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<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 747678
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 AARP TAX FREE INCOME TRUST
001 B000000 811-5050
001 C000000 6172952567
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
002 D020000 4103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 AARP HIGH QUALITY TAX FREE MONEY FUND
007 C030100 N
007 C010200 2
007 C020200 AARP INSURED TAX FREE GENERAL BOND FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-22973
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
010 A00AA01 SCUDDER FUND ACCOUNTING CORPORATION
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
010 C04AA01 4103
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 KEMPER DISTRIBUTORS, INC.
<PAGE> PAGE 2
014 B00AA02 8-47765
014 A00AA03 GRUNTAL SECURITIES, INC.
014 B00AA03 8-31022
014 A00AA04 THE GMS GROUP, INC.
014 B00AA04 8-23936
014 A00AA05 ZURICH CAPITAL MARKETS
014 B00AA05 8-49827
014 A00AA06 BANK HANDLOWY
014 B00AA06 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 BANKERS TRUST COMPANY
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10015
015 E01AA02 X
015 A00AA03 DELETE
015 A00AA04 DELETE
015 A00AA05 DELETE
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018 00AA00 Y
019 A00AA00 Y
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019 C00AA00 SCUDDDAARP
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<PAGE> PAGE 3
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022 B000004 36-2639476
022 C000004 7075
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022 C000005 3020
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Aarp
Insured Tax Free General Bond Fund Semiannual Report for the period ended
03/31/98 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER>2
<NAME>AARP Insured Tax Free General Bond Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,533,885,991
<INVESTMENTS-AT-VALUE> 1,695,123,339
<RECEIVABLES> 20,281,973
<ASSETS-OTHER> 354,618
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,715,759,930
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,749,802
<TOTAL-LIABILITIES> 4,749,802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,584,024,570
<SHARES-COMMON-STOCK> 92,272,062
<SHARES-COMMON-PRIOR> 92,944,577
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,560,326)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 160,545,884
<NET-ASSETS> 1,711,010,128
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 45,872,825
<OTHER-INCOME> 0
<EXPENSES-NET> 5,378,470
<NET-INVESTMENT-INCOME> 40,494,355
<REALIZED-GAINS-CURRENT> (5,784,483)
<APPREC-INCREASE-CURRENT> 21,816,009
<NET-CHANGE-FROM-OPS> 56,525,881
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40,494,355)
<DISTRIBUTIONS-OF-GAINS> (4,608,507)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,181,453
<NUMBER-OF-SHARES-REDEEMED> (5,319,210)
<SHARES-REINVESTED> 1,465,242
<NET-CHANGE-IN-ASSETS> (998,040)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (23,167,336)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,031,165
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,378,470
<AVERAGE-NET-ASSETS> 1,712,390,484
<PER-SHARE-NAV-BEGIN> 18.42
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.17
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.49)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.54
<EXPENSE-RATIO> 0.63
<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
High Quality Tax Free Money Fund Semiannual Report for the period ended 03/31/98
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME> AARP High Quality Tax Free Money Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 99,229,067
<INVESTMENTS-AT-VALUE> 99,229,067
<RECEIVABLES> 905,749
<ASSETS-OTHER> 120,474
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,255,290
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 228,155
<TOTAL-LIABILITIES> 228,155
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,863,642
<SHARES-COMMON-STOCK> 100,032,206
<SHARES-COMMON-PRIOR> 102,619,379
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (836,507)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100,027,135
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,813,261
<OTHER-INCOME> 0
<EXPENSES-NET> 418,569
<NET-INVESTMENT-INCOME> 1,394,692
<REALIZED-GAINS-CURRENT> 415
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,395,107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,394,692)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,210,040
<NUMBER-OF-SHARES-REDEEMED> (18,922,255)
<SHARES-REINVESTED> 1,125,042
<NET-CHANGE-IN-ASSETS> (2,586,758)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (836,922)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 192,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418,569
<AVERAGE-NET-ASSETS> 101,158,610
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders (the "Meeting") of the AARP Funds was held on
October 22, 1997, at the offices of Scudder Kemper Investments, Inc. (formerly
Scudder, Stevens & Clark, Inc.), Two International Place, Boston, Massachusetts.
