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<PAGE> PAGE 6
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE>6
<LEGEND>
This schedule contains summary financial information extracted from the
Aarp Diversified Income Portfolio Annual Report for the fiscal year ended
9/30/97and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME> AARP Diversified Income Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 41,635,569
<INVESTMENTS-AT-VALUE> 43,470,143
<RECEIVABLES> 349,195
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,819,338
<PAYABLE-FOR-SECURITIES> 307,431
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,489
<TOTAL-LIABILITIES> 372,920
<SENIOR-EQUITY> 0
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<EXPENSES-NET> 0
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<REALIZED-GAINS-CURRENT> 44,276
<APPREC-INCREASE-CURRENT> 1,834,574
<NET-CHANGE-FROM-OPS> 2,759,348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (869,781)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,973,907
<NUMBER-OF-SHARES-REDEEMED> (298,229)
<SHARES-REINVESTED> 42,898
<NET-CHANGE-IN-ASSETS> 43,396,418
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE>6
<LEGEND>
This schedule contains summary financial information extracted from the
AARP Diversified Growth Portfolio Annual Report for the fiscal year ended
9/30/97 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER>2
<NAME> AARP Diversified Growth Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> SEP-30-1997
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 3,333
<ACCUMULATED-NII-CURRENT> 645,438
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
160 Federal Street Telephone 617-439-4390
Boston, MA 02110
Price Waterhouse LLP
To the Trustees of AARP Managed Investment Portfolios Trust
In planning and performing our audit of the financial statements of AARP
Diversified Income Portfolio and AARP Diversified Growth Portfolio (hereafter
referred to as the "Funds"), constituting AARP Managed Investment Portfolios
Trust, for the year ended September 30, 1997, 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 internal control.
The management of the Funds 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 entity's 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 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 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management and the
Trustees of AARP Managed Investment Portfolios Trust and the Securities and
Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Boston, Massachusetts
November 12, 1997