Filed electronically with the Securities and Exchange Commission
on March 27, 1997
File No. 2-36238
File No. 811-2021
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
----
Post-Effective Amendment No. 45
----
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 29
-----
Scudder Securities Trust
------------------------
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, MA 02110-4103
------------------------------------ ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (617) 295-2567
--------------
Thomas F. McDonough
Scudder, Stevens & Clark, Inc.
Two International Place, Boston MA 02110
----------------------------------------
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
immediately upon filing pursuant to paragraph (b)
--------
X on March ___, 1997 pursuant to paragraph (b)
--------
60 days after filing pursuant to paragraph (a)(i)
--------
on _______________ pursuant to paragraph (a)(i)
--------
75 days after filing pursuant to paragraph (a)(ii)
--------
on _______________ pursuant to paragraph (a)(ii) of Rule 485.
--------
The Registrant has filed a declaration registering an indefinite amount of
securities pursuant to Rule 24f-2 under the Investment Company Act of 1940, as
amended. The Registrant filed the notice required by Rule 24f-2 for its most
recent fiscal year on August 28, 1996.
<PAGE>
SCUDDER DEVELOPMENT FUND
CROSS-REFERENCE SHEET
Items Required By Form N-1A
---------------------------
PART A
- ------
<TABLE>
<CAPTION>
<S> <C> <C>
Item No. Item Caption Prospectus Caption
- -------- ------------ ------------------
1. Cover Page COVER PAGE
2. Synopsis EXPENSE INFORMATION
3. Condensed Financial FINANCIAL HIGHLIGHTS
Information
4. General Description of INVESTMENT OBJECTIVES AND POLICIES
Registrant WHY INVEST IN THE FUND?
ADDITIONAL INFORMATION ABOUT POLICIES AND
INVESTMENTS
FUND ORGANIZATION
5. Management of the Fund FINANCIAL HIGHLIGHTS
A MESSAGE FROM SCUDDER'S CHAIRMAN
FUND ORGANIZATION--Investment adviser, Transfer agent
SHAREHOLDER BENEFITS--A team approach to investing
TRUSTEES AND OFFICERS
5A. Management's Discussion of NOT APPLICABLE
Fund Performance
6. Capital Stock and Other DISTRIBUTION AND PERFORMANCE INFORMATION--Dividends
Securities and capital gains distributions
FUND ORGANIZATION
TRANSACTION INFORMATION--Tax information
SHAREHOLDER BENEFITS--SAIL(TM)--Scudder Automated
Information Line, Dividend reinvestment plan, T.D.D. service for the
hearing impaired
HOW TO CONTACT SCUDDER
7. Purchase of Securities FUND ORGANIZATION--Underwriter
Being Offered PURCHASES
TRANSACTION INFORMATION--Purchasing shares, Share price,
Processing time, Minimum balances, Third party transactions
SHAREHOLDER BENEFITS--Dividend reinvestment plan
SCUDDER TAX-ADVANTAGED RETIREMENT PLANS
INVESTMENT PRODUCTS AND SERVICES
8. Redemption or Repurchase EXCHANGES AND REDEMPTIONS
TRANSACTION INFORMATION--Redeeming shares, Tax
identification number, Minimum balances
9. Pending Legal NOT APPLICABLE
Proceedings
Cross Reference - Page 1
<PAGE>
PART B
- ------
Caption in Statement of
Item No. Item Caption Additional Information
- -------- ------------ ----------------------
10. Cover Page COVER PAGE
11. Table of Contents TABLE OF CONTENTS
12. General Information and FUND ORGANIZATION
History
13. Investment Objectives THE FUND'S INVESTMENT OBJECTIVE AND POLICIES
and Policies PORTFOLIO TRANSACTIONS--Brokerage Commissions,
Portfolio turnover
14. Management of the Fund INVESTMENT ADVISER
TRUSTEES AND OFFICERS
REMUNERATION
15. Control Persons and TRUSTEES AND OFFICERS
Principal Holders of
Securities
16. Investment Advisory and INVESTMENT ADVISER
Other Services DISTRIBUTOR
ADDITIONAL INFORMATION--Experts, Other Information
17. Brokerage Allocation PORTFOLIO TRANSACTIONS--Brokerage Commissions, Portfolio
and Other Practices Turnover
18. Capital Stock and FUND ORGANIZATION
Other Securities DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
19. Purchase, Redemption and PURCHASES
Pricing of Securities EXCHANGES AND REDEMPTIONS
Being Offered FEATURES AND SERVICES OFFERED BY THE FUND--Dividend
and Capital Gain Distribution Options
SPECIAL PLAN ACCOUNTS
NET ASSET VALUE
20. Tax Status DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
TAXES
21. Underwriters DISTRIBUTOR
22. Calculation of PERFORMANCE INFORMATION
Performance Data
23. Financial Statements FINANCIAL STATEMENTS
Cross Reference - Page 2
<PAGE>
SCUDDER SMALL COMPANY VALUE FUND
CROSS-REFERENCE SHEET
Items Required By Form N-1A
---------------------------
PART A
- ------
Item No. Item Caption Prospectus Caption
- -------- ------------ ------------------
1. Cover Page COVER PAGE
2. Synopsis EXPENSE INFORMATION
3. Condensed Financial FINANCIAL HIGHLIGHTS
Information
4. General Description of INVESTMENT OBJECTIVES AND POLICIES
Registrant WHY INVEST IN THE FUND?
ADDITIONAL INFORMATION ABOUT POLICIES AND
INVESTMENTS
FUND ORGANIZATION
5. Management of the Fund FINANCIAL HIGHLIGHTS
A MESSAGE FROM SCUDDER'S CHAIRMAN
FUND ORGANIZATION--Investment adviser, Transfer agent
SHAREHOLDER BENEFITS--A team approach to investing
TRUSTEES AND OFFICERS
5A. Management's Discussion of NOT APPLICABLE
Fund Performance
6. Capital Stock and Other DISTRIBUTION AND PERFORMANCE INFORMATION--Dividends
Securities and capital gains distributions
FUND ORGANIZATION
TRANSACTION INFORMATION--Tax information
SHAREHOLDER BENEFITS--SAIL(TM)--Scudder Automated
Information Line, Dividend reinvestment plan, T.D.D. service for the
hearing impaired
HOW TO CONTACT SCUDDER
7. Purchase of Securities FUND ORGANIZATION--Underwriter
Being Offered PURCHASES
TRANSACTION INFORMATION--Purchasing shares, Share price,
Processing time, Minimum balances, Third party transactions
SHAREHOLDER BENEFITS--Dividend reinvestment plan
SCUDDER TAX-ADVANTAGED RETIREMENT PLANS
INVESTMENT PRODUCTS AND SERVICES
8. Redemption or Repurchase EXCHANGES AND REDEMPTIONS
TRANSACTION INFORMATION--Redeeming shares, Tax
identification number, Minimum balances
9. Pending Legal NOT APPLICABLE
Proceedings
Cross Reference - Page 3
<PAGE>
PART B
- ------
Caption in Statement of
Item No. Item Caption Additional Information
- -------- ------------ ----------------------
10. Cover Page COVER PAGE
11. Table of Contents TABLE OF CONTENTS
12. General Information and FUND ORGANIZATION
History
13. Investment Objectives THE FUND'S INVESTMENT OBJECTIVE AND POLICIES
and Policies PORTFOLIO TRANSACTIONS--Brokerage Commissions,
Portfolio turnover
14. Management of the Fund INVESTMENT ADVISER
TRUSTEES AND OFFICERS
REMUNERATION
15. Control Persons and TRUSTEES AND OFFICERS
Principal Holders of
Securities
16. Investment Advisory and INVESTMENT ADVISER
Other Services DISTRIBUTOR
ADDITIONAL INFORMATION--Experts, Other Information
17. Brokerage Allocation PORTFOLIO TRANSACTIONS--Brokerage Commissions, Portfolio
and Other Practices Turnover
18. Capital Stock and FUND ORGANIZATION
Other Securities DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
19. Purchase, Redemption PURCHASES
and Pricing of Securities EXCHANGES AND REDEMPTIONS
Being Offered FEATURES AND SERVICES OFFERED BY THE FUND--Dividend
and Capital Gain Distribution Options
SPECIAL PLAN ACCOUNTS
NET ASSET VALUE
20. Tax Status DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
TAXES
21. Underwriters DISTRIBUTOR
22. Calculation of PERFORMANCE INFORMATION
Performance Data
23. Financial Statements FINANCIAL STATEMENTS
Cross Reference - Page 4
<PAGE>
SCUDDER MICRO CAP FUND
CROSS-REFERENCE SHEET
Items Required By Form N-1A
---------------------------
PART A
- ------
Item No. Item Caption Prospectus Caption
- -------- ------------ ------------------
1. Cover Page COVER PAGE
2. Synopsis EXPENSE INFORMATION
3. Condensed Financial NOT APPLICABLE
Information
4. General Description of INVESTMENT OBJECTIVE AND POLICIES
Registrant WHY INVEST IN THE FUND?
