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<PAGE> PAGE 2
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SIGNATURE JOHN MILLETTE
TITLE SECRETARY
[LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Tax Free Money Fund:
In planning and performing our audit of the financial statements and financial
highlights (hereinafter referred to as "financial statements") of Scudder Tax
Free Money Fund for the five months ended May 31, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Scudder Tax Free Money Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1999.
This report is intended solely for the information and use of management, the
Trustees of Scudder Tax Free Money Fund and the Securities and Exchange
Commission.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
July 22, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Tax Free Money Fund Annual Report for the fiscal year ended 5/31/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Tax Free Money Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 254,483,409
<INVESTMENTS-AT-VALUE> 254,483,409
<RECEIVABLES> 6,699,826
<ASSETS-OTHER> 104,727
<OTHER-ITEMS-ASSETS> 2,794,446
<TOTAL-ASSETS> 264,082,408
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,699,250
<TOTAL-LIABILITIES> 6,699,250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,086,098
<SHARES-COMMON-STOCK> 257,215,052
<SHARES-COMMON-PRIOR> 248,667,568
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (702,940)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 257,383,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,301,932
<OTHER-INCOME> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (696,770,475)
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<NET-CHANGE-IN-ASSETS> 8,544,870
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (702,940)
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.65
</TABLE>
