Deutsche DWS Money Funds NCSR Certified annual shareholder report (management investment company)


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

                                   FORM N-CSR

Investment Company Act file number 811-2527

                               SCUDDER MONEY FUNDS
                        --------------------------------
               (Exact Name of Registrant as Specified in Charter)

                222 South Riverside Plaza Chicago, Illinois 60606
                -------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's Telephone Number, including Area Code: (617) 295-2663
                                                            --------------

                               Salvatore Schiavone
                             Two International Place
                           Boston, Massachusetts 02110
                     ---------------------------------------
                     (Name and Address of Agent for Service)

Date of fiscal year end:        7/31

Date of reporting period:       7/31/04



ITEM 1.  REPORT TO STOCKHOLDERS

Scudder Money Funds Scudder Money Market Fund Scudder Government & Agency Money Fund Scudder Tax-Exempt Money Fund		[Scudder Investments logo]

	Annual Report to Shareholders
	July 31, 2004

Contents

<Click Here> Performance Summary

<Click Here> Information About Each Fund's Expenses

<Click Here> Portfolio Management Review

<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 a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.

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.

Performance Summary July 31, 2004

Scudder Money Market Fund

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

Yield Comparison

[] Fund Yield

[] First Tier Money Fund Average

Weekly 7-Day Average Yield

Yields are historical, will fluctuate and do not guarantee future results. Please call (800) 621-1048 for the Fund's most up-to-date performance.

Scudder Money Market Fund is compared to the First Tier Money Fund Average which consists of all non-institutional taxable money market funds investing in only first tier (highest rating) securities tracked by iMoneyNet, Inc.

7-day average yield is the annualized net investment income per share for the period shown. Gains or losses are not included.

Lipper Ranking as of 7/31/04
Period	Rank		Number of Funds Tracked	Percentile Ranking
1-Year	38	of	401	10
3-Year	36	of	350	11
5-Year	26	of	296	9
10-Year	19	of	168	11

Lipper Inc. rankings are based upon changes in net asset value with all dividends reinvested for the periods indicated as of 7/31/2004. Rankings are historical and do not guarantee future performance. The fund is compared to the Lipper Money Market Instrument Fund category.

Source: Lipper Inc.

An investment in the 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.

Scudder Government & Agency Money Fund

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

Yield Comparison

[] Fund Yield

[] Government Money Fund Average

Weekly 7-Day Average Yield

Yields are historical, will fluctuate and do not guarantee future results. Please call (800) 621-1048 for the Fund's most up-to-date performance.

Scudder Government & Agency Money Fund is compared to the Government Money Fund Average which consists of all non-institutional government money market funds tracked by iMoneyNet, Inc.

7-day average yield is the annualized net investment income per share for the period shown. Gains or losses are not included.

Lipper Ranking as of 7/31/04
Period	Rank		Number of Funds Tracked	Percentile Ranking
1-Year	8	of	128	7
3-Year	10	of	120	9
5-Year	8	of	104	8
10-Year	6	of	72	9

Source: Lipper Inc.

Scudder Tax-Exempt Money Fund

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

Yield Comparison

[] Fund Yield

[] Tax-Free Money Fund Average

Weekly 7-Day Average Yield

Yields are historical, will fluctuate and do not guarantee future results. Income may be subject to state and local taxes and the alternative minimum tax. Please call (800) 621-1048 for the Fund's most up-to-date performance.

Scudder Tax-Exempt Money Fund is compared to the Tax-Free Money Fund Average which consists of all non-institutional tax-free money market funds tracked by iMoneyNet, Inc.

7-day average yield is the annualized net investment income per share for the period shown. Gains or losses are not included.

Lipper Ranking as of 7/31/04
Period	Rank		Number of Funds Tracked	Percentile Ranking
1-Year	10	of	131	8
3-Year	14	of	121	11
5-Year	7	of	106	7
10-Year	6	of	81	8

Source: Lipper Inc.

Information About Each Fund's Expenses

As an investor, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) 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 and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses (in dollars) of investing in each Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six-month period ended July 31, 2004.

The table illustrates each Fund's expenses in two ways:

• Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses 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, such as sales charges (loads) or redemption fees. 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 July 31, 2004
Actual Fund Return	Money Market Fund	Government & Agency Money Fund	Tax-Exempt Money Fund
Beginning Account Value 1/31/04	$ 1,000	$ 1,000	$ 1,000
Ending Account Value 7/31/04	$ 1,004	$ 1,004	$ 1,003
Expenses Paid per $1,000*	$ 2.22	$ 2.29	$ 1.97
Hypothetical 5% Fund Return	Money Market Fund	Government & Agency Money Fund	Tax-Exempt Money Fund
Beginning Account Value 1/31/04	$ 1,000	$ 1,000	$ 1,000
Ending Account Value 7/31/04	$ 1,023	$ 1,023	$ 1,023
Expenses Paid per $1,000*	$ 2.24	$ 2.31	$ 1.99

* Expenses are equal to each Fund's annualized expense ratio, 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 366.

Annualized Expense Ratios
Scudder Money Market Fund	0.44%
Scudder Government & Agency Money Fund	0.46%
Scudder Tax-Exempt Money Fund	0.40%

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

Portfolio Management Review

Scudder Money Funds: 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 Money Funds. DeIM has more than 80 years of experience managing mutual funds and 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 each fund. These investment professionals have a broad range of experience managing money market funds.

In the following interview, Portfolio Managers Christine C. Haddad and Joseph Benevento discuss the market environment and the portfolio team's approach to managing Scudder Money Funds during the 12-month period ended July 31, 2004.

Q: Will you discuss the market environment for the funds during the 12-month period ended July 31, 2004?

A: As we came into July 2003, the market's focus turned from the reduction of the federal funds rate to its lowest level in more than 40 years, to the employment situation and its effect on the direction of interest rates. As economic recovery gathered momentum over the months following - with the government reporting 8% and 4% GDP growth for the third and fourth quarters of 2003, respectively - the market's focus turned to the government's monthly nonfarm payroll announcements; i.e., when would US economic activity accelerate to the point that a substantial number of jobs would be created and the Fed would switch from an accommodative to a tightening stance?

With each monthly nonfarm payroll announcement during the first quarter of 2004, investors grew more disappointed, as job creation remained subdued. Money market yields reacted accordingly, with the one-year LIBOR declining from 1.60% at the start of this year to 1.35% by the end of March.¹ As a result, the market's forecast for the start of Fed tightening was pushed further and further back. We kept weighted average maturity at the longer end of its range during the first quarter to capture additional yield.

¹ LIBOR, 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. It is not possible to invest directly into an index.

At the start of the second quarter, the Fed was signaling its concerns over a possible resurgence in inflation and hinted that it wasn't comfortable maintaining the fed funds rate at 1% indefinitely. In anticipation of a change in the Fed's stance, we reduced average maturity. Then, in early April, the nonfarm payroll figure surprised everyone as the government reported that the economy had created more than 300,000 new jobs in March. With this news, fixed-income markets experienced a dramatic turnaround, with one-year LIBOR spiking from 1.35% to 1.85% in anticipation of a potential rate hike as early as August. The May - and initially, June - jobs reports were also strong, and the Fed now stated that it would begin to raise interest rates in the near future. Markets reacted swiftly once again, with the yield curve steadily steepening from April through June and LIBOR rising to 2.5%. As the Fed's June meeting drew closer, we began to reduce average maturity, purchasing only shorter-term issues, as the market began to "price in" four to five additional Fed rate hikes. When the Fed finally raised the federal funds rate by 25 basis points in late June, it stated that it would conduct its credit-tightening program at a "measured" pace. As the money market yield curve began to stabilize, market participants resumed purchasing longer-term issues.

As we moved into July, US economic momentum seemed to slow as consumer purchasing slackened, job creation was minimal, energy prices rose and the geopolitical situation deteriorated. In reaction, investors began to question whether the number of Fed rate hikes that previously had been priced into the market would actually occur, and the yield curve flattened. At present, we are keeping average maturity relatively short: We are poised for an August rate hike, but we feel that the economic outlook is too uncertain to gauge possible Fed actions during the fourth quarter.

Q: How did the funds in the series perform over their most recent fiscal year and what strategies did you pursue during the period?

A: We were able to produce competitive yields in Scudder Money Market Fund, Scudder Government & Agency Money Fund and Scudder Tax-Exempt Money Fund for the period.

During the second half of 2003 and the first quarter of this year, we pursued a "barbell" strategy within the Scudder Money Market Fund and the Scudder Government & Agency Money Fund. That is, we purchased longer-duration instruments with maturities of six to nine months and - increasingly - short-term securities with maturities of three months or less; we kept the shorter-term securities in the portfolios to meet liquidity needs. For both funds, we also purchased callable agency securities. During the first six months of 2004, we increased our allocation in floating-rate securities. The interest rate of floating-rate securities adjusts periodically based on indices such as LIBOR and the federal funds rate. Our decision to increase our allocation in floating-rate securities worked well during the period. As we moved into the second quarter of 2004, and the yield curve steepened sharply, we pursued a conservative strategy, emphasizing commercial paper and certificates of deposit.

Q: What has been the strategy for Scudder Tax-Exempt Money Fund?

A: Over the 12-month period, we continued to focus on the highest-quality investments for Scudder Tax-Exempt Money Fund while seeking competitive yields across the municipal investment spectrum. Earlier in the period, the supply of short-term municipal paper increased sharply due to sluggish economic growth and a slowdown in individual state and local government tax collection. Increased supply in the overall market was met with a surge in demand, as many investors took a defensive stance within their portfolios by purchasing tax-free money market securities.

Over most of the reporting period, we maintained a cautious stance by targeting an average maturity similar to that of our peers. At the close of the period, the fund was positioned with an average maturity target of 25 to 30 days. The fund also has a targeted portfolio allocation of 65% to 70% of assets in floating-rate securities and 30% to 35% in fixed-rate instruments. The fund's fixed-rate issues are currently structured with a "laddered" approach, so that the maturities of the various issues are distributed across the money market yield curve. During the period, 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 insurance company.