ADDITIONAL INFORMATION ABOUT POLICIES AND
INVESTMENTS
FUND ORGANIZATION
5. Management of the Fund A MESSAGE FROM SCUDDER'S CHAIRMAN
FUND ORGANIZATION--Investment adviser, Transfer agent
SHAREHOLDER BENEFITS--A team approach to investing
TRUSTEES AND OFFICERS
5A. Management's Discussion NOT APPLICABLE
of Fund Performance
6. Capital Stock and Other DISTRIBUTION AND PERFORMANCE INFORMATION--Dividends
Securities and capital gains distributions
FUND ORGANIZATION
TRANSACTION INFORMATION--Tax information
SHAREHOLDER BENEFITS--SAIL(TM)--Scudder Automated
Information Line, Dividend reinvestment plan, T.D.D. service for the
hearing impaired
HOW TO CONTACT SCUDDER
7. Purchase of Securities FUND ORGANIZATION--Underwriter
Being Offered PURCHASES
TRANSACTION INFORMATION--Purchasing shares, Share price,
Processing time, Minimum balances, Third party transactions
SHAREHOLDER BENEFITS--Dividend reinvestment plan
SCUDDER TAX-ADVANTAGED RETIREMENT PLANS
INVESTMENT PRODUCTS AND SERVICES
8. Redemption or Repurchase EXCHANGES AND REDEMPTIONS
TRANSACTION INFORMATION--Redeeming shares, Tax
identification number, Minimum balances
9. Pending Legal NOT APPLICABLE
Proceedings
Cross Reference - Page 5
<PAGE>
PART B
- ------
Caption in Statement of
Item No. Item Caption Additional Information
- -------- ------------ ----------------------
10. Cover Page COVER PAGE
11. Table of Contents TABLE OF CONTENTS
12. General Information and FUND ORGANIZATION
History
13. Investment Objectives THE FUND'S INVESTMENT OBJECTIVE AND POLICIES
and Policies PORTFOLIO TRANSACTIONS--Brokerage Commissions,
Portfolio turnover
14. Management of the Fund INVESTMENT ADVISER
TRUSTEES AND OFFICERS
REMUNERATION
15. Control Persons and TRUSTEES AND OFFICERS
Principal Holders of
Securities
16. Investment Advisory and INVESTMENT ADVISER
Other Services DISTRIBUTOR
ADDITIONAL INFORMATION--Experts, Other Information
17. Brokerage Allocation PORTFOLIO TRANSACTIONS--Brokerage Commissions, Portfolio
and Other Practices Turnover
18. Capital Stock and FUND ORGANIZATION
Other Securities DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
19. Purchase, Redemption and PURCHASES
Pricing of Securities EXCHANGES AND REDEMPTIONS
Being Offered FEATURES AND SERVICES OFFERED BY THE FUND--Dividend
and Capital Gain Distribution Options
SPECIAL PLAN ACCOUNTS
NET ASSET VALUE
20. Tax Status DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
TAXES
21. Underwriters DISTRIBUTOR
22. Calculation of PERFORMANCE INFORMATION
Performance Data
23. Financial Statements FINANCIAL STATEMENTS
Cross Reference - Page 6
<PAGE>
SCUDDER 21ST CENTURY GROWTH FUND
CROSS-REFERENCE SHEET
Items Required By Form N-1A
---------------------------
PART A
- ------
Item No. Item Caption Prospectus Caption
- -------- ------------ ------------------
1. Cover Page COVER PAGE
2. Synopsis EXPENSE INFORMATION
3. Condensed Financial NOT APPLICABLE
Information
4. General Description of INVESTMENT OBJECTIVE AND POLICIES
Registrant WHY INVEST IN THE FUND?
ADDITIONAL INFORMATION ABOUT POLICIES AND
INVESTMENTS
FUND ORGANIZATION
5. Management of the Fund A MESSAGE FROM SCUDDER'S CHAIRMAN
FUND ORGANIZATION--Investment adviser, Transfer agent
SHAREHOLDER BENEFITS--A team approach to investing
TRUSTEES AND OFFICERS
5A. Management's Discussion NOT APPLICABLE
of Fund Performance
6. Capital Stock and Other DISTRIBUTION AND PERFORMANCE INFORMATION--Dividends
Securities and capital gains distributions
FUND ORGANIZATION
TRANSACTION INFORMATION--Tax information
SHAREHOLDER BENEFITS--SAIL(TM)--Scudder Automated
Information Line, Dividend reinvestment plan, T.D.D. service for the
hearing impaired
HOW TO CONTACT SCUDDER
7. Purchase of Securities FUND ORGANIZATION--Underwriter
Being Offered PURCHASES
TRANSACTION INFORMATION--Purchasing shares, Share price,
Processing time, Minimum balances, Third party transactions
SHAREHOLDER BENEFITS--Dividend reinvestment plan
SCUDDER TAX-ADVANTAGED RETIREMENT PLANS
INVESTMENT PRODUCTS AND SERVICES
8. Redemption or EXCHANGES AND REDEMPTIONS
Repurchase TRANSACTION INFORMATION--Redeeming shares, Tax
identification number, Minimum balances
9. Pending Legal NOT APPLICABLE
Proceedings
Cross Reference - Page 7
<PAGE>
PART B
- ------
Caption in Statement of
Item No. Item Caption Additional Information
- -------- ------------ ----------------------
10. Cover Page COVER PAGE
11. Table of Contents TABLE OF CONTENTS
12. General Information and FUND ORGANIZATION
History
13. Investment Objectives THE FUND'S INVESTMENT OBJECTIVE AND POLICIES
and Policies PORTFOLIO TRANSACTIONS--Brokerage Commissions,
Portfolio turnover
14. Management of the Fund INVESTMENT ADVISER
TRUSTEES AND OFFICERS
REMUNERATION
15. Control Persons and TRUSTEES AND OFFICERS
Principal Holders of
Securities
16. Investment Advisory and INVESTMENT ADVISER
Other Services DISTRIBUTOR
ADDITIONAL INFORMATION--Experts, Other Information
17. Brokerage Allocation PORTFOLIO TRANSACTIONS--Brokerage Commissions, Portfolio Turnover
and Other Practices
18. Capital Stock and FUND ORGANIZATION
Other Securities DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
19. Purchase, Redemption and PURCHASES
Pricing of Securities EXCHANGES AND REDEMPTIONS
Being Offered FEATURES AND SERVICES OFFERED BY THE FUND--Dividend
and Capital Gain Distribution Options
SPECIAL PLAN ACCOUNTS
NET ASSET VALUE
20. Tax Status DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
TAXES
21. Underwriters DISTRIBUTOR
22. Calculation of PERFORMANCE INFORMATION
Performance Data
23. Financial Statements FINANCIAL STATEMENTS
</TABLE>
Cross Reference - Page 8
<PAGE>
Part A (the Prospectus for Scudder 21st Century Growth Fund)
------------------------------------------------------------
Part A of this Post-Effective Amendment No. 45 to the Registration Statement is
incorporated by reference in its entirety to the Scudder Securities Trust's
current Post-Effective Amendment No. 41 on Form N-1A filed on September 9, 1996
and to its definitive Rule 497(c) filing on September 24, 1996.
<PAGE>
Scudder 21st Century Growth Fund
Supplement to Prospectus
Dated September 9, 1996
The following table is to be inserted after the section entitled "Expense
information" on page 2.
The following table includes selected data for a share outstanding throughout
the period (a) and other performance information derived from the financial
statements. If you would like more detailed information concerning the Fund's
performance, a complete portfolio listing and financial statements are
available in the Fund's Semiannual Report dated February 28, 1997 and may be
obtained without charge by writing or calling Scudder Investor Services, Inc.
<TABLE>
<CAPTION>
For the Period
September 9, 1996
(commencement) of
operations) to
February 28, 1997
(Unaudited)
----------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period .................................................... $12.00
---------------------
Income from investment operations: ...................................................... (.05)
Net investment loss
Net realized and unrealized loss on investments ......................................... (.90)
---------------------
Total from investment operations ........................................................ (.95)
---------------------
Redemption fees (Note A) ................................................................ .01
---------------------
Net asset value, end of period .......................................................... $11.06
----------------------------------------------------------------------------------------------------------------
Total Return (%) (b) .................................................................... (7.83)(c)**
Ratios and Supplemental Data
Net assets, end of period ($ millions) .................................................. 14
Ratio of operating expenses, net to average daily net assets (%) ........................ 1.75*
Ratio of operating expenses before expense reductions, to average daily net assets (%)... 5.20*
Ratio of net investment income to average daily net assets (%) .......................... (.94)*
Portfolio turnover rate (%) ............................................................. 81.3*
Average commission rate paid ............................................................ $.0378
</TABLE>
(a) Based on monthly average shares outstanding during the period.
(b) Total return would have been lower had certain expenses not been reduced.
(c) Total return does not reflect the effect of the 1% redemption fee on shares
held less than one year.
* Annualized
** Not annualized
March 26, 1997
<PAGE>
Part B (the Statement of Additional Information for
---------------------------------------------------
Scudder 21st Century Growth Fund)
---------------------------------
Part B of this Post-Effective Amendment No. 45 to the Registration Statement is
incorporated by reference in its entirety to the Scudder Securities Trust's
current Post-Effective Amendment No. 41 on Form N-1A filed on September 9, 1996
and to its definitive Rule 497(c) filing on September 24,1996.
<PAGE>
SCUDDER SECURITIES TRUST
Supplement to the Statement of Additional Information dated September 9, 1996.
The following text replaces the text under "Financial Statements" on page 50.
FINANCIAL STATEMENTS
The financial statements and notes, including the investment portfolio of the
Fund, together with the Financial Highlights of Scudder 21st Century Growth Fund
are incorporated by reference and attached hereto, and are hereby deemed to be
part of the Statement of Additional Information.
