<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000926425
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SCUDDER PATHWAY SERIES
001 B000000 811-8606
001 C000000 2123266200
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 CONSERVATIVE PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 BALANCED PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 INTERNATIONAL PORTFOLIO
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER, STEVENS & CLARK, INC.
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02110
<PAGE> PAGE 2
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS AND LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-298
015 A00AA01 STATE STREET BANK AND TRUST
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 55
019 C00AA00 SCUDDERRRR
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<PAGE> PAGE 3
022 D000010 0
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030 B00AA00 0.00
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054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
<PAGE> PAGE 4
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
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062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
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062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 Y
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE> PAGE 5
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURNACE CO.
080 C00AA00 60000
081 A00AA00 Y
081 B00AA00 70
082 A00AA00 N
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083 A00AA00 N
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084 A00AA00 N
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085 A00AA00 Y
085 B00AA00 N
028 A010100 1496
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<PAGE> PAGE 6
038 000100 0
039 000100 N
040 000100 N
045 000100 Y
046 000100 N
047 000100 N
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048 H020100 0.000
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048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 2500
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
<PAGE> PAGE 7
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 17446
071 B000100 3171
071 C000100 8622
071 D000100 37
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<PAGE> PAGE 8
072 V000100 0
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072 Z000100 282
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072BB000100 0
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072DD020100 0
072EE000100 0
073 A010100 0.3300
073 A020100 0.0000
073 B000100 0.1500
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 16971
074 J000100 0
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074 M000100 0
074 N000100 16999
074 O000100 18
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074 S000100 0
074 T000100 16972
074 U010100 1279
074 U020100 0
074 V010100 13.27
074 V020100 0.00
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074 X000100 870
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075 B000100 8847
076 000100 0.00
028 A010200 10845
028 A020200 858
<PAGE> PAGE 9
028 A030200 0
028 A040200 1810
028 B010200 11850
028 B020200 0
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028 C010200 9449
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028 C040200 2305
028 D010200 10695
028 D020200 1190
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028 D040200 5934
028 E010200 5367
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028 E030200 0
028 E040200 3198
028 F010200 10786
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028 F030200 0
028 F040200 2089
028 G010200 58992
028 G020200 2048
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037 000200 N
038 000200 0
039 000200 N
040 000200 N
045 000200 Y
046 000200 N
047 000200 N
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048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
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<PAGE> PAGE 10
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 2500
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
<PAGE> PAGE 11
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 190502
071 B000200 23023
071 C000200 108162
071 D000200 21
072 A000200 12
072 B000200 0
072 C000200 0
072 D000200 0
072 E000200 2648
072 F000200 0
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072 M000200 0
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072 Z000200 2647
072AA000200 0
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072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.3250
073 A020200 0.0000
073 B000200 0.0700
073 C000200 0.0000
074 A000200 0
074 B000200 0
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<PAGE> PAGE 12
074 H000200 0
074 I000200 191849
074 J000200 200
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074 L000200 516
074 M000200 0
074 N000200 192565
074 O000200 311
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074 R010200 0
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074 R040200 108
074 S000200 0
074 T000200 192146
074 U010200 14167
074 U020200 0
074 V010200 13.56
074 V020200 0.00
074 W000200 0.0000
074 X000200 1853
074 Y000200 0
075 A000200 0
075 B000200 102702
076 000200 0.00
028 A010300 3018
028 A020300 0
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028 B010300 4932
028 B020300 0
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028 B040300 476
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028 C020300 0
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028 C040300 875
028 D010300 3005
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028 D040300 907
028 E010300 2790
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028 E040300 919
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028 F040300 1545
028 G010300 21584
<PAGE> PAGE 13
028 G020300 0
028 G030300 0
028 G040300 5546
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
045 000300 Y
046 000300 N
047 000300 N
048 000300 0.000
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048 A020300 0.000
048 B010300 0
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048 C020300 0.000
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048 D020300 0.000
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048 F020300 0.000
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048 H020300 0.000
048 I010300 0
048 I020300 0.000
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048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 2500
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
<PAGE> PAGE 14
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 47077
071 B000300 3738
071 C000300 28306
071 D000300 13
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<PAGE> PAGE 15
072 R000300 0
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<PAGE> PAGE 16
075 B000300 24829
076 000300 0.00
028 A010400 1463
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037 000400 N
038 000400 0
039 000400 N
040 000400 N
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.250
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<PAGE> PAGE 17
048 G010400 0
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048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 2500
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
<PAGE> PAGE 18
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 12706
071 B000400 1897
071 C000400 6166
071 D000400 31
072 A000400 12
072 B000400 0
072 C000400 0
072 D000400 0
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073 B000400 0.1000
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<PAGE> PAGE 19
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 11710
074 J000400 0
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074 M000400 0
074 N000400 11731
074 O000400 3
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074 R030400 0
074 R040400 0
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074 T000400 11728
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Pathway Series: Conservative Portfolio Annual Report for the fiscal year
