<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 354472
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 FUNDS TRUST
001 B000000 811-3229
001 C000000 6172952567
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
002 D020000 4103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SCUDDER SHORT TERM BOND FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C020400 SCUDDER ZERO COUPON 2000 FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
013 A00AA01 COOPERS & LYBRAND, L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 36
019 C00AA00 SCUDDERRRR
020 A000001 MERRILL LYNCH PEIRCE FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 175
020 A000002 GOLDMAN SACHS & CO.
020 B000002 13-5108880
020 C000002 100
<PAGE> PAGE 2
020 A000003 MORGAN J.P., SECURITIES INC.
020 B000003 13-3224016
020 C000003 40
020 A000004 BEAR, STEARNS & COMPANY
020 B000004 13-4946705
020 C000004 8
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 324
022 A000001 HENRY COOK LUMSDEN, LTD.
022 C000001 649427
022 D000001 0
022 A000002 BAER CROSBY AND PIKE
022 C000002 258935
022 D000002 39254
022 A000003 GOLDMAN SACHS
022 C000003 219334
022 D000003 60607
022 A000004 SALOMON BROS, INC.
022 C000004 121034
022 D000004 123463
022 A000005 KIDDER PEABODY, INC.
022 C000005 179669
022 D000005 40738
022 A000006 INVERLAT INTERNATIONAL
022 C000006 207341
022 D000006 6420
022 A000007 LEHMAN BROS., INC.
022 C000007 122786
022 D000007 62356
022 A000008 MERRILL LYNCH
022 C000008 61370
022 D000008 108430
022 A000009 PAINE WEBBER, INC.
022 C000009 12019
022 D000009 117893
022 A000010 PRUDENTIAL SECURITIES, INC.
022 C000010 121413
022 D000010 3454
023 C000000 2346891
023 D000000 2082314
077 A000000 Y
077 B000000 Y
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077 D000000 N
077 E000000 N
077 F000000 N
<PAGE> PAGE 3
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
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077 P000000 N
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077 Q020000 N
077 Q030000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE
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083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