<PAGE>
Investment Portfolio as of February 28, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal Market
Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
Repurchase Agreements 5.4%
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement with State Street Bank and Trust Company dated 2/28/97 at
5.31%, to be repurchased at $732,324 on 3/3/97, collateralized by a $730,000
U.S. Treasury Bond, 7.125%, 2/15/23 (Cost $732,000) ............................................... 732,000 732,000
Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stocks 94.6%
- ------------------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary 7.6%
Apparel & Shoes 0.5%
St. John Knits Inc. (Manufacturer of woman's clothing) .............................................. 1,600 65,600
------------
Department & Chain Stores 1.1%
Men's Wearhouse Inc.* (Discount retailer) ........................................................... 1,000 23,625
Renters Choice, Inc.* (Operator of rent-to-own stores offering home electronics,
appliances, furniture and accessories) ............................................................ 9,000 124,875
------------
148,500
------------
Hotels & Casinos 0.7%
Anchor Gaming* (Operator of gaming machines and casinos) ............................................ 3,100 96,100
------------
Recreational Products 1.7%
Family Golf Centers, Inc.* (Operator of golf-related recreational facilities) ....................... 8,600 236,500
------------
Specialty Retail 3.6%
Gadzooks, Inc.* (Specialty retailer of brand name casual apparel for teenagers) ..................... 10,000 245,000
Wilmar Industries, Inc.* (National distributor of repair and maintenance products
for the apartment housing market) ................................................................. 12,900 238,650
------------
483,650
------------
Consumer Staples 1.9%
Alcohol & Tobacco 0.4%
Robert Mondavi Corp. "A"* (Premium wine producer) ................................................... 1,400 57,400
------------
Food & Beverage 1.5%
Fletcher's Fine Foods Ltd.* (Pork producer) ......................................................... 13,300 147,963
Fresh America Corp.* (Integrated food distribution management company) .............................. 4,500 60,750
------------
208,713
------------
Health 22.7%
Biotechnology 6.0%
Alliance Pharmaceutical Corp.* (Developer of products for treatment of immune
system disorders, cancer, respiratory distress syndrome) .......................................... 9,500 118,750
ESC Medical Systems Ltd.* (Producer of devices for non-invasive treatment of
benign vascular lesions) .......................................................................... 7,600 260,300
</TABLE>
The accompanying notes are an integral part of the financial statements
7 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
<TABLE>
<CAPTION>
Market
Shares Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NABI, Inc.* (Leading biopharmaceutical company in development of products to
prevent and treat autoimmune and infectious diseases) ............................................. 11,200 107,800
Neoprobe Corp.* (Research and development of a system for diagnosis and treatment
of cancer) ........................................................................................ 18,600 319,688
Norland Medical Systems, Inc.* (Marketer of systems used in diagnosis of bone
disorders) ........................................................................................ 1,600 11,200
------------
817,738
------------
Health Industry Services 4.1%
IDX Systems Corp.* (Provider of health care information systems to physician
groups and academic medical centers) .............................................................. 8,200 258,300
Staff Buildings, Inc. "A"* (Provider of home health care services) .................................. 100,000 293,750
------------
552,050
------------
Hospital Management 1.7%
Karrington Health, Inc.* (Owner and operator of private pay assisted living
residences) ....................................................................................... 9,400 104,575
Sunrise Assisted Living, Inc.* (Provider of assisted living to the elderly) ......................... 4,600 128,800
------------
233,375
------------
Medical Supply & Specialty 4.6%
Biosource International, Inc.* (Supplier of immunological reagents and test
kits used in biomedical research) ................................................................. 15,600 126,750
Endosonics Corp.* (Manufacturer of imaging catheters) ............................................... 9,500 108,063
PLC Systems Inc.* (Developer, manufacturer and marketer of medical laser systems) ................... 10,900 234,350
Perclose, Inc.* (Developer and producer of minimally invasive single-use systems
to close arterial access sites surgically) ........................................................ 6,000 146,250
------------
615,413
------------
Pharmaceuticals 6.3%
Agouron Pharmaceuticals, Inc.* (Developer of therapeutic and synthetic drugs for
treatment of cancer and other diseases) .......................................................... 1,400 123,200
Alkermes, Inc.* (Pharmaceutical company developing products to aid treatment of
central nervous system) ........................................................................... 5,800 144,275
Cyanotech Corp.* (Producer of algal products for nutritional and pharmaceutical
markets) .......................................................................................... 18,700 119,213
North American Vaccine, Inc.* (Developer of immunological products) ................................. 4,900 110,863
Noven Pharmaceuticals, Inc.* (Transdermal drug delivery systems) .................................... 8,800 118,800
SciClone Pharmaceuticals, Inc.* (Developer of pharmaceuticals for infectious
diseases, cancer and immune system disorders) ..................................................... 15,000 101,250
Sugen, Inc.* (Developer of small molecule drugs for use in cancer and diabetes
treatment) ........................................................................................ 10,400 132,600
------------
850,201
------------
Communications 1.0%
Cellular Telephone
CommNet Cellular, Inc.* (Management, maintenance and financing of cellular
telephone systems throughout the United States) ................................................... 5,100 130,050
------------
</TABLE>
The accompanying notes are an integral part of the financial statements
8 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
<TABLE>
<CAPTION>
Market
Shares Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial 10.6%
Banks 5.7%
Corus Bankshares, Inc. (Commercial bank holding company) ............................................ 3,700 127,650
First Federal Financial Corp.* (Commercial bank holding company) .................................... 5,600 145,600
Jefferson Bankshares Inc. (Commercial bank) ......................................................... 4,600 134,550
Magna Group, Inc. (Commercial banking and financial services) ....................................... 7,600 242,250
Southwest Bancorporation of Texas, Inc.* (Commercial bank holding company) .......................... 6,700 128,975
------------
779,025
------------
Insurance 4.9%
CapMAC Holdings Inc. (Provider of financial guaranty insurance) ..................................... 8,000 262,000
Compdent Corp.* (Provider of dental coverage in the managed dental care industry) ................... 4,700 141,588
Meadowbrook Insurance Group. Inc. (Insurance holding company) ....................................... 11,800 253,700
------------
657,288
------------
Media 3.1%
Advertising 1.9%
Universal Outdoor Holdings, Inc.* (Outdoor advertising company) ..................................... 9,400 253,800
------------
Broadcasting & Entertainment 1.2%
International Family Entertainment, Inc. "B"* (Production and distribution of
entertainment programming) ........................................................................ 8,700 166,388
------------
Service Industries 13.5%
EDP Services 3.9%
Analysts International Corp. (Contract programming and software services) ........................... 11,400 307,800
CCC Information Services Group* (Computerized data management software and systems
for auto collision estimates for insurers and repair shops) ....................................... 6,500 94,250
Computer Horizons Corp.* (Diversified information technology services and solutions) ................ 4,600 119,600
------------
521,650
------------
Environmental Services 0.2%
Commodore Applied Technologies, Inc.* (Developer of environmental technologies) ..................... 3,900 24,131
------------
Miscellaneous Commercial Services 9.4%
Alternative Resources Corp.* (Provider of technical personnel specializing in
information services) ............................................................................. 14,900 229,088
CMG Information Services, Inc.* (Developer of information-based products and
services for direct marketing) .................................................................... 16,600 219,950
Cornell Corrections, Inc.* (Developer and operator of correctional, detention
and pre-release facilities) ....................................................................... 10,500 111,563
G & K Services Inc. "A" (Uniform rentals) ........................................................... 7,700 249,288
National Processing, Inc.* (Low-cost, high-volume card and check transaction
processing) ....................................................................................... 6,300 68,513
</TABLE>
The accompanying notes are an integral part of the financial statements
9 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
<TABLE>
<CAPTION>
Market
Shares Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
RTW, Inc.* (Provider of comprehensive managed care products and services for
workers' compensation programs) ................................................................... 5,300 47,700
Sitel Corp.* (Nebraska-based telemarketing company for major credit-card and
insurance companies) .............................................................................. 12,800 212,800
Veterinary Centers of America, Inc.* (Owner and manager of veterinary hospitals) .................... 12,400 131,750
------------
1,270,652
------------
Durables 2.6%
Automobiles 1.8%
Tower Automotive, Inc.* (Producer of engineered metal stampings and assemblies
for automotive industry) .......................................................................... 6,300 241,763
------------
Telecommunications Equipment 0.8%
AML Communications, Inc.* (Manufacturer of amplifiers and related products for
communications markets) ........................................................................... 12,300 110,700
------------
Manufacturing 6.9%
Containers & Paper 1.1%
Aptargroup, Inc. (Manufacturer of packaging equipment components) ................................... 3,600 143,100
------------
Diversified Manufacturing 0.4%
Alyn Corp.* (Manufacturer of consumer and industrial materials) ..................................... 5,400 50,625
------------
Electrical Products 1.9%
Advanced Lighting Technologies, Inc.* (Manufacturer of metal halide lighting
products) ......................................................................................... 11,400 259,350
------------
Industrial Specialty 3.5%
Lydall, Inc.* (Engineered fiber materials) .......................................................... 5,500 123,750
National-Oilwell, Inc.* (Manufacturer of oil and gas drilling equipment) ............................ 5,600 172,200
Thermo Fibergen Inc.* (Recovery equipment for recycling pulp and paper residue) ..................... 15,800 165,900
Thermo Fibergen Inc. Rights* ........................................................................ 6,400 18,400
------------
480,250
------------
Technology 16.7%
Computer Software 9.4%
Advent Software, Inc.* (Provider of stand-alone and client/server software
products) ......................................................................................... 3,300 75,900
Aurum Software, Inc.* (Developer of sales and marketing information software) ....................... 5,200 95,550
Avant! Corp.* (Developer and marketer of integrated circuit design automation
software) ......................................................................................... 2,900 88,450
CBT Group PLC (ADR)* (Developer and publisher of software focusing on client/server
technologies) ..................................................................................... 3,800 207,100
Keane, Inc.* (Provider of computer software project management and design
development services) ............................................................................. 7,700 271,425
Project Software & Development, Inc.* (Developer of software used for management
of equipment maintenance) ......................................................................... 2,700 95,850
</TABLE>
The accompanying notes are an integral part of the financial statements
10 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
<TABLE>
<CAPTION>
Market
Shares Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Pure Atria Corp.* (Developer of diagnostic and testing products for managing
software projects) ................................................................................ 5,800 111,288
Technology Modeling Associates, Inc.* (Physical simulation software for
integrated circuit design and manufacturing) ...................................................... 7,200 108,000
Vantive Corp.* (Provider of customer interaction applications software) ............................. 9,500 211,375
------------
1,264,938
------------
EDP Peripherals 0.7%
Network Appliance, Inc.* (Designer and manufacturer of network data storage devices) ................ 2,300 92,000
Electronic Components/Distributors 2.2%
Rofin-Sinar Technologies Inc.* (Manufacturer of laser products use for cutting
and welding) ...................................................................................... 10,000 140,000
Trident International, Inc.* (Manufacturer of impulse ink jet subsystems) ........................... 6,900 156,975
------------
296,975
------------
Office/Plant Automation 1.8%
Cognex Corp.* (Manufacturer of machine vision systems) .............................................. 13,600 246,500
------------
Semiconductors 2.6%
Cymer, Inc.* (Provider of laser illumination sources for ultra-violet
photolithography systems) ......................................................................... 2,800 103,250
ESS Technology, Inc.* (Producer of mixed signal semiconductor audio solutions
for multimedia desktop and notebook computer manufacturers) ....................................... 4,900 128,931
Vitesse Semiconductor Corp.* (Manufacturer of digital integrated circuits) .......................... 3,000 125,806
------------
357,987
------------
Energy 4.2%
Oil & Gas Production 3.4%
Benton Oil & Gas Co.* (Oil and gas exploration, development and production) ......................... 7,800 118,950
Lomak Petroleum, Inc. (Exploration and development of oil and gas properties) ....................... 7,200 115,200
Nuevo Energy Co.* (Oil and gas exploration, development and production) ............................. 5,600 232,400
------------
466,550
------------
Oilfield Services/Equipment 0.8%
Global Industries Ltd.* (Pipeline construction, derrick and diving services for
offshore oil and gas industry) .................................................................... 6,200 113,150
------------
Metals & Minerals 0.8%
Steel & Metals
RMI Titanium Co.* (Producer of titanium products) ................................................... 6,000 108,000
------------
Construction 2.0%
Building Materials
Simpson Manufacturing Co., Inc.* (Manufacturer of wood-to-wood, wood-to-concrete
and wood-to-masonry connectors) ................................................................... 10,400 265,200
------------
</TABLE>
The accompanying notes are an integral part of the financial statements
11 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
<TABLE>
<CAPTION>
Market
Shares Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Transportation 1.0%
Marine Transportation
Trico Marine Services, Inc.* (Provider of marine support services for offshore oil
and gas exploration and production operations) ...................................................... 3,300 133,650
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (Cost $13,465,754) 12,798,962
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investment Portfolio - 100.0% (Cost $14,197,754) (a) 13,530,962
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Non-income producing security.
