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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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025 A000401 DELETE
025 D000401 0
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<PAGE> PAGE 21
028 G020400 0
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049 000400 N
050 000400 N
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060 A000400 Y
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070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
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070 C020400 N
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070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
<PAGE> PAGE 22
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
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070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 69664
071 B000400 31753
071 C000400 101310
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<PAGE> PAGE 23
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008 A000501 BANKERS TRUST COMPANY
008 B000501 S
008 C000501 801-xxxxxx
008 D010501 BOSTON
008 D020501 MA
008 D030501 00000
008 A000502 SCUDDER, STEVENS & CLARK, INC.
008 B000502 S
<PAGE> PAGE 24
008 C000502 801-22973
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<PAGE> PAGE 25
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070 D020500 N
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070 F020500 Y
070 G010500 Y
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070 H020500 N
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070 I020500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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028 G040600 1867
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049 000600 N
050 000600 N
051 000600 N
052 000600 Y
053 A000600 Y
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053 C000600 Y
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 2000
062 A000600 N
062 B000600 0.0
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066 A000600 Y
066 B000600 N
066 C000600 N
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067 000600 N
<PAGE> PAGE 29
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
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070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
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070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
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071 A000600 20963
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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049 000700 N
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059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 2000
062 A000700 N
<PAGE> PAGE 32
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066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 Y
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
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070 F020700 N
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070 H010700 Y
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<PAGE> PAGE 33
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070 O010700 N
070 O020700 N
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070 P020700 N
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<PAGE> PAGE 34
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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 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 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>1
<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>
<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
9/30/97 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER>3
<NAME>Balanced Stock and Bond Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 513,273,979
<INVESTMENTS-AT-VALUE> 634,477,699
<RECEIVABLES> 5,539,589
<ASSETS-OTHER> 25,874
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 640,043,162
<PAYABLE-FOR-SECURITIES> 858,877
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 828,028
<TOTAL-LIABILITIES> 1,686,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 490,952,247
<SHARES-COMMON-STOCK> 29,829,626
<SHARES-COMMON-PRIOR> 22,865,594
<ACCUMULATED-NII-CURRENT> 225,657
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,974,502
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 121,203,851
<NET-ASSETS> 638,356,257
<DIVIDEND-INCOME> 9,281,298
<INTEREST-INCOME> 14,345,542
<OTHER-INCOME> 0
<EXPENSES-NET> 4,672,844
<NET-INVESTMENT-INCOME> 18,953,996
<REALIZED-GAINS-CURRENT> 27,065,207
<APPREC-INCREASE-CURRENT> 79,619,125
<NET-CHANGE-FROM-OPS> 125,638,328
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,390,434)
<DISTRIBUTIONS-OF-GAINS> (5,003,640)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,047,891
<NUMBER-OF-SHARES-REDEEMED> (4,239,932)
<SHARES-REINVESTED> 1,156,073
<NET-CHANGE-IN-ASSETS> 235,176,318
<ACCUMULATED-NII-PRIOR> 535,899
<ACCUMULATED-GAINS-PRIOR> 4,039,132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,455,813
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,672,844
<AVERAGE-NET-ASSETS> 510,714,944
<PER-SHARE-NAV-BEGIN> 17.63
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> 3.98
<PER-SHARE-DIVIDEND> (0.72)
<PER-SHARE-DISTRIBUTIONS> (0.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.40
<EXPENSE-RATIO> 0.91
<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 9/30/97 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>4
<NAME> AARP Global Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 129,042,936
<INVESTMENTS-AT-VALUE> 151,338,560
<RECEIVABLES> 691,434
<ASSETS-OTHER> 11,367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 152,041,361
<PAYABLE-FOR-SECURITIES> 3,511,603
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 500,385
<TOTAL-LIABILITIES> 4,011,988
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,173,832
<SHARES-COMMON-STOCK> 7,693,438
