This prospectus sets forth concisely the information about Scudder Greater
Europe Growth Fund, a series of Scudder International Fund, Inc., an
open-end management investment company, that a prospective investor should
know before investing. Please retain it for future reference.
If you require more detailed information, a Statement of Additional
Information dated October 10, 1994, as amended from time to time, may be
obtained without charge by writing Scudder Investor Services, Inc., Two
International Place, Boston, MA 02110-4103 or calling 1-800-225-2470. The
Statement, which is incorporated by reference into this prospectus, has
been filed with the Securities and Exchange Commission.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
Contents--see page 4 .
Scudder Greater Europe Growth Fund
Prospectus
October 10, 1994
As Revised
March 1, 1995
A pure no-load(tm) (no sales charges) mutual fund seeking long-term growth
of capital through investments primarily in the equity securities of
European companies.
Expense information
How to compare a Scudder pure no-load(tm) fund
This information is designed to help you understand the various costs and
expenses of investing in Scudder Greater Europe Growth Fund (the "Fund").
By reviewing this table and those in other mutual funds' prospectuses, you
can compare the Fund's fees and expenses with those of other funds. With
Scudder's pure no-load(tm) funds, you pay no commissions to purchase or
redeem shares, or to exchange from one fund to another. As a result, all of
your investment goes to work for you.
1) Shareholder transaction expenses: Expenses charged directly to your
individual account in the Fund for various transactions.
Sales commissions to purchase shares (sales load) NONE
Commissions to reinvest dividends NONE
Redemption fees NONE*
Fees to exchange shares NONE
2) Annual Fund operating expenses: Estimated expenses paid by the Fund
before it distributes its net investment income, expressed as a
percentage of the Fund's average daily net assets for the fiscal year.
Investment management fee 0.00%**
12b-1 fees NONE
Other expenses 1.50%**
Total Fund operating expenses (after expense 1.50%**
maintenance)
Example
Based on the estimated level of total Fund operating expenses listed above,
the total expenses relating to a $1,000 investment, assuming a 5% annual
return and redemption at the end of each period, are listed below.
Investors do not pay these expenses directly; they are paid by the Fund
before it distributes its net investment income to shareholders. (As noted
above, the Fund has no redemption fees of any kind.)
1 Year 3 Years
$15 $47
See "Fund organization--Investment adviser" for further information about
the investment management fee. This example assumes reinvestment of all
dividends and distributions and that the percentage amounts listed under
"Annual Fund operating expenses" remain the same each year. This example
should not be considered a representation of past or future expenses or
return. Actual Fund expenses and return vary from year to year and may be
higher or lower than those shown.
* You may redeem by writing or calling the Fund. If you wish to receive
your redemption proceeds via wire, there is a $5 wire service fee. For
additional information, please refer to "Transaction information
--Redeeming shares."
** The Adviser has agreed to maintain the annualized expenses of the Fund
at not more than 1.50% of average daily net assets until February 29,
1996. If the Adviser had not agreed to maintain the Fund's expenses,
it is estimated that the total annualized expenses of the Fund would
amount to 2.80% (of which 1.00% would consist of investment management
fees) for the initial fiscal year.
Financial highlights
The following table includes selected data for a share outstanding
throughout the period and other performance information derived from the
audited financial statements.
If you would like more detailed information concerning the Fund's
performance, a complete portfolio listing and audited financial statements
are available in the Fund's Annual Report dated October 31, 1994 and may be
obtained without charge by writing or calling Scudder Investor Services,
Inc.
<TABLE>
<CAPTION>
FOR THE PERIOD
OCTOBER 10, 1994
(COMMENCEMENT OF
OPERATIONS) TO
OCTOBER 31, 1994
----------------
<S> <C>
Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . $12.00
------
Income from investment operations:
Net investment income (a) . . . . . . . . . . . . . . . . . . . . . . . .01
Net realized and unrealized gain on investments transactions . . . . . .17
------
Total from investment operations . . . . . . . . . . . . . . . . . . . . . .18
------
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . $12.18
======
TOTAL RETURN (%) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50*
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period ($ millions) . . . . . . . . . . . . . . . . . 8
Ratio of operating expenses, net to average daily net assets (%) (a) . . 1.50**
Ratio of net investment income to average daily net assets (%) . . . . . 2.40**
Portfolio turnover rate (%) . . . . . . . . . . . . . . . . . . . . . . . --
<FN>
(a) Reflects a per share amount of expenses, exclusive of management
fees, reimbursed by the Adviser of . . . . . . . . . . . . . . . . . $ .01
Reflects a per share amount of management fee and other fees
not imposed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .02
Operating expense ratio including expenses reimbursed, management
fee and other expenses not imposed (%) . . . . . . . . . . . . . . . 11.46**
(b) Total return is higher due to maintenance of the Fund's expenses.
* Not annualized
** Annualized
</TABLE>
A message from Scudder's chairman
Scudder, Stevens & Clark, Inc., investment adviser to the Scudder Family of
Funds, was founded in 1919. We offered America's first no-load mutual fund
in 1928. Today, we manage in excess of $90 billion for many private
accounts and over 50 mutual fund portfolios. We manage the mutual funds in
a special program for the American Association of Retired Persons, as well
as the fund options available through Scudder Horizon Plan, a
tax-advantaged variable annuity. We also advise The Japan Fund and nine
closed-end funds that invest in countries around the world.
The Scudder Family of Funds is designed to make investing easy and less
costly. It includes money market, tax free, income and growth funds as well
as IRAs, 401(k)s, Keoghs and other retirement plans.
Services available to all shareholders include toll-free access to
professional service representatives at Scudder Service Corporation and the
Scudder Investor Information department, easy exchange among funds,
shareholder reports, informative newsletters and the walk-in convenience of
Scudder Funds Centers.
All Scudder mutual funds are pure no-load(tm). This means you pay no
commissions to purchase or redeem your shares or to exchange from one fund
to another. There are no "12b-1" fees either, which many other funds now
charge to support their marketing efforts. All of your investment goes to
work for you. We look forward to welcoming you as a shareholder.
/s/Daniel Pierce
Scudder Greater Europe Growth Fund
Investment objective
long-term growth of capital through investments primarily in the
equity securities of European companies
Investment characteristics
focus on well-managed companies standing to benefit from economic
growth and changes underway in Europe
actively managed by Scudder, Stevens & Clark, Inc., an investment
adviser with over 35 years of experience investing in Europe
a pure no-load(tm) fund: no sales charges, redemption fees, or annual
12b-1 payments
Contents
Investment objective and policies 5
Why invest in the Fund? 6
International investment experience 7
Additional information about policies 7
and investments
Risk considerations 9
Distribution and performance information 11
Purchases 12
Exchanges and redemptions 13
Fund organization 14
Transaction information 15
Shareholder benefits 18
Directors and Officers 21
Investment products and services 22
How to contact Scudder 23
Investment objective and policies
Scudder Greater Europe Growth Fund (the "Fund"), a non-diversified series
of Scudder International Fund, Inc., seeks long-term growth of capital
through investments primarily in the equity securities of European
companies. Although its focus is on long-term growth, the Fund may provide
current income principally through holdings in dividend-paying securities.
