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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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015 A000305 KANSALLIS - OSAKE - PANKKI
015 B000305 S
015 C010305 HELSINKI
015 D010305 FINLAND
015 E040305 X
015 A000306 BANQUE PARIBAS
015 B000306 S
015 C010306 PARIS
015 D010306 FRANCE
015 E040306 X
015 A000307 CITIBANK BUDAPEST RT
015 B000307 S
015 C010307 BUDAPEST
015 D010307 HUNGARY
015 E040307 X
015 A000308 BANK OF IRELAND
015 B000308 S
015 C010308 DUBLIN
015 D010308 IRELAND
015 E040308 X
015 A000309 CITIBANK, N.A.
015 B000309 S
015 C010309 SEOUL
015 D010309 KOREA
015 E040309 X
015 A000310 CITIBANK, N.A.
015 B000310 S
015 C010310 LIMA
015 D010310 PERU
015 E040310 X
015 A000311 THE HONG KONG & SHANGHAI BANKING CORP.
015 B000311 S
015 C010311 COLOMBO
015 D010311 SRI LANKA
015 E040311 X
<PAGE> PAGE 19
015 A000312 SKANDINAVISKA ENSKILDA BANKEN
015 B000312 S
015 C010312 STOCKHOLM
015 D010312 SWEDEN
015 E040312 X
015 A000313 UNION BANK OF SWITZERLAND
015 B000313 S
015 C010313 ZURICH
015 D010313 SWITZERLAND
015 E040313 X
015 A000314 CITIBANK, N.A.
015 B000314 S
015 C010314 CARACAS
015 D010314 VENEZUELA
015 E040314 X
015 A000315 STANDARD CHARTERED BANK
015 B000315 S
015 C010315 DHAKA
015 D010315 BANGLADESH
015 E040315 X
015 A000316 HONG KONG AND SHANGHAI BANKING CORP. LTD.
015 B000316 S
015 C010316 SHANGHAI
015 D010316 CHINA
015 E040316 X
015 A000317 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000317 S
015 C010317 PRAGUE
015 D010317 CZECH REPUBLIC
015 E040317 X
015 A000318 HONG KONG AND SHANGHAI BANKING CORP. LTD.
015 B000318 S
015 C010318 BOMBAY
015 D010318 INDIA
015 E040318 X
015 A000319 BARCLAYS BANK OF ZIMBABWE, LTD.
015 B000319 S
015 C010319 HARARE
015 D010319 ZIMBABWE
015 E040319 X
015 A000320 STATE STREET BANK AND TRUST COMPANY
015 B000320 C
015 C010320 BOSTON
015 C020320 MA
015 C030320 02101
015 E010320 X
015 A000321 CITIBANK, N.A.
015 B000321 S
015 C010321 BUENOS AIRES
015 D010321 ARGENTINA
015 E040321 X
<PAGE> PAGE 20
015 A000322 WESTPAC BANKING CORPORATION
015 B000322 S
015 C010322 SYDNEY
015 D010322 AUSTRALIA
015 E040322 X
015 A000323 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKA
015 B000323 S
015 C010323 VIENNA
015 D010323 AUSTRIA
015 E040323 X
015 A000324 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000324 S
015 C010324 GABORONE
015 D010324 BOTSWANA
015 E040324 X
015 A000325 CANADA TRUSTCO MORTGAGE COMPANY
015 B000325 S
015 C010325 TORONTO
015 D010325 CANADA
015 E040325 X
015 A000326 CITIBANK, N.A.
015 B000326 S
015 C010326 SANTIAGO
015 D010326 CHILE
015 E040326 X
015 A000327 BARCLAYS BANK PLC
015 B000327 S
015 C010327 NICOSIA
015 D010327 CYPRUS
015 E040327 X
015 A000328 BERLINER HANDELS - UND FRANKFURTER BANK
015 B000328 S
015 C010328 FRANKFURT
015 D010328 GERMANY
015 E040328 X
015 A000329 BARCLAYS BANK OF GHANA LIMITED
015 B000329 S
015 C010329 ACCRA
015 D010329 GHANA
015 E040329 X
015 A000330 NATIONAL BANK OF GREECE, S.A.
015 B000330 S
015 C010330 ATHENS
015 D010330 GREECE
015 E040330 X
015 A000331 STANDARD CHARTERED BANK
015 B000331 S
015 C010331 HONG KONG
015 D010331 HONG KONG
015 E040331 X
015 A000332 STANDARD CHARTERED BANK
<PAGE> PAGE 21
015 B000332 S
015 C010332 JAKARTA
015 D010332 INDONESIA
015 E040332 X
015 A000333 BANK HAPOALIM B.M.
015 B000333 S
