<PAGE> PAGE 1
000 B000000 06/30/98
000 C000000 088048
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SCUDDER SECURITIES TRUST
001 B000000 811-2021
001 C000000 6172952567
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 SCUDDER DEVELOPMENT FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER KEMPER INVESTMENTS
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
010 A00AA01 SCUDDER FUND ACCOUNTING CORPORATION
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02110
011 C04AA01 4103
012 A00AA01 SCUDDER SERVICE CORPORATION
<PAGE> PAGE 2
012 B00AA01 84-1489
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02107
012 C04AA01 2291
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
014 A00AA02 GRUNTAL & CO., INC.
014 B00AA02 8-31022
014 A00AA03 GMS GROUP LLC (A GRUNTAL AFFILIATE)
014 B00AA03 8-23936
014 A00AA04 ZURICH CAPITAL MARKETS
014 B00AA04 8-49827
014 A00AA05 BANK HANDLOWY
014 B00AA05 8-24613
014 A00AA06 KEMPER DISTRIBUTORS, INC.
014 B00AA06 8-47765
015 A00AA01 WESTPAC BANKING CORPORATION
015 B00AA01 S
015 C01AA01 SIDNEY
015 D01AA01 AUSTRALIA
015 E04AA01 X
015 A00AA02 GENERALE BANK
015 B00AA02 S
015 C01AA02 BRUSSELS
015 D01AA02 BELGIUM
015 E04AA02 X
015 A00AA03 GIROCREDIT BANK
015 B00AA03 S
015 C01AA03 VIENNA
015 D01AA03 AUSTRIA
015 E04AA03 X
015 A00AA04 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA04 S
015 C01AA04 TORONTO
015 D01AA04 CANADA
015 E04AA04 X
015 A00AA05 DEN DANSKE BANK
015 B00AA05 S
015 C01AA05 COPENHAGEN
015 D01AA05 DENMARK
015 E04AA05 X
015 A00AA06 MERITA BANK LIMITED
015 B00AA06 S
015 C01AA06 HELSINKI
015 D01AA06 FINLAND
015 E04AA06 X
<PAGE> PAGE 3
015 A00AA07 BANQUE PARIBAS
015 B00AA07 S
015 C01AA07 PARIS
015 D01AA07 FRANCE
015 E04AA07 X
015 A00AA08 DRESDNER BANK
015 B00AA08 S
015 C01AA08 FRANKFURT
015 D01AA08 GERMANY
015 E04AA08 X
015 A00AA09 NATIONAL BANK OF GREECE
015 B00AA09 S
015 C01AA09 ATHENS
015 D01AA09 GREECE
015 E04AA09 X
015 A00AA10 STANDARD CHARTERED BANK
015 B00AA10 S
015 C01AA10 XXX
015 D01AA10 HONG KONG
015 E04AA10 X
015 A00AA11 STANDARD CHARTERED BANK
015 B00AA11 S
015 C01AA11 JAKARTA
015 D01AA11 INDONESIA
015 E04AA11 X
015 A00AA12 BANK OF IRELAND
015 B00AA12 S
015 C01AA12 DUBLIN
015 D01AA12 IRELAND
015 E04AA12 X
015 A00AA13 BANQUE PARIBAS
015 B00AA13 S
015 C01AA13 MILAN
015 D01AA13 ITALY
015 E04AA13 X
015 A00AA14 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA14 S
015 C01AA14 OSAKA
015 D01AA14 JAPAN
015 E04AA14 X
015 A00AA15 CITIBANK N.A., SEOUL
015 B00AA15 S
015 C01AA15 SEOUL
015 D01AA15 KOREA
015 E04AA15 X
015 A00AA16 STANDARD CHARTERED BANK
015 B00AA16 S
015 C01AA16 BERHAD
015 D01AA16 MALAYSIA
015 E04AA16 X
015 A00AA17 CITIBANK MEXICO, S.A.
<PAGE> PAGE 4
015 B00AA17 S
015 C01AA17 MEXICO CITY
015 D01AA17 MEXICO
015 E04AA17 X
015 A00AA18 MEESPIERSON N.V.
015 B00AA18 S
015 C01AA18 AMSTERDAM
015 D01AA18 NETHERLANDS