Q: What detracted from performance during the period?

A: During the second quarter, when the yield curve spiked, we waited to extend maturity until we were certain that one-year rates had peaked. We preferred to err on the side of caution, and we missed the recent top of LIBOR at 2.5%. Given the dramatic turns in economic data thus far this year, we feel it is prudent to keep maturity shorter - and forgo some yield pickup - when the direction of interest rates is so uncertain.

Q: Do you foresee any change in your management strategies?

A: We will continue our insistence on the highest credit quality within the funds. We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the funds and to seek competitive yields 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.

Portfolio Summary July 31, 2004

Scudder Money Market Fund

Portfolio Composition	7/31/04	7/31/03

Commercial Paper	30%	31%
Certificates of Deposit and Bank Notes	19%	16%
Floating Rate Notes	18%	24%
US Government Sponsored Agencies⁺	14%	14%
Repurchase Agreements	13%	15%
Promissory Notes	4%	-
Short-Term Note	1%	-
Other Investments	1%	-
	100%	100%
Weighted Average Maturity*
Scudder Money Market Fund	53 days	84 days
First Tier Money Fund Average	41 days	53 days

⁺ Not backed by the full faith and credit of the US Government

Scudder Government & Agency Money Fund

Portfolio Composition	7/31/04	7/31/03

Agencies Not Backed by the Full Faith and Credit of the US Government	65%	73%
Repurchase Agreements	29%	21%
Backed by the Full Faith and Credit of the US Government	6%	6%
	100%	100%
Weighted Average Maturity*
Scudder Government & Agency Money Fund	54 days	84 days
Government Money Fund Average	38 days	49 days

Scudder Tax-Exempt Money Fund

Portfolio Composition	7/31/04	7/31/03

Municipal Investments	100%	100%
Weighted Average Maturity*
Scudder Tax-Exempt Money Fund	26 days	21 days
Tax-Free Money Fund Average	32 days	41 days

* The Funds are compared to their respective iMoneyNet category: the First Tier Money Fund Average consists of all non-institutional taxable money market funds investing in only first tier (highest rating) securities; Government Money Fund Average consists of all non-institutional government money market funds; Tax-Free Money Fund Average consists of all non-institutional tax-free money market funds.

Portfolio composition is subject to change. For more complete details about the Funds' holdings, see pages 16-29. A quarterly Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund as of month end is available upon request on the 16th 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. This form is 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, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

Investment Portfolio as of July 31, 2004

Scudder Money Market Fund	Principal Amount ($)	Value ($)

Certificates of Deposit and Bank Notes 19.3%
ABN AMRO Bank NV, 1.17%, 1/3/2005	25,000,000	25,000,000
Barclays Bank PLC, 1.27%, 1/12/2005	20,000,000	20,000,418
Credit Agricole Indosuez SA:
1.18%, 10/29/2004	25,000,000	25,000,000
1.27%, 12/31/2004	21,000,000	21,001,655
Credit Lyonnais AG:
1.11%, 9/24/2004	25,000,000	25,000,000
1.14%, 12/31/2004	15,000,000	15,000,000
Depfa Bank PLC:
1.185%, 10/26/2004	50,000,000	50,000,000
1.335%, 1/18/2005	25,000,000	25,000,000
Fortis Bank NV, 1.385%, 9/3/2004	20,000,000	19,999,819
HBOS Treasury Services PLC:
1.08%, 9/27/2004	75,000,000	75,000,000
1.1%, 8/5/2004	40,000,000	40,000,000
HSBC Bank USA, 1.32%, 1/18/2005	25,000,000	25,000,000
KBC Bank NV, 1.17%, 10/27/2004	35,000,000	35,000,000
Landesbank Baden Wurttemberg, 1.33%, 8/10/2004	20,000,000	20,000,294
Landesbank Hessen-Thuringen Girozentrale, 1.27%, 9/13/2004	16,000,000	15,999,178
Norddeutsche Landesbank Girozentrale, 1.17%, 8/20/2004	20,000,000	20,000,000
Societe Generale:
1.17%, 10/22/2004	20,000,000	20,000,000
1.185%, 1/4/2005	20,000,000	20,000,000
Toronto Dominion Bank, 1.14%, 12/30/2004	25,000,000	25,000,000
Wells Fargo Bank NA, 1.29%, 8/9/2004	140,000,000	140,000,000
Total Certificates of Deposit and Bank Notes (Cost $662,001,364)		662,001,364

Commercial Paper 29.5%
Archer-Daniels-Midland Co., 1.27%**, 8/10/2004	10,000,000	9,996,825
Beta Finance, Inc., 1.27%**, 10/29/2004	30,000,000	29,905,808
Cancara Asset Securitization LLC:
1.22%**, 8/20/2004	37,727,000	37,702,708
1.22%**, 8/23/2004	26,275,000	26,255,411
1.54%**, 10/13/2004	28,058,000	27,970,381
CC (USA), Inc., 1.6%**, 10/26/2004	50,000,000	49,808,889
CIT Group, Inc.:
1.07%**, 8/17/2004	20,000,000	19,990,489
1.075%**, 8/2/2004	20,000,000	19,999,403
1.12%**, 8/23/2004	15,000,000	14,989,733
1.15%**, 8/16/2004	35,000,000	34,983,229
1.55%**, 11/29/2004	10,000,000	9,948,333
1.57%**, 10/19/2004	20,000,000	19,931,095
1.73%**, 11/29/2004	15,000,000	14,913,500
Dorada Finance, Inc., 1.61%**, 10/27/2004	20,000,000	19,922,183
Falcon Asset Securitization, 1.3%**, 8/11/2004	25,000,000	24,990,972
General Electric Capital International Funding, Inc., 1.49%**, 9/20/2004	75,000,000	74,844,792
Grampian Funding Ltd.:
1.1%**, 8/9/2004	40,000,000	39,990,222
1.52%**, 11/22/2004	5,000,000	4,976,145
Greyhawk Funding LLC, 1.07%**, 9/15/2004	50,000,000	49,933,125
Irish Life and Permanent PLC:
1.1%**, 8/2/2004	25,000,000	24,999,236
1.18%**, 8/6/2004	35,000,000	34,994,264
1.61%**, 10/27/2004	25,000,000	24,902,729
K2 (USA) LLC:
1.08%**, 9/21/2004	33,200,000	33,149,204
1.09%**, 9/28/2004	30,000,000	29,947,317
1.51%**, 11/30/2004	10,000,000	9,949,247
1.55%**, 10/15/2004	30,000,000	29,903,125
1.6%**, 10/25/2004	30,000,000	29,886,667
Lake Constance Funding LLC:
1.22%**, 8/16/2004	48,400,000	48,375,397
1.25%**, 10/20/2004	20,000,000	19,944,444
Old Line Funding Corp., 1.22%**, 8/20/2004	27,466,000	27,448,315
RWE AG, 1.54%**, 10/13/2004	25,000,000	24,921,930
Scaldis Capital LLC:
1.52%**, 11/24/2004	25,000,000	24,878,611
1.53%**, 11/16/2004	10,000,000	9,954,525
Sheffield Receivables Corp., 1.53%**, 11/19/2004	15,000,000	14,929,875
Spintab Swedmortgage, 1.09%**, 8/18/2004	40,000,000	39,979,411
Tulip Funding Corp., 1.28%**, 8/31/2004	50,000,000	49,946,667
Total Commercial Paper (Cost $1,009,164,207)		1,009,164,207

*Floating Rate Notes 17.8%**
American Express Credit Corp., 1.36%, 8/9/2005	35,000,000	35,014,657
American Honda Finance Corp., 144A, 1.97%, 1/18/2005	35,000,000	35,064,930
Associates Corp. of North America, 1.67%, 6/27/2005	65,000,000	65,000,000
Bear Stearns & Co., Inc., 1.463%, 8/2/2004	100,000,000	100,000,000
CC (USA), Inc.:
144A, 1.405%, 9/24/2004	50,000,000	49,999,262
144A, 1.405%, 9/27/2004	21,000,000	20,999,675
Depfa Bank PLC, 1.27%, 6/15/2005	25,000,000	25,000,000
Lehman Brothers Holdings, Inc., 1.06%, 9/7/2004	30,000,000	30,000,000
Merrill Lynch & Co., Inc., 1.362%, 2/4/2005	25,000,000	25,000,000
Morgan Stanley:
1.4%, 1/6/2005	40,000,000	40,000,000
1.4%, 2/18/2005	25,000,000	25,000,000
1.4%, 4/19/2005	65,000,000	65,000,000
Norddeutsche Landesbank Girozentrale, 1.52%, 3/29/2005	30,000,000	29,998,040
Sheffield Receivables Corp., 1.4%, 1/25/2005	15,000,000	14,999,268
Swedbank AB, 1.323%, 10/12/2004	50,000,000	49,998,503
Total Floating Rate Notes (Cost $611,074,335)		611,074,335

US Government Sponsored Agencies 13.5%
Federal Farm Credit Bank:
1.285%*, 12/15/2004	50,000,000	49,997,228
1.287%*, 6/13/2005	15,000,000	14,998,703
1.34%*, 1/17/2006	25,000,000	25,000,000
Federal Home Loan Bank:
1.248%*, 10/12/2004	60,000,000	59,995,236
1.45%*, 1/11/2005	35,000,000	35,000,000
Federal Home Loan Mortgage Corp.:
1.315%**, 1/11/2005	25,000,000	24,845,901
1.4%**, 1/11/2005	30,000,000	29,815,082
1.538%*, 10/7/2005	65,000,000	65,000,000
Federal National Mortgage Association:
1.08%**, 9/10/2004	25,000,000	24,970,000
1.09%**, 8/11/2004	15,000,000	14,995,458
1.28%*, 12/9/2005	10,000,000	9,991,755
1.6%, 12/29/2004	30,000,000	30,000,000
1.75%, 5/23/2005	35,000,000	35,000,000
1.81%, 5/27/2005	15,000,000	15,000,000
3.5%, 9/15/2004	26,479,000	26,546,846
Total US Government Sponsored Agencies (Cost $461,156,209)		461,156,209