Greater Europe includes both the industrialized nations of Western Europe
and the less wealthy or developed countries in Southern and Eastern Europe.
Within this diverse area, the Fund seeks to benefit from accelerating
economic growth transformation and deregulation taking hold. These
developments involve, among other things, increased privatizations and
corporate restructurings, the reopening of equity markets and economies in
Eastern Europe, further broadening of the European Community, and the
implementation of economic policies to promote non-inflationary growth. The
Fund invests in companies it believes are well placed to benefit from these
and other structural and cyclical changes now underway in this region of
the world.
Except as otherwise indicated, the Fund's investment objective and policies
are not fundamental and may be changed without a vote of shareholders.
Shareholders will receive written notice of any changes in the Fund's
objective. If there is a change in investment objective, shareholders
should consider whether the Fund remains an appropriate investment in light
of their then current financial position and needs. There can be no
assurance that the Fund's objective will be met.
Investments
The Fund will invest, under normal market conditions, at least 80% of its
assets in the equity securities of European companies. The Fund defines a
European company as follows:
A company organized under the laws of a European country or for which
the principal securities trading market is in Europe; or
A company, wherever organized, where at least 50% of the company's
non-current assets, capitalization, gross revenue or profit in its
most recent fiscal year represents (directly or indirectly through
subsidiaries) assets or activities located in Europe.
The Fund expects the majority of its equity assets to be in the more
established and liquid markets of Western and Southern Europe. These more
established Western and Southern European countries include: Austria,
Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy,
Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, and the
United Kingdom. To enhance return potential, however, the Fund may pursue
investment opportunities in the less wealthy nations of Southern Europe,
currently Greece, Portugal and Turkey, and the former communist countries
of Eastern Europe, including countries once part of the Soviet Union. The
Fund may invest in other countries of Europe when their markets become
sufficiently developed, in the opinion of the Fund's investment adviser,
Scudder, Stevens & Clark, Inc. (the "Adviser").
The Fund intends to allocate its investments among at least three countries
at all times and does not expect to concentrate investments in any
particular industry. The Fund's equity investments are common stock,
preferred stock (convertible or non-convertible), depositary receipts
(sponsored or unsponsored) and warrants. These may be restricted
securities. Equity securities may also be purchased through rights.
Securities may be listed on securities exchanges, traded over-the-counter
or have no organized market. In addition, the Fund may engage in strategic
transactions.
The Fund may invest, under normal market conditions, up to 20% of its total
assets in European debt securities. Capital appreciation in debt securities
may arise from a favorable change in relative interest rate levels or in
the creditworthiness of issuers. Within this 20% limit, the Fund may invest
in debt securities which are unrated, rated, or the equivalent of those
rated below investment grade (commonly referred to as "junk bonds"); that
is, rated below Baa by Moody's Investors Service, Inc. ("Moody's") or below
BBB by Standard & Poor's Corporation ("S&P").
The Fund may invest in when-issued securities and may enter into repurchase
agreements. The Fund may also invest in closed-end investment companies
that invest primarily in Europe.
In addition, to provide for redemptions or distributions, the Fund may
borrow from banks and other entities in an amount not exceeding the value
of one-third of the Fund's total assets. The Fund does not expect to borrow
for investment purposes.
When, in the opinion of the Adviser, market conditions warrant, the Fund
may hold foreign or U.S. debt instruments as well as cash or cash
equivalents, including foreign and domestic money market instruments,
short-term government and corporate obligations, and repurchase agreements
without limit for temporary defensive purposes and up to 20% to maintain
liquidity. More information about investment techniques is provided under
"Additional information about policies and investments."
Investment strategy
The Adviser will conduct regional, country, industry and company analysis
in search of investments likely to benefit from economic, political,
industrial and other changes occurring across Europe. In investigating
these four areas, the Adviser relies heavily on fundamental analysis
supplemented by field research.
Regional and country analysis involves evaluating such factors as projected
levels of economic growth, changes in interest rates and inflation, trade
patterns, fluctuations in currencies and political developments within and
among nations. Along with this macroeconomic analysis, the Adviser weighs
the prospects for individual industries and companies. The focus will be on
looking for companies with strong management teams, solid finances, leading
products, franchises or technologies, and market strategies well positioned
to benefit from growth and developments in the region.
Why invest in the Fund?
The goal of Scudder Greater Europe Growth Fund is to provide investors with
long-term growth of capital by participating in investments, primarily in
the form of equity securities, located throughout Greater Europe, which
encompasses both the industrialized nations of Western Europe and the less
wealthy or developed markets in Southern and Eastern Europe. Greater Europe
is a region of more than 3.8 million square miles, 800 million consumers,
and has a total wealth unsurpassed by any other continent. While this
region is diverse in culture, politics and industrial development, it is
taking steps to promote greater economic integration and cooperation.
In selecting investments for the Fund, the Adviser seeks out well-managed
companies, both large multinationals and smaller local firms, standing to
benefit from structural and cyclical changes now underway in Europe.
Economic growth transformation and renewal are taking place in different
areas and different ways including: a trend toward privatizations and
corporate restructurings; deregulation and modernization of securities
markets; reduction in trade barriers and currency restrictions; global
expansion by major European companies of both exports and production; steps
toward the broadening of the European Community; economic reform and
modernization of the former communist countries of Eastern Europe; expected
further growth of an already large middle class and a general increase in
consumer confidence; and anticipated labor market restructurings. The
Adviser believes that active management, based on disciplined fundamental
research, will yield promising investment opportunities for long-term
capital appreciation.
The Fund seeks to provide appreciation over time with average international
equity fund risk. It is designed as a long-term investment and not for
short-term trading purposes, and should not be considered a complete
investment program. While the Fund entails stock market and other risks,
movements in its share price may have a low correlation with movements in
the U.S. markets, so adding shares of the Fund to an investor's portfolio
may increase the investor's portfolio diversification, and thus may
moderate overall portfolio risk.
The Fund's investments are generally denominated in foreign currencies. The
strength or weakness of the U.S. dollar against these currencies is
responsible for part of the Fund's investment performance. If the dollar
falls in value relative to the German deutschemark, for example, the dollar
value of a German stock held in the portfolio will rise even though the
price of the stock remains unchanged. Conversely, if the dollar rises in
value relative to the deutschemark, the dollar value of the German stock
will fall.
Investing directly in foreign securities is usually impractical for
individual investors. Investors frequently find it difficult and expensive
to arrange purchases and sales, obtain current market, industry or
corporate information, hold securities for safekeeping and convert profits
from foreign currencies to U.S. dollars. The Fund manages these tasks for
the investor. The Adviser has had long experience in dealing in foreign
markets and believes the Fund affords a convenient and cost-effective
method of investing in the European markets. See "Risk considerations."
