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SIGNATURE RITA DAM
TITLE ASSISTANT TREASURER
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McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
The Board of Directors and shareholders
The Matterhorn Growth Fund, Inc.
In planning and performing our audit of the financial statements of The
Matterhorn Growth Fund, Inc., formerly The 44 Wall Street Equity Fund, Inc.,
for the year ended June 30, 1996, we considered its internal control
structure, including procedures 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 provider assurance on the internal control structure.
The management of The Matterhorn Growth Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use reparation of financial statements in conformity
with generally accepted accounting principles. Because of inherent
limitations in any internal control structure, errors of irregularities
may occur and not be detected. Also, projection of any evaluation of
the structure 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 the internal control structure
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 the specific internal
control structure elements 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 course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to
be material weaknesses as defined above as of June 30, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
July 25, 1996