At the Meeting, as adjourned and reconvened, the following matters were voted
upon by the shareholders (the resulting votes for each matter are presented
below). With regard to certain proposals, it was recommended that the Meeting be
reconvened in order to provide shareholders with an additional opportunity to
return their proxies. The date of the reconvened meeting at which the matters
were decided is noted after the proposed matter.
1. The election of 12 Trustees to hold office until their respective
successors shall have been duly elected and qualified.
<TABLE>
<CAPTION>
AARP Cash Investment Funds AARP Income Trust
Trustee: Number of Votes: Number of Votes:
-------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Broker Broker
For Withheld Non-Votes* For Withheld Non-Votes*
--- -------- ---------- --- -------- ----------
Carole Lewis Anderson 292,320,434 9,715,134 0 207,911,139 5,860,839 0
Adelaide Attard 292,793,047 9,242,522 0 207,919,131 5,852,847 0
Robert N. Butler, M.D. 292,323,782 9,711,786 0 207,667,255 6,104,723 0
Esther Canja - - - 207,697,827 6,074,151 0
Linda C. Coughlin 292,789,135 9,246,434 0 207,868,778 5,903,200 0
Horace B. Deets 292,379,447 9,656,121 0 - - -
Edgar R. Fiedler 292,080,995 9,954,573 0 207,838,463 5,933,515 0
Lt. Gen. Eugene P. Forrester 292,578,098 9,457,471 0 207,722,758 6,049,220 0
George L. Maddox, Jr. 292,770,031 9,265,537 0 207,818,354 5,953,623 0
Robert J. Myers 292,367,267 9,668,302 0 207,566,442 6,205,536 0
James H. Schulz 292,867,578 9,167,991 0 207,960,511 5,811,467 0
Gordon Shillinglaw 292,653,658 9,381,911 0 207,813,922 5,958,055 0
Jean Gleason Stromberg 292,749,399 9,286,169 0 207,871,241 5,900,737 0
AARP Tax Free Income Trust AARP Growth Trust
Trustee: Number of Votes: Number of Votes:
-------- ---------------- ----------------
Broker Broker
For Withheld Non-Votes* For Withheld Non-Votes*
--- -------- ---------- --- -------- ----------
Carole Lewis Anderson 126,397,736 3,856,958 0 113,665,293 2,786,456 0
Adelaide Attard 126,375,140 3,879,554 0 113,681,949 2,769,800 0
Robert N. Butler, M.D. 126,344,190 3,910,504 0 113,579,967 2,871,782 0
Linda C. Coughlin 126,400,653 3,854,041 0 113,667,424 2,784,325 0
Horace B. Deets 126,308,411 3,946,283 0 113,504,912 2,946,837 0
Edgar R. Fiedler 126,379,079 3,875,615 0 113,607,020 2,844,729 0
Lt. Gen. Eugene P. Forrester 126,370,791 3,883,903 0 113,575,455 2,876,294 0
George L. Maddox, Jr. 126,366,633 3,888,061 0 113,616,659 2,835,090 0
Robert J. Myers 126,004,657 4,250,037 0 113,444,742 3,007,006 0
James H. Schulz 126,411,069 3,843,625 0 113,716,179 2,735,570 0
Gordon Shillinglaw 126,350,135 3,904,559 0 113,589,346 2,862,403 0
Jean Gleason Stromberg 126,396,474 3,858,220 0 113,656,899 2,794,850 0
</TABLE>
155
<PAGE>
AARP Managed Investment Portfolios Trust
Trustee: Number of Votes:
-------- ----------------------------------------
Broker
For Withheld Non-Votes*
--- -------- ----------
Carole Lewis Anderson 4,027,381 48,286 0
Adelaide Attard 4,018,791 56,876 0
Robert N. Butler, M.D. 4,025,332 50,335 0
Esther Canja 4,019,600 56,067 0
Linda C. Coughlin 4,025,405 50,263 0
Edgar R. Fiedler 4,027,188 48,480 0
Lt. Gen. Eugene P. Forrester 4,026,655 49,012 0
George L. Maddox, Jr. 4,026,229 49,438 0
Robert J. Myers 4,019,220 56,447 0
James H. Schulz 4,027,381 48,286 0
Gordon Shillinglaw 4,026,493 49,174 0
Jean Gleason Stromberg 4,027,381 48,286 0
2. To approve the new Investment Management Agreement between each Fund and
Scudder Kemper Investments, Inc.