Asset Backed 1.1%
Granite Mortgage PLC, "1A1", Series 2004-1, 1.386%*, 12/20/2004	9,991,562	9,991,562
Nissan Auto Receivables Owners Trust, "1A1", Series 2004-A, 1.07%, 3/15/2005	3,895,540	3,895,540
Permanent Financing PLC, "1A", Series 4, 1.31%*, 3/10/2005	25,000,000	25,000,000
Total Asset Backed (Cost $38,887,102)		38,887,102

Promissory Notes 4.4%
Goldman Sachs Group, Inc.:
1.25%, 10/25/2004	50,000,000	50,000,000
1.26%, 11/8/2004	25,000,000	25,000,000
1.31%, 11/24/2004	25,000,000	25,000,000
1.47%, 1/7/2005	50,000,000	50,000,000
Total Promissory Notes (Cost $150,000,000)		150,000,000

Short-Term Note 0.9%
CC (USA), Inc., 144A, 1.335%, 8/13/2004 (Cost $30,000,000)	30,000,000	30,000,000

Other Investments 0.6%
Texas, State Veteran's Hospital, 1.34%⁺, 12/1/2029 (b) (Cost $20,000,000)	20,000,000	20,000,000

Repurchase Agreements 12.9%
Bank of America, 1.38%, dated 7/30/2004, to be repurchased at $100,011,500 on 8/2/2004 (c)	100,000,000	100,000,000
Goldman Sachs Co., Inc., 1.38%, dated 7/30/2004, to be repurchased at $39,004,485 on 8/2/2004 (d)	39,000,000	39,000,000
Morgan Stanley, 1.37%, dated 7/30/2004, to be repurchased at $300,034,250 on 8/2/2004 (e)	300,000,000	300,000,000
State Street Bank and Trust Co., 1.26%, dated 7/30/2004, to be repurchased at $1,629,171 on 8/2/2004 (f)	1,629,000	1,629,000
Total Repurchase Agreements (Cost $440,629,000)		440,629,000
Total Investment Portfolio - 100.0% (Cost $3,422,912,217) (a)		3,422,912,217

* Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of July 31, 2004.
** Annualized yield at time of purchase; not a coupon rate.
⁺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 July 31, 2004.
(a) The cost for federal income tax purposes was $3,422,912,217.
(b) Security incorporates a letter of credit from a major bank.
(c) Collateralized by $104,400,398 Federal National Mortgage Association, 5.00%, maturing on 3/1/2034 with a value of $101,579,499.
(d) Collateralized by $40,489,031 Government National Mortgage Association, 4.00% - 6.00%, maturing at various dates from 8/20/2032 until 10/20/2033 with a value of $39,609,789.
(e) Collateralized by:

Principal Amount ($)	Type	Rate (%)	Maturity Date	Collateral Value ($)

210,252,503	Federal National Mortgage Association	4.00-8.00	4/1/2013- 8/1/2034	211,429,599
93,332,296	Federal Home Loan Mortgage Corp.	4.50-7.50	2/1/2015- 7/1/2034	94,028,713
Total Collateral Value				305,458,312

(f) Collateralized by $1,665,000 Federal National Mortgage Association, 1.875%, maturing on 1/15/2005 with a value of $1,666,041.

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.

Scudder Government & Agency Money Fund	Principal Amount ($)	Value ($)

Agencies Not Backed by the Full Faith and Credit of the US Government 64.8%
Federal Farm Credit Bank:
1.285%*, 12/15/2004	50,000,000	49,997,228
1.287%*, 6/13/2005	15,000,000	14,998,703
1.34%*, 1/17/2006	15,000,000	15,000,000
1.38%*, 12/27/2005	15,000,000	15,000,000
Federal Home Loan Bank:
1.28%*, 11/5/2004	10,000,000	9,965,867
1.344%*, 9/12/2005	25,000,000	24,983,235
1.45%, 1/11/2005	10,000,000	10,000,000
1.5%, 3/8/2005	7,500,000	7,500,000
2.0%, 11/15/2004	3,000,000	3,006,950
4.0%, 2/15/2005	7,000,000	7,099,490
4.125%, 1/14/2005	10,000,000	10,128,259
Federal Home Loan Mortgage Corp.:
1.315%*, 1/11/2005	10,000,000	9,940,460
1.33%*, 2/23/2005	15,000,000	15,000,000
1.5%, 2/14/2005	4,000,000	4,000,000
1.538%*, 10/7/2005	10,000,000	10,000,000
6.875%, 1/28/2005	6,000,000	6,159,077
Federal National Mortgage Association:
1.16%**, 10/13/2004	10,000,000	9,976,478
1.22%**, 10/15/2004	5,250,000	5,236,656
1.6%, 12/29/2004	10,000,000	10,000,000
1.75%, 5/23/2005	5,500,000	5,500,000
6.5%, 8/15/2004	11,550,000	11,573,110
7.125%, 2/15/2005	4,000,000	4,113,831
Total Agencies Not Backed by the Full Faith and Credit of the US Government (Cost $259,179,344)		259,179,344

Backed by the Full Faith and Credit of the US Government 6.2%
Hainan Airlines:
Series 2000-2, 1.459%*, 12/21/2004	7,878,335	7,878,336
Series 2001-1, 1.56%*, 12/15/2007	8,375,121	8,375,121
Series 2001-2, 1.56%*, 12/15/2007	4,187,560	4,187,560
Series 2001-3, 1.56%*, 12/15/2007	4,187,560	4,187,560
Total Backed by the Full Faith and Credit of the US Government (Cost $24,628,577)		24,628,577
Repurchase Agreements 29.0%
Bank of America, 1.38%, dated 7/30/2004, to be repurchased at $51,005,865 on 8/2/2004 (b)	51,000,000	51,000,000
Morgan Stanley, 1.37%, dated 7/30/2004, to be repurchased at $163,007,913 on 8/2/2004 (c)	63,000,000	63,000,000
State Street Bank and Trust Co., 1.26%, dated 7/30/2004, to be repurchased at $1,891,199 on 8/2/2004 (d)	1,891,000	1,891,000
Total Repurchase Agreements (Cost $115,891,000)		115,891,000
Total Investment Portfolio - 100.0% (Cost $399,698,921) (a)		399,698,921

Principal Amount ($)	Security	Rate (%)	Maturity Date	Collateral Value ($)

19,443,436	Federal Home Loan Mortgage Corp.	4.5-6.5	3/1/2019-7/1/2034	19,503,623
44,654,058	Federal National Mortgage Association	4.0-6.0	8/1/2016-8/1/2034	44,493,934
Total Collateral Value				63,997,557

(d) Collateralized by a $1,845,000 Federal National Mortgage Association, 4.0%, maturing on 7/15/2005 with a value of $1,931,676.

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

Scudder Tax-Exempt Money Fund	Principal Amount ($)	Value ($)

