<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 203142
000 D000000 N
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007 C030100 N
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007 C020200 SCUDDER HIGH YIELD TAX FREE FUND
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 SCUDDER INVESTOR SERVICES, INC.
010 B00AA01 8-298
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
<PAGE> PAGE 2
011 C02AA01 MA
011 C03AA01 02110
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 THE BANK OF NEW YORK
015 B00AA02 S
015 C01AA02 LONDON
015 D01AA02 ENGLAND
015 E01AA02 X
015 A00AA03 SECURITY PACIFIC NATIONAL TRUST COMPANY
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
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015 A00AA04 CHEMICAL BANK
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015 C02AA04 NY
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015 B00AA06 S
015 C01AA06 NEW YORK
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015 A00AA07 BANKERS TRUST COMPANY
015 B00AA07 S
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<PAGE> PAGE 3
019 B00AA00 40
019 C00AA00 SCUDDERRRR
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022 A000001 LEHMAN BROTHERS SECURITIES
022 B000001 13-2663822
022 C000001 38432
022 D000001 25997
022 A000002 SMITH BARNEY SHEARSON
022 B000002 13-1912900
022 C000002 28532
022 D000002 22078
022 A000003 BELLE HAVEN
022 C000003 15170
022 D000003 20538
022 A000004 PAINE WEBBER
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022 C000004 14731
022 D000004 15895
022 A000005 FIRST CHICAGO CORP
022 C000005 9600
022 D000005 10600
022 A000006 BEAR, STEARNS & CO.
022 B000006 13-4946705
022 C000006 13325
022 D000006 3199
022 A000007 J.P. MORGAN SECURITIES
022 B000007 13-3224016
022 C000007 7794
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022 A000008 PRAGER, MCCARTHY & LEWIS
022 C000008 0
022 D000008 11321
022 A000009 GREENWICH CAPITAL
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022 A000010 BANC ONE
022 C000010 1533
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023 D000000 170532
024 00AA00 N
<PAGE> PAGE 4
026 A000000 N
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030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
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037 00AA00 N
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039 00AA00 N
040 00AA00 N
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042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
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<PAGE> PAGE 5
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
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077 H000000 N
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077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 60000
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081 B00AA00 70
082 A00AA00 N
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083 B00AA00 0
084 A00AA00 N
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085 A00AA00 Y
085 B00AA00 N
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<PAGE> PAGE 6
028 D020100 1637
028 D030100 0
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050 000100 N
051 000100 N
052 000100 N
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054 B000100 N
054 C000100 N
054 D000100 N
<PAGE> PAGE 7
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 1.4
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 98.6
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 10.5
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 Y
070 I020100 Y
<PAGE> PAGE 8
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 109186
071 B000100 123109
071 C000100 738087
071 D000100 17
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<PAGE> PAGE 9
072CC020100 32331
072DD010100 19543
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074 D000100 720035
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<PAGE> PAGE 10
028 A030200 0
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045 000200 Y
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<PAGE> PAGE 11
048 K010200 0
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050 000200 N
051 000200 N
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054 A000200 Y
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
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<PAGE> PAGE 12
070 C020200 N
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070 D020200 N
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070 F010200 N
070 F020200 N
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070 H020200 N
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070 J020200 Y
070 K010200 Y
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070 L020200 N
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070 O020200 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
075 A000200 0
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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 Semiannual Report for the six month period ended June
30, 1996 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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 697,901,697
<INVESTMENTS-AT-VALUE> 730,087,535
<RECEIVABLES> 14,437,534
<ASSETS-OTHER> 43,773
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 744,568,842
<PAYABLE-FOR-SECURITIES> 2,622,100
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<TOTAL-LIABILITIES> 5,211,233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 712,904,062
<SHARES-COMMON-STOCK> 85,876,827
<SHARES-COMMON-PRIOR> 86,659,129
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,446,916)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,900,463
<NET-ASSETS> 739,357,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,931,199
<OTHER-INCOME> 0
<EXPENSES-NET> 2,388,229
<NET-INVESTMENT-INCOME> 19,542,970
<REALIZED-GAINS-CURRENT> 3,416,878
<APPREC-INCREASE-CURRENT> (32,331,326)
<NET-CHANGE-FROM-OPS> (9,371,478)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,542,970)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,719,346
<NUMBER-OF-SHARES-REDEEMED> (5,633,306)
<SHARES-REINVESTED> 1,131,658
<NET-CHANGE-IN-ASSETS> (35,578,915)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8,863,794
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,929,370
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,388,229
<AVERAGE-NET-ASSETS> 754,489,779
<PER-SHARE-NAV-BEGIN> 8.94
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> (0.33)
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.61
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
High Yield Tax Free Fund Semiannual Report for the six month period ended June
30, 1996 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER HIGH YIELD TAX FREE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 280,269,564
<INVESTMENTS-AT-VALUE> 286,068,246
<RECEIVABLES> 8,625,552
<ASSETS-OTHER> 86,062
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 294,779,860
<PAYABLE-FOR-SECURITIES> 5,244,950
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 837,826
<TOTAL-LIABILITIES> 6,082,776
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,971,937
<SHARES-COMMON-STOCK> 24,691,611
<SHARES-COMMON-PRIOR> 24,929,576
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,918,347)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,643,494
<NET-ASSETS> 288,697,084
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,543,355
<OTHER-INCOME> 0
<EXPENSES-NET> 1,249,991
<NET-INVESTMENT-INCOME> 8,293,364
<REALIZED-GAINS-CURRENT> (1,869,658)
<APPREC-INCREASE-CURRENT> (10,678,654)
<NET-CHANGE-FROM-OPS> (4,254,948)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,293,364)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,689,392
<NUMBER-OF-SHARES-REDEEMED> (3,392,203)
<SHARES-REINVESTED> 464,846
<NET-CHANGE-IN-ASSETS> (15,182,084)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,048,689)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,008,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,371,423
<AVERAGE-NET-ASSETS> 294,999,160
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> (0.50)
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.69
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