(a) The cost for federal income tax purposes was $14,197,754. At February 28,
1997, net unrealized depreciation for all securities based on tax cost was
$666,792. This consisted of aggregate gross unrealized appreciation for all
securities in which there was an excess of market value over tax cost of
$639,976 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over market value of $1,306,768.
The accompanying notes are an integral part of the financial statements
12 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
Financial Statements
Statement of Assets and Liabilities
as of February 28, 1997 (Unaudited)
<TABLE>
<CAPTION>
Assets
----------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investments, at market (identified cost $14,197,754) (Note A) ........ $ 13,530,962
Cash ................................................................. 781
Receivable for Investments sold ...................................... 446,914
Receivable for Fund shares sold ...................................... 67,796
Dividends and interest receivable .................................... 2,008
Due from Adviser (Note C) ............................................ 127,858
Deferred organization expenses (Note A) .............................. 22,034
----------------
Total assets ......................................................... 14,198,353
Liabilities
----------------------------------------------------------------------------------------------------------------------------
Payable for investments purchased .................................... 302,503
Payable for Fund shares redeemed ..................................... 12,731
Accrued management fee (Note C) ...................................... 37,719
Other accrued expenses (Note C) ...................................... 157,827
----------------
Total liabilities .................................................... 510,780
-------------------------------------------------------------------------------------------
Net assets, at market value $ 13,687,573
-------------------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------------------------------------------------
Net assets consist of:
Accumulated net investment loss ...................................... (34,937)
Unrealized depreciation on investments ............................... (666,792)
Accumulated net realized loss ........................................ (506,931)
Paid-in capital ...................................................... 14,896,233
-------------------------------------------------------------------------------------------
Net assets, at market value $ 13,687,573
-------------------------------------------------------------------------------------------
Net Asset Value
----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, offering and redemption price (Note A) per share
($13,687,573 / 1,237,706 outstanding shares of beneficial interest, ----------------
$.01 par value, unlimited number of shares authorized) ............... $11.06
----------------
</TABLE>
The accompanying notes are an integral part of the financial statements
13 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
Statement of Operations
for the period September 9, 1996 (commencement
of operations) to February 28, 1997 (Unaudited)
<TABLE>
<CAPTION>
Investment Income
------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Income:
Dividends ............................................................ $ 4,799
Interest ............................................................. 25,257
-----------------
30,056
Expenses:
Management fee (Note C) .............................................. 37,719
Services to shareholders (Note C) .................................... 43,979
Custodian and accounting fees (Note C) ............................... 35,967
Trustees' fees and expenses (Note C) ................................. 11,893
Auditing ............................................................. 12,150
Registration fees .................................................... 20,728
Reports to shareholders .............................................. 16,861
Legal ................................................................ 6,261
Amortization of organization expense (Note A) ........................ 2,306
Other ................................................................ 4,987
-----------------
Total expenses before reductions ..................................... 192,851
Expense reductions (Note C) .......................................... (127,858)
-----------------
Expenses, net ........................................................ 64,993
--------------------------------------------------------------------------------------------
Net investment loss (34,937)
--------------------------------------------------------------------------------------------
Realized and unrealized loss on investment transactions
------------------------------------------------------------------------------------------------------------------------------
Net realized loss from investments ................................... (506,931)
Net unrealized depreciation during the period on investments ......... (666,792)
--------------------------------------------------------------------------------------------
Net loss on investment transactions (1,173,723)
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (1,208,660)
--------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements
14 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the Period
September 9, 1996
(commencement of
operations) to
February 28, 1997
Increase (Decrease) in Net Assets (Unaudited)
-----------------------------------------------------------------------------------------------------------
<S> <C>
Operations:
Net investment loss ............................................... $ (34,937)
Net realized loss from investment transactions .................... (506,931)
Net unrealized depreciation on investment transactions during
the period ........................................................ (666,792)
---------------------
Net decrease in net assets resulting from operations .............. (1,208,660)
---------------------
Fund share transactions:
Proceeds from shares sold ......................................... 15,725,168
Cost of shares redeemed ........................................... (835,991)
Redemption fees (Note A) .......................................... 5,856
---------------------
Net increase in net assets from Fund share transactions ........... 14,895,033
---------------------
Increase in net assets ............................................ 13,686,373
Net assets at beginning of period ................................. 1,200
Net assets at end of period (including accumulated net ---------------------
investment loss of $34,937) ....................................... $13,687,573
---------------------
Other information
-----------------------------------------------------------------------------------------------------------
Increase (decrease) in Fund shares
Shares outstanding at beginning of period ......................... 100
---------------------
Shares sold ....................................................... 1,308,988
Shares redeemed ................................................... (71,382)
---------------------
Net increase in Fund shares ....................................... 1,237,606
---------------------
Shares outstanding at end of period ............................... 1,237,706
---------------------
</TABLE>
The accompanying notes are an integral part of the financial statements
15 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
Financial Highlights
Letter From the Fund's President
The following table includes selected data for a share outstanding throughout
the period (a) and other performance information derived from the financial
statements.
<TABLE>
<CAPTION>
For the Period
September 9, 1996
(commencement) of
operations) to
February 28, 1997
(Unaudited)
----------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period .................................................... $12.00
---------------------
Income from investment operations: ...................................................... (.05)
Net investment loss
Net realized and unrealized loss on investments ......................................... (.90)
---------------------
Total from investment operations ........................................................ (.95)
---------------------
Redemption fees (Note A) ................................................................ .01
---------------------
Net asset value, end of period .......................................................... $11.06
----------------------------------------------------------------------------------------------------------------
Total Return (%) (b) .................................................................... (7.83)(c)**
Ratios and Supplemental Data
Net assets, end of period ($ millions) .................................................. 14
Ratio of operating expenses, net to average daily net assets (%) ........................ 1.75*
Ratio of operating expenses before expense reductions, to average daily net assets (%)... 5.20*
Ratio of net investment income to average daily net assets (%) .......................... (.94)*
Portfolio turnover rate (%) ............................................................. 81.3*
Average commission rate paid ............................................................ $.0378
</TABLE>
(a) Based on monthly average shares outstanding during the period.
(b) Total return would have been lower had certain expenses not been reduced.
(c) Total return does not reflect the effect of the 1% redemption fee on shares
held less than one year.
* Annualized
** Not annualized
16 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
Notes to Financial Statements (Unaudited)
A. Significant Accounting Policies
Scudder 21st Century Growth Fund (the "Fund") is a diversified series of Scudder
Securities Trust, a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which require the use of management estimates.
The policies described below are followed by the Fund in the preparation of its
financial statements.
Security Valuation. Portfolio securities which are traded on U.S. or foreign
stock exchanges are valued at the most recent sale price reported on the
exchange on which the security is traded most extensively. If no sale occurred,
the security is then valued at the calculated mean between the most recent bid
and asked quotations. If there are no such bid and asked quotations, the most
recent bid quotation is used. Securities quoted on the National Association of
Securities Dealers Automatic Quotation ("NASDAQ") System, for which there have
been sales, are valued at the most recent sale price reported on such system. If
there are no such sales, the value is the high or "inside" bid quotation.
Securities which are not quoted on the NASDAQ System but are traded in another
over-the-counter market are valued at the most recent sale price on such market.
If no sale occurred, the security is then valued at the calculated mean between
the most recent bid and asked quotations. If there are no such bid and asked
quotations the most recent bid quotation shall be used. Short-term investments
having a maturity of sixty days or less are valued at amortized cost.
All other securities are valued at their fair value as determined in good faith
by the Valuation Committee of the Board of Trustees.
Repurchase Agreements. The Fund may enter into repurchase agreements with
certain banks and broker/dealers whereby the Fund, through its custodian,
receives delivery of the underlying securities, the amount of which at the time
of purchase and each subsequent business day is required to be maintained at
such a level that the market value, depending on the maturity of the repurchase
agreement, is equal to at least 100.5% of the resale price.
Federal Income Taxes. The Fund's policy is to comply with the requirements of
the Internal Revenue Code which are applicable to regulated investment companies
and to distribute all of its taxable income to its shareholders. Accordingly,
the Fund paid no federal income taxes and no federal income tax provision was
required.
Redemption Fees. In general, shares of the Fund may be redeemed at net asset
value. However, upon the redemption or exchange of shares held by shareholders
for less than one year, a fee of 1% of the current net asset value of the shares
will be assessed and retained by the Fund for the benefit of the remaining
shareholders. The redemption fee is accounted for as an addition to paid-in
capital.
Distribution of Income and Gains. Distributions of net investment income, if
any, are made annually. During any particular year net realized gains from
investment transactions, in excess of available capital loss carryforwards,
would be taxable to the Fund if not distributed and, therefore, will be
distributed to shareholders annually. An additional distribution may be made to
the extent necessary to avoid the payment of a four percent federal excise tax.
The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax regulations
which may differ from generally accepted accounting principles. As a result, net
investment income
17 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
(loss) and net realized gain (loss) on investment transactions for a reporting
period may differ significantly from distributions during such period.
Accordingly, the Fund may periodically make reclassifications among certain of
its capital accounts without impacting the net asset value of the Fund.
The Fund uses the identified cost method for determining realized gain or loss
on investments for both financial and federal income tax reporting purposes.
Organization Costs. Costs incurred by the Fund in connection with its
organization have been deferred and are being amortized on a straight-line basis
over a five-year period.
Other. Investment security transactions are accounted for on a trade-date basis.
Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis.
B. Purchases and Sales of Securities
During the period September 9, 1996 (commencement of operations) to February 28,
1997, purchases and sales of investment securities (excluding short-term
investments) aggregated $17,250,434 and $3,277,749, respectively.
