<PAGE> PAGE 1
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000 C000000 713331
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007 C010700 7
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010 A00AA01 SCUDDER FUND ACCOUNTING CORP.
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010 C02AA01 MA
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018 00AA00 Y
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019 C00AA00 SCUDDDAARP
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022 C000001 4627633
<PAGE> PAGE 2
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022 A000002 DONALDSON LUF & JEN FIXED, INC.
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022 A000003 WILLIAMS CAPITAL
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022 A000005 AMERICAN EXPRESS CREDIT
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022 A000006 GENERAL MOTORS ACCEPTANCE
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022 A000007 PRUDENTIAL FUNDING
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022 A000008 ASSOCIATES CORP. OF NORTH
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022 A000009 LEHMAN BROS.
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022 A000010 FORD MOTOR CREDIT CORP.
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<PAGE> PAGE 3
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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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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 NAT'L UNION FIRE INS. CO.
080 C00AA00 60000
081 A00AA00 Y
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083 B00AA00 0
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<PAGE> PAGE 7
086 B020000 0
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
AARP High Quality Money Fund Annual Report for the fiscal year ended
9/30/97 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-30-1997
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 469,876,834
<INVESTMENTS-AT-VALUE> 469,756,371
<RECEIVABLES> 4,272,573
<ASSETS-OTHER> 10,437
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 474,039,381
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,728,514
<TOTAL-LIABILITIES> 2,728,514
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 471,567,466
<SHARES-COMMON-STOCK> 471,432,488
<SHARES-COMMON-PRIOR> 412,261,312
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (136,136)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (120,463)
<NET-ASSETS> 471,310,867
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,123,665
<OTHER-INCOME> 0
<EXPENSES-NET> 4,132,744
<NET-INVESTMENT-INCOME> 20,990,921
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 14,657
<NET-CHANGE-FROM-OPS> 21,005,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,990,921)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 586,181,925
<NUMBER-OF-SHARES-REDEEMED> (545,990,946)
<SHARES-REINVESTED> 18,980,197
<NET-CHANGE-IN-ASSETS> 59,184,674
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (64,326)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,760,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,132,744
<AVERAGE-NET-ASSETS> 453,808,865
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
160 Federal Street Telephone 617-439-4390
Boston, MA 02110
Price Waterhouse LLP
To the Trustees of AARP Cash Investment Funds
In planning and performing our audit of the financial statements of AARP High
Quality Money Fund (hereafter referred to as the "Fund"), constituting AARP Cash
Investment Funds, for the year ended September 30, 1997, we considered its
internal control, including control activities 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 internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 operation of any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management and the
Trustees of AARP Cash Investment Funds and the Securities and Exchange
Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Boston, Massachusetts
November 12, 1997
