MATTERHORN GROWTH FUND
Semi-Annual Report
December 31, 1996
<PAGE>
MATTERHORN GROWTH FUND
Dear Shareholders,
Many changes have taken place within The Matterhorn Growth Fund, Inc. (the
"Fund") during the past six months. With the assignment of Matterhorn Asset
Management Corporation as the new investment adviser, the Fund has begun to take
new shape. We are currently in the process of realigning the portfolio in order
to provide investors with greater long-term capital appreciation while
minimizing exposure to market and interest rate risks. With this objective in
mind, we have decided to reduce the Fund's investments in stocks of small
capitalization companies and take a more value-oriented approach in the security
selection process. Investments will be concentrated in the stocks of companies
which have low valuations relative to either earnings growth potential or
underlying asset value. The combination of growth in earnings and an expanding
multiple, if favorable market conditions prevail, can produce superior returns
with lower risk.
On January 1, 1997, Gregory A. Church, the Fund's president, took over as
the Fund's portfolio manager. As an already established successful investment
adviser, Mr. Church's long-term investment experience and knowledge will serve
to enhance the profitability of the Fund, as well as to boost the Fund's
performance over the long haul. Under the Fund's new management, fund expenses
were reduced by 10.57% from January 1, 1996 through June 30, 1996. From July 1,
1996 through December 31, 1996, the expense ratio fell by 11.82%. Management is
forecasting an additional reduction of between 10-20% for fiscal year ending
June 30, 1998. Investors should bear in mind that the Fund was in a transition
period during 1996, and we are extremely optimistic about the Fund's future.
We are in the process of constructing a portfolio that utilizes the
philosophy of "growth at reasonable prices." During the period, we increased
investments in various industries, including telecommunication services and
insurance.
<PAGE>
Among the major holdings in the telecommunication services industry were
SBC Communications, Motorola and AT&T. Although the telephone industry lagged
overall in the market during the year, these companies are proven leaders and
will benefit from secular changes in the telecommunication services industry as
a whole.
In the insurance sector, General Re Corp. and NAC Re Corp. are favored
holdings. These stocks will benefit from continued growth and consolidation in
the reinsurance markets.
We remain optimistic on the equity markets as both economic data and
continued foreign buying portend another favorable year for equity holders.
Sincerely Yours,
/s/ /s/
Gregory A. Church Sheldon E. Goldberg
President Chairman
Portfolio Manager Matterhorn Asset Management Corp.
The Matterhorn Growth Fund, Inc.
Matterhorn Asset Management Corp.
<PAGE>
MATTERHORN GROWTH FUND
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS at December 31, 1996 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Shares COMMON STOCKS: 71.85% Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Auto: 1.58%
<S> <C> <C>
4,000 Cooper Tire & Rubber.................................................... $ 79,000
2,500 Mark IV Industries...................................................... 56,563
------
135,563
-------
Banking: 3.33%
2,000 Chase Manhattan Corp.................................................... 178,500
2,000 First Chicago NBD Corp.................................................. 107,500
-------
286,000
-------
Beverage: 4.48%
6,060 Cadbury Schweppes PLC, ADR.............................................. 138,548
1,500 PanAmerican Beverages, Inc. Class A..................................... 70,312
4,000 PepsiCo, Inc............................................................ 175,500
-------
384,360
-------
Broadcast / Cable TV: 2.25%
3,500 Liberty Media........................................................... 99,750
5,000 US West Media Group* ................................................... 92,500
------
192,250
-------
Computer Peripherals: 1.50%
5,000 Sun Microsystems*....................................................... 128,125
-------
Computer Software & Services: 2.35%
1,500 National Data Corp...................................................... 65,250
3,000 Sterling Software, Inc.*................................................ 94,875
2,000 Stewart Information Services Corp....................................... 41,500
------
201,625
-------
Consumer Products: 0.99%
3,000 American Greetings, Class A............................................. 85,125
------
Diversified: 2.71%
160,000 China Industrial Group, Inc.*........................................... 20,000
1,500 CPC International....................................................... 116,250
11,004 United Capital Corp.*................................................... 96,285
------
232,535
-------
<PAGE>
MATTERHORN GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 1996 (Unaudited), Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Drugs: 3.99%
3,700 Johnson & Johnson....................................................... $ 184,075
4,000 Pharmacia & Upjohn, Inc................................................. 158,500
-------
342,575
-------
Electronics Industry: 2.77%
4,000 AMP, Inc................................................................ 153,500
1,500 General Motors, Class H................................................. 84,375
------
237,875
-------
Environmental: 0.92%
