SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K
               [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended     April 30, 2001  Commission File Number 1-4702
                              --------------                         ------
                                       OR
          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ______________ to _______________

                               AMREP CORPORATION
              ----------------------------------------------------
             (Exact name of registrant as specified in its Charter)

  Oklahoma                                                     59-0936128
-------------------------------                              ------------------
(State or other jurisdiction of                              (IRS Employer
incorporation or organization)                               Identification No.)

  641 Lexington Ave., 6th Floor
  New York, New York                                           10022
---------------------------------------                      ----------
(Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code:  (212) 705-4700
                                                     --------------

Securities registered pursuant to Section 12(b) of the Act:
                                                           Name of Each Exchange
Title of Each Class                                        on Which Registered
-------------------                                        ---------------------
Common Stock $.10 par value                              New York Stock Exchange


Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best  of  the  Registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K. [ X ]

Aggregate market value of Common Stock held by non-affiliates of the Registrant,
computed by  reference  to the last sales price of such Common Stock on July 26,
2001, on the New York Stock Exchange Composite Tape - $14,646,586.

Number of shares of Common Stock, par value $.10 per share,  outstanding at July
26, 2001 - 6,573,586.
                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the  following  documents  of the  Registrant  are  incorporated  by
reference into the indicated  parts of this report:  Definitive  Proxy Statement
for 2001 Annual Meeting - Part III.


<PAGE>



                                     PART I
                                     ------
Item 1.          Business
-------          --------            GENERAL

The Company* is primarily engaged in two unrelated businesses,  each operated by
a wholly-owned subsidiary:  the Real Estate business operated by AMREP Southwest
Inc., and the Fulfillment Services and Magazine  Distribution  business operated
by  Kable  News  Company,  Inc.  ("Kable").  The  Company's  foreign  sales  and
activities are not significant.

Data  concerning  Industry  Segments  is  set  forth  in  Note  14 of  Notes  to
Consolidated  Financial  Statements.  The Company's foreign sales and activities
are not significant.


                             REAL ESTATE OPERATIONS

Recent Developments

For many years,  the Company was both a real estate  developer  and a builder of
single-family  homes,  originally in Rio Rancho, New Mexico and more recently in
the Denver, Colorado,  Sacramento,  California and Portland, Oregon metro areas.
In the early 1960s,  the Company  established the community that now is the City
of Rio Rancho, New Mexico, and until 1999 was the predominant builder of housing
there.  Rio Rancho,  which  adjoins  Albuquerque,  now has a population  of over
50,000.  The Company entered the Denver market in 1993, and in 1997 it purchased
the assets of a land developer and homebuilder with operations in the Sacramento
and Portland  markets.  However,  two years ago the Company decided to (i) cease
all  homebuilding  operations  and (ii)  sell its  landholdings  in  California,
Colorado and Oregon.  It now is out of the  homebuilding  business and, as noted
below, has sold,  entered into agreements of sale or is offering for sale all of
its landholdings outside of New Mexico.


Land Development Operations

Prior to fiscal 1999,  the Company  developed  both  residential  and commercial
sites at Rio Rancho and from time to time bought acreage in Colorado, California
and Oregon for its own homebuilding  operations and to develop for sale to other
builders.  As discussed above, the Company  currently is performing  development
work only at Rio Rancho.

Rio Rancho  (including the City) consists of 91,049 contiguous acres in Sandoval
County,  New Mexico,  near  Albuquerque,  of which some  72,700  acres have been
platted into approximately 112,100 homesite and commercial lots and 16,300 acres
are  dedicated to community  facilities,  roads and drainage  with the remainder
consisting of unplatted land. At April 30, 2001, a total of approximately 82,100
of the lots had been sold. The Company currently owns approximately 22,000 acres
in Rio  Rancho,  of which  approximately  7,000 acres are in  contiguous  blocks
suitable for development. The balance is in scattered lots which may require the
purchase of a sufficient  number of adjoining lots to create tracts suitable for
development or which may be sold individually or in small groups.



-----------------
*  As used herein, "Company" includes the Registrant and its subsidiaries unless
the context requires or indicates otherwise.



