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SIGNATURE THOMAS F. THURLOW
TITLE PRESIDENT
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<CIK> 0001038264
<NAME> THURLOW GROWTH FUND
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</TABLE>
REPORT OF INDEPENDENT PUBLIC
ACCOUNTANTS
To the Shareholders and Board of Directors
of The Thurlow Funds, Inc.
In planning and performing our audit of the financial statements of The
Thurlow Funds, Inc. (the Fund), (a Maryland corporation which
includes the Thurlow Growth fund) for the period from August 8, 1997
(commencement of operations) through June 30, 1998, 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, and not to provide
assurance on the internal control structure.
The management of the Fund 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 control activities. Generally, control
activities that are relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those control activities include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities 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 the internal control structure 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 any specific internal
control components does not reduce to a relatively low level the risk
that errors or irregularities 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 the internal control structure, including control activities for
safeguarding securities, that we consider to be material weaknesses as
defined above as of June 30, 1998
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
July 17, 1998
