N-CSR

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                   FORM N-CSR

Investment Company Act file number 811-2959

                           SCUDDER TAX FREE MONEY FUND
                        --------------------------------
               (Exact Name of Registrant as Specified in Charter)

                 Two International Place, Boston, MA 02110-4103
                 ----------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's Telephone Number, including Area Code: (212) 454-7190
                                                            --------------

                                  Paul Schubert
                                 345 Park Avenue
                               New York, NY 10154
                     ---------------------------------------
                     (Name and Address of Agent for Service)

Date of fiscal year end:        05/31

Date of reporting period:       05/31/05



ITEM 1.  REPORT TO STOCKHOLDERS

Scudder Tax-Free Money Fund
	Annual Report to Shareholders
	May 31, 2005

Contents

Click Here Portfolio Management Review

Click Here Information About Your Fund's Expenses

Click Here Portfolio Summary

Click Here Investment Portfolio

Click Here Financial Statements

Click Here Financial Highlights

Click Here Notes to Financial Statements

Click Here Report of Independent Registered Public Accounting Firm

Click Here Tax Information

Click Here Trustees and Officers

Click Here Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.

An investment in this fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. A portion of the fund's distributions may be subject to federal, state, local, and the alternative minimum tax. Please read this fund's prospectus for specific details regarding its risk profile.

Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.

Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.

Portfolio Management Review

Scudder Tax-Free Money Fund: A Team Approach to Investing

Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for Scudder Tax-Free Money Fund. DeIM and its predecessors have more than 80 years of experience managing mutual funds and DeIM provides a full range of investment advisory services to institutional and retail clients. DeIM is also responsible for selecting brokers and dealers and for negotiating brokerage commissions and dealer charges.

Deutsche Asset Management is a global asset management organization that offers a wide range of investing expertise and resources. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.

DeIM is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance.

Portfolio Management Team

A group of investment professionals is responsible for the day-to-day management of the fund. These investment professionals have a broad range of experience in managing money market funds.

In the following interview, Portfolio Manager Joseph Benevento discusses Scudder Tax-Free Money Fund's performance and the market environment for the 12-month period ended May 31, 2005.

Q:  Will you discuss the market environment for the fund during the 12-month period?

A:Short-term interest rates rose steadily during the fund's reporting period due to the series of interest rate increases by the US Federal Reserve (the Fed). In June 2004, following a substantial improvement in job creation and sharply higher market interest rates, the Fed began to enact what became known as its "measured pace" interest rate policy, moving away from an accommodative stance of low short-term interest rates to try to prevent inflation from accelerating to the point where it would hurt the economy. Under the policy, the Fed increased the federal funds rate by 25 basis points (0.25%) at each of its eight policy meetings over the 12 months ended May 2005. At the close of the fund's fiscal year on May 31, the fed funds rate stood at 3.00%, up from 1.00% at the start of 2004.

In the second half of 2004, the US economy maintained a 4.00% growth rate in the face of rising petroleum prices. As we moved into the fourth quarter of 2004 and the first quarter of 2005, corporate pricing power (the ability of companies to raise prices to boost profits while retaining market share) began to strengthen as inflationary pressures took hold. Monthly job growth remained an economic indicator for the market, but the market's focus gradually shifted to a careful watch for signs of increased inflation. The one-year LIBOR rate, an industry standard for measuring one-year money market rates, closed 2004 at 3.10%, its highest level since March 2002.¹ In February 2005, oil prices, which had moderated toward the end of 2004, started to rise once again.

¹ LIBOR, the London Interbank Offered Rate, is the most widely used benchmark or reference rate for short-term interest rates. LIBOR is the rate of interest at which banks borrow funds from other banks, in large volume, in the international market.

At the end of May 2005, LIBOR stood at 3.78%. The premium level of LIBOR (which is set by the market) over the fed funds rate (which is fixed by the Federal Reserve) of 3.00% represented the market's concern that the Fed may have to continue raising short-term interest rates to keep inflation under control. It also meant that many market participants had reevaluated their portfolios and sold some riskier issues following announcements of credit problems in the automobile and airline industries. These actions tended to boost yields and depress prices in the credit markets overall.

Another market trend during the second quarter was the split between (1) the Fed's seeming intention to keep raising short-term interest rates and keep consumer prices stable until it achieved what it deemed to be a "neutral" stance (neither specifically encouraging economic growth nor directly fighting inflation) and (2) market disruptions that caused market participants to believe that the Fed would stop raising rates much sooner than previously believed. These events included concerns during April that hedge funds with significant unrealized losses stemming from holdings in automobile bonds had the potential to create enough market instability to alter Fed policy.^2,3 Such short-term worries caused the LIBOR rate to dip during mid-April, but the Fed proceeded with its measured policy and raised the fed funds rate at its May 2005 meeting to 3.00%.

² A hedge fund is a private investment partnership limited to high net worth or institutional investors, often very large, and typically employing high-risk investment strategies.

³ An unrealized loss occurs when the price of a security declines after an investor buys it, but has yet to sell it.

Performance is historical and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

Fund's Class S Shares Yields
	7-day current yield
May 31, 2005	2.19%
May 31, 2004	0.41%

Yields are historical, will fluctuate and do not guarantee future performance. The 7-day current yield refers to the income paid by the fund over a 7-day period expressed as an annual percentage rate of the fund's shares outstanding. For the most current yield information, please visit our web sites: myScudder.com or aarp.scudder.com.

Q:  How did the fund perform over its most recent fiscalyear, and what has been the strategy for the fund?

A:For the period, the fund registered favorable performance and achieved its stated objective of providing maximum current income free from federal taxes while maintaining stability of capital. (All performance is historical and does not guarantee future results. Yields fluctuate and are not guaranteed.) As of May 31, 2005, the weighted average maturity of the Tax-Free Money Fund's portfolio was 16 days. During the reporting period, we maintained a cautious stance by shifting the Tax-Free Portfolio's weighted average maturity to a target range of 25 to 30 days. The portfolio also has a targeted allocation of 75% of assets in floating-rate securities and 25% in fixed-rate instruments. In a rising interest rate environment, our strategy — rather than to extend maturity — was to maintain a substantial floating-rate position to provide the fund with flexibility and attractive floating-rate yields. Our decision to maintain a significant floating-rate position generally helped performance during the period. The interest rate of floating-rate securities adjusts

Money market yield curve 5/31/04 versus 5/31/05

Length of Maturity (in months)

This chart is not intended to represent the yield of any Scudder fund. Past performance is no guarantee of future results.

Source: Bloomberg, L.P.

periodically based on indices such as the Bond Market Association Index of Variable Rate Demand Notes.⁴ Because the interest rates of these instruments can adjust as market conditions change, the instruments can provide flexibility in an uncertain interest rate environment.

⁴ The Bond Market Association Index of Variable Rate Demand Notes is a weekly high-grade market index produced by Municipal Market Data Group comprising 7-day tax-exempt variable rate demand notes. Actual issues are selected from Municipal Market Data's database of more than 10,000 active issues.

In addition, we continued to focus on the highest-quality investments for the Tax-Free Money Fund's portfolio while seeking competitive yields across the municipal investment spectrum. During the period, the tax-free money markets were forced to adjust to dramatic changes in supply, due to (1) the $15 billion of supply from California's revenue anticipation notes and revenue anticipation warrants that had entered the market back in October 2003, followed by (2) the sudden withdrawal of this supply from the market in June 2004 as California refunded the $15 billion of short-term debt, issuing longer-term debt in its place. It took more than a month for the markets, and tax-exempt interest rates, to adjust after this significant withdrawal of supply. (A severe short-term squeeze on supply tends to push prices of tax-exempt money market securities higher, and their yields significantly lower.) Though we were invested in essential-services bonds (such as those related to water resource/power supply) from California agencies and counties over the period, we avoided adding new state of California issues because of the state's unsettled financial situation.

Another event that created a temporary imbalance in the tax-free money markets was Microsoft's $30 billion dividend paid in December 2004. Because of automated exchanges of some of this money from brokerage accounts into tax-free money market funds, this event created a surge in demand for floating-rate securities and put significant downward pressure on their yields. Eventually, year-end redemptions and new issuance brought supply and demand within the tax-exempt money market back into balance.

In addition, we continued to focus on the highest-quality investments while seeking competitive yields. In particular, we emphasized essential-services revenue issues and what is known as enhanced paper, i.e., securities guaranteed by a third party such as a bank or an insurance company. Finally, as a holder of insured municipal credits, we are carefully monitoring the recent investigations of municipal credit insurer MBIA by securities regulators. MBIA, the largest municipal securities insurance firm, has been the subject of inquiries regarding certain types of derivative securities trading in which it engaged during 2002.

Q:  What detracted from performance during the period?

