<PAGE> PAGE 1
000 B000000 06/30/97
000 C000000 088048
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 SECURITIES TRUST
001 B000000 811-2021
001 C000000 6172952567
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
008 A00AA01 SCUDDER, STEVENS & CLARK, INC.
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
010 A00AA01 SCUDDER FUND ACCOUNTING CORP.
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02110
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS AND LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 50
<PAGE> PAGE 2
019 C00AA00 SCUDDERRRR
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001 187
020 A000002 WEEDEN
020 C000002 50
020 A000003 LADENBURG, THALMAN
020 C000003 35
020 A000004 SCHROEDER WERTHEIM & CO.
020 B000004 13-3255839
020 C000004 34
020 A000005 SOUND VIEW
020 C000005 31
020 A000006 DONALD LUFKIN
020 B000006 13-2741729
020 C000006 30
020 A000007 ALEX BROWN & SONS
020 C000007 30
020 A000008 NAT WEST INTERNATIONAL SECS
020 B000008 13-3255839
020 C000008 28
020 A000009 LEHMAN BROTHERS SECURITIES
020 B000009 13-2518466
020 C000009 24
020 A000010 SPEAR, LEED & KELLOG
020 B000010 13-5515160
020 C000010 21
021 000000 826
022 A000001 INSTINET
022 B000001 13-3443395
022 C000001 48849
022 D000001 78
022 A000002 GOLDMAN, SACHS & CO.
022 C000002 30789
022 D000002 50768
022 A000003 ALEX BROWN & SONS
022 C000003 34867
022 D000003 16935
022 A000004 MERRILL LYNCH
022 C000004 15601
022 D000004 32260
022 A000005 WESELS, ARNLD & HEND
022 C000005 17403
022 D000005 30325
022 A000006 MORGAN STANLEY
022 C000006 21687
022 D000006 23743
022 A000007 OPPENHEIMER
022 C000007 18177
022 D000007 20282
022 A000008 SMITH BARNEY SHEARSON
<PAGE> PAGE 3
022 C000008 7032
022 D000008 28546
022 A000009 ROBERTSON, STEPHENS & COMPANY
022 C000009 15098
022 D000009 18908
022 A000010 ROBERT W. BAIRD & CO. INC.
022 C000010 11615
022 D000010 20908
023 C000000 3155186
023 D000000 732102
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO. OF BURLINGTON, VT
080 B00AA00 NATIONAL UNION FIRE INS. CO. OF PITTSBURGH
080 C00AA00 60000
081 B00AA00 135
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
015 A000101 WESTPAC BANKING CORPORATION
015 B000101 S
015 C010101 SIDNEY
015 D010101 AUSTRALIA
015 E040101 X
<PAGE> PAGE 4
015 A000102 GENERALE BANK
015 B000102 S
015 C010102 BRUSSELS
015 D010102 BELGIUM
015 E040102 X
015 A000103 GIROCREDIT BANK
015 B000103 S
015 C010103 VIENNA
015 D010103 AUSTRIA
015 E040103 X
015 A000104 CANADA TRUSTCO MORTGAGE COMPANY
015 B000104 S
015 C010104 TORONTO
015 D010104 CANADA
015 E040104 X
015 A000105 DEN DANSKE BANK
015 B000105 S
015 C010105 COPENHAGEN
015 D010105 DENMARK
015 E040105 X
015 A000106 MERITA BANK LIMITED
015 B000106 S
015 C010106 HELSINKI
015 D010106 FINLAND
015 E040106 X
015 A000107 BANQUE PARIBAS
015 B000107 S
015 C010107 PARIS
015 D010107 FRANCE
015 E040107 X
015 A000108 DRESDNER BANK
015 B000108 S
015 C010108 FRANKFURT
015 D010108 GERMANY
015 E040108 X
015 A000109 NATIONAL BANK OF GREECE
015 B000109 S
015 C010109 ATHENS
015 D010109 GREECE
015 E040109 X
015 A000110 STANDARD CHARTERED BANK
015 B000110 S
015 C010110 HONG KONG
015 D010110 HONG KONG
015 E040110 X
