<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 832946
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 SCUDDER MUTUAL FUNDS, INC.
001 B000000 811-5565
001 C000000 6179511848
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 SCUDDER GOLD FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
015 A00AA02 BANK OF DELAWARE
015 B00AA02 S
015 C01AA02 WILMINGTON
015 C02AA02 DE
015 C03AA02 19899
015 E01AA02 X
015 A00AA03 DELAWARE TRUST COMPANY
015 B00AA03 S
015 C01AA03 WILMINGTON
015 C02AA03 DE
015 C03AA03 19899
<PAGE> PAGE 2
015 E01AA03 X
015 A00AA04 RHODE ISLAND HOSPITAL TRUST NATIONAL BANK
015 B00AA04 S
015 C01AA04 PROVIDENCE
015 C02AA04 RI
015 C03AA04 02903
015 C04AA04 2449
015 E01AA04 X
015 A00AA05 WILMINGTON TRUST COMPANY
015 B00AA05 S
015 C01AA05 WILMINGTON
015 C02AA05 DE
015 C03AA05 19890
015 E01AA05 X
015 A00AA06 WESTPAC BANKING CORPORATION
015 B00AA06 S
015 C01AA06 SYDNEY
015 D01AA06 AUSTRALIA
015 E04AA06 X
015 A00AA07 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA07 S
015 C01AA07 TORONTO
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA08 S
015 C01AA08 JOHANNESBURG
015 D01AA08 SOUTH AFRICA
015 E04AA08 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 40
019 C00AA00 SCUDDERRRR
020 A000001 NESBITT BURNS SECURITIES
020 C000001 16
020 A000002 LOEWEN ONDAATJE
020 C000002 16
020 A000003 YORKTON SECS INC.
020 C000003 15
020 A000004 SG WARBURG & CO. INC.
020 C000004 15
020 A000005 WHALEN BELIEVAU & ASS.
020 C000005 11
020 A000006 BEAR, STEARNS & CO.
020 C000006 10
020 A000007 B.V. CAPITAL
020 C000007 8
020 A000008 FIRST MARATHON
020 C000008 8
020 A000009 LEVESQUE BEAUBIEN GEOFFRI
020 C000009 7
<PAGE> PAGE 3
020 A000010 GOEPEL SHEILDS
020 C000010 6
021 000000 161
022 A000001 UBS SECURITIES
022 C000001 23148
022 D000001 8028
022 A000002 FORD MOTOR CREDIT CORP
022 C000002 6985
022 D000002 6999
022 A000003 MERRILL LYNCH
022 C000003 10291
022 D000003 0
022 A000004 JP MORGAN SECURITIES
022 C000004 9759
022 D000004 0
022 A000005 BURNS NESBITT
022 C000005 4718
022 D000005 4154
022 A000006 GENERAL ELECTRIC CAPIT
022 C000006 6985
022 D000006 0
022 A000007 SG WARBURG & CO. INC.
022 C000007 2634
022 D000007 3498
022 A000008 J. ARON
022 C000008 6019
022 D000008 0
022 A000009 BEAR, STEARNS & CO.
022 C000009 2856
022 D000009 2356
022 A000010 B.V. CAPITAL
022 C000010 3848
022 D000010 1097
023 C000000 94973
023 D000000 46320
024 00AA00 N
028 A01AA00 33459
028 A02AA00 0
028 A03AA00 0
028 A04AA00 -18163
028 B01AA00 45982
028 B02AA00 0
028 B03AA00 0
028 B04AA00 -38652
028 C01AA00 27155
028 C02AA00 0
028 C03AA00 0
028 C04AA00 -17944
028 D01AA00 35783
028 D02AA00 0
028 D03AA00 0
<PAGE> PAGE 4
028 D04AA00 -22172
028 E01AA00 38600
028 E02AA00 0
028 E03AA00 0
028 E04AA00 -26915
028 F01AA00 15375
028 F02AA00 0
028 F03AA00 0
028 F04AA00 -57285
028 G01AA00 196354
028 G02AA00 0
028 G03AA00 0
028 G04AA00 -181131
028 H00AA00 0
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
071 A00AA00 38775
071 B00AA00 54944
071 C00AA00 130636
071 D00AA00 30
072 A00AA00 12
072 B00AA00 672
072 C00AA00 703
072 D00AA00 0
072 E00AA00 0
072 F00AA00 1545
072 G00AA00 0
072 H00AA00 0
072 I00AA00 357
072 J00AA00 150
072 K00AA00 0
072 L00AA00 64
072 M00AA00 29
072 N00AA00 47
072 O00AA00 0
<PAGE> PAGE 5
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 80
072 S00AA00 15
072 T00AA00 0
