September 30, 1999
Management Statement Regarding Compliance With Certain Provisions
of the Investment Company Act of 1940
We, as members of management of the Scudder Pathway Series (comprised of the
Pathway Growth Portfolio, Pathway Conservative Portfolio, Pathway Balanced
Portfolio, and the Pathway International Portfolio, the "Portfolios") are
responsible for complying with the requirement of subsections (b) and (c) of
Rule 17f-2 of the Investment Company Act of 1940 (as interpreted in the Response
of the Office of Chief Counsel, Division of Investment Management, Ref. No.
92-237-CC, which interpretation substitutes for compliance with Rule 17f-2 (b)
compliance with section 17(f) of the Investment Company Act of 1940 and Rule
17f-4 thereunder). We are also responsible for establishing and maintaining
effective internal controls over compliance with those requirements.
We have performed an evaluation of the Portfolios' compliance with requirements
of subsections (b) and (c) of Rule 17f-2 (as interpreted in the Response of the
Office of Chief Counsel, Division of Investment Management, Ref. No. 92-237-CC,
which interpretation substitutes for compliance with Rule 17f-2 (b) compliance
with section 17(f) of the Investment Company Act of 1940 and Rule 17f-4
thereunder) as of April 21, 1999 and from the period September 1, 1998 through
April 21, 1999. Based on this evaluation, we assert that the Portfolios were in
compliance with the provisions of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 (as interpreted in the Response of the Office of
Chief Counsel, Division of Investment Management, Ref. No. 92-237-CC, which
interpretation substitutes for compliance with Rule 17f-2(b) compliance with
section 17(f) of the Investment Company Act of 1940 and Rule 17f-4 thereunder)
as of April 21, 1999, and for the period from September 1, 1998 through April
21, 1999 with respect to securities reflected in the investment accounts of the
Portfolios.
Very truly yours,
SCUDDER PATHWAY SERIES
/s/John R. Hebble
- -----------------
John R. Hebble
Treasurer
/s/Caroline Pearson
- -------------------
Caroline Pearson
Assistant Secretary
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
<TABLE>
<CAPTION>
--------------------------------
Washington, D.C. 20549 OMB APPROVAL
--------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires
Estimated average burden
Certificate of Accounting of Securities and Similar hours per response...0.05
Investments in the Custody of --------------------------------
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- ------------------------------------------------------------ -----------------------------------------------------------------------
1. Investment Company Act File Number: Date Examination completed:
811-8606 April 30, 1999
- ------------------------------------------------------------ -----------------------------------------------------------------------
2. State identification Number:
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
AL 704132 AK 99-00912 AZ S-0042561 AR 94-M0579-02 CA 505-8627 CO IC 97-11-780
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
CT SI32595 DE NONE DC NONE FL 43464-1 GA 56-001761 HI NONE
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
ID 47336 IL 9840688 IN IC 94-0674 IA I-33221 KS 97S0000401 KY M31139
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
LA 59415 ME MF-R99-3051 MD SM941939 MA 94-7820 MI 277629 MN R-37938.1
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
MS MF-94-11-057 MO 1994-01204 MT 32518 NE 031373 NV NONE NH NONE
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
NJ NONE NM 681670 NY S 26 98 34 NC 1573 ND R701 OH 16585
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
OK SE-386297 OR 96-0993 PA 94-11-019MF RI NONE SC MF10349 SD 8514
---------------------- ------------------------ -------------------- -------------------- ------------------- ---------------
TN RM98-4242 TX C 46591-003-02 UT 005-6743-43 VT 10/07/96-17 VA 2166 WA C-40294
---------------------- ------------------------ -------------------- --------------------------------------------------------
WV MF-21260 WI 294014-03 WY 79471 Puerto Rico
-----------------------------------------------------------------------------------------------------------------------------
Other (specify):
- ------------------------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
Scudder Pathway Series, Balanced Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip code):
Two International Place, Boston MA, 02110
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
<TABLE>
<CAPTION>
--------------------------------
Washington, D.C. 20549 OMB APPROVAL
--------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires
Estimated average burden
Certificate of Accounting of Securities and Similar hours per response...0.05
Investments in the Custody of --------------------------------
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- ----------------------------------------------------------- ------------------------------------------------------------------------
1. Investment Company Act File Number: Date Examination completed:
811- 8606 April 30, 1999
- ----------------------------------------------------------- ------------------------------------------------------------------------
2. State identification Number:
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
AL 704131 AK 99-00913 AZ S-0042562 AR 94-M0579-01 CA 505-8627 CO IC 97-11-780
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
CT SI32594 DE NONE DC NONE FL 43464-1 GA 56-001761 HI NONE
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
ID 47337 IL 9840688 IN IC94-0674 IA I-33222 KS 97S0000402 KY M33185
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
LA 62429 ME MF-R99-2961 MD SM941938 MA 94-7821 MI 227628 MN R-37938.1
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
MS MF-94-11-056 MO 1994-01204 MT 32519 NE 031374 NV NONE NH NONE
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
NJ NONE NM 681671 NY S 26 98 37 NC 1573 ND R702 OH 16586
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
OK SE-408996 OR 96-0995 PA 94-11-019MF RI NONE SC MF10350 SD 8512
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
TN RM98-4190 TX C 46592-000-02 UT 005-6744-43 VT 10/07/96-20 VA 2166 WA C-40293
---------------------- ------------------------ --------------------- ------------------- ------------------- ----------------
WV MF-21257 WI 294013-03 WY 79471 Puerto Rico
---------------------- ------------------------ --------------------- --------------------------------------------------------
Other (specify):
- ------------------------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
Scudder Pathway Series, Conservative Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip code):
Two International Place, Boston MA, 02110
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
<TABLE>
<CAPTION>
--------------------------------
Washington, D.C. 20549 OMB APPROVAL
--------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires
Estimated average burden
Certificate of Accounting of Securities and Similar hours per response...0.05