10,000 Waste Management International.......................................... 78,750
------
Financial Services: 0.77%
1,000 Dean Witter Discover.................................................... 66,250
------
Heavy Industries: 2.04%
2,500 FMC Corp................................................................ 175,313
-------
Hotel / Gaming: 0.93%
4,000 Harrah's Entertainment.................................................. 79,500
------
Insurance: 3.79%
1,200 General Re Corp......................................................... 189,300
4,000 NAC Re Corp............................................................. 135,500
-------
324,800
-------
Maritime: 0.64%
3,500 Sea Containers, Ltd., Class A........................................... 54,685
------
Marketing: 1.15%
3,000 Cognizant Corp.......................................................... 99,000
------
Medical Services: 0.85%
4,100 GranCare, Inc.*......................................................... 73,288
------
Miscellaneous: 1.14%
6,000 Heilig Meyers Co........................................................ 97,500
------
<PAGE>
MATTERHORN GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 1996 (Unaudited), Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Natural Gas: 1.04%
3,000 Equitable Resources, Inc................................................ $ 89,250
--------
Office Equipment & Supplies: 1.53%
2,500 Xerox Corp.............................................................. 131,563
-------
Oil Services: 1.36%
7,000 McDermott International................................................. 116,375
-------
Packaging and Container: 1.51%
5,000 Ball Corp............................................................... 130,000
-------
Petroleum: 1.91%
1,000 Exxon Corp.............................................................. 98,000
3,000 Lyondell Petrochem...................................................... 66,000
------
164,000
-------
Precision Equipment: 0.90%
1,500 Tektronix, Inc.......................................................... 76,875
------
Publishing: 2.50%
2,500 Media General........................................................... 75,625
3,000 Pulitzer Publishing..................................................... 139,125
-------
214,750
-------
Railroads: 1.72%
3,500 CSX Corp................................................................ 147,875
-------
Real Estate Investment Trust: 7.64%
133,300 Americana Hotel & Realty Corp.*......................................... 149,963
38,900 One Liberty Properties, Inc............................................. 505,700
-------
655,663
-------
Restaurants: 2.15%
9,000 Wendy's International................................................... 184,500
-------
Retail Stores: 1.08%
3,000 Dillard Department Stores, Inc.......................................... 92,625
------
<PAGE>
MATTERHORN GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 1996 (Unaudited), Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Semiconductor: 1.67%
2,500 LSI Logic Corp.*........................................................ $ 66,875
1,500 Microchip Technology, Inc.*............................................. 76,125
------
143,000
-------
Technology: 2.75%
8,000 Bell Microproducts...................................................... 69,000
1,000 Electronic Data Systems................................................. 43,250
1,500 Filenet Corp............................................................ 47,625
3,000 Silicon Graphics, Inc................................................... 76,500
------
236,375
-------
Telecommunications Services: 5.91%
2,000 AT&T Corp............................................................... 87,000
2,500 Motorola................................................................ 153,438
4,000 SBC Communications, Inc................................................. 207,000
1,500 Sprint Corp............................................................. 59,812
------
507,250
-------
Total Common Stocks (cost $5,619,788)................................... 6,165,220
---------
PREFERRED STOCKS: 3.18%
- ------------------------------------------------------------------------------------------------------------------------------------
Miscellaneous: 1.13%
5,500 News Corp. Ltd.......................................................... 96,938
------
Real Estate Investment Trust: 2.05%
10,600 One Liberty Properties, Inc............................................. 176,225
-------
Total Preferred Stocks (cost $239,672).................................. 273,163
-------
Principal Amount BONDS: 1.70%
- ------------------------------------------------------------------------------------------------------------------------------------
Medical Services: 1.70%
$150,000 Maxxim Medical, Inc., 6.75%, due 3/1/2003 (cost $149,000)............... 145,500
-------
<PAGE>
MATTERHORN GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 1996 (Unaudited), Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Principal Amount Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
$2,142,000 Star Bank Repurchase Agreement, 5.0%, dated 12/31/1996,
due 1/2/1997, collateralized by $2,285,000 GNMA, 6.5%
due 1/20/2024, (proceeds $2,142,587) (cost $2,142,000).................. $ 2,142,000
-----------
Total Investment in Securities (cost $8,150,460+): 101.69%.............. 8,725,883
Liabilities in excess of other assets: (1.69)%.......................... (144,784)
--------
Total Net Assets: 100.0%................................................ $ 8,581,099
===========
<FN>
*Non-income producing security.
