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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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066 A000300 Y
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<PAGE> PAGE 13
070 D020300 N
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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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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 Semiannual Report for the six months
ended 2/28/99 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> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 31,558,477
<INVESTMENTS-AT-VALUE> 30,880,746
<RECEIVABLES> 44,343
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,925,089
<PAYABLE-FOR-SECURITIES> 36,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 36,501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,068,050
<SHARES-COMMON-STOCK> 2,468,276
<SHARES-COMMON-PRIOR> 2,346,300
<ACCUMULATED-NII-CURRENT> 108,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 390,073
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (677,731)
<NET-ASSETS> 30,888,588
<DIVIDEND-INCOME> 667,680
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 667,680
<REALIZED-GAINS-CURRENT> 387,958
<APPREC-INCREASE-CURRENT> 599,802
<NET-CHANGE-FROM-OPS> 1,655,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (614,964)
<DISTRIBUTIONS-OF-GAINS> (503,342)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,973,226
<NUMBER-OF-SHARES-REDEEMED> (6,524,226)
<SHARES-REINVESTED> 1,099,756
<NET-CHANGE-IN-ASSETS> 2,085,890
<ACCUMULATED-NII-PRIOR> 55,480
<ACCUMULATED-GAINS-PRIOR> 505,457
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 30,824,071
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.70
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (0.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.51
<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 Semiannual Report for the six months ended
2/28/99 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Scudder Pathway Series: Balanced Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 256,027,759
<INVESTMENTS-AT-VALUE> 255,346,025
<RECEIVABLES> 346,179
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,692,204
<PAYABLE-FOR-SECURITIES> 196,086
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,399,814
<TOTAL-LIABILITIES> 1,595,900
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,738,253
<SHARES-COMMON-STOCK> 19,639,977
<SHARES-COMMON-PRIOR> 18,453,223
<ACCUMULATED-NII-CURRENT> 253,793
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,785,992
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (681,734)
<NET-ASSETS> 254,096,304
<DIVIDEND-INCOME> 3,590,352
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,590,352
<REALIZED-GAINS-CURRENT> 8,877,398
<APPREC-INCREASE-CURRENT> 15,284,329
<NET-CHANGE-FROM-OPS> 27,752,079
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,725,949)
<DISTRIBUTIONS-OF-GAINS> (7,901,241)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,586,572
<NUMBER-OF-SHARES-REDEEMED> (37,627,540)
<SHARES-REINVESTED> 11,541,142
<NET-CHANGE-IN-ASSETS> 31,625,063
<ACCUMULATED-NII-PRIOR> 389,390
<ACCUMULATED-GAINS-PRIOR> 7,809,835
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 242,713,286
<PER-SHARE-NAV-BEGIN> 12.06
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (0.40)
<PER-SHARE-DISTRIBUTIONS> (0.43)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.94
<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 Semiannual Report for the six months ended
2/28/99 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Scudder Pathway Series: Growth Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 79,713,544
<INVESTMENTS-AT-VALUE> 81,284,880
<RECEIVABLES> 141,727
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,426,607
<PAYABLE-FOR-SECURITIES> 88,340
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,227
<TOTAL-LIABILITIES> 118,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,075,953
<SHARES-COMMON-STOCK> 5,865,351
<SHARES-COMMON-PRIOR> 5,240,260
<ACCUMULATED-NII-CURRENT> 122,396
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,538,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,571,336
<NET-ASSETS> 81,308,040
<DIVIDEND-INCOME> 544,677
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 544,677
<REALIZED-GAINS-CURRENT> 3,851,267
<APPREC-INCREASE-CURRENT> 8,285,967
<NET-CHANGE-FROM-OPS> 12,681,911
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,107,887)
<DISTRIBUTIONS-OF-GAINS> (2,384,022)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,202,061
<NUMBER-OF-SHARES-REDEEMED> (13,335,845)
<SHARES-REINVESTED> 3,484,723
<NET-CHANGE-IN-ASSETS> 17,540,941
<ACCUMULATED-NII-PRIOR> 685,606
<ACCUMULATED-GAINS-PRIOR> 2,071,110