<SHARES-COMMON-PRIOR> 5,012,508
<ACCUMULATED-NII-CURRENT> 1,144,886
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,678,448
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,032,207
<NET-ASSETS> 148,029,373
<DIVIDEND-INCOME> 1,820,049
<INTEREST-INCOME> 736,082
<OTHER-INCOME> 0
<EXPENSES-NET> 1,946,333
<NET-INVESTMENT-INCOME> 609,798
<REALIZED-GAINS-CURRENT> 3,282,024
<APPREC-INCREASE-CURRENT> 21,062,454
<NET-CHANGE-FROM-OPS> 24,954,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (336,444)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,954,573
<NUMBER-OF-SHARES-REDEEMED> (1,293,496)
<SHARES-REINVESTED> 19,853
<NET-CHANGE-IN-ASSETS> 70,377,395
<ACCUMULATED-NII-PRIOR> 288,631
<ACCUMULATED-GAINS-PRIOR> (33,467)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 932,182
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,021,286
<AVERAGE-NET-ASSETS> 111,217,620
<PER-SHARE-NAV-BEGIN> 15.49
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.72
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.24
<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 U.S. Stock Index Fund 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>5
<NAME> AARP U.S. Stock Index Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 32,912,926
<INVESTMENTS-AT-VALUE> 36,649,254
<RECEIVABLES> 1,418,083
<ASSETS-OTHER> 102,286
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,169,623
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,550
<TOTAL-LIABILITIES> 84,550
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,124,725
<SHARES-COMMON-STOCK> 2,117,187
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,274
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 208,407
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,745,667
<NET-ASSETS> 38,085,073
<DIVIDEND-INCOME> 291,707
<INTEREST-INCOME> 42,549
<OTHER-INCOME> 0
<EXPENSES-NET> 67,956
<NET-INVESTMENT-INCOME> 266,300
<REALIZED-GAINS-CURRENT> 208,409
<APPREC-INCREASE-CURRENT> 3,745,667
<NET-CHANGE-FROM-OPS> 4,220,376
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (277,755)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,243,958
<NUMBER-OF-SHARES-REDEEMED> (140,936)
<SHARES-REINVESTED> 14,065
<NET-CHANGE-IN-ASSETS> 38,083,573
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,841
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 326,112
<AVERAGE-NET-ASSETS> 20,679,107
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 2.97
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.99
<EXPENSE-RATIO> 0.50
<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 International Stock Fund Annual Report for the fiscal year ended September
30, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER>6
<NAME> AARP International Stock Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 19,173,454
<INVESTMENTS-AT-VALUE> 20,611,435
<RECEIVABLES> 105,245
<ASSETS-OTHER> 134,347
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,851,027
<PAYABLE-FOR-SECURITIES> 476,638
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115,327
<TOTAL-LIABILITIES> 591,965
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,474,598
<SHARES-COMMON-STOCK> 1,166,775
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 155,031
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 192,102
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,437,331
<NET-ASSETS> 20,259,062
<DIVIDEND-INCOME> 218,045
<INTEREST-INCOME> 54,626
<OTHER-INCOME> 0
<EXPENSES-NET> 116,454
<NET-INVESTMENT-INCOME> 156,217
<REALIZED-GAINS-CURRENT> 175,100
<APPREC-INCREASE-CURRENT> 1,437,331
<NET-CHANGE-FROM-OPS> 1,768,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,283,093
<NUMBER-OF-SHARES-REDEEMED> (116,418)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 20,257,562
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 59,143
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,658
<AVERAGE-NET-ASSETS> 10,036,588
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.36
<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 Small Company Stock Fund 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>7
<NAME> AARP Small Company Stock Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 43,791,238
<INVESTMENTS-AT-VALUE> 51,425,364
<RECEIVABLES> 620,967
<ASSETS-OTHER> 54,154
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,100,485
<PAYABLE-FOR-SECURITIES> 1,648,527
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180,485
<TOTAL-LIABILITIES> 1,829,012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,322,856
<SHARES-COMMON-STOCK> 2,510,889
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 71,236
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 243,255
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,634,126
<NET-ASSETS> 50,271,473
<DIVIDEND-INCOME> 229,959
<INTEREST-INCOME> 65,563
<OTHER-INCOME> 0
<EXPENSES-NET> 240,766
<NET-INVESTMENT-INCOME> 54,756
<REALIZED-GAINS-CURRENT> 243,254
<APPREC-INCREASE-CURRENT> 7,634,126
<NET-CHANGE-FROM-OPS> 7,932,136
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,689,583
<NUMBER-OF-SHARES-REDEEMED> (178,794)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 50,269,973
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 111,376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 20,747,718
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 4.98
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.02
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
160 Federal Street Telephone 617-439-4390
Boston, MA 02110
Price Waterhouse LLP
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 Global Growth
Fund, AARP Capital Growth Fund, AARP U.S. Stock Index Fund, AARP Small Company
Stock Fund and AARP International Stock Fund (hereafter referred to as the
"Funds"), constituting AARP Growth 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 Growth Trust and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Boston, Massachusetts
November 12, 1997