                                       2
<PAGE>


The  development  activity  includes the  obtaining  of  necessary  governmental
approvals  ("entitlements"),  installation  of  utilities  and  necessary  storm
drains,  and  building or  improving  of roads.  At Rio  Rancho,  the Company is
developing both  residential lots and sites for commercial and industrial use as
the demand warrants,  and also is securing  entitlements  for large  development
tracts for sale to homebuilders. The engineering work at Rio Rancho is performed
by both Company  employees and outside firms,  but development work is performed
by outside  contractors.  Land at Rio Rancho is marketed  by Company  personnel,
both  directly and through  brokers.  The Company  competes with other owners of
land in the Albuquerque  area who offer for sale developed  residential lots and
sites for commercial and industrial use.

The commercial  areas in Rio Rancho  presently  include more than 500 businesses
and professional offices, as well as 15 shopping centers with approximately 1.25
million square feet of retail space and office space,  including a 55,000 square
foot  office  building  owned  by  the  Company.   The  industrial   areas  have
approximately  80  buildings  with over 3.2  million  square  feet,  including a
manufacturing facility containing approximately 2.1 million square feet which is
owned and occupied by Intel  Corporation.  Intel, Rio Rancho's largest employer,
has recently  started  construction  on a 1 million square foot expansion of its
plant  which is  expected to create  2,000  construction  jobs over the next two
years and employ an additional  1,000 people after  completion of the project in
late 2002 or early 2003.

Since early 1977, no individual  lots without homes at Rio Rancho have been sold
by the Company to consumers.  Over 50,000 lots were sold prior to 1977, and most
of these are in areas  where  utilities  have not yet been  installed.  However,
under  certain  of the  contracts  pursuant  to which  the lots  were  sold,  if
utilities  have not reached the  respective  lot when the  purchaser is ready to
build a home,  the  Company  is  obligated  to  exchange  a lot in an area  then
serviced  by  water,  telephone  and  electric  utilities  for  the  lot  of the
purchaser,  without  cost  to  the  purchaser.  The  Company  has  not  incurred
significant costs related to such exchanges.

The Company owns two tracts of land in Colorado, consisting of approximately 335
acres planned for  approximately  900 homes. One of these tracts,  consisting of
approximately  170 acres planned for  approximately 534 homes, is under contract
for sale and is  anticipated  to close  during  fiscal  2002.  The Company is in
process of obtaining  entitlements  for the other tract,  which is being offered
for sale subject to obtaining all necessary  approvals.  In California,  it owns
one tract of land in the Sacramento  area zoned for  approximately  420 units of
multi-family residential housing, which is currently under contract for sale and
anticipated to close during fiscal 2002.

Home Building Operations

In fiscal 2001, the Company substantially completed all homebuilding activities.
The Company closed a total of 18 homes in the Portland area in fiscal 2001 at an
average selling price of approximately $256,000 per home. At April 30, 2001, the
Company  owned 3 lots in the  Portland  area on which homes were built.  Of this
total,  2 were under  contract for sale.  The Company  expects all to be sold in
fiscal  2002.  Although  the  Company  has no  present  plans to do any  further
homebuilding,  the decision to change its real estate  focus to  emphasize  land
development  operations in New Mexico and wind-down  homebuilding  operations is
not considered to be a permanent change of strategy.

Other Real Estate Projects

The Company developed the Eldorado at Santa Fe, New Mexico subdivision which had
approximately  2,400 homes as of April 30, 2001.  The Company sold 20 lots there
in fiscal 2001,  and 31 lots remained to be sold at the end of fiscal 2001.  The
Company  also  owns and  operates  a water  utility  company  which  serves  the
subdivision.

The Company also owns approximately 14 acres in the Orlando,  Florida area which
is being offered for sale.

                                       3
<PAGE>



                MAGAZINE DISTRIBUTION AND FULFILLMENT OPERATIONS


Through its wholly-owned  subsidiary,  Kable News Company, Inc., the Company (i)
performs fulfillment and related services for publishers and other customers and
(ii) distributes periodicals nationally and in Canada and, to a small degree, in
other foreign  countries.  As of July 1, 2001, Kable employed  approximately 900
persons,  of whom approximately 740 were involved in its fulfillment  activities
and 160 in distribution activities.

Fulfillment Services

Kable's  Fulfillment  Services  division  performs a number of  fulfillment  and
fulfillment-related  activities,  principally magazine subscription  fulfillment
services, list services and product fulfillment services. The division accounted
for 71% of Kable's total revenues in 2001, 70% in 2000 and 64% in 1999.