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 74,424,734
<PER-SHARE-NAV-BEGIN> 12.17
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.43)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.86
<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 Semiannual Report for the fiscal year
ended 2/28/99 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> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 8,516,744
<INVESTMENTS-AT-VALUE> 8,106,013
<RECEIVABLES> 3,628
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,109,641
<PAYABLE-FOR-SECURITIES> 3,587
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 3,587
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,193,347
<SHARES-COMMON-STOCK> 723,428
<SHARES-COMMON-PRIOR> 754,142
<ACCUMULATED-NII-CURRENT> (134,757)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (541,805)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (410,731)
<NET-ASSETS> 8,106,054
<DIVIDEND-INCOME> 62,969
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 62,969
<REALIZED-GAINS-CURRENT> (620,362)
<APPREC-INCREASE-CURRENT> 1,191,838
<NET-CHANGE-FROM-OPS> 634,445
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (78,827)
<DISTRIBUTIONS-OF-GAINS> (953,730)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,213,431
<NUMBER-OF-SHARES-REDEEMED> (6,514,550)
<SHARES-REINVESTED> 981,241
<NET-CHANGE-IN-ASSETS> (717,990)
<ACCUMULATED-NII-PRIOR> 63,920
<ACCUMULATED-GAINS-PRIOR> 887,051
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 8,723,280
<PER-SHARE-NAV-BEGIN> 11.70
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (1.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.21
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Shareholder Meeting Results
Pathway Conservative Portfolio
A Special Meeting of Shareholders (the "Meeting") of Scudder Pathway Series:
Conservative Portfolio (the "Fund") was held on December 15, 1998, at the office
of Scudder Kemper Investments, Inc., Two International Place, Boston,
Massachusetts 02110. At the Meeting the following matters were voted upon by the
shareholders (the resulting votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with Scudder
Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
1,233,322 38,178 56,126 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
1,182,915 49,759 83,636 11,316
- --------------------------------------------------------------------------------
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
29 - Scudder Pathway Series
<PAGE>
Shareholder Meeting Results
Pathway Balanced Portfolio
A Special Meeting of Shareholders (the "Meeting") of Scudder Pathway Series:
Balanced Portfolio (the "Fund") was held on December 15, 1998, at the office of
Scudder Kemper Investments, Inc., Two International Place, Boston, Massachusetts
02110. At the Meeting the following matters were voted upon by the shareholders
(the resulting votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with Scudder
Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,340,866 294,870 305,645 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,216,308 202,480 511,759 10,834
- --------------------------------------------------------------------------------
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
30 - Scudder Pathway Series
<PAGE>
Shareholder Meeting Results
Pathway Growth Portfolio
A Special Meeting of Shareholders (the "Meeting") of Scudder Pathway Series:
Growth Portfolio (the "Fund") was held on December 15, 1998, at the office of
Scudder Kemper Investments, Inc., Two International Place, Boston, Massachusetts
02110. At the Meeting the following matters were voted upon by the shareholders
(the resulting votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with Scudder
Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
2,778,994 109,833 122,939 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
2,656,436 133,010 179,716 42,604
- --------------------------------------------------------------------------------
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
31 - Scudder Pathway Series
<PAGE>
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Pathway Series:
International Portfolio (the "Fund") was held on December 15, 1998, at the
office of Scudder Kemper Investments, Inc., Two International Place, Boston,
Massachusetts 02110. At the Meeting the following matters were voted upon by the
shareholders (the resulting votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with Scudder
Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
478,948 8,087 9,783 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
440,343 11,819 16,075 28,581
- --------------------------------------------------------------------------------
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
17 - Scudder Pathway Series: International Portfolio
