<PAGE> PAGE 1
000 B000000 12/31/95
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
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 37
019 C00AA00 SCUDDERRRR
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 HOUSEHOLD FINANCE SYSTEM
022 C000001 3207395
022 D000001 0
022 A000002 ASSOCIATED CORPORATION OF NORTH AMERICA
022 C000002 1639408
022 D000002 0
022 A000003 SMITH BARNEY SHEARSON
022 C000003 173461
022 D000003 146319
022 A000004 MERRILL LYNCH
022 C000004 119181
022 D000004 125363
022 A000005 SALOMON BROTHERS
<PAGE> PAGE 2
022 C000005 175854
022 D000005 48983
022 A000006 GOLDMAN SACHS & CO
022 C000006 110019
022 D000006 89911
022 A000007 GREENWICH CAPITAL
022 C000007 53557
022 D000007 133461
022 A000008 LEHMAN BROTHERS SECURITIES
022 C000008 43836
022 D000008 62346
022 A000009 MORGAN STANLEY & CO
022 C000009 18413
022 D000009 77215
022 A000010 J.P. MORGAN SECURITIES
022 C000010 58165
022 D000010 36025
023 C000000 6419354
023 D000000 1069419
024 00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
<PAGE> PAGE 3
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE
080 C00AA00 60000
081 B00AA00 71
082 A00AA00 N
082 B00AA00 0
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 DELETE
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
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
<PAGE> PAGE 4
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 MERITA BANK LIMITED
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 BHF BANK AKTIENGESELLSCHAFT
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
015 A000116 STANDARD CHARTERED BANK
015 B000116 S
015 C010116 HONG KONG
015 D010116 HONG KONG
015 E040116 X
015 A000117 DEUTSCHE BANK
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
<PAGE> PAGE 5
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 MEXICO S.A.
015 B000125 S
015 C010125 MEXICO CITY
015 D010125 MEXICO
015 E040125 X
015 A000126 MEESPIERSON N.V.
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
<PAGE> PAGE 6
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
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
<PAGE> PAGE 7
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 LONDON LIMITED
015 B000141 S
015 C010141 LONDON
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
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
<PAGE> PAGE 8
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
015 E040156 X
015 A000157 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000157 S
015 C010157 HARARE
015 D010157 ZIMBABWE
015 E040157 X
015 A000158 CESKOSLOVENSKA OBCHODNA BANKA
015 B000158 S
015 C010158 XXX
015 D010158 SLOVAK REPUBLIC
015 E040158 X
028 A010100 29432
028 A020100 7952
028 A030100 0
028 A040100 67711
<PAGE> PAGE 9
028 B010100 37952
028 B020100 7810
028 B030100 0
028 B040100 70885
028 C010100 36100
028 C020100 7585
028 C030100 0
028 C040100 57262
028 D010100 30799
028 D020100 7458
028 D030100 0
028 D040100 76408
028 E010100 31707
028 E020100 7377
028 E030100 0
028 E040100 63093
028 F010100 32479
028 F020100 7255
028 F030100 0
028 F040100 74979
028 G010100 198469
028 G020100 45437
028 G030100 0
028 G040100 410338
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 7.9
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 10.4
062 N000100 25.3
062 O000100 0.1
062 P000100 15.8
062 Q000100 40.5
062 R000100 0.0
063 A000100 0
063 B000100 3.0
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
<PAGE> PAGE 10
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 N
070 I020100 N
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 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1884667
071 B000100 2119138
071 C000100 1864877
071 D000100 101
072 A000100 12
072 B000100 138488
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 9530
072 G000100 0
072 H000100 0
072 I000100 3993
072 J000100 386
072 K000100 0
072 L000100 396
072 M000100 13
072 N000100 35
072 O000100 0
<PAGE> PAGE 11
072 P000100 0
072 Q000100 0
072 R000100 96
072 S000100 10
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 86
072 X000100 14545
072 Y000100 0
072 Z000100 123943
072AA000100 0
072BB000100 79841
072CC010100 156352
072CC020100 0
072DD010100 123943
072DD020100 0
072EE000100 0
073 A010100 0.4300
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.2800
074 A000100 5720
074 B000100 0
074 C000100 152500
074 D000100 1778444
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 2483
074 J000100 0
074 K000100 0
074 L000100 14509
074 M000100 0
074 N000100 1953656
074 O000100 122655
074 P000100 759
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 7421
074 S000100 0
074 T000100 1822821
074 U010100 160534
074 U020100 0
074 V010100 11.35
074 V020100 0.00
074 W000100 0.0000
074 X000100 87808
<PAGE> PAGE 12
074 Y000100 0
075 A000100 0
075 B000100 1945400
076 000100 0.00
015 A000401 DELETE
028 A010400 840
028 A020400 0
028 A030400 0
028 A040400 2058
028 B010400 1535
028 B020400 0
028 B030400 0
028 B040400 998
028 C010400 926
028 C020400 0
028 C030400 0
028 C040400 786
028 D010400 1918
028 D020400 0
028 D030400 0
028 D040400 863
028 E010400 749
028 E020400 0
028 E030400 0
028 E040400 547
028 F010400 1591
028 F020400 719
028 F030400 0
028 F040400 2115
028 G010400 7559
028 G020400 719
028 G030400 0
028 G040400 7367
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 100.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
<PAGE> PAGE 13
062 R000400 0.0
063 A000400 0
063 B000400 5.4
064 A000400 N
071 A000400 23424
071 B000400 23755
071 C000400 27037
071 D000400 87
072 A000400 12
072 B000400 1771
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 161
072 G000400 0
072 H000400 0
072 I000400 88
072 J000400 45
072 K000400 0