Municipal Investments 100.0%
Alaska 2.0%
Alaska, State General Obligation, Series 1825, 1.12%*, 2/1/2011 (b) (c)	11,915,000	11,915,000
California 3.9%
California, General Obligation, Series C-4, 1.06%*, 5/1/2033 (c)	2,500,000	2,500,000
California, Housing Finance Agency Revenue, Floater-PT-843, AMT, 1.16%*, 11/1/2005 (c)	1,785,000	1,785,000
California, State Department Water Resources Power Supply Revenue, Series B-2, 1.13%*, 5/1/2022 (c)	1,600,000	1,600,000
California, State Economic Recovery:
Series C-10, 1.08%*, 7/1/2023 (c)	6,650,000	6,650,000
Series C-11, 1.08%*, 7/1/2023 (c)	2,000,000	2,000,000
Los Angeles County, CA, Tax & Revenue Anticipation Notes, Series A, 3.0%, 6/30/2005	7,700,000	7,796,788
Los Angeles, CA, Regional Airports Improvement Corp., Los Angeles International Airport, AMT, 1.14%*, 12/1/2025 (c)	1,000,000	1,000,000
		23,331,788
Colorado 3.2%
Colorado, Educational & Cultural Facilities Authority Revenue, Vail Mountain School Project, 1.16%*, 5/1/2033 (c)	3,200,000	3,200,000
Colorado, Health Facilities Authority Revenue, Frasier Meadows Manor Project, 1.08%*, 6/1/2021 (c)	3,935,000	3,935,000
Colorado, State Educational Loan Program, Series L49J, 1.14%*, 8/9/2005	12,000,000	12,000,000
		19,135,000
District of Columbia 0.1%
District of Columbia, General Obligation, Series D, 1.1%*, 6/1/2029 (b) (c)	770,000	770,000
Florida 7.3%
Alachua County, FL, Health Facilities Authority, Health Facilities Revenue, Installment-Shands Teaching Hospital, Series A, 1.13%*, 12/1/2032 (c)	2,600,000	2,600,000
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Floater PT-703, 1.1%*, 9/1/2026	1,050,000	1,050,000
Broward County, FL, School Board Certificates of Participation, Series R-1056, 1.14%*, 7/1/2019 (b)	4,305,000	4,305,000
Florida, Higher Educational Facilities Financing Authority Revenue, St. Thomas University Project, 1.13%*, 1/1/2019 (c)	800,000	800,000
Highlands County, FL, Health Facilities Authority Revenue, Adventist Health, Series A, 1.1%*, 11/15/2032 (c)	5,900,000	5,900,000
Jacksonville, FL, Electric Authority Revenue, 1.0%*, 8/10/2004	4,000,000	4,000,000
Jacksonville, FL, Industrial Development Revenue, Airport Hotel Project, 1.08%*, 7/1/2013 (c)	800,000	800,000
Miami-Dade County, FL, Industrial Development Authority Revenue, Gulliver Schools Project, 1.13%*, 9/1/2029 (c)	3,150,000	3,150,000
Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Project, 1.13%*, 11/1/2028 (c)	11,215,000	11,215,000
Orange County, FL, Housing Finance Authority, Multi-Family Revenue, Falcon Trace Apartments Project, Series D, AMT, 1.09%*, 10/1/2032 (b)	3,675,000	3,675,000
Palm Beach County, FL, Water & Sewer Revenue, 2.0%, 10/1/2004	1,400,000	1,402,198
Sarasota County, FL, Health Facilities Authority Revenue, Health Care Facilities, Bay Village Project, 1.13%*, 12/1/2023 (c)	3,350,000	3,350,000
Tampa, FL, Health Care Facilities Revenue, Lifelink Foundation, Inc. Project, 1.08%*, 8/1/2022 (c)	1,300,000	1,300,000
		43,547,198
Georgia 7.6%
Atlanta, GA, Airport Revenue, General Funding:
Series C-3, 1.08%*, 1/1/2030 (b) (c)	5,000,000	5,000,000
Series C-1, 1.09%*, 1/1/2030 (b) (c)	4,000,000	4,000,000
Burke County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., 1.13%*, 1/1/2021 (b) (c)	5,800,000	5,800,000
Cobb County, GA, Housing Authority, Multi-Family Housing Revenue, Post Mill Project, 1.08%*, 6/1/2025 (b)	3,500,000	3,500,000
Columbus, GA, Housing Authority Revenue, Columbus State University Foundation, 1.08%*, 11/1/2017 (c)	2,800,000	2,800,000
Gainsville, GA, Redevelopment Authority, Educational Facilities Revenue, Riverside Military Project, 1.09%*, 7/1/2024 (c)	3,340,000	3,340,000
Georgia, Municipal Electric Authority, Series 1987-A, 1.08%*, 8/10/2004	10,000,000	10,000,000
Macon-Bibb County, GA, Hospital Authority Revenue, Medical Center of Central Georgia, 1.08%*, 8/1/2018 (c)	2,485,000	2,485,000
Rockdale County, GA, Hospital Authority Revenue, Anticipate Certificate, 1.08%*, 10/1/2027 (c)	1,425,000	1,425,000
Willacoochie, GA, Development Authority, Pollution Control Revenue, Langboard, Inc. Project, AMT, 1.13%*, 5/1/2021 (c)	7,000,000	7,000,000
		45,350,000
Hawaii 0.3%
Hawaii, Department of Budget & Finance, Kahala Nui Project, Series D, 1.08%*, 11/15/2033 (c)	2,050,000	2,050,000
Idaho 0.3%
Power County, ID, Industrial Development Authority, FMC Corp. Project, AMT, 1.17%*, 4/1/2014 (c)	2,000,000	2,000,000
Illinois 13.4%
Chicago, IL, General Obligation, Series B, 1.1%*, 1/1/2037 (b)	6,300,000	6,300,000
Chicago, IL, Revenue Bonds, De La Salle Institution Project, 1.18%*, 4/1/2027 (c)	2,765,000	2,765,000
Chicago, IL, Revenue Bonds, Homestart Program, Series A, 1.18%*, 6/1/2005 (c)	2,095,000	2,095,000
Chicago, IL, Sales Tax Revenue, 1.1%*, 1/1/2034 (b) (c)	6,000,000	6,000,000
Cicero, IL, Industrial Development Revenue, Harris Steel Co. Project, AMT, 1.3%*, 5/1/2011 (c)	1,690,000	1,690,000
Cook County, IL, Industrial Development Revenue, 128th Place Limited Partnership, AMT, 1.17%*, 7/1/2020 (c)	2,550,000	2,550,000
Franklin Park, IL, Industrial Development Revenue, MaClean Fogg Co. Project, AMT, 1.2%*, 2/1/2007 (c)	5,000,000	5,000,000
Hillside, IL, Economic Development Revenue, L&J Technologies Project, AMT, 1.2%*, 7/1/2024 (c)	4,620,000	4,620,000
Illinois, Certificate of Participation, 2.0%, 10/22/2004	9,200,000	9,216,584
Illinois, Development Finance Authority, Industrial Development Revenue, Tripp Partners Project, AMT, 1.2%*, 2/1/2013 (c)	3,355,000	3,355,000
Illinois, Development Finance Authority, Industrial Project Revenue, Grecian Delight Foods Project, AMT, 1.17%*, 8/1/2019 (c)	5,300,000	5,300,000
Illinois, General Obligation, Regional Transportation Authority, Merlots, Series A-24, 1.15%*, 7/1/2032 (b)	2,175,000	2,175,000
Illinois, General Obligation, Series 1750, 1.12%*, 12/1/2010 (b)	5,355,000	5,355,000
Illinois, General Obligation, Star Certificates, Series 03-20, 1.12%*, 11/1/2019 (b)	5,735,000	5,735,000
Illinois, Health Facilities Authority Revenue, The Carle Foundation, Series B, 1.1%*, 7/1/2028 (b)	5,100,000	5,100,000
Illinois, Project Revenue, Development Finance Authority, Jewish Federation Projects, 1.1%*, 9/1/2024 (b)	2,500,000	2,500,000
Mundelein, IL, Industrial Development Revenue, MaClean Fogg Co. Project, AMT, 1.2%*, 1/1/2015 (c)	6,500,000	6,500,000
Woodridge, IL, Du Page Will & Cook Counties, Industrial Development Revenue, Morey Realty Group, Inc. Project, AMT, 1.3%*, 12/1/2016 (c)	4,140,000	4,140,000
		80,396,584
Indiana 1.6%
Indiana, Development Finance Authority, Industrial Development Revenue, Enterprise Center III Project, AMT, 1.17%*, 6/1/2022 (c)	4,500,000	4,500,000
Indiana, Development Finance Authority, Industrial Development Revenue, Enterprise Center VI Project, AMT, 1.17%*, 6/1/2022 (c)	4,900,000	4,900,000
		9,400,000
Iowa 1.1%
Iowa, School Cash Anticipation Program, Warrant Certificates, Series B, 2.0%, 1/28/2005 (b)	6,500,000	6,530,986
Kentucky 3.4%
Boone County, KY, Pollution Control Revenue, Cincinnati Gas & Electric Co., Series A, 1.25%*, 8/1/2013 (c)	4,400,000	4,400,000
Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust, 1.13%*, 3/1/2030 (c)	4,825,000	4,825,000
Pendleton County, KY, Multi-County Lease Revenue, Kentucky Associate County Leasing Program, 1.21%*, 10/8/2004 (c)	11,000,000	11,000,000
		20,225,000
Massachusetts 0.3%
Massachusetts, Bay Transportation Authority, Mass Revenue, Floater Certificates, Series SG-156, 1.15%*, 7/1/2030	1,800,000	1,800,000
Michigan 9.9%
Detroit, MI, Water Supply, ABN Amro, Munitops Certificate Trust, Series 2003-3, 1.14%*, 1/1/2011 (b) (c)	15,900,000	15,900,000
Jackson County, MI, Economic Development Corp. Revenue, Spring Arbor College Project, 1.13%*, 12/1/2020 (c)	4,810,000	4,810,000
Michigan, Hospital Finance Authority Revenue, Crittenton Hospital Medical Center, Series B, 1.13%*, 3/1/2014 (c)	3,325,000	3,325,000
Michigan, Housing Development Authority, Multi-Family Revenue, River Place Apartments, AMT, 1.11%*, 6/1/2018 (c)	1,525,000	1,525,000
Michigan, Municipal Bond Authority Revenue, Series B-2, 2.0%, 8/23/2004 (c)	18,360,000	18,370,310
Michigan, Municipal Securities Trust Certificates, Series 9054, 144A, 1.16%*, 4/20/2011	2,900,000	2,900,000
Michigan, State General Obligation, Series A, 2.0%, 9/30/2004	12,000,000	12,015,405
Michigan, Strategic Fund, Limited Obligation Revenue, Continental Aluminum Project, AMT, 1.23%*, 10/1/2015	290,000	290,000
Oakland County, MI, Economic Development Corp., Limited Obligation Revenue, Rochester College Project, 1.2%*, 8/1/2021 (c)	100,000	100,000
		59,235,715
Missouri 0.8%
St. Louis, MO, Development Finance Board, Air Cargo Facilities Revenue, AMT, 1.15%*, 3/1/2030 (c)	5,000,000	5,000,000
Nevada 2.2%
Clark County, NV, Airport Revenue, Series A, AMT, 1.12%*, 7/1/2036 (b) (c)	1,000,000	1,000,000
Las Vegas Valley, NV, Water District, Series B-10, 1.15%*, 6/1/2024 (b) (c)	7,890,000	7,890,000
Nevada, Department Community, Industrial Development Revenue, Dura Bond Project, Series A, AMT, 1.14%*, 1/1/2009 (c)	4,600,000	4,600,000
		13,490,000
New Jersey 1.4%
Burlington County, NJ, Bond Anticipation Notes, 1.25%, 4/15/2005	4,421,000	4,424,090
New Jersey, Economic Development Authority Water Facilities Revenue, United Water, New Jersey Project, Series C, AMT, 1.2%*, 11/1/2025 (b) (c)	615,000	615,000
New Jersey, Economic Development Authority, Thermal Energy Facilities Revenue, Marina Energy LLC, Series A, AMT, 1.1%*, 9/1/2031 (c)	3,650,000	3,650,000
		8,689,090
New York 0.1%
New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Columbus Apartments, Series A, 1.08%*, 3/15/2025 (b)	650,000	650,000
Ohio 4.2%
Athens County, OH, Port Authority, Housing Revenue, University Housing for Ohio, Inc. Project, 1.13%*, 6/1/2032 (c)	5,850,000	5,850,000
Cuyahoga, OH, Community College District, General Receipts, Series B, 1.1%*, 12/1/2032 (b) (c)	4,000,000	4,000,000
Huron County, OH, Hospital Facilities Revenue, Fisher-Titus Medical Center, Series A, 1.09%*, 12/1/2027 (c)	4,000,000	4,000,000
Lorain, OH, Port Authority Revenue, Port Development, Spitzer Project, AMT, 1.28%*, 12/1/2019 (c)	2,975,000	2,975,000
Ohio, Higher Educational Facilities Community Revenue, Pooled Program, Series A, 1.2%*, 9/1/2020 (c)	6,560,000	6,560,000
Portage County, OH, Industrial Development Revenue, Allen Aircraft Products Project, AMT, 1.26%*, 7/1/2018 (c)	1,805,000	1,805,000
		25,190,000
Oklahoma 1.2%
Blaine County, OK, Industrial Development Authority, Industrial Redevelopment, Seaboard Project, AMT, 1.16%*, 11/1/2018 (c)	1,500,000	1,500,000
Payne County, OK, Economic Development Authority, Student Housing Revenue, OSUF Phase III Project, 1.11%*, 7/1/2032 (b) (c)	5,305,000	5,305,000
Tulsa County, OK, Industrial Authority Revenue, First Mortgage, Montercau, Series A, 1.1%*, 7/1/2032 (c)	155,000	155,000
		6,960,000
Oregon 1.1%
Hermiston, OR, Electric System Revenue, Private Activities, Series A, 1.13%*, 10/1/2032 (c)	6,495,000	6,495,000
Pennsylvania 7.8%
Allentown, PA, Area Hospital Authority Revenue, Sacred Heart Hospital, Series B, 1.1%*, 7/1/2023 (c)	5,655,000	5,655,000
Bucks County, PA, Tax & Revenue Anticipation Notes, Series A, 2.0%, 12/31/2004	12,500,000	12,544,734
Dauphin County, PA, General Authority, Education & Health Loan Program, 1.13%*, 11/1/2017 (b) (c)	5,505,000	5,505,000
Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, 1.08%*, 8/1/2016 (c)	400,000	400,000
Manheim Township, PA, School District, 1.13%*, 6/1/2016 (b)	3,420,000	3,420,000
Montgomery County, PA, County General Obligation, 1.07%*, 8/6/2004	2,300,000	2,300,000
Pennsylvania, Economic Development Finance Authority, Exempt Facilities Revenue, Amtrak Project, Series B, AMT, 1.1%*, 11/1/2041 (c)	900,000	900,000
Pennsylvania, Economic Development Finance Authority, Exempt Facilities Revenue, Reliant Energy Seward LLC Project, Series A, AMT, 1.13%*, 12/1/2036 (c)	11,000,000	11,000,000
Pennsylvania, General Obligation, Merlots, Series A-15, 1.15%*, 1/1/2017 (b)	3,965,000	3,965,000
Pennsylvania, Higher Education Assistance Agency, Student Loan Revenue, Series A, AMT, 1.15%*, 3/1/2027 (b) (c)	1,000,000	1,000,000
		46,689,734
South Carolina 2.6%
South Carolina, Public Service Authority, 1.12%*, 8/18/2004	15,809,000	15,809,000
Tennessee 3.7%
Memphis, TN, General Obligation:
0.95%*, 8/6/2004	5,000,000	5,000,000
1.18%*, 10/8/2004	7,000,000	7,000,000
Shelby County, TN, Health Educational Authority, 1.07%*, 8/9/2004	10,000,000	10,000,000
		22,000,000
Texas 14.1%
Austin, TX, Electric Utility Systems Revenue, Series R-1057, 1.14%*, 11/15/2021 (b)	4,805,000	4,805,000
Austin, TX, Water & Waste, Water Systems Revenue, Series B-27, 1.15%*, 11/15/2026 (b)	5,265,000	5,265,000
Brazos River, TX, Pollution Control Revenue, Series D-1, AMT, 1.17%*, 5/1/2033 (c)	2,500,000	2,500,000
City of Houston, 1.12%*, 8/16/2004	3,000,000	3,000,000
Gulf Coast, TX, Waste Disposal Authority, Environmental Facilities Revenue, Waste Corp. Texas Project, AMT, 1.08%*, 9/1/2022 (c)	3,175,000	3,175,000
Harris County, TX, 1.1%*, 8/5/2004	520,000	520,000
Houston, TX, Airport System Revenue, Special Facilities, 1.14%*, 7/1/2032 (b) (c)	10,735,000	10,735,000
Houston, TX, General Obligation, Series 781, 1.12%*, 3/1/2009 (b)	4,000,000	4,000,000
Houston, TX, Water & Sewer Revenue, Series SG-120, 1.12%*, 12/1/2023	2,000,000	2,000,000
San Antonio, TX, Electric & Gas, Series A, 1.1%*, 8/3/2004	6,900,000	6,900,000
San Antonio, TX, Electric & Gas Revenue, Series 1700, 1.13%*, 2/1/2010	6,590,000	6,590,000
Texas, Gulf Coast Industrial Development Authority, Environmental Facilities Revenue, Citgo Petroleum Corp., AMT 1.18%*, 10/1/2032 (c)	1,200,000	1,200,000
Texas, Higher Education Revenue, University Revenue, Series B-14, 1.13%*, 8/15/2022	4,595,000	4,595,000
Texas, State General Obligation, Tax & Revenue Anticipation Notes, 2.0%, 8/31/2004	26,000,000	26,018,833
Texas, University of Texas, 1.12%*, 8/23/2004	3,000,000	3,000,000
		84,303,833
Utah 2.7%
Alpine, UT, School District, Series 436, 1.12%*, 3/15/2009 (c)	9,100,000	9,100,000
Salt Lake County, UT, Tax & Revenue Anticipation Notes, 2.5%, 12/30/2004	4,600,000	4,621,638
Utah, Housing Finance Agency, Single Family Mortgage, Series E-1, AMT, 1.14%*, 7/1/2031	2,475,000	2,475,000
		16,196,638
Vermont 1.0%
Vermont, Student Assistance Corp., Student Loan Revenue, 1.25%*, 1/1/2008 (c)	5,800,000	5,800,000
Washington 2.0%
Grant County, WA, Public Utilities District Number 002, Electric Revenue, Series 780, 1.12%*, 1/1/2010 (b)	6,125,000	6,125,000
Washington, General Obligation, Series A-11, 1.15%*, 6/1/2017 (b)	5,735,000	5,735,000
		11,860,000
Wisconsin 0.7%
Manitowoc, WI, Industrial Development Revenue, Kaysun Corp. Project, AMT, 1.3%*, 5/1/2015 (c)	1,770,000	1,770,000
Wisconsin, Transportation Authority Revenue, 1.1%*, 9/13/2004	2,500,000	2,500,000
		4,270,000
Total Investment Portfolio - 100.0% (Cost $599,090,566) (a)		599,090,566