015 A000101 STATE STREET BANK & TRUST CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02101
015 E010101 X
015 A000102 STATE STREET LONDON LIMITED
015 B000102 S
015 C010102 LONDON
015 D010102 ENGLAND
015 E040102 X
015 A000103 CITIBANK, N.A.
015 B000103 S
015 C010103 BUENOS AIRES
015 D010103 ARGENTINA
015 E040103 X
015 A000104 WESTPAC BANKING CORPORATION
015 B000104 S
015 C010104 SIDNEY
015 D010104 AUSTRALIA
015 E040104 X
015 A000105 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKA
015 B000105 S
015 C010105 VIENNA
015 D010105 AUSTRIA
<PAGE> PAGE 4
015 E040105 X
015 A000106 GENERALE BANK
015 B000106 S
015 C010106 BRUSSELS
015 D010106 BELGIUM
015 E040106 X
015 A000107 FIRST NAT.BANK OF BOSTON BANCO DE BOSTON(ADM)
015 B000107 S
015 C010107 SAO PAULO
015 D010107 BRAZIL
015 E040107 X
015 A000108 CANADA TRUSTCO MORTGAGE COMPANY
015 B000108 S
015 C010108 TORONTO
015 D010108 CANADA
015 E040108 X
015 A000109 CITIBANK, N.A.
015 B000109 S
015 C010109 SANTIAGO
015 D010109 CHILE
015 E040109 X
015 A000110 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000110 S
015 C010110 BOGOTA
015 D010110 COLOMBIA
015 E040110 X
015 A000111 DEN DANSKE BANK
015 B000111 S
015 C010111 COPENHAGEN
015 D010111 DENMARK
015 E040111 X
015 A000112 KANSALLIS-OSAKE PANKKI
015 B000112 S
015 C010112 HELSINKI
015 D010112 FINLAND
015 E040112 X
015 A000113 BANQUE PARIBAS
015 B000113 S
015 C010113 PARIS
015 D010113 FRANCE
015 E040113 X
015 A000114 BERLINER HANDELS UND FRANKFURTER BANK
015 B000114 S
015 C010114 FRANKFURT
015 D010114 GERMANY
015 E040114 X
015 A000115 NATIONAL BANK OF GREECE, S.A.
015 B000115 S
015 C010115 ATHENS
015 D010115 GREECE
015 E040115 X
<PAGE> PAGE 5
015 A000116 STANDARD CHARTERED BANK
015 B000116 S
015 C010116 HONG KONG
015 D010116 HONG KONG
015 E040116 X
015 A000117 THE HONG KONG AND SHANGHAI BANKING CO. LTD.
015 B000117 S
015 C010117 BOMBAY
015 D010117 INDIA
015 E040117 X
015 A000118 STANDARD CHARTERED BANK
015 B000118 S
015 C010118 JAKARTA
015 D010118 INDONESIA
015 E040118 X
015 A000119 BANK OF IRELAND
015 B000119 S
015 C010119 DUBLIN
015 D010119 IRELAND
015 E040119 X
015 A000120 BANK HAPOALIM B.M.
015 B000120 S
015 C010120 TEL AVIV
015 D010120 ISRAEL
015 E040120 X
015 A000121 MORGAN GUARANTY TRUST COMPANY
015 B000121 S
015 C010121 MILAN
015 D010121 ITALY
015 E040121 X
015 A000122 SUMITOMO TRUST & BANKING COMPANY LIMITED
015 B000122 S
015 C010122 TOKYO
015 D010122 JAPAN
015 E040122 X
015 A000123 CITIBANK, N.A.
015 B000123 S
015 C010123 SEOUL
015 D010123 KOREA
015 E040123 X
015 A000124 STANDARD CHARTERED BANK
015 B000124 S
015 C010124 KUALA LUMPUR
015 D010124 MALAYSIA
015 E040124 X
015 A000125 CITIBANK N.A.
015 B000125 S
015 C010125 MEXICO CITY
015 D010125 MEXICO
015 E040125 X
015 A000126 MEESPIERSON N.V.
<PAGE> PAGE 6
015 B000126 S
015 C010126 AMSTERDAM
015 D010126 NETHERLANDS
015 E040126 X
015 A000127 ANZ BANKING GROUP LIMITED
015 B000127 S
015 C010127 WELLINGTON
015 D010127 NEW ZEALAND
015 E040127 X
015 A000128 CHRISTIANIA BANK OG KREDITKASSE
015 B000128 S
015 C010128 OSLO
015 D010128 NORWAY
015 E040128 X
015 A000129 DEUTSCHE BANK AG
015 B000129 S
015 C010129 KARACHI
015 D010129 PAKISTAN
015 E040129 X
015 A000130 CITIBANK, N.A.
015 B000130 S
015 C010130 LIMA
015 D010130 PERU
015 E040130 X
015 A000131 STANDARD CHARTERED BANK
015 B000131 S
015 C010131 MANILA
015 D010131 PHILIPPINES
015 E040131 X
015 A000132 CITIBANK POLAND, S.A.
015 B000132 S
015 C010132 WARSAW
015 D010132 POLAND
015 E040132 X
015 A000133 BANCO COMERCIAL PORTUGUES
015 B000133 S
015 C010133 LISBON
015 D010133 PORTUGAL
015 E040133 X
015 A000134 THE DEVELOPMENT BANK OF SINGAPORE, LTD.
015 B000134 S
015 C010134 SINGAPORE
015 D010134 SINGAPORE
015 E040134 X
015 A000135 BANCO SANTANDER, S.A.
015 B000135 S
015 C010135 MADRID
015 D010135 SPAIN
015 E040135 X
015 A000136 THE HONG KONG AND SHANGHAI BANKING CORP. LTD.
015 B000136 S
<PAGE> PAGE 7
015 C010136 COLOMBO
015 D010136 SRI LANKA
015 E040136 X
015 A000137 SKANDINAVISKA ENSKILDA BANKEN