+ At December 31, 1996, the cost of securities for Federal tax purposes was
$8,193,898. Unrealized appreciation and depreciation of securities, based on
cost for Federal income tax purposes, were as follows:
Gross unrealized appreciation........................................... $ 931,099
Gross unrealized depreciation.......................................... (399,114)
--------
Net unrealized appreciation....................................... $ 531,985
=========
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
MATTERHORN GROWTH FUND
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES at December 31, 1996 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C>
Investments in securities, at value (identified cost $8,150,460)....................... $ 8,725,883
Cash................................................................................... 102
Receivables:
Dividends........................................................................ 22,559
Interest ........................................................................ 3,758
Investment securities sold....................................................... 2,164,901
Other assets........................................................................... 28,681
------
Total assets .............................................................. 10,945,884
----------
LIABILITIES
Payables:
Investment securities purchased.................................................. 2,297,684
Fund shares redeemed............................................................. 17,737
Accrued expenses and other............................................................. 49,364
------
Total liabilities.......................................................... 2,364,785
---------
NET ASSETS .............................................................................. $ 8,581,099
===========
Net asset value, offering and redemption price per share
($8,581,099/1,391,623 shares outstanding;
100,000,000 shares authorized with $.001 par value) ............................. $6.17
=====
COMPONENTS OF NET ASSETS
Paid-in capital........................................................................ $ 8,258,447
Accumulated net investment loss........................................................ (177,316)
Accumulated net realized loss on investments........................................... (75,455)
Net unrealized appreciation of investments............................................. 575,423
-------
Net assets ...................................................................... $ 8,581,099
===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
MATTERHORN GROWTH FUND
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS - Six Months Ended December 31, 1996 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Income
<S> <C>
Dividends........................................................................ $ 76,689
Interest ........................................................................ 46,010
------
Total investment income ................................................... 122,699
-------
Expenses
Advisory fees (Note 3) .......................................................... 43,736
Professional fees................................................................ 27,206
Administration fee (Note 3)...................................................... 21,946
Custodian and accounting fees.................................................... 13,561
12b-1 expense (Note 3)........................................................... 10,934
Transfer agent fees.............................................................. 8,319
Auditing fees.................................................................... 8,067
Registration fees................................................................ 7,910
Printing......................................................................... 4,284
Directors' fees.................................................................. 2,521
Miscellaneous.................................................................... 2,144
Insurance........................................................................ 504
---
Total expenses............................................................. 151,132
-------
Net investment loss ..................................................... (28,433)
-------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on:
Investments ..................................................................... (219,238)
Options.......................................................................... 31,638
------
Total net realized loss.................................................... (187,600)
Net change in unrealized appreciation of investments................................... 237,454
-------
Net realized and unrealized gain on investments ................................. 49,854
------
Net Increase in Net Assets Resulting from Operations ...................... $ 21,421
========
</TABLE>
See Notes to Financial Statements.
<PAGE>
MATTERHORN GROWTH FUND
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Six months Year
ended ended
December 31, 1996# June 30, 1996
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
<S> <C> <C>
Net investment loss....................................................... $ (28,433) $ (148,883)
Net realized gain (loss) on investments .................................. (187,600) 1,768,870
Net change in unrealized appreciation (depreciation) of investments....... 237,454 (614,509)
------- --------
Net increase in net assets resulting from operations ............... 21,421 1,005,478
------ ---------
DISTRIBUTIONS TO SHAREHOLDERS
Net realized gain on investments.......................................... (1,051,049) (765,908)
---------- --------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................................................. 462,487 255,949
Net asset value of shares issued on reinvestment of distributions......... 985,047 727,336
Cost of shares redeemed................................................... (652,615) (1,400,287)
-------- ----------
Net increase (decrease) from capital share transactions ............ 794,919 (417,002)
------- --------
Total decrease in net assets ................................. (234,709) (177,432)
NET ASSETS
Beginning of period ...................................................... 8,815,808 8,993,240
--------- ---------
End of period (including accumulated net investment losses of
($177,316) and ($148,883), respectively)............................ $8,581,099 $8,815,808
========== ==========
CHANGE IN SHARES
Shares sold .............................................................. 67,944 37,245
Shares issued on reinvestment of distributions............................ 158,879 115,085
Shares redeemed........................................................... (94,552) (200,891)
------- --------
Net increase (decrease)................................................... 132,271 (48,561)
======= =======
<FN>
#Unaudited.