* 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 July 31, 2004.
(a) The cost for federal income tax purposes was $599,090,566.
(b) Bond is insured by one of these companies:

		As a % of Total Investment Portfolio
MBIA	Municipal Bond Investors Assurance	9.9
FSA	Financial Security Assurance	8.0
AMBAC	AMBAC Assurance Corp.	5.0
FGIC	Financial Guaranty Insurance Company	3.3
FNMA	Federal National Mortgage Association	1.3

(c) Security incorporates a letter of credit from a major bank.
AMT: Subject to alternate minimum tax.

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

Financial Statements

Statements of Assets and Liabilities as of July 31, 2004
Assets	Money Market Fund	Government & Agency Money Fund	Tax-Exempt Money Fund
Investments: Investments in securities, at amortized cost	$ 2,982,283,217	$ 283,807,921	$ 599,090,566
Repurchase agreements, at amortized cost	440,629,000	115,891,000	-
Total investments in securities, at amortized cost	3,422,912,217	399,698,921	599,090,566
Cash	188	20,046	16,153
Receivable for investments sold	-	-	390,000
Interest receivable	5,693,641	940,259	1,961,727
Receivable for Fund shares sold	9,500,474	1,156,530	913,517
Other assets	61,332	20,798	20,204
Total assets	3,438,167,852	401,836,554	602,392,167
Liabilities
Dividends payable	579,564	74,035	89,090
Payable for Fund shares redeemed	4,229,199	179,348	81,986
Accrued management fee	636,377	70,670	126,879
Other accrued expenses and payables	867,351	154,378	168,620
Total liabilities	6,312,491	478,431	466,575
Net assets, at value	$ 3,431,855,361	$ 401,358,123	$ 601,925,592
Net Assets
Net assets consist of: Undistributed net investment income	889,872	106,473	47,417
Accumulated net realized gain (loss)	-	(828)	-
Paid-in capital	3,430,965,489	401,252,478	601,878,175
Net assets, at value	$ 3,431,855,361	$ 401,358,123	$ 601,925,592
Shares outstanding	3,430,708,003	401,231,203	601,878,580
Net asset value, offering and redemption price per share (Net asset value / outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 1.00	$ 1.00	$ 1.00

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

Statements of Operations for the year ended July 31, 2004
Investment Income	Money Market Fund	Government & Agency Money Fund	Tax-Exempt Money Fund
Income: Interest	$ 43,315,230	$ 5,056,845	$ 6,373,861
Expenses: Management fee	10,186,555	1,209,944	1,654,412
Services to shareholders	5,466,364	613,982	627,626
Custodian fees	175,845	21,851	28,322
Auditing	37,115	35,221	35,393
Legal	13,386	18,091	28,746
Trustees' fees and expenses	84,667	34,967	39,893
Reports to shareholders	116,030	14,605	10,397
Registration fees	-	22,126	14,304
Other	161,237	16,119	31,324
Total expenses, before expense reductions	16,241,199	1,986,906	2,470,417
Expense reductions	(12,692)	(1,705)	(2,164)
Total expenses, after expense reductions	16,228,507	1,985,201	2,468,253
Net investment income	27,086,723	3,071,644	3,905,608
Net realized gain (loss) on investment transactions	152,420	6,935	-
Net increase (decrease) in net assets resulting from operations	$ 27,239,143	$ 3,078,579	$ 3,905,608

