<PAGE> PAGE 1
000 B000000 10/31/1999
000 C000000 832946
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SCUDDER MUTUAL FUNDS, INC.
001 B000000 811-5565
001 C000000 2123266200
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
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007 C010300 3
007 C010400 4
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007 C012500 25
007 C012600 26
007 C012700 27
<PAGE> PAGE 2
007 C012800 28
007 C012900 29
007 C013000 30
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
010 C04AA01 4103
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02110
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 \RICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 LIS SECURITIES, LLC
014 B00AA02 8-31022
014 A00AA03 INVESTORS BROKERAGE SERVICE, INC.
014 B00AA03 8-14989
014 A00AA04 ZURICH CAPITAL MARKETS SECURITIES, INC.
014 B00AA04 8-49827
014 A00AA05 KEMPER DISTRIBUTORS
014 B00AA05 8-47765
014 A00AA06 KEMPER DISTRIBUTORS, INC.
014 B00AA06 8-47765
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
<PAGE> PAGE 3
015 D01AA02 CHINA
015 E04AA02 X
015 A00AA03 BARCLAYS BANK OF GHANA LIMITED
015 B00AA03 S
015 C01AA03 ACCRA
015 D01AA03 GHANA
015 E04AA03 X
015 A00AA04 MERCHANT BANK (GHANA) LIMITED
015 B00AA04 S
015 C01AA04 ACCRA
015 D01AA04 GHANA
015 E04AA04 X
015 A00AA05 CITIBANK, N.A.
015 B00AA05 S
015 C01AA05 JAKARTA
015 D01AA05 INDONESIA
015 E04AA05 X
015 A00AA06 NATIONAL AUSTRALIA BANK LTD.
015 B00AA06 S
015 C01AA06 MELBOURNE
015 D01AA06 AUSTRALIA
015 E04AA06 X
015 A00AA07 CANADIAN IMPERIAL BANK OF COMMERCE
015 B00AA07 S
015 C01AA07 TORONTO
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 BANKBOSTON
015 B00AA08 S
015 C01AA08 SAO PAULO
015 D01AA08 BRAZIL
015 E04AA08 X
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
015 C01AA11 JOHANNESBURG
015 D01AA11 SOUTH AFRICA
015 E04AA11 X
015 A00AA12 CITIBANK, N.A.
015 B00AA12 S
015 C01AA12 LIMA
015 D01AA12 PERU
<PAGE> PAGE 4
015 E04AA12 X
015 A00AA13 CITIBANK, N.A.
015 B00AA13 S
015 C01AA13 MANILA
015 D01AA13 PHILIPPINES
015 E04AA13 X
015 A00AA14 MIDLAND BANK PLC
015 B00AA14 S
015 C01AA14 LONDON
015 D01AA14 UNITED KINGDOM
015 E04AA14 X
015 A00AA15 THE ROYAL BANK OF CANADA
015 B00AA15 S
015 C01AA15 TORONTO
015 D01AA15 CANADA
015 E04AA15 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 69
019 C00AA00 SCUDDERKEM
020 A000001 NESBIT/BURNS
020 B000001 13-2620737
020 C000001 123
020 A000002 WOOD GUNDY
020 B000002 13-5492430
020 C000002 69
020 A000003 CAZENOVE AND CO
020 B000003 94-1658752
020 C000003 39
020 A000004 WEEDEN
020 B000004 13-3364318
020 C000004 36
020 A000005 DOMINION SECURITIES LTD.
020 B000005 13-5033225
020 C000005 32
020 A000006 STATNDARD BANK
020 C000006 28
020 A000007 JAMES CAPEL
020 B000007 52-1348224
020 C000007 27
020 A000008 MERRILL LYNCH
020 B000008 13-5674085
020 C000008 26
020 A000009 WHEAT FIRST SECURITIES
020 C000009 25
020 A000010 GOLGMAN SACHS & CO.
020 B000010 13-5108880
020 C000010 24
021 000000 779
022 A000001 DONALDSON LUF & JEN FIXED INC.
022 B000001 13-2741729
<PAGE> PAGE 5
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022 D000001 0
022 A000002 FIRST CHICAGO CAPITAL MARKETS
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022 D000003 0
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 14994
022 D000004 662
022 A000005 CHASE MANHATTEN BANK
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022 C000005 4250
022 D000005 8650
022 A000006 LEHMAN BROTHERS SECURITIES
022 B000006 13-2518466
022 C000006 0
022 D000006 9992
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022 B000007 04-1867445
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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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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
075 A00AA00 0
075 B00AA00 115019
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077 A000000 Y
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077 Q010000 Y
077 Q020000 N
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078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMAPNY
080 B00AA00 NATIONAL UNION / CHUBB INSURANCE COMPANY
080 C00AA00 150000
081 A00AA00 N
081 B00AA00 0
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SIGNATURE JOHN MILLETTE
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Gold Fund Annual Report for the four month period ended October 31,1999 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> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 106,054,366
<INVESTMENTS-AT-VALUE> 118,860,381
<RECEIVABLES> 2,332,760
<ASSETS-OTHER> 680
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,193,821
<PAYABLE-FOR-SECURITIES> 3,989,060
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 915,343
<TOTAL-LIABILITIES> 4,904,403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,729,296
<SHARES-COMMON-STOCK> 17,269,141
<SHARES-COMMON-PRIOR> 20,470,266
<ACCUMULATED-NII-CURRENT> 1,191,886
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (96,433,884)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,802,120
<NET-ASSETS> 116,289,418
<DIVIDEND-INCOME> 1,726,164
<INTEREST-INCOME> 641,879
<OTHER-INCOME> 0
<EXPENSES-NET> 2,309,104
<NET-INVESTMENT-INCOME> 58,939
<REALIZED-GAINS-CURRENT> (5,180,473)
<APPREC-INCREASE-CURRENT> 11,324,886
<NET-CHANGE-FROM-OPS> 6,203,352
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 441,850,053
<NUMBER-OF-SHARES-REDEEMED> (462,160,899)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (20,310,846)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (88,948,850)
<OVERDISTRIB-NII-PRIOR> (464,510)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,150,027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,309,104
<AVERAGE-NET-ASSETS> 115,018,528
<PER-SHARE-NAV-BEGIN> 6.37
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.73
<EXPENSE-RATIO> 2.01
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Directors of Scudder Mutual Funds, Inc.:
In planning and performing our audit of the financial statements of Scudder Gold
Fund, a series of Scudder Mutual Funds, Inc., (the "Fund"), for the year ended
October 31, 1999, 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 to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the 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 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, errors 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 controls 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 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 for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than the specified
parties.
December 16, 1999
