<PAGE> PAGE 1
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<PAGE> PAGE 2
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011 C01AA01 BOSTON
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012 A00AA01 SCUDDER SERVICE CORPORATION
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014 A00AA02 KEMPER DISTRIBUTORS, INC.
014 B00AA02 8-47765
014 A00AA03 GRUNTAL SECURITIES, INC.
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014 A00AA04 THE GMS GROUP, INC.
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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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028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 0
028 E020700 0
028 E030700 0
028 E040700 0
028 F010700 0
028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 38721
028 G020700 0
028 G030700 0
028 G040700 1442
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.850
048 A010700 0
048 A020700 0.000
<PAGE> PAGE 19
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
<PAGE> PAGE 20
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 44550
071 B000700 11306
071 C000700 33138
071 D000700 34
072 A000700 3
072 B000700 65
072 C000700 10
072 D000700 0
072 E000700 0
072 F000700 72
072 G000700 0
072 H000700 0
072 I000700 147
072 J000700 13
072 K000700 0
072 L000700 13
072 M000700 19
072 N000700 24
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 20
072 S000700 3
072 T000700 0
072 U000700 1
072 V000700 0
072 W000700 2
072 X000700 314
072 Y000700 165
072 Z000700 -74
072AA000700 0
072BB000700 1050
072CC010700 1003
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 18
074 B000700 0
074 C000700 3162
074 D000700 0
074 E000700 0
<PAGE> PAGE 21
074 F000700 33196
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 1425
074 K000700 0
074 L000700 31
074 M000700 11
074 N000700 37843
074 O000700 499
074 P000700 64
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 121
074 S000700 0
074 T000700 37159
074 U010700 3079
074 U020700 0
074 V010700 12.07
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
075 A000700 0
075 B000700 34168
076 000700 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE>6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Financial Services Fund Annual Report for the fiscal year ended 5/31/98 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME>Scudder Financial Services Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> NOV-03-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 33,288,872
<INVESTMENTS-AT-VALUE> 37,030,723
<RECEIVABLES> 51,037
<ASSETS-OTHER> 10,100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,091,860
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165,391
<TOTAL-LIABILITIES> 165,391
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,026,252
<SHARES-COMMON-STOCK> 2,597,296
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 14,902
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 143,464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,741,851
<NET-ASSETS> 36,926,469
<DIVIDEND-INCOME> 225,075
<INTEREST-INCOME> 45,685
<OTHER-INCOME> 0
<EXPENSES-NET> 232,143
<NET-INVESTMENT-INCOME> 38,617
<REALIZED-GAINS-CURRENT> 143,464
<APPREC-INCREASE-CURRENT> 3,741,851
<NET-CHANGE-FROM-OPS> 3,923,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (41,350)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,789,515
<NUMBER-OF-SHARES-REDEEMED> (195,518)
<SHARES-REINVESTED> 3,199
<NET-CHANGE-IN-ASSETS> 36,925,269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 116,242
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 401,130
<AVERAGE-NET-ASSETS> 26,898,751
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.22
<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
Healthcare Fund Annual Report for the fiscal year ended 5/31/98 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME>Scudder HealthCare Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-02-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 40,707,267
<INVESTMENTS-AT-VALUE> 40,770,144
<RECEIVABLES> 333,897
<ASSETS-OTHER> 13,620
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,117,661
<PAYABLE-FOR-SECURITIES> 51,320
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 142,468
<TOTAL-LIABILITIES> 193,788
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,887,030
<SHARES-COMMON-STOCK> 3,387,150
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (26,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,843
<NET-ASSETS> 40,923,873
<DIVIDEND-INCOME> 79,282
<INTEREST-INCOME> 45,879
<OTHER-INCOME> 0
<EXPENSES-NET> 162,280
<NET-INVESTMENT-INCOME> (37,119)
<REALIZED-GAINS-CURRENT> (23,791)
<APPREC-INCREASE-CURRENT> 62,843
<NET-CHANGE-FROM-OPS> 1,933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,543,239
<NUMBER-OF-SHARES-REDEEMED> (156,189)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 40,922,673
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78,411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 341,403
<AVERAGE-NET-ASSETS> 37,194,447
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.08
<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
Technology Fund Annual Report for the fiscal year ended 5/31/98 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME>Scudder Technology Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> MAR-02-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 35,355,546
<INVESTMENTS-AT-VALUE> 36,358,197
<RECEIVABLES> 1,455,982
<ASSETS-OTHER> 29,073
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,843,252
<PAYABLE-FOR-SECURITIES> 498,658
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 185,250
<TOTAL-LIABILITIES> 683,908
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,206,563
<SHARES-COMMON-STOCK> 3,078,971
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,049,870)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,002,651
<NET-ASSETS> 37,159,344
<DIVIDEND-INCOME> 9,777
<INTEREST-INCOME> 65,245
<OTHER-INCOME> 0
<EXPENSES-NET> 149,077
<NET-INVESTMENT-INCOME> (74,055)
<REALIZED-GAINS-CURRENT> (1,049,870)
<APPREC-INCREASE-CURRENT> 1,002,651
<NET-CHANGE-FROM-OPS> (121,274)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,194,723
<NUMBER-OF-SHARES-REDEEMED> (115,852)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37,158,144
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72,121
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 314,299
<AVERAGE-NET-ASSETS> 34,168,407
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
PricewaterCoopers [LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Scudder Securities Trust and the Shareholders of:
Scudder Financial Services Fund, Scudder Health Care Fund, and
Scudder Technology Fund:
In planning and performing our audits of the financial statements and
financial highlights of Scudder Financial Services Fund, Scudder Health Care
Fund and Scudder Technology Fund for the year ended May 31, 1998, we considered
its internal control, including control activities 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 internal control.
The management of Scudder Financial Services Fund, Scudder Health Care
Fund and Scudder Technology Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. However, we noted
no matters involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of May 31, 1998.
This report is intended solely for the information and use of
management, the Trustees of Scudder Financial Services Fund, Scudder Health Care
Fund, Scudder Technology Fund and the Securities and Exchange Commission.
Boston, Massachusetts PricewaterhouseCoopers LLP
July 10, 1998
