<PAGE> PAGE 1
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<PAGE> PAGE 2
011 C01AA01 BOSTON
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012 A00AA01 SCUDDER SERVICE CORPORATION
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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074 A000300 192
074 B000300 3430
074 C000300 3999
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<PAGE> PAGE 20
076 000300 0.00
024 000400 N
025 D000401 0
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025 D000403 0
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025 D000405 0
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029 000400 N
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031 A000400 0
031 B000400 0
032 000400 0
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034 000400 N
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<PAGE> PAGE 21
038 000400 6
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049 000400 N
050 000400 N
051 000400 N
052 000400 N
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<PAGE> PAGE 22
054 F000400 N
054 G000400 N
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 Y
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
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066 D000400 Y
067 000400 N
068 A000400 N
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069 000400 N
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070 B010400 Y
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<PAGE> PAGE 23
070 D010400 Y
070 D020400 N
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070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
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070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 N
070 N020400 N
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070 P010400 Y
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070 Q010400 N
070 Q020400 N
070 R010400 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
075 B000400 16686
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Securities Trust and the Shareholders of Scudder
Micro Cap Fund:
In planning and performing our audit of the financial statements and financial
highlights of Scudder Micro Cap Fund (the "Fund") for the year ended August 31,
1997 we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Scudder Micro Cap Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operations may deteriorate.
Our consideration of the Fund's internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of August 31, 1997.
This report is intended solely for the information and use of management of
Scudder Micro Cap Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
October 2, 1997
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Securities Trust and the Shareholders of Scudder
Small Company Value Fund:
In planning and performing our audit of the financial statements and financial
highlights of Scudder Small Company Value Fund (the "Fund") for the year ended
August 31, 1997, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Scudder Small Company Value Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operations may deteriorate.
Our consideration of the Fund's internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of August 31, 1997.
This report is intended solely for the information and use of management of
Scudder Small Company Value Fund and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
October 2, 1997
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Securities Trust and the Shareholders of Scudder 21st
Century Growth Fund:
In planning and performing our audit of the financial statements and financial
highlights of Scudder 21st Century Growth Fund (the "Fund") for the period
September 9, 1996 (commencement of operations) to August 31, 1997, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial highlights and
to comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Scudder 21st Century Growth Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operations may deteriorate.
Our consideration of the Fund's internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of August 31, 1997.
This report is intended solely for the information and use of management of
Scudder 21st Century Growth Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
October 2, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Small Company Value Fund Annual Report for the fiscal year ended August
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER SMALL COMPANY VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 96,133,958
<INVESTMENTS-AT-VALUE> 124,311,857
<RECEIVABLES> 909,958
<ASSETS-OTHER> 15,675
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,237,490
<PAYABLE-FOR-SECURITIES> 1,611,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 227,492
<TOTAL-LIABILITIES> 1,838,668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,759,649
<SHARES-COMMON-STOCK> 6,303,515
<SHARES-COMMON-PRIOR> 3,034,156
<ACCUMULATED-NII-CURRENT> 19,194
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,442,080
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,177,899
<NET-ASSETS> 123,398,822
<DIVIDEND-INCOME> 943,691
<INTEREST-INCOME> 161,977
<OTHER-INCOME> 0
<EXPENSES-NET> 1,054,120
<NET-INVESTMENT-INCOME> 51,548
<REALIZED-GAINS-CURRENT> 2,467,254
<APPREC-INCREASE-CURRENT> 25,374,837
<NET-CHANGE-FROM-OPS> 27,893,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (127,322)
<DISTRIBUTIONS-OF-GAINS> (18,189)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,061,936
<NUMBER-OF-SHARES-REDEEMED> (801,619)
<SHARES-REINVESTED> 9,042
<NET-CHANGE-IN-ASSETS> 82,211,636
<ACCUMULATED-NII-PRIOR> 93,313
<ACCUMULATED-GAINS-PRIOR> (6,985)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 526,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,143,518
<AVERAGE-NET-ASSETS> 70,264,648
<PER-SHARE-NAV-BEGIN> 13.57
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 6.03
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.58
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Micro Cap Fund Annual Report for the fiscal year ended August 31, 1997
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME> SCUDDER MICRO CAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 73,582,881
<INVESTMENTS-AT-VALUE> 92,275,025
<RECEIVABLES> 1,600,077
<ASSETS-OTHER> 203,288
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,078,390
<PAYABLE-FOR-SECURITIES> 2,197,675
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 253,311
<TOTAL-LIABILITIES> 2,450,986
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,474,820
<SHARES-COMMON-STOCK> 5,463,768
<SHARES-COMMON-PRIOR> 651,850
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 460,440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,638,144
<NET-ASSETS> 91,627,404
<DIVIDEND-INCOME> 570,118
<INTEREST-INCOME> 175,836
<OTHER-INCOME> 0
<EXPENSES-NET> 845,103
<NET-INVESTMENT-INCOME> (99,149)
<REALIZED-GAINS-CURRENT> 562,960
<APPREC-INCREASE-CURRENT> 18,667,904
<NET-CHANGE-FROM-OPS> 19,131,715
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (39,615)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,254,231
<NUMBER-OF-SHARES-REDEEMED> (445,197)
<SHARES-REINVESTED> 2,884
<NET-CHANGE-IN-ASSETS> 83,762,003
<ACCUMULATED-NII-PRIOR> 4,890
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 362,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,055,110
<AVERAGE-NET-ASSETS> 48,278,876
<PER-SHARE-NAV-BEGIN> 12.07
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 4.74
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.77
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder 21st Century Growth Fund Annual Report for the fiscal year ended August
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER>3
<NAME> SCUDDER 21ST CENTURY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 19,402,297
<INVESTMENTS-AT-VALUE> 23,517,442
<RECEIVABLES> 65,261
<ASSETS-OTHER> 17,671
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,600,374
<PAYABLE-FOR-SECURITIES> 183,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120,598
<TOTAL-LIABILITIES> 304,198
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,749,296
<SHARES-COMMON-STOCK> 1,776,347
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,568,265)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,115,145
<NET-ASSETS> 23,296,176
<DIVIDEND-INCOME> 15,692
<INTEREST-INCOME> 45,992
<OTHER-INCOME> 0
<EXPENSES-NET> 226,530
<NET-INVESTMENT-INCOME> (164,846)
<REALIZED-GAINS-CURRENT> (1,568,265)
<APPREC-INCREASE-CURRENT> 4,115,145
<NET-CHANGE-FROM-OPS> 2,382,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,058,513
<NUMBER-OF-SHARES-REDEEMED> (282,266)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,294,976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129,231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 455,129
<AVERAGE-NET-ASSETS> 13,231,824
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 1.25
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.11
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
