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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 6
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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<NAME> EQUITY INCOME PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting
Control
The Board of Trustees and Unitholders
Growth and Income Trust:
In planning and performing our audits of the
financial statements of Equity Income Portfolio,
Total Return Portfolio, Balanced Portfolio, and
Equity Portfolio (portfolios within Growth and
Income Trust) for the period from May 13, 1996
(commencement of operations) to September 30, 1996,
we considered their 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 NSAR, not to provide assurance
on the internal control structure.
The management of Growth and Income Trust is
responsible for establishing and maintaining a
system of internal accounting control. 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 the 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 matter involving the internal control
structure, including procedures for safeguarding
securities, that we consider to be a material
weakness 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.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 1, 1996
