Investments                              7
Notes to Financial Statements                        10
NAIC Growth Fund, Inc., Board of Directors           13
Shareholder Information                              14













































June 30, 1996



The first half of 1996 has seen a great deal of volatility in the stock 
market with predictions of future interest rates still playing an 
important role.  Since December 31, 1995 the net asset value of the NAIC 
Growth Fund has increased from $15.19 to $17.01 which was the NAV on June 
30, 1996.  The peak was on May 23rd, when the NAV was at $17.14

The Board of Directors declared a dividend of $0.09 per share, payable on 
August 1st.  That compares with a semi-annual dividend of $0.45 paid the 
previous year.  Many of the stocks held in the Fund's portfolio increased 
dividends during the past year, enabling the Board to declare a higher 
payout. 

Sales by the Fund included Kimball International resulting in a capital 
gain of $29,625; Maytag that produced a gain of $27,977; Liqui-Box for a 
small gain of $4,285; Lukens with a gain of $6,617; Anheuser-Busch giving 
another small gain of $7,498 and Detection Systems with a profit of 
53,928.  In addition, Guardsman Products merged into another company, 
resulting in a capital gain of $111,040.

Additions to the portfolio included 3,438 Clayton Homes bringing the 
total holdings to 5,000 shares; 1,000 Hannaford Bros. for a new total of 
6,000 shares; 1,000 Newell which increased the holding to 7, 000; 3,750 
additional RPM, up to 10,000 shares; 1,000 Sysco for a new total of 4,000 
and 1,508 Vishay Intertechnology bringing the total to 11,550 shares 
before the stock dividend paid by the company.

Stock distributions during the period included AFLAC (3-2); American Home 
Products (2-1); Coca-Cola (2-1); Johnson & Johnson (2-1); Monsanto (5-1); 
Pentair (2-1); PepsiCo (2-1); RPM (5-4); Stryker (2-1); Synovus Financial 
(3-2); Thermo Electron (3-2); and Vishay Intertechnology (5%). 

The price of the stock, listed on the Chicago Stock Exchange (GRF) closed 
on June 30th at $17.875.  That resulted in the price being at a 5.1% 
premium over the Net Asset Value and compared favorably with a price of 
$13.75 at the end of the year.

Report to Shareowners:






Thomas E. O'Hara, Chairman                Kenneth S. Janke, President















NAIC Growth Fund, Inc.
Statement of Assets and Liabilities
As of June 30, 1996
(Unaudited)



ASSETS

Investment securities
   -at market value (cost $5,896,010)                       $11,327,272
Short-term investments
   -at amortized cost                                           576,210
Cash and cash equivalents                                       573,036
Dividends and interest receivable                                15,268
Prepaid insurance                                                 1,593

                                                             12,493,379

LIABILITIES

Dividends payable                                 65,709
Accounts payable                                  12,321         78,030

TOTAL NET ASSETS                                            $12,415,349



SHAREHOLDERS' EQUITY 

 Common Stock-par value $0.001 per share; 
   authorized 50,000,000 shares, 
      outstanding 730,097 shares                          $         730
Additional Paid-in Capital                                    6,716,325
Undistributed net investment income                              13,221
Undistributed net realized gain
      on investments                                            253,811
Unrealized appreciation of investments                        5,431,262

SHAREHOLDERS' EQUITY                                        $12,415,349

NET ASSET VALUE PER SHARE                                  $      17.01




See notes to financial statements















NAIC Growth Fund, Inc.
Statement of Operations
For the six months ended June 30, 1996
(Unaudited)


INVESTMENT INCOME

      Interest                                                $  22,108
      Dividends                                                 102,762
                                                                124,870
EXPENSES

         Advisory fees                       44,252
         Legal fees                          10,103
         Insurance                            9,556
         Printing                             6,182
         Annual shareholders meeting          6,139
         Directors fees &  expenses           5,633
         Transfer agent & custodian fees      4,921
         Audit fees                           2,927
         Mailing & postage                    1,318
         Other fees & expenses                6,139
              Less:  Advisory fees waived   (42,149)
         Net Expenses                                            55,021

               Net investment income                             69,849


REALIZED AND UNREALIZED GAIN ON INVESTMENTS

  Realized gain on investments:
    Proceeds from sale of investment securities       755,947
    Cost of investment securities sold                502,136

