<PAGE> PAGE 1
000 A000000 04/30/1999
000 C000000 832946
000 D000000 N
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000 F000000 Y
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001 A000000 SCUDDER MUTUAL FUNDS, INC.
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002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
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003 000000 N
004 000000 N
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007 C020100 SCUDDER GOLD FUND
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007 C010400 4
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007 C010700 7
007 C010800 8
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007 C011000 10
008 A00AA01 SCUDDER KEMPER INVESTMENTS
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
008 D04AA01 0010
010 A00AA01 SCUDDER FUND ACCOUNTING CORPORATION
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
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011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
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011 C02AA01 MA
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<PAGE> PAGE 2
011 C04AA01 4103
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02107
012 C04AA01 2291
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
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013 B03AA01 02109
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 GRUNTAL & CO., INC.
014 B00AA02 8-31022
014 A00AA03 GMS GROUP LLC (A GRUNTAL AFFILIATE)
014 B00AA03 8-23936
014 A00AA04 ZURICH CAPITAL MARKETS
014 B00AA04 8-49827
014 A00AA05 BANK HANDLOWY
014 B00AA05 8-24613
014 A00AA06 KEMPER DISTRIBUTORS, INC.
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015 A00AA01 STANDARD CHARTERED BANK
015 B00AA01 S
015 C01AA01 SHANGHAI
015 D01AA01 CHINA
015 E04AA01 X
015 A00AA02 STANDARD CHARTERED BANK
015 B00AA02 S
015 C01AA02 SHENZHEN
015 D01AA02 CHINA
015 E04AA02 X
015 A00AA03 BARCLAYS BANK OF GHANA LIMITED
015 B00AA03 S
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015 A00AA04 MERCHANT BANK (GHANA) LIMITED
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015 B00AA05 S
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015 D01AA05 INDONESIA
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015 B00AA06 S
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<PAGE> PAGE 3
015 D01AA06 AUSTRALIA
015 E04AA06 X
015 A00AA07 CANADIAN IMPERIAL BANK OF COMMERCE
015 B00AA07 S
015 C01AA07 TORONTO
015 D01AA07 CANADA
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015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
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015 A00AA09 CITIBANK, N.A.
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 CITIBANK MEXICO, S.A.
015 B00AA10 S
015 C01AA10 MEXICO CITY
015 D01AA10 MEXICO
015 E04AA10 X
015 A00AA11 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B00AA11 S
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015 D01AA11 SOUTH AFRICA
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015 A00AA12 CITIBANK, N.A.
015 B00AA12 S
015 C01AA12 LIMA
015 D01AA12 PERU
015 E04AA12 X
015 A00AA13 CITIBANK, N.A.
015 B00AA13 S
015 C01AA13 MANILA
015 D01AA13 PHILIPPINES
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015 A00AA14 MIDLAND BANK PLC
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018 00AA00 Y
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<PAGE> PAGE 4
020 A000001 WOO GUNDY
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020 A000003 JAMES CAPEL
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020 A000010 DOMINION SECURITIES LTD.
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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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SIGNATURE JOHN MILLETTE
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Gold Fund Semiannual Report for the 6 months ended 4/30/99 and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Gold Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 127,265,617
<INVESTMENTS-AT-VALUE> 149,077,004
<RECEIVABLES> 1,814,473
<ASSETS-OTHER> 1,752
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 150,893,229
<PAYABLE-FOR-SECURITIES> 19,969,981
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,272,403
<TOTAL-LIABILITIES> 26,242,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 201,577,791
<SHARES-COMMON-STOCK> 17,783,791
<SHARES-COMMON-PRIOR> 20,470,266
<ACCUMULATED-NII-CURRENT> (358,360)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (98,381,221)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,812,635
<NET-ASSETS> 124,650,845
<DIVIDEND-INCOME> 1,001,365
<INTEREST-INCOME> 279,748
<OTHER-INCOME> 0
<EXPENSES-NET> 1,174,963
<NET-INVESTMENT-INCOME> 106,150
<REALIZED-GAINS-CURRENT> (9,432,371)
<APPREC-INCREASE-CURRENT> 20,335,401
<NET-CHANGE-FROM-OPS> 11,009,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 233,325,947
<NUMBER-OF-SHARES-REDEEMED> (250,081,194)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5,746,067)
<ACCUMULATED-NII-PRIOR> (464,510)
<ACCUMULATED-GAINS-PRIOR> (88,948,850)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 572,421
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,174,963
<AVERAGE-NET-ASSETS> 115,481,395
<PER-SHARE-NAV-BEGIN> 6.37
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.63
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.01
<EXPENSE-RATIO> 2.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Stockholder Meeting Results
A Special Meeting of Stockholders (the "Meeting") of Scudder Gold Fund (the
"Fund") was held on December 15, 1998, at the office of Scudder Kemper
Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the
Meeting the following matters were voted upon by the shareholders (the resulting
votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with Scudder
Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,594,098 671,231 523,820 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
7,957,578 1,061,165 679,140 1,091,266
- --------------------------------------------------------------------------------
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
22 - Scudder Gold Fund