In the magazine subscription fulfillment service operation,  Kable processes new
orders, receives and accounts for payments, prepares and sends to each publisher
printer labels or tapes  containing  the names and addresses of subscribers  for
mailing each issue,  handles subscriber  telephone inquiries and correspondence,
prepares and mails renewal and  statement  notifications,  maintains  subscriber
lists and databases,  generates  marketing and  statistical  reports,  processes
Internet orders and prints forms and promotional  materials.  Kable performs all
of these  services for many  clients,  but some clients  utilize only certain of
them.  Although  by far the largest  number of  magazine  titles for which Kable
performs  fulfillment  services are consumer  publications,  Kable also performs
services for a number of trade (business) publications, membership organizations
and  government  agencies  which  utilize  the  broad  capabilities  of  Kable's
extensive database system.

List  services  clients  are  primarily  publishers.  In  this  activity,  Kable
maintains client customer lists, selects names for clients who rent their lists,
merges  rented  lists  with a client's  list to  eliminate  duplication  for the
client's promotional mailings, and sorts and sequences mailing labels to provide
optimum postal discounts for clients.

Product  fulfillment  services are provided  for Kable's  publisher  clients and
other direct marketers.  In this activity,  the division  receives,  warehouses,
processes and ships merchandise.

Kable plans to expand  these  ancillary  services,  including  lettershop,  list
services and product fulfillment services, to other, non-publisher clients.

Kable now performs fulfillment services for approximately 630 different magazine
titles for  approximately  240 clients and  maintains  almost 14 million  active
subscriber names for its client  publishers.  In a typical month, Kable produces
over 15 million  mailing labels for its client  publishers and also produces and
mails approximately 4.1 million billing and renewal statements.

There are a large number of  companies  that  perform  fulfillment  services for
publishers  and with which  Kable  competes,  two of which are much  larger than
Kable.  Since publishers often utilize only a single  fulfillment  company for a
particular  publication,  there is  intense  competition  to obtain  fulfillment
contracts  with  publishers.  Competition  for  non-publisher  clients  is  also
intense.  Kable  has a  staff  whose  primary  task  is to  solicit  fulfillment
business.

Distribution Services

In  its  distribution  operation,  Kable  distributes  magazines  for  over  180
publishers.  Among the titles are many  special  interest  magazines,  including
automotive, crossword puzzles, men's sophisticates,  comics, romance and sports.
In a typical month, Kable distributes to wholesalers over 26.5 million copies of
various titles.  Kable purchases the publications  from its publishers and sells
them to approximately 56 independent  wholesalers.  The wholesalers in turn sell
the publications to individual  retail outlets.  All parties generally have full
return  rights for unsold  copies.  For  reasons set forth  below,  Distribution


                                       4
<PAGE>

revenues have been  declining for several years and accounted for 29% of Kable's
revenues in fiscal 2001, 30% in fiscal 2000 and 36% in fiscal 1999.

While the Kable Distribution division does not handle all publications of all of
its  publisher  clients,  it  usually  is  the  exclusive  distributor  for  the
publications it distributes.  Kable has a distribution sales and marketing force
that works with wholesalers and retailers to promote product sales and assist in
determining  the number of copies of product to be delivered  to each  retailer.
Kable  generally  does not  physically  handle any product.  It  determines,  in
consultation  with the wholesalers and publishers,  the number of copies of each
issue to be distributed,  and generates and delivers to each publisher's printer
shipping  instructions  with the addresses of the  wholesalers and the number of
copies of product to be shipped to each.  All magazines  have an "off sale" date
(generally  the on-sale date of the next issue)  following  which the  retailers
return unsold copies to the  wholesalers,  who destroy them after accounting for
returned merchandise in a manner satisfactory to Kable.

A realignment of industry relationships in the distribution of magazines started
during  fiscal 1996 and rapidly grew to major  proportions.  It was triggered by
the decision of certain major retailers with multiple  outlets to sharply reduce
the number of wholesalers  with whom the retailers  would deal.  This action has
led to the erosion of wholesaler profit margins and to a substantial  continuing
reduction  in  the  number  of   wholesalers   through  the  merger  of  certain
wholesalers,  the formation by certain other  wholesalers of cooperatives to bid
for the  business  of such  retailers,  and the  complete  retirement  from  the
business by a number of wholesalers. The consolidation has reduced the number of
Kable's  wholesale  customers by approximately  60% since fiscal 1995, which has
increased the concentration of its revenue source and trade accounts receivable;
at April 30, 2001, approximately 56% of Kable's distribution accounts receivable
was due from three customers.  These changes also contributed to demands by most
remaining   wholesalers  to  purchase  magazines  at  lower  prices  which  many
publishers,  including  some  of  Kable's,  have  accepted.  In  addition,  many
wholesalers  have instituted  programs to eliminate low volume titles and reduce
circulation  volume retail  outlets.  The objective of wholesalers was to reduce
their  handling  costs and improve  sales.  Kable feels these  programs have had
limited success.