072 L000400 24
072 M000400 13
072 N000400 18
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 32
072 S000400 10
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 7
072 X000400 398
072 Y000400 129
072 Z000400 1502
072AA000400 233
072BB000400 0
072CC010400 2939
072CC020400 0
072DD010400 1408
072DD020400 0
072EE000400 0
073 A010400 0.6200
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 393
074 B000400 0
074 C000400 0
074 D000400 29458
074 E000400 0
074 F000400 0
<PAGE> PAGE 14
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 42
074 M000400 0
074 N000400 29893
074 O000400 0
074 P000400 11
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 659
074 S000400 0
074 T000400 29223
074 U010400 2360
074 U020400 0
074 V010400 12.38
074 V020400 0.00
074 W000400 0.0000
074 X000400 2574
074 Y000400 0
075 A000400 0
075 B000400 26893
076 000400 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
Exhibit 77 D
Scudder Funds Trust
Scudder Short Term Bond Fund
Scudder Zero Coupon 2000 Fund
The Fund may not invest more than 10% of its total assets in securities
which are not readily marketable, the disposition of which is
restricted under Federal securities laws, or in repurchase agreements
not terminable within 7 days, and the Fund will not invest more than
10% of its total assets in restricted securities.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Funds Trust
and 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 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 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 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 Short Term Bond Fund and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P
Boston, Massachusetts COOPERS & LYBRAND L.L.P
February 9, 1996
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Funds Trust
and 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 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 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 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 Zero Coupon 2000 Fund and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 9, 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 Zero Coupon 2000 Fund Annual
Report for the period ended December 31, 1995 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-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> $27,771,791
<INVESTMENTS-AT-VALUE> $29,458,311
<RECEIVABLES> $41,938
<ASSETS-OTHER> $392,614
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> $29,892,863
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $669,526
<TOTAL-LIABILITIES> $669,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $28,032,826
<SHARES-COMMON-STOCK> 2,359,785
<SHARES-COMMON-PRIOR> 2,271,921
<ACCUMULATED-NII-CURRENT> $734,456
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $(1,230,465)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $1,686,520
<NET-ASSETS> $29,223,337
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $1,770,805
<OTHER-INCOME> 0
<EXPENSES-NET> $268,691
<NET-INVESTMENT-INCOME> $1,502,114
<REALIZED-GAINS-CURRENT> $233,090
<APPREC-INCREASE-CURRENT> $2,939,161
<NET-CHANGE-FROM-OPS> $4,674,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $(1,407,675)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,155,838
<NUMBER-OF-SHARES-REDEEMED> (1,184,301)
<SHARES-REINVESTED> 116,327
<NET-CHANGE-IN-ASSETS> $4,355,304
<ACCUMULATED-NII-PRIOR> $640,017
<ACCUMULATED-GAINS-PRIOR> $(1,463,555)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $161,182
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $398,090
<AVERAGE-NET-ASSETS> $26,893,485
<PER-SHARE-NAV-BEGIN> $10.95
<PER-SHARE-NII> $0.65
<PER-SHARE-GAIN-APPREC> $1.40
<PER-SHARE-DIVIDEND> $(0.62)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $12.38
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
Short Term Bond Fund Annual Report for the period ended December 31, 1995 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-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> $1,915,518,375
<INVESTMENTS-AT-VALUE> $1,933,426,656
<RECEIVABLES> $14,509,615
<ASSETS-OTHER> $5,719,555
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> $1,953,655,826
<PAYABLE-FOR-SECURITIES> $122,654,886
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $8,179,890
<TOTAL-LIABILITIES> $130,834,776
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $1,899,717,853
<SHARES-COMMON-STOCK> 160,534,389
<SHARES-COMMON-PRIOR> 195,776,523
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $(94,805,084)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $17,908,281
<NET-ASSETS> $1,822,821,050
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $138,487,820
<OTHER-INCOME> 0
<EXPENSES-NET> $14,544,655
<NET-INVESTMENT-INCOME> $123,943,165
<REALIZED-GAINS-CURRENT> $(79,840,870)
<APPREC-INCREASE-CURRENT> $156,351,771
<NET-CHANGE-FROM-OPS> $200,454,066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $75,809,129
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> $48,134,036
<NUMBER-OF-SHARES-SOLD> 39,170,009
<NUMBER-OF-SHARES-REDEEMED> (82,818,419)
<SHARES-REINVESTED> 8,406,276
<NET-CHANGE-IN-ASSETS> $(313,115,685)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $(43,456,565)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $9,529,973
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $14,544,655
<AVERAGE-NET-ASSETS> $1,945,399,552
<PER-SHARE-NAV-BEGIN> $10.91
<PER-SHARE-NII> $0.71
<PER-SHARE-GAIN-APPREC> $0.44
<PER-SHARE-DIVIDEND> $(0.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> $(0.28)
<PER-SHARE-NAV-END> $11.35
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