015 B000137 S
015 C010137 STOCKHOLM
015 D010137 SWEDEN
015 E040137 X
015 A000138 UNION BANK OF SWITZERLAND
015 B000138 S
015 C010138 ZURICH
015 D010138 SWITZERLAND
015 E040138 X
015 A000139 CENTRAL TRUST OF CHINA
015 B000139 S
015 C010139 TAIPEI
015 D010139 TAIWAN
015 E040139 X
015 A000140 STANDARD CHARTERED BANK
015 B000140 S
015 C010140 BANGKOK
015 D010140 THAILAND
015 E040140 X
015 A000141 STATE STREET BANK AND TRUST COMPANY
015 B000141 S
015 C010141 XXXXX
015 D010141 TRANSNATIONAL
015 E040141 X
015 A000142 CITIBANK, N.A.
015 B000142 S
015 C010142 ISTANBUL
015 D010142 TURKEY
015 E040142 X
015 A000143 STATE STREET BANK & TRUST COMPANY
015 B000143 S
015 C010143 LONDON
015 D010143 UNITED KINGDOM
015 E040143 X
015 A000144 CITIBANK, N.A.
015 B000144 S
015 C010144 MONTEVIDEO
015 D010144 URUGUAY
015 E040144 X
015 A000145 CITIBANK, N.A.
015 B000145 S
015 C010145 CARACAS
015 D010145 VENEZUELA
015 E040145 X
015 A000146 STANDARD CHARTERED BANK
015 B000146 S
015 C010146 DHAKA
<PAGE> PAGE 8
015 D010146 BANGLADESH
015 E040146 X
015 A000147 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000147 S
015 C010147 GABORONE
015 D010147 BOTSWANA
015 E040147 X
015 A000148 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000148 S
015 C010148 SHANGHAI
015 D010148 CHINA
015 E040148 X
015 A000149 BARCLAYS BANK PLC
015 B000149 S
015 C010149 NICOSIA
015 D010149 CYPRUS
015 E040149 X
015 A000150 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000150 S
015 C010150 PRAGUE
015 D010150 CZECH REPUBLIC
015 E040150 X
015 A000151 BARCLAYS BANK OF GHANA LIMITED
015 B000151 S
015 C010151 ACCRA
015 D010151 GHANA
015 E040151 X
015 A000152 CITIBANK BUDAPEST RT.
015 B000152 S
015 C010152 BUDAPEST
015 D010152 HUNGARY
015 E040152 X
015 A000153 BARCLAYS BANK OF KENYA LIMITED
015 B000153 S
015 C010153 NAIROBI
015 D010153 KENYA
015 E040153 X
015 A000154 STANDARD BANK OF SOUTH AFRICA
015 B000154 S
015 C010154 JOHANNESBURG
015 D010154 SOUTH AFRICA
015 E040154 X
015 A000155 BARCLAYS BANK OF SWAZILAND, LIMITED
015 B000155 S
015 C010155 MBABANE
015 D010155 SWAZILAND
015 E040155 X
015 A000156 BARCLAYS BANK OF ZAMBIA LIMITED
015 B000156 S
015 C010156 LUSAKA
015 D010156 ZAMBIA
<PAGE> PAGE 9
015 E040156 X
015 A000157 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000157 S
015 C010157 HARARE
015 D010157 ZIMBABWE
015 E040157 X
028 A010100 49854
028 A020100 12453
028 A030100 0
028 A040100 114081
028 B010100 66950
028 B020100 11729
028 B030100 0
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028 C010100 47296
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028 D020100 9769
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028 E010100 34908
028 E020100 9456
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028 F010100 51294
028 F020100 9582
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028 G010100 299281
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062 A000100 Y
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<PAGE> PAGE 10
062 Q000100 55.1
062 R000100 0.0
063 A000100 0
063 B000100 1.1
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 Y
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 Y
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1484538
071 B000100 2066922
071 C000100 2278796
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<PAGE> PAGE 11
072 F000100 12416
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072 X000100 19659
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<PAGE> PAGE 12
074 R030100 0
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074 U010100 195777
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076 000100 0.00
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062 A000300 Y
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071 A000300 645
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075 A000300 0
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015 A000401 STATE STREET BANK & TRUST CO.
