<PAGE> PAGE 1
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<PAGE> PAGE 2
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014 A00AA02 KEMPER DISTRIBUTORS, INC.
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014 A00AA03 GRUNTAL SECURITIES, 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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074 O000600 15
074 P000600 30
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074 R040600 257
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074 V010600 12.93
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076 000600 0.00
028 A010700 4657
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028 A030700 0
028 A040700 1901
028 B010700 14174
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028 B030700 0
028 B040700 2113
028 C010700 10242
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028 C030700 0
<PAGE> PAGE 19
028 C040700 2709
028 D010700 8519
028 D020700 0
028 D030700 0
028 D040700 3653
028 E010700 17246
028 E020700 0
028 E030700 0
028 E040700 4687
028 F010700 9148
028 F020700 0
028 F030700 0
028 F040700 4001
028 G010700 63986
028 G020700 0
028 G030700 0
028 G040700 19064
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.850
048 A010700 0
048 A020700 0.000
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
<PAGE> PAGE 20
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 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 128021
071 B000700 79152
071 C000700 58663
071 D000700 135
072 A000700 12
072 B000700 335
072 C000700 74
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072 E000700 0
072 F000700 540
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072 H000700 0
072 I000700 449
072 J000700 50
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072 M000700 28
072 N000700 38
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072 P000700 0
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<PAGE> PAGE 21
072 S000700 14
072 T000700 0
072 U000700 0
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072 W000700 5
072 X000700 1182
072 Y000700 71
072 Z000700 -703
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072BB000700 0
072CC010700 19936
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072DD010700 0
072DD020700 0
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073 A010700 0.0000
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073 C000700 0.0000
074 A000700 85
074 B000700 0
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<PAGE> PAGE 22
076 000700 0.00
SIGNATURE JOHN MILLETTE
TITLE SECRETARY
[LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of 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
Financial Services Fund, Scudder Health Care Fund, and Scudder Technology Fund,
each a series of Scudder Securities Trust, for the year ended May 31, 1999, we
considered their 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 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 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
May 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
July 9, 1999
<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 5/31/99 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-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 30,427,685
<INVESTMENTS-AT-VALUE> 33,879,616
<RECEIVABLES> 111,411
<ASSETS-OTHER> 7,815
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,998,842
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 318,827
<TOTAL-LIABILITIES> 318,827
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,298,628
<SHARES-COMMON-STOCK> 2,382,567
<SHARES-COMMON-PRIOR> 2,597,296
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,544)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,451,931
<NET-ASSETS> 33,680,015
<DIVIDEND-INCOME> 551,975
<INTEREST-INCOME> 39,787
<OTHER-INCOME> 0
<EXPENSES-NET> 536,742
<NET-INVESTMENT-INCOME> 55,020
<REALIZED-GAINS-CURRENT> 25,899
<APPREC-INCREASE-CURRENT> (289,920)
<NET-CHANGE-FROM-OPS> (209,001)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (80,908)
<DISTRIBUTIONS-OF-GAINS> (241,895)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,081,109
<NUMBER-OF-SHARES-REDEEMED> (16,172,386)
<SHARES-REINVESTED> 306,306
<NET-CHANGE-IN-ASSETS> (3,246,454)
<ACCUMULATED-NII-PRIOR> 14,902
<ACCUMULATED-GAINS-PRIOR> 143,464
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,347
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 654,963
<AVERAGE-NET-ASSETS> 35,781,579
<PER-SHARE-NAV-BEGIN> 14.22
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.14
<EXPENSE-RATIO> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Health Care Fund Annual Report for the fiscal year ended 5/31/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> ScuDder Health Care Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 42,747,779
<INVESTMENTS-AT-VALUE> 47,254,442
<RECEIVABLES> 444,414
<ASSETS-OTHER> 10,883
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,709,739
<PAYABLE-FOR-SECURITIES> 15,561
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286,401
<TOTAL-LIABILITIES> 301,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,995,138
<SHARES-COMMON-STOCK> 3,667,066
<SHARES-COMMON-PRIOR> 3,387,150
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,093,861)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,506,500
<NET-ASSETS> 47,407,777
<DIVIDEND-INCOME> 310,049
<INTEREST-INCOME> 92,290
<OTHER-INCOME> 0
<EXPENSES-NET> 810,248
<NET-INVESTMENT-INCOME> (407,909)
<REALIZED-GAINS-CURRENT> (1,072,161)
<APPREC-INCREASE-CURRENT> 4,443,657
<NET-CHANGE-FROM-OPS> 2,963,587
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,249,598
<NUMBER-OF-SHARES-REDEEMED> (14,729,281)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,483,904
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26,000)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 393,549
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 904,302
<AVERAGE-NET-ASSETS> 46,299,767
<PER-SHARE-NAV-BEGIN> 12.08
<PER-SHARE-NII> (0.11)
<PER-SHARE-GAIN-APPREC> 0.94
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.93
<EXPENSE-RATIO> 1.75
</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 5/31/99 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-31-1999
<PERIOD-START> JUN-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 99,248,769
<INVESTMENTS-AT-VALUE> 120,188,086
<RECEIVABLES> 2,925,943
<ASSETS-OTHER> 90,925
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,204,954
<PAYABLE-FOR-SECURITIES> 3,824,697
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 537,078
<TOTAL-LIABILITIES> 4,361,775
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,599,336
<SHARES-COMMON-STOCK> 6,154,964
<SHARES-COMMON-PRIOR> 3,078,971
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,304,720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,939,123
<NET-ASSETS> 118,843,179
<DIVIDEND-INCOME> 73,609
<INTEREST-INCOME> 335,125
<OTHER-INCOME> 0
<EXPENSES-NET> 1,111,535
<NET-INVESTMENT-INCOME> (702,801)
<REALIZED-GAINS-CURRENT> 10,339,195
<APPREC-INCREASE-CURRENT> 19,936,472
<NET-CHANGE-FROM-OPS> 29,572,866
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,951,237
<NUMBER-OF-SHARES-REDEEMED> (25,003,128)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 81,683,835
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,049,870)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 539,888
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,182,292
<AVERAGE-NET-ASSETS> 63,515,698
<PER-SHARE-NAV-BEGIN> 12.07
<PER-SHARE-NII> (0.17)
<PER-SHARE-GAIN-APPREC> 7.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.31
<EXPENSE-RATIO> 1.75
</TABLE>