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
MATTERHORN GROWTH FUND
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout each period
- ------------------------------------------------------------------------------------------------------------------------------------
For the Six
Months Ended Years ended June 30
December 31, -------------------------------------------------
1996, (Unaudited)1996(a) 1995 1994 1993* 1992*
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 7.00 $ 6.88 $ 5.87 $ 7.09 $ 6.30 $ 5.80
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment loss ..................... (.01) (.12) (.17) (.17) (.04) (.07)
Net realized and unrealized gain on
investments........................ .03 .85 1.28 .71 1.77 .57
--- --- ---- --- ---- ---
Total from investment operations............... .02 .73 1.11 .54 1.73 .50
--- --- ---- --- ---- ---
Less distributions:
From net realized gains.................. (.85) (.61) (.10) (1.76) (.94) --
---- ---- ---- ----- ----
Total distributions............................ (.85) (.61) (.10) (1.76) (.94) --
---- ---- ---- ----- ----
Net asset value, end of period................. $ 6.17 $ 7.00 $ 6.88 $ 5.87 $ 7.09 $ 6.30
====== ====== ====== ====== ====== ======
Total return .................................. 0.25%+ 11.60% 19.32% 5.60% 28.89% 8.62%
Ratios/supplemental data:
Net assets, end of period (000 omitted)........ $8,581 $8,816 $8,993 $8,201 $8,048 $4,430
Ratio to average net assets:
Expenses (excluding interest) ........... 3.46%++ 4.21% 4.62% 4.87% 4.27% 5.17%
Interest expense......................... .00 .02 .56 .14 .12 .16
--- --- --- --- --- ---
Total expenses........................... 3.46% 4.23% 5.18% 5.01% 4.39% 5.33%
==== ==== ==== ==== ==== ====
Net investment loss...................... (.65)%++ (1.64)% (2.50)% (2.77)% (.62)% (1.11)%
==== ===== ===== ===== ==== =====
Portfolio turnover rate ....................... 53.69% 88.32% 72.11% 160.06% 167.27% 135.89%
===== ===== ===== ====== ====== ======
Average commission rate paid**................. $.0745 $-- $-- $-- $-- $--
(B) BANK LOANS
Amount outstanding at end of period (000)...... $-- $-- $ 366 $ 27 $-- $--
Average amount of bank loans outstanding
during the year (monthly average) (000).. $-- $ 12 $ 456 $ 44 $ 49 $ 54
Average number of shares outstanding during
the year (monthly average) (000)*........ -- 1,306 1,369 1,268 773 662
Average amount of debt per share during the year $-- $ .01 $ .33 $ .03 $ .06 $ .08
<FN>
+Not annualized.
++Annualized.
*Based on average month-end shares outstanding.
**A fund is required to disclose its average commission rate per share for
security trades on which commissions are charged. This amount may vary from fund
to fund depending on the mix of trades executed in various markets where trading
practices and commission rate structures may differ. This rule took effect on
September 30, 1996 and is not required for periods prior to that date.
(a)On March 15, 1996, the investment adviser changed, and Matterhorn Asset
Management Corporation became the Fund's investment adviser.
</FN>
</TABLE>
See Notes to Financial
Statements.
<PAGE>
MATTERHORN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
The Matterhorn Growth Fund, Inc. (the "Fund") is a Maryland corporation
incorporated on May 2, 1980 and is registered under the Investment Company Act
of 1940 as a non-diversified, open-end management investment company.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund. These policies are in conformity with generally accepted
accounting principles.
A. Security Valuation. Investments in securities are valued daily based
upon latest closing market prices for those securities traded on
national securities exchanges, or if there has been no sale that day
at the mean between the last bid and asked prices, and at the closing
bid price for those securities traded in the over-the-counter market.
Short-term investments with less than 60 days to maturity when
acquired by the Fund are valued on an amortized cost basis. All other
securities and assets are valued at fair value, as determined in good
faith by the Board of Directors.
B. Equity Option Contracts. When the Fund writes a call option, the
premiums received are recorded as a liability and marked-to-market
daily to reflect the current value of the option written. If the
written option is not exercised prior to expiration, the premium
received is treated as realized gain. If the written option is
exercised, the premium received is added to the sale proceeds of the
underlying security.
The premium paid by the Fund for the purchase of an option is
included as an investment and is marked-to-market daily to reflect
the current value of the option purchased. If the purchased option is
not exercised prior to expiration, the premium paid is treated as
realized loss. If the Fund exercised a call option, the cost of the
security is increased by the premium paid to buy the call. If the
Fund exercises a put option, it realizes a gain or loss from the sale
of the underlying security and the proceeds from such sale are
decreased by the premium originally paid.