015 B000401 C
015 C010401 BOSTON
<PAGE> PAGE 13
015 C020401 MA
015 C030401 02101
015 E010401 X
028 A010400 581
028 A020400 0
028 A030400 0
028 A040400 1030
028 B010400 253
028 B020400 0
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028 C010400 700
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062 A000400 Y
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<PAGE> PAGE 14
063 B000400 5.2
064 A000400 N
071 A000400 22754
071 B000400 27101
071 C000400 25467
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<PAGE> PAGE 15
074 I000400 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 Short Term Bond 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> 1
<NAME> Scudder Short Term Bond Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 2,282,185,046
<INVESTMENTS-AT-VALUE> 2,130,051,141
<RECEIVABLES> 28,402,910
<ASSETS-OTHER> 6,607,580
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,165,061,631
<PAYABLE-FOR-SECURITIES> 10,838,642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,286,254
<TOTAL-LIABILITIES> 29,124,896
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,317,836,790
<SHARES-COMMON-STOCK> 195,776,523
<SHARES-COMMON-PRIOR> 265,610,358
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (43,456,565)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (138,443,490)
<NET-ASSETS> 2,135,936,735
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 207,436,125
<OTHER-INCOME> 0
<EXPENSES-NET> 19,658,815
<NET-INVESTMENT-INCOME> 187,777,310
<REALIZED-GAINS-CURRENT> (79,769,043)
<APPREC-INCREASE-CURRENT> (188,626,897)
<NET-CHANGE-FROM-OPS> (80,618,630)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (149,862,207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (27,524,389)
<NUMBER-OF-SHARES-SOLD> 89,258,004
<NUMBER-OF-SHARES-REDEEMED> (170,827,860)
<SHARES-REINVESTED> 11,736,021
<NET-CHANGE-IN-ASSETS> (1,054,490,692)
<ACCUMULATED-NII-PRIOR> (1,696,479)
<ACCUMULATED-GAINS-PRIOR> (19,602,155)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,415,709
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,658,815
<AVERAGE-NET-ASSETS> 2,711,047,498
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> .81
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> (.64)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.12)
<PER-SHARE-NAV-END> 10.91
<EXPENSE-RATIO> .73
<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 Zero Coupon 2000 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>4
<NAME> Scudder Zero Coupon 2000 Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 26,127,239
<INVESTMENTS-AT-VALUE> 24,874,598
<RECEIVABLES> 88,052
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 24,962,831
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<OTHER-ITEMS-LIABILITIES> 94,798
<TOTAL-LIABILITIES> 94,798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,944,212
<SHARES-COMMON-STOCK> 2,271,921
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<ACCUMULATED-NII-CURRENT> 640,017
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,252,641)
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<INTEREST-INCOME> 1,564,944
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<EXPENSES-NET> 251,268
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<REALIZED-GAINS-CURRENT> (1,399,239)
<APPREC-INCREASE-CURRENT> (2,122,299)
<NET-CHANGE-FROM-OPS> (2,207,862)
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Funds Trust and
to the Shareholders of Scudder Short Term Bond Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Short Term Bond Fund (the Fund) for the
year ended December 31, 1994, 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 Short Term Bond 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 Short Term Bond Fund and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 22, 1995
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Funds Trust and
to the Shareholders of Scudder Zero Coupon 2000 Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Zero Coupon 2000 Fund (the Fund) for the
year ended December 31, 1994, 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 Zero Coupon 2000 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 Zero Coupon 2000 Fund and the Securities and Exchange
Commission.
/s/ Coopers & Lybrand
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 3, 1995