<TABLE>
<CAPTION>
AARP Cash Investment Funds Number of Votes:
-------------------------- ----------------
<S> <C> <C> <C> <C>
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Money Fund 285,730,321 9,600,173 6,705,073 0
AARP Income Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Short Term Bond Fund 17,019,114 398,549 337,640 0
AARP GNMA and U.S. Treasury Fund 184,498,829 4,148,020 4,689,714 0
AARP Bond Fund for Income 2,642,081 26,408 11,620 0
AARP Tax Free Income Trust Number of Votes:
-------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Tax Free Money Fund 63,352,367 855,788 1,449,485 0
AARP Insured Tax Free General Bond Fund 61,319,467 1,506,074 1,771,510 0
AARP Growth Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Balanced Stock and Bond Fund 18,822, 197 388,045 355,231 0
AARP Growth and Income Fund 71,226,299 1,961,864 1,455,551 0
AARP U.S. Stock Index Fund 1,515,306 17,067 19,724 0
AARP Global Growth Fund 5,130,916 108,399 91,247 0
AARP Capital Growth Fund 12,461,002 336,516 241,491 0
AARP International Growth and Income Fund 783,281 24,425 8,769 0
AARP Small Company Stock Fund 1,447,671 37,900 18,838 0
AARP Managed Investment Portfolios Trust Number of Votes:
---------------------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Diversified Income With Growth Fund 1,820,954 46,276 49,015 0
AARP Diversified Growth Fund 2,083,854 32,144 43,418 0
</TABLE>
156
<PAGE>
3. To approve the new Member Services Agreement between AARP Financial
Services Corporation and Scudder Kemper Investments, Inc.
<TABLE>
<CAPTION>
AARP Cash Investment Funds Number of Votes:
-------------------------- ----------------
<S> <C> <C> <C> <C>
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Money Fund 286,300,371 9,125,361 6,609,836 0
AARP Income Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Short Term Bond Fund 17,037,447 387,298 330,558 0
AARP GNMA and U.S. Treasury Fund 184,565,673 4,078,766 4,692,123 0
AARP Bond Fund for Income 2,641,498 27,447 11,164 0
AARP Tax Free Income Trust Number of Votes:
-------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Tax Free Money Fund 63,672,107 803,774 1,181,759 0
AARP Insured Tax Free General Bond Fund 61,371,302 1,434,563 1,791,187 0
AARP Growth Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Balanced Stock and Bond Fund 18,826,700 371,814 366,959 0
AARP Growth and Income Fund 71,241,706 1,931,945 1,470,062 0
AARP U.S. Stock Index Fund 1,518,514 13,606 19,978 0
AARP Global Growth Fund 5,134,423 107,920 88,218 0
0AARP Capital Growth Fund 12,438,975 348,427 251,607 0
AARP International Growth and Income Fund 785,227 24,241 7,007 0
AARP Small Company Stock Fund 1,446,049 39,379 18,981 0
AARP Managed Investment Portfolios Trust Number of Votes:
---------------------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Diversified Income With Growth Fund 1,822,280 44,146 49,818 0
AARP Diversified Growth Fund 2,093,612 29,973 35,836 0
4. To approve the Board's discretionary authority to convert each Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
AARP Cash Investment Funds Number of Votes:
-------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Money Fund 265,259,296 19,793,024 16,983,248 0
AARP Income Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Short Term Bond Fund 16,064,221 887,693 790,025 13,364
AARP GNMA and U.S. Treasury Fund 174,155,593 8,830,909 10,177,874 172,187
AARP Bond Fund for Income 2,598,013 41,968 49,128 0
AARP Tax Free Income Trust Number of Votes:
-------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Tax Free Money Fund 60,456,514 1,852,490 3,348,636 0
AARP Insured Tax Free General Bond Fund 57,507,187 3,383,212 3,683,938 22,715
157
<PAGE>
AARP Growth Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Balanced Stock and Bond Fund 17,679,140 971,470 905,933 8,931
AARP Growth and Income Fund 65,857,169 4,778,865 3,897,734 109,946
AARP U.S. Stock Index Fund 1,469,670 37,918 44,509 0
AARP Global Growth Fund 4,901,941 223,175 204,358 1,088
AARP Capital Growth Fund 11,723,073 731,688 566,025 18,223
AARP International Growth and Income Fund 750,354 40,767 25,354 0
AARP Small Company Stock Fund 1,393,324 69,969 41,116 0
AARP Managed Investment Portfolios Trust Number of Votes:
---------------------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Diversified Income With Growth Fund 1,775,763 75,107 65,374 0
AARP Diversified Growth Fund 1,984,842 81,421 93,158 0
</TABLE>
5. To approve certain amendments to the Declaration of Trust. (Approved
December 2, 1997 for AARP Cash Investment Trust, AARP Income Trust, AARP
Tax Free Income Trust and AARP Growth Trust.)
