<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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074 T000400 25440
074 U010400 2162
074 U020400 0
074 V010400 11.77
074 V020400 0.00
074 W000400 0.0000
074 X000400 2214
074 Y000400 0
075 A000400 0
075 B000400 26454
076 000400 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
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, 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 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, 1996.
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 14, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association in corporated in Switzerland.
<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, 1996
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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,462,868,566
<INVESTMENTS-AT-VALUE> 1,463,393,000
<RECEIVABLES> 12,422,768
<ASSETS-OTHER> 1,001,026
<OTHER-ITEMS-ASSETS> 374
<TOTAL-ASSETS> 1,476,817,168
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,646,283
<TOTAL-LIABILITIES> 8,646,283
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,590,412,079
<SHARES-COMMON-STOCK> 132,860,852
<SHARES-COMMON-PRIOR> 144,046,277
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (122,820,012)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 578,818
<NET-ASSETS> 1,468,170,885
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 120,750,294
<OTHER-INCOME> 0
<EXPENSES-NET> 12,907,481
<NET-INVESTMENT-INCOME> 107,842,813
<REALIZED-GAINS-CURRENT> (33,115,928)
<APPREC-INCREASE-CURRENT> (17,329,463)
<NET-CHANGE-FROM-OPS> 57,397,422
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 104,839,251
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,416,978
<NUMBER-OF-SHARES-REDEEMED> 66,287,694
<SHARES-REINVESTED> 7,197,179
<NET-CHANGE-IN-ASSETS> (354,650,165)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (94,805,084)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,232,708
<INTEREST-EXPENSE> 840
<GROSS-EXPENSE> 12,907,481
<AVERAGE-NET-ASSETS> 1,620,430,016
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> .74
<PER-SHARE-GAIN-APPREC> (.32)
<PER-SHARE-DIVIDEND> (.72)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> .80
<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, 1996
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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 24,914,154
<INVESTMENTS-AT-VALUE> 25,514,644
<RECEIVABLES> 68,887
<ASSETS-OTHER> 461
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,583,992
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 143,578
<TOTAL-LIABILITIES> 143,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,642,615
<SHARES-COMMON-STOCK> 2,161,757
<SHARES-COMMON-PRIOR> 2,246,071
<ACCUMULATED-NII-CURRENT> 689,568
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,492,259)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25,440,414
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,697,238
<OTHER-INCOME> 0
<EXPENSES-NET> 264,684
<NET-INVESTMENT-INCOME> 1,432,554
<REALIZED-GAINS-CURRENT> (261,794)
<APPREC-INCREASE-CURRENT> (1,086,030)
<NET-CHANGE-FROM-OPS> 84,730
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,477,442
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 560,049
<NUMBER-OF-SHARES-REDEEMED> 880,249
<SHARES-REINVESTED> 122,172
<NET-CHANGE-IN-ASSETS> (3,782,923)
<ACCUMULATED-NII-PRIOR> 734,456
<ACCUMULATED-GAINS-PRIOR> (1,230,465)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 158,725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384,803
<AVERAGE-NET-ASSETS> 26,454,290
<PER-SHARE-NAV-BEGIN> 12.38
<PER-SHARE-NII> .64
<PER-SHARE-GAIN-APPREC> (.57)
<PER-SHARE-DIVIDEND> .68
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.77
<EXPENSE-RATIO> 1.00
<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 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, 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 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, 1996.
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 14, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association in corporated in Switzerland.
