<PAGE> PAGE 1
000 B000000 09/30/96
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<PAGE> PAGE 2
022 C000003 258851
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022 D000004 103741
022 A000005 ASSOCIATES CORP OF NORTH AMERICA
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<PAGE> PAGE 3
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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025 A000101 CHASE MANHATTAN CORP.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
070 O010100 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 Q010200 N
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<PAGE> PAGE 9
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025 A000301 CHASE MANHATTAN CORP.
025 C000301 E
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025 A000302 J.P. MORGAN & CO., INC.
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<PAGE> PAGE 10
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<PAGE> PAGE 11
070 R010300 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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 Balanced Stock and Bond Fund Annual Report for the fiscal year ended
September 30, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME> AARP Balanced Stock and Bond Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> $361,153,424
<INVESTMENTS-AT-VALUE> $402,737,987
<RECEIVABLES> $4,917,009
<ASSETS-OTHER> $21,562
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> $407,676,558
<PAYABLE-FOR-SECURITIES> $3,870,932
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> $4,496,619
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $357,020,182
<SHARES-COMMON-STOCK> 22,865,594
<SHARES-COMMON-PRIOR> 15,074,610
<ACCUMULATED-NII-CURRENT> $535,899
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $4,039,132
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $41,584,726
<NET-ASSETS> $403,179,939
<DIVIDEND-INCOME> $6,619,276
<INTEREST-INCOME> $9,549,607
<OTHER-INCOME> 0
<EXPENSES-NET> $2,843,815
<NET-INVESTMENT-INCOME> $13,198,291
<REALIZED-GAINS-CURRENT> $5,353,030
<APPREC-INCREASE-CURRENT> $20,353,074
<NET-CHANGE-FROM-OPS> $38,904,395
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $12,975,460
<DISTRIBUTIONS-OF-GAINS> $3,378,368
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,582,056
<NUMBER-OF-SHARES-REDEEMED> 2,664,182
<SHARES-REINVESTED> 873,110
<NET-CHANGE-IN-ASSETS> $155,972,984
<ACCUMULATED-NII-PRIOR> $321,966
<ACCUMULATED-GAINS-PRIOR> $2,055,572
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,560,129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $2,843,815
<AVERAGE-NET-ASSETS> $322,418,551
<PER-SHARE-NAV-BEGIN> $16.40
<PER-SHARE-NII> $0.66
<PER-SHARE-GAIN-APPREC> $1.44
<PER-SHARE-DIVIDEND> $0.66
<PER-SHARE-DISTRIBUTIONS> $0.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $17.63
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from the AARP
Growth and Income Fund Annual Report for
the fiscal year ended September 30, 1996
and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>2
<NAME> AARP Growth and Income Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> $3,281,703,846
<INVESTMENTS-AT-VALUE> $4,243,236,951
<RECEIVABLES> $53,351,117
<ASSETS-OTHER> $23,458
<OTHER-ITEMS-ASSETS> $4,287
<TOTAL-ASSETS> $4,296,611,526
<PAYABLE-FOR-SECURITIES> $77,648,281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $4,979,847
<TOTAL-LIABILITIES> $77,628,128
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $3,100,749,333
<SHARES-COMMON-STOCK> 96,018,596
<SHARES-COMMON-PRIOR> 78,371,684
<ACCUMULATED-NII-CURRENT> $7,239,912
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $149,472,235
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $961,521,918
<NET-ASSETS> $4,218,983,398
<DIVIDEND-INCOME> $118,199,105
<INTEREST-INCOME> $13,744,132
<OTHER-INCOME> 0
<EXPENSES-NET> $24,755,680
<NET-INVESTMENT-INCOME> $105,747,332
<REALIZED-GAINS-CURRENT> $161,404,033
<APPREC-INCREASE-CURRENT> $381,313,491
<NET-CHANGE-FROM-OPS> $648,464,856
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $102,016,492
<DISTRIBUTIONS-OF-GAINS> $67,064,704
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,131,229
<NUMBER-OF-SHARES-REDEEMED> 9,218,547
<SHARES-REINVESTED> 3,734,230
<NET-CHANGE-IN-ASSETS> $1,212,464,821
<ACCUMULATED-NII-PRIOR> $6,072,468
<ACCUMULATED-GAINS-PRIOR> $52,570,066
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $17,423,770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $24,755,680
<AVERAGE-NET-ASSETS> $3,600,898,613
<PER-SHARE-NAV-BEGIN> $38.36
