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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 Gold Fund Annual Report for the fiscal year ended June 30, 1997 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-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 173,118,449
<INVESTMENTS-AT-VALUE> 160,779,301
<RECEIVABLES> 8,567,779
<ASSETS-OTHER> 209,456
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,556,536
<PAYABLE-FOR-SECURITIES> 3,702,143
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,921,582
<TOTAL-LIABILITIES> 5,623,725
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,654,747
<SHARES-COMMON-STOCK> 15,622,172
<SHARES-COMMON-PRIOR> 11,273,441
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13,939,198)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,433,894)
<ACCUM-APPREC-OR-DEPREC> (12,348,844)
<NET-ASSETS> 163,932,811
<DIVIDEND-INCOME> 976,437
<INTEREST-INCOME> 922,521
<OTHER-INCOME> 0
<EXPENSES-NET> 3,112,383
<NET-INVESTMENT-INCOME> (1,213,425)
<REALIZED-GAINS-CURRENT> 8,272,276
<APPREC-INCREASE-CURRENT> (46,971,575)
<NET-CHANGE-FROM-OPS> (39,912,724)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32,213,271)
<DISTRIBUTIONS-OF-GAINS> (3,509,513)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,365,516
<NUMBER-OF-SHARES-REDEEMED> (32,418,488)
<SHARES-REINVESTED> 2,401,703
<NET-CHANGE-IN-ASSETS> (8,947,633)
<ACCUMULATED-NII-PRIOR> 4,078,347
<ACCUMULATED-GAINS-PRIOR> 1,707,488
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,948,814
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 194,406,319
<PER-SHARE-NAV-BEGIN> 15.34
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> (2.12)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.65)
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</TABLE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
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,
1997, we considered the Fund's internal control structure, including procedures
for safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the Fund's financial statements and
financial highlights and to comply with the requirements of Form N-SAR, not to
provide assurance on the 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 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 Fund's internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of June 30, 1997.
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 20, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International,
a limited liability association incorporated in Switzerland.