ended September 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER PATHWAY SERIES: CONSERVATIVE PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> NOV-15-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 15,989,326
<INVESTMENTS-AT-VALUE> 16,970,891
<RECEIVABLES> 284,936
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,999,384
<PAYABLE-FOR-SECURITIES> 18,313
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,390
<TOTAL-LIABILITIES> 27,703
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,662,084
<SHARES-COMMON-STOCK> 1,279,306
<SHARES-COMMON-PRIOR> 2,083
<ACCUMULATED-NII-CURRENT> 78,162
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 249,870
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 981,565
<NET-ASSETS> 16,971,681
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 283,047
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 283,047
<REALIZED-GAINS-CURRENT> 258,193
<APPREC-INCREASE-CURRENT> 981,565
<NET-CHANGE-FROM-OPS> 1,522,805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (204,885)
<DISTRIBUTIONS-OF-GAINS> (8,323)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,426,617
<NUMBER-OF-SHARES-REDEEMED> (165,695)
<SHARES-REINVESTED> 16,301
<NET-CHANGE-IN-ASSETS> 16,946,681
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 8,846,660
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 1.36
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.27
<EXPENSE-RATIO> 0.00
<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 Pathway Series: Balanced Portfolio Annual Report for the fiscal year
ended September 30, 1997 and is qualified in its entirety by reference to such
financial statements
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> PATHWAY SERIES: BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> NOV-15-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 174,341,991
<INVESTMENTS-AT-VALUE> 191,848,852
<RECEIVABLES> 715,750
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192,561,602
<PAYABLE-FOR-SECURITIES> 310,848
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,581
<TOTAL-LIABILITIES> 418,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 172,715,097
<SHARES-COMMON-STOCK> 14,166,739
<SHARES-COMMON-PRIOR> 2,083
<ACCUMULATED-NII-CURRENT> 584,477
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,339,738
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,506,861
<NET-ASSETS> 192,146,173
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2,647,994
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 2,647,994
<REALIZED-GAINS-CURRENT> 1,344,002
<APPREC-INCREASE-CURRENT> 17,506,861
<NET-CHANGE-FROM-OPS> 21,498,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,063,517)
<DISTRIBUTIONS-OF-GAINS> (4,264)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,422,187
<NUMBER-OF-SHARES-REDEEMED> (1,417,900)
<SHARES-REINVESTED> 160,369
<NET-CHANGE-IN-ASSETS> 192,121,173
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 102,702,385
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.56
<EXPENSE-RATIO> 0.00
<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 Pathway Series: Growth Portfolio Annual Report for the fiscal year ended
September 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> PATHWAY SERIES: GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> NOV-15-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 44,064,459
<INVESTMENTS-AT-VALUE> 49,559,863
<RECEIVABLES> 201,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,761,830
<PAYABLE-FOR-SECURITIES> 107,925
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79,649
<TOTAL-LIABILITIES> 187,574
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,428,216
<SHARES-COMMON-STOCK> 3,503,263
<SHARES-COMMON-PRIOR> 2,083
<ACCUMULATED-NII-CURRENT> 443,915
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 206,721
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,495,404
<NET-ASSETS> 49,574,256
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 452,702
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 452,702
<REALIZED-GAINS-CURRENT> 213,932
<APPREC-INCREASE-CURRENT> 5,495,404
<NET-CHANGE-FROM-OPS> 6,162,038
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,787)
<DISTRIBUTIONS-OF-GAINS> (7,211)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,994,728
<NUMBER-OF-SHARES-REDEEMED> (494,890)
<SHARES-REINVESTED> 1,342
<NET-CHANGE-IN-ASSETS> 49,549,256
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 24,829,137
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 2.15
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.15
<EXPENSE-RATIO> 0.00
<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 Pathway Series: International Portfolio Annual Report for the fiscal
year ended September 30, 1997 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> SCUDDER PATHWAY SERIES: INTERNATIONAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> NOV-15-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 10,983,868
<INVESTMENTS-AT-VALUE> 11,710,741
<RECEIVABLES> 20,944
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,731,685
<PAYABLE-FOR-SECURITIES> 3,002
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 638
<TOTAL-LIABILITIES> 3,640
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,905,796
<SHARES-COMMON-STOCK> 863,241
<SHARES-COMMON-PRIOR> 2,083
<ACCUMULATED-NII-CURRENT> 53,602
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41,774
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 726,873
<NET-ASSETS> 11,728,045
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 61,993
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 61,993
<REALIZED-GAINS-CURRENT> 45,130
<APPREC-INCREASE-CURRENT> 726,873
<NET-CHANGE-FROM-OPS> 833,996
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,391)
<DISTRIBUTIONS-OF-GAINS> (3,356)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 971,043
<NUMBER-OF-SHARES-REDEEMED> (110,803)
<SHARES-REINVESTED> 918
<NET-CHANGE-IN-ASSETS> 11,703,045
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 5,783,401
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.59
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Coopers & Lybrand Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Scudder Pathway Series and to the Shareholders of
Scudder Pathway Series: International Portfolio:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Pathway Series: International Portfolio for the
year ended September 30, 1997, we considered its internal control, including
controls over 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 comp]y with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of Scudder Pathway Series: International Portfolio 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, errors or
irregularities 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 any
specific internal control component 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 internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of September 30,
1997.
This report is intended solely for the information and use of management of
Scudder Pathway Series: International Portfolio and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
October 30, 1997
<PAGE>
Coopers & Lybrand Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Scudder Pathway Series and to the Shareholders of
Scudder Pathway Series: Conservative, Balanced and Growth Portfolios:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Pathway Series: International Portfolio for the
year ended September 30, 1997, we considered its internal control, including
controls over 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 comp]y with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of Scudder Pathway Series: International Portfolio 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, errors or
irregularities 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 any
specific internal control component 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 internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of September 30,
1997.
This report is intended solely for the information and use of management of
Scudder Pathway Series: International Portfolio and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
October 30, 1997
