<PAGE> PAGE 1
000 B000000 03/31/95
000 C000000 716963
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 GNMA FUND
001 B000000 811-3699
001 C000000 6173305464
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
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 SALOMON BROTHERS INC.
022 B000001 13-3082694
022 C000001 56764
022 D000001 38843
022 A000002 FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002 23487
022 D000002 40456
022 A000003 DONALDSON LUFKIN & JENRETTE
022 B000003 13-2741729
022 C000003 50000
022 D000003 0
022 A000004 FNB CHICAGO
022 B000004 36-0899825
022 C000004 49426
022 D000004 0
022 A000005 MERRILL LYNCH
022 C000005 28628
<PAGE> PAGE 2
022 D000005 0
022 A000006 LEHMAN BROS INC.
022 C000006 25621
022 D000006 0
022 A000007 UBS SEC INC.
022 B000007 13-2932996
022 C000007 0
022 D000007 25027
022 A000008 CHARTD BK LTD SINGPR
022 C000008 23969
022 D000008 0
022 A000009 SMITH BARNEY HARRIS
022 B000009 13-1912900
022 C000009 0
022 D000009 21368
022 A000010 GOLDMAN SACHS & CO.
022 B000010 13-5108880
022 C000010 15751
022 D000010 0
023 C000000 5073898
023 D000000 125694
028 A010000 2518
028 A020000 1763
028 A030000 0
028 A040000 13623
028 B010000 4159
028 B020000 1817
028 B030000 0
028 B040000 15564
028 C010000 4121
028 C020000 1697
028 C030000 0
028 C040000 14247
028 D010000 4190
028 D020000 1560
028 D030000 0
028 D040000 9574
028 E010000 10282
028 E020000 1687
028 E030000 0
028 E040000 6508
028 F010000 4999
028 F020000 1743
028 F030000 0
028 F040000 10035
028 G010000 30269
028 G020000 10267
028 G030000 0
028 G040000 69551
028 H000000 0
029 000000 N
<PAGE> PAGE 3
030 A000000 0
030 B000000 0.00
030 C000000 0.00
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 12.6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 8.3
062 N000000 86.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 9.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
<PAGE> PAGE 4
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 876572
071 B000000 897293
071 C000000 397474
071 D000000 221
072 A000000 12
072 B000000 35091
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 2867
072 G000000 0
072 H000000 0
072 I000000 1075
072 J000000 171
072 K000000 0
072 L000000 97
072 M000000 38
072 N000000 47
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 40
072 S000000 22
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 26
072 X000000 4383
072 Y000000 0
072 Z000000 30708
072AA000000 0
072BB000000 34857
072CC010000 23662
072CC020000 0
072DD010000 30708
072DD020000 0
<PAGE> PAGE 5
072EE000000 0
073 A010000 0.9200
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0100
074 A000000 732
074 B000000 53841
074 C000000 35490
074 D000000 369083
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 205
074 K000000 0
074 L000000 82700
074 M000000 0
074 N000000 542051
074 O000000 111399
074 P000000 224
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1461
074 S000000 0
074 T000000 428967
074 U010000 30494
074 U020000 0
074 V010000 14.07
074 V020000 0.00
074 W000000 0.0000
074 X000000 23358
074 Y000000 0
075 A000000 0
075 B000000 461958
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
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
<PAGE> PAGE 6
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 40000
081 A000000 Y
081 B000000 70
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
GNMA Fund Annual Report for the fiscal year ended March 31, 1995 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 0
<NAME> SCUDDER GNMA FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 458,774,725
<INVESTMENTS-AT-VALUE> 458,413,931
<RECEIVABLES> 82,904,744
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 542,050,563
<PAYABLE-FOR-SECURITIES> 111,398,964
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,684,750
<TOTAL-LIABILITIES> 113,083,714
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 471,959,520
<SHARES-COMMON-STOCK> 30,493,920
<SHARES-COMMON-PRIOR> 37,951,648
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (42,631,877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (360,794)
<NET-ASSETS> 428,966,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,090,663
<OTHER-INCOME> 0
<EXPENSES-NET> 4,383,084
<NET-INVESTMENT-INCOME> 30,707,579
<REALIZED-GAINS-CURRENT> (34,856,802)
<APPREC-INCREASE-CURRENT> 23,662,007
<NET-CHANGE-FROM-OPS> 19,512,784
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,323,833)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (383,746)
<NUMBER-OF-SHARES-SOLD> 3,907,473
<NUMBER-OF-SHARES-REDEEMED> (12,905,598)
<SHARES-REINVESTED> 1,540,397
<NET-CHANGE-IN-ASSETS> (114,992,516)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,133,203)
<OVERDISTRIB-NII-PRIOR> (877,740)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,867,542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,383,084
<AVERAGE-NET-ASSETS> 461,958,165
<PER-SHARE-NAV-BEGIN> 14.33
<PER-SHARE-NII> 0.93
<PER-SHARE-GAIN-APPREC> (0.26)
<PER-SHARE-DIVIDEND> (0.92)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.01)
<PER-SHARE-NAV-END> 14.07
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Scudder GNMA Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder GNMA Fund for the year ended March 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 GNMA 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 March 31, 1995.
This report is intended solely for the information and use of management of
Scudder GNMA Fund and the Securities and Exchange Commission.
/s/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
May 12, 1995