015 A000111 STANDARD CHARTERED BANK
015 B000111 S
015 C010111 JAKARTA
015 D010111 INDONESIA
015 E040111 X
015 A000112 BANK OF IRELAND
<PAGE> PAGE 5
015 B000112 S
015 C010112 DUBLIN
015 D010112 IRELAND
015 E040112 X
015 A000113 BANQUE PARIBAS
015 B000113 S
015 C010113 MILAN
015 D010113 ITALY
015 E040113 X
015 A000114 SUMITOMO TRUST & BANKING CO., LTD.
015 B000114 S
015 C010114 OSAKA
015 D010114 JAPAN
015 E040114 X
015 A000115 CITIBANK N.A., SEOUL
015 B000115 S
015 C010115 SEOUL
015 D010115 KOREA
015 E040115 X
015 A000116 STANDARD CHARTERED BANK
015 B000116 S
015 C010116 BERHAD
015 D010116 MALAYSIA
015 E040116 X
015 A000117 CITIBANK MEXICO, S.A.
015 B000117 S
015 C010117 MEXICO CITY
015 D010117 MEXICO
015 E040117 X
015 A000118 MEESPIERSON N.V.
015 B000118 S
015 C010118 AMSTERDAM
015 D010118 NETHERLANDS
015 E040118 X
015 A000119 ANZ BANKING GROUP LIMITED
015 B000119 S
015 C010119 WELLINGTON
015 D010119 NEW ZEALAND
015 E040119 X
015 A000120 CHRISTIANA BANK OG KREDITKASSE
015 B000120 S
015 C010120 OSLO
015 D010120 NORWAY
015 E040120 X
015 A000121 STANDARD CHARTERED BANK
015 B000121 S
015 C010121 MANILA
015 D010121 PHILIPPINES
015 E040121 X
015 A000122 BANCO COMMERCIAL PORTUGUES
015 B000122 S
<PAGE> PAGE 6
015 C010122 LISBON
015 D010122 PORTUGAL
015 E040122 X
015 A000123 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000123 S
015 C010123 SINGAPORE
015 D010123 SINGAPORE
015 E040123 X
015 A000124 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000124 S
015 C010124 JOHANNESBURG
015 D010124 SOUTH AFRICA
015 E040124 X
015 A000125 BANCO SANTANDER
015 B000125 S
015 C010125 MADRID
015 D010125 SPAIN
015 E040125 X
015 A000126 SKANDINAVISKA ENSKILDA BANKEN
015 B000126 S
015 C010126 STOCKHOLM
015 D010126 SWEDEN
015 E040126 X
015 A000127 UNION BANK OF SWITZERLAND
015 B000127 S
015 C010127 ZURICH
015 D010127 SWITZERLAND
015 E040127 X
015 A000128 STANDARD CHARTERED BANK
015 B000128 S
015 C010128 BANGKOK
015 D010128 THAILAND
015 E040128 X
015 A000129 STATE STREET BANK & TRUST COMPANY
015 B000129 S
015 C010129 LONDON
015 D010129 UNITED KINGDOM
015 E040129 X
015 A000130 CITIBANK N.A.
015 B000130 S
015 C010130 ISTANBUL
015 D010130 TURKEY
015 E040130 X
015 A000131 STATE STREET BANK & TRUST COMPANY
015 B000131 C
015 C010131 BOSTON
015 C020131 MA
015 C030131 02109
015 E020131 X
015 A000132 CITIBANK N.A.
015 B000132 S
<PAGE> PAGE 7
015 C010132 BUENOS AIRES
015 D010132 ARGENTINA
015 E040132 X
015 A000133 CITIBANK N.A.
015 B000133 S
015 C010133 SANTIAGO
015 D010133 CHILE
015 E040133 X
015 A000134 CITITRUST COLOMBIA SA SOCIEDAD FIDUCIARIA
015 B000134 S
015 C010134 COLOMBIA
015 D010134 COLOMBIA
015 E040134 X
015 A000135 CITIBANK BUDAPEST RT
015 B000135 S
015 C010135 BUDAPEST
015 D010135 HUNGARY
015 E040135 X
015 A000136 DEUTSCHE BANK AG
015 B000136 S
015 C010136 BOMBAY
015 D010136 INDIA
015 E040136 X
015 A000137 BANK HAPOALIM BM
015 B000137 S
015 C010137 TEL-AVIV
015 D010137 ISRAEL
015 E040137 X
015 A000138 DEUTSCHE BANK AG
015 B000138 S
015 C010138 KARACHI
015 D010138 PAKISTAN
015 E040138 X
015 A000139 CITIBANK N.A.
015 B000139 S
015 C010139 LIMA
015 D010139 PERU
015 E040139 X
015 A000140 CITIBANK POLAND S.A.
015 B000140 S
015 C010140 WARSAW