C. Related Parties
Under the Fund's Investment Management Agreement (the "Agreement") with Scudder,
Stevens & Clark, Inc. (the "Adviser"), the Fund pays the Adviser a fee equal to
an annual rate of 1.00% of the Fund's average daily net assets, computed and
accrued daily and payable monthly. As manager of the assets of the Fund, the
Adviser directs the investments of the Fund in accordance with its investment
objective, policies, and restrictions. The Adviser determines the securities,
instruments and other contracts relating to investments to be purchased, sold or
entered into by the Fund. In addition to portfolio management services, the
Adviser provides certain administrative services in accordance with the
Agreement. The Agreement also provides that if the Fund's expenses, exclusive of
taxes, interest, and extraordinary expenses, exceed specified limits, such
excess, up to the amount of the management fee, will be paid by the Adviser. In
addition, the Adviser has agreed not to impose all or a portion of the Fund's
management fee until August 31, 1997 in order to maintain the annualized
expenses of the Fund at not more than 1.75% of average daily net assets. For the
period September 9, 1996 (commencement of operations) to February 28, 1997, the
Adviser did not impose any portion of its management fee amounting to $37,719.
Further, due to the limitations of such Agreement the Adviser also reimbursed
the Fund for other expenses, which amounted to $33,243. The Adviser's
reimbursement payable to the Fund for the period September 9, 1996 (commencement
of operations) to February 28, 1997 amounted to $127,858.
Scudder Service Corporation ("SSC"), a subsidiary of the Adviser, is the
transfer, dividend paying and shareholder service agent for the Fund. For the
period September 9, 1996 (commencement of operations) to February 28, 1997, SSC
did not impose all of its fee, which amounted to $36,645.
Scudder Trust Company ("STC"), a subsidiary of the Adviser, provides
recordkeeping and other services in connection with certain retirement and
employee benefit plans invested in the Fund. For the period September 9, 1996
(commencement of operations) to February 28, 1997, STC did not impose any
portion of its fee, which amounted to $876.
18 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
Scudder Fund Accounting Corporation ("SFAC"), a subsidiary of the Adviser, is
responsible for determining the daily net asset value per share and maintaining
the portfolio and general accounting records of the Fund. For the period
September 9, 1996 (commencement of operations) to February 28, 1997, SFAC did
not impose any portion of its fee, which amounted to $19,375.
The Fund pays each of its Trustees not affiliated with the Adviser $4,000
annually plus specified amounts for attended board and committee meetings. For
the period September 9, 1996 (commencement of operations) to February 28, 1997
the Trustees' fees and expenses aggregated $11,893.
19 -- SCUDDER 21ST CENTURY GROWTH FUND
<PAGE>
PART C. OTHER INFORMATION
<TABLE>
<CAPTION>
<S> <C>
Item 24. Financial Statements and Exhibits
- -------- ---------------------------------
a. Financial Statements
Included in Part A of this Registration Statement:
For Scudder Development Fund:
Financial highlights for the ten fiscal years ended June 30, 1996.
(Incorporated by reference to Post-Effective Amendment No. 43 to the Registration
Statement.)
For Scudder Small Company Value Fund:
Financial highlights for the period October 6, 1995 (commencement of operations)
to August 31, 1996.
(Incorporated by reference to Post-Effective Amendment No. 43 to the Registration
Statement.)
For Scudder Micro Cap Fund:
Financial highlights for the period August 12, 1996 (commencement of operations)
to August 31, 1996.
(Incorporated by reference to Post-Effective Amendment No. 44 to the Registration
Statement.)
For Scudder 21st Century Growth Fund:
Financial highlights for the period September 9, 1996 (commencement of
operations) to February 28, 1997.
Included in Part B of this Registration Statement:
For Scudder Development Fund:
Investment Portfolio as of June 30, 1996
Statement of Assets and Liabilities as of June 30, 1996
Statement of Operations for the fiscal year ended June 30, 1996
Statements of Changes in Net Assets for the two fiscal years ended June 30, 1996
Financial Highlights for the ten fiscal years ended June 30, 1996
Notes to Financial Statements
Report of Independent Accountants
(Incorporated by reference to Post-Effective Amendment No. 43 to the Registration
Statement.)
For Scudder Small Company Value Fund:
Investment Portfolio as of August 31, 1996
Statement of Assets and Liabilities as of August 31, 1996
Statement of Operations for the period October 6, 1995 (commencement of
operations) to August 31, 1996
Part C - Page 1
<PAGE>
Statement of Changes in Net Assets for the period October 6, 1995 (commencement
of operations) to August 31, 1996
Financial Highlights for the period October 6, 1995 (commencement of operations)
to August 31, 1996
Notes to Financial Statements
(Incorporated by reference to Post-Effective Amendment No. 43 to the Registration
Statement.)
For Scudder Micro Cap Fund:
Investment Portfolio as of August 31, 1996
Statement of Assets and Liabilities as of August 31, 1996
Statement of Operations for the period August 12, 1996 (commencement of operations)
to August 31, 1996
Statement of Changes in Net Assets for the period August 12, 1996
(commencement of operations) to August 31, 1996
Financial Highlights for the period August 12, 1996 (commencement of operations)
to August 31, 1996
Notes to Financial Statements
Report of Independent Accountants
(Incorporated by reference to Post-Effective Amendment No. 44 to the Registration
Statement.)
For Scudder 21st Century Growth Fund:
Investment Portfolio as of February 28, 1997
Statement of Assets and Liabilities as of February 28, 1997
Statement of Operations for the period September 9, 1996 (commencement of
operations) to February 28, 1997
Statement of Changes in Net Assets for the period September 9, 1996 (commencement of
operations) to February 28, 1997
Financial Highlights for the period September 9, 1996 (commencement of
operations) to February 28, 1997
Notes to Financial Statements
Statements, schedules and historical information other than those listed above have been
omitted since they are either not applicable or are not required.
b. Exhibits:
1. (a)(1) Amended and Restated Declaration of Trust dated December 21,
1987.
(Incorporated by Reference to Post-Effective Amendment No. 43 to the
Registration Statement.)
(a)(2) Amendment to Amended and Restated Declaration of Trust dated
December 13, 1990.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(a)(3) Amendment to Amended and Restated Declaration of Trust to
change the name of the Trust dated July 21, 1995 is filed herein.
(Incorporated by reference to Exhibit 1 (a)(3) to Post-Effective
Amendment No. 35 to the Registration Statement.)
Part C - Page 2
<PAGE>
(a)(4) Amendment to Amended and Restated Declaration of Trust to add
new series dated July 21, 1995.
(Incorporated by reference to Exhibit 1(a)(4) to Post-Effective
Amendment No. 35 to the Registration Statement.)
(a)(5) Establishment and Designation of Series dated June 6, 1996.
(Incorporated by reference to Exhibit 1(a)(5) to Post-Effective
Amendment No. 40 to the Registration Statement.)
2. (a) Amendment to the By-Laws Article IV: Notice of Meetings dated
December 12, 1991.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(b) By-Laws as of October 16, 1985.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(c) Amendment to the By-Laws of Registrant as amended through
December 9, 1985.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
3. Inapplicable.
4. Specimen certificate representing shares of beneficial interest ($.01
par value) for Scudder Development Fund.
(Incorporated by reference to Exhibit 4 to Post-Effective
Amendment No. 28 to the Registration Statement.)
5. (a) Investment Management Agreement between the Registrant, on
behalf of Scudder Development Fund, and Scudder, Stevens &
Clark, Inc. dated June 9, 1992.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(b) Investment Management Agreement between the Registrant, on
behalf of Scudder Development Fund, and Scudder, Stevens &
Clark, Inc. dated December 14, 1990.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(c) Investment Management Agreement between the Registrant, on
behalf of Scudder Small Company Value Fund, and Scudder, Stevens & Clark,
Inc. dated October 6, 1995.
(Incorporated by reference to Exhibit 5(c) to Post-Effective
Amendment No. 36 to the Registration Statement.)
(d) Investment Management Agreement between the Registrant, on behalf of
Scudder Micro Cap Fund, and Scudder, Stevens & Clark, Inc. dated
August 12, 1996.
(Incorporated by reference to Exhibit 5(d) to Post-Effective
Amendment No. 40 to the Registration Statement.)
Part C - Page 3
<PAGE>
(e) Investment Management Agreement between the Registrant, on
behalf of Scudder 21st Century Growth Fund, and Scudder, Stevens
& Clark, Inc. dated September 9, 1996.
(Incorporated by reference to Exhibit 5(e) to Post-Effective
Amendment No. 41 to the Registration Statement).
6. (a) Underwriting Agreement between the Registrant, on behalf of
Scudder Development Fund, and Scudder Investor Services, Inc.,
formerly Scudder Fund Distributors, Inc., dated December 31, 1985.
(Incorporated by reference to Exhibit 6 to Post-Effective
Amendment No. 25 to the Registration Statement.)
(b) Underwriting Agreement between the Registrant and Scudder
Investor Services, Inc., dated September 30, 1995.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
7. Inapplicable.
8. (a)(1) Custodian Contract between the Registrant, on behalf of Scudder
Development Fund, and Brown Brothers Harriman & Co. dated
April 1, 1980.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(a)(2) Fee schedule for Exhibit 8(a)(1).
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(a)(3) Custodian Contract between the Registrant and State Street Bank
and Trust Company dated September 6, 1995.
(Incorporated by reference to Exhibit 8(a)(3) to Post-Effective
Amendment No. 35 to the Registration Statement.)
(a)(4) Fee schedule for Exhibit 8(a)(3).
(Incorporated by reference to Exhibit 8(a)(4) to Post-Effective
Amendment No. 35 to the Registration Statement.)
(b)(1) Subcustodian Agreement between Brown Brothers Harriman & Co.
and The Bank of New York, London office, dated January 30, 1979.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(b)(2) Fee schedule for Exhibit 8(b)(1).
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
9. (a)(1) Transfer Agency and Service Agreement between the Registrant and
Scudder Service Corporation dated October 2, 1989.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(a)(2) Fee schedule for Exhibit 9(a)(1).
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
Part C - Page 4
<PAGE>
(a)(3) Service Agreement between Copeland Associates, Inc., on behalf of
Scudder Development Fund, and Scudder Service Corporation dated
June 8, 1995.
(Incorporated by reference to Exhibit 9(a)(3) to Post-Effective
Amendment No. 35 to the Registration Statement.)
(a)(4) Revised fee schedule for Exhibit 9(a)(1).
