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<PAGE> PAGE 2
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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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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Gold
Fund Annual Report for the fiscal year ended June 30,1998 and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Gold Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 145,675,474
<INVESTMENTS-AT-VALUE> 120,434,543
<RECEIVABLES> 12,140,393
<ASSETS-OTHER> 4,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,579,504
<PAYABLE-FOR-SECURITIES> 36,507
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411,452
<TOTAL-LIABILITIES> 447,959
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 227,339,148
<SHARES-COMMON-STOCK> 19,861,886
<SHARES-COMMON-PRIOR> 15,622,172
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,582,297)
<ACCUMULATED-NET-GAINS> (62,364,808)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (25,260,498)
<NET-ASSETS> 132,131,545
<DIVIDEND-INCOME> 1,027,084
<INTEREST-INCOME> 1,708,512
<OTHER-INCOME> 0
<EXPENSES-NET> 2,670,812
<NET-INVESTMENT-INCOME> 64,784
<REALIZED-GAINS-CURRENT> (50,731,480)
<APPREC-INCREASE-CURRENT> (12,911,654)
<NET-CHANGE-FROM-OPS> (63,578,350)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,264,120)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92,092,490
<NUMBER-OF-SHARES-REDEEMED> (88,135,714)
<SHARES-REINVESTED> 282,938
<NET-CHANGE-IN-ASSETS> (31,801,266)
<ACCUMULATED-NII-PRIOR> (13,939,198)
<ACCUMULATED-GAINS-PRIOR> (5,433,894)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,471,427
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,670,812
<AVERAGE-NET-ASSETS> 147,052,034
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (3.70)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.65
<EXPENSE-RATIO> 1.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PRICEWATERHOUSECOOPERS [LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Mutual Funds, Inc.:
In planning and performing our audit of the financial statements and
financial highlights (hereinafter referred to as "financial statements") of
Scudder Gold Fund, a series of Scudder Mutual Funds, Inc., for the year ended
June 30, 1998, we considered its internal control, including control activities
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 internal control.
The management of Scudder Gold Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements and financial
highlights for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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
operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of June 30, 1998.
This report is intended solely for the information and use of
management, the Board Directors of Scudder Mutual Funds, Inc. and the Securities
and Exchange Commission.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts PricewaterhouseCoopers LLP
August 19, 1998