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

Statement of Changes in Net Assets - Money Market Fund
Increase (Decrease) in Net Assets	Years Ended July 31,
Increase (Decrease) in Net Assets	2004	2003
Operations: Net investment income	$ 27,086,723	$ 50,240,947
Net realized gain (loss) on investment transactions	152,420	177,732
Net increase (decrease) in net assets resulting from operations	27,239,143	50,418,679
Distributions to shareholders from net investment income	(26,522,686)	(50,390,647)
Fund share transactions: Proceeds from shares sold	2,741,794,941	3,566,239,007
Reinvestment of distributions	25,772,392	49,858,686
Cost of shares redeemed	(3,453,632,487)	(4,477,156,355)
Net increase (decrease) in net assets from Fund share transactions	(686,065,154)	(861,058,662)
Increase (decrease) in net assets	(685,348,697)	(861,030,630)
Net assets at beginning of period	4,117,204,058	4,978,234,688
Net assets at end of period (including undistributed net investment income of $889,872 and $186,218, respectively)	$ 3,431,855,361	$ 4,117,204,058
Other Information
Shares outstanding at beginning of period	4,116,991,030	4,978,048,043
Shares sold	2,741,795,251	3,566,239,007
Shares issued to shareholders in reinvestment of distributions	25,772,392	49,858,686
Shares redeemed	(3,453,850,670)	(4,477,154,706)
Net increase (decrease) in Fund shares	(686,283,027)	(861,057,013)
Shares outstanding at end of period	3,430,708,003	4,116,991,030

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

Statement of Changes in Net Assets - Government & Agency Money Fund
Increase (Decrease) in Net Assets	Years Ended July 31,
Increase (Decrease) in Net Assets	2004	2003
Operations: Net investment income	$ 3,071,644	$ 6,096,807
Net realized gain (loss) on investment transactions	6,935	4,930
Net increase (decrease) in net assets resulting from operations	3,078,579	6,101,737
Distributions to shareholders from net investment income	(2,984,910)	(6,108,703)
Fund share transactions: Proceeds from shares sold	231,591,717	305,490,436
Reinvestment of distributions	2,868,586	6,012,261
Cost of shares redeemed	(336,269,376)	(422,168,524)
Net increase (decrease) in net assets from Fund share transactions	(101,809,073)	(110,665,827)
Increase (decrease) in net assets	(101,715,404)	(110,672,793)
Net assets at beginning of period	503,073,527	613,746,320
Net assets at end of period (including undistributed net investment income of $106,473 and $11,976, respectively)	$ 401,358,123	$ 503,073,527
Other Information
Shares outstanding at beginning of period	503,058,649	613,724,341
Shares sold	231,591,717	305,490,570
Shares issued to shareholders in reinvestment of distributions	2,868,586	6,012,261
Shares redeemed	(336,287,749)	(422,168,523)
Net increase (decrease) in Fund shares	(101,827,446)	(110,665,692)
Shares outstanding at end of period	401,231,203	503,058,649

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

Statement of Changes in Net Assets - Tax-Exempt Money Fund
Increase (Decrease) in Net Assets	Years Ended July 31,
Increase (Decrease) in Net Assets	2004	2003
Operations: Net investment income	$ 3,905,608	$ 6,118,208
Net realized gain (loss) on investment transactions	-	59,235
Net increase (decrease) in net assets resulting from operations	3,905,608	6,177,443
Distributions to shareholders from net investment income	(3,919,418)	(6,118,208)
Fund share transactions: Proceeds from shares sold	412,467,393	452,079,545
Reinvestment of distributions	3,804,178	6,064,025
Cost of shares redeemed	(448,490,983)	(510,966,229)
Net increase (decrease) in net assets from Fund share transactions	(32,219,412)	(52,822,659)
Increase (decrease) in net assets	(32,233,222)	(52,763,424)
Net assets at beginning of period	634,158,814	686,922,238
Net assets at end of period (including undistributed net investment income of $47,417 and $40,200, respectively)	$ 601,925,592	$ 634,158,814
Other Information
Shares outstanding at beginning of period	634,098,052	686,920,714
Shares sold	412,467,393	452,079,545
Shares issued to shareholders in reinvestment of distributions	3,804,178	6,064,025
Shares redeemed	(448,491,043)	(510,966,232)
Net increase (decrease) in Fund shares	(32,219,472)	(52,822,662)
Shares outstanding at end of period	601,878,580	634,098,052

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

Financial Highlights

Scudder Money Market Fund
Years Ended July 31,	2004	2003	2002	2001	2000
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.007	.011	.02	.05	.06
Distributions from net investment income	(.007)	(.011)	(.02)	(.05)	(.06)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	.71	1.11	2.01	5.54^a,b	5.78
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ in millions)	3,432	4,117	4,978	5,787	5,104
Ratio of expenses before expense reductions (%)	.43	.43	.44	.42^c	.44
Ratio of expenses after expense reductions (%)	.43	.43	.44	.41^c	.44
Ratio of net investment income (%)	.72	1.12	2.01	5.38	5.61

^a Total return for the year ended July 31, 2001 includes the effect of a voluntary capital contribution from the Advisor. Without this contribution, the total return would have been lower.
^b Total return would have been lower had certain expenses not been reduced.
^c The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 0.41% and 0.41%, respectively.


Scudder Government & Agency Money Fund
Years Ended July 31,	2004	2003	2002	2001	2000
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.007	.011	.02	.05	.05
Distributions from net investment income	(.007)	(.011)	(.02)	(.05)	(.05)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	.67	1.07	1.96	5.44^a	5.59
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ in millions)	401	503	614	751	668
Ratio of expenses before expense reductions (%)	.45	.43	.43	.41^b	.44
Ratio of expenses after expense reductions (%)	.45	.43	.43	.40^b	.43
Ratio of net investment income (%)	.69	1.09	1.98	5.27	5.43

^a Total return would have been lower had certain expenses not been reduced.
^b The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 0.40% and 0.40%, respectively.


Scudder Tax-Exempt Money Fund
Years Ended July 31,	2004	2003	2002	2001	2000
Selected Per Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	.006	.009	.01	.03	.04
Distributions from net investment income	(.006)	(.009)	(.01)	(.03)	(.04)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return (%)	.65	.92	1.43	3.50^a	3.58
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ in millions)	602	634	687	745	745
Ratio of expenses before expense reductions (%)	.41	.39	.38	.36^b	.39
Ratio of expenses after expense reductions (%)	.41	.39	.38	.35^b	.39
Ratio of net investment income (%)	.64	.92	1.43	3.44	3.51

^a Total return would have been lower had certain expenses not been reduced.
^bThe ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 0.35% and 0.35%, respectively.

Notes to Financial Statements

A. Significant Accounting Policies

Scudder Money Funds (the "Trust") 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 Trust offers three investment funds (the "Funds"). Each Fund takes its own approach to money market investing. Scudder Money Market Fund emphasizes yield through a more diverse universe of investments, while Scudder Government & Agency Money Fund, formerly Scudder Government Money Fund, emphasizes government securities. Scudder Tax-Exempt Money Fund invests for income that is free from federal income taxes.

The Funds' 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 Funds in the preparation of their 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.

Repurchase Agreements. Each Fund may enter into repurchase agreements with certain banks and broker/dealers whereby the Fund, through its custodian or sub-custodian bank, receive delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Fund has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Fund's claims on the collateral may be subject to legal proceedings.

Federal Income Taxes. Each 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 Funds paid no federal income taxes and no federal income tax provisions were required.

From November 1, 2003 through July 31, 2004, the Scudder Government & Agency Money Fund incurred approximately $828 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ended July 31, 2005.

Distribution of Income. Net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly.

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 Funds.

At July 31, 2004, the Funds' components of distributable earnings (accumulated losses) on a tax-basis were as follows:

	Scudder Money Market Fund	Scudder Government & Agency Money Fund	Scudder Tax-Exempt Money Fund
Undistributed ordinary income*	$ 1,499,599	$ 187,771	$ -
Undistributed tax-exempt income	-	-	144,108
Capital loss carryforwards	-	-	-

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

Fund	Years Ended July 31,
Fund	2004	2003
Scudder Money Market Fund - from ordinary income*	$ 26,522,686	$ 50,390,647
Scudder Government & Agency Money Fund - from ordinary income*	2,984,910	6,108,703
Scudder Tax-Exempt Money Fund - from tax-exempt income	3,919,418	6,118,208

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

Expenses. Expenses of the Trust arising in connection with each specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust.

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 discounts and premiums are accreted/amortized for both tax and financial reporting purposes.