(Incorporated by reference to Exhibit 9(a)(4) to Post-Effective
Amendment No. 37 to the Registration Statement.)
(b)(1) COMPASS Service Agreement between the Registrant and Scudder
Trust Company dated January 1, 1990.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(b)(2) Fee schedule for Exhibit 9(b)(1).
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(b)(3) COMPASS Service Agreement between the Registrant and Scudder
Trust Company.
(Incorporated by reference to Exhibit 9(b)(3) to Post-Effective
Amendment No. 37 to the Registration Statement.)
(d) Shareholder Services Agreement between the Registrant and
Charles Schwab & Co., Inc. dated June 1, 1990.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(e) Fund Accounting Services Agreement between the Registrant, on
behalf of Scudder Development Fund, and Scudder Fund
Accounting Corporation dated March 21, 1995.
(Incorporated by reference to Exhibit 9(e) to Post-Effective
Amendment No. 35 to the Registration Statement.)
(f) Fund Accounting Services Agreement between the Registrant, on
behalf of Scudder Small Company Value Fund, and Scudder Fund
Accounting Corporation dated October 6, 1995.
(Incorporated by reference to Exhibit 9(f) to Post-Effective
Amendment No. 37 to the Registration Statement.)
(g) Fund Accounting Services Agreement between the Registrant, on
behalf of Scudder Micro Cap Fund, and Scudder Fund Accounting
Corporation dated August 12, 1996.
(Incorporated by reference to Exhibit 9(g) to Post-Effective
Amendment No. 41 to the Registration Statement.)
(h) Fund Accounting Services Agreement between the Registrant, on
behalf of Scudder 21st Century Growth Fund, and Scudder Fund Accounting
Corporation dated September 9, 1996.
(Incorporated by reference to Exhibit 9(h) to Post-Effective
Amendment No. 41 to the Registration Statement.)
10. Inapplicable.
Part C - Page 5
<PAGE>
11. Consent of Independent Accountants is filed herein.
12. Inapplicable.
13. Inapplicable.
14. (a) Scudder Flexi-Plan for Corporations and Self-Employed Individuals.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(b) Scudder Individual Retirement Plan.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(c) Scudder Funds 403(b) Plan.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(d) Scudder Employer-Select 403(b) Plan.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
(e) Scudder Cash or Deferred Profit Sharing Plan under Section 401(k).
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
15. Inapplicable.
16. Schedule for Computation of Performance Data.
(Incorporated by Reference to Post-Effective Amendment No. 43 to
the Registration Statement.)
17. Financial Data Schedule.
(Incorporated by reference to Post-Effective Amendment No. 44 to
the Registration Statement.)
18. Inapplicable.
</TABLE>
Power of Attorney is incorporated by reference to the Signature Page of
Post-Effective Amendment No. 30, Post-Effective Amendment No. 37, Post-Effective
Amendment No. 40 and Post-Effective Amendment No. 44.
Item 25. Persons Controlled by or under Common Control with Registrant
- -------- -------------------------------------------------------------
None
Part C - Page 6
<PAGE>
Item 26. Number of Holders of Securities (as of March 3, 1997).
- -------- ------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
(1) (2)
Title of Class Number of Record Shareholders
-------------- -----------------------------
Shares of beneficial interest
($.01 par value)
Scudder Development Fund 51,209
Scudder Micro Cap Fund 6,831
Scudder Small Company Value Fund 7,962
Scudder 21st Century Growth Fund 2,016
</TABLE>
Item 27. Indemnification
- -------- ---------------
A policy of insurance covering Scudder, Stevens & Clark, Inc.,
its subsidiaries including Scudder Investor Services, Inc.,
and all of the registered investment companies advised by
Scudder, Stevens & Clark, Inc. insures the Registrant's
trustees and officers and others against liability arising by
reason of an alleged breach of duty caused by any negligent
act, error or accidental omission in the scope of their
duties.
Article IV, Sections 4.1 - 4.3 of the Registrant's Declaration
of Trust provide as follows:
Section 4.1. No Personal Liability of Shareholders, Trustees,
Etc. No Shareholder shall be subject to any personal liability
whatsoever to any Person in connection with Trust Property or
the acts, obligations or affairs of the Trust. No Trustee,
officer, employee or agent of the Trust shall be subject to
any personal liability whatsoever to any Person, other than to
the Trust or its Shareholders, in connection with Trust
Property or the affairs of the Trust, save only that arising
from bad faith, willful misfeasance, gross negligence or
reckless disregard of his duties with respect to such Person;
and all such Persons shall look solely to the Trust Property
for satisfaction of claims of any nature arising in connection
with the affairs of the Trust. If any Shareholder, Trustee,
officer, employee, or agent, as such, of the Trust, is made a
party to any suit or proceeding to enforce any such liability
of the Trust, he shall not, on account thereof, be held to any
personal liability. The Trust shall indemnify and hold each
Shareholder harmless from and against all claims and
liabilities, to which such Shareholder may become subject by
reason of his being or having been a Shareholder, and shall
reimburse such Shareholder for all legal and other expenses
reasonably incurred by him in connection with any such claim
or liability. The indemnification and reimbursement required
by the preceding sentence shall be made only out of the assets
of the one or more Series of which the Shareholder who is
entitled to indemnification or reimbursement was a Shareholder
at the time the act or event occurred which gave rise to the
claim against or liability of said Shareholder. The rights
accruing to a Shareholder under this Section 4.1 shall not
impair any other right to which such Shareholder may be
lawfully entitled, nor shall anything herein contained
restrict the right of the Trust to indemnify or reimburse a
Shareholder in any appropriate situation even though not
specifically provided herein.
Section 4.2. Non-Liability of Trustees, Etc. No Trustee,
officer, employee or agent of the Trust shall be liable to the
Trust, its Shareholders, or to any Shareholder, Trustee,
officer, employee, or agent thereof for any action or failure
to act (including without limitation the failure to compel in
any way any former or acting Trustee to redress any breach of
trust) except for his own bad faith, willful misfeasance,
gross negligence or reckless disregard of the duties involved
in the conduct of his office.
Section 4.3. Mandatory Indemnification. (a) Subject to the
exceptions and limitations contained in paragraph (b) below:
(i) every person who is, or has been, a Trustee or
officer of the Trust shall be indemnified by the Trust to the
fullest extent permitted by law against all liability and
against all expenses reasonably incurred or paid by him in
connection with any claim, action, suit or proceeding in which
he becomes
Part C - Page 7
<PAGE>
involved as a party or otherwise by virtue of his being or
having been a Trustee or officer and against amounts paid or
incurred by him in the settlement thereof;
(ii) the words "claim," "action," "suit," or
"proceeding" shall apply to all claims, actions, suits or
proceedings (civil, criminal, administrative or other,
including appeals), actual or threatened; and the words
"liability" and "expenses" shall include, without limitation,
attorneys' fees, costs, judgments, amounts paid in settlement,
fines, penalties and other liabilities.
(b) No indemnification shall be provided hereunder to a
Trustee or officer:
(i) against any liability to the Trust, a Series
thereof, or the Shareholders by reason of a final adjudication
by a court or other body before which a proceeding was brought
that he engaged in willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the
conduct of his office;
(ii) with respect to any matter as to which he shall
have been finally adjudicated not to have acted in good faith
in the reasonable belief that his action was in the best
interest of the Trust;
(iii) in the event of a settlement or other disposition
not involving a final adjudication as provided in paragraph
(b)(i) or (b)(ii) resulting in a payment by a Trustee or
officer, unless there has been a determination that such
Trustee or officer did not engage in willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties
involved in the conduct of his office:
(A) by the court or other body approving the
settlement or other disposition; or
(B) based upon a review of readily available facts
(as opposed to a full trial-type inquiry) by (x) vote of
a majority of the Disinterested Trustees acting on the
matter (provided that a majority of the Disinterested
Trustees then in office act on the matter) or (y)
written opinion of independent legal counsel.
(c) The rights of indemnification herein provided may be
insured against by policies maintained by the Trust, shall be
severable, shall not affect any other rights to which any
Trustee or officer may now or hereafter be entitled, shall
continue as to a person who has ceased to be such Trustee or
officer and shall insure to the benefit of the heirs,
executors, administrators and assigns of such a person.
Nothing contained herein shall affect any rights to
indemnification to which personnel of the Trust other than
Trustees and officers may be entitled by contract or otherwise
under law.
(d) Expenses of preparation and presentation of a
defense to any claim, action, suit or proceeding of the
character described in paragraph (a) of this Section 4.3 may
be advanced by the Trust prior to final disposition thereof
upon receipt of an undertaking by or on behalf of the
recipient to repay such amount if it is ultimately determined
that he is not entitled to indemnification under this Section
4.3, provided that either:
(i) such undertaking is secured by a surety bond or some
other appropriate security provided by the recipient, or the
Trust shall be insured against losses arising out of any such
advances; or
(ii) a majority of the Disinterested Trustees acting on
the matter (provided that a majority of the Disinterested
Trustees act on the matter) or an independent legal counsel in
a written opinion shall determine, based upon a review of
readily available facts (as opposed to a full trial-type
inquiry), that there is reason to believe that the recipient
ultimately will be found entitled to indemnification.
As used in this Section 4.3, a "Disinterested Trustee"
is one who is not (i) an "Interested Person" of the Trust
(including anyone who has been exempted from being an
"Interested Person" by any rule, regulation or order of the
Commission), or (ii) involved in the claim, action, suit or
proceeding.
Part C - Page 8
<PAGE>
Item 28. Business or Other Connections of Investment Adviser
- -------- ---------------------------------------------------
The Adviser has stockholders and employees who are denominated
officers but do not as such have corporation-wide
responsibilities. Such persons are not considered officers for
the purpose of this Item 28.
<TABLE>
<CAPTION>
<S> <C>
Business and Other Connections of Board
Name of Directors of Registrant's Adviser
---- ------------------------------------
Stephen R. Beckwith Director, Vice President, Assistant Treasurer, Chief Operating Officer & Chief
Financial Officer, Scudder, Stevens & Clark, Inc. (investment adviser)**
Lynn S. Birdsong Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
President & Director, The Latin America Dollar Income Fund, Inc. (investment
company)**
President & Director, Scudder World Income Opportunities Fund, Inc.(investment
company)**
President, The Japan Fund, Inc. (investment company)**
Supervisory Director, The Latin America Income and Appreciation Fund N.V.
