AARP Investment Program
from SCUDDER
April 25, 1995
Dear AARP Member,
I'm writing today to let you know of a change in the portfolio management
team of the AARP High Quality Bond Fund. This information is provided to you on
the reverse side of this letter and is a supplement to the 1995 Prospectus you
received earlier. Please keep it in your files with your Prospectus.
David H. Glen has joined the Portfolio management team of the AARP High
Quality Bond Fund as lead portfolio manager. Mr. Glen, who has over 14 years'
experience in finance and investing, is also the lead portfolio manager of the
AARP GNMA and U.S. Treasury Fund and has been involved with the AARP Investment
Program for the past ten years. Bill Hutchinson, previously the lead portfolio
manager, will continue to be an integral part of the team as will Stephen
Wohler.
If you have any questions about this information, please feel free to call
one of our knowledgeable Mutual Fund Representatives toll-free at
1-800-253-2277. They are available to help you Monday through Friday, from 8:00
a.m. to 8:00 p.m. eastern time.
Sincerely,
/s/Cuyler W. Findlay
Cuyler W. Findlay
Chairman
This note is not part of the Prospectus
Supplement which appears on the reverse.
(over please)
<PAGE>
AARP Investment Program
from SCUDDER
AARP High Quality Bond Fund
Supplement to Prospectus
dated February 1, 1995
The following text replaces the section entitled "AARP High Quality Bond
Fund-Who at Scudder manages my investment?" on page 19.
Lead Portfolio Manager David H. Glen has set the Fund's overall investment
strategy and has overseen its day-to-day operations since 1995. Mr. Glen, who
started at Scudder in 1982 and has been a portfolio manager since 1985, has over
14 years' experience in finance and investing. William M. Hutchinson, Portfolio
Manager, is also responsible for implementing the Fund's strategy. Mr.
Hutchinson joined Scudder in 1986 as a portfolio manager and has over 20 years
of investment experience. Stephen Wohler, Portfolio Manager, focuses on
securities selection for the Fund. Mr. Wohler joined Scudder in 1979 as a
portfolio manager and has over 14 years' experience managing fixed-income
investments.
April 25, 1995 ASF504120
200192