015 C010333 TEL AVIV
015 D010333 ISRAEL
015 E040333 X
015 A000334 MORGAN GUARANTY TRUST COMPANY
015 B000334 S
015 C010334 MILAN
015 D010334 ITALY
015 E040334 X
015 A000335 SUMITOMO TRUST & BANKING CO. LTD.
015 B000335 S
015 C010335 TOKYO
015 D010335 JAPAN
015 E040335 X
015 A000336 BARCLAYS BANK OF KENYA LIMITED
015 B000336 S
015 C010336 NAIROBI
015 D010336 KENYA
015 E040336 X
015 A000337 STANDARD CHARTERED BANK
015 B000337 S
015 C010337 KUALA LUMPUR
015 D010337 MALAYSIA
015 E040337 X
015 A000338 CITIBANK MEXICO, S.A.
015 B000338 S
015 C010338 MEXICO CITY
015 D010338 MEXICO
015 E040338 X
015 A000339 MEESPIERSON N.V.
015 B000339 S
015 C010339 AMSTERDAM
015 D010339 NETHERLANDS
015 E040339 X
015 A000340 ANZ BANKING GROUP LIMITED
015 B000340 S
015 C010340 WELLINGTON
015 D010340 NEW ZEALAND
015 E040340 X
015 A000341 CHRISTIANIA BANK OG KREDITKASSE
015 B000341 S
015 C010341 OSLO
015 D010341 NORWAY
015 E040341 X
015 A000342 DEUTSCHE BANK, AG
015 B000342 S
<PAGE> PAGE 22
015 C010342 KARACHI
015 D010342 PAKISTAN
015 E040342 X
015 A000343 STANDARD CHARTERED BANK
015 B000343 S
015 C010343 MANILA
015 D010343 PHILIPPINES
015 E040343 X
015 A000344 CITIBANK POLAND, S.A.
015 B000344 S
015 C010344 WARSAW
015 D010344 POLAND
015 E040344 X
015 A000345 BANCO COMERCIAL PORTUGUES
015 B000345 S
015 C010345 LISBON
015 D010345 PORTUGAL
015 E040345 X
015 A000346 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000346 S
015 C010346 SINGAPORE
015 D010346 SINGAPORE
015 E040346 X
015 A000347 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000347 S
015 C010347 JOHANNESBURG
015 D010347 SOUTH AFRICA
015 E040347 X
015 A000348 BANCO SANTANDER, S.A.
015 B000348 S
015 C010348 MADRID
015 D010348 SPAIN
015 E040348 X
015 A000349 CENTRAL TRUST OF CHINA
015 B000349 S
015 C010349 TAIPEI
015 D010349 TAIWAN
015 E040349 X
015 A000350 STANDARD CHARTERED BANK
015 B000350 S
015 C010350 BANGKOK
015 D010350 THAILAND
015 E040350 X
015 A000351 CITIBANK, N.A.
015 B000351 S
015 C010351 ISTANBUL
015 D010351 TURKEY
015 E040351 X
015 A000352 STATE STREET BANK & TRUST COMPANY
015 B000352 S
015 C010352 LONDON
<PAGE> PAGE 23
015 D010352 UNITED KINGDOM
015 E040352 X
025 A000301 J.P. MORGAN & CO, INC.
025 C000301 E
025 D000301 1795
025 A000302 CHEMICAL BANKING CORP.
025 C000302 E
025 D000302 1723
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 6053
028 A020300 0
028 A030300 0
028 A040300 2982
028 B010300 5804
028 B020300 0
028 B030300 0
028 B040300 3390
028 C010300 6109
028 C020300 1785
028 C030300 0
028 C040300 2965
028 D010300 15517
028 D020300 0
028 D030300 0
028 D040300 2851
028 E010300 10304
028 E020300 0
028 E030300 0
028 E040300 2101
028 F010300 8014
028 F020300 2026
028 F030300 0
028 F040300 1835
028 G010300 51801
028 G020300 3811
028 G030300 0
028 G040300 16124
028 H000300 0
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
<PAGE> PAGE 24
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 Y
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 138710
071 B000300 99774
071 C000300 156464
071 D000300 64
072 A000300 12
072 B000300 6142
072 C000300 3988
072 D000300 0
072 E000300 -37
072 F000300 960
072 G000300 0
072 H000300 0
072 I000300 633
072 J000300 98
072 K000300 0
072 L000300 124
072 M000300 24
072 N000300 98
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 20
072 S000300 5
<PAGE> PAGE 25