(investment company) +
Supervisory Director, The Venezuela High Income Fund N.V. (investment company) xx
Supervisory Director, Scudder Mortgage Fund (investment company)+
Supervisory Director, Scudder Floating Rate Funds for Fannie Mae Mortgage Securities
I & II (investment company) +
Director, Canadian High Income Fund (investment company)#
Director, Hot Growth Companies Fund (investment company)#
Director, Sovereign High Yield Investment Company (investment company)+
Director, Scudder, Stevens & Clark (Luxembourg) S.A. (investment manager) #
Nicholas Bratt Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
President & Director, Scudder New Europe Fund, Inc. (investment company)**
President & Director, The Brazil Fund, Inc. (investment company)**
President & Director, The First Iberian Fund, Inc. (investment company)**
President & Director, Scudder International Fund, Inc. (investment company)**
President & Director, Scudder Global Fund, Inc. (President on all series except Scudder
Global Fund) (investment company)**
President & Director, The Korea Fund, Inc. (investment company)**
President & Director, Scudder New Asia Fund, Inc. (investment company)**
President, The Argentina Fund, Inc. (investment company)**
Vice President, Scudder, Stevens & Clark Corporation (Delaware) (investment
adviser)**
Vice President, Scudder, Stevens & Clark Japan, Inc. (investment adviser)###
Vice President, Scudder, Stevens & Clark of Canada Ltd. (Canadian investment adviser)
Toronto, Ontario, Canada
Vice President, Scudder, Stevens & Clark Overseas Corporation oo
E. Michael Brown Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Trustee, Scudder GNMA Fund (investment company)*
Trustee, Scudder U.S. Treasury Fund (investment company)*
Trustee, Scudder Tax Free Money Fund (investment company)*
Trustee, Scudder State Tax Free Trust (investment company)*
Trustee, Scudder Cash Investment Trust (investment company)*
Assistant Treasurer, Scudder Investor Services, Inc. (broker/dealer)*
Director & President, Scudder Realty Holding Corporation (a real estate holding
company)*
Director & President, Scudder Trust Company (a trust company)+++
Part C - Page 9
<PAGE>
Director, Scudder Trust (Cayman) Ltd.
Mark S. Casady Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Director & Vice President, Scudder Investor Services, Inc. (broker/dealer)*
Director & Vice President, Scudder Service Corporation (in-house transfer agent)*
Director, SFA, Inc. (advertising agency)*
Linda C. Coughlin Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Chairman & Trustee, AARP Cash Investment Funds (investment company)**
Chairman & Trustee, AARP Growth Trust (investment company)**
Chairman & Trustee, AARP Income Trust (investment company)**
Chairman & Trustee, AARP Tax Free Income Trust (investment company)**
Chairman & Trustee, AARP Managed Investment Portfolios Trust (investment
company)**
Director & Senior Vice President, Scudder Investor Services, Inc. (broker/dealer)*
Director, SFA, Inc. (advertising agency)*
Margaret D. Hadzima Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Assistant Treasurer, Scudder Investor Services, Inc. (broker/dealer)*
Jerard K. Hartman Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President, Scudder California Tax Free Trust (investment company)*
Vice President, Scudder Equity Trust (investment company)**
Vice President, Scudder Cash Investment Trust (investment company)*
Vice President, Scudder Fund, Inc. (investment company)**
Vice President, Scudder Global Fund, Inc. (investment company)**
Vice President, Scudder GNMA Fund (investment company)*
Vice President, Scudder Portfolio Trust (investment company)*
Vice President, Scudder Institutional Fund, Inc. (investment company)**
Vice President, Scudder International Fund, Inc. (investment company)**
Vice President, Scudder Investment Trust (investment company)*
Vice President, Scudder Municipal Trust (investment company)*
Vice President, Scudder Mutual Funds, Inc. (investment company)**
Vice President, Scudder New Asia Fund, Inc. (investment company)**
Vice President, Scudder New Europe Fund, Inc. (investment company)**
Vice President, Scudder Securities Trust (investment company)*
Vice President, Scudder State Tax Free Trust (investment company)*
Vice President, Scudder Funds Trust (investment company)**
Vice President, Scudder Tax Free Money Fund (investment company)*
Vice President, Scudder Tax Free Trust (investment company)*
Vice President, Scudder U.S. Treasury Money Fund (investment company)*
Vice President, Scudder Pathway Series (investment company)*
Vice President, Scudder Variable Life Investment Fund (investment company)*
Vice President, The Brazil Fund, Inc. (investment company)**
Vice President, The Korea Fund, Inc. (investment company)**
Vice President, The Argentina Fund, Inc. (investment company)**
Vice President & Director, Scudder, Stevens & Clark of Canada, Ltd. (Canadian
investment adviser) Toronto, Ontario, Canada
Vice President, The First Iberian Fund, Inc. (investment company)**
Vice President, The Latin America Dollar Income Fund, Inc. (investment company)**
Vice President, Scudder World Income Opportunities Fund, Inc. (investment
company)**
Richard A. Holt Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President, Scudder Variable Life Investment Fund (investment company)*
Part C - Page 10
<PAGE>
Dudley H. Ladd Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President & Trustee, Scudder Cash Investment Trust (investment company)*
Director, Scudder Global Fund, Inc. (investment company)**
Director, Scudder International Fund, Inc. (investment company)**
Director, Scudder Mutual Fund, Inc. (investment company)**
Trustee, Scudder Investment Trust (investment company)*
Trustee, Scudder Portfolio Trust (investment company)*
Trustee, Scudder Municipal Trust (investment company)*
Trustee, Scudder Securities Trust (investment company)*
Trustee, Scudder State Tax Free Trust (investment company)*
Trustee, Scudder Equity Trust (investment company)**
Trustee, Scudder Funds Trust (investment company)**
Vice President, Scudder U.S. Treasury Money Fund (investment company)*
President & Director, SFA, Inc. (advertising agency)*
Senior Vice President & Director, Scudder Investor Services, Inc. (broker/dealer)*
John T. Packard Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
President, Montgomery Street Income Securities, Inc. (investment company) o
Chairman, Scudder Realty Advisors, Inc. (realty investment adviser) x
Daniel Pierce Chairman & Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Chairman, Vice President & Director, Scudder Global Fund, Inc. (investment
company)**
Chairman & Director, Scudder New Europe Fund, Inc. (investment company)**
Chairman & Director, The First Iberian Fund, Inc. (investment company)**
Chairman & Director, Scudder International Fund, Inc. (investment company)**
Chairman & Director, Scudder New Asia Fund, Inc. (investment company)**
President & Trustee, Scudder Equity Trust (investment company)**
President & Trustee, Scudder GNMA Fund (investment company)*
President & Trustee, Scudder Portfolio Trust (investment company)*
President & Trustee, Scudder Funds Trust (investment company)**
President & Trustee, Scudder Securities Trust (investment company)*
President & Trustee, Scudder Investment Trust (investment company)*
President & Director, Scudder Institutional Fund, Inc. (investment company)**
President & Director, Scudder Fund, Inc. (investment company)**
President & Director, Scudder Mutual Funds, Inc. (investment company)**
Vice President & Trustee, Scudder Municipal Trust (investment company)*
Vice President & Trustee, Scudder Variable Life Investment Fund (investment
company)*
Vice President & Trustee, Scudder Pathway Series (investment company)*
Trustee, Scudder California Tax Free Trust (investment company)*
Trustee, Scudder State Tax Free Trust (investment company)*
Vice President, Montgomery Street Income Securities, Inc. (investment company)o
Chairman & President, Scudder, Stevens & Clark of Canada, Ltd. (Canadian investment
adviser), Toronto, Ontario, Canada
Chairman & Director, Scudder Global Opportunities Funds (investment company)
Luxembourg
Chairman, Scudder, Stevens & Clark, Ltd. (investment adviser) London, England
President & Director, Scudder Precious Metals, Inc. xxx
Vice President, Director & Assistant Secretary, Scudder Realty Holdings Corporation
(a real estate holding company)*
Vice President, Director & Assistant Treasurer, Scudder Investor Services, Inc.
(broker/dealer)*
Director, Scudder Latin America Investment Trust PLC (investment company)@
Director, Fiduciary Trust Company (banking & trust company) Boston, MA
Director, Fiduciary Company Incorporated (banking & trust company) Boston, MA
Part C - Page 11
<PAGE>
Trustee, New England Aquarium, Boston, MA
Incorporator, Scudder Trust Company (a trust company)+++
Kathryn L. Quirk Director & Secretary, Scudder, Stevens & Clark, Inc. (investment adviser)**
Director, Vice President & Assistant Secretary, The Argentina Fund, Inc. (investment
company)**
Director, Vice President & Assistant Secretary, Scudder International Fund, Inc.
(investment company)**
Director, Vice President & Assistant Secretary, Scudder New Asia Fund (investment
company)**
Trustee, Vice President & Assistant Secretary, Scudder Equity Trust (investment
company)**
Trustee, Vice President & Assistant Secretary, Scudder Securities Trust (investment
company)*
Trustee, Vice President & Assistant Secretary, Scudder Funds Trust (investment
company)**
Trustee, Scudder Investment Trust (investment company)*
Trustee, Scudder Municipal Trust (investment company)*
Vice President & Trustee, Scudder Tax Free Money Fund (investment company)*
Vice President & Trustee, Scudder Tax Free Trust (investment company)*
Vice President & Secretary, AARP Growth Trust (investment company)**
Vice President & Secretary, AARP Income Trust (investment company)**
Vice President & Secretary, AARP Tax Free Income Trust (investment company)**
Vice President & Secretary, AARP Cash Investment Funds (investment company)**
Vice President & Secretary, AARP Managed Investment Portfolios Trust (investment
company)**
Vice President & Secretary, The Japan Fund, Inc. (investment company)**
Vice President & Assistant Secretary, Scudder World Income Opportunities Fund, Inc.
(investment company)**
Vice President & Assistant Secretary, The Korea Fund, Inc. (investment company)**
Vice President & Assistant Secretary, The Brazil Fund, Inc. (investment company)**
Vice President & Assistant Secretary, Scudder Global Fund, Inc. (investment
company)**
Vice President & Assistant Secretary, Montgomery Street Income Securities, Inc.
(investment company)o
Vice President & Assistant Secretary, Scudder Mutual Funds, Inc. (investment
company)**
Vice President & Assistant Secretary, Scudder Pathway Series (investment company)*
Vice President & Assistant Secretary, Scudder New Europe Fund, Inc. (investment
company)**
Vice President & Assistant Secretary, Scudder Variable Life Investment Fund
(investment company)*
Vice President & Assistant Secretary, The First Iberian Fund, Inc. (investment
company)**
Vice President & Assistant Secretary, The Latin America Dollar Income Fund, Inc.
