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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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SIGNATURE LESLIE L. OGG
TITLE GENERAL COUNSIL
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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 Trust:
In planning and performing our audits of the financial statements of
Growth Portfolio and Growth Trends Portfolio (portfolios within
Growth Trust) for the period from May 13, 1996 (commencement of
operations) to July 31, 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 staements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Growth 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 recoreded 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 futrue periods is
subject to the risk that it may become inadeequate 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 securites,
that we consider to be a material weakness as defined above as of
July 31, 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
September 6, 1996
