HILLIARD LYONS GROWTH FUND INC
NSAR-B, 1997-02-27
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 0000879858
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 U
001 A000000 HILLIARD LYONS GROWTH FUND, INC.
001 B000000 811-6423
001 C000000 5025888832
002 A000000 P.O. BOX 32760
002 B000000 LOUISVILLE
002 C000000 KY
002 D010000 40232
002 D020000 2760
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007 C011000 10
008 A000001 HILLIARD LYONS INVESTMENT ADVISORS
008 B000001 A
008 C000001 801-23120
008 D010001 LOUISVILLE
008 D020001 KY
008 D030001 40202
008 D040001 2517
011 A000001 J.J.B. HILLIARD, W.L. LYONS, INC.
011 B000001 8-33133
011 C010001 LOUISVILLE
011 C020001 KY
011 C030001 40202
011 C040001 2517
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-05003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02266
<PAGE>      PAGE  2
013 A000001 ERNST & YOUNG, LLP
013 B010001 LOUISVILLE
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013 B030001 40202
014 A000001 J.J.B. HILLIARD, W.L. LYONS, INC.
014 B000001 8-33133
015 A000001 STATE STREET BANK AND TRUST COMPANY
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020 A000003 THE ROBINSON-HUMPHREY CO., INC.
020 B000003 58-1472560
020 C000003      2
020 A000004 SMITH BARNEY SHEARSON INC.
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022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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022 A000004 ROBERT W. BAIRD & CO., INC.
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022 A000005 SMITH BARNEY SHEARSON INC.
<PAGE>      PAGE  3
022 B000005 13-1912900
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<PAGE>      PAGE  4
071 A000000      7809
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080 A000000 RELIANCE INSURANCE COMPANY
080 B000000 NONE
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SIGNATURE   MICHAEL L. HOWARD                            
TITLE       ASSISTANT SECRETARY 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000879858
<NAME> HILLIARD LYONS GROWTH FUND INC
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       23,934,350
<INVESTMENTS-AT-VALUE>                      35,574,372
<RECEIVABLES>                                  155,149
<ASSETS-OTHER>                                   5,148
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              35,734,669
<PAYABLE-FOR-SECURITIES>                             0
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<OTHER-ITEMS-LIABILITIES>                      107,142
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<SHARES-COMMON-STOCK>                            1,553
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<OVERDISTRIBUTION-NII>                         (1,576)
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<EXPENSE-RATIO>                                  0.016
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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