(investment company)**
Vice President, Scudder Fund, Inc. (investment company)**
Vice President, Scudder Institutional Fund, Inc. (investment company)**
Vice President, Scudder GNMA Fund (investment company)*
Director, Senior Vice President & Clerk, Scudder Investor Services, Inc.
(broker/dealer)*
Director, Vice President & Secretary, Scudder Fund Accounting Corporation (in-house
fund accounting agent)*
Director, Vice President & Secretary, Scudder Realty Holdings Corporation (a real
estate holding company)*
Director & Clerk, Scudder Service Corporation (in-house transfer agent)*
Part C - Page 12
<PAGE>
Director, SFA, Inc. (advertising agency)*
Vice President & Assistant Secretary, Scudder Precious Metals, Inc. xxx
Cornelia M. Small Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
President, AARP Cash Investment Funds (investment company)**
President, AARP Growth Trust (investment company)**
President, AARP Income Trust (investment company)**
President, AARP Tax Free Income Trust (investment company)**
President, AARP Managed Investment Portfolio Trust (investment company)**
Edmond D. Villani Director, President & Chief Executive Officer, Scudder, Stevens & Clark, Inc.
(investment adviser)**
Chairman & Director, The Argentina Fund, Inc. (investment company)**
Chairman & Director, The Latin America Dollar Income Fund, Inc. (investment
company)**
Chairman & Director, Scudder World Income Opportunities Fund, Inc. (investment
company)**
Supervisory Director, Scudder Mortgage Fund (investment company) +
Supervisory Director, Scudder Floating Rate Funds for Fannie Mae Mortgage Securities
I & II (investment company)+
Director, Scudder, Stevens & Clark Japan, Inc. (investment adviser)###
Director, The Brazil Fund, Inc. (investment company)**
Director, Indosuez High Yield Bond Fund (investment company) Luxembourg
President & Director, Scudder, Stevens & Clark Overseas Corporation oo
President & Director, Scudder, Stevens & Clark Corporation (Delaware) (investment
adviser)**
Director, Scudder Realty Advisors, Inc. (realty investment adviser) x
Director, IBJ Global Investment Management S.A., (Luxembourg investment
management company) Luxembourg, Grand-Duchy of Luxembourg
Stephen A. Wohler Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President, Montgomery Street Income Securities, Inc. (investment company)o
* Two International Place, Boston, MA
x 333 South Hope Street, Los Angeles, CA
** 345 Park Avenue, New York, NY
++ Two Prudential Plaza, 180 N. Stetson Avenue, Chicago, IL
+++ 5 Industrial Way, Salem, NH
o 101 California Street, San Francisco, CA
# Societe Anonyme, 47, Boulevard Royal, L-2449 Luxembourg, R.C. Luxembourg B 34.564
+ John B. Gorsiraweg 6, Willemstad Curacao, Netherlands Antilles
xx De Ruyterkade 62, P.O. Box 812, Willemstad Curacao, Netherlands Antilles
## 2 Boulevard Royal, Luxembourg
*** B1 2F3F 248 Section 3, Nan King East Road, Taipei, Taiwan
xxx Grand Cayman, Cayman Islands, British West Indies
oo 20-5, Ichibancho, Chiyoda-ku, Tokyo, Japan
### 1-7, Kojimachi, Chiyoda-ku, Tokyo, Japan
@ c/o Sinclair Hendersen Limited, 23 Cathedral Yard, Exeter, Devon, U.K.
</TABLE>
Item 29. Principal Underwriters.
- -------- -----------------------
(a) Scudder California Tax Free Trust
Scudder Cash Investment Trust
Scudder Equity Trust
Scudder Fund, Inc.
Scudder Funds Trust
Part C - Page 13
<PAGE>
Scudder Global Fund, Inc.
Scudder GNMA Fund
Scudder Institutional Fund, Inc.
Scudder International Fund, Inc.
Scudder Investment Trust
Scudder Municipal Trust
Scudder Mutual Funds, Inc.
Scudder Pathway Series
Scudder Portfolio Trust
Scudder Securities Trust
Scudder State Tax Free Trust
Scudder Tax Free Money Fund
Scudder Tax Free Trust
Scudder U.S. Treasury Money Fund
Scudder Variable Life Investment Fund
AARP Cash Investment Funds
AARP Growth Trust
AARP Income Trust
AARP Tax Free Income Trust
AARP Managed Investment Portfolios Trust
The Japan Fund, Inc.
(b)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(1) (2) (3)
Name and Principal Position and Offices with Positions and
Business Address Scudder Investor Services, Inc. Offices with Registrant
---------------- ------------------------------- -----------------------
E. Michael Brown Assistant Treasurer None
Two International Place
Boston, MA 02110
Mark S. Casady Director and Vice President None
Two International Place
Boston, MA 02110
Linda Coughlin Director and Senior Vice President None
Two International Place
Boston, MA 02110
Richard W. Desmond Vice President None
345 Park Avenue
New York, NY 10154
Paul J. Elmlinger Senior Vice President and Assistant None
345 Park Avenue Clerk
New York, NY 10154
Margaret D. Hadzima Assistant Treasurer None
Two International Place
Boston, MA 02110
Thomas W. Joseph Director, Vice President, Vice President
Two International Place Treasurer and Assistant Clerk
Boston, MA 02110
Part C - Page 14
<PAGE>
Name and Principal Position and Offices with Positions and
Business Address Scudder Investor Services, Inc. Offices with Registrant
---------------- ------------------------------- -----------------------
Dudley H. Ladd Director and Senior Vice President Trustee
Two International Place
Boston, MA 02110
David S. Lee Director, President and Assistant Vice President
Two International Place Treasurer
Boston, MA 02110
Thomas F. McDonough Assistant Clerk Vice President and
Two International Place Secretary
Boston, MA 02110
Thomas H. O'Brien Assistant Treasurer None
345 Park Avenue
New York, NY 10154
Edward J. O'Connell Assistant Treasurer Assistant Vice President
345 Park Avenue and Treasurer
New York, NY 10154
Daniel Pierce Director, Vice President President and Trustee
Two International Place and Assistant Treasurer
Boston, MA 02110
Kathryn L. Quirk Director, Senior Vice President and Trustee, Vice President
345 Park Avenue Clerk and Assistant Secretary
New York, NY 10154
Edmund J. Thimme Vice President None
345 Park Avenue
New York, NY 10154
Benjamin Thorndike Vice President None
Two International Place
Boston, MA 02110
David B. Watts Assistant Treasurer None
Two International Place
Boston, MA 02110
Linda J. Wondrack Vice President None
Two International Place
Boston, MA 02110
</TABLE>
Part C - Page 15
<PAGE>
The Underwriter has employees who are denominated officers of an
operational area. Such persons do not have corporation-wide
responsibilities and are not considered officers for the purpose of
this Item 29.
(c)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
(1) (2) (3) (4) (5)
Net Underwriting Compensation on
Name of Principal Discounts and Redemptions Brokerage Other Compensation
Underwriter Commissions and Repurchases Commissions
----------- ----------- --------------- -----------
Scudder Investor None None None None
Services, Inc.
</TABLE>
Item 30. Location of Accounts and Records.
- -------- ---------------------------------
Certain accounts, books and other documents required to be
maintained by Section 31(a) of the 1940 Act and the Rules
promulgated thereunder are maintained by Scudder, Stevens &
Clark, Inc., Two International Place, Boston, MA 02110-4103.
Records relating to the duties of the Registrant's custodian
are maintained by State Street Bank and Trust Company,
Heritage Drive, North Quincy, Massachusetts. Records relating
to the duties of the Registrant's transfer agent are
maintained by Scudder Service Corporation, Two International
Place, Boston, Massachusetts.
Item 31. Management Services.
- -------- --------------------
Inapplicable.
Item 32. Undertakings.
- -------- -------------
Inapplicable.
Part C - Page 16
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this Registration Statement pursuant to Rule
485(b) under the Securities Act of 1933 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereto duly
authorized, in the City of Boston and the Commonwealth of Massachusetts on the
25th day of March, 1997.
SCUDDER SECURITIES TRUST
By /s/Thomas F. McDonough
----------------------
Thomas F. McDonough, Vice President
and Secretary
Pursuant to the requirements of the Securities Act of 1933, this amendment
to its Registration Statement has been signed below by the following persons in
the capacities and on the dates indicated.
SIGNATURE TITLE DATE
/s/Daniel Pierce
- ----------------
Daniel Pierce* President (Principal March 25, 1997
Executive Officer)
and Trustee
/s/Paul Bancroft III
- ---------------------
Paul Bancroft III* Trustee March 25, 1997
/s/Thomas J. Devine
- -------------------
Thomas J. Devine* Trustee March 25, 1997
/s/Keith R. Fox
- -------------------
Keith R. Fox* Trustee March 25, 1997
/s/Dudley H. Ladd
- -----------------
Dudley H. Ladd* Trustee March 25, 1997
/s/Wilson Nolen
- -----------------
Wilson Nolen* Trustee March 25, 1997
/s/Kathryn L. Quirk
- -------------------
Kathryn L. Quirk* Trustee March 25, 1997
/s/Gordon Shillinglaw
- ---------------------
Gordon Shillinglaw* Trustee March 25, 1997
<PAGE>
/s/Pamela A. McGrath
- --------------------
Pamela A. McGrath Vice President and March 25, 1997
Treasurer (Principal
Financial and
Accounting Officer)
*By:/s/ Thomas F. McDonough
------------------------
Thomas F. McDonough
Attorney-in-fact pursuant to power
of attorneys contained in the
signature pages of Post-Effective
Amendment No. 30 filed August 26,
1991, Post-Effective Amendment No.
37 filed April 4, 1996,
Post-Effective Amendment No. 40
filed August 12, 1996, and Post-
Effective Amendment No. 44 filed
February 11, 1997
2
<PAGE>
File No. 2-36238
File No. 811-2021
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
EXHIBITS
TO
FORM N-1A
POST-EFFECTIVE AMENDMENT NO. 44
TO REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
AND
AMENDMENT NO. 28
TO REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
SCUDDER SECURITIES TRUST
<PAGE>
SCUDDER SECURITIES TRUST
EXHIBIT INDEX
