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<PAGE> PAGE 2
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<PAGE> PAGE 5
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
November 7, 1995
To the Board of Trustees and Shareholders of
AARP Income Trust
In planning and performing our audits of the financial statements of the AARP
Income 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
GNMA and U.S. Treasury 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 GNMA AND U.S. TREASURY 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> 5,099,562,617
<INVESTMENTS-AT-VALUE> 5,214,219,079
<RECEIVABLES> 54,707,717
<ASSETS-OTHER> 716,785
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the AARP
High Quality 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> 1
<NAME> AARP HIGH QUALITY 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> 526,106,538
<INVESTMENTS-AT-VALUE> 529,380,919
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<TOTAL-LIABILITIES> 1,410,499
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<SHARES-COMMON-STOCK> 33,312,382
<SHARES-COMMON-PRIOR> 37,734,181
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,285,791)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 533,422,297
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 5,057,950
<NET-INVESTMENT-INCOME> 32,695,491
<REALIZED-GAINS-CURRENT> 6,726,877
<APPREC-INCREASE-CURRENT> 25,113,536
<NET-CHANGE-FROM-OPS> 64,535,904
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32,238,660)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,475,377
<NUMBER-OF-SHARES-REDEEMED> (8,378,816)
<SHARES-REINVESTED> 1,481,640
<NET-CHANGE-IN-ASSETS> (66,860,854)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (16,553,184)
<GROSS-ADVISORY-FEES> 2,600,629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,057,950
<AVERAGE-NET-ASSETS> 533,152,777
<PER-SHARE-NAV-BEGIN> 15.05
<PER-SHARE-NII> .94
<PER-SHARE-GAIN-APPREC> .95
<PER-SHARE-DIVIDEND> (.93)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 16.01
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