Financial  pressures on wholesalers  and  publishers  arising from these adverse
business conditions continued in fiscal 2001. Consequently,  Kable increased its
accounts  receivable  reserves  during  2001 by  approximately  $2.3  million in
anticipation  of  uncollectible  balances from certain  publisher and wholesaler
customers.  Management  believes  that  industry  changes will continue with the
potential for further  adverse  consequences  for  publishers and their national
distributors, including Kable.

Kable generally  makes  substantial  cash advances to publishers  against future
sales,  which publishers may use to help pay for printing,  paper and production
costs  prior  to the  product  going  on  sale.  Kable  is  usually  not paid by
wholesalers  for product until some time after the product has gone on sale, and
is therefore  exposed to potential credit risks with both the publishers and the
wholesalers.  Its ability to make a profit is  dependent in part on its skill in
estimating  the  number of  copies  of an issue  which  should  be  printed  and
distributed and on limiting its advances to the publisher accordingly.

Kable  competes  primarily  with  four  national  distributors,  all of whom are
substantially  larger than Kable. Each of these large competitors is owned by or
affiliated  with  a  magazine  publishing  company.  Such  companies  publish  a
substantial  portion of all magazines  published in the United  States,  and the
competition  for  the  distribution  rights  to the  remaining  publications  is
intense.


                                 COMPANY OFFICES

The Company's  principal  executive  offices are in New York City.  Kable has an
executive and sales office in New York City,  and its operations are centered in
both owned and leased facilities in Mt. Morris,  Illinois and Marion, Ohio. Real
estate operations are headquartered in Rio Rancho, New Mexico in a modern office
building owned by the Company.

                                       5
<PAGE>


                                    EMPLOYEES

The Company has  approximately  925  employees  as of July 1, 2001.  The Company
provides  retirement,  health and other  benefits to its employees and considers
its employee relations to be good.


Item 2.           Properties
-------           ----------
The  information  contained in Item 1 of this report with respect to  properties
owned by the Company is hereby incorporated herein by reference.

Item 3.           Legal Proceedings
-------           -----------------
In the civil action entitled United  Magazine  Company,  Inc., et al. v. Murdoch
Magazines  Distribution,  Inc., et al.,  reported in the Registrant's  Report on
Form 10-Q for the  quarterly  period  ended  October  31,  2000,  motions by the
defendants  to dismiss the Amended  Complaint  were  granted,  with leave to the
plaintiffs  to replead  specified  claims.  On or about June 21,  2001, a Second
Amended  Complaint  was  filed  which  includes  two  claims  against  Kable (i)
violation of the Robinson-Patman  Act, which generally prohibits  discriminatory
pricing, and (ii) breach of fiduciary duty. The defendants have moved to dismiss
the Second Amended  Complaint  with the exception of claims by three  plaintiffs
under one section of the Robinson-Patman Act. Those motions are pending.

The Registrant  and/or its subsidiaries are involved in various other claims and
legal actions incident to their operations,  which in the opinion of management,
based  in  part  upon  advice  of  counsel,   will  not  materially  affect  the
consolidated  financial  position or results of operations of the Registrant and
its subsidiaries.


Item 4.           Submission of Matters to a Vote of Security Holders
-------           ---------------------------------------------------
Not Applicable.

Executive Officers of the Registrant
------------------------------------
Set forth below is certain information  concerning persons who are the executive
officers of the Company.


Name               Office Held/Principal Occupation for Past Five Years     Age
----               ----------------------------------------------------     ---
James Wall         Senior Vice President of the Company since 1991;          64
                   Chief Executive Officer of AMREP Southwest Inc.,
                   a wholly-owned subsidiary of the Company, since 1991.

Peter M. Pizza     Vice President-Chief Financial Officer since May 2001;    50
                   Controller of the Company since 1995;
                   Vice President-Controller of the Company from 1997 to 2001.

Michael P. Duloc   President and Chief Operating Officer of Kable News       45
                   Company, Inc. since November 2000;
                   President and Chief Operating Officer of Kable
                   Distribution Services from 1996 to November 2000.