In addition, the Fund offers all the benefits of the Scudder Family of
Funds. Scudder, Stevens & Clark, Inc. manages a diverse family of pure
no-load(tm) funds and provides a wide range of services to help investors
meet their investment needs. Please refer to "Investment products and
services" for additional information.
International investment experience
The Adviser, a leader in international investment management, has been
investing in Europe for over 35 years. In 1953, the Adviser introduced the
first foreign investment company registered with the United States
Securities and Exchange Commission, Scudder International Fund.
International assets under Scudder's supervision as of June 30, 1994
exceeded $23 billion, of which over $8 billion was invested in Europe.
The Adviser also manages a number of offshore and U.S. investment companies
that can invest in all or select regions of Europe, including two
closed-end funds that trade on the New York Stock Exchange: Scudder New
Europe Fund, Inc. and The First Iberian Fund, Inc. The Adviser maintains an
office in London with various contacts there and elsewhere in Europe.
Additional information about policies and investments
Investment restrictions
The Fund has adopted certain fundamental policies which may not be changed
without a vote of shareholders and which are designed to reduce the Fund's
investment risk.
The Fund may not borrow money except as a temporary measure for
extraordinary or emergency purposes and may not make loans except through
the lending of portfolio securities, the purchase of debt securities or
through repurchase agreements. The Fund may not invest more than 25% of its
assets in securities of companies in the same industry.
In addition, as a matter of nonfundamental policy, the Fund may not invest
more than 10% of its net assets, in the aggregate, in securities which are
not readily marketable, in restricted securities and repurchase agreements
maturing in more than seven days. The Fund may not invest more than 5% of
its total assets in restricted securities.
A complete description of these and other policies and restrictions is
contained under "Investment Restrictions" in the Fund's Statement of
Additional Information.
When-issued securities
The Fund may purchase equity and debt securities on a when-issued or
forward delivery basis, for payment and delivery at a later date. The price
and yield are generally fixed on the date of commitment to purchase. During
the period between purchase and settlement, no interest accrues to the
Fund. At the time of settlement, the market value of the security may be
more or less than the purchase price.
Convertible securities
The Fund may invest in convertible securities which may offer higher income
than the common stocks into which they are convertible. The convertible
securities in which the Fund may invest consist of bonds, notes, debentures
and preferred stocks which may be converted or exchanged at a stated or
determinable exchange ratio into underlying shares of common stock. Prior
to their conversion, convertible securities may have characteristics
similar to non-convertible securities.
Repurchase agreements
As a means of earning income for periods as short as overnight, the Fund
may enter into repurchase agreements with selected banks and
broker/dealers. Under a repurchase agreement, the Fund acquires securities,
subject to the seller's agreement to repurchase at a specified time and
price. The Fund may also enter into repurchase commitments for investment
purposes for periods of 30 days or more. Such commitments involve
investment risk similar to that of debt securities. Please see "Risk
considerations--Repurchase agreements" for more information.
Strategic Transactions and derivatives
The Fund may, but is not required to, utilize various other investment
strategies as described below to hedge various market risks (such as
interest rates, currency exchange rates, and broad or specific equity or
fixed-income market movements), to manage the effective maturity or
duration of fixed-income securities in the Fund's portfolio or to enhance
potential gain. These strategies may include the use of derivatives
contracts. Such strategies are generally accepted as modern portfolio
management and are regularly utilized by many mutual funds and other
institutional investors. Techniques and instruments may change over time as
new instruments and strategies are developed or regulatory changes occur.
In the course of pursuing these investment strategies, the Fund may
purchase and sell exchange-listed and over-the-counter put and call options
on securities, equity and fixed-income indices and other financial
instruments, purchase and sell financial futures contracts and options
thereon, enter into various interest rate transactions such as swaps, caps,
floors or collars, and enter into various currency transactions such as
currency forward contracts, currency futures contracts, currency swaps or
options on currencies or currency futures (collectively, all the above are
called "Strategic Transactions").
Strategic Transactions may be used without limit to attempt to protect
against possible changes in the market value of securities held in or to be
purchased for the Fund's portfolio resulting from securities markets or
currency exchange rate fluctuations, to protect the Fund's unrealized gains
in the value of its portfolio securities, to facilitate the sale of such
securities for investment purposes, to manage the effective maturity or
duration of fixed-income securities in the Fund's portfolio, or to
establish a position in the derivatives markets as a temporary substitute
for purchasing or selling particular securities. Some Strategic
Transactions may also be used to enhance potential gain although no more
than 5% of the Fund's assets will be committed to Strategic Transactions
entered into for non-hedging purposes. Any or all of these investment
techniques may be used at any time and in any combination, and there is no
particular strategy that dictates the use of one technique rather than
another, as use of any Strategic Transaction is a function of numerous
variables including market conditions. The ability of the Fund to utilize
these Strategic Transactions successfully will depend on the Adviser's
ability to predict pertinent market movements, which cannot be assured. The
Fund will comply with applicable regulatory requirements when implementing
these strategies, techniques and instruments. Strategic Transactions
involving financial futures and options thereon will be purchased, sold or
entered into only for bona fide hedging, risk management or portfolio
management purposes and not for speculative purposes. Please refer to "Risk
considerations--Strategic Transactions and derivatives" for more
information.
Risk considerations
The Fund's risks are determined by the nature of the securities held and
the portfolio management strategies used by the Adviser. The following are
descriptions of certain risks related to the investments and techniques
that the Fund may use from time to time.
Investing in Europe. The Fund's performance is susceptible to political,
social and economic factors affecting issuers in European countries. Such
factors may include, but are not limited to: growth of GDP or GNP, rate of
inflation, capital reinvestment, resource self-sufficiency and balance of
payments position, as well as interest and monetary exchange rates among
European countries.
Eastern European countries and certain Southern European countries are
considered to be emerging markets. Securities traded in certain emerging
European markets may be subject to additional risks due to political and
economic reforms including efforts to decentralize the economic
decision-making process and move toward a market-oriented economy.
Additionally, the inexperience of financial intermediaries, lack of modern
technology and the possibility of permanent or temporary termination of
trading of securities may affect the Fund's performance. To the extent that
the Fund purchases equity securities of smaller companies, such securities
may experience greater volatility and have limited liquidity.
Former communist regimes of a number of Eastern European countries had
expropriated a large amount of property, the claims on which have not been
entirely settled. There can be no assurance that the Fund's investments in
Eastern Europe would not also be expropriated, nationalized or otherwise
confiscated. Finally, any change in the leadership or policies of Eastern
European countries, or the countries that exercise a significant influence
over those countries, may halt the expansion of or reverse the
liberalization of foreign investment policies now occurring and adversely
affect existing investment opportunity.
Although the governments of certain Eastern European countries currently
are implementing or considering reforms directed at political and economic
liberalization, there can be no assurance that these reforms will continue
or achieve their goals.
Currency movements. Purchases of foreign securities are usually made in
foreign currencies and, as a result, the Fund may incur currency conversion
costs and may be affected favorably or unfavorably by changes in the value
of foreign currencies against the U.S. dollar. Should the U.S. dollar
appreciate against foreign currencies, then the value of the Fund's
securities holdings would depreciate, all other things being equal. If the
reverse is true, then the Fund's holdings would appreciate in value.