A:In December, we kept additional cash on hand — as we do each year — to meet any tax-related redemptions as well as investors' year-end liquidity needs. This detracted somewhat from yield and total return.

Q:  Will you describe your management philosophy?

A:We continue our insistence on the highest credit quality within the fund. We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the fund and to seek competitive tax-free yield for our shareholders.

The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover. The managers' views are subject to change at any time based on market and other conditions and should not be construed as a recommendation.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class AARP; had it not done so, expenses would have been higher. The tables are based on an investment of $1,000 made at the beginning of the six-month period ended May 31, 2005.

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended May 31, 2005
Actual Fund Return	Class AARP	Class S
Beginning Account Value 12/1/04	$ 1,000.00	$ 1,000.00
Ending Account Value 5/31/05	$ 1,007.00	$ 1,007.20
Expenses Paid per $1,000*	$ 3.50	$ 3.30
Hypothetical 5% Fund Return	Class AARP	Class S
Beginning Account Value 12/1/04	$ 1,000.00	$ 1,000.00
Ending Account Value 5/31/05	$ 1,021.44	$ 1021.64
Expenses Paid per $1,000*	$ 3.53	$ 3.33

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class AARP	Class S
Scudder Tax-Free Money Fund	.70%	.66%

For more information, please refer to the Fund's prospectus.

Portfolio Summary May 31, 2005

Asset Allocation	5/31/05	5/31/04
Municipal Investments	100%	100%
Weighted Average Maturity
Tax-Free Money Fund	16 days	27 days
National Tax-Free Retail Money Fund Average*	22 days	32 days

* The Fund is compared to its respective iMoneyNet Category: National Tax-Free Retail Money Fund Average — Category consists of all national tax-free and municipal retail funds. Portfolio Holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes, Commercial Paper, Put Bonds — 6 months & less, Put Bonds — over 6 months, AMT Paper, and Other Tax-Free holdings. Source: iMoneyNet

Asset Allocation is subject to change.

For more complete details about the Fund's holdings, see page 12. A quarterly Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund as of month end will be posted to scudder.com on the 15th of the following month. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

