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<PAGE> PAGE 2
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SIGNATURE HOWARD L. KITZMILLER
TITLE SECRETARY
Board of Directors
The Growth Fund of Washington, Inc.
In planning and performing our audit of the financial statements
of The GrowthFund of Washington, Inc. (the Fund) for the year
ended December 31, 1996, weconsidered 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 to provide assurance on
the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure.
In fulfilling this responsibility, estimates andjudgments 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 withreasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded
properly to permitpreparation of financial statements in
accordance with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors orirregularities 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
necessarilydisclose all matters in the internal control structure
that might be materialweaknesses under standards established by
the American Institute of CertifiedPublic Accountants. A material
weakness is a condition in which the design oroperation 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
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 procedures for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
JOHNSON LAMBERT & CO.
Bethesda, MD
January 27, 1997
The Growth Fund of Washington 10f-3 Report July 1996
Portfolio Manager: Prabha S. Carpenter
Fund Net Assets at Beginning of Mon $47,149,642.00
Fund Net Assets at End of Month: $45,217,995.62
Issue
Issue
Name of Issue Strayer Education Inc.
Date of Purchase 07/25/96
Number of Shares 700
Price Per Share $10.000
Total $ Purchased $7,000.00
Total Commissions $280.00
Total Size of Underwriting $30,000,000
Percentage of Underwriting Purchased 0.02%
Name of Selling Group Member A.g. Edwards & Sons, Inc.
Type of Agreement Underwriter
Check the following which apply to each transaction reported above (and
discuss any exceptions):
Fund purchase was made prior to the end of the first full business day after
the initial offering date (or the 4th day before termination, if a rights
offering) X
Underwriting was a firm commitment. X
Amount purchased is not more than 4% of the principal amount of the offering
or $500,000 (but in no case more than 10% of the offering) X
Amount of purchase is not more than 3% of the Fund's total assets. X
Purchase was not made from a "Manager" or an affiliate of the "Manager". X
Purchase was not part of a group sale, or otherwise allocated the "Manager" or
its affiliate's accounts. X
The issuer of the securities purchased has been in continous operation for not
less than three years, including predecessors. X
Michael W. Stockton
"Manager" as defined under rule 10f-3 Signature of Person
Preparing Report
<PAGE>
The Growth Fund of Washington 10f-3 Report December 1996
Portfolio Manager: Prabha S. Carpenter
Fund Net Assets at Beginning of Mon $51,309,645.00
Fund Net Assets at End of Month: $48,801,460.00
Issue
Name of Issue Versatility, Inc.
Date of Purchase 12/12/96
Number of Shares 1,000
Price Per Share $15.000
Total $ Purchased $15,000.00
Total Commissions $630.00
Total Size of Underwriting $33,000,000
Percentage of Underwriting Purchased 0.05%
Name of Selling Group Member/Principal Ferris Baker Watts
Type of Agreement Underwriter
Check the following which apply to each transaction reported above (and
discuss any exceptions):
Fund purchase was made prior to the end of the first full business day after
the initial offering date (or the 4th day before termination, if a rights
offering) X
Underwriting was a firm commitment. X
Amount purchased is not more than 4% of the principal amount of the offering
or $500,000 (but in no case more than 10% of the offering) X
Amount of purchase is not more than 3% of the Fund's total assets. X
Purchase was not made from a "Manager" or an affiliate of the "Manager". X
Purchase was not part of a group sale, or otherwise allocated the "Manager" or
its affiliate's accounts. X
The issuer of the securities purchased has been in continous operation for not
less than three years, including predecessors. X
Nancy J. Slowey
"Manager" as defined under rule 10f-3 Signature of Person
Preparing Report
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