Foreign securities. Investments in foreign securities involve special
considerations due to more limited information, higher brokerage costs,
different accounting standards, thinner trading markets and the likely
impact of foreign taxes on the income from securities. They may also entail
certain other risks, such as the possibility of one or more of the
following: imposition of dividend or interest withholding or confiscatory
taxes; currency blockages or transfer restrictions; expropriation,
nationalization or other adverse political or economic developments; less
government supervision and regulation of securities exchanges, brokers and
listed companies; and the difficulty of enforcing obligations in other
countries. Further, it may be more difficult for the Fund's agents to keep
currently informed about corporate actions which may affect the prices of
portfolio securities. Communications between the United States and foreign
countries may be less reliable than within the United States, thus
increasing the risk of delayed settlements of portfolio transactions or
loss of certificates for portfolio securities. Certain markets may require
payment for securities before delivery. The Fund's ability and decisions to
purchase and sell portfolio securities may be affected by laws or
regulations relating to the convertibility of currencies and repatriation
of assets. Some countries restrict the extent to which foreigners may
invest in their securities markets.
Non-diversified investment company. The Fund is classified as a
non-diversified investment company under the Investment Company Act of 1940
(the "1940 Act"), which means that the Fund is not limited by the 1940 Act
in the proportion of its assets that it may invest in the securities of a
single issuer. The investment of a large percentage of the Fund's assets in
the securities of a small number of issuers may cause the Fund's share
price to fluctuate more than that of a diversified investment company.
Convertible securities. While convertible securities generally offer lower
yields than non-convertible debt securities of similar quality, their
prices may reflect changes in the value of the underlying common stock.
Convertible securities entail less credit risk than the issuer's common
stock.
Repurchase agreements. If the seller under a repurchase agreement becomes
insolvent, the Fund's right to dispose of the securities may be restricted.
In the event of the commencement of bankruptcy or insolvency proceedings
with respect to the seller of the securities before repurchase of the
securities under a repurchase agreement, the Fund may encounter delay and
incur costs before being able to sell the securities. Also, if a seller
defaults, the value of such securities may decline before the Fund is able
to dispose of them.
Debt securities. The Fund may invest up to 20% of its total assets in debt
securities which are unrated, rated or the equivalent of those rated below
investment-grade. The lower the ratings of such debt securities, the
greater their risks render them like equity securities. The Fund may invest
in securities rated C by Moody's or D by S&P, which may be in default with
respect to payment of principal or interest. Also, longer maturity bonds
tend to fluctuate more in price as interest rates change than do short-term
bonds, providing both opportunity and risk. The trading market for
lower-grade securities is generally less liquid than for higher rated
securities and the Fund may have difficulty disposing of these securities
at the time it wishes to.
Illiquid investments. The absence of a trading market can make it difficult
to ascertain a market value for illiquid investments. Disposing of illiquid
investments may involve time-consuming negotiation and legal expenses, and
it may be difficult or impossible for the Fund to sell them promptly at an
acceptable price.
Strategic Transactions and derivatives. Strategic Transactions, including
derivatives contracts, have risks associated with them including possible
default by the other party to the transaction, illiquidity and, to the
extent the Adviser's view as to certain market movements is incorrect, the
risk that the use of such Strategic Transactions could result in losses
greater than if they had not been used. Use of put and call options may
result in losses to the Fund, force the sale or purchase of portfolio
securities at inopportune times or for prices higher than (in the case of
put options) or lower than (in the case of call options) current market
values, limit the amount of appreciation the Fund can realize on its
investments or cause the Fund to hold a security it might otherwise sell.
The use of currency transactions can result in the Fund incurring losses as
a result of a number of factors including the imposition of exchange
controls, suspension of settlements or the inability to deliver or receive
a specified currency. The use of options and futures transactions entails
certain other risks. In particular, the variable degree of correlation
between price movements of futures contracts and price movements in the
related portfolio position of the Fund creates the possibility that losses
on the hedging instrument may be greater than gains in the value of the
Fund's position. In addition, futures and options markets may not be liquid
in all circumstances and certain over-the-counter options may have no
markets. As a result, in certain markets, the Fund might not be able to
close out a transaction without incurring substantial losses, if at all.
Although the use of futures contracts and options transactions for hedging
should tend to minimize the risk of loss due to a decline in the value of
the hedged position, at the same time they tend to limit any potential gain
which might result from an increase in value of such position.
Finally, the daily variation margin requirements for futures contracts
would create a greater ongoing potential financial risk than would
purchases of options, where the exposure is limited to the cost of the
initial premium. Losses resulting from the use of Strategic Transactions
would reduce net asset value, and possibly income, and such losses can be
greater than if the Strategic Transactions had not been utilized. The
Strategic Transactions that the Fund may use and some of their risks are
described more fully in the Fund's Statement of Additional Information.
Distribution and performance information
Dividends and capital gains distributions
The Fund intends to distribute dividends from its ordinary income and any
net realized capital gains after utilization of capital loss carryforwards,
if any, in December. An additional distribution may be made within three
months of the Fund's fiscal year end, if necessary. Any dividends or
capital gains distributions declared in October, November or December with
a record date in such a month and paid during the following January will be
treated by shareholders for federal income tax purposes as if received on
December 31 of the calendar year declared. According to preference,
shareholders may receive distributions in cash or have them reinvested in
additional shares of the Fund.
If an investment is in the form of a retirement plan, all dividends and
capital gains distributions must be reinvested into the account.
(Continued on page 14)
Purchases
Opening an account
Minimum initial investment: $1,000; IRAs $500
Group retirement plans (401(k), 403(b), etc.) have similar or lower
minimums. See appropriate plan literature.
Make checks payable to "The Scudder Funds."
* By Mail
Send your completed and signed application and check
by regular mail to: or by express, registered,
or certified mail to:
The Scudder Funds The Scudder Funds
P.O. Box 2291 1099 Hingham Street
Boston, MA Rockland, MA
02107-2291 02370-1052
* By Wire
Please see Transaction information--Purchasing shares following these
tables for details, including the ABA wire transfer number. Then call
1-800-225-5163 for instructions.
* In Person
Visit one of our Funds Centers to complete your application with the
help of a Scudder representative. Funds Center locations are listed
under Shareholder benefits.
Purchasing additional shares
Minimum additional investment: $100; IRAs $50
Group retirement plans (401(k), 403(b), etc.) have similar or lower
minimums. See appropriate plan literature.
Make checks payable to "The Scudder Funds."
* By Mail
Send a check with a Scudder investment slip, or with a letter of
instruction including your account number and the complete Fund name,
to the appropriate address listed above.
* By Wire
Please see Transaction information--Purchasing shares following these
tables for details, including the ABA wire transfer number.
* In Person
Visit one of our Funds Centers to make an additional investment in
your Scudder fund account. Funds Center locations are listed under
Shareholder benefits.
