<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 088063
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SCUDDER PORTFOLIO TRUST
001 B000000 811-42
001 C000000 6172952567
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
002 D020000 4103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SCUDDER INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 SCUDDER BALANCED FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 STANDARD CHARTERED BANK
015 B00AA02 S
015 C01AA02 DHAKA
015 D01AA02 BANGLADESH
<PAGE> PAGE 2
015 E04AA02 X
015 A00AA03 CITIBANK, N.A.
015 B00AA03 S
015 C01AA03 BUENOS AIRES
015 D01AA03 ARGENTINA
015 E04AA03 X
015 A00AA04 WESTPAC BANKING CORP.
015 B00AA04 S
015 C01AA04 SYDNEY
015 D01AA04 AUSTRALIA
015 E04AA04 X
015 A00AA05 GIROCREDIT BANK
015 B00AA05 S
015 C01AA05 VIENNA
015 D01AA05 AUSTRIA
015 E04AA05 X
015 A00AA06 GENERALE BANQUE
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA07 S
015 C01AA07 SAO PAULO
015 D01AA07 BRAZIL
015 E04AA07 X
015 A00AA08 CANADA TRUST CO. MORTGAGE COMPANY
015 B00AA08 S
015 C01AA08 TORONTO
015 D01AA08 CANADA
015 E04AA08 X
015 A00AA09 CITIBANK, N.A.
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA10 S
015 C01AA10 BOGOTA
015 D01AA10 COLOMBIA
015 E04AA10 X
015 A00AA11 DEN DANSKE BANK
015 B00AA11 S
015 C01AA11 COPENHAGEN
015 D01AA11 DENMARK
015 E04AA11 X
015 A00AA12 KANSALLIS-OSAKE PANKKI
015 B00AA12 S
015 C01AA12 HELSINKI
015 D01AA12 FINLAND
015 E04AA12 X
<PAGE> PAGE 3
015 A00AA13 BANQUE PARIBAS
015 B00AA13 S
015 C01AA13 PARIS
015 D01AA13 FRANCE
015 E04AA13 X
015 A00AA14 BERLINER HANDELS-UND FRANKFURTER BANK
015 B00AA14 S
015 C01AA14 FRANKFURT
015 D01AA14 GERMANY
015 E04AA14 X
015 A00AA15 NATIONAL BANK OF GREECE
015 B00AA15 S
015 C01AA15 ATHENS
015 D01AA15 GREECE
015 E04AA15 X
015 A00AA16 STANDARD CHARTERED BANK
015 B00AA16 S
015 C01AA16 HONG KONG
015 D01AA16 HONG KONG
015 E04AA16 X
015 A00AA17 HONG KONG AND SHANGHAI BANKING CO. LTD
015 B00AA17 S
015 C01AA17 BOMBAY
015 D01AA17 INDIA
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
015 B00AA18 S
015 C01AA18 JAKARTA
015 D01AA18 INDONESIA
015 E04AA18 X
015 A00AA19 BANK OF IRELAND
015 B00AA19 S
015 C01AA19 DUBLIN
015 D01AA19 IRELAND
015 E04AA19 X
015 A00AA20 MORGAN GUARANTY TRUST CO.
015 B00AA20 S
015 C01AA20 MILAN
015 D01AA20 ITALY
015 E04AA20 X
015 A00AA21 SUMITOMO TRUST & BANKING COMPANY
015 B00AA21 S
015 C01AA21 TOKYO
015 D01AA21 JAPAN
015 E04AA21 X
015 A00AA22 CITIBANK, N.A.
015 B00AA22 S
015 C01AA22 SEOUL
015 D01AA22 KOREA
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK
<PAGE> PAGE 4
015 B00AA23 S
015 C01AA23 KUALA LUMPUR
015 D01AA23 MALAYSIA
015 E04AA23 X
015 A00AA24 CITIBANK, N.A.
015 B00AA24 S
015 C01AA24 MEXICO CITY
015 D01AA24 MEXICO
015 E04AA24 X
015 A00AA25 MEES PIERSON N.V.
015 B00AA25 S
015 C01AA25 AMSTERDAM
015 D01AA25 NETHERLANDS
015 E04AA25 X