B. Related Parties

Management Agreement. Under the Management Agreement, Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor") directs the investments of the Funds in accordance with their 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 Funds. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. Each Fund pays a monthly investment management fee of 1/12 of the annual rate of 0.50% of the first $215,000,000 of the Funds' combined average daily net assets, 0.375% of the next $335,000,000 of such net assets, 0.30% of the next $250,000,000 of such net assets and 0.25% of such net assets in excess of $800,000,000, computed and accrued daily and payable monthly. Accordingly, for the year ended July 31, 2004, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of the Funds' average daily net assets as follows:

Fund	Total Aggregated	Effective Rate (%)
Scudder Money Market Fund	$ 10,186,555	.27
Scudder Government & Agency Money Fund	1,029,944	.27
Scudder Tax-Exempt Money Fund	1,654,412	.27

For the year ended July 31, 2004, the Advisor has agreed to reimburse the Funds for expenses in the following amounts:

Fund	Amount ($)
Scudder Money Market Fund	12,049
Scudder Government & Agency Money Fund	1,681
Scudder Tax-Exempt Money Fund	2,043

Service Provider Fees. Scudder Investments Service Company ("SISC"), an affiliate of the Advisor, is the transfer, dividend-paying and shareholder service agent of the Trust. Pursuant to a sub-transfer agency agreement between SISC and DST Systems, Inc. ("DST"), SISC has delegated certain transfer agent and dividend-paying agent functions to DST. The costs and expenses of such delegation are born by SISC, not by the Funds. For the year ended July 31, 2004, SISC received shareholder service fees as follows:

Fund	Total Aggregated	Unpaid at July 31, 2004
Scudder Money Market Fund	$ 3,552,414	$ 1,157,501
Scudder Government & Agency Money Fund	376,484	130,909
Scudder Tax-Exempt Money Fund	409,599	137,099

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

C. Expense Off-Set Arrangements

Each Fund has entered into arrangements with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances were used to reduce a portion of each Fund's expenses. During the year ended July 31, 2004, no transfer agent credits were earned by the Funds. During the year ended July 31, 2004, the Funds' custodian fees were reduced as follows:

Fund	Custodian Credits ($)
Scudder Money Market Fund	643
Scudder Government & Agency Money Fund	24
Scudder Tax-Exempt Money Fund	121

D. Line of Credit

The Funds and several other affiliated funds (the "Participants") share in a $1.25 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 Fund Rate plus 0.5 percent. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

E. 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. We are unable 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, Deutsche Asset Management ("DeAM") and its affiliates, certain individuals, including in some cases Fund Trustees/Directors, and other parties. DeAM has undertaken to bear all liabilities and expenses incurred by the Scudder funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding fund valuation, market timing, revenue sharing or other subjects of the pending inquiries. Based on currently available information, DeAM believes 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 its ability to perform under its investment management agreements with the Scudder funds.

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of Scudder Money Funds

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Scudder Money Funds (the "Funds"), comprising Scudder Money Market Fund, Scudder Government & Agency Money Fund, formerly Scudder Government Money Fund, and Scudder Tax-Exempt Money Fund, as of July 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits 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 and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of investments owned as of July 31, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds comprising Scudder Money Funds at July 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 22, 2004

/s/ Ernst & Young LLP

Tax Information (Unaudited)

Pursuant to Section 852 of the Internal Revenue Code, the Scudder Money Market Fund designates $1,000 as capital gain dividends for its year ended July 31, 2004, of which 100% represents 15% rate gains.

Of the dividends paid from net investment income for the Scudder Tax-Exempt Money Fund for the taxable year ended July 31, 2004, 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 1-800-621-1048.

Trustees and Officers

The following table presents certain information regarding the Trustees and Officers of the fund as of July 31, 2004. 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 individual is c/o Deutsche Asset Management, 222 South Riverside Plaza, Chicago, Illinois, 60606. Each Trustee's term of office extends until the next shareholder's meeting called for the purpose of electing Trustees and until the election and qualification of a successor, or until such Trustee sooner dies, retires, resigns or is removed as provided in the governing documents of the fund.

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
Shirley D. Peterson (1941) Chairman, 2004-present Trustee, 1995-present	Retired; formerly, President, Hood College (1995-2000); prior thereto, Partner, Steptoe & Johnson (law firm); Commissioner, Internal Revenue Service; Assistant Attorney General (Tax), US Department of Justice. Directorships: Federal Mogul Corp. (supplier of automotive components and subsystems); AK Steel (steel production); Goodyear Tire & Rubber Co.; Trustee, Bryn Mawr College. Former Directorship: Bethlehem Steel Corp.	81
John W. Ballantine (1946) Trustee, 1999-present	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Enron Corporation (energy trading firm) (effective May 30, 2002); First Oak Brook Bancshares, Inc.; Oak Brook Bank; American Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company).	81
Lewis A. Burnham (1933) Trustee, 1977-present	Retired; formerly, Director of Management Consulting, McNulty & Company (1990-1998); prior thereto, Executive Vice President, Anchor Glass Container Corporation.	81
Donald L. Dunaway (1937) Trustee, 1980-present	Retired; formerly, Executive Vice President, A.O. Smith Corporation (diversified manufacturer) (1963-1994).	81
James R. Edgar (1946) Trustee, 1999-present	Distinguished Fellow, University of Illinois, Institute of Government and Public Affairs (1999-present); formerly, Governor, State of Illinois (1991-1999). Directorships: Kemper Insurance Companies; John B. Sanfilippo & Son, Inc. (processor/packager/marketer of nuts, snacks and candy products); Horizon Group Properties, Inc.; Youbet.com (online wagering platform); Alberto-Culver Company (manufactures, distributes and markets health and beauty care products).	81
Paul K. Freeman (1950) Trustee, 2002-present	President, Cook Street Holdings (consulting); Senior Visiting Research Scholar, Graduate School of International Studies, University of Denver; Consultant, World Bank/Inter-American Development Bank; formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998).	81
Robert B. Hoffman (1936) Trustee, 1981-present	Retired; formerly, Chairman, Harnischfeger Industries, Inc. (machinery for the mining and paper industries) (1999-2000); prior thereto, Vice Chairman and Chief Financial Officer, Monsanto Company (agricultural, pharmaceutical and nutritional/food products) (1994-1999). Directorships: RCP Advisors, LLC (a private equity investment advisory firm).	81
Fred B. Renwick (1930) Trustee, 1988-present	Retired; Professor Emeritus of Finance, New York University, Stern School of Business (2001-present); formerly, Professor, New York University Stern School of Business (1965-2001). Directorships: The Wartburg Foundation; Chairman, Finance Committee of Morehouse College Board of Trustees; formerly, Director of Board of Pensions, Evangelical Lutheran Church in America; member of the Investment Committee of Atlanta University Board of Trustees; Chair of the Investment Committee, American Bible Society Board of Trustees.	81
John G. Weithers (1933) Trustee, 1993-present	Retired; formerly, Chairman of the Board and Chief Executive Officer, Chicago Stock Exchange. Directorships: Federal Life Insurance Company; Chairman of the Members of the Corporation and Trustee, DePaul University; formerly, International Federation of Stock Exchanges; Records Management Systems.	81

Interested Trustee and 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	Number of Funds in Fund Complex Overseen
William N. Shiebler³ (1942) Trustee, 2004-present	Chief Executive Officer in the Americas for Deutsche Asset Management ("DeAM") and a member of the DeAM Global Executive Committee (since 2002); Vice Chairman of Putnam Investments, Inc. (1999); Director and Senior Managing Director of Putnam Investments, Inc. and President, Chief Executive Officer, and Director of Putnam Mutual Funds Inc. (1990-1999)	147
Julian F. Sluyters⁴ (1960) Chief Executive Officer, 2004-present	Managing Director, 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	n/a
Brenda Lyons⁵ (1963) President, 2003-present	Managing Director, Deutsche Asset Management	n/a
Philip J. Collora (1945) Vice President and Assistant Secretary, 1986-present	Director, Deutsche Asset Management	n/a
Kenneth Murphy⁵ (1963) Vice President, 2002-present	Vice President, Deutsche Asset Management (2000-present); formerly, Director, John Hancock Signature Services (1992-2000)	n/a
Charles A. Rizzo⁵ (1957) Treasurer and Chief Financial Officer, 2002-present	Managing Director, Deutsche Asset Management (April 2004-present); 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)	n/a
John Millette⁵ (1962) Secretary, 2001-present	Director, Deutsche Asset Management	n/a
Lisa Hertz⁴ (1970) Assistant Secretary, 2003-present	Assistant Vice President, Deutsche Asset Management	n/a
Daniel O. Hirsch⁶ (1954) Assistant Secretary, 2002-present	Managing Director, Deutsche Asset Management (2002-present) and Director, Deutsche Global Funds Ltd. (2002-present); formerly, 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)	n/a
Caroline Pearson⁵ (1962) Assistant Secretary, 1998-present	Managing Director, Deutsche Asset Management	n/a
Kevin Gay⁵ (1959) Assistant Treasurer, 2004-present	Vice President, Deutsche Asset Management	n/a
Salvatore Schiavone⁵ (1965) Assistant Treasurer, 2003-present	Director, Deutsche Asset Management	n/a
Kathleen Sullivan D'Eramo⁵(1957) Assistant Treasurer, 2003-present	Director, Deutsche Asset Management	n/a

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 fund.
³ Address: 280 Park Avenue, New York, New York
⁴ Address: 345 Park Avenue, New York, New York
⁵ Address: Two International Place, Boston, Massachusetts
⁶ Address: One South Street, Baltimore, Maryland

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: 1-800-621-1048.

Account Management Resources

Automated Information Lines	ScudderACCESS (800) 972-3060 Personalized account information, information on other Scudder funds and services via touchtone telephone and for Classes A, B, and C only, the ability to exchange or redeem shares.
Web Site	moneyfunds.scudder.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) 621-1048 To speak with a Scudder service representative.
Written Correspondence	Scudder Investments PO Box 219356 Kansas City, MO 64121-9356
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 site - scudder.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 us toll free at (800) 621-1048.
Principal Underwriter	If you have questions, comments or complaints, contact: Scudder Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Scudder Money Market Fund	Scudder Government & Agency Money Fund	Scudder Tax-Exempt Money Fund
Nasdaq Symbol	KMMXX	KEGXX	KXMXX
CUSIP Number	81118M-100	81118M-209	81118M-308
Fund Number	6	11	29

Notes

SMF_backcover0


ITEM 2.         CODE OF ETHICS.

As of the end of the period, July 31, 2004, Scudder Money Funds 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 Fund's Board of Directors/Trustees has determined that the Fund has at least
one "audit committee financial expert" serving on its audit committee: Mr.
Donald L. Dunaway. This audit committee member is "independent," meaning that he
is not an "interested person" of the Fund (as that term is defined in Section
2(a)(19) of the Investment Company Act of 1940) and he does not accept any
consulting, advisory, or other compensatory fee from the Fund (except in the
capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose,
including for purposes of Section 11 of the Securities Act of 1933, as a result
of being designated as an "audit committee financial expert." Further, the
designation of a person as an "audit committee financial expert" does not mean
that the person has any greater duties, obligations, or liability than those
imposed on the person without the "audit committee financial expert"
designation. Similarly, the designation of a person as an "audit committee
financial expert" does not affect the duties, obligations, or liability of any
other member of the audit committee or board of directors.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.