* By Telephone
You may purchase additional shares in an amount of $10,000 or more.
Please call 1-800-225-5163 for more details.
* By Automatic Investment Plan ($50 minimum)
You may arrange to make investments on a regular basis through
automatic deductions from your bank checking account. Please call
1-800-225-5163 for more information and an enrollment form.
Exchanges and redemptions
Exchanging shares
Minimum investments: $1,000 to establish a new account; $100 to exchange
among existing accounts
* By Phone
To speak with a service representative, call 1-800-225-5163 from 8
a.m. to 6 p.m. eastern time or to access SAIL(tm), Scudder's Automated
Information Line, call 1-800-343-2890 (24 hours a day).
* By Mail
or Fax
Print or type your instructions and include:
- the name of the Fund and the account number you are exchanging
from;
- your name(s) and address as they appear on your account;
- the dollar amount or number of shares you wish to exchange;
- the name of the Fund you are exchanging into; and
- your signature(s) as it appears on your account and a daytime
phone number.
Send your instructions
by regular mail to: or by express, or by fax to:
registered,or
certified mail to:
The Scudder Funds The Scudder Funds 1-800-821-6234
P.O. Box 2291 1099 Hingham Street
Boston, MA Rockland, MA
02107-2291 02370-1052
Redeeming shares
* By Phone
To speak with a service representative, call 1-800-225-5163 from 8
a.m. to 6 p.m. eastern time or to access SAIL(tm), Scudder's Automated
Information Line, call 1-800-343-2890 (24 hours a day). You may redeem
any amount to your predesignated bank account, and up to $50,000 to
your address of record.
* By Mail
or Fax
Send your instructions for redemption to the appropriate address or fax
number above and include:
- the name of the Fund and account number you are redeeming from;
- your name(s) and address as they appear on your account;
- the dollar amount or number of shares you wish to redeem; and
- your signature(s) as it appears on your account and a daytime
phone number.
A signature guarantee is required for redemptions over $50,000. See
Transaction information--Redeeming shares following these tables.
* By Automatic Withdrawal Plan
You may arrange to receive automatic cash payments periodically if the
value of your account is $10,000 or more. Call 1-800-225-5163 for more
information and an enrollment form.
(Continued from page 11)
Generally, dividends from net investment income are taxable to shareholders
as ordinary income. Long-term capital gains distributions, if any, are
taxable as long-term capital gains regardless of the length of time
shareholders have owned their shares. Short-term capital gains and any
other taxable income distributions are taxable as ordinary income.
Shareholders may be able to claim a credit or deduction on their income tax
returns for their pro rata portion of qualified taxes paid by the Fund to
foreign countries.
The Fund sends detailed tax information about the amount and type of its
distributions by January 31 of the following year.
It is anticipated that the Fund's portfolio turnover rate will not exceed
100% for the initial fiscal year. However, economic and market conditions
may necessitate more active trading, resulting in a higher portfolio
turnover rate. A higher rate involves greater brokerage expenses to the
Fund and may result in the realization of net capital gains, which would be
taxable to shareholders when distributed.
Performance information
From time to time, quotations of the Fund's performance may be included in
advertisements, sales literature or shareholder reports. All performance
figures are historical, show the performance of a hypothetical investment
and are not intended to indicate future performance. "Total return" is the
change in value of an investment in the Fund for a specified period. The
"average annual total return" of the Fund is the average annual compound
rate of return of an investment in the Fund assuming the investment has
been held for one year, and the life of the Fund as of a stated ending
date. "Cumulative total return" represents the cumulative change in value
of an investment in the Fund for various periods. Total return calculations
assume that all dividends and capital gains distributions during the period
were reinvested in shares of the Fund. "Capital change" measures return
from capital, including reinvestment of any capital gains distributions but
does not include the reinvestment of dividends. Performance will vary based
upon, among other things, changes in market conditions and the level of the
Fund's expenses.
Fund organization
Scudder Greater Europe Growth Fund is a non-diversified series of Scudder
International Fund, Inc. (the "Corporation"), an open-end, management
investment company registered under the 1940 Act. The Corporation was
organized as a Maryland corporation in July 1975.
The Fund's activities are supervised by the Corporation's Board of
Directors. Shareholders have one vote for each share held on matters on
which they are entitled to vote. The Corporation is not required to and has
no current intention of holding annual shareholder meetings, although
special meetings may be called for purposes such as electing or removing
Directors, changing fundamental investment policies or approving an
investment advisory contract. Shareholders will be assisted in
communicating with other shareholders in connection with removing a
Director as if Section 16(c) of the 1940 Act were applicable.
Investment adviser
The Fund retains the investment management firm of Scudder, Stevens &
Clark, Inc., a Delaware corporation, to manage the Fund's daily investment
and business affairs subject to the policies established by the Board of
Directors.
The Directors have overall responsibility for the management of the Fund
under Maryland law.
The Fund pays the Adviser an annual fee of 1.00% of the Fund's average
daily net assets. The fee is payable monthly, provided that the Fund will
make such interim payments as may be requested by the Adviser not to exceed
75% of the amount of the fee then accrued on the books of the Fund and
unpaid. The fee is higher than that charged by many funds which invest
primarily in U.S. securities but not necessarily higher than the fees
charged to funds with investment objectives similar to that of the Fund.
The Adviser has agreed to maintain the annualized expenses of the Fund at
no more than 1.50% of the average daily net assets of the Fund until
February 29, 1996.
Under the Investment Management Agreement with the Adviser, the Fund is
responsible for all of its expenses, including fees and expenses incurred
in connection with membership in investment company organizations; brokers'
commissions; legal, auditing and accounting expenses; taxes and
governmental fees; the fees and expenses of the transfer agent; the
expenses of and the fees for registering or qualifying securities for sale;
the fees and expenses of Directors, officers and employees of the
Corporation who are not affiliated with the Adviser; the cost of printing
and distributing reports and notices to shareholders; and the fees and
disbursements of custodians.
All the Fund's expenses are paid out of gross investment income.
Shareholders pay no direct charges or fees for investment services.
Scudder, Stevens & Clark, Inc., is located at 345 Park Avenue, New York,
New York.
Transfer agent
Scudder Service Corporation, P.O. Box 2291, Boston, Massachusetts
02107-2291, a wholly-owned subsidiary of the Adviser, is the transfer,
shareholder servicing and dividend-paying agent for the Fund.
Underwriter
Scudder Investor Services, Inc., a wholly-owned subsidiary of the Adviser,
is the Fund's principal underwriter. Scudder Investor Services, Inc.
confirms, as agent, all purchases of shares of the Fund. Scudder Investor
Information is a telephone information service provided by Scudder Investor
Services, Inc.
Custodian
Brown Brothers Harriman & Co. is the Fund's custodian.
Transaction information
Purchasing shares
Purchases are executed at the next calculated net asset value per share
after the Fund's transfer agent in Boston receives the purchase request in
good order. Purchases are made in full and fractional shares. (See "Share
price.")
By check. If you purchase shares with a check that does not clear, your
purchase will be cancelled and you will be subject to any losses or fees
incurred in the transaction. Checks must be drawn on or payable through a
U.S. bank. If you purchase shares by check and redeem them within seven
business days of purchase, the Fund may hold redemption proceeds until the
purchase check has cleared, which may take up to seven business days. If
you purchase shares by federal funds wire, you may avoid this delay.
Redemption or exchange requests by telephone prior to the expiration of the
seven-day period will not be accepted.
By wire. To open a new account by wire, first call Scudder at
1-800-225-5163 to obtain an account number. A representative will instruct
you to send a completed, signed application to the transfer agent in
Boston. Accounts cannot be opened without a completed, signed application
and a Scudder fund account number. Contact your bank to arrange a wire
transfer to:
The Scudder Funds
State Street Bank and Trust Company
Boston, MA 02101
ABA Number 011000028
DDA Account 9903-5552
Your wire instructions must also include:
_ the name of the fund in which the money is to be invested,
_ the account number of the fund, and
_ the name(s) of the account holder(s).
The account will be established once the application and money order are
received in good order.
You may also make additional investments of $100 or more to your existing
account by wire.
By telephone order. Existing shareholders may purchase shares at a certain
day's price by calling 1-800-225-5163 before the close of regular trading
on the New York Stock Exchange (the "Exchange"), normally 4 p.m. eastern
time, on that day. Orders must be for $10,000 or more and cannot be for an
amount greater than four times the value of your account at the time the
order is placed. You must include with your payment the order number given
at the time the order is placed. A confirmation with complete purchase
information is sent shortly after your order is received. If payment by
check or wire is not received within seven business days, the order will be
cancelled and the shareholder will be responsible for any loss to the Fund
resulting from this cancellation. Telephone orders are not available for
shares held in Scudder IRA accounts and most other Scudder retirement plan
accounts.
By exchange. Your new account will have the same registration and address
as your existing account.
The exchange requirements for corporations, other organizations, trusts,
fiduciaries, agents, institutional investors and retirement plans may be
different from those for regular accounts. Please call 1-800-225-5163 for
more information, including information about the transfer of special
account features.
You can also make exchanges among your Scudder fund accounts on SAIL, the
Scudder Automated Information Line, by calling 1-800-343-2890.
Redeeming shares
The Fund allows you to redeem shares (i.e., sell them back to the Fund)
without redemption fees.
By telephone. This is the quickest and easiest way to sell Fund shares. If
you elected telephone redemption to your bank on your application, you can
call to request that federal funds be sent to your authorized bank account.
If you did not elect telephone redemption to your bank on your application,
call 1-800-225-5163 for more information.
Redemption proceeds will be wired to your bank unless otherwise requested.
If your bank cannot receive federal reserve wires, redemption proceeds will
be mailed to your bank. There will be a $5 charge for all wire redemptions.
You can also make redemptions from your Scudder fund account on SAIL, the
Scudder Automated Information Line, by calling 1-800-343-2890.
If you open an account by wire, you cannot redeem shares by telephone until
the Fund's transfer agent has received your completed and signed
application. Telephone redemption is not available for shares held in
Scudder IRA accounts and most other Scudder retirement plan accounts.
In the event that you are unable to reach the Fund by telephone, you should
write to the Fund; see "How to contact Scudder" for the address.
Signature guarantees. For your protection and to prevent fraudulent
redemptions, on written redemption requests in excess of $50,000 we require
an original signature and an original signature guarantee for each person
in whose name the account is registered. (The Fund reserves the right,
however, to require a signature guarantee for all redemptions.) You can
obtain a signature guarantee from most banks, credit unions or savings
associations, or from broker/dealers, municipal securities broker/dealers,
government securities broker/dealers, national securities exchanges,
registered securities associations or clearing agencies deemed eligible by
the Securities and Exchange Commission. Signature guarantees by notaries
public are not acceptable. Redemption requirements for corporations, other
organizations, trusts, fiduciaries, agents, institutional investors and
retirement plans may be different from those for regular accounts. For more
information, please call 1-800-225-5163.
Telephone transactions
Shareholders automatically receive the ability to exchange by telephone and
the right to redeem by telephone up to $50,000 to their address of record.
Shareholders also may, by telephone, request that redemption proceeds be
wired to a predesignated bank account. The Fund uses procedures designed to
give reasonable assurance that telephone instructions are genuine,
including recording telephone calls, testing a caller's identity and
sending written confirmation of telephone transactions. If the Fund does
not follow such procedures, it may be liable for losses due to unauthorized
or fraudulent telephone instructions. The Fund will not be liable for
acting upon instructions communicated by telephone that it reasonably
believes to be genuine.
Share price
Purchases and redemptions, including exchanges, are made at net asset
value. Scudder Fund Accounting Corporation, a wholly-owned subsidiary of
the Adviser, determines net asset value per share as of the close of
regular trading on the Exchange, normally 4 p.m. eastern time, on each day
the Exchange is open for trading. Net asset value per share is calculated
by dividing the value of total Fund assets, less all liabilities, by the
total number of shares outstanding.
Trading in securities on European securities exchanges is normally
completed before the close of regular trading on the Exchange. Trading on
these foreign exchanges may not take place on all days on which there is
regular trading on the Exchange, or may take place on days on which there
is no regular trading on the Exchange. If events materially affecting the
value of the Fund's portfolio securities occur between the time when these
foreign exchanges close and the time when the Fund's net asset value is
calculated, such securities will be valued at fair value as determined by
the Corporation's Board of Directors.
Processing time
All purchase and redemption requests received in good order by the Fund's
transfer agent in Boston by the close of regular trading on the Exchange
are executed at the net asset value per share calculated at the close of
regular trading that day.
Purchase and redemption requests received after the close of regular
trading on the Exchange will be executed the following business day.
If you wish to make a purchase of $500,000 or more, you should notify
Scudder Service Corporation by calling 1-800-225-5163.
The Fund will normally send your redemption proceeds within one business
day following the redemption request, but may take up to seven days (or
longer in the case of shares recently purchased by check).
Short-term trading
Purchases and sales should be made for long-term investment purposes only.
The Fund and Scudder Investor Services, Inc. each reserves the right to
restrict purchases of Fund shares (including exchanges) when a pattern of
frequent purchases and sales made in response to short-term fluctuations in
the Fund's share price appears evident.
Tax information
A redemption of shares, including an exchange into another Scudder fund, is
a sale of shares and may result in a gain or loss for income tax purposes.
Tax identification number
Be sure to complete the Tax Identification Number section of the Fund's
application when you open an account. Federal tax law requires the Fund to
withhold 31% of taxable dividends, capital gains distributions and
redemption and exchange proceeds from accounts (other than those of certain
exempt payees) without a certified Social Security or tax identification
number and certain other certified information or upon notification from
the IRS or a broker that withholding is required. The Fund reserves the
right to reject new account applications without a certified Social
Security or tax identification number. The Fund also reserves the right,
following 30 days' notice, to redeem all shares in accounts without a
certified Social Security or tax identification number. A shareholder may
avoid involuntary redemption by providing the Fund with a tax
identification number during the 30-day notice period.
Minimum balances
Shareholders should maintain a share balance worth at least $1,000, which
amount may be changed by the Board of Directors. Scudder retirement plans
have similar or lower minimum share balance requirements. The Fund reserves
the right, following 60 days' written notice to shareholders, to redeem all
shares in sub-minimum accounts, including accounts of new investors, where
a reduction in value has occurred due to a redemption or exchange out of
the account. Reductions in value that result solely from market activity
will not trigger an involuntary redemption. The Fund will mail the proceeds
of the redeemed account to the shareholder. The shareholder may restore the
share balance to $1,000 or more during the 60-day notice period and must
maintain it at no lower than that minimum to avoid involuntary redemption.
Third party transactions
If purchases and redemptions of Fund shares are arranged and settlement is
made at an investor's election through a member of the National Association
of Securities Dealers, Inc., other than Scudder Investor Services, Inc.,
that member may, at its discretion, charge a fee for that service.
Redemption-in-kind
The Fund reserves the right, if conditions exist which make cash payments
undesirable, to honor any request for redemption or repurchase order by
making payment in whole or in part in readily marketable securities chosen
by the Fund and valued as they are for purposes of computing the Fund's net
asset value (a redemption-in-kind). If payment is made in securities, a
shareholder may incur transaction expenses in converting these securities
to cash. The Fund has elected, however, to be governed by Rule 18f-1 under
the 1940 Act, as a result of which the Fund is obligated to redeem shares,
with respect to any one shareholder during any 90-day period, solely in
cash up to the lesser of $250,000 or 1% of the net asset value of the Fund
at the beginning of the period.
Shareholder benefits
Experienced professional management
Scudder, Stevens & Clark, Inc., one of the nation's most experienced
investment management firms, actively manages your Scudder fund investment.
Professional management is an important advantage for investors who do not
have the time or expertise to invest directly in individual securities.
A team approach to investing
Scudder Greater Europe Growth Fund is managed by a team of Scudder
investment professionals who each play an important role in the Fund's
management process. Team members work closely together to develop
investment strategies and select securities for the Fund's portfolio. They
are supported by Scudder's large staff of economists, research analysts,
traders and other investment specialists who work in Scudder's offices
across the United States and abroad. Scudder believes its team approach
benefits Fund investors by bringing together many disciplines and
leveraging Scudder's extensive resources.
Carol Franklin, Lead Portfolio Manager, sets Fund investment strategy and
oversees its daily operation. Ms. Franklin joined Scudder in 1981 and has
eight years of European research and investment management experience.
Nicholas Bratt, Portfolio Manager, helps set the Fund's general investment
strategies. Mr. Bratt has over 20 years of experience in worldwide
investing and has been with Scudder since 1976. Joan Gregory, Portfolio
Manager, focuses on stock selection, a role she has played since she joined
Scudder in 1992. Ms. Gregory has been involved with investment in global
and international stocks as an assistant portfolio manager since 1989.
SAIL(tm)--Scudder Automated Information Line
For touchtone access to account information, prices and yields, or to
perform transactions in existing Scudder fund accounts, shareholders can
call Scudder's Automated Information Line (SAIL) at 1-800-343-2890. During
periods of extreme economic or market changes, or other conditions, it may
be difficult for you to effect telephone transactions in your account. In
such an event you should write to the Fund; please see "How to contact
Scudder" for the address.
Investment flexibility
Scudder offers toll-free telephone exchange between funds at current net
asset value. You can move your investments among money market, income, tax
free and growth funds with a simple toll-free call or, if you prefer, by
sending your instructions through the mail or by fax. Telephone and fax
redemptions and exchanges are subject to termination and their terms are
subject to change at any time by the Fund or the transfer agent. In some
cases, the transfer agent or Scudder Investor Services, Inc. may impose
additional conditions on telephone transactions.
Dividend reinvestment plan
You may have dividends and distributions automatically reinvested in
additional Fund shares. Please call 1-800-225-5163 to request this feature.
Shareholder statements
You receive a detailed account statement every time you purchase or redeem
shares. All of your statements should be retained to help you keep track of
account activity and the cost of shares for tax purposes.
Shareholder reports
In addition to account statements, you receive periodic shareholder reports
highlighting relevant information, including investment results and a
review of portfolio changes.
To reduce the volume of mail you receive, only one copy of most Fund
reports, such as the Fund's Annual Report, may be mailed to your household
(same surname, same address). Please call 1-800-225-5163 if you wish to
receive additional shareholder reports.
Newsletters
Four times a year, Scudder sends you At the Helm, an informative newsletter
covering economic and investment developments, service enhancements and
other topics of interest to Scudder fund investors.
Scudder Funds Centers
As a convenience to shareholders who like to conduct business in person,
Scudder Investor Services, Inc. maintains Funds Centers in Boca Raton,
Boston, Chicago, Cincinnati, Los Angeles, New York, Portland (OR), San
Diego, San Francisco and Scottsdale.
T.D.D. service for the hearing impaired
Scudder's full range of investor information and shareholder services is
available to hearing impaired investors through a toll-free T.D.D.
(Telephone Device for the Deaf) service. If you have access to a T.D.D.,
call 1-800-543-7916 for investment information or specific account
questions and transactions.
Scudder tax-advantaged retirement plans
Scudder offers a variety of tax-advantaged retirement plans for
individuals, businesses and non-profit organizations. These flexible plans
are designed for use with the Scudder Family of Funds (except Scudder
tax-free funds, which are inappropriate for such plans). Scudder Funds
offer a broad range of investment objectives and can be used to seek almost
any investment goal. Using Scudder's retirement plans can help shareholders
save on current taxes while building their retirement savings.
Scudder No-Fee IRAs. These retirement plans allow a maximum annual
contribution of $2,000 per person for anyone with earned income. Many
people can deduct all or part of their contributions from their
taxable income, and all investment earnings accrue on a tax deferred
basis. The Scudder No-Fee IRA charges no annual custodial fee.
401(k) Plans. 401(k) plans allow employers and employees to make
tax-deductible retirement contributions. Scudder offers a full service
program that includes recordkeeping, prototype plan, employee
communications and trustee services, as well as investment options.
Profit Sharing and Money Purchase Pension Plans. These plans allow
corporations, partnerships and people who are self-employed to make
annual, tax-deductible contributions of up to $30,000 for each person
covered by the plans. Plans may be adopted individually or paired to
maximize contributions. These are sometimes known as Keogh plans.
403(b) Plans. Retirement plans for tax-exempt organizations and school
systems to which employers and employees may both contribute.
SEP-IRAs. Easily administered retirement plans for small businesses
and self-employed individuals. The maximum annual contribution to
SEP-IRA accounts is adjusted each year for inflation.
Scudder Horizon Plan. A no-load variable annuity that lets you build
assets by deferring taxes on your investment earnings. You can start
with $2,500 or more.
