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<PAGE> PAGE 2
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
Coopers
& Lybrand
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Portfolio Trust and to 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,
1997, we considered its internal control, including controls over 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 Balanced 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, 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 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors 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, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1997.
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 9, 1998
Coopers
& Lybrand
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Portfolio Trust and to 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,
1997, we considered its internal control, including controls over 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 Income 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, 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 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors 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, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1997.
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 16, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Balanced Fund Annual Report for the period ended December 31, 1996 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER BALANCED FUND
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<GROSS-EXPENSE> 1,426,458
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<PER-SHARE-NAV-BEGIN> 14.12
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</TABLE>
<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, 1997 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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 667,133,974
<INVESTMENTS-AT-VALUE> 685,067,479
<RECEIVABLES> 12,412,311
<ASSETS-OTHER> 18,856
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 697,498,646
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,242,929
<TOTAL-LIABILITIES> 2,242,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 679,229,380
<SHARES-COMMON-STOCK> 51,662,855
<SHARES-COMMON-PRIOR> 43,994,954
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,907,168)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,933,505
<NET-ASSETS> 695,255,717
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 44,304,949
<OTHER-INCOME> 0
<EXPENSES-NET> 7,268,299
<NET-INVESTMENT-INCOME> 37,036,650
<REALIZED-GAINS-CURRENT> 706,605
<APPREC-INCREASE-CURRENT> 14,225,433
<NET-CHANGE-FROM-OPS> 51,968,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (37,423,384)
<DISTRIBUTIONS-OF-GAINS> (443,613)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,674,473
<NUMBER-OF-SHARES-REDEEMED> (16,539,592)
<SHARES-REINVESTED> 2,533,020
<NET-CHANGE-IN-ASSETS> 116,736,215
<ACCUMULATED-NII-PRIOR> 618,802
<ACCUMULATED-GAINS-PRIOR> (2,402,226)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,750,067
<INTEREST-EXPENSE> 5,612
<GROSS-EXPENSE> 7,268,299
<AVERAGE-NET-ASSETS> 617,120,001
<PER-SHARE-NAV-BEGIN> 13.15
<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> 0.31
<PER-SHARE-DIVIDEND> 1.79
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<PER-SHARE-NAV-END> 13.46
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