<TABLE>
<CAPTION>
AARP Cash Investment Funds AARP Income Trust
Number of Votes: Number of Votes:
---------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Broker Broker
For Against Abstain Non-Votes* For Against Abstain Non-Votes*
--- ------- ------- ---------- --- ------- ------- ----------
327,417,767 17,350,883 20,434,991 0 236,756,236 8,617,536 13,372,730 138,217
AARP Tax Free Income Trust AARP Growth Trust
Number of Votes: Number of Votes:
---------------- ----------------
Broker Broker
For Against Abstain Non-Votes* For Against Abstain Non-Votes*
--- ------- ------- ---------- --- ------- ------- ----------
137,305,670 4,877,893 7,055,671 2,679 123,453,660 5,687,987 6,142,826 28,560
</TABLE>
AARP Managed Investment Portfolios Trust
Number of Votes:
----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
3,830,887 100,137 144,642 0
6. To approve the revision of certain fundamental investment policies and
restrictions.
<TABLE>
<CAPTION>
AARP Cash Investment Funds
--------------------------
AARP High Quality Money Fund Number of Votes:
----------------
<S> <C> <C> <C> <C> <C>
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 271,571,829 13,502,616 16,961,123 0
6.2 Borrowing 270,450,997 14,623,448 16,961,123 0
6.3 Senior securities 271,344,570 13,728,994 16,962,004 0
6.4 Concentration 271,119,790 13,954,654 16,961,123 0
6.5 Underwriting of securities 271,531,324 13,539,971 16,964,273 0
6.6 Investment real estate 271,502,639 13,568,656 16,964,273 0
6.7 Purchase of physical commodities 271,311,429 13,759,866 16,964,273 0
6.8 Lending 271,406,594 11,351,300 19,277,674 0
158
<PAGE>
AARP Income Trust
-----------------
AARP High Quality Short Term Bond Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 16,294,331 621,533 826,075 13,364
6.2 Borrowing 16,242,883 673,094 825,962 13,364
6.3 Senior securities 16,291,491 624,331 826,118 13,364
6.4 Concentration 16,293,252 622,612 826,075 13,364
6.5 Underwriting of securities 16,288,711 627,266 825,962 13,364
6.6 Investment real estate 16,291,365 624,403 826,172 13,364
6.7 Purchase of physical commodities 16,280,179 552,082 909,679 13,364
6.8 Lending 16,287,198 545,008 909,733 13,364
AARP GNMA and U.S. Treasury Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 176,937,251 5,928,191 10,298,934 172,187
6.2 Borrowing 176,446,497 6,405,232 10,312,647 172,187
6.3 Senior securities 176,873,292 5,985,683 10,305,401 172,187
6.4 Concentration 176,836,450 6,022,629 10,305,297 172,187
6.5 Underwriting of securities 176,862,775 5,997,167 10,304,434 172,187
6.6 Investment real estate 176,884,191 5,978,009 10,302,176 172,187
6.7 Purchase of physical commodities 176,806,163 5,294,077 11,064,135 172,187
6.8 Lending 176,869,990 5,235,425 11,058,960 172,187
AARP Bond Fund for Income Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 2,605,733 31,749 42,627 0
6.2 Borrowing 2,605,602 31,880 42,627 0
6.3 Senior securities 2,605,602 31,880 42,627 0
6.4 Concentration 2,605,566 31,916 42,627 0
6.5 Underwriting of securities 2,605,058 32,424 42,627 0
6.6 Investment real estate 2,605,733 31,749 42,627 0
6.7 Purchase of physical commodities 2,605,733 31,749 42,627 0
6.8 Lending 2,605,733 30,281 44,095 0
159
<PAGE>
AARP Tax Free Income Trust
--------------------------
AARP High Quality Tax Free Money Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 61,384,974 1,298,449 2,974,217 0
6.2 Borrowing 61,284,742 1,398,680 2,974,217 0
6.3 Senior securities 61,317,584 1,365,839 2,974,217 0
6.4 Concentration 61,355,799 1,327,624 2,974,217 0
6.5 Underwriting of securities 61,332,423 1,351,000 2,974,217 0
6.6 Investment real estate 61,314,584 1,368,838 2,974,217 0
6.7 Purchase of physical commodities 61,337,244 1,346,179 2,974,217 0
