<PAGE> PAGE 1
000 A000000 12/31/96
000 C000000 0000025175
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 IAA TRUST GROWTH FUND, INC.
001 B000000 811-1338
001 C000000 3095573222
002 A000000 808 IAA DRIVE
002 B000000 BLOOMINGTON
002 C000000 IL
002 D010000 61702
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 IAA TRUST COMPANY
008 B000001 A
008 C000001 801-000000
008 D010001 BLOOMINGTON
008 D020001 IL
008 D030001 61702
010 A000001 FPS SERVICES, INC.
010 B000001 084932
010 C010001 KING OF PRUSSIA
010 C020001 PA
010 C030001 19406
010 C040001 0903
011 A000001 FPS BROKER SERVICES, INC.
011 B000001 8-084932
011 C010001 KING OF PRUSSIA
011 C020001 PA
011 C030001 19406
011 C040001 0903
012 A000001 FPS SERVICES, INC.
<PAGE> PAGE 2
012 B000001 84-084932
012 C010001 KING OF PRUSSIA
012 C020001 PA
012 C030001 19406
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 IAA TRUST COMPANY
015 B000001 C
015 C010001 BLOOMINGTON
015 C020001 IL
015 C030001 61702
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 4
019 C000000 IAATRSTFDS
020 A000001 COWEN & CO.
020 B000001 13-5616116
020 C000001 9
020 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000002 13-5674085
020 C000002 8
020 A000003 BEAR STEARNS & CO.
020 B000003 13-3299429
020 C000003 7
020 A000004 DONALDSON, LUFKIN & JENRETTE
020 C000004 3
020 A000005 LIPPER ANALYTICAL SERVICES
020 C000005 2
020 A000006 SMITH BARNEY SHEARSON
020 C000006 2
020 A000007 WERTHEIM & CO.
020 C000007 1
020 A000008 PRUDENTIAL FUNDING
020 C000008 1
020 A000009 MORGAN STANLEY & CO.
020 C000009 1
020 A000010 DEUTSCHE BANK
020 C000010 1
021 000000 35
022 A000001 FEDERATED MANAGEMENT
022 C000001 8854
022 D000001 10418
022 A000002 MERRILL LYNCH PIERCE FENNER
022 B000002 13-5674085
022 C000002 6805
022 D000002 0
022 A000003 AMERICAN EXPRESS
022 B000003 13-2985263
<PAGE> PAGE 3
022 C000003 4157
022 D000003 0
022 A000004 GENERAL ELECTRIC
022 B000004 13-1500700
022 C000004 3551
022 D000004 0
022 A000005 BENEFICIAL CORP.
022 C000005 3161
022 D000005 0
022 A000006 AMERICAN GENERAL
022 B000006 76-0050868
022 C000006 2727
022 D000006 0
022 A000007 CHEVRON
022 B000007 76-0050868
022 C000007 2588
022 D000007 0
022 A000008 BEAR STEARNS
022 B000008 13-3299429
022 C000008 1078
022 D000008 1505
022 A000009 ASSOCIATES CORP.
022 C000009 2259
022 D000009 0
022 A000010 AVCO FINANCIAL
022 C000010 2199
022 D000010 0
023 C000000 49782
023 D000000 13581
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 686
028 A020000 4385
028 A030000 0
<PAGE> PAGE 4
028 A040000 1024
028 B010000 693
028 B020000 -7
028 B030000 0
028 B040000 609
028 C010000 429
028 C020000 0
028 C030000 0
028 C040000 484
028 D010000 421
028 D020000 0
028 D030000 0
028 D040000 590
028 E010000 1490
028 E020000 0
028 E030000 0
028 E040000 652
028 F010000 739
028 F020000 1353
028 F030000 0
028 F040000 1390
028 G010000 4458
028 G020000 5731
028 G030000 0
028 G040000 4749
028 H000000 27
029 000000 Y
030 A000000 1
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 1
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 22
<PAGE> PAGE 5
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
<PAGE> PAGE 7
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 11008
071 B000000 11092
071 C000000 74887
071 D000000 15
072 A000000 6
072 B000000 334
072 C000000 606
072 D000000 0
072 E000000 0
072 F000000 327
072 G000000 38
072 H000000 0
072 I000000 35
072 J000000 0
072 K000000 0
072 L000000 6
072 M000000 2
072 N000000 2
072 O000000 0
072 P000000 0
072 Q000000 26
072 R000000 22
072 S000000 2
072 T000000 22
072 U000000 0
072 V000000 0
072 W000000 14
072 X000000 496
072 Y000000 0
072 Z000000 444
<PAGE> PAGE 8
072AA000000 3290
072BB000000 0
072CC010000 5005
072CC020000 0
072DD010000 906
072DD020000 0
072EE000000 5135
073 A010000 0.1970
073 A020000 0.0000
073 B000000 1.1357
073 C000000 0.0000
074 A000000 1
074 B000000 0
074 C000000 11996
074 D000000 0
074 E000000 0
074 F000000 80719
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2566
074 K000000 0
074 L000000 245
074 M000000 16
074 N000000 95543
074 O000000 2419
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 185
074 S000000 0
074 T000000 92939
074 U010000 4807
074 U020000 0
074 V010000 19.33
