<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 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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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072 V000300 0
072 W000300 2
072 X000300 756
072 Y000300 0
072 Z000300 -267
072AA000300 0
072BB000300 3651
072CC010300 10171
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 5479
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.8300
073 C000300 0.0000
<PAGE> PAGE 19
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 92870
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1047
074 K000300 0
074 L000300 45
074 M000300 8
074 N000300 93970
074 O000300 0
074 P000300 58
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 539
074 S000300 0
074 T000300 93373
074 U010300 6458
074 U020300 0
074 V010300 14.46
074 V020300 0.00
074 W000300 0.0000
074 X000300 10813
074 Y000300 0
075 A000300 0
075 B000300 99357
076 000300 0.00
028 A010400 1247
028 A020400 0
028 A030400 0
028 A040400 437
028 B010400 1142
028 B020400 0
028 B030400 0
028 B040400 495
028 C010400 1608
028 C020400 0
028 C030400 0
028 C040400 996
028 D010400 942
028 D020400 0
028 D030400 0
028 D040400 1535
028 E010400 2348
028 E020400 0
<PAGE> PAGE 20
028 E030400 0
028 E040400 1096
028 F010400 2545
028 F020400 0
028 F030400 0
028 F040400 1454
028 G010400 9832
028 G020400 0
028 G030400 0
028 G040400 6013
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
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
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
<PAGE> PAGE 21
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 31084
071 B000400 28213
071 C000400 33253
071 D000400 85
072 A000400 6
072 B000400 54
072 C000400 14
<PAGE> PAGE 22
072 D000400 0
072 E000400 0
072 F000400 174
072 G000400 0
072 H000400 0
072 I000400 183
072 J000400 25
072 K000400 0
072 L000400 8
072 M000400 22
072 N000400 10
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 13
072 S000400 4
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 2
072 X000400 443
072 Y000400 139
072 Z000400 -236
072AA000400 2349
072BB000400 0
072CC010400 7987
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1
074 B000400 3070
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 38273
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 94
074 K000400 0
074 L000400 83
074 M000400 12
074 N000400 41533
074 O000400 619
074 P000400 0
074 Q000400 0
<PAGE> PAGE 23
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 70
074 S000400 0
074 T000400 40844
074 U010400 2950
074 U020400 0
074 V010400 13.84
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 35039
076 000400 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Small Company Value Fund Annual Report for the fiscal year ended 2/28/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Scudder Small Company Value Fund
<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> 262,556,507
<INVESTMENTS-AT-VALUE> 243,959,506
<RECEIVABLES> 1,353,371
<ASSETS-OTHER> 10,451
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 245,323,328
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 495,190
<TOTAL-LIABILITIES> 495,190
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,428,163
<SHARES-COMMON-STOCK> 14,233,935
<SHARES-COMMON-PRIOR> 13,410,779
<ACCUMULATED-NII-CURRENT> (433,386)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,430,362
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18,597,001)
<NET-ASSETS> 244,828,138
<DIVIDEND-INCOME> 1,721,419
<INTEREST-INCOME> 138,867
<OTHER-INCOME> 0
<EXPENSES-NET> 1,779,626
<NET-INVESTMENT-INCOME> 80,660
<REALIZED-GAINS-CURRENT> 1,061,573
<APPREC-INCREASE-CURRENT> (7,170,706)
<NET-CHANGE-FROM-OPS> (6,028,473)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (638,997)
<DISTRIBUTIONS-OF-GAINS> (1,915,015)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82,698,952
<NUMBER-OF-SHARES-REDEEMED> 2,401,916
<SHARES-REINVESTED> (68,591,518)
<NET-CHANGE-IN-ASSETS> 8,148,816
<ACCUMULATED-NII-PRIOR> 124,951
<ACCUMULATED-GAINS-PRIOR> 2,283,804
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 969,575
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,948,262
<AVERAGE-NET-ASSETS> 260,696,071
<PER-SHARE-NAV-BEGIN> 17.65
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.29)
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.20
<EXPENSE-RATIO> 1.38
<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
