<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 203142
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SCUDDER MUNICIPAL TRUST
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002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
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002 D020000 4103
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007 C010100 1
007 C020100 SCUDDER MANAGED MUNICIPAL BONDS
007 C030100 N
007 C010200 2
007 C020200 SCUDDER HIGH YIELD TAX FREE FUND
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013 A00AA01 COOPERS & LYBRAND L.L.P.
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013 B02AA01 MA
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018 00AA00 Y
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<PAGE> PAGE 2
077 E000000 N
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Managed Municipal Bonds Annual Report for the fiscal year ended
December 31, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Managed Municipal Bonds
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 709,054,341
<INVESTMENTS-AT-VALUE> 694,782,632
<RECEIVABLES> 32,914,471
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder High Yield Tax-Free Fund Annual Report for the fiscal year ended
December 31, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Scudder High Yield Tax-Free Fund
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</TABLE>
Exhibit 77(B)
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Municipal Trust
and to the Shareholders of Scudder Managed Municipal Bonds:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Managed Municipal Bonds (the Fund) for the
year ended December 31, 1994, we considered the Fund's control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the Fund's
financial statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the control
structure.
The management of Scudder Managed Municipal Bonds is responsible for
establishing and maintaining an control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operations may deteriorate.
Our consideration of the Fund's internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal control
structure elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation to
the financial statements and financial highlights being audited may occur
and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1994.
This report is intended solely for the information and use of
management of Scudder Managed Municipal Bonds and the Securities and
Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 10, 1995
Exhibit 77(B)
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Municipal Trust
and to the Shareholders of Scudder High Yield Tax Free Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder High Yield Tax Free Fund (the Fund) for the
year ended December 31, 1994, we considered the Fund's internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the Fund's financial statements and financial highlights and to comply
with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Scudder High Yield Tax Free Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operations may deteriorate.
Our consideration of the Fund's internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal control
structure elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation to
the financial statements and financial highlights being audited may occur
and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1994.
This report is intended solely for the information and use of
management of Scudder High Yield Tax Free Fund and the Securities and
Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 21, 1995