       Net realized gain on investments                         253,811

  Unrealized appreciation of investments:
    Unrealized appreciation at beginning of period  4,364,512
    Unrealized appreciation at end of period        5,431,262

          Increase in unrealized appreciation on investments  1,066,750
            Net realized and unrealized gain on investments   1,320,561

NET INCREASE FROM OPERATIONS                                $ 1,390,410




See Notes to Financial Statements












NAIC Growth Fund, Inc.
Statements of Changes in Net Assets
For the periods ended:


                                           June 30, 1996  December 31, 1995
                                            (Unaudited)

FROM OPERATIONS:

Net investment income                          $69,849         $112,973
Net realized gain on investments               253,811           51,995
Net change in unrealized appreciation on 
          investments                        1,066,750        2,610,159
        Net increase from operations         1,390,410        2,875,127

DISTRIBUTION TO STOCKHOLDERS FROM:

Net investment income                           65,709          106,065
Net realized gain from investment transactions       0           96,499
          Total distributions                   65,709          202,564

FROM CAPITAL STOCK TRANSACTIONS:

Shares issued to common stockholders: 
Dividend reinvestment                          101,533                0
Cash purchases                                       0                0
     Net increase from capital stock 
         transactions                          101,533                0
             Net increase in net  assets     1,426,234        2,672,563

TOTAL NET ASSETS:

Beginning of period                         10,989,115        8,316,552
End of period (including undistributed 
       net investment income of $13,221 
       and $9,081, respectively)           $12,415,349      $10,989,115

Shares:

Shares issued to common stockholders under 
       the dividend reinvestment and cash 
       purchase plan                             6,653                0
Shares at beginning of period                  723,444          723,444

Shares at end of period                        730,097          723,444




See Notes to Financial Statements







NAIC Growth Fund, Inc.
Financial Highlights

For the periods ended:  June 30,
                          1996      1995     1994     1993      1992      1991
                      (Unaudited)

Net asset value at 
   beginning of period  $15.19    $11.50   $11.24    $10.83    $10.06    $8.72
Net investment income      .10       .15      .09       .07       .09      .19
Net realized and unrealized 
   gain on investments    1.81      3.82      .26       .43       .86     1.49
   Total from investment 
     operations           1.91      3.97      .35       .50       .95     1.68

Distributions from:
  Net investment income  (.09)     (.15)     (.09)     (.07)     (.09)    (.19)
  Realized gains          .00      (.13)      .00      (.02)     (.09)    (.07)
    Total distributions  (.09)     (.28)     (.09)     (.09)     (.18)    (.26)

Registration and initial 
  public offering costs   .00       .00       .00       .00       .00     (.08)

Net asset value at 
    end of period      $17.01    $15.19    $11.50    $11.24    $10.83   $10.06

Per share market value, 
     end of period 
                 Ask   17 7/8    14 1/4     9 1/2    11 1/4    12       12
                 Bid   17 1/4    13 3/4     9 3/8     9 1/2     9 1/2    9 1/2

Total Investment Return 
(annualized):
 based on market value
   1 year              61.31%    49.70%    (0.54%)    0.83%     1.72%  (12.52%)
   from inception      11.36%     7.85%     0.27%     0.50%     0.37%   (0.52%)
based on net asset value
   1 year              25.15%    34.60%     3.12%     4.65%     9.51%   18.18%
   from inception      11.10%     9.78%     4.92%     5.45%     5.77%    3.35%

Net Assets, end of period 
                  12,415,349 10,989,115 8,316,552 8,081,804 7,432,322 6,187,758

Ratios to average net assets (annualized):

Ratio of expenses to 
  average net assets (a)0.93%    1.19%     1.81%      2.00%     2.00%    2.00%
Ratio of net investment 
  income to average 
  net assets (a)       1.18%     1.16%     0.77%      0.63%     0.92%    1.94%

Portfolio turnover rate  5.85%   6.90%     6.56%      0.62%     3.50%    1.46%
Average commission rate $0.125   $0.12

(a) For the periods 1996, 1995 and 1994, the adviser voluntarily waived either 
all or a portion of its fee.  Had the adviser not done so, the ratios of 
expenses to average net assets would have been 1.64%, 1.94% and 2.00%, in 1996, 
1995 and 1994, respectively, and the ratios of net investment income to average 
net assets would have been 0.47%, 0.41% and 0.58%, respectively.