015 A00AA26 ANZ BANKING GROUP
015 B00AA26 S
015 C01AA26 WELLINGTON
015 D01AA26 NEW ZEALAND
015 E04AA26 X
015 A00AA27 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA27 S
015 C01AA27 OSLO
015 D01AA27 NORWAY
015 E04AA27 X
015 A00AA28 DEUTSCH BANK A.G.
015 B00AA28 S
015 C01AA28 KARACHI
015 D01AA28 PAKISTAN
015 E04AA28 X
015 A00AA29 STANDARD CHARTERED BANK
015 B00AA29 S
015 C01AA29 MANILA
015 D01AA29 PHILIPPINES
015 E04AA29 X
015 A00AA30 BANCO COMERCIAL PORTUGUES
015 B00AA30 S
015 C01AA30 LISBON
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015 A00AA31 THE DEVELOPMENT BANK OF SINGAPORE, LTD.
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<PAGE> PAGE 5
015 C01AA33 COLOMBO
015 D01AA33 SRI LANKA
015 E04AA33 X
015 A00AA34 SKANDINAVISKA ENSKILDA BANKEN
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<PAGE> PAGE 6
015 D01AA43 ISRAEL
015 E04AA43 X
015 A00AA44 CITIBANK, N.A. LIMA
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015 C01AA44 LIMA
015 D01AA44 PERU
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015 D01AA45 CHINA
015 E04AA45 X
015 A00AA46 STATE STREET LONDON LIMITED
015 B00AA46 S
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015 D01AA46 UNITED KINGDOM
015 E04AA46 X
015 A00AA47 BARCLAYS BANK OF BOTSWANA LIMITED
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015 C01AA47 GABORONE
015 D01AA47 BOTSWANA
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015 A00AA48 BARCLAYS BANK PLC
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015 C01AA48 NICOSIA
015 D01AA48 CYPRUS
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015 A00AA49 CESKOSLOVENSKA OBCHODNI BANKA
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015 C01AA49 PRAGUE
015 D01AA49 CZECH REPUBLIC
015 E04AA49 X
015 A00AA50 BARCLAYS BANK OF GHANA LIMITED
015 B00AA50 S
015 C01AA50 ACCRA
015 D01AA50 GHANA
015 E04AA50 X
015 A00AA51 BARCLAYS BANK OF KENYA LIMITED
015 B00AA51 S
015 C01AA51 NAIROBI
015 D01AA51 KENYA
015 E04AA51 X
015 A00AA52 CITIBANK POLAND S.A.
015 B00AA52 S
015 C01AA52 WARSAW
015 D01AA52 POLAND
015 E04AA52 X
015 A00AA53 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA53 S
015 C01AA53 JOHANNESBURG
015 D01AA53 SOUTH AFRICA
<PAGE> PAGE 7
015 E04AA53 X
015 A00AA54 BARCLAYS BANK OF SWAZILAND LIMITED
015 B00AA54 S
015 C01AA54 XXXXX
015 D01AA54 SWAZILAND
015 E04AA54 X
015 A00AA55 BARCLAYS BANK OF ZAMBIA LIMITED
015 B00AA55 S
015 C01AA55 LUSAKA
015 D01AA55 ZAMBIA
015 E04AA55 X
015 A00AA56 BARCLAYS BANK OF ZIMBABWE LIMITED
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015 C01AA56 HARARE
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018 00AA00 Y
019 A00AA00 Y
019 B00AA00 36
019 C00AA00 SCUDDERRRR
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020 A000002 BERNSTEIN SANFORD C. & CO. INC.
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020 A000003 BEAR, STEARNS & CO.