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

The following table shows the amount of fees that Ernst & Young, LLP
("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two
fiscal years. For engagements with E&Y entered into on or after May 6, 2003,
the Audit Committee approved in advance all audit services and non-audit
services that E&Y 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 Auditor Billed to the Fund

- --------------------------------------------------------------------------------
                                     Audit-                      All
         Fiscal          Audit      Related          Tax        Other
          Year           Fees         Fees           Fees        Fees
         Ended          Billed       Billed         Billed      Billed
        April 30        to Fund     to Fund        to Fund      to Fund
- --------------------------------------------------------------------------------
2004                    $36,667       $0            $6,471        $0
- --------------------------------------------------------------------------------
2003                    $36,112       $0            $6,287        $0
- --------------------------------------------------------------------------------

The above "Tax Fees" were billed for professional services rendered for tax
compliance and tax return preparation.

           Services that the Fund's Auditor Billed to the Adviser and
                        Affiliated Fund Service Providers

The following table shows the amount of fees billed by E&Y 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-                                 All
                      Related             Tax                Other
                        Fees              Fees                Fees
                      Billed to         Billed to           Billed to
                    Adviser and       Adviser and         Adviser and
         Fiscal      Affiliated        Affiliated          Affiliated
          Year         Fund              Fund                Fund
         Ended        Service           Service             Service
        April 30     Providers         Providers           Providers
- --------------------------------------------------------------------------------
2004                   $133,500            $0                 $0
- --------------------------------------------------------------------------------
2003                   $325,700            $0                 $0
- --------------------------------------------------------------------------------

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



                               Non-Audit Services

The following table shows the amount of fees that E&Y 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 E&Y 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 E&Y about any
non-audit services that E&Y rendered during the Fund's last fiscal year to
the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating E&Y's independence.


- --------------------------------------------------------------------------------
                                 Total
                             Non-Audit Fees
                               billed to
                             Adviser and
                            Affiliated Fund
                          Service Providers          Total
                            (engagements            Non-Audit
                          related directly      Fees billed to
                 Total         to the            Adviser and
               Non-Audit     operations        Affiliated Fund
    Fiscal       Fees        and financial    Service Providers
     Year       Billed         reporting         (all other          Total of
    Ended      to Fund        of the Fund        engagements)       (A), (B)
   April 30      (A)              (B)                 (C)            and (C)
- --------------------------------------------------------------------------------
2004           $6,471            $0                $681,000         $687,471
- --------------------------------------------------------------------------------
2003           $6,287            $0               $4,152,492       $4,158,779
- --------------------------------------------------------------------------------


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



                   SCUDDER GOVERNMENT & AGENCY MONEY FUND
                      fORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that Ernst & Young, LLP
("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two
fiscal years. For engagements with E&Y entered into on or after May 6, 2003,
the Audit Committee approved in advance all audit services and non-audit
services that E&Y 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 Auditor Billed to the Fund

- --------------------------------------------------------------------------------
                                     Audit-                      All
         Fiscal          Audit      Related          Tax        Other
          Year           Fees         Fees           Fees        Fees
         Ended          Billed       Billed         Billed      Billed
        April 30        to Fund     to Fund        to Fund      to Fund
- --------------------------------------------------------------------------------
2004                    $28,263      $0             $4,988         $0
- --------------------------------------------------------------------------------
2003                    $26,525      $0             $4,595         $0
- --------------------------------------------------------------------------------

The above "Tax Fees" were billed for professional services rendered for tax
compliance and tax return preparation.

           Services that the Fund's Auditor Billed to the Adviser and
                        Affiliated Fund Service Providers

The following table shows the amount of fees billed by E&Y 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-                                 All
                      Related             Tax                Other
                        Fees              Fees                Fees
                      Billed to         Billed to           Billed to
                    Adviser and       Adviser and         Adviser and
         Fiscal      Affiliated        Affiliated          Affiliated
          Year         Fund              Fund                Fund
         Ended        Service           Service             Service
        April 30     Providers         Providers           Providers
- --------------------------------------------------------------------------------
2004                  $133,500           $0                    $0
- --------------------------------------------------------------------------------
2003                  $325,700           $0                    $0
- --------------------------------------------------------------------------------

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



                               Non-Audit Services

The following table shows the amount of fees that E&Y 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 E&Y 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 E&Y about any
non-audit services that E&Y rendered during the Fund's last fiscal year to
the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating E&Y's independence.


- --------------------------------------------------------------------------------
                                 Total
                             Non-Audit Fees
                               billed to
                             Adviser and
                            Affiliated Fund
                          Service Providers          Total
                            (engagements            Non-Audit
                          related directly      Fees billed to
                 Total         to the            Adviser and
               Non-Audit     operations        Affiliated Fund
    Fiscal       Fees        and financial    Service Providers
     Year       Billed         reporting         (all other          Total of
    Ended      to Fund        of the Fund        engagements)       (A), (B)
   April 30      (A)              (B)                 (C)            and (C)
- --------------------------------------------------------------------------------
2004           $4,988             $0              $681,000           $685,988
- --------------------------------------------------------------------------------
2003           $4,595             $0             $4,152,492         $4,157,087
- --------------------------------------------------------------------------------


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



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

The following table shows the amount of fees that Ernst & Young, LLP
("E&Y"), the Fund's auditor, billed to the Fund during the Fund's last two
fiscal years. For engagements with E&Y entered into on or after May 6, 2003,
the Audit Committee approved in advance all audit services and non-audit
services that E&Y 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 Auditor Billed to the Fund

- --------------------------------------------------------------------------------
                                     Audit-                      All
         Fiscal          Audit      Related          Tax        Other
          Year           Fees         Fees           Fees        Fees
         Ended          Billed       Billed         Billed      Billed
        April 30        to Fund     to Fund        to Fund      to Fund
- --------------------------------------------------------------------------------
2004                    $28,622      $0             $5,051       $0
- --------------------------------------------------------------------------------
2003                    $30,163      $0             $5,237       $0
- --------------------------------------------------------------------------------

The above "Tax Fees" were billed for professional services rendered for tax
compliance and tax return preparation.

           Services that the Fund's Auditor Billed to the Adviser and
                        Affiliated Fund Service Providers

The following table shows the amount of fees billed by E&Y 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-                                 All
                      Related             Tax                Other
                        Fees              Fees                Fees
                      Billed to         Billed to           Billed to
                    Adviser and       Adviser and         Adviser and
         Fiscal      Affiliated        Affiliated          Affiliated
          Year         Fund              Fund                Fund
         Ended        Service           Service             Service
        April 30     Providers         Providers           Providers
- --------------------------------------------------------------------------------
2004                 $133,500              $0                    $0
- --------------------------------------------------------------------------------
2003                 $325,700              $0                    $0
- --------------------------------------------------------------------------------

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



                               Non-Audit Services

The following table shows the amount of fees that E&Y 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 E&Y 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 E&Y about any
non-audit services that E&Y rendered during the Fund's last fiscal year to
the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating E&Y's independence.


- --------------------------------------------------------------------------------
                                 Total
                             Non-Audit Fees
                               billed to
                             Adviser and
                            Affiliated Fund
                          Service Providers          Total
                            (engagements            Non-Audit
                          related directly      Fees billed to
                 Total         to the            Adviser and
               Non-Audit     operations        Affiliated Fund
    Fiscal       Fees        and financial    Service Providers
     Year       Billed         reporting         (all other          Total of
    Ended      to Fund        of the Fund        engagements)       (A), (B)
   April 30      (A)              (B)                 (C)            and (C)
- --------------------------------------------------------------------------------
2004           $5,051              $0              $681,000          $686,051
- --------------------------------------------------------------------------------
2003           $5,237              $0             $4,152,492        $4,157,729
- --------------------------------------------------------------------------------

All other engagement fees were billed for services in connection with risk
management and process improvement 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.         PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                INVESTMENT COMPANY AND AFFILIATED PURCHASERS

                Not Applicable.

ITEM 9.         SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The primary function of the Nominating and Governance Committee is to identify
and recommend individuals for membership on the Board and oversee the
administration of the Board Governance Procedures and Guidelines. Shareholders
may recommend candidates for Board positions by forwarding their correspondence
by U.S. mail or courier service to the Fund's Secretary for the attention of the
Chairman of the Nominating and Governance Committee, Two International Place,
Boston, MA 02110. Suggestions for candidates must include a resume of the
candidate.

ITEM 10.        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.

Fund management has previously identified a significant deficiency relating to
the overall fund expense payment and accrual process. This matter relates
primarily to a bill payment processing issue. There was no material impact to
shareholders, fund net asset value, fund performance or the accuracy of any
fund's financial statements. Fund management discussed this matter with the
Registrant's Audit Committee and auditors, instituted additional procedures to
enhance its internal controls and will continue to develop additional controls
and redesign work flow to strengthen the overall control environment associated
with the processing and recording of fund expenses.

(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 11.        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 Money Market Fund


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

Date:                               October 4, 2004


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 Money Market Fund

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

Date:                               October 1, 2004



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

Date:                               October 1, 2004



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 Government Money Fund


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

Date:                               October 1, 2004


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 Government Money Fund

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

Date:                               October 1, 2004



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

Date:                               October 1, 2004



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-Exempt Money Fund


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

Date:                               October 1, 2004


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-Exempt Money Fund

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

Date:                               October 1, 2004



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

Deutsche DWS Money Funds N-CSRCertified annual shareholder report (management investment company)

Scudder Money Funds

Scudder Money Market Fund

Scudder Government & Agency Money Fund

Scudder Tax-Exempt Money Fund

Annual Report to Shareholders

July 31, 2004

Portfolio Management Team