<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 203142
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000 J000000 A
001 A000000 SCUDDER MUNICIPAL TRUST
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001 C000000 6172952567
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007 C020100 SCUDDER MANAGED MUNICIPAL BONDS
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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
015 C03AA03 10006
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015 A00AA04 CHEMICAL BANK
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015 C01AA04 NEW YORK
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015 B00AA06 S
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015 A00AA07 BANKERS TRUST COMPANY
015 B00AA07 S
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<PAGE> PAGE 3
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019 C00AA00 SCUDDERRRR
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022 A000004 PAINE WEBBER
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022 D000009 8512
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022 C000010 4691
022 D000010 4550
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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
054 I000100 N
054 J000100 Y
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070 E020100 Y
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070 F020100 N
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070 G020100 N
070 H010100 N
070 H020100 N
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070 I020100 N
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070 J020100 N
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<PAGE> PAGE 8
070 L010100 N
070 L020100 N
070 M010100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
051 000200 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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 period ended
December 31, 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> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 675,179,176
<INVESTMENTS-AT-VALUE> 726,826,465
<RECEIVABLES> 12,966,347
<ASSETS-OTHER> 75,118
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 739,867,930
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,445,069
<TOTAL-LIABILITIES> 2,445,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 691,668,397
<SHARES-COMMON-STOCK> 83,437,562
<SHARES-COMMON-PRIOR> 86,659,129
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,029,325)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,783,789
<NET-ASSETS> 737,422,861
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43,610,656
<OTHER-INCOME> 0
<EXPENSES-NET> 4,731,691
<NET-INVESTMENT-INCOME> 38,878,965
<REALIZED-GAINS-CURRENT> 2,984,085
<APPREC-INCREASE-CURRENT> (12,448,000)
<NET-CHANGE-FROM-OPS> 29,415,050
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (38,878,965)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,821,954
<NUMBER-OF-SHARES-REDEEMED> (12,283,668)
<SHARES-REINVESTED> 2,240,147
<NET-CHANGE-IN-ASSETS> (37,513,663)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8,863,794)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,826,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,731,691
<AVERAGE-NET-ASSETS> 747,621,106
<PER-SHARE-NAV-BEGIN> 8.94
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.84
<EXPENSE-RATIO> 0.63
<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 Annual Report for the period ended
December 31, 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> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 271,585,529
<INVESTMENTS-AT-VALUE> 289,153,993
<RECEIVABLES> 5,452,319
<ASSETS-OTHER> 658
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 294,606,970
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,505,949
<TOTAL-LIABILITIES> 1,505,949
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 283,748,778
<SHARES-COMMON-STOCK> 24,338,716
<SHARES-COMMON-PRIOR> 24,929,576
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,216,221)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,568,464
<NET-ASSETS> 293,101,021
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,065,431
<OTHER-INCOME> 0
<EXPENSES-NET> 2,658,116
<NET-INVESTMENT-INCOME> 16,407,315
<REALIZED-GAINS-CURRENT> (5,169,621)
<APPREC-INCREASE-CURRENT> 1,246,316
<NET-CHANGE-FROM-OPS> 12,484,010
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,407,315)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,936,365
<NUMBER-OF-SHARES-REDEEMED> (6,435,616)
<SHARES-REINVESTED> 908,391
<NET-CHANGE-IN-ASSETS> (10,778,147)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,048,689)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,006,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,779,548
<AVERAGE-NET-ASSETS> 293,312,803
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.66)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.04
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
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, 1996, 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, 1996.
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 3, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association in corporated in Switzerland.
oopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
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 financialstatements and
financial highlights of Scudder High Yield TaxFree Fund for the year ended
December 31, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditingprocedures 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 theinternal control structure.
The management of Scudder High Yield Tax Free Fund isresponsible 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'sauthorization 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 occurand not bedetected. Also, projection of any
evaluation of the structureto future periods is subject to the risk that it may
become inadequate because of changes in conditions or that theeffectiveness of
the design and operations may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal controlstructure that might be
material weaknesses under standards established by the American Institute of
Certified PublicAccountants. A material weakness is a condition in which the
design or operation of the specific internal control structureelements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material inrelation 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 theinternal control structure, including
procedures for safeguarding securities, that we consider to be
materialweaknesses, as defined above, as of December 31, 1996.
This report is intended solely for the information and use ofmanagement
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 12, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association in corporated in Switzerland.
