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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
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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 Directors and Shareholders
Growth and Income Trust:
In planning and performing our audits of the financial
statements of Equit Income Portfolio, Total Return
Portfolio, Balanced Portfolio and Equity Portfolio (funds
within Growth and Income 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, not to provide
assurance on the internal control.
The management of Growth and Income Trust 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 controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of preparing
financial statements for external purposes that are failryl
presented in conformity with generally accepted accounting
principles. Those controls 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 the internal control structure would
not necessarily disclose all matters in the 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 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 control and its operation, including controls
for safeguarding securities, that we consider to be a
material weakness as defined above.
This report is intended solely for the information and use
of management, the Board of Directors of Growth and Income
Trust, and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 7, 1997
