AARP CASH INVESTMENT FUNDS
NSAR-B, 1995-11-29
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SIGNATURE   THOMAS F. MCDONOUGH                          
TITLE       VICE PRESIDENT      
 

November 7, 1995

To the Board of Trustees and Shareholders of
AARP Cash Investment Funds

In planning and  performing  our audits of the financial  statements of the AARP
Cash  Investment  Funds (the "Fund") 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
High Quality  Money 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 MONEY 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>                                 381,753,086
<INVESTMENTS-AT-VALUE>                                381,262,371
<RECEIVABLES>                                           3,529,963
<ASSETS-OTHER>                                            385,271
<OTHER-ITEMS-ASSETS>                                            0
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<OVERDISTRIBUTION-NII>                                          0
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<OVERDISTRIBUTION-GAINS>                                        0
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<DIVIDEND-INCOME>                                               0
<INTEREST-INCOME>                                      21,982,820
<OTHER-INCOME>                                                  0
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</TABLE>


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