074 V020000 0.00
074 W000000 0.0000
074 X000000 2986
074 Y000000 0
075 A000000 0
075 B000000 87180
076 000000 0.00
077 A000000 Y
077 C000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 FEDERAL INSURANCE CO.
<PAGE> PAGE 9
080 C000000 450
081 A000000 Y
081 B000000 3
082 A000000 Y
082 B000000 10
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE KELLY DIGAN
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000025175
<NAME> IAA TRUST GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 61814829
<INVESTMENTS-AT-VALUE> 92715243
<RECEIVABLES> 2811291
<ASSETS-OTHER> 15275
<OTHER-ITEMS-ASSETS> 992
<TOTAL-ASSETS> 95542801
<PAYABLE-FOR-SECURITIES> 2419320
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184951
<TOTAL-LIABILITIES> 2604271
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59729847
<SHARES-COMMON-STOCK> 4807351
<SHARES-COMMON-PRIOR> 4492226
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 417
<ACCUMULATED-NET-GAINS> 2308686
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30900414
<NET-ASSETS> 92938530
<DIVIDEND-INCOME> 606108
<INTEREST-INCOME> 334224
<OTHER-INCOME> 0
<EXPENSES-NET> 496291
<NET-INVESTMENT-INCOME> 444041
<REALIZED-GAINS-CURRENT> 3290201
<APPREC-INCREASE-CURRENT> 5004665
<NET-CHANGE-FROM-OPS> 8738907
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 905861
<DISTRIBUTIONS-OF-GAINS> 5135058
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 238429
<NUMBER-OF-SHARES-REDEEMED> 254463
<SHARES-REINVESTED> 331159
<NET-CHANGE-IN-ASSETS> 8138087
<ACCUMULATED-NII-PRIOR> 461403
<ACCUMULATED-GAINS-PRIOR> 4153543
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327272
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 496291
<AVERAGE-NET-ASSETS> 87179725
<PER-SHARE-NAV-BEGIN> 18.88
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.69
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> 1.13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.33
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
ATTACHMENT 77.C TO FORM N-SAR, DATED 10/31/96, FOR
IAA TRUST GROWTH FUND, INC.
Annual Meeting of Stockholders
An Annual Meeting of Stockholders was held on September 30, 1996 for IAA
Trust Growth Fund, Inc.; IAA Trust Asset Allocation Fund, Inc.; IAA Trust
Tax Exempt Bond Fund, Inc.; and IAA Trust Taxable Fixed Income Series
Fund, Inc. At the meetings, stockholders were asked to consider and act
upon (1) the election of seven (7) Directors for the ensuing year; (2) the
ratification or rejection of the selection by the Board of Directors of
the firm of Coopers & Lybrand, L.L.P. as auditors and accountants for the
fiscal year ending June 30, 1997.
The results of all matters voted on by stockholders of the Funds at the
Annual Meetings held on September 30, 1996, were as follows:
A. Election of Directors
IAA Trust Growth Fund, Inc.
Withhold
For Authority
Ronald R. Warfield 2,839,474 24,372
Herbert G. Allen 2,840,388 23,458
Nancy J. Erickson 2,810,877 52,969
William E. Klein, Sr. 2,812,653 51,193
Ailene Miller 2,837,542 26,304
Rollie D. Moore 2,840,091 23,755
Charlot R. Cole 2,839,401 24,445
<PAGE>
IAA Trust Asset
Allocation Fund, Inc.
Withhold
For Authority
525,890 0
525,890 0
522,467 3,423
522,467 3,423
522,826 3,064
522,826 3,064
525,890 0<PAGE>
<PAGE>
B. Selection of Auditors
IAA Trust Growth Fund, Inc.
For Against Abstain
2,786,481 716 76,649
<PAGE>
IAA Trust Asset Allocation Fund, Inc.
For Against Abstain
511,931 48 13,911<PAGE>
A. Election of Directors
IAA Trust Tax Exempt Bond
Fund, Inc.
Withhold
For Authority
Ronald R. Warfield 1,385,735 36,236
Herbert G. Allen 1,385,697 36,274
Nancy J. Erickson 1,385,735 36,236
William E. Klein, Sr. 1,385,735 36,236
Ailene Miller 1,385,697 36,274
Rollie D. Moore 1,381,128 40,843
Charlot R. Cole 1,384,560 37,411
<PAGE>
IAA Trust Taxable Fixed Income Series Fund, Inc.
Withhold
For Authority
20,644,395 184,337
20,641,619 187,113
20,589,207 239,525
20,586,431 242,301
20,641,619 187,113
20,644,395 184,337
20,761,033 67,699<PAGE>
<PAGE>
B. Selection of Auditors
IAA Trust Tax Exempt Bond Fund, Inc.
For Against Abstain
1,397,243 0 24,728<PAGE>
IAA Trust Taxable Fixed Income Series Fund, Inc.
For Against Abstain
20,599,982 0 228,750