015 E04AA18 X
015 A00AA19 ANZ BANKING GROUP LIMITED
015 B00AA19 S
015 C01AA19 WELLINGTON
015 D01AA19 NEW ZEALAND
015 E04AA19 X
015 A00AA20 CHRISTIANA BANK OG KREDITKASSE
015 B00AA20 S
015 C01AA20 OSLO
015 D01AA20 NORWAY
015 E04AA20 X
015 A00AA21 STANDARD CHARTERED BANK
015 B00AA21 S
015 C01AA21 MANILA
015 D01AA21 PHILIPPINES
015 E04AA21 X
015 A00AA22 BANCO COMMERCIAL PORTUGUES
015 B00AA22 S
015 C01AA22 LISBON
015 D01AA22 PORTUGAL
015 E04AA22 X
015 A00AA23 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA23 S
015 C01AA23 XXX
015 D01AA23 SINGAPORE
015 E04AA23 X
015 A00AA24 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA24 S
015 C01AA24 JOHANNESBURG
015 D01AA24 SOUTH AFRICA
015 E04AA24 X
015 A00AA25 BANCO SANTANDER
015 B00AA25 S
015 C01AA25 MADRID
015 D01AA25 SPAIN
015 E04AA25 X
015 A00AA26 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA26 S
015 C01AA26 STOCKHOLM
015 D01AA26 SWEDEN
015 E04AA26 X
015 A00AA27 UNION BANK OF SWITZERLAND
015 B00AA27 S
<PAGE> PAGE 5
015 C01AA27 ZURICH
015 D01AA27 SWITZERLAND
015 E04AA27 X
015 A00AA28 STANDARD CHARTERED BANK
015 B00AA28 S
015 C01AA28 BANGKOK
015 D01AA28 THAILAND
015 E04AA28 X
015 A00AA29 STATE STREET BANK AND TRUST COMPANY
015 B00AA29 S
015 C01AA29 LONDON
015 D01AA29 UNITED KINGDOM
015 E04AA29 X
015 A00AA30 CITIBANK N.A.
015 B00AA30 S
015 C01AA30 ISTANBUL
015 D01AA30 TURKEY
015 E04AA30 X
015 A00AA31 STATE STREET BANK AND TRUST COMPANY
015 B00AA31 C
015 C01AA31 BOSTON
015 C02AA31 MA
015 C03AA31 02109
015 E01AA31 X
015 A00AA32 CITIBANK N.A.
015 B00AA32 S
015 C01AA32 BUENOS AIRES
015 D01AA32 ARGENTINA
015 E04AA32 X
015 A00AA33 CITIBANK N.A.
015 B00AA33 S
015 C01AA33 SANTIAGO
015 D01AA33 CHILE
015 E04AA33 X
015 A00AA34 CITITRUST COLOMBIA SA SOCIEDAD FIDUCIARIA
015 B00AA34 S
015 C01AA34 XXX
015 D01AA34 COLOMBIA
015 E04AA34 X
015 A00AA35 CITIBANK BUDAPEST RT
015 B00AA35 S
015 C01AA35 BUDAPEST
015 D01AA35 HUNGARY
015 E04AA35 X
015 A00AA36 DEUTSCHE BANK AG
015 B00AA36 S
015 C01AA36 BOMBAY
015 D01AA36 INDIA
015 E04AA36 X
015 A00AA37 BANK HAPOALIM BM
015 B00AA37 S
<PAGE> PAGE 6
015 C01AA37 TEL-AVIV
015 D01AA37 ISRAEL
015 E04AA37 X
015 A00AA38 DEUTSCHE BANK AG
015 B00AA38 S
015 C01AA38 KARACHI
015 D01AA38 PAKISTAN
015 E04AA38 X
015 A00AA39 CITIBANK N.A.
015 B00AA39 S
015 C01AA39 LIMA
015 D01AA39 PERU
015 E04AA39 X
015 A00AA40 CITIBANK POLAND S.A.
015 B00AA40 S
015 C01AA40 WARSAW
015 D01AA40 POLAND
015 E04AA40 X
015 A00AA41 THE HONG KONG & SHANGHAI BANKING CORP
015 B00AA41 S
015 C01AA41 COLOMBO
015 D01AA41 SRI LANKA
015 E04AA41 X
015 A00AA42 CENTRAL TRUST OF CHINA
015 B00AA42 S
015 C01AA42 TAIPEI
015 D01AA42 TAIWAN
015 E04AA42 X
015 A00AA43 CITIBANK N.A.
015 B00AA43 S
015 C01AA43 MONTEVIDEO
015 D01AA43 URUGUAY
015 E04AA43 X
015 A00AA44 CITIBANK N.A.
015 B00AA44 S
015 C01AA44 CARACAS
015 D01AA44 VENEZUELA
015 E04AA44 X
015 A00AA45 BANKBOSTON, N.A.