6.8 Lending 61,344,092 1,035,997 3,277,551 0
6.9 Tax exempt securities 61,301,616 1,078,473 3,277,551 0
AARP Insured Tax Free General Bond Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 58,471,407 2,289,861 3,813,069 22,715
6.2 Borrowing 58,257,975 2,503,294 3,813,069 22,715
6.3 Senior securities 58,442,573 2,317,418 3,814,346 22,715
6.4 Concentration 58,435,969 2,321,062 3,817,306 22,715
6.5 Underwriting of securities 58,450,670 2,310,598 3,813,069 22,715
6.6 Investment real estate 58,476,752 2,284,516 3,813,069 22,715
6.7 Purchase of physical commodities 58,470,571 2,290,697 3,813,069 22,715
6.8 Lending 58,468,501 2,129,464 3,976,371 22,715
6.9 Tax exempt securities 58,485,743 2,109,998 3,978,596 22,715
AARP Growth Trust
-----------------
AARP Balanced Stock and Bond Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 18,087,273 610,616 858,653 8,931
6.2 Borrowing 18,009,324 688,565 858,653 8,931
6.3 Senior securities 18,077,396 620,446 858,700 8,931
6.4 Concentration 18,073,658 624,231 858,653 8,931
6.5 Underwriting of securities 18,083,388 614,501 858,653 8,931
6.6 Investment real estate 18,078,921 618,968 858,653 8,931
6.7 Purchase of physical commodities 18,076,571 621,318 858,653 8,931
6.8 Lending 18,077,040 569,598 909,904 8,931
160
<PAGE>
AARP Growth and Income Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 67,829,943 3,125,913 3,577,912 109,946
6.2 Borrowing 67,448,754 3,500,644 3,584,369 109,946
6.3 Senior securities 67,778,929 3,177,141 3,577,698 109,946
6.4 Concentration 67,744,503 3,207,554 3,581,711 109,946
6.5 Underwriting of securities 67,793,646 3,159,636 3,580,486 109,946
6.6 Investment real estate 67,769,967 3,184,900 3,578,900 109,946
6.7 Purchase of physical commodities 67,769,717 3,186,149 3,577,902 109,946
6.8 Lending 67,765,264 2,972,442 3,796,061 109,946
AARP U.S. Stock Index Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 1,503,705 18,302 30,091 0
6.2 Borrowing 1,499,804 22,203 30,091 0
6.3 Senior securities 1,503,628 18,379 30,091 0
6.4 Concentration 1,503,406 18,601 30,091 0
6.5 Underwriting of securities 1,503,589 18,418 30,091 0
6.6 Investment real estate 1,503,705 18,302 30,091 0
6.7 Purchase of physical commodities 1,503,705 18,302 30,091 0
6.8 Lending 1,502,934 17,921 31,243 0
AARP Global Growth Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 4,955,067 166,893 207,513 1,088
6.2 Borrowing 4,939,091 182,791 207,592 1,088
6.3 Senior securities 4,951,689 170,594 207,191 1,088
6.4 Concentration 4,947,069 174,891 207,513 1,088
6.5 Underwriting of securities 4,949,328 172,632 207,513 1,088
6.6 Investment real estate 4,949,793 172,489 207,191 1,088
6.7 Purchase of physical commodities 4,948,113 174,170 207,191 1,088
6.8 Lending 4,950,397 157,153 221,924 1,088
161
<PAGE>
AARP Capital Growth Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 11,968,086 509,420 543,280 18,223
6.2 Borrowing 11,921,565 555,269 543,952 18,223
6.3 Senior securities 11,959,366 518,117 543,304 18,223
6.4 Concentration 11,952,736 524,770 543,280 18,223
6.5 Underwriting of securities 11,958,796 517,986 544,004 18,223
6.6 Investment real estate 11,951,082 525,701 544,004 18,223
6.7 Purchase of physical commodities 11,951,739 525,043 544,004 18,223
6.8 Lending 11,957,776 477,674 585,336 18,223
AARP International Growth and Income Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 765,853 28,397 22,225 0
6.2 Borrowing 765,709 30,139 22,626 0
6.3 Senior securities 763,452 28,798 22,225 0
6.4 Concentration 765,327 28,922 22,225 0
6.5 Underwriting of securities 765,421 28,828 22,225 0
6.6 Investment real estate 765,985 28,265 22,225 0
6.7 Purchase of physical commodities 765,692 28,558 22,225 0