<PER-SHARE-NII> $1.17
<PER-SHARE-GAIN-APPREC> $6.40
<PER-SHARE-DIVIDEND> $1.15
<PER-SHARE-DISTRIBUTIONS> $0.84
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $43.94
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from the AARP
Global Growth Fund Annual Report for the
fiscal year ended September 30, 1996 and
is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>3
<NAME> AARP Global Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> FEB-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> $78,529,018
<INVESTMENTS-AT-VALUE> $79,511,244
<RECEIVABLES> $265,135
<ASSETS-OTHER> $13,967
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> $79,790,346
<PAYABLE-FOR-SECURITIES> $1,671,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $466,584
<TOTAL-LIABILITIES> $2,138,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $76,414,924
<SHARES-COMMON-STOCK> $5,012,508
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> $288,631
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> ($33,467)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $981,890
<NET-ASSETS> $77,651,978
<DIVIDEND-INCOME> $684,211
<INTEREST-INCOME> $253,066
<OTHER-INCOME> 0
<EXPENSES-NET> $551,295
<NET-INVESTMENT-INCOME> $325,474
<REALIZED-GAINS-CURRENT> ($70,310)
<APPREC-INCREASE-CURRENT> $981,890
<NET-CHANGE-FROM-OPS> $1,237,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,395,570
<NUMBER-OF-SHARES-REDEEMED> 383,162
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $77,650,478
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $266,155
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $726,320
<AVERAGE-NET-ASSETS> $47,445,434
<PER-SHARE-NAV-BEGIN> $15.00
<PER-SHARE-NII> $0.06
<PER-SHARE-GAIN-APPREC> $0.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $15.49
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from the AARP
Capital Growth Fund Annual Report for
the fiscal year ended September 30, 1996
and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>4
<NAME> AARP Capital Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> $651,886,418
<INVESTMENTS-AT-VALUE> $826,114,406
<RECEIVABLES> $20,068,647
<ASSETS-OTHER> $2,083
<OTHER-ITEMS-ASSETS> $1,395
<TOTAL-ASSETS> $846,185,136
<PAYABLE-FOR-SECURITIES> $18,645,035
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $1,403,388
<TOTAL-LIABILITIES> $20,048,423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $578,555,252
<SHARES-COMMON-STOCK> 19,005,749
<SHARES-COMMON-PRIOR> 18,041,977
<ACCUMULATED-NII-CURRENT> $7,179,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $66,173,430
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $174,228,062
<NET-ASSETS> $826,136,713
<DIVIDEND-INCOME> $13,894,916
<INTEREST-INCOME> $1,040,466
<OTHER-INCOME> 0
<EXPENSES-NET> $6,751,694
<NET-INVESTMENT-INCOME> $7,892,107
<REALIZED-GAINS-CURRENT> $71,605,598
<APPREC-INCREASE-CURRENT> $32,517,244
<NET-CHANGE-FROM-OPS> $112,014,949
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $7,038,882
<DISTRIBUTIONS-OF-GAINS> $9,204,690
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,299,011
<NUMBER-OF-SHARES-REDEEMED> 2,735,903
<SHARES-REINVESTED> 400,664
<NET-CHANGE-IN-ASSETS> $134,127,767
<ACCUMULATED-NII-PRIOR> $6,365,346
<ACCUMULATED-GAINS-PRIOR> $3,733,920
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $4,626,894
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $6,751,694
<AVERAGE-NET-ASSETS> $753,766,318
<PER-SHARE-NAV-BEGIN> $38.36
<PER-SHARE-NII> $0.42
<PER-SHARE-GAIN-APPREC> $5.59
<PER-SHARE-DIVIDEND> $0.39
<PER-SHARE-DISTRIBUTIONS> $0.51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $43.47
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
160 Federal Street Telephone 617 439 4390
Boston, MA 02110
Price Waterhouse LLP
November 14, 1996
To the Trustees of
AARP Growth Trust
In planning and performing our audit of the financial statements of AARP
Balanced Stock and Bond Fund, AARP Growth and Income Fund, AARP Capital Growth
Fund and AARP Global Growth Fund (the "Funds"), constituting AARP Growth Trust,
for the period ended September 30, 1996, we considered their internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with requirements of Form N-SAR, and 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 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 or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
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 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 controls structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/Price Waterhouse LLP