015 B00AA45 S
015 C01AA45 SAO PAULO
015 D01AA45 BRAZIL
015 E04AA45 X
015 A00AA46 BARCLAYS BANK OF BOTSWANA LIMITED
015 B00AA46 S
015 C01AA46 GABORONE
015 D01AA46 BOTSWANA
015 E04AA46 X
015 A00AA47 HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B00AA47 S
015 C01AA47 SHANGHAI
<PAGE> PAGE 7
015 D01AA47 CHINA
015 E04AA47 X
015 A00AA48 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA48 S
015 C01AA48 PRAGUE
015 D01AA48 CZECH REPUBLIC
015 E04AA48 X
015 A00AA49 THE BANK OF BERMUDA LIMITED
015 B00AA49 S
015 C01AA49 XX
015 D01AA49 BERMUDA
015 E04AA49 X
015 A00AA50 BARCLAYS BANK OF KENYA LIMITED
015 B00AA50 S
015 C01AA50 NAIROBI
015 D01AA50 KENYA
015 E04AA50 X
015 A00AA51 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B00AA51 S
015 C01AA51 SLOVAKIA
015 D01AA51 SLOVAK REPUBLIC
015 E04AA51 X
015 A00AA52 BARCLAYS BANK OF SWAZILAND LIMITED
015 B00AA52 S
015 C01AA52 XXX
015 D01AA52 SWAZILAND
015 E04AA52 X
015 A00AA53 BARCLAYS BANK OF ZAMBIA LIMITED
015 B00AA53 S
015 C01AA53 LUSAKA
015 D01AA53 ZAMBIA
015 E04AA53 X
015 A00AA54 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B00AA54 S
015 C01AA54 HARARE
015 D01AA54 ZIMBABWE
015 E04AA54 X
015 A00AA55 BARCLAYS BANK OF GHANA LIMITED
015 B00AA55 S
015 C01AA55 ACCRA
015 D01AA55 GHANA
015 E04AA55 X
015 A00AA56 BARCLAYS BANK PLC
015 B00AA56 S
015 C01AA56 NICOSIA
015 D01AA56 CYPRUS
015 E04AA56 X
015 A00AA57 STANDARD CHARTERED BANK
015 B00AA57 S
015 C01AA57 DHAKA
015 D01AA57 BANGLADESH
<PAGE> PAGE 8
015 E04AA57 X
015 A00AA58 STATE STREET LONDON LIMITED
015 B00AA58 S
015 C01AA58 LONDON
015 D01AA58 UNITED KINGDOM
015 E02AA58 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 65
019 C00AA00 SCUDDERKEM
020 A000001 ALEX BROWN & SONS
020 C000001 90
020 A000002 INSTINET
020 B000002 13-3443395
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020 A000003 GOLDMAN, SACHS & CO.
020 B000003 13-5108880
020 C000003 48
020 A000004 WEEDEN
020 B000004 13-3364318
020 C000004 39
020 A000005 ROBINSON-HUMPHREY/AMERICAN EXP.
020 B000005 58-1472560
020 C000005 36
020 A000006 PRUDENTIAL SECURITIES INC.
020 B000006 22-2347336
020 C000006 30
020 A000007 FIDELITY CAPITAL MARKETS
020 C000007 30
020 A000008 SMITH BARNEY SHEARSON
020 B000008 13-1912900
020 C000008 27
020 A000009 MONTGOMERY SECURITIES
020 B000009 94-1701676
020 C000009 26
020 A000010 J.P. MORGAN SECURITIES
020 B000010 13-3224016
020 C000010 23
021 000000 408
022 A000001 STATE STREET BANK
022 B000001 04-1867445
022 C000001 1355657
022 D000001 10200
022 A000002 DONALDSON LUF & JEN FIXED INC.
022 B000002 13-2741729
022 C000002 816158
022 D000002 0
022 A000003 ACCOUNT SET-UP BROKER
022 C000003 116198
022 D000003 106698
022 A000004 SALOMON BROTHERS
<PAGE> PAGE 9
022 B000004 13-3082694
022 C000004 111831
022 D000004 4323
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022 A000007 GOLDMAN, SACHS & CO.