6.8 Lending 765,279 27,566 23,629 0
AARP Small Company Stock Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 1,417,038 49,670 37,701 0
6.2 Borrowing 1,413,710 52,998 37,701 0
6.3 Senior securities 1,416,309 50,399 37,701 0
6.4 Concentration 1,416,207 50,501 37,701 0
6.5 Underwriting of securities 1,416,884 49,824 37,701 0
6.6 Investment real estate 1,416,718 49,990 37,701 0
6.7 Purchase of physical commodities 1,416,759 49,949 37,701 0
6.8 Lending 1,414,818 50,372 39,220 0
162
<PAGE>
AARP Managed Investment Portfolios Trust
----------------------------------------
AARP Diversified Income With Growth Fund Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 1,800,653 53,450 62,141 0
6.2 Borrowing 1,795,676 58,428 62,141 0
6.3 Senior securities 1,800,252 53,852 62,141 0
6.4 Concentration 1,799,050 55,054 62,141 0
6.5 Underwriting of securities 1,800,150 53,954 62,141 0
6.6 Investment real estate 1,800,653 53,450 62,141 0
6.7 Purchase of physical commodities 1,799,141 54,962 62,141 0
6.8 Lending 1,799,120 51,479 65,646 0
AARP Diversified Growth Fund Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
6.1 Diversification 2,023,703 59,005 76,713 0
6.2 Borrowing 2,018,241 64,467 76,713 0
6.3 Senior securities 2,023,703 59,005 76,713 0
6.4 Concentration 2,022,079 60,629 76,713 0
6.5 Underwriting of securities 2,023,608 59,100 76,713 0
6.6 Investment real estate 2,023,549 59,159 76,713 0
6.7 Purchase of physical commodities 2,022,473 60,235 76,713 0
6.8 Lending 2,022,023 57,560 79,838 0
</TABLE>
7. To ratify the selection of Price Waterhouse LLP as the Fund's independent
accountants.
<TABLE>
<CAPTION>
AARP Cash Investment Funds Number of Votes:
-------------------------- ----------------
<S> <C> <C> <C> <C>
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Money Fund 286,959,663 3,456,868 11,619,037 0
AARP Income Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Short Term Bond Fund 17,005,418 178,104 571,782 0
AARP GNMA and U.S. Treasury Fund 184,611,417 1,731,627 6,993,519 0
AARP Bond Fund for Income 2,640,136 18,657 21,316 0
AARP Tax Free Income Trust Number of Votes:
-------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP High Quality Tax Free Money Fund 62,968,970 371,025 2,317,645 0
AARP Insured Tax Free General Bond Fund 61,568,363 620,529 2,408,160 0
163
<PAGE>
AARP Growth Trust Number of Votes:
----------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Balanced Stock and Bond Fund 18,808,261 204,901 552,312 0
AARP Growth and Income Fund 71,729,480 817,335 2,096,899 0
AARP U.S. Stock Index Fund 1,520,999 5,503 25,596 0
AARP Global Growth Fund 5,126,127 46,895 157,540 0
AARP Capital Growth Fund 12,523,372 145,231 370,407 0
AARP International Growth and Income Fund 782,741 14,994 18,739 0
AARP Small Company Stock Fund 1,451,967 18,810 33,631 0
AARP Managed Investment Portfolios Trust Number of Votes:
---------------------------------------- ----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
AARP Diversified Income With Growth Fund 1,847,671 14,158 54,416 0
AARP Diversified Growth Fund 2,089,816 19,170 50,435 0
</TABLE>
8. To approve a new Subadvisory Agreement between Scudder Kemper Investments,
Inc. and Bankers Trust Company.
AARP U.S. Stock Index Fund
Number of Votes:
----------------
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
1,516,428 10,152 25,517 0
* Broker non-votes are proxies received by the Fund from brokers or
nominees when the broker or nominee neither has received instructions
from the beneficial owner or other persons entitled to vote nor has
discretionary power to vote on a particular matter.
164
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