072 T000300 0
072 U000300 7
072 V000300 0
072 W000300 13
072 X000300 1982
072 Y000300 0
072 Z000300 8111
072AA000300 2989
072BB000300 9
072CC010300 20501
072CC020300 0
072DD010300 7924
072DD020300 0
072EE000300 479
073 A010300 0.6000
073 A020300 0.0000
073 B000300 0.0400
073 C000300 0.0000
074 A000300 2
074 B000300 17687
074 C000300 27526
074 D000300 66241
074 E000300 4740
074 F000300 129777
074 G000300 0
074 H000300 23
074 I000300 0
074 J000300 334
074 K000300 0
074 L000300 1736
074 M000300 189
074 N000300 248255
074 O000300 522
074 P000300 144
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 382
074 S000300 0
074 T000300 247207
074 U010300 15075
074 U020300 0
074 V010300 16.40
074 V020300 0.00
074 W000300 0.0000
074 X000300 35807
074 Y000300 0
075 A000300 0
075 B000300 196847
076 000300 0.00
<PAGE> PAGE 26
SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
November 7, 1995
To the Board of Trustees and Shareholders of
AAPR Growth Trust
In planning and performing our audits of the financial statements of the AAPR
Growth Trust (the "Trust") for the year ended September 30, 1995, we considered
its 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 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
judgements 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 appropriately
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
operations 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 structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
<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, 1995
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> AARP CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 550,616,455
<INVESTMENTS-AT-VALUE> 692,332,062
<RECEIVABLES> 2,020,044
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 694,352,106
<PAYABLE-FOR-SECURITIES> 1,625,475
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 717,685
<TOTAL-LIABILITIES> 2,343,160
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 540,198,862
<SHARES-COMMON-STOCK> 18,041,977
<SHARES-COMMON-PRIOR> 21,513,985
<ACCUMULATED-NII-CURRENT> 6,365,346
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,733,920
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 141,710,818
<NET-ASSETS> 692,008,946
<DIVIDEND-INCOME> 11,484,726
<INTEREST-INCOME> 1,251,177
<OTHER-INCOME> 0
<EXPENSES-NET> 6,147,362
<NET-INVESTMENT-INCOME> 6,448,989
<REALIZED-GAINS-CURRENT> 3,804,912
<APPREC-INCREASE-CURRENT> 124,386,699
<NET-CHANGE-FROM-OPS> 134,640,600
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (216,094)
<DISTRIBUTIONS-OF-GAINS> (13,160,374)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,055,946
<NUMBER-OF-SHARES-REDEEMED> (5,952,635)
<SHARES-REINVESTED> 424,681
<NET-CHANGE-IN-ASSETS> (112,055,099)
<ACCUMULATED-NII-PRIOR> 122,688
<ACCUMULATED-GAINS-PRIOR> 13,099,140
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,988,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,147,362
<AVERAGE-NET-ASSETS> 645,512,847
<PER-SHARE-NAV-BEGIN> 31.74
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> 6.91
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.64)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.36
<EXPENSE-RATIO> 0.95
<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,
1995 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> AARP GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 2,460,026,972