Micro Cap Fund Semiannual Report for the period ended 2/28/99 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Scudder Micro Cap Fund
<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> 87,354,572
<INVESTMENTS-AT-VALUE> 92,870,314
<RECEIVABLES> 1,091,607
<ASSETS-OTHER> 8,381
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,970,302
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 597,195
<TOTAL-LIABILITIES> 597,195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,817,926
<SHARES-COMMON-STOCK> 6,457,692
<SHARES-COMMON-PRIOR> 7,131,931
<ACCUMULATED-NII-CURRENT> (266,915)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,693,646)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,515,742
<NET-ASSETS> 93,373,107
<DIVIDEND-INCOME> 452,093
<INTEREST-INCOME> 36,896
<OTHER-INCOME> 0
<EXPENSES-NET> 755,904
<NET-INVESTMENT-INCOME> (266,915)
<REALIZED-GAINS-CURRENT> (3,651,115)
<APPREC-INCREASE-CURRENT> 10,170,774
<NET-CHANGE-FROM-OPS> 6,252,744
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (5,478,640)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,520,510
<NUMBER-OF-SHARES-REDEEMED> (25,661,747)
<SHARES-REINVESTED> 5,236,925
<NET-CHANGE-IN-ASSETS> (9,130,208)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5,436,109
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 369,518
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 755,904
<AVERAGE-NET-ASSETS> 99,356,734
<PER-SHARE-NAV-BEGIN> 14.37
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.96
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.83)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.46
<EXPENSE-RATIO> 1.53
<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
21St Century Growth Fund Annual Report for the six months ended 2/28/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Scudder 21st Century Growth Fund
<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> 37,500,982
<INVESTMENTS-AT-VALUE> 41,343,080
<RECEIVABLES> 177,358
<ASSETS-OTHER> 498
<OTHER-ITEMS-ASSETS> 11,980
<TOTAL-ASSETS> 41,532,916
<PAYABLE-FOR-SECURITIES> 618,734
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,144
<TOTAL-LIABILITIES> 688,878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,532,195
<SHARES-COMMON-STOCK> 2,950,312
<SHARES-COMMON-PRIOR> 2,653,082
<ACCUMULATED-NII-CURRENT> (236,121)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 705,866
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,842,098
<NET-ASSETS> 40,844,038
<DIVIDEND-INCOME> 13,593
<INTEREST-INCOME> 54,354
<OTHER-INCOME> 0
<EXPENSES-NET> 304,068
<NET-INVESTMENT-INCOME> (236,121)
<REALIZED-GAINS-CURRENT> 2,349,392
<APPREC-INCREASE-CURRENT> 7,987,243
<NET-CHANGE-FROM-OPS> 10,100,514
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,831,897
<NUMBER-OF-SHARES-REDEEMED> (6,013,377)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,919,034
<ACCUMULATED-NII-PRIOR> (0)
<ACCUMULATED-GAINS-PRIOR> (1,643,526)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 173,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 443,477
<AVERAGE-NET-ASSETS> 35,039,234
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 3.76
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.84
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Small Company Value
Fund (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*
--- ------- ------- -----------------
6,962,230 158,755 249,345 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
6,644,152 289,734 319,733 116,711
- --------------------------------------------------------------------------------
* 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.
26 - Scudder Small Company Value Fund
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Micro Cap Fund (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*
--- ------- ------- -----------------
3,932,570 139,789 109,062 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
3,745,457 195,353 161,490 79,121
- --------------------------------------------------------------------------------
* 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 Micro Cap Fund
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder 21st Century Growth
Fund (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*
--- ------- ------- -----------------
1,867,732 37,953 42,329 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
1,791,230 52,286 49,145 55,354
- --------------------------------------------------------------------------------
* 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.
22 - Scudder 21st Century Growth Fund