Investments in the Custody of --------------------------------
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- ------------------------------------------------------------- ----------------------------------------------------------------------
1. Investment Company Act File Number: Date Examination completed:
811-8606 April 30, 1999
- ------------------------------------------------------------- ----------------------------------------------------------------------
2. State identification Number:
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
<S> <C> <C> <C> <C> <C> <C>
AL 704133 AK 99-00911 AZ S-0042563 AR 94-M0579-03 CA 505-8627 CO IC97-11-780
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
CT SI32596 DE NONE DC NONE FL 43464-1 GA 56-001761 HI NONE
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
ID 47338 IL 9840688 IN IC 94-0674 IA I-33223 KS 97S0000403 KY M33183
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
LA 57654 ME MF-R99-3045 MD SM941937 MA 94-7822 MI 277627 MN R-37938.1
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
MS MF94-11-058 MO 1994-01204 MT 32520 NE 031999 NV NONE NH NONE
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
NJ NONE NM 681669 NY S 26 98 36 NC 1573 ND R703 OH 16587
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
OK SE-408896 OR 96-0994 PA 94-11-019MF RI NONE SC MF10351 SD 8513
---------------------- ------------------------- --------------------- -------------------- ------------------ --------------
TN RM98-4242 TX C46593-002-02 UT 005-6745-43 VT 10/07/96-18 VA 2166 WA C-40295
---------------------- ------------------------- --------------------- ------------------------------------------------------
WV MF-21258 WI 294015-03 WY 79471 Puerto Rico
-----------------------------------------------------------------------------------------------------------------------------
Other (specify):
- ------------------------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
Scudder Pathway Series, Growth Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip code):
Two International Place, Boston MA, 02110
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
<TABLE>
<CAPTION>
--------------------------------
Washington, D.C. 20549 OMB APPROVAL
--------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires
Estimated average burden
Certificate of Accounting of Securities and Similar hours per response...0.05
Investments in the Custody of --------------------------------
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
- ---------------------------------------------------------- -------------------------------------------------------------------------
1. Investment Company Act File Number: Date Examination completed:
811-8606 April 30, 1999
- ---------------------------------------------------------- -------------------------------------------------------------------------
2. State identification Number:
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
AL 704134 AK 99-00949 AZ S-0042564 AR 94-M0579-04 CA 505-8627 CO IC 97-11-780
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
CT SI32597 DE NONE DC NONE FL 43464-1 GA 56-001761 HI NONE
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
ID 47339 IL 9840688 IN IC 94-0674 IA I-33224 KS 97S000404 KY M33184
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
LA 57653 ME MF-R99-3263 MD SM941936 MA 94-7823 MI 277660 MN R-37938.1
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
MS MF94-11-059 MO 1994-01204 MT 32521 NE 03200 NV NONE NH NONE
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
NJ NONE NM 681710 NY S 26 98 35 NC 1573 ND R704 OH 16588
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
OK SE-408796 OR 96-0996 PA 94-11-019MF RI NONE SC MF10348 SD 8515
---------------------- ---------------------- --------------------- ---------------------- ----------------- ----------------
TN RM98-4242 TX C 46594-000-02 UT 004-1065-06 VT 10/07/96-19 VA 2166 WA C-40292
---------------------- ---------------------- --------------------- ---------------------------------------------------------
WV MF 21259 WI 294037-03 WY 79471 Puerto Rico
---------------------- ---------------------- --------------------- ---------------------------------------------------------
Other (specify):
- ------------------------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
Scudder Pathway Series, International Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
4. Address of principal executive office (number, street, city, state, zip code):
Two International Place, Boston MA 02110
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
Independent Accountants' Report
To the Board of Trustees of Scudder Pathway Series:
We have examined management's assertion about Scudder Pathway Series (the
"Portfolios", comprised of Growth Portfolio, Balanced Portfolio, International
Portfolio, and Conservative Portfolio) compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940
(as interpreted in the Response of the Office of the Chief Counsel, Division of
Investment Management, Ref. No. 92-237-CC) as of April 30, 1999, included in the
accompanying Management Statement Regarding Compliance with Certain Provisions
of the Investment Company Act of 1940. Management is responsible for the
Portfolios' compliance with those requirements. Our responsibility is to express
an opinion on management's assertion about the Portfolios' compliance based on
our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Portfolios' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Our examination was made without prior notice to the
Portfolios. Included among our procedures were the following tests performed as
of April 30, 1999 and with respect to tests of selected security purchases and
sales, for the period from August 31, 1998 (date of last examination) through
April 30, 1999:
o Confirmation of the number of shares of beneficial interest of the
underlying funds owned by each Portfolio and held by a securities
depository which uses the book entry method of accounting for securities
(i.e. Scudder Service Corp.).
o Reconciliation of all such shares of beneficial interest to the books and
records of the Portfolios.
o Test of selected purchases and sales by the Portfolios of shares of
beneficial interest of the underlying funds since our last report from the
books and records of the Portfolios to confirmations from Scudder Service
Corp.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination of the Portfolios' compliance
with specified requirements.
In our opinion, management's assertion that the Portfolios enumerated above were
in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of
the Investment Company Act of 1940 (as interpreted in the Response of the Office
of the Chief Counsel, Division of Investment
<PAGE>
Management, Ref. No. 92-237-CC) as of April 30, 1999, with respect to securities
reflected in the investment account of the Portfolios is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
Scudder Pathways Series and the Securities and Exchange Commission and should
not be used for any other purpose.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts PricewaterhouseCoopers LLP
May 5, 1999