015 D010140 POLAND
015 E040140 X
015 A000141 THE HONG KONG & SHANGHAI BANKING CORP
015 B000141 S
015 C010141 COLOMBO
015 D010141 SRI LANKA
015 E040141 X
015 A000142 CENTRAL TRUST OF CHINA
015 B000142 S
015 C010142 TAIPEI
<PAGE> PAGE 8
015 D010142 TAIWAN
015 E040142 X
015 A000143 CITIBANK N.A.
015 B000143 S
015 C010143 MONTEVIDEO
015 D010143 URUGUAY
015 E040143 X
015 A000144 CITIBANK N.A.
015 B000144 S
015 C010144 CARACAS
015 D010144 VENEZUELA
015 E040144 X
015 A000145 THE FIRST NATIONAL BANK OF BOSTON
015 B000145 S
015 C010145 SAO PAULO
015 D010145 BRAZIL
015 E040145 X
015 A000146 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000146 S
015 C010146 GABORONE
015 D010146 BOTSWANA
015 E040146 X
015 A000147 HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000147 S
015 C010147 SHANGHAI
015 D010147 CHINA
015 E040147 X
015 A000148 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000148 S
015 C010148 PRAGUE
015 D010148 CZECH REPUBLIC
015 E040148 X
015 A000150 BARCLAYS BANK OF KENYA LIMITED
015 B000150 S
015 C010150 NAIROBI
015 D010150 KENYA
015 E040150 X
015 A000151 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000151 S
015 C010151 SLOVAKIA
015 D010151 SLOVAKIA
015 E040151 X
015 A000152 BARCLAYS BANK OF SWAZILAND LIMITED
015 B000152 S
015 C010152 SWAZILAND
015 D010152 SWAZILAND
015 E040152 X
015 A000153 BARCLAYS BANK OF ZAMBIA LIMITED
015 B000153 S
015 C010153 LUSAKA
015 D010153 ZAMBIA
<PAGE> PAGE 9
015 E040153 X
015 A000154 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000154 S
015 C010154 HARARE
015 D010154 ZIMBABWE
015 E040154 X
015 A000155 BARCLAYS BANK OF GHANA LIMITED
015 B000155 S
015 C010155 ACCRA
015 D010155 GHANA
015 E040155 X
015 A000156 BARCLAYS BANK PLC
015 B000156 S
015 C010156 NICOSIA
015 D010156 CYPRUS
015 E040156 X
015 A000157 STANDARD CHARTERED BANK
015 B000157 S
015 C010157 DHAKA
015 D010157 BANGLADESH
015 E040157 X
015 A000158 DELETE
024 000100 N
028 A010100 38162
028 A020100 0
028 A030100 0
028 A040100 47147
028 B010100 19305
028 B020100 0
028 B030100 0
028 B040100 47769
028 C010100 33541
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028 C040100 56535
028 D010100 27839
028 D020100 0
028 D030100 0
028 D040100 35415
028 E010100 57483
028 E020100 0
028 E030100 0
028 E040100 43791
028 F010100 33620
028 F020100 0
028 F030100 0
028 F040100 58810
028 G010100 209950
028 G020100 0
028 G030100 0
028 G040100 289467
<PAGE> PAGE 10
028 H000100 0
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
071 A000100 475012
071 B000100 -614142
071 C000100 909955
071 D000100 52
072 A000100 12
072 B000100 820
072 C000100 2335
072 D000100 0
072 E000100 0
072 F000100 8996
072 G000100 0
072 H000100 0
072 I000100 2728
072 J000100 249
072 K000100 0
072 L000100 281
072 M000100 45
072 N000100 58
072 O000100 0
072 P000100 22
072 Q000100 0
072 R000100 47
072 S000100 32
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 91
<PAGE> PAGE 11
072 X000100 12548
072 Y000100 0
072 Z000100 -9394
072AA000100 65675
072BB000100 0
072CC010100 0
072CC020100 110480
072DD010100 0
072DD020100 0
072EE000100 103801
073 A010100 0.0000
073 A020100 0.0000
073 B000100 4.4800
073 C000100 0.0000
074 A000100 2
074 B000100 0