C. Security Transactions and Related Investment Income. Securities
transactions are accounted for on the trade date, and dividend income
is recorded on the ex-dividend date. Interest income is recorded on
the accrual basis. The cost of securities sold is determined on a
first-in, first out basis for both financial statement and federal
income tax purposes.
D. Federal Income Taxes. It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
shareholders. Therefore, no provision for federal income tax is
required.
E. Dividends and Distributions to Shareholders. Dividends and
distributions to shareholders are recorded on the ex-dividend date.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from
generally accepted accounting principles.
<PAGE>
MATTERHORN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued
F. Use of Estimates. The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in net assets during the
reporting period. Actual results could differ from those estimates.
NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
A. Investment Advisory Agreements. On March 15, 1996, the Fund entered
into an Advisory Agreement with Matterhorn Asset Management
Corporation (the "Adviser") for investment advisory services, under
which the Adviser receives a fee, payable monthly, at the annual rate
of 1.00% of the Fund's average daily net assets. The Advisory fee
paid to the Adviser for the six months ended December 31, 1996
totaled $43,736.
The Fund is responsible for its own operating expenses, as
defined. The Adviser has agreed until March 15, 1998, to reimburse
the Fund to the extent that the Fund's operating expenses (excluding
interest, taxes, brokerage commissions and other portfolio
transaction expenses, capital expenditures and extraordinary
expenses) exceeds 4% of the Fund's average net assets.
B. Distribution Agreements. Bainbridge & Co. ("Bainbridge") and
Cumberland Brokerage Corporation ("Cumberland") act as
co-distributors for shares of the Fund pursuant to a Distribution
Agreement dated March 15, 1996. Bainbridge and Cumberland are
affiliates of the Adviser.
C. Distribution Plan. The Fund has adopted a Distribution Plan in
accordance with Rule 12b-1 under the Investment Company Act of 1940.
The Plan provides that the Fund will pay Bainbridge and Cumberland an
aggregate distribution fee, payable monthly, at the annual rate of
0.25% of the Fund's average daily net assets. The fee is paid to
Bainbridge and Cumberland as compensations for their services
rendered.
D. Administration Agreement. Pursuant to an Administration Agreement
with Investment Company Administration Corporation (the
"Administrator") entered on March 15, 1996, the Fund pays the
Administrator for its services a monthly fee at the annual rate of
0.10% of the Fund's average daily net assets, subject to a minimum
annual fee of $45,000 for the first year and $40,000 thereafter.
E. Other. The Fund pays each Director who is not an "interested persons"
a $250 attendance fee and any expenses incurred to attend the
meetings. Total fees paid to Directors for six months ended December
31, 1996 are included in the "Statement of Operations".
Certain officers and Directors of the Fund are also officers
and/or Directors of the Adviser, Administrator and co-distributors.
NOTE 4 - PURCHASES AND SALES OF SECURITIES
For the six months ended December 31, 1996, purchases and sales of
securities other than short-term securities aggregated $4,538,319 and
$6,233,719, respectively.
<PAGE>
MATTERHORN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued
NOTE 5 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
The Fund's activity during the period in writing equity call options had
off-balance-sheet risk of accounting loss. A written equity call option
obligates the Fund to deliver the underlying security upon exercise by the
holder of the option. The Fund covers options written by owning the underlying
security.
A summary of the Fund's call option transactions written for the period
follows:
<TABLE>
<CAPTION>
Number of Premiums
Option Contracts Received
---------------- -------------
<S> <C> <C>
Contracts outstanding at
June 30, 1996 0 $ 0
Options written 40 11,420
Options bought back (40) (11,420)
Options exercised 0 0
Options expired 0 0
----- -------
Contracts outstanding at
December 31, 1996 0 0
===== =======
</TABLE>
<PAGE>
INVESTMENT ADVISER
Matterhorn Asset Management Corporation
301 Oxford Valley Road, Suite 802B
Yardley, Pennsylvania 19067
CO-DISTRIBUTORS
Bainbridge & Co.
301 Oxford Valley Road, Suite 801B
Yardley, Pennsylvania 19067
Cumberland Brokerage Corporation
614 Landis Avenue
Vineland, New Jersey 08360
CUSTODIAN
Star Bank, N.A.
425 Walnut Street
Cincinnati, Ohio 45202
TRANSFER AGENT
American Data Services, Inc.
24 West Carver Street, 2nd Floor
Huntington, New York 11743
1-800-637-3901
This report is intended for the shareholders of
The Matterhorn Growth Fund, Inc. and should not
be used as sales literature unless accompanied
or preceded by a current prospectus.
