<PAGE> PAGE 1
000 B000000 12/31/95
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001 A000000 SCUDDER PORTFOLIO TRUST
001 B000000 811-42
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002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
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002 D010000 02110
002 D020000 4103
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004 000000 N
005 000000 N
006 000000 N
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007 C020100 SCUDDER INCOME FUND
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007 C010400 4
007 C010500 5
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018 00AA00 Y
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019 C00AA00 SCUDDERRRR
020 A000001 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001 9
020 A000002 BEAR, STEARNS & CO.
020 B000002 13-4946705
020 C000002 7
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 5
020 A000004 SANFORD C. BERNSTEIN
<PAGE> PAGE 2
020 B000004 13-2625874
020 C000004 4
020 A000005 COWEN
020 B000005 13-5616116
020 C000005 4
020 A000006 SALOMON BROTHERS
020 B000006 13-3082694
020 C000006 4
020 A000007 OPPENHEIMER & CO.
020 B000007 13-2798343
020 C000007 4
020 A000008 SMITH, BARNEY, SHEARSON
020 C000008 3
020 A000009 ROBINSON-HUMPHREY
020 B000009 58-1472560
020 C000009 3
020 A000010 EXECUTION SVCS INC.
020 C000010 2
021 000000 99
022 A000001 HOUSEHOLD FINANCE SYSTEMS
022 B000001 11-6014375
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022 A000002 ASSOCIATES CORP OF NORTH AMERICA
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<PAGE> PAGE 3
022 B000009 13-2932996
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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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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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
Income Fund Annual Report for the fiscal year ended December 31, 1995 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-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 547,171,768
<INVESTMENTS-AT-VALUE> 571,792,364
<RECEIVABLES> 9,398,927
<ASSETS-OTHER> 6,011
<OTHER-ITEMS-ASSETS> 145,645
<TOTAL-ASSETS> 581,342,947
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,075,999
<TOTAL-LIABILITIES> 3,075,999
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 556,872,445
<SHARES-COMMON-STOCK> 42,499,531
<SHARES-COMMON-PRIOR> 37,601,071
<ACCUMULATED-NII-CURRENT> 968,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,500,948)
<ACCUM-APPREC-OR-DEPREC> 23,927,444
<NET-ASSETS> 578,266,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 38,149,074
<OTHER-INCOME> 0
<EXPENSES-NET> 5,131,978
<NET-INVESTMENT-INCOME> 33,017,096
<REALIZED-GAINS-CURRENT> 14,545,689
<APPREC-INCREASE-CURRENT> 40,389,666
<NET-CHANGE-FROM-OPS> 87,952,451
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,339,511)
<DISTRIBUTIONS-OF-GAINS> (3,540,849)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,192,844
<NUMBER-OF-SHARES-REDEEMED> (8,773,044)
<SHARES-REINVESTED> 2,478,660
<NET-CHANGE-IN-ASSETS> 115,038,549
<ACCUMULATED-NII-PRIOR> 1,253,937
<ACCUMULATED-GAINS-PRIOR> (13,469,305)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,207,423
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,131,978
<AVERAGE-NET-ASSETS> 520,216,579
<PER-SHARE-NAV-BEGIN> 12.32
<PER-SHARE-NII> 0.83
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> (0.86)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.61
<EXPENSE-RATIO> 0.99
<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, 1995 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-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 77,810,684
<INVESTMENTS-AT-VALUE> 89,489,349
<RECEIVABLES> 790,108
<ASSETS-OTHER> 19,275
<OTHER-ITEMS-ASSETS> 1,196
<TOTAL-ASSETS> 90,299,928
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,706
<TOTAL-LIABILITIES> 148,706
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,672,912
<SHARES-COMMON-STOCK> 6,386,156
<SHARES-COMMON-PRIOR> 5,680,135
<ACCUMULATED-NII-CURRENT> 52,550
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 745,847
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,679,913
<NET-ASSETS> 90,151,222
<DIVIDEND-INCOME> 799,877
<INTEREST-INCOME> 1,898,157
<OTHER-INCOME> 0
<EXPENSES-NET> 769,365
<NET-INVESTMENT-INCOME> 1,928,669
<REALIZED-GAINS-CURRENT> 2,899,315
<APPREC-INCREASE-CURRENT> 12,905,909
<NET-CHANGE-FROM-OPS> 17,733,893
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,901,397)
<DISTRIBUTIONS-OF-GAINS> (1,503,700)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,222,129
<NUMBER-OF-SHARES-REDEEMED> (1,757,803)
<SHARES-REINVESTED> 241,695
<NET-CHANGE-IN-ASSETS> 24,118,971
<ACCUMULATED-NII-PRIOR> (11,510)
<ACCUMULATED-GAINS-PRIOR> (613,801)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 540,296
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,078,242
<AVERAGE-NET-ASSETS> 76,897,199
<PER-SHARE-NAV-BEGIN> 11.63
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 2.74
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> (0.25)
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Portfolio Trust and
the Shareholders of Scudder Income Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Income Fund for the year ended December 31,
1995, 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 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, 1995.
This report is intended solely for the information and use of management of
Scudder Income Fund and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
February 7, 1996
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Portfolio Trust and
the Shareholders of Scudder Balanced Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Balanced Fund for the year ended December 31,
1995, 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 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, 1995.
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 2, 1996
EXHIBIT 77D
Change in investment policy:
- ----------------------------
Scudder Income Fund may not invest more than 10% of its total assets in
securities which are not readily marketable, the disposition of which is
restricted under Federal securities laws, or in repurchase agreements not
terminable within 7 days, and the Fund will not invest more than 10% of its
total assets in restricted securities.
Scudder Balanced Fund may not invest more than 10% of its total assets in
securities which are not readily marketable, the disposition of which is
restricted under Federal securities laws, or in repurchase agreements not
terminable within 7 days, and the Fund will not invest more than 10% of its
total assets in restricted securities.
