<PAGE> PAGE 1
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<PAGE> PAGE 2
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012 C03AA01 02107
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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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<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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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE JOHN MILLETTE
TITLE VICE PRESIDENT
<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 09/30/1999 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-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 436,406,975
<INVESTMENTS-AT-VALUE> 436,406,975
<RECEIVABLES> 2,377,206
<ASSETS-OTHER> 6,227
<OTHER-ITEMS-ASSETS> 481,821
<TOTAL-ASSETS> 439,272,229
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 22,596,573
<REALIZED-GAINS-CURRENT> 8,916
<APPREC-INCREASE-CURRENT> 122,643
<NET-CHANGE-FROM-OPS> 22,728,132
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,609,342)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 595,652,685
<NUMBER-OF-SHARES-REDEEMED> (770,071,551)
<SHARES-REINVESTED> 20,663,500
<NET-CHANGE-IN-ASSETS> (153,636,576)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (129,345)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,593,257
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.43
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<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.87
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the AARP
Premium Money Fund Annual Report for the fiscal year ended 09/30/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> AARP Premium Money Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 166,322,729
<INVESTMENTS-AT-VALUE> 166,322,729
<RECEIVABLES> 1,684,469
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 322
<TOTAL-ASSETS> 168,007,520
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<OTHER-ITEMS-LIABILITIES> 849,382
<TOTAL-LIABILITIES> 1,844,685
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 166,162,835
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 166,162,835
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,922,886
<OTHER-INCOME> 0
<EXPENSES-NET> 277,591
<NET-INVESTMENT-INCOME> 2,645,295
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,645,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,645,295)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 228,428,072
<NUMBER-OF-SHARES-REDEEMED> (64,690,685)
<SHARES-REINVESTED> 2,425,448
<NET-CHANGE-IN-ASSETS> 166,162,835
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 211,923
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 502,405
<AVERAGE-NET-ASSETS> 83,988,381
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.031)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of AARP Cash Investment Funds:
In planning and performing our audit of the financial statements of AARP Cash
Investment Funds (the "Funds"), for the year ended September 30, 1999, 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, not to provide assurance on internal control.
The management of the funds 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
/s/PricewaterhouseCoopers LLP
November 8, 1999