020 B000003 13-4946705
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020 A000007 ROBINSON HUMPHREY
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<PAGE> PAGE 8
022 D000002 0
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<PAGE> PAGE 9
077 Q010000 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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025 A000201 STATE STREET BOSTON CORP.
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
Exhibit 77(B)
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Portfolio Trust and
Shareholders of Scudder Income Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Income Fund (the Fund) for the year ended
December 31, 1994, 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 Income 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 December 31, 1994.
This report is intended solely for the information and use of
management of Scudder Income and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 8, 1995
Exhibit 77(B)
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Portfolio Trust and
Shareholders of Scudder Balanced Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Balanced Fund (the Fund) for the year ended
December 31, 1994, 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 Balanced 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 December 31, 1994.
This report is intended solely for the information and use of
management of Scudder Balanced Fund and the Securities and Exchange
Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 3, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Income Fund Annual Report for the fiscal year ended December 31,
1994 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 497,743,407
<INVESTMENTS-AT-VALUE> 481,481,734
<RECEIVABLES> 7,284,535
<ASSETS-OTHER> 5,359
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 488,771,628
<PAYABLE-FOR-SECURITIES> 23,251,563
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,291,666
<TOTAL-LIABILITIES> 25,543,229
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 491,905,989
<SHARES-COMMON-STOCK> 37,601,071
<SHARES-COMMON-PRIOR> 37,090,412
<ACCUMULATED-NII-CURRENT> 1,253,937
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,469,305)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,462,222)
<NET-ASSETS> 463,228,399
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,388,536
<OTHER-INCOME> 0
<EXPENSES-NET> 4,790,608
<NET-INVESTMENT-INCOME> 31,597,928
<REALIZED-GAINS-CURRENT> (11,342,040)
<APPREC-INCREASE-CURRENT> (44,189,052)
<NET-CHANGE-FROM-OPS> (23,933,164)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28,504,095
<DISTRIBUTIONS-OF-GAINS> 770,819
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,195,296
<NUMBER-OF-SHARES-REDEEMED> 12,636,325
<SHARES-REINVESTED> 1,951,688
<NET-CHANGE-IN-ASSETS> (45,431,418)
<ACCUMULATED-NII-PRIOR> 326,521
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (3,163,460)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,047,819
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,790,608
<AVERAGE-NET-ASSETS> 491,782,693
<PER-SHARE-NAV-BEGIN> 13.71
<PER-SHARE-NII> 0.84
<PER-SHARE-GAIN-APPREC> (1.45)
<PER-SHARE-DIVIDEND> 0.76
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.32
<EXPENSE-RATIO> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Balanced Fund Annual Report for the fiscal year ended December 31,
1994 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 68,192,759
<INVESTMENTS-AT-VALUE> 66,966,763
<RECEIVABLES> 347,954
<ASSETS-OTHER> 28,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,343,592
<PAYABLE-FOR-SECURITIES> 1,107,058
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204,283
<TOTAL-LIABILITIES> 1,311,341
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,883,558
<SHARES-COMMON-STOCK> 5,680,135
<SHARES-COMMON-PRIOR> 5,235,193
<ACCUMULATED-NII-CURRENT> (11,510)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (613,801)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,225,996)
<NET-ASSETS> 66,032,251
<DIVIDEND-INCOME> 938,465
<INTEREST-INCOME> 1,435,109
<OTHER-INCOME> 0
<EXPENSES-NET> 649,217
<NET-INVESTMENT-INCOME> 1,724,357
<REALIZED-GAINS-CURRENT> (401,176)
<APPREC-INCREASE-CURRENT> (2,937,217)
<NET-CHANGE-FROM-OPS> (1,614,036)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,678,241
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,976,188
<NUMBER-OF-SHARES-REDEEMED> 1,670,282
<SHARES-REINVESTED> 139,036
<NET-CHANGE-IN-ASSETS> 1,996,128
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (270,251)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 456,318
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 952,737
<AVERAGE-NET-ASSETS> 64,891,474
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> (0.60)
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.63
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
