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<PAGE> PAGE 2
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Municipal Trust and
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 for the year ended
December 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the 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 Managed Municipal Bonds 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 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, 1995.
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 8, 1996
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Municipal Trust and
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 for the year ended
December 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the 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 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, 1995.
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 14, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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,
1995 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER MANAGED MUNICIPAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 705,605,799
<INVESTMENTS-AT-VALUE> 769,980,775
<RECEIVABLES> 13,305,491
<ASSETS-OTHER> 10,129
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 783,296,395
<PAYABLE-FOR-SECURITIES> 5,277,900
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<DIVIDEND-INCOME> 0
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<REALIZED-GAINS-CURRENT> (2,152,376)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,752,653
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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,
1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER HIGH YIELD TAX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 283,723,200
<INVESTMENTS-AT-VALUE> 300,372,911
<RECEIVABLES> 5,338,127
<ASSETS-OTHER> 25,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 305,736,309
<PAYABLE-FOR-SECURITIES> 1,005,963
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 851,178
<TOTAL-LIABILITIES> 1,857,141
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290,605,709
<SHARES-COMMON-STOCK> 24,929,576
<SHARES-COMMON-PRIOR> 23,910,066
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,048,689)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,322,148
<NET-ASSETS> 303,879,168
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,802,766
<OTHER-INCOME> 0
<EXPENSES-NET> 2,288,045
<NET-INVESTMENT-INCOME> 16,514,721
<REALIZED-GAINS-CURRENT> (77,734)
<APPREC-INCREASE-CURRENT> 33,149,725
<NET-CHANGE-FROM-OPS> 49,586,712
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,484,017)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,935,326
<NUMBER-OF-SHARES-REDEEMED> (6,908,156)
<SHARES-REINVESTED> 992,340
<NET-CHANGE-IN-ASSETS> 44,101,938
<ACCUMULATED-NII-PRIOR> 969,296
<ACCUMULATED-GAINS-PRIOR> (2,915,503)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 1,968,029
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,703,915
<AVERAGE-NET-ASSETS> 286,233,269
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.68
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> (0.72)
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<PER-SHARE-NAV-END> 12.19
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
