<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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<PAGE> PAGE 20
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SIGNATURE JOHN MILLETTE
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Development Fund Annual Report for the one month ended 7/31/99 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> JUL-31-1999
<PERIOD-START> JUL-01-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 511,691,421
<INVESTMENTS-AT-VALUE> 713,085,801
<RECEIVABLES> 7,925,745
<ASSETS-OTHER> 5,378
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 721,016,924
<PAYABLE-FOR-SECURITIES> 3,193,616
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,744,732
<TOTAL-LIABILITIES> 4,938,348
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 358,661,639
<SHARES-COMMON-STOCK> 17,787,902
<SHARES-COMMON-PRIOR> 18,415,573
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 156,025,921
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,391,016
<NET-ASSETS> 716,078,576
<DIVIDEND-INCOME> 108,889
<INTEREST-INCOME> 168,498
<OTHER-INCOME> 0
<EXPENSES-NET> 976,248
<NET-INVESTMENT-INCOME> (698,861)
<REALIZED-GAINS-CURRENT> 159,681
<APPREC-INCREASE-CURRENT> (31,346,662)
<NET-CHANGE-FROM-OPS> (31,885,842)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65,351,061
<NUMBER-OF-SHARES-REDEEMED> (91,895,521)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (58,430,302)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 156,025,921
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 630,937
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 976,248
<AVERAGE-NET-ASSETS> 755,743,354
<PER-SHARE-NAV-BEGIN> 42.06
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> (1.76)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 40.26
<EXPENSE-RATIO> 1.52
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Securities Trust:
In planning and performing our audits of the financial statements and financial
highlights (hereinafter referred to as "financial statements") of Scudder
Development Fund, a series of Scudder Securities Trust, at June 30, 1999 and
July 31, 1999, 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 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 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 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 for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1999 and July 31, 1999.
This report is intended solely for the information and use of management, the
Trustees of Scudder Securities Trust and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
September 3, 1999