The executive officers are elected or appointed by the Board of Directors of the
Company or its appropriate subsidiary to serve until the appointment or election
and  qualification  of their  successors or their earlier death,  resignation or
removal.


                                       6
<PAGE>




                                     PART II


Item 5.           Market for Registrant's Common Equity and
-------           -----------------------------------------
                  Related Stockholder Matters
                  ---------------------------
The Company's  common stock is traded on the New York Stock  Exchange  under the
symbol "AXR". On July 26, 2001, there were approximately 2,250 holders of record
of the common stock. The Company has  historically not paid cash dividends.  The
range of high and low closing prices for the last two fiscal years by quarter is
presented below:

           FIRST            SECOND               THIRD              FOURTH
       HIGH       LOW      HIGH     LOW       HIGH      LOW       HIGH      LOW

2001  $ 7.37    $ 4.94   $ 5.50   $ 4.56    $ 4.75    $ 4.00    $ 4.00    $ 3.60
2000  $ 7.25    $ 5.37   $ 6.56   $ 4.44    $ 5.12    $ 3.06    $ 5.94    $ 4.50




Item 6.           Selected Financial Data
                  -----------------------
(TO BE SUPPLIED)

                                       7
<PAGE>


Item 7. Management's Discussion and Analysis of Financial
------- -------------------------------------------------
                  Condition and Results of Operations
                  -----------------------------------
(TO BE SUPPLIED)

                                       13
<PAGE>




Item 7(A).      Quantitative and Qualitative Disclosures About Market Risk
----------      ----------------------------------------------------------
(TO BE SUPPLIED)


                                       14
<PAGE>



Item 8. Financial Statements and Supplementary Data
------- -------------------------------------------
(TO BE SUPPLIED)





                                       15
<PAGE>



Item 9.  Changes in and Disagreements with Accountants on Accounting
-------  -----------------------------------------------------------
              and Financial Disclosure.
              -------------------------

Not Applicable.


                                    PART III
                                    --------
The information called for by Part III is hereby  incorporated by reference from
the  information  set forth and under the headings  "Common  Stock  Ownership of
Certain  Beneficial  Owners  and  Management",   "Election  of  Directors",  and
"Executive Compensation" in Registrant's definitive proxy statement for the 2001
Annual  Meeting  of  Shareholders,   which  meeting  involves  the  election  of
directors,  such definitive  proxy statement to be filed with the Securities and
Exchange  Commission pursuant to Regulation 14A within 120 days after the end of
the  fiscal  year  covered by this  Annual  Report on Form  10-K.  In  addition,
information on Registrant's executive officers has been included in Part I above
under the caption "Executive Officers of the Registrant".


                                       35
<PAGE>








                                     PART IV
                                     -------
Item 14.   Exhibits, Financial Statement Schedules, and Reports on Form 8-K
--------   ----------------------------------------------------------------

(a)  1.  The  following   financial   statements  and  supplementary   financial
         information are filed as part of this report:

(TO BE SUPPLIED)


     2.  The following financial statement schedules are filed as part of this
         report:

(TO BE SUPPLIED)


     3.  Exhibits:

     The exhibits filed in this report are listed in the Exhibit Index.

     The  Registrant  agrees,  upon  request  of  the  Securities  and  Exchange
Commission, to file as an exhibit each instrument defining the rights of holders
of long-term debt of the Registrant and its consolidated  subsidiaries which has
not been filed for the reason  that the total  amount of  securities  authorized
thereunder  does not exceed 10% of the total  assets of the  Registrant  and its
subsidiaries on a consolidated basis.

(b)  During the quarter ended April 30, 2001, Registrant filed no Current Report
     on Form 8-K.



                                       36
<PAGE>




                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  Registrant  has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized. AMREP CORPORATION (Registrant)

Dated:  July 26, 2001                                    By /s/Peter M. Pizza
                                                               Peter M. Pizza
                                                               Vice President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of  Registrant  and in
the capacities and on the dates indicated.