See Notes to Financial Statements
NAIC Growth Fund, Inc.
Portfolio of Investments - June 30, 1996


%  Common Stock       Shares     Cost      Market


1.0   Auto Replacement

Dana Corp.            4,000     53,250     124,000


7.4   Banking

Citicorp              4,000     79,167     331,000
Comerica Inc.         2,000     58,750      89,250
Huntington Banc.     10,916     91,105     260,620
First Chicago NBD     2,000     64,750      78,250
Synovus Financial     7,500     81,125     162,187


0.5   Broadcasting

Walt Disney           1,049     67,681      65,956


2.5   Building Products

Johnson Controls      3,000     96,895     208,500
Clayton Homes         5,000     83,231     100,000


4.3   Chemicals

Monsanto              1,500     71,447     243,750
RPM                  10,000    119,125     156,250
Sigma Aldrich         2,500     94,938     133,750


0.8   Computers

IBM                   1,000     99,387      99,000


3.3   Consumer Products

Colgate-Palmolive     2,000     98,500     169,500
Alltrista Corp. *     1,125     16,361      26,719
Newell Co.            7,000    153,000     214,375


3.9   Electrical Equipment

General Electric      2,000     56,000     173,500
Vishay Intertech. *  11,550    132,026     272,869
Westinghouse          2,000     23,875      37,750


1.1   Electronics 

Dynatech Corp. *     4,000      35,512     130,000

11.6   Ethical Drugs

Amer. Home Prod.     3,000      90,510     180,375
Bristol-Myers Squibb 2,000     146,475     180,000
Eli Lilly            5,000     168,963     325,000
Johnson & Johnson    2,000      45,500      99,000
Merck & Co., Inc.    2,500      83,319     161,562
Pfizer Inc.          1,000      58,750     142,750
Pharmacia & Upjohn   5,500     200,070     353,891


8.2   Financial Services 

Allied Group         5,000     131,625     217,500
Beneficial Corp.     4,000     119,537     224,500
Dun & Bradstreet     1,500      66,615      93,750
Household Intl.      5,000     123,313     380,000
State Street Boston  2,000      75,500     102,000


3.1   Food 

ConAgra              3,000      78,125     136,125
Heinz, H.J.          2,000      67,250      92,250
McCormick & Co.      7,000     145,100     154,875


1.6   Grocery 

Hannaford Bros.      6,000     138,562     195,750


2.2   Hospital Supplies

Biomet Corp. *       2,000      26,750      28,750
Stryker Corp.        2,000      69,250      91,000
St. Jude Medical     4,500     100,125     150,750


0.6   Industrial Services

Donaldson Co.        3,000      37,588      77,250


1.1   Instruments

TSI Inc.             7,500      48,375     142,500


2.7   Insurance

AFLAC                3,750      51,875     112,031
Amer. Int'l. Group   2,250      79,053     221,906


1.1   Leasing

Ryder System Inc.    4,800      75,973     135,000


4.3   Machinery

Commercial Inter.    4,500       51,475     116,437
Cooper Industries    3,500      129,018     145,250
Emerson Electric     3,000      113,518     271,125


1.1   Maritime

Sea Containers       7,000      136,563     133,000


3.0   Multi Industry

Pentair              3,000       23,875      90,000
Thermo Electron *    4,500      106,687     280,969


0.5   Office Equipment

American Bus. Prod.  3,000       62,625      65,625


2.1   Paper

Mead Corp.           5,000      134,002     259,375


1.0   Petroleum

Kerr McGee           2,000       95,250     121,750


0.8   Pollution Control

WMX Tech.            3,000       92,647      98,250


3.5   Publishing

Reuters Holdings     6,000      125,375     435,000


3.0   Restaurants

McDonald's           8,000      115,260     374,000


0.4   Rubber

Cooper Tire & Rub.   2,000       31,823      44,500


5.0    Soft Drinks

Coca Cola            4,000       82,250     196,000
PepsiCo             12,000      222,250     426,000


3.4   Telecommunications

ADC Telecom. *       6,000       28,313     270,000
Cincinnati Bell      3,000       55,250     156,375


