U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
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1. Name and address of issuer:
Scudder Municipal Trust
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Two International Place
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Boston, MA 02110-4103
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2. Name of each series or class of funds for which this notice is filed:
Scudder Managed Municipal Bonds
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Scudder High Yield Tax Free Fund
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3. Investment Company Act File Number:
811-2671
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Securities Act File Number:
2-57139
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4. Last day of fiscal year for which this notice is filed:
12/31/96
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5. Check box if this notice is being filed more than 180 days after the close of the issuer's fiscal year for
purposes of reporting securities sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
[ ]
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6. Date of termination of issuer's declaration under Rule 24f-2(a)(1), if applicable (see
Instruction A.6):
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7. Number and amount of securities of the same class or series which had been registered under the Securities Act
of 1933 other than pursuant to Rule 24f-2 in a prior fiscal year, but which remained unsold at the beginning
of the fiscal year:
Number: 17,328,281
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Amount: $151,724,360
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8. Number and amount of securities registered during the fiscal year other than pursuant to Rule 24f-2:
Number: 0
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Amount: $0
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9. Number and aggregate sale price of securities sold during the fiscal year:
Number: 11,758,319
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Aggregate Sale Price: $118,473,234
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10. Number and aggregate sale price of securities sold during the fiscal year in reliance upon registration
pursuant to Rule 24f-2:
Number: 11,758,319
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Aggregate Sale Price: $118,473,234
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11. Number and aggregate sale price of securities issued during the fiscal year in connection with dividend
reinvestment plans, if applicable (see Instruction B.7):
Number: 3,148,538
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Aggregate Sale Price: $30,390,697
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on Rule 24f-2 (from Item 10): $118,473,234
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(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if +$30,390,697
applicable):
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(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): -$148,863,931
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(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees
pursuant to Rule 24e-2 (if applicable): +$0
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(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on Rule 24f-2
(line (i), plus line (ii), less line (iii), plus line $0
(iv)) (if applicable):
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(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation (see Instruction C.6): x1/3300
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(vii) Fee due (line (i) or line (v) multiplied by line $0
(vi)):
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Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only if the form is being filed within 60
days after the close of the issuer's fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox depository as described in
section 3a of the Commission's Rules of Informal and Other Procedures (17 CFR 202.3a). [ ]
Date of mailing or wire transfer of filing fees to the Commission's lockbox N/A
depository:
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SIGNATURES
This report has been signed below by the following persons on behalf of the issuer and in the capacities and
on the dates indicated.
By (Signature and Title)*: /s/Thomas F. McDonough
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Thomas F. McDonough, Secretary
Date: 2/27/97
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*Please print the name and title of the signing officer below the signature.
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2
LETTERHEAD
WILLKIE FARR & GALLAGHER
ONE CITICORP CENTER
153 EAST 53RD STREET
NEW YORK, NY 10022-4677
212-821-8000
Fax: 212-821-8111
New York
Washington, D.C.
London
Paris
February 25, 1997
Scudder Municipal Trust
Two International Place
Boston, Massachusetts 02110
Re: Rule 24f-2 Notice
for Scudder Municipal Trust (the "Trust") for:
Scudder Managed Municipal Bonds and
Scudder High Yield Tax Free Fund (the "Funds")
(Securities Act Registration Statement
File No. 2-57139) (the "Registration Statement")
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Ladies and Gentlemen:
The Trust, a Massachusetts business trust, on behalf of the Funds, is filing
with the Securities and Exchange Commission a Rule 24f-2 notice containing the
information specified in paragraph (b)(1) of Rule 24f-2 (the "Rule") under the
Investment Company Act of 1940, as amended (the "1940 Act"). We understand that
the Trust has previously filed a Registration Statement on N-1A under the
Securities Act of 1933, as amended (the "Securities Act"), adopting the
declaration authorized by paragraph (a)(1) of the Rule to the effect that an
indefinite number of shares of beneficial interest of the Trust (the "Shares")
were being registered by such Registration Statement. The effect of the Rule
24f-2 notice, when accompanied by the filing fee, if any, payable as prescribed
by paragraph (c) of the Rule and by this opinion, will be to make definite in
number the number of Shares sold by the Trust during the fiscal year ended
December 31, 1996 in reliance upon the Rule (the "Rule 24f-2 Shares").
As to the various questions of fact material to the opinion expressed herein we
have relied upon and assumed the genuineness of the signatures on, the
conformity to originals of, and the authenticity of, all documents, including
but not limited to certificates of officers of the Trust, submitted to us as
originals or copies, which facts we have not independently verified. Capitalized
terms used herein but not otherwise defined have the meanings ascribed to them
in the Registration Statement.
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Scudder Municipal Trust
February 25, 1997
Page 2
On the basis of the foregoing, and assuming compliance with the Securities Act,
the 1940 Act and applicable state laws regulating the sale of securities, and
assuming further that all of the Rule 24f-2 Shares sold during the fiscal year
ended December 31, 1996 were sold in accordance with the terms of the Trust's
Prospectus and Statement of Additional Information in effect at the time of sale
at a sales price in each case in excess of the par value of the Rule 24f-2
Shares, we are of the opinion that such Rule 24f-2 Shares were legally issued,
fully paid and non-assessable by the Trust. We note, however, that shareholders
of a Massachusetts business trust may under certain circumstances be subject to
assessment at the instance of creditors to pay the obligations of such trust in
the event that its assets are insufficient for the purpose.
We are members of the Bar of the State of New York and do not hold ourselves out
as being conversant with the laws of any jurisdiction other than those of the
United States of America and the State of New York. We note that we are not
licensed to practice law in the Commonwealth of Massachusetts, and to the extent
that any opinion expressed herein involves the law of the Commonwealth of
Massachusetts, such opinion should be understood to be based solely upon our
review of the documents referred to above, the published statutes of the
Commonwealth of Massachusetts, and where applicable, published cases, rules or
regulations of regulatory bodies of the Commonwealth of Massachusetts.
We hereby consent to the filing of this opinion with the Securities and Exchange
Commission in connection with the Rule 24f-2 notice.
Very truly yours,
/s/Willkie Farr & Gallagher