072 U00AA00 0
072 V00AA00 0
072 W00AA00 30
072 X00AA00 2317
072 Y00AA00 0
072 Z00AA00 -942
072AA00AA00 24235
072BB00AA00 0
072CC01AA00 21053
072CC02AA00 0
072DD01AA00 10004
072DD02AA00 0
072EE00AA00 5864
073 A01AA00 1.0800
073 A02AA00 0.0000
073 B00AA00 0.6300
073 C00AA00 0.0000
074 A00AA00 6
074 B00AA00 5248
074 C00AA00 0
074 D00AA00 6375
074 E00AA00 0
074 F00AA00 141972
074 G00AA00 0
074 H00AA00 0
074 I00AA00 23482
074 J00AA00 0
074 K00AA00 0
074 L00AA00 443
074 M00AA00 3
074 N00AA00 177529
074 O00AA00 2219
074 P00AA00 166
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 2264
074 S00AA00 0
074 T00AA00 172880
074 U01AA00 11273
074 U02AA00 0
074 V01AA00 15.34
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 14499
<PAGE> PAGE 6
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 154265
076 00AA00 0.00
077 A000000 Y
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 60000
081 A00AA00 Y
081 B00AA00 70
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Gold Fund Annual Report for the fiscal year ended June 30, 1996 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Gold Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> $142,453,714
<INVESTMENTS-AT-VALUE> $177,076,635
<RECEIVABLES> $443,439
<ASSETS-OTHER> $8,623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> $177,528,697
<PAYABLE-FOR-SECURITIES> $2,219,137
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $2,429,116
<TOTAL-LIABILITIES> $4,648,253
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $132,471,878
<SHARES-COMMON-STOCK> 11,273,441
<SHARES-COMMON-PRIOR> 9,826,603
<ACCUMULATED-NII-CURRENT> 4,078,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $1,707,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $34,622,731
<NET-ASSETS> $172,880,444
<DIVIDEND-INCOME> $703,326
<INTEREST-INCOME> $671,957
<OTHER-INCOME> 0
<EXPENSES-NET> $2,317,578
<NET-INVESTMENT-INCOME> ($942,295)
<REALIZED-GAINS-CURRENT> $24,235,298
<APPREC-INCREASE-CURRENT> $21,052,990
<NET-CHANGE-FROM-OPS> $44,345,993
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $10,004,029
<DISTRIBUTIONS-OF-GAINS> $5,863,581
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,651,785
<NUMBER-OF-SHARES-REDEEMED> (16,472,622)
<SHARES-REINVESTED> 1,267,675
<NET-CHANGE-IN-ASSETS> $46,469,754
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $399,396
<OVERDISTRIB-NII-PRIOR> ($3,028,694)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $1,545,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $2,317,578
<AVERAGE-NET-ASSETS> $154,265,431
<PER-SHARE-NAV-BEGIN> $12.86
<PER-SHARE-NII> ($0.09)
<PER-SHARE-GAIN-APPREC> $4.28
<PER-SHARE-DIVIDEND> ($1.08)
<PER-SHARE-DISTRIBUTIONS> ($0.63)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $15.34
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
COOPERS & LYBRAND
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Mutual Funds, Inc.,
and the Shareholders of Scudder Gold Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Gold Fund (the "Fund") for the year ended June
30, 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 Gold 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 June 30, 1996.
This report is intended solely for the information and use of management
of Scudder Gold Fund and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
August 16, 1996