1.7   Tobacco

Philip Morris        2,000       91,588      208,000


1.3   Transportation

Arnold Industries    2,000       27,850       28,500
Sysco Corp.          4,000      108,250      137,000


1.3   Utilities

Century Telephone    5,000      140,625      159,375


1.9   Water Treatment

Ionics *             5,000      117,188      235,000

91.3                         $5,896,010  $11,327,272


S      Short-term Investments

4.6    United States Treasury Securities     576,210
4.6    Misc. Cash Equivalents                573,036

9.2                                        1,149,246

              Total Investments           12,476,518


(0.5)   All other assets less liabilities    (61,169)



100.0%        Total Net Assets           $12,415,349




* non-income producing securities






See Notes to Financial Statements











NAIC Growth Fund, Inc.
Notes to Financial Statements 



(1)  ORGANIZATION

The NAIC Growth Fund, Inc. (the "Fund") was organized under Maryland law 
on April 11, 1989 as a diversified closed-end investment company under 
the Investment Company Act of 1940.  The Fund commenced operations on 
July 2, 1990.



(2)  SIGNIFICANT ACCOUNTING POLICIES

The  following is a summary of the significant accounting policies 
followed by the Fund not otherwise set forth in the notes to financial 
statements:

Dividends and Distributions - Dividends from the Fund's net investment 
income and realized net long- and short-term capital gains will be 
declared and distributed at least annually.  Shareholders may elect to 
participate in the Dividend Reinvestment and Cash Purchase Plan (see 
Note 4).

Investments - Investments in equity securities are stated at market 
value, which is determined based on quoted market prices or dealer 
quotes. Pursuant to Rule 2a-7 of the Investment  Company Act of 1940, 
the Fund utilizes the amortized cost method to determine the carrying 
value of short-term debt obligations.  Under this method, investment 
securities are valued for both financial reporting and Federal tax 
purposes at amortized cost.  Any discount or premium is amortized from 
the date of acquisition to maturity.   Investment security purchases and 
sales are accounted for on a trade date basis.

Federal Income Taxes - The Fund intends to comply with the general 
qualification requirements of the Internal Revenue Code applicable to 
regulated investment companies.  The Fund intends to distribute at least 
90% of its taxable income, including net long-term capital gains, to its 
shareholders.  In order to avoid imposition of the excise tax applicable 
to regulated investment companies, it is also the Fund's intention to 
declare as dividends in each calendar year at least 98% of its net 
investment income and 98% of its net realized capital gains plus 
undistributed amounts from prior years. 

The following information is based upon Federal income tax cost of 
portfolio investments as of June 30, 1996:

      Gross unrealized appreciation          $  5,436,937
      Gross unrealized depreciation                (5,675)

           Net unrealized appreciation       $  5,431,262

      Federal income tax cost                $  5,896,010

Expenses - The Fund's service contractors bear all expenses in 
connection with the performance of their services.  The Fund bears all 
expenses incurred in connection with its operations including, but not 
limited to,  management fees (as discussed in Note 3), legal and audit 
fees, taxes, insurance, shareholder reporting and other related costs.  
Such expenses will be charged to expense daily as a percentage of net 
assets.  The Fund's expenses in excess of two percent (2%) of average 
net assets shall be the responsibility of the Investment Adviser.  A 
director of the Fund is of counsel to the Fund's legal counsel.  Legal 
counsel has incurred $10,103 for ongoing legal services during the 
period.


(3)  MANAGEMENT ARRANGEMENTS

Investment Adviser

National Association of Investors Corporation serves as the Fund's 
Investment Adviser subject to the Investment Advisory Agreement, and is 
responsible for the management of the Fund's portfolio, subject to 
review by the board of directors of the Fund.

For the services provided under the Investment Advisory Agreement, the 
Investment Adviser receives a monthly fee at an annual rate of three-
quarters of one percent (0.75%) of the average weekly net asset value of 
the Fund, during the times when the average weekly net asset value is at 
least $3,800,000.  The Investment Adviser will not be entitled to any 
compensation for a week in which the average weekly net asset value 
falls below $3,800,000.  The Adviser has voluntarily waived $42,149 of 
its total fee of $44,252 for the period ended June 30, 1996.