<INVESTMENTS-AT-VALUE> 3,040,229,571
<RECEIVABLES> 16,222,446
<ASSETS-OTHER> 1,097,088
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,057,549,105
<PAYABLE-FOR-SECURITIES> 49,038,772
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,991,756
<TOTAL-LIABILITIES> 51,030,528
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,367,667,616
<SHARES-COMMON-STOCK> 78,371,684
<SHARES-COMMON-PRIOR> 67,740,274
<ACCUMULATED-NII-CURRENT> 6,072,468
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52,570,066
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 580,208,427
<NET-ASSETS> 3,006,518,577
<DIVIDEND-INCOME> 91,816,143
<INTEREST-INCOME> 10,888,172
<OTHER-INCOME> 0
<EXPENSES-NET> 18,409,212
<NET-INVESTMENT-INCOME> 83,288,031
<REALIZED-GAINS-CURRENT> 82,549,045
<APPREC-INCREASE-CURRENT> 331,256,882
<NET-CHANGE-FROM-OPS> 497,093,958
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (81,086,105)
<DISTRIBUTIONS-OF-GAINS> (85,015,819)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,103,571
<NUMBER-OF-SHARES-REDEEMED> (10,995,485)
<SHARES-REINVESTED> 4,523,324
<NET-CHANGE-IN-ASSETS> 363,388,627
<ACCUMULATED-NII-PRIOR> 4,044,032
<ACCUMULATED-GAINS-PRIOR> 54,862,328
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,406,325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,409,212
<AVERAGE-NET-ASSETS> 2,542,804,534
<PER-SHARE-NAV-BEGIN> 34.13
<PER-SHARE-NII> 1.11
<PER-SHARE-GAIN-APPREC> 5.44
<PER-SHARE-DIVIDEND> (1.09)
<PER-SHARE-DISTRIBUTIONS> (1.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.36
<EXPENSE-RATIO> 0.72
<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 September
30, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME>AARP BALANCED STOCK AND BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 224,895,926
<INVESTMENTS-AT-VALUE> 245,971,020
<RECEIVABLES> 2,092,265
<ASSETS-OTHER> 32,074
<OTHER-ITEMS-ASSETS> 159,340
<TOTAL-ASSETS> 248,254,699
<PAYABLE-FOR-SECURITIES> 522,234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 525,510
<TOTAL-LIABILITIES> 1,047,744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223,597,765
<SHARES-COMMON-STOCK> 15,074,610
<SHARES-COMMON-PRIOR> 11,983,629
<ACCUMULATED-NII-CURRENT> 321,966
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,055,572
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,231,652
<NET-ASSETS> 247,206,955
<DIVIDEND-INCOME> 3,988,384
<INTEREST-INCOME> 6,141,535
<OTHER-INCOME> 0
<EXPENSES-NET> 1,982,131
<NET-INVESTMENT-INCOME> 8,110,687
<REALIZED-GAINS-CURRENT> 2,980,459
<APPREC-INCREASE-CURRENT> 20,500,760
<NET-CHANGE-FROM-OPS> 31,591,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,923,700)
<DISTRIBUTIONS-OF-GAINS> (479,306)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,336,478
<NUMBER-OF-SHARES-REDEEMED> (2,742,517)
<SHARES-REINVESTED> 497,020
<NET-CHANGE-IN-ASSETS> 48,520,185
<ACCUMULATED-NII-PRIOR> 142,595
<ACCUMULATED-GAINS-PRIOR> (453,177)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 960,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,982,131
<AVERAGE-NET-ASSETS> 196,846,786
<PER-SHARE-NAV-BEGIN> 14.64
<PER-SHARE-NII> .61
<PER-SHARE-GAIN-APPREC> 1.79
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.40
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
