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SIGNATURE JOSEPH C. CURRY, JR.
TITLE SECRETARY/TREASURER
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<NAME> HILLIARD LYONS GROWTH FUND, CLASS A
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<NAME> HILLIARD LYONS GROWTH FUND, CLASS A
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Hilliard Lyons Growth Fund, Inc.
In planning and performing our audit of the
financial statements of Hilliard Lyons Growth
Fund, Inc. for the year ended December 31,1999, we
considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control.
The management of Hilliard Lyons Growth Fund,
Inc. is responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of
controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of
preparing financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions
or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of one or
more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts
that would be material in relation to the financial
statements being audited may occur and not be
detected within a timely period by employees in
the normal course of performing their assigned
functions. However, we noted no matters
involving internal control and its operation,
including controls for safeguarding securities, that
we consider to be material weaknesses as
defined above at December 31, 1999.
This report is intended solely for the information
and use of management, the Board of Directors of
Hilliard Lyons Growth Fund, Inc. and the
Securities and Exchange Commission and is not
intended to be and should not be used by anyone
other than these specified parties.
\s\Ernst & Young
Louisville, Kentucky
January 25, 2000
