[Image] Scudder International Fund Prospectus [Image]
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This prospectus sets forth concisely the information about Scudder
International 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 August 1, 1996, 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.
The Securities and Exchange Commission maintains a Web site
(http://www.sec.gov) that contains the Statement of Additional
Information, material incorporated by reference, and other information
regarding the Fund.
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.
Scudder International Fund
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Prospectus
August 1, 1996
As Revised September 6, 1996
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A pure no-load(tm) (no sales charges) mutual fund seeking long-term
growth of capital primarily from foreign equity securities.
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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 International 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 NONE
load)
Commissions to reinvest dividends NONE
Redemption fees NONE *
Fees to exchange shares NONE
2) Annual Fund operating expenses: 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 ended
March 31, 1996.
Investment management fee 0.82%
12b-1 fees NONE
Other expenses 0.32%
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Total Fund operating expenses 1.14%
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Example
Based on the 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 5 Years 10 Years
$12 $36 $63 $139
See "Fund organization -- Investment adviser" for further
information about the investment management fee. This exam ple
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."
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Financial highlights
The following table includes selected data for a share outstanding
throughout each period (a) 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 March 31,
1996 and may be obtained without charge by writing or calling Scudder
Investor Services, Inc.
<TABLE>
<CAPTION>
YEARS ENDED MARCH 31,
------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ........... $39.72 $42.96 $35.69 $34.36 $34.69 $37.00 $34.79 $33.43 $44.05 $36.93
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment
income ....................... .38 .21 .31 .38 .44 .80 .49 .40 .45 .47
Net realized and
unrealized gain (loss)
on investment
transactions ................. 7.19 (1.03) 7.74 2.64 (.37) (.39) 5.30 4.15 (.86) 13.07
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations .................... 7.57 (.82) 8.05 3.02 .07 .41 5.79 4.55 (.41) 13.54
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
From net investment income .... (.40) -- (.63) (.83) -- (.74) (.43) (.13) (.82) (.49)
In excess of net
investment income ........... -- -- (.06) -- -- -- -- -- -- --
From net realized gains
on investment transactions .. (1.18) (2.42) (.09) (.86) (.40) (1.98) (3.15) (3.06) (9.39) (5.93)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions ............ (1.58) (2.42) (.78) (1.69) (.40) (2.72) (3.58) (3.19) (10.21) (6.42)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value,
end of period ................. $45.71 $39.72 $42.96 $35.69 $34.36 $34.69 $37.00 $34.79 $33.43 $44.05
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN (%) ............... 19.25 (2.02) 22.69 9.12 .18 1.46 17.08 14.34 (.47) 40.18
RATIOS AND
SUPPLEMENTAL DATA
Net assets, end of period
($ millions) .................. 2,515 2,192 2,198 1,180 933 929 783 550 559 791
Ratio of operating
expenses to average
net assets (%) ................ 1.14 1.19 1.21 1.26 1.30 1.24 1.18 1.22 1.21 1.09
Ratio of net investment
income to average
net assets (%) ................ .86 .48 .75 1.13 1.25 2.22 1.33 1.20 1.16 1.19
Portfolio turnover rate (%) .... 45.2 46.3 39.9 29.2 50.4 70.1 49.4 48.3 54.8 66.5
(a) Based on monthly average shares outstanding during the period.
</TABLE>
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A message from Scudder's chairman
[Image] 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 $100 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 the
professional service representatives of Scudder Investor Relations,
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.
Scudder International Fund
Investment objective
o long-term growth of capital primarily from foreign equity
securities
Investment characteristics
o professional management to help investors without the time or
expertise to invest directly in foreign securities
o international diversification which helps reduce international
investment risk
o convenient participation in investments denominated in foreign
currencies
o daily liquidity at current net asset value
Contents
Investment objective and policies
Why invest in the Fund?
International investment experience
Additional information about policies and investments
Investment results
Distribution and performance information
Fund organization
Purchases
Exchanges and redemptions
Transaction information
Shareholder benefits
Directors and Officers
Investment products and services
How to contact Scudder
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Investment objective and policies
Scudder International Fund (the "Fund"), a series of Scudder
International Fund, Inc., seeks long-term growth of capital primarily
through a diversified portfolio of marketable foreign equity
securities. These securities are selected primarily to permit the Fund
to participate in non-United States companies and economies with
prospects for growth. The Fund invests in companies, wherever
organized, which do business primarily outside the United States. The
Fund intends to diversify investments among several countries and to
have represented in the portfolio, in substantial proportions,
business activities in not less than three different countries. The
Fund does not intend to concentrate investments in any particular
industry.