Investment Portfolio as of May 31, 2005

	Principal Amount ($)	Value ($)
Municipal Bonds and Notes 98.6%
Arizona 0.8%
Phoenix, AZ, Industrial Development Authority, Multi-Family Housing Revenue, Centertree Apartments Project, Series A, AMT, 3.02%*, 10/15/2030	1,780,000	1,780,000
Arkansas 1.2%
Pocahontas, AR, Industrial Development Revenue, MacLean Esna LP Project, AMT, 3.1%*, 5/1/2015, Northern Trust Co. (c)	2,500,000	2,500,000
California 1.8%
California, State Department of Water Resources, Power Supply Revenue, Series M5J-D, 144A, 3.07%*, 5/1/2012 (b)	500,000	500,000
California, State Economic Recovery Program, Series C-15, 2.94%*, 7/1/2023 (b)	500,000	500,000
Los Angeles County, CA, Tax & Revenue Anticipation Notes, Series A, 3.0%, 6/30/2005	2,900,000	2,903,175
		3,903,175
Colorado 2.9%
Adams & Weld Counties, CO, Brighton School District No. 27J, Series RR-II-R-6514, 144A, 3.0%*, 12/1/2024 (b)	2,990,000	2,990,000
Colorado, University Hospital Authority Revenue, Series B, 2.96%*, 11/15/2035, Citibank NA (c)	1,100,000	1,100,000
Summit County, CO, School District No. RE1, Series RR-II-R-6513, 144A, 3.0%*, 12/1/2023 (b)	2,100,000	2,100,000
		6,190,000
Delaware 0.5%
Delaware, State Economic Development Authority Revenue, Winterthur Museum Project, 3.02%*, 9/1/2012, Wachovia Bank NA (c)	1,000,000	1,000,000
District of Columbia 0.9%
District of Columbia, General Obligation, Series PT-2440, 144A, 2.99%*, 6/1/2024 (b)	1,880,000	1,880,000
Florida 9.1%
Broward County, FL, Educational Facilities Authority Revenue, Nova Southeastern, Series C, 2.99%*, 4/1/2024, Bank of America NA (c)	2,600,000	2,600,000
Florida, Board of Education, Lottery Revenue, Series PT-1952, 144A, 1.7%*, 1/1/2009 (b)	2,545,000	2,545,000
Florida, University Athletic Association, Inc., Capital Improvement Revenue, University of Florida Stadium Project, 3.05%*, 2/1/2020, SunTrust Bank (c)	1,000,000	1,000,000
Miami-Dade County, FL, Industrial Development Authority Revenue, Gulliver Schools Project, 3.01%*, 9/1/2029, Bank of America NA (c)	2,090,000	2,090,000
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Project, 3.01%*, 11/1/2028, Bank of America NA (c)	5,425,000	5,425,000
Palm Beach County, FL, Health Facilities Authority Revenue, Bethesta Healthcare System Project, 2.99%*, 12/1/2031, SunTrust Bank (c)	500,000	500,000
Pinellas County, FL, Health Facilities Authority Revenue, Hospital Facilities, Bayfront Projects, 2.99%*, 7/1/2034, SunTrust Bank (c)	900,000	900,000
Sarasota County, FL, Utility System Revenue, Series 852, 144A, 3.0%*, 4/1/2013 (b)	4,375,000	4,375,000
		19,435,000
Georgia 0.9%
Greene County, GA, Development Authority Sewage Facilities Revenue, Carey Station WRF LLC Project, AMT, 3.02%*, 9/1/2024, Wachovia Bank NA (c)	2,000,000	2,000,000
Idaho 1.4%
Power County, ID, Industrial Development Authority, FMC Corp. Project, AMT, 3.02%*, 4/1/2014, Wachovia Bank NA (c)	3,000,000	3,000,000
Illinois 9.8%
Chicago, IL, De La Salle Institution Project, 3.07%*, 4/1/2027, Fifth Third Bank (c)	1,810,000	1,810,000
Illinois, Development Finance Authority Revenue, Museum of Contemporary Art Project, 2.98%*, 2/1/2029, Bank One NA (c)	1,725,000	1,725,000
Illinois, Development Finance Authority, Industrial Development Revenue, Katlaw Tretam & Co. Project, AMT, 3.04%*, 8/1/2027, LaSalle Bank NA (c)	1,700,000	1,700,000
Illinois, Development Finance Authority, Regional Organization Bank Project, 3.06%*, 12/1/2020, Bank One NA (c)	1,600,000	1,600,000
Illinois, Finance Authority Revenue, Series PA-1286, 144A, 2.99%*, 11/15/2023 (b)	3,515,000	3,515,000
Illinois, Sales Tax Revenue, Series R-4516, 144A, 3.0%*, 6/15/2023	4,495,000	4,495,000
Illinois, State General Obligation, 3.0%, 6/3/2005	4,500,000	4,500,236
Vernon Hills, IL, Industrial Development Revenue, Northwestern Tool & Die Project, AMT, 3.08%*, 4/1/2025, Harris Trust & Savings Bank (c)	940,000	940,000
Will & Kendall Counties, IL, Community Consolidated School District No. 202, Series RR-II-R 4031, 144A, 3.0%*, 1/1/2023 (b)	650,000	650,000
		20,935,236
Indiana 1.1%
Indiana, Transportation/Tolls Revenue, Series R-4528, 144A, 3.0%*, 6/1/2018 (b)	2,285,000	2,285,000
Kentucky 7.6%
Kentucky, Economic Development Finance Authority, Health Facilities Revenue, Easter Seal Society Project, 3.06%*, 11/1/2030, Bank One Kentucky NA (c)	1,180,000	1,180,000
Lexington-Fayette County, KY, Industrial Development Revenue, YMCA Central Kentucky, Inc. Project, 3.08%*, 7/1/2019, Bank One Kentucky NA (c)	2,090,000	2,090,000
Pendleton, KY, County Lease:
2.85%, 8/5/2005	5,200,000	5,200,000
2.9%, 9/7/2005	7,700,000	7,700,000
		16,170,000
Louisiana 0.1%
East Baton Rouge Parish, LA, Pollution Control Revenue, Exxon Project, 2.89%*, 3/1/2022	200,000	200,000
Maryland 2.0%
Gaithersburg, MD, Economic Development Revenue, Asbury Methodist Village, 2.99%*, 1/1/2034, KBC Bank NV (c)	4,200,000	4,200,000
Michigan 6.0%
Detroit, MI, Water Supply, ABN AMRO Munitops Certificates Trust, Series 2003-3, 144A, 2.99%*, 1/1/2011 (b)	4,175,000	4,175,000
Michigan, General Obligation, 2.2%, 10/5/2005	2,900,000	2,900,000
Michigan, Municipal Securities Trust Certificates, Series 9054, 144A, 3.0%*, 4/20/2011	3,700,000	3,700,000
Michigan, State Strategic Fund, Limited Obligation Revenue, Merchants LLC Project, AMT, 3.1%*, 3/1/2030, National City Bank (c)	2,000,000	2,000,000
		12,775,000
Minnesota 1.9%
Elk River, MN, Independent School District No. 728, Series II-R 204, 144A, 3.06%*, 2/1/2015 (b)	200,000	200,000
Minnesota, General Obligation, Public Highway Improvements, Series R-4065, 144A, 3.0%*, 8/1/2023	3,870,000	3,870,000
		4,070,000
Missouri 0.9%
Missouri, Development Finance Board, Air Cargo Facility Revenue, St. Louis Airport, AMT, 3.04%*, 3/1/2030, American National Bank & Trust (c)	2,000,000	2,000,000
Nebraska 3.5%
Nebraska, Investment Finance Authority, Single Family Housing Revenue, AMT:
Series D, 3.08%*, 9/1/2034	2,497,500	2,497,500
Series E, 3.08%*, 9/1/2034	4,990,000	4,990,000
		7,487,500
New Hampshire 1.9%
New Hampshire, Business Finance Authority, Exempt Facilities Revenue, Waste Management of NH, Inc. Project, AMT, 3.02%*, 9/1/2012, Wachovia Bank NA (c)	4,000,000	4,000,000
New Jersey 7.4%
Florham Park, NJ, General Obligation, Board of Education, 3.0%, 7/14/2005	1,898,734	1,901,948
New Jersey, State Tax Anticipation Notes, Series A, 3.0%, 6/24/2005	3,000,000	3,001,952
New Jersey, State Transportation Trust Fund Authority Revenue, Series PT-2494, 144A, 2.99%*, 12/15/2023 (b)	6,200,000	6,200,000
Salem County, NJ, Industrial Pollution Control, Financing Authority Revenue, E.I. Du Pont de Nemours and Co., 2.6%*, 3/1/2012	4,600,000	4,600,000
		15,703,900
New Mexico 0.9%
New Mexico, State Tax & Revenue Anticipation Notes, Series 2004-A, 3.0%, 6/30/2005	2,000,000	2,001,735
New York 0.7%
New York, State Housing Finance Agency Revenue, 521 West 42nd St. Apartments, AMT, Series A, 2.98%*, 11/1/2034, KeyBank NA (c)	1,574,000	1,574,000
Ohio 0.9%
Ohio, Higher Educational Facilities Community Revenue, Pooled Program:
Series A, 3.01%*, 9/1/2020, Fifth Third Bank (c)	730,000	730,000
Series B, 3.01%*, 9/1/2020, Fifth Third Bank (c)	1,165,000	1,165,000
		1,895,000
Pennsylvania 5.7%
Dauphin County, PA, General Authority, Education & Health Loan Program, 3.01%*, 11/1/2017 (b)	4,340,000	4,340,000
Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, Mode 1, 2.96%*, 8/1/2016, Toronto-Dominion Bank (c)	800,000	800,000
Pennsylvania, General Obligation, Series A-15, 144A, 3.0%*, 1/1/2017 (b)	1,645,000	1,645,000
Pennsylvania, State Higher Educational Facilities Authority Revenue, University Properties, Student Housing, Series A, 2.98%*, 8/1/2035, Citizens Bank of PA (c)	5,300,000	5,300,000
		12,085,000
Puerto Rico 1.4%
ABN AMRO, Munitops, Certificates Trust, Series 2000-17, 144A, 2.96%*, 10/1/2008	3,000,000	3,000,000
South Carolina 0.8%
Marlboro County, SC, Industrial Development Revenue, Reliance Trading Corp. Project, AMT, 3.04%*, 5/1/2017, LaSalle National Bank (c)	1,675,000	1,675,000
Tennessee 0.6%
Montgomery County, TN, Public Building Authority, Pooled Financing Revenue, 2.98%*, 4/1/2032, Bank of America NA (c)	1,180,000	1,180,000
Texas 15.6%
Brazos River, TX, Pollution Control Revenue, Series D-1, AMT, 3.01%*, 5/1/2033, Wachovia Bank NA (c)	2,470,000	2,470,000
Gulf Coast, TX, Waste Disposal Authority, Environmental Facilities Revenue, Waste Corp. Texas Project, AMT, 3.02%*, 9/1/2022, Wells Fargo Bank of Texas NA (c)	960,000	960,000
Harris County, TX, Health Facilities Development Corp. Revenue, The Methodist System, Series B, 2.98%*, 12/1/2032	1,300,000	1,300,000
Plano, TX, Independent School District, Series PT-2428, 144A, 2.99%*, 2/15/2024	5,420,000	5,420,000
San Antonio, TX, Electric & Gas Revenue, Series PT-1706, 144A, 3.0%*, 8/1/2012	1,305,000	1,305,000
Texas, Lower Colorado River Authority, 2.78%, 8/4/2005	3,700,000	3,700,000
Texas, Municipal Power Agency Revenue, Series L36J-D, 144A, 3.07%*, 9/1/2011 (b)	2,000,000	2,000,000
Texas, State Tax & Revenue Anticipation Notes, 3.0%, 8/31/2005	9,850,000	9,876,860
Texas, University of Texas, 2.85%*, 6/3/2005	3,000,000	3,000,000
Waco, TX, Industrial Development Corp., Economic Development Revenue, Patriots Home of Texas Project, AMT, 3.13%*, 6/1/2014, US Bank NA (c)	3,200,000	3,200,000
		33,231,860
Utah 0.8%
Murray City, UT, Hospital Revenue, IHC Health Services, Inc., Series C, 2.98%*, 5/15/2036	1,700,000	1,700,000
Washington 6.4%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue, Series 781, 144A, 3.0%*, 11/1/2012 (b)	2,000,000	2,000,000
Washington, General Obligation, Series C-12, 144A, 3.0%*, 1/1/2027 (b)	8,870,000	8,870,000
Washington, State Housing Finance Commission, Multi-Family Revenue, Park Vista Retirement Project, Series A, AMT, 2.96%*, 3/1/2041, Bank of America NA (c)	2,800,000	2,800,000
		13,670,000
West Virginia 0.1%
Randolph County, WV, Industrial Development Revenue, Allegheny Wood Products Project, AMT, 3.11%*, 12/1/2007, Bank One West Virginia (c)	275,000	275,000
Wyoming 0.2%
Platte County, WY, Pollution Control Revenue, Series B, 3.05%*, 7/1/2014, National Rural Utility Finance (c)	500,000	500,000
Multi-State 2.8%
ABN AMRO, Munitops, Certificates Trust, Series 2003-32, 144A, 3.0%*, 1/15/2012 (b)	5,900,000	5,900,000

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $210,202,406) (a)	98.6	210,202,406
Other Assets and Liabilities, Net	1.4	2,936,040
Net Assets	100.0	213,138,446

* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of May 31, 2005.

(a) The cost for federal income tax purposes was $210,202,406.

(b) Bond is insured by one of these companies:

	As a % of Total Investment Portfolio
Ambac Financial Group.	7.7
Financial Guaranty Insurance Company	8.8
Financial Security Assurance, Inc.	7.5
MBIA Corp.	3.0

(c) The security incorporates a letter of credit from a major bank.

AMT: Subject to alternative minimum tax

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

The accompanying notes are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities as of May 31, 2005
Assets
Investments in securities, at amortized cost	$ 210,202,406
Cash	911,817
Receivable for investments sold	600,046
Interest receivable	1,360,923
Receivable for Fund shares sold	573,300
Other assets	24,382
Total assets	213,672,874
Liabilities
Dividends payable	30,583
Payable for Fund shares redeemed	274,658
Accrued management fee	88,130
Other accrued expenses and payables	141,057
Total liabilities	534,428
Net assets, at value	$ 213,138,446
Net Assets
Net assets consist of: Undistributed net investment income	83,924
Accumulated net realized gain (loss)	(106,932)
Paid-in capital	213,161,454
Net assets, at value	$ 213,138,446
Net Asset Value
Class AARP Net Asset Value, offering and redemption price per share ($53,895,305 ÷ 53,952,488 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 1.00
Class S Net Asset Value, offering and redemption price per share ($159,243,141 ÷ 159,039,357 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 1.00

The accompanying notes are an integral part of the financial statements.

Statement of Operations for the year ended May 31, 2005
Investment Income
Income: Interest	$ 3,701,475
Expenses: Management fee	1,080,528
Services to shareholders	235,333
Custodian and accounting fees	56,858
Auditing	54,156
Legal	11,499
Trustees' fees and expenses	5,092
Reports to shareholders	29,965
Registration fees	20,291
Other	30,456
Total expenses, before expense reductions	1,524,178
Expense reductions	(62,364)
Total expenses, after expense reductions	1,461,814
Net investment income	2,239,661
Net realized gain from investments	22,888
Net increase (decrease) in net assets resulting from operations	$ 2,262,549

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Years Ended May 31,
	2005	2004
Operations: Net investment income	$ 2,239,661	$ 919,435
Net realized gain (loss) on investment transactions	22,888	1,367
Net increase (decrease) in net assets resulting from operations	2,262,549	920,802
Distributions to shareholders from: Net investment income: Class AARP	(581,907)	(239,162)
Class S	(1,658,187)	(679,877)
Fund share transactions: Proceeds from shares sold	95,356,243	93,209,536
Reinvestment of distributions	2,048,856	813,187
Cost of shares redeemed	(107,987,115)	(149,349,029)
Net increase (decrease) in net assets from Fund share transactions	(10,582,016)	(55,326,306)
Increase (decrease) in net assets	(10,559,561)	(55,324,543)
Net assets at beginning of period	223,698,007	279,022,550
Net assets at end of period (including undistributed net investment income of $83,924 and $84,357, respectively)	$ 213,138,446	$ 223,698,007

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Class AARP
Years Ended May 31,	2005	2004	2003	2002	2001a
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from investment operations: Net investment income	.010	.004	.007	.014	.024
Less distributions from: Net investment income	(.010)	(.004)	(.007)	(.014)	(.024)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	1.03b	.37b	.74	1.39	2.50**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	54	62	69	76	83
Ratio of expenses before expense reductions (%)	.81	.69	.65	.65	.65*
Ratio of expenses after expense reductions (%)	.70	.67	.65	.65	.65*
Ratio of net investment income (%)	1.01	.36	.74	1.39	3.28*
a For the period from September 11, 2000 (commencement of operations of Class AARP shares) to May 31, 2001. b Total returns would have been lower had certain expenses not been reduced. * Annualized ** Not annualized

Class S
Years Ended May 31,	2005	2004	2003	2002	2001
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from investment operations: Net investment income	.011	.004	.007	.014	.034
Less distributions from: Net investment income	(.011)	(.004)	(.007)	(.014)	(.034)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	1.07	.37	.74	1.39	3.43a
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	159	162	210	259	262
Ratio of expenses before expense reductions (%)	.67	.67	.65	.65	.67
Ratio of expenses after expense reductions (%)	.67	.67	.65	.65	.65
Ratio of net investment income (%)	1.04	.36	.74	1.39	3.39
a Total returns would have been lower had certain expenses not been reduced.

Notes to Financial Statements

A. Significant Accounting Policies

Scudder Tax-Free Money Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company organized as a Massachusetts business trust.

The Fund offers Class AARP and Class S shares. Shares of Class AARP are designed for members of AARP. Class S shares of the Fund are generally not available to new investors. (Please refer to the Fund's Statement of Additional Information.)

Investment income, realized and unrealized gains and losses and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of both classes of shares, except that both classes bear certain expenses unique to that share class such as shareholder services fees. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities are valued utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

During the year ended May 31, 2005, the Fund utilized approximately $23,000 and lost through expiration, $197,000 of prior year capital loss carryforward. At May 31, 2005, the Fund had a net tax basis capital loss carryforward of approximately $107,000, which may be applied against any realized net taxable gains of each succeeding year until fully utilized or until May 31, 2009.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Fund.

At May 31, 2005, the Fund's components of distributable earnings (accumulated losses) on a tax-basis were as follows:

Undistributed tax-exempt income*	$ 114,507
Capital loss carryforwards	$ 107,000

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended May 31,
	2005	2004
Distributions from tax-exempt income*	$ 2,240,094	$ 919,039

^* For tax purposes short-term capital gains distributions are considered ordinary income distributions.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

B. Related Parties

Management Agreement. Under the Management Agreement with Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. The management fee payable under the Management Agreement is equal to an annual rate of 0.50% of the first $500,000,000 of the Fund's average daily net assets and 0.48% of such net assets in excess of $500,000,000, computed and accrued daily and payable monthly. Accordingly, for the year ended May 31, 2005, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.50% of the Fund's average daily net assets.

Effective April 1, 2004 through September 30, 2005, the Advisor has contractually agreed to waive a portion of its fees in Class AARP and Class S of the Fund to the extent necessary to maintain operating expenses of each class at 0.70% of average daily net assets (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest and trustee and trustee counsel fees).

Service Provider Fees. Scudder Service Corporation ("SSC"), a subsidiary of the Advisor, is the transfer, dividend-paying agent and shareholder service agent for Class AARP and S shares of the Fund. Pursuant to a sub-transfer agency agreement between SSC and DST Systems, Inc. ("DST"), SSC has delegated certain transfer agent and dividend paying agent functions to DST. SSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended May 31, 2005, the amounts charged to the Fund by SSC were as follows:

Services to Shareholders	Total Aggregated	Waived	Unpaid at May 31, 2005
Class AARP	$ 115,817	$ 59,530	$ 18,132
Class S	96,698	—	23,793
	$ 212,515	$ 59,530	$ 41,925

Scudder Fund Accounting Corporation ("SFAC"), an affiliate of the Advisor, is responsible for computing the daily net asset value per share and maintaining the portfolio and general accounting records of the Fund. SFAC has retained State Street Bank and Trust Company to provide certain administrative, fund accounting and record-keeping services to the Fund. For the year ended May 31, 2005, the amount charged to the Fund by SFAC for accounting services aggregated $43,756, of which $4,367 is unpaid at May 31, 2005.

Typesetting and Filing Fees. Under an agreement with Deutsche Investment Management Americas Inc. ("DeIM"), an indirect, wholly owned subsidiary of Deutsche Bank AG, DeIM is compensated for providing typesetting and regulatory filing services to the Fund. For the year ended May 31, 2005, the amount charged to the Fund by DeIM included in the reports to shareholders aggregated $8,640, of which $4,320 is unpaid at May 31, 2005.

Trustees' Fees and Expenses. The Fund pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.

Other Related Parties. AARP through its affiliate, AARP Services, Inc., monitors and oversees the AARP Investment Program from Scudder Investments, but does not act as an investment advisor or recommend specific mutual funds. DeIM has agreed to pay a fee to AARP and/or its affiliates in return for the use of the AARP trademark and services relating to investments by AARP members in AARP Class shares of the Fund. This fee is calculated on a daily basis as a percentage of the combined net assets of the AARP classes of all funds managed by DeIM. The fee rates, which decrease as the aggregate net assets of the AARP classes become larger, are as follows: 0.07% for the first $6 billion of net assets, 0.06% for the next $10 billion and 0.05% thereafter. These amounts are used for the general purposes of AARP and its members.

Insurance Brokerage Commissions. The Fund paid insurance premiums to an unaffiliated insurance broker in 2002 and 2003. This broker in turn paid a portion of its commissions to an affiliate of the Advisor, which performed certain insurance brokerage services for the broker. The Advisor has reimbursed the Fund for the portion of commissions (plus interest) paid to the affiliate of the Advisor attributable to the premiums paid by the Fund. The amounts for 2002 and 2003 were $111 and $82, respectively.

C. Expense Reductions

For the year ended May 31, 2005, the Advisor agreed to reimburse the Fund $2,622, which represents a portion of the fee savings expected to be realized by the Advisor related to the outsourcing by the Advisor of certain administrative services to an unaffiliated service provider.

In addition, the Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances were used to reduce a portion of the Fund's custodian expenses. During the year ended May 31, 2005, the custodian fee was reduced by $212 for custodian credits earned.

D. Line of Credit

The Fund and several other affiliated funds (the "Participants") share in a $1.1 billion revolving credit facility administered by J.P. Morgan Chase Bank for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

E. Share Transactions

The following table summarizes shares and dollar activity in the Fund:

	Year Ended May 31, 2005		Year Ended May 31, 2004
	Shares	Dollars	Shares	Dollars
Shares sold
Class AARP	9,803,912	$ 9,803,912	11,564,339	$ 11,564,363
Class S	85,552,331	85,552,331	81,645,173	81,645,173
		$ 95,356,243		$ 93,209,536
Shares issued to shareholders in reinvestment of distributions
Class AARP	505,267	$ 505,267	203,146	$ 203,146
Class S	1,543,589	1,543,589	610,041	610,041
		$ 2,048,856		$ 813,187
Shares redeemed
Class AARP	(18,302,272)	$ (18,302,272)	(19,179,602)	$ (19,179,602)
Class S	(89,684,843)	(89,684,843)	(130,169,427)	(130,169,427)
		$ (107,987,115)		$ (149,349,029)
Net increase (decrease)
Class AARP	(7,993,093)	$ (7,993,093)	(7,412,117)	$ (7,412,093)
Class S	(2,588,923)	(2,588,923)	(47,914,213)	(47,914,213)
		$ (10,582,016)		$ (55,326,306)

F. Regulatory Matters and Litigation

Since at least July 2003, federal, state and industry regulators have been conducting ongoing inquiries and investigations ("inquiries") into the mutual fund industry, and have requested information from numerous mutual fund companies, including Scudder Investments. It is not possible to determine what the outcome of these inquiries will be or what the effect, if any, would be on the funds or their advisors. Publicity about mutual fund practices arising from these industry-wide inquiries serves as the general basis of a number of private lawsuits against the Scudder funds. These lawsuits, which previously have been reported in the press, involve purported class action and derivative lawsuits, making various allegations and naming as defendants various persons, including certain Scudder funds, the funds' investment advisors and their affiliates, certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each Scudder fund's investment advisor has agreed to indemnify the applicable Scudder funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding market timing, revenue sharing, fund valuation or other subjects arising from or related to the pending inquiries. Based on currently available information, the funds' investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a Scudder fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the Scudder funds.

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Scudder Tax-Free Money Fund:

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights, present fairly, in all material respects, the financial position of Scudder Tax-Free Money Fund (the "Fund") at May 31, 2005, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2005 by correspondence with the custodian, provide a reasonable basis for our opinion.

Boston, Massachusetts
July 22, 2005 PricewaterhouseCoopers LLP

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended May 31, 2005, 100% are designated as exempt interest dividends for federal income tax purposes.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call 1-800-SCUDDER.

Trustees and Officers

The following table presents certain information regarding the Trustees and Officers of the fund as of May 31, 2005. Each individual's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each individual has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each Trustee is c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. Unless otherwise indicated, the address of each Officer is Two International Place, Boston, Massachusetts 02110. The term of office for each Trustee is until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of a successor, or until such Trustee sooner dies, resigns, retires or is removed as provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Trustee will hold office for an indeterminate period. The Trustees of the Fund may also serve in similar capacities with other funds in the fund complex.

Independent Trustees
Name, Year of Birth, Position(s) Held with the Fund and Length of Time Served1	Principal Occupation(s) During Past 5 Years and Other Directorships Held	Number of Funds in Fund Complex Overseen
Dawn-Marie Driscoll (1946) Chairman, 2004-present Trustee, 1987-present	President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley College; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: CRS Technology (technology service company); Advisory Board, Center for Business Ethics, Bentley College; Board of Governors, Investment Company Institute; former Chairman, ICI Directors Services Committee	42
Henry P. Becton, Jr. (1943) Trustee, 1990-present	President, WGBH Educational Foundation. Directorships: Becton Dickinson and Company (medical technology company); The A.H. Belo Company (media company); Concord Academy; Boston Museum of Science; Public Radio International. Former Directorships: American Public Television; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service	42
Keith R. Fox (1954) Trustee, 1996-present	Managing Partner, Exeter Capital Partners (private equity funds). Directorships: Facts on File (school and library publisher); Progressive Holding Corporation (kitchen importer and distributor); Cloverleaf Transportation Inc. (trucking); K-Media, Inc. (broadcasting); Natural History, Inc. (magazine publisher); National Association of Small Business Investment Companies (trade association)	42
Jean Gleason Stromberg (1943) Trustee, 1999-present	Retired. Formerly, Consultant (1997-2001); Director, US General Accounting Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; Service Source, Inc.	42
Carl W. Vogt (1936) Trustee, 2002-present	Senior Partner, Fulbright & Jaworski, L.L.P. (law firm); formerly, President (interim) of Williams College (1999-2000); President, certain funds in the Deutsche Asset Management Family of Funds (formerly, Flag Investors Family of Funds) (registered investment companies) (1999-2000). Directorships: Yellow Corporation (trucking); American Science & Engineering (x-ray detection equipment); ISI Family of Funds (registered investment companies, 4 funds overseen); National Railroad Passenger Corporation (Amtrak); formerly, Chairman and Member, National Transportation Safety Board	42

Officers2
Name, Year of Birth, Position(s) Held with the Fund and Length of Time Served1	Principal Occupation(s) During Past 5 Years and Other Directorships Held
Julian F. Sluyters4 (1960) President and Chief Executive Officer, 2004-present	Managing Director3, Deutsche Asset Management (since May 2004); President and Chief Executive Officer of The Germany Fund, Inc., The New Germany Fund, Inc., The Central Europe and Russia Fund, Inc., The Brazil Fund, Inc., The Korea Fund, Inc., Scudder Global High Income Fund, Inc. and Scudder New Asia Fund, Inc. (since May 2004); President and Chief Executive Officer, UBS Fund Services (2001-2003); Chief Administrative Officer (1998-2001) and Senior Vice President and Director of Mutual Fund Operations (1991-1998) UBS Global Asset Management
John Millette (1962) Vice President and Secretary, 1999-present	Director3, Deutsche Asset Management
Kenneth Murphy (1963) Vice President, 2002-present	Vice President, Deutsche Asset Management (2000-present); formerly, Director, John Hancock Signature Services (1992-2000)
Paul H. Schubert4 (1963) Chief Financial Officer, 2004-present	Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds at UBS Global Asset Management (1994-2004)
Charles A. Rizzo (1957) Treasurer, 2002-present	Managing Director3, Deutsche Asset Management (since April 2004); formerly, Director, Deutsche Asset Management (April 2000-March 2004); Vice President and Department Head, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Senior Manager, Coopers & Lybrand L.L.P. (now PricewaterhouseCoopers LLP) (1993-1998)
Lisa Hertz4 (1970) Assistant Secretary, 2003-present	Vice President3, Deutsche Asset Management
Daniel O. Hirsch5 (1954) Assistant Secretary, 2002-present	Consultant. Formerly, Managing Director, Deutsche Asset Management (2002-2005); Director, Deutsche Asset Management (1999-2002), Principal, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Assistant General Counsel, United States Securities and Exchange Commission (1993-1998); Director, Deutsche Global Funds Ltd. (2002-2004)
Caroline Pearson (1962) Assistant Secretary, 1997-present	Managing Director3, Deutsche Asset Management
Scott M. McHugh (1971) Assistant Treasurer, 2005-present	Director3, Deutsche Asset Management
Kathleen Sullivan D'Eramo (1957) Assistant Treasurer, 2003-present	Director3, Deutsche Asset Management
Philip Gallo4 (1962) Chief Compliance Officer, 2004-present	Managing Director3, Deutsche Asset Management (2003-present); formerly, Co-Head of Goldman Sachs Asset Management Legal (1994-2003)

¹ Length of time served represents the date that each Trustee was first elected to the common board of Trustees which oversees a number of investment companies, including the fund, managed by the Advisor. For the Officers of the fund, the length of time served represents the date that each Officer was first elected to serve as an Officer of any fund overseen by the aforementioned common board of Trustees.

² As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the funds.

³ Executive title, not a board directorship.

⁴ Address: 345 Park Avenue, New York, New York 10154.

⁵ Address: One South Street, Baltimore, Maryland 21202.

The fund's Statement of Additional Information ("SAI") includes additional information about the Trustees. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: 1-800-SCUDDER.

Account Management Resources

	AARP Investment Program Shareholders	Scudder Class S Shareholders
Automated Information Lines	Easy-Access Line (800) 631-4636	SAILTM (800) 343-2890
	Personalized account information, the ability to exchange or redeem shares, and information on other Scudder funds and services via touchtone telephone.
Web Sites	aarp.scudder.com	myScudder.com
	View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about Scudder funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information	(800) 253-2277 To speak with an AARP Investment Program service representative	(800) SCUDDER To speak with a Scudder service representative.
Written Correspondence	AARP Investment Program from Scudder Investments PO Box 219735 Kansas City, MO 64121-9735	Scudder Investments PO Box 219669 Kansas City, MO 64121-9669
Proxy Voting	A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web sites — aarp.scudder.com or myScudder.com (type "proxy voting" in the search field) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call your service representative.
Principal Underwriter	If you have questions, comments or complaints, contact: Scudder Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148
	Class AARP	Class S
Nasdaq Symbol	AFRXX	STFXX
Fund Number	171	071

ITEM 2.         CODE OF ETHICS.

As of the end of the period, May 31, 2005, Scudder Tax Free Money Fund has
adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to
its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of
ethics during the period covered by this report that would require disclosure
under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


ITEM 3.         AUDIT COMMITTEE FINANCIAL EXPERT.

The Funds' audit committee is comprised solely of trustees who are "independent"
(as such term has been defined by the Securities and Exchange Commission ("SEC")
in regulations implementing Section 407 of the Sarbanes-Oxley Act (the
"Regulations")). The Funds' Board of Trustees has determined that there are
several "audit committee financial experts" serving on the Funds' audit
committee. The Board has determined that Keith R. Fox, the chair of the Funds'
audit committee, qualifies as an "audit committee financial expert" (as such
term has been defined by the Regulations) based on its review of Mr. Fox's
pertinent experience and education. The SEC has stated that the designation or
identification of a person as an audit committee financial expert pursuant to
this Item 3 of Form N-CSR does not impose on such person any duties, obligations
or liability that are greater than the duties, obligations and liability imposed
on such person as a member of the audit committee and board of directors in the
absence of such designation or identification. In accordance with New York Stock
Exchange requirements, the Board believes that all members of the Funds' audit
committee are financially literate, as such qualification is interpreted by the
Board in its business judgment, and that at least one member of the audit
committee has accounting or related financial management expertise.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.


                           SCUDDER TAX FREE MONEY FUND
                      FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that PricewaterhouseCoopers, LLP
("PWC"), the Fund's independent registered public accounting firm, billed to the
Fund during the Fund's last two fiscal years. For engagements with PWC entered
into on or after May 6, 2003, the Audit Committee approved in advance all audit
services and non-audit services that PWC provided to the Fund.

The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).

  Services that the Fund's Independent Registered Public Accounting Firm Billed
                                   to the Fund

- --------------------------------------------------------------------------------
Fiscal Year      Audit       Audit-Related       Tax Fees        All  Other
   Ended      Fees Billed     Fees Billed        Billed to      Fees Billed
  May 31,       to Fund         to Fund            Fund           to Fund
- --------------------------------------------------------------------------------
2005            $50,500           $225            $3,500            $0
- --------------------------------------------------------------------------------
2004            $51,500           $185            $3,300            $0
- --------------------------------------------------------------------------------

The above "Audit- Related Fees" were billed for agreed upon procedures performed
and the above "Tax Fees" were billed for professional services rendered for tax
compliance and tax return preparation.


  Services that the Fund's Independent Registered Public Accounting Firm Billed
              to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by PWC to Deutsche
Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity
controlling, controlled by or under common control with DeIM ("Control
Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service
Provider"), for engagements directly related to the Fund's operations and
financial reporting, during the Fund's last two fiscal years.


- --------------------------------------------------------------------------------
              Audit-Related            Tax Fees             All Other
Fiscal         Fees Billed to          Billed to           Fees Billed
 Year          Adviser and            Adviser and         to Adviser and
 Ended        Affiliated Fund        Affiliated Fund      Affiliated Fund
May 31,      Service Providers      Service Providers    Service Providers
- --------------------------------------------------------------------------------
2005           $581,822                   $0                    $0
- --------------------------------------------------------------------------------
2004           $542,483                   $0                    $0
- --------------------------------------------------------------------------------

The "Audit-Related Fees" were billed for services in connection with the
assessment of internal controls, agreed-upon procedures and additional related
procedures.







                               Non-Audit Services

The following table shows the amount of fees that PWC billed during the Fund's
last two fiscal years for non-audit services. For engagements entered into on or
after May 6, 2003, the Audit Committee pre-approved all non-audit services that
PWC provided to the Adviser and any Affiliated Fund Service Provider that
related directly to the Fund's operations and financial reporting. The Audit
Committee requested and received information from PWC about any non-audit
services that PWC rendered during the Fund's last fiscal year to the Adviser and
any Affiliated Fund Service Provider. The Committee considered this information
in evaluating PWC's independence.


- --------------------------------------------------------------------------------
                                Total
                             Non-Audit
                            Fees billed
                             to Adviser
                                and
                             Affiliated
                            Fund Service             Total
                             Providers             Non-Audit
                            (engagements          Fees billed
                              related             to Adviser
              Total        directly to the      and Affiliated
            Non-Audit      operations and        Fund Service
Fiscal        Fees            financial           Providers
 Year        Billed          reporting            (all other         Total of
 Ended       to Fund        of the Fund)         engagements)        (A), (B)
May 31,        (A)               (B)                  (C)             and (C)
- --------------------------------------------------------------------------------
2005         $3,500              $0                $207,146          $210,646
- --------------------------------------------------------------------------------
2004         $3,300              $0               $1,681,369        $1,684,669
- --------------------------------------------------------------------------------


All other engagement fees were billed for services in connection with risk
management, tax services and process improvement/integration initiatives for
DeIM and other related entities that provide support for the operations of the
fund.

ITEM 5.         AUDIT COMMITTEE OF LISTED REGISTRANTS

                Not Applicable

ITEM 6.         SCHEDULE OF INVESTMENTS

                Not Applicable

ITEM 7.         DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
                CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

                Not Applicable

ITEM 8.         PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

                Not applicable.

ITEM 9.         PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                INVESTMENT COMPANY AND AFFILIATED PURCHASERS

                Not Applicable.

ITEM 10.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Committee on Independent Trustees/Directors selects and nominates
Independent Trustees/Directors. Fund shareholders may also submit nominees that
will be considered by the committee when a Board vacancy occurs. Submissions
should be mailed to: c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL
33910.

ITEM 11.        CONTROLS AND PROCEDURES.

(a) The Chief Executive and Financial Officers concluded that the Registrant's
Disclosure Controls and Procedures are effective based on the evaluation of the
Disclosure Controls and Procedures as of a date within 90 days of the filing
date of this report.

(b) There have been no changes in the registrant's internal control over
financial reporting that occurred during the registrant's last half-year (the
registrant's second fiscal half-year in the case of the annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal controls over financial reporting.

ITEM 12.        EXHIBITS.

(a)(1)   Code of Ethics  pursuant to Item 2 of Form N-CSR is filed and  attached
         hereto as EX-99.CODE ETH.

(a)(2)   Certification  pursuant to Rule 30a-2(a) under the  Investment  Company
         Act of 1940 (17 CFR  270.30a-2(a))  is filed  and  attached  hereto  as
         Exhibit 99.CERT.

(b)      Certification  pursuant to Rule 30a-2(b) under the  Investment  Company
         Act of 1940 (17 CFR  270.30a-2(b))  is furnished and attached hereto as
         Exhibit 99.906CERT.




Form N-CSR Item F

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:                         Scudder Tax Free Money Fund


By:                                 /s/Julian Sluyters
                                    ------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               August 2, 2005


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Registrant:                         Scudder Tax Free Money Fund


By:                                 /s/Julian Sluyters
                                    ------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               August 2, 2005



By:                                 /s/Paul Schubert
                                    ----------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               August 2, 2005

EX-99.CODE ETH

                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                                  [August, 2005]








Table of Contents
                                                                                                               Page Number

                                                                                                                     
   I.       Overview.....................................................................................................3

   II.      Purposes of the Officer Code.................................................................................3

   III.     Responsibilities of Covered Officers.........................................................................4

      A.    Honest and Ethical Conduct...................................................................................4
      B.    Conflicts of Interest........................................................................................4
      C.    Use of Personal Fund Shareholder Information.................................................................6
      D.    Public Communications........................................................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations.......................................................6

   IV.      Violation Reporting..........................................................................................7

      A.    Overview.....................................................................................................7
      B.    How to Report................................................................................................7
      C.    Process for Violation Reporting to the Fund Board............................................................7
      D.    Sanctions for Code Violations................................................................................7

   V.       Waivers from the Officer Code................................................................................7

   VI.      Amendments to the Code.......................................................................................8

   VII.     Acknowledgement and Certification of Adherence to the Officer Code...........................................8

   IX.      Recordkeeping................................................................................................8

   X.       Confidentiality..............................................................................................9

   Appendices...........................................................................................................10

      Appendix A:  List of Officers Covered under the Code, by Board....................................................10
      Appendix B:  Officer Code Acknowledgement and Certification Form..................................................11
      Appendix C:  Definitions..........................................................................................13


                                       2


I.           Overview

         This Principal  Executive Officer and Principal  Financial Officer Code
         of Ethics  ("Officer  Code") sets forth the  policies,  practices,  and
         values  expected  to be  exhibited  in the  conduct  of  the  Principal
         Executive  Officers and Principal  Financial Officers of the investment
         companies ("Funds") they serve ("Covered Officers").  A list of Covered
         Officers and Funds is included on Appendix A.

         The Boards of the Funds  listed on Appendix A have elected to implement
         the Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of
         2002 and the SEC's rules thereunder,  to promote and demonstrate honest
         and ethical conduct in their Covered Officers.

         Deutsche Asset  Management,  Inc. or its affiliates  ("DeAM") serves as
         the  investment  adviser to each Fund.  All Covered  Officers  are also
         employees of DeAM or an affiliate. Thus, in addition to adhering to the
         Officer  Code,  these  individuals  must comply with DeAM  policies and
         procedures,  such as the DeAM Code of Ethics governing personal trading
         activities,  as adopted  pursuant  to Rule 17j-1  under the  Investment
         Company Act of 1940.(1) In addition,  such individuals also must comply
         with other applicable Fund policies and procedures.

         The DeAM Compliance Officer, who shall not be a Covered Officer and who
         shall serve as such  subject to the  approval  of the Fund's  Board (or
         committee  thereof),  is primarily  responsible  for  implementing  and
         enforcing  this Code.  The  Compliance  Officer  has the  authority  to
         interpret  this  Officer  Code  and  its  applicability  to  particular
         circumstances.  Any questions about the Officer Code should be directed
         to the DeAM Compliance Officer.

         The DeAM Compliance  Officer and his or her contact  information can be
         found in Appendix A.

II.          Purposes of the Officer Code

         The purposes of the Officer Code are to deter wrongdoing and to:

         o        promote  honest and ethical  conduct among  Covered  Officers,
                  including the ethical handling of actual or apparent conflicts
                  of interest between personal and professional relationships;

         o        promote  full,  fair,  accurate,   timely  and  understandable
                  disclosures  in reports and documents that the Funds file with
                  or submit to the SEC (and in other public  communications from
                  the  Funds)  and  that  are  within  the   Covered   Officer's
                  responsibilities;

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

         o        encourage the prompt  internal  reporting of violations of the
                  Officer Code to the DeAM Compliance Officer; and

         o        establish accountability for adherence to the Officer Code.

         Any  questions  about the  Officer  Code  should be  referred to DeAM's
         Compliance Officer.


- ------------------------
(1) The obligations imposed by the Officer Code are separate from, and in
addition to, any obligations imposed under codes of ethics adopted pursuant to
Rule 17j-1 under the Investment Company Act of 1940, and any other code of
conduct applicable to Covered Officers in whatever capacity they serve. The
Officer Code does not incorporate any of those other codes and, accordingly,
violations of those codes will not necessarily be considered violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code. Sanctions imposed under those codes may
be considered in determining appropriate sanctions for any violation of this
Code.

                                       3


III.         Responsibilities of Covered Officers

         A. Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

         B. Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                       4


         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.(2)  The costs  associated  with such  actions  may be borne by the
         Fund,  if  appropriate,  after  consultation  with the Fund's Board (or
         committee  thereof).  Otherwise,  such  costs  will be borne by DeAM or
         other appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.


- ------------------------
(2) For example, retaining a Fund's independent accounting firm may require
pre-approval by the Fund's audit committee.

                                       5


         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C. Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D. Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

         E. Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.

                                       6


IV.          Violation Reporting

         A.  Overview

         Each  Covered  Officer  must  promptly  report  to the DeAM  Compliance
         Officer,   and  promote  the  reporting  of,  any  known  or  suspected
         violations of the Officer Code.  Failure to report a violation may be a
         violation of the Officer Code.

         Examples of violations of the Officer Code include, but are not limited
         to, the following:

         o        Unethical or dishonest behavior

         o        Obvious lack of adherence to policies  surrounding  review and
                  approval of public communications and regulatory filings

         o        Failure to report  violations  of the Officer  Code

         o        Known or obvious deviations from Applicable Laws

         o        Failure to  acknowledge  and certify  adherence to the Officer
                  Code

         The  DeAM  Compliance  Officer  has the  authority  to take any and all
         action he or she considers appropriate in his or her sole discretion to
         investigate  known or suspected Code violations,  including  consulting
         with  the  Fund's  Board,  the  independent  Board  members,   a  Board
         committee,  the Fund's legal counsel and/or counsel to the  independent
         Board members. The Compliance Officer also has the authority to use all
         reasonable resources to investigate violations,  including retaining or
         engaging legal counsel, accounting firms or other consultants,  subject
         to  applicable  law.(3) The costs  associated  with such actions may be
         borne by the Fund, if appropriate,  after  consultation with the Fund's
         Board (or committee  thereof).  Otherwise,  such costs will be borne by
         DeAM.

         B. How to Report

         Any known or suspected  violations of the Officer Code must be promptly
         reported to the DeAM Compliance Officer.

         C. Process for Violation Reporting to the Fund Board

         The DeAM Compliance  Officer will promptly report any violations of the
         Code to the Fund's Board (or committee thereof).

         D. Sanctions for Code Violations

         Violations of the Code will be taken seriously. In response to reported
         or otherwise known  violations,  DeAM and the relevant Fund's Board may
         impose sanctions  within the scope of their  respective  authority over
         the Covered Officer at issue.  Sanctions  imposed by DeAM could include
         termination  of employment.  Sanctions  imposed by a Fund's Board could
         include termination of association with the Fund.

V.           Waivers from the Officer Code

         A  Covered  Officer  may  request  a waiver  from the  Officer  Code by
         transmitting  a written  request  for a waiver  to the DeAM  Compliance
         Officer.(4)  The request must include the rationale for the request and
         must explain how the waiver would be in furtherance of the standards of
         conduct  described in and underlying  purposes of the Officer Code. The
         DeAM  Compliance  Officer will present this  information


- ------------------------
(3) For example, retaining a Fund's independent accounting firm may require
pre-approval by the Fund's audit committee.

(4) Of course, it is not a waiver of the Officer Code if the Fund's Board (or
committee thereof) determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.

                                       7


         to the Fund's Board (or committee  thereof).  The Board (or  committee)
         will determine  whether to grant the requested waiver. If the Board (or
         committee)  grants the requested  waiver,  the DeAM Compliance  Officer
         thereafter  will  monitor  the  activities  subject to the  waiver,  as
         appropriate, and will promptly report to the Fund's Board (or committee
         thereof) regarding such activities, as appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of any waivers granted or any implicit waivers.

VI.          Amendments to the Code

         The DeAM  Compliance  Officer will review the Officer Code from time to
         time for its continued  appropriateness and will propose any amendments
         to the  Fund's  Board (or  committee  thereof)  on a timely  basis.  In
         addition, the Board (or committee thereof) will review the Officer Code
         at least annually for its continued  appropriateness  and may amend the
         Code as necessary or appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of Code amendments.

VII.         Acknowledgement and Certification of Adherence to the Officer Code

         Each  Covered  Officer  must sign a  statement  upon  appointment  as a
         Covered Officer and annually  thereafter  acknowledging  that he or she
         has  received  and read the Officer  Code,  as amended or updated,  and
         confirming  that  he or she has  complied  with  it  (see  Appendix  B:
         Acknowledgement  and  Certification  of  Obligations  Under the Officer
         Code).

         Understanding  and  complying  with the  Officer  Code  and  truthfully
         completing the  Acknowledgement  and Certification Form is each Covered
         Officer's obligation.

         The DeAM Compliance Officer will maintain such  Acknowledgements in the
         Fund's books and records.

VIII.        Scope of Responsibilities

         A Covered Officer's responsibilities under the Officer Code are limited
         to:

                  (1)      Fund  matters  over  which  the  Officer  has  direct
                           responsibility  or  control,  matters  in  which  the
                           Officer  routinely  participates,  and  matters  with
                           which  the  Officer  is  otherwise   involved  (i.e.,
                           matters  within  the scope of the  Covered  Officer's
                           responsibilities as a Fund officer); and

                  (2)      Fund   matters  of  which  the   Officer  has  actual
                           knowledge.


IX.          Recordkeeping

         The DeAM  Compliance  Officer  will  create  and  maintain  appropriate
         records regarding the implementation and operation of the Officer Code,
         including records relating to conflicts of interest  determinations and
         investigations of possible Code violations.

                                       8


X.           Confidentiality

         All reports and records prepared or maintained pursuant to this Officer
         Code  shall be  considered  confidential  and shall be  maintained  and
         protected  accordingly.  Except as  otherwise  required  by law or this
         Officer Code,  such matters shall not be disclosed to anyone other than
         the DeAM Compliance  Officer,  the Fund's Board (or committee thereof),
         legal counsel, independent auditors, and any consultants engaged by the
         Compliance Officer.


                                       9


         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:



=========================================== ============================== =========================== ============================
                Fund Board                     Principal Executive            Principal Financial               Treasurer
                                                     Officers                       Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
                                                                                              
Boston                                      Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Chicago                                     Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Closed End (except Germany)                 Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Korea                                       Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
MSIS                                        Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Julian Sluyters                Alexandra A. Toohey         Alexandra A. Toohey
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Julian Sluyters                Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Julian Sluyters                Alexandra A. Toohey         Alexandra A. Toohey
=========================================== ============================== =========================== ============================


* Central Europe and Russia, Germany, and New Germany Funds


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   August, 2005

                                       10


Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name             Department                  Location         Telephone





     1.   I  acknowledge  and  certify  that I am a  Covered  Officer  under the
          Scudder Fund Principal  Executive and Financial Officer Code of Ethics
          ("Officer Code"), and therefore subject to all of its requirements and
          provisions.

     2.   I have  received  and  read the  Officer  Code  and I  understand  the
          requirements and provisions set forth in the Officer Code.

     3.   I have  disclosed any conflicts of interest of which I am aware to the
          DeAM Compliance Officer.

     4.   I will act in the best  interest  of the Funds for which I serve as an
          officer  and  have   maintained   the   confidentiality   of  personal
          information about Fund shareholders.

     5.   I will report any known or suspected violations of the Officer Code in
          a timely manner to the DeAM Compliance Officer.












- --------------------------------------------------------------------------------
Signature                                                   Date


                                       11


                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name              Department                    Location         Telephone




     6.   I  acknowledge  and  certify  that I am a  Covered  Officer  under the
          Scudder Fund Principal  Executive and Financial Officer Code of Ethics
          ("Officer Code"), and therefore subject to all of its requirements and
          provisions.

     7.   I have  received  and read the  Officer  Code,  and I  understand  the
          requirements and provisions set forth in the Officer Code.

     8.   I have adhered to the Officer Code.

     9.   I have not  knowingly  been a party to any conflict of  interest,  nor
          have I had actual  knowledge  about  actual or apparent  conflicts  of
          interest  that I did not  report  to the DeAM  Compliance  Officer  in
          accordance with the Officer Code's requirements.

     10.  I have acted in the best interest of the Funds for which I serve as an
          officer  and  have   maintained   the   confidentiality   of  personal
          information about Fund shareholders.

     11.  With respect to the duties I perform for the Fund as a Fund officer, I
          believe  that  effective  processes  are in place to  create  and file
          public   reports  and   documents  in   accordance   with   applicable
          regulations.

     12.  With respect to the duties I perform for the Fund as a Fund officer, I
          have complied to the best of my knowledge with all Applicable Laws (as
          that term is  defined  in the  Officer  Code)  and have  appropriately
          monitored  those  persons under my  supervision  for  compliance  with
          Applicable Laws.

     13.  I have reported any known or suspected  violations of the Officer Code
          in a timely manner to the DeAM Compliance Officer.












- --------------------------------------------------------------------------------
Signature                                                   Date


                                       12




Appendix C: Definitions

Principal  Executive Officer  Individual  holding the office of President of the
Fund or series of Funds, or a person performing a similar function.

Principal  Financial Officer  Individual  holding the office of Treasurer of the
Fund or series of Funds, or a person performing a similar function.

Registered   Investment  Management  Investment  Company  Registered  investment
companies  other than a  face-amount  certificate  company or a unit  investment
trust.

Waiver A waiver is an approval of an exemption from a Code requirement.

Implicit  Waiver An  implicit  waiver is the  failure  to take  action  within a
reasonable  period of time regarding a material  departure from a requirement or
provision  of the Officer  Code that has been made known to the DeAM  Compliance
Officer or the Fund's Board (or committee thereof).


                                       13

EX-99.CERT

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Executive Officer
Form N-CSR Certification under Sarbanes Oxley Act






I, Julian Sluyters, certify that:

1.                I have reviewed this report, filed on behalf of Scudder Tax
                  Free Money Fund, on Form N-CSR;

2.                Based on my knowledge, this report does not contain any untrue
                  statement of a material fact or omit to state a material fact
                  necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not
                  misleading with respect to the period covered by this report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this report, fairly present
                  in all material respects the financial condition, results of
                  operations, changes in net assets, and cash flows (if the
                  financial statements are required to include a statement of
                  cash flows) of the registrant as of, and for, the periods
                  presented in this report;

4.                The registrant's other certifying officer(s) and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Rule 30a-3(c) under the
                  Investment Company Act of 1940) and internal control over
                  financial reporting (as defined in Rule 30a-3(d) under the
                  Investment Company Act of 1940) for the registrant and have:

                  (a)      Designed such disclosure controls and procedures, or
                           caused such disclosure controls and procedures to be
                           designed under our supervision, to ensure that
                           material information relating to the registrant,
                           including its consolidated subsidiaries, is made
                           known to us by others within those entities,
                           particularly during the period in which this report
                           is being prepared;



(b)               Designed such internal control over financial reporting, or
                  caused such internal control over financial reporting to be
                  designed under our supervision, to provide reasonable
                  assurance regarding the reliability of financial reporting and
                  the preparation of financial statements for external purposes
                  in accordance with generally accepted accounting principles;

(c)               Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of a date within 90 days prior to the
                  filing date of this report based on such evaluation; and

(d)               Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal half-year (the
                  registrant's second fiscal half-year in the case of an annual
                  report) that has materially affected, or is reasonably likely
                  to materially affect, the registrant's internal control over
                  financial reporting; and

5.                The registrant's other certifying officer(s) and I have
                  disclosed to the registrant's auditors and the audit committee
                  of the registrant's board of directors (or persons performing
                  the equivalent functions):

(a)               All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize, and report
                  financial information; and

(b)               Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

August 2, 2005                                       /s/Julian Sluyters
                                                     Julian Sluyters
                                                     Chief Executive Officer
                                                     Scudder Tax Free Money Fund



                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Financial Officer
Form N-CSR Certification under Sarbanes Oxley Act






I, Paul Schubert, certify that:

1.                I have reviewed this report, filed on behalf of Scudder Tax
                  Free Money Fund, on Form N-CSR;

2.                Based on my knowledge, this report does not contain any untrue
                  statement of a material fact or omit to state a material fact
                  necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not
                  misleading with respect to the period covered by this report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this report, fairly present
                  in all material respects the financial condition, results of
                  operations, changes in net assets, and cash flows (if the
                  financial statements are required to include a statement of
                  cash flows) of the registrant as of, and for, the periods
                  presented in this report;

4.                The registrant's other certifying officer(s) and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Rule 30a-3(c) under the
                  Investment Company Act of 1940) and internal control over
                  financial reporting (as defined in Rule 30a-3(d) under the
                  Investment Company Act of 1940) for the registrant and have:

(a)               Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information relating
                  to the registrant, including its consolidated subsidiaries, is
                  made known to us by others within those entities, particularly
                  during the period in which this report is being prepared;

(b)               Designed such internal control over financial reporting, or
                  caused such internal control over financial reporting to be
                  designed under our supervision, to provide reasonable
                  assurance regarding the reliability of financial reporting and
                  the preparation of financial statements for external purposes
                  in accordance with generally accepted accounting principles;



(c)               Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of a date within 90 days prior to the
                  filing date of this report based on such evaluation; and

(d)               Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal half-year (the
                  registrant's second fiscal half-year in the case of an annual
                  report) that has materially affected, or is reasonably likely
                  to materially affect, the registrant's internal control over
                  financial reporting; and

5.                The registrant's other certifying officer(s) and I have
                  disclosed to the registrant's auditors and the audit committee
                  of the registrant's board of directors (or persons performing
                  the equivalent functions):

(a)               All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize, and report
                  financial information; and

(b)               Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

August 2, 2005                                       /s/Paul Schubert
                                                     Paul Schubert
                                                     Chief Financial Officer
                                                     Scudder Tax Free Money Fund

EX-99.906CERT

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Executive Officer
Section 906 Certification under Sarbanes Oxley Act





I, Julian Sluyters, certify that:

1.       I have reviewed this report, filed on behalf Scudder Tax Free Money
         Fund, on Form N-CSR;

2.       Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic
         report on Form N-CSR (the "Report") fully complies with the
         requirements of ss. 13 (a) or ss.15 (d), as applicable, of the
         Securities Exchange Act of 1934 and that the information contained in
         the Report fairly presents, in all material respects, the financial
         condition and results of operations of the Company.




August 2, 2005                                       /s/Julian Sluyters
                                                     Julian Sluyters
                                                     Chief Executive Officer
                                                     Scudder Tax Free Money Fund



                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Financial Officer
Section 906 Certification under Sarbanes Oxley Act





I, Paul Schubert, certify that:

1.       I have reviewed this report, filed on behalf of Scudder Tax Free Money
         Fund, on Form N-CSR;

2.       Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic
         report on Form N-CSR (the "Report") fully complies with the
         requirements of ss. 13 (a) or ss. 15 (d), as applicable, of the
         Securities Exchange Act of 1934 and that the information contained in
         the Report fairly presents, in all material respects, the financial
         condition and results of operations of the Company.



August 2, 2005                                       /s/Paul Schubert
                                                     Paul Schubert
                                                     Chief Financial Officer
                                                     Scudder Tax Free Money Fund