/s/Jerome Belson                                             /s/Albert V.  Russo
   Jerome Belson                                                Albert V. Russo
  Director                                                      Director
Dated:  July 26, 2001                                      Dated:  July 26, 2001

/s/Edward B. Cloues, II                                     /s/Samuel N. Seidman
   Edward B. Cloues, II                                        Samuel N. Seidman
   Director                                                    Director
Dated:  July 26, 2001                                      Dated:  July 26, 2001

/s/Lonnie A. Coombs                                         /s/James Wall
   Lonnie A. Coombs                                            James Wall
   Director                                                    Director
Dated:  July 26, 2001                                      Dated:  July 26, 2001

/s/Nicholas G. Karabots                                     /s/Peter M. Pizza
   Nicholas G. Karabots                                        Peter M. Pizza
   Director                                                    Vice President,
Dated:  July 26, 2001                                Principal Financial Officer
                                               and Principal Accounting Officer*
                                                           Dated:  July 26, 2001


*Also acting as Principal  Executive Officer in the absence of a Chief Executive
Officer, solely for the purpose of signing this Annual Report.



                                       37
<PAGE>



                       AMREP CORPORATION AND SUBSIDIARIES
                       ----------------------------------
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                 -----------------------------------------------
                                   (Thousands)

(TO BE SUPPLIED)

                                       38
<PAGE>




                                  EXHIBIT INDEX
                                  -------------
3 (a) (i)  Articles of Incorporation, as amended - Incorporated by  reference to
           Exhibit (3) (a) (i) to Registrant's Annual Report on Form 10-K for
           the fiscal year ended April 30, 1998.

3 (a) (ii) Certificate of Merger - Incorporated by  reference to Exhibit (3) (a)
           (ii) to Registrant's Annual Report on Form 10-K for the fiscal year
           ended April 30, 1998.

3 (b)      By-Laws as restated September 24, 1997 - Incorporated by reference to
           Exhibit 3 (c) to Registrant's Quarterly Report on Form 10-Q for the
           quarterly period ended October 31, 1997.

4 (a)      Loan Agreement  dated as of September 15, 1998 between Kable News
           Company, Inc., and  American National Bank and Trust Company of
           Chicago as Agent and the Lenders defined therein (the "Kable Loan
           Agreement") - Incorporated by reference to Exhibit 4 (a) to
           Registrant's Quarterly Report on Form 10-Q for the quarterly period
           ended October 31, 1998.

4 (b)      Modification Agreement dated as of July 7, 1999 to the Kable Loan
           Agreement - Incorporated by reference to Exhibit 4(b) to Registrant's
           Annual Report on Form 10-K for the fiscal year ended April 30, 2000.

4 (c)      Second Modification Agreement dated as of June 29, 2000 to the Kable
           Loan Agreement - Incorporated by reference to Exhibit 4(a) to
           Registrant's Quarterly Report on Form 10-Q for the quarterly period
           ended October 31, 2000.

4 (d)      Third Modification Agreement dated as of December 15, 2000 to the
           Kable Loan Agreement - Incorporated by reference to Exhibit 4(a) to
           Registrant's Quarterly Report on Form 10-Q for the quarterly period
           ended January 31, 2001.

4 (e)      Fourth Modification Agreement dated as of March 16, 2001 to the Kable
           Loan Agreement - Filed herewith.

4 (f)      Fifth Modification Agreement dated as of June 11, 2001 to the Kable
           Loan Agreement - Filed herewith.

4 (g)      Master Loan Agreement dated July 31, 2000 between Amrep Southwest,
           Inc. and Wells Fargo Bank New Mexico, N.A. and First Amendment dated
           January 5, 2001 and Second Amendment dated June 15, 2001 thereto -
           Filed herewith.

10 (a)     1992 Stock Option Plan - Incorporated by reference to Exhibit 10 (h)
           to Registrant's Annual Report on Form 10-K for the fiscal year ended
           April 30, 1997.*

10 (b)     Non-Employee Directors Option Plan, as amended - Incorporated by
           reference to Exhibit 10 (i) to Registrant's Annual Report on Form
           10-K for the fiscal year ended April 30, 1997.*

10 (c)     Employment Termination and Consulting Agreement and General Release
           dated July 28, 2000 between registrant and Kable News Company, Inc.
           and Daniel Friedman -  Incorporated by reference to Exhibit 10(a) to
           Registrant's Quarterly Report on Form 10-Q for the quarterly period
           ended July 31, 2000.*

10 (d)     Employment Termination and Consulting Agreement and General Release
           dated January 17, 2001 between Registrant and Mohan Vachani -
           Incorporated by reference to Exhibit 10(a) to Registrant's Quarterly
           Report on Form 10-Q for the quarterly period ended January 31, 2001.*

21         Subsidiaries of Registrant - Filed herewith.

23         Consent of Arthur Andersen LLP - (TO BE SUPPLIED).

_________________________________________
* Management contract or compensatory plan or arrangement in which directors
   or officers participate.


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