Plan Agent

First Chicago NBD, formerly known as NDB Bank, serves as the Fund's 
custodian pursuant to the Custodian Agreement.  As the Fund's custodian, 
NBD will receive fees and compensation of expenses for services provided 
including, but not limited to, an annual account charge, annual security 
fee, security transaction fee and statement of inventory fee.  In 
August, 1994, Boston EquiServe, formerly known as State Street Bank and 
Trust Company, became the transfer agent and dividend disbursing agent 
pursuant to Transfer Agency and Dividend Disbursement Agreements.  
Boston EquiServe will receive fees for services provided including, but 
not limited to, account maintenance fees, activity and transaction 
processing fees and reimbursement of out-of-pocket expenses such as 
forms and mailing costs.

(4)  DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN

The Fund has a Dividend Reinvestment and Cash Purchase Plan (the "Plan") 
which allows shareholders to reinvest dividends paid and make additional 
contributions. 

Under the Plan, if on the valuation date the net asset value per share 
is lower than the market price at the close of trading on that day, then 
the Plan Agent will elect on behalf of the shareholders who are 
participants of the Plan to take the dividends in newly issued shares of 
the Fund's common stock.  If net asset value exceeds the market price on 
the valuation date, the Plan Agent will elect to receive cash dividends, 
and will promptly buy shares of the Fund's common stock on whatever 
market is consistent with best price and execution.  The number of 
shares credited to each shareholder participant's account will be based 
upon the average purchase price for all shares purchased.

(5)  DISTRIBUTIONS TO SHAREHOLDERS

On May 16, 1996, a distribution of $0.09 per share aggregating $65,709 
was declared from net investment income.  The dividend was paid August 
1, 1996, to shareholders of record June 28, 1996.  

(6)  INVESTMENT TRANSACTIONS

Purchases and sales of securities, other than short-term securities for 
the period ended June 30, 1996, were $323,322 and $755,947, 
respectively.

(7)  FINANCIAL HIGHLIGHTS

The Financial Highlights present a per share analysis of how the Fund's 
net asset value has changed during the periods presented.  Additional 
quantitative measures expressed in ratio form analyze important 
relationships between certain items presented in the financial 
statements.  These Financial Highlights have been derived from the 
financial statements of the Fund and other information for the periods 
presented.  The Total Investment Return based on market value assumes 
that shareholders bought into the Fund at the bid price and sold out of 
the Fund at the bid price.  In reality, shareholders buy into the Fund 
at the ask price and sell out of the Fund at the bid price.  Therefore, 
actual returns may differ from the amounts stated.










































Shareholder Information

The ticker symbol for the NAIC Growth Fund, Inc., on the Chicago Stock 
Exchange is GRF.  

The dividend reinvestment plan allows shareholders to automatically 
reinvest dividends in Fund common stock without paying commission.  Once 
enrolled, you can make additional stock purchases through monthly cash 
deposits ranging from $50 to $1,000.  For more information, request a 
copy of the Dividend Reinvestment Service for Stockholders of NAIC 
Growth Fund, Inc., from Boston EquiServe., P.O. Box 8204, Boston, 
Massachusetts  02266.  Telephone 1-800-257-1770.

Questions about dividend checks, statements, account consolidation, 
address changes, stock certificates or transfer procedures write Boston 
EquiServe., P.O. Box 8204, Boston, Massachusetts 02266.  Telephone 1-
800-257-1770.

Shareholders or individuals wanting general information or having 
questions, write NAIC, P.O. Box 220, Royal Oak, Michigan 48068.  
Telephone 810-583-6242 Ext. 322.


NAIC Growth Fund, Inc.
Board of Directors


Thomas E. O'Hara
Chairman,
Bloomfield Hills, MI

Lewis A. Rockwell
Secretary,
Grosse Pointe Shores, MI

Cynthia P. Charles
Director,
Amber, PA

Carl A. Holth
Director,
Grosse Pointe, MI

William T. Endicott
Director,
Bethesda, MD

Kenneth S. Janke
President,
Bloomfield Hills, MI

Benedict J. Smith
Director,
Birmingham, Mi

Robert L. Eldred
Director,
Chippewa Lake, MI

Peggy L. Schmeltz
Director,
Bowling Green, OH