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022 C000007 20025
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022 B000008 13-2518466
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022 A000010 ALEX BROWN & SONS
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<PAGE> PAGE 10
080 A00AA00 ICI MUTUAL INSURANCE CO. OF BURLINGTON, VT
080 B00AA00 NATIONAL UNION FIRE INS. CO. OF PITTSBURGH
080 C00AA00 40000
081 A00AA00 Y
081 B00AA00 84
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 51280
028 A020100 0
028 A030100 0
028 A040100 70027
028 B010100 55293
028 B020100 0
028 B030100 0
028 B040100 74756
028 C010100 45945
028 C020100 0
028 C030100 0
028 C040100 68027
028 D010100 48987
028 D020100 0
028 D030100 0
028 D040100 60630
028 E010100 64917
028 E020100 0
028 E030100 0
028 E040100 74988
028 F010100 67545
028 F020100 0
028 F030100 0
028 F040100 66745
028 G010100 333967
028 G020100 0
028 G030100 0
028 G040100 415173
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
037 000100 N
038 000100 0
039 000100 N
040 000100 N
049 000100 N
<PAGE> PAGE 11
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 451304
071 B000100 651315
071 C000100 862031
<PAGE> PAGE 12
071 D000100 52
072 A000100 12
072 B000100 655
072 C000100 3075
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072 F000100 8554
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072 I000100 3120
072 J000100 196
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072 L000100 201
072 M000100 57
072 N000100 46
072 O000100 0
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072 R000100 45
072 S000100 27
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 106
072 X000100 12352
072 Y000100 0
072 Z000100 -8622
072AA000100 117823
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073 A010100 0.0000
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073 B000100 3.8800
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<PAGE> PAGE 13
074 N000100 848107
074 O000100 0
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074 R040100 2038
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074 U010100 20289
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Scudder Development Fund Annual Report for the fiscal year ended 6/30/98 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Development Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 532,490,241
<INVESTMENTS-AT-VALUE> 835,856,155
<RECEIVABLES> 12,246,174
<ASSETS-OTHER> 4,833
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 848,107,162
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,702,087
<TOTAL-LIABILITIES> 2,702,087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 472,722,579
<SHARES-COMMON-STOCK> 20,289,263
<SHARES-COMMON-PRIOR> 22,081,273
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 69,320,862
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 303,361,634
<NET-ASSETS> 845,405,075
<DIVIDEND-INCOME> 3,075,318
<INTEREST-INCOME> 655,458
<OTHER-INCOME> 0
<EXPENSES-NET> 12,352,613
<NET-INVESTMENT-INCOME> (8,621,837)
<REALIZED-GAINS-CURRENT> 117,823,275
<APPREC-INCREASE-CURRENT> 36,206,400
<NET-CHANGE-FROM-OPS> 145,407,838
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (78,146,533)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,158,214
<NUMBER-OF-SHARES-REDEEMED> (18,953,942)
<SHARES-REINVESTED> 2,003,718
<NET-CHANGE-IN-ASSETS> (16,159,064)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61,527,637
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,554,028
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,352,613
<AVERAGE-NET-ASSETS> 874,098,276
<PER-SHARE-NAV-BEGIN> 39.02
<PER-SHARE-NII> (0.41)
<PER-SHARE-GAIN-APPREC> 6.94
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (3.88)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 41.67
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Securities Trust:
In planning and performing our audit of the financial statements and
financial highlights (hereinafter referred to as "financial statements") of
Scudder Development Fund, a series of Scudder Securities Trust, for the year
ended June 30, 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 Development 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 June 30, 1998.
This report is intended solely for the information and use of
management, the Trustees of Scudder Securities Trust and the Securities and
Exchange Commission.
Boston, Massachusetts PricewaterhouseCoopers LLP
August 10, 1998