Scudder Trust Company (an affiliate of the Adviser) is Trustee or Custodian
for some of these plans and is paid an annual fee for some of the above
retirement plans. For information about establishing a Scudder No-Fee IRA
or a Scudder Horizon Plan, please call 1-800-225-2470. For information
about 401(k)s, 403(b)s, Profit Sharing Plans, Money Purchase Pension Plans
or SEP-IRAs, please call 1-800-323-6105. To effect transactions in existing
IRA, SEP-IRA, Profit Sharing or Pension Plan accounts, call 1-800-225-5163.
The variable annuity contract is provided by Charter National Life
Insurance Company (in New York State, Intramerica Life Insurance Company
(S 1802)). The contract is offered by Scudder Insurance Agency, Inc.
(in New York State, Nevada and Montana, Scudder Insurance Agency of New
York, Inc.). CNL, Inc. is the Principal Underwriter. Scudder Horizon Plan
is not available in all states.
Directors and Officers
Edmond D. Villani*
Chairman of the Board and Director
Nicholas Bratt*
President and Director
Paul Bancroft III
Director; Venture Capitalist and Consultant
Thomas J. Devine
Director; Consultant
William H. Gleysteen, Jr.
Director; President, The Japan Society, Inc.
William H. Luers
Director; President, The Metropolitan Museum of Art
Wilson Nolen
Director; Consultant
Juris Padegs*
Director, Vice President and Assistant Secretary
Daniel Pierce*
Director
Gordon Shillinglaw
Director; Professor Emeritus of Accounting, Columbia University
Graduate School of Business
Robert G. Stone, Jr.
Director; Chairman of the Board and Director, Kirby Corporation
Robert W. Lear
Honorary Director; Executive-in-Residence, Visiting Professor,
Columbia University Graduate School of Business
Carol L. Franklin*
Vice President
Edmund B. Games*
Vice President
Jerard K. Hartman*
Vice President
William E. Holzer*
Vice President
Thomas W. Joseph*
Vice President
William F. Truscott*
Vice President
Thomas F. McDonough*
Vice President and Secretary
Pamela A. McGrath*
Vice President and Treasurer
David S. Lee*
Vice President and Assistant Treasurer
Edward J. O'Connell*
Vice President and Assistant Treasurer
Kathryn L. Quirk*
Vice President and Assistant Secretary
Richard W. Desmond*
Assistant Secretary
Coleen Downs Dinneen*
Assistant Secretary
*Scudder, Stevens & Clark, Inc.
Investment products and service
The Scudder Family of Funds
Money market
Scudder Cash Investment Trust
Scudder U.S. Treasury Money Fund
Tax free money market+
Scudder Tax Free Money Fund
Scudder California Tax Free Money Fund*
Scudder New York Tax Free Money Fund*
Tax free+
Scudder California Tax Free Fund*
Scudder High Yield Tax Free Fund
Scudder Limited Term Tax Free Fund
Scudder Managed Municipal Bonds
Scudder Massachusetts Limited Term Tax Free Fund*
Scudder Massachusetts Tax Free Fund*
Scudder Medium Term Tax Free Fund
Scudder New York Tax Free Fund*
Scudder Ohio Tax Free Fund*
Scudder Pennsylvania Tax Free Fund*
Growth and Income
Scudder Balanced Fund
Scudder Growth and Income Fund
Income
Scudder Emerging Markets Income Fund
Scudder GNMA Fund
Scudder Income Fund
Scudder International Bond Fund
Scudder Short Term Bond Fund
Scudder Short Term Global Income Fund
Scudder Zero Coupon 2000 Fund
Growth
Scudder Capital Growth Fund
Scudder Development Fund
Scudder Global Fund
Scudder Global Small Company Fund
Scudder Gold Fund
Scudder Greater Europe Growth Fund
Scudder International Fund
Scudder Latin America Fund
Scudder Pacific Opportunities Fund
Scudder Quality Growth Fund
Scudder Value Fund
The Japan Fund
Retirement Plans and Tax-Advantaged Investments
IRAs
Keogh Plans
Scudder Horizon Plan*+++ (a variable annuity)
401(k) Plans
403(b) Plans
SEP-IRAs
Profit Sharing and Money Purchase Pension Plans
Closed-end Funds#
The Argentina Fund, Inc.
The Brazil Fund, Inc.
The First Iberian Fund, Inc.
The Korea Fund, Inc.
The Latin America Dollar Income Fund, Inc.
Montgomery Street Income Securities, Inc.
Scudder New Asia Fund, Inc.
Scudder New Europe Fund, Inc.
Scudder World Income Opportunities Fund, Inc.
Institutional Cash Management
Scudder Institutional Fund, Inc.
Scudder Fund, Inc.
Scudder Treasurers Trust(tm)++
For complete information on any of the above Scudder funds, including
management fees and expenses, call or write for a free prospectus. Read it
carefully before you invest or send money. +A portion of the income from
the tax-free funds may be subject to federal, state and local taxes. *Not
available in all states. +++A no-load variable annuity contract provided by
Charter National Life Insurance Company and its affiliate, offered by
Scudder's insurance agencies, 1-800-225-2470. #These funds, advised by
Scudder, Stevens & Clark, Inc., are traded on various stock exchanges.
++For information on Scudder Treasurers Trust(tm), an institutional cash
management service that utilizes certain portfolios of Scudder Fund, Inc.
($100,000 minimum), call: 1-800-541-7703.
How to contact Scudder
Account Service and Information:
For existing account service and transactions
Scudder Service
Corporation
1-800-225-5163
For account updates, prices, yields, exchanges and redemptions
Scudder Automated Information Line (SAIL)
1-800-343-2890
Investment Information:
To receive information about the Scudder funds, for additional
applications and prospectuses, or for investment questions
Scudder Investor Information
1-800-225-2470
For establishing Keogh, 401(k) and 403(b) plans
Scudder Group Retirement Services
1-800-323-6105
Please address all correspondence to:
The Scudder Funds
P.O. Box 2291
Boston, Massachusetts
02107-2291
Or Stop by a Scudder Funds Center:
Many shareholders enjoy the personal, one-on-one service of the
Scudder Funds Centers. Check for a Funds Center near you--they can be
found in the following cities:
Boca Raton
Boston
Chicago
Cincinnati
Los Angeles
New York
Portland, OR
San Diego
San Francisco
Scottsdale
For information on Scudder Treasurers Trust(tm), an institutional cash
management service for corporations, non-profit organizations and trusts
which utilizes certain portfolios of Scudder Fund, Inc.* ($100,000
minimum), call: 1-800-541-7703.
For information on Scudder Institutional Funds*, funds designed to meet the
broad investment management and service needs of banks and other
institutions, call: 1-800-854-8525.
Scudder Investor Information and Scudder Funds Centers are services
provided through Scudder Investor Services, Inc., Distributor.
* Contact Scudder Investor Services, Inc., Distributor, to receive a
prospectus with more complete information, including management fees and
expenses. Please read it carefully before you invest or send money.