074 C000100 0
074 D000100 2032
074 E000100 6560
074 F000100 851392
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 14121
074 K000100 0
074 L000100 1628
074 M000100 21
074 N000100 875756
074 O000100 5514
074 P000100 708
074 Q000100 0
074 R010100 4100
074 R020100 0
074 R030100 0
074 R040100 3870
074 S000100 0
074 T000100 861564
074 U010100 22081
074 U020100 0
074 V010100 39.02
074 V020100 0.00
074 W000100 0.0000
074 X000100 47919
074 Y000100 0
075 A000100 0
075 B000100 920820
076 000100 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE>6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Development Fund Annual Report for the fiscal year ended 6/30/97 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME>SCUDDER DEVELOPMENT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 592,829,168
<INVESTMENTS-AT-VALUE> 859,984,601
<RECEIVABLES> 15,748,788
<ASSETS-OTHER> 23,013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 875,756,402
<PAYABLE-FOR-SECURITIES> 5,513,810
<SENIOR-LONG-TERM-DEBT> 4,100,000
<OTHER-ITEMS-LIABILITIES> 4,578,453
<TOTAL-LIABILITIES> 14,192,263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 532,881,268
<SHARES-COMMON-STOCK> 22,081,273
<SHARES-COMMON-PRIOR> 22,833,256
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 61,527,637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 267,155,234
<NET-ASSETS> 861,564,139
<DIVIDEND-INCOME> 2,334,676
<INTEREST-INCOME> 820,442
<OTHER-INCOME> 0
<EXPENSES-NET> 12,549,131
<NET-INVESTMENT-INCOME> (9,394,013)
<REALIZED-GAINS-CURRENT> 65,674,991
<APPREC-INCREASE-CURRENT> (110,480,305)
<NET-CHANGE-FROM-OPS> (54,199,327)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (103,800,648)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,250,824
<NUMBER-OF-SHARES-REDEEMED> (14,416,022)
<SHARES-REINVESTED> 2,413,215
<NET-CHANGE-IN-ASSETS> (178,724,595)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 99,645,238
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,996,442
<INTEREST-EXPENSE> 21,879
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 920,820,034
<PER-SHARE-NAV-BEGIN> 45.56
<PER-SHARE-NII> (0.40)
<PER-SHARE-GAIN-APPREC> (1.66)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 39.02
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Securities Trust and the Shareholders of Scudder
Development Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Development Fund (the Fund) for the year ended
June 30, 1997, we considered the Fund's internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the Fund's financial
statements and financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on the control structure.
The management of Scudder Development 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 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 Fund's internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of June 30, 1997.
This report is intended solely for the information and use of
management of Scudder Development Fund and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
August 8, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International,
a limited liability association incorporated in Switzerland.