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.
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Investments
The Fund generally invests in equity securities of established
companies, listed on foreign exchanges, which the Fund's investment
adviser, Scudder, Stevens & Clark, Inc. (the "Adviser"), believes have
favorable characteristics.
When the Adviser believes that it is appropriate to do so in order to
achieve the Fund's investment objective of long-term capital growth,
the Fund may invest up to 20% of its total assets in debt securities.
Such debt securities include debt securities of foreign governments,
supranational organizations and private issuers, including bonds
denominated in the European Currency Unit (ECU). Portfolio debt
investments will be selected on the basis of, among other things,
yield, credit quality, and the fundamental outlooks for currency and
interest rate trends in different parts of the globe, taking into
account the ability to hedge a degree of currency or local bond price
risk. The Fund may purchase "investment-grade" bonds, which are those
rated Aaa, Aa, A or Baa by Moody's Investors Service, Inc. ("Moody's")
or AAA, AA, A or BBB by Standard & Poor's ("S&P") or, if unrated,
judged by the Adviser to be of equivalent quality. The Fund may also
invest up to 5% of its total assets in debt securities which are rated
below investment-grade (see "Risk factors").
In addition, the Fund may enter into repurchase agreements, and may
engage in strategic transactions, which may include derivatives.
When the Adviser determines that exceptional conditions exist abroad,
the Fund may, for temporary defensive purposes, invest all or a
portion of its assets in Canadian or U.S. Government obligations or
currencies, or securities of companies incorporated in and having
their principal activities in Canada or the U.S.
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Why invest in the Fund?
The Fund is designed for investors seeking investment opportunity and
diversification through an actively managed portfolio of foreign
securities.
One reason that some investors may wish to invest overseas is that
certain foreign economies may grow more rapidly than the U.S. economy
and may offer opportunities for achieving superior investment returns.
Another reason is that foreign stock and bond markets do not always
move in step with each other or with the U.S. markets. A portfolio
invested in a number of markets worldwide will be better diversified
than one which is subject to the movements of a single market.
Another benefit of the Fund is that it eliminates the complications
and extra costs associated with direct investment in individual
foreign securities.
Individuals investing directly in foreign stocks may find it difficult
to make purchases and sales, to obtain current information, to hold
securities in safekeeping, and to convert the value of their
investments from foreign currencies into U.S. dollars. The Fund
manages these tasks for the investor. With a single investment, the
investor has a diversified international investment portfolio, which
is actively managed by experienced professionals. The Adviser has had
long experience in dealing in foreign markets and with brokers and
custodian banks around the world. The Adviser also has the benefit of
an established information network and believes the Fund affords a
convenient and cost-effective method of investing internationally.
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 Japanese
yen, for example, the dollar value of a Japanese 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
yen, the dollar value of the Japanese stock will fall.
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 has been a leader in international investment management
and trading for over 40 years. In addition to the Fund, which was
initially incorporated in Canada in 1953 as the first foreign
investment company registered with the United States Securities and
Exchange Commission, its investment company clients include Scudder
International Bond Fund, which invests internationally, Scudder Global
Fund, Scudder Global Bond Fund, and Scudder Global Discovery Fund,
which invest worldwide, Scudder Greater Europe Growth Fund, which
invests primarily in securities of European companies, The Japan Fund,
Inc., which invests primarily in securities of Japanese companies,
Scudder Latin America Fund, which invests primarily in Latin American
issuers, Scudder Pacific Opportunities Fund, which invests primarily
in issuers located in the Pacific Basin, with the exception of Japan,
Scudder Emerging Markets Income Fund, which invests in debt securities
issued in emerging markets, and Scudder Emerging Markets Growth Fund,
which invests in equity investments in emerging markets. The Adviser
also manages the assets of eight closed-end investment companies
investing in foreign securities: The Argentina Fund, Inc., The Brazil
Fund, Inc., The First Iberian Fund, Inc., The Korea Fund, Inc., The
Latin America Dollar Income Fund, Inc., Scudder New Asia Fund, Inc.,
Scudder New Europe Fund, Inc. and Scudder World Income Opportunities
Fund, Inc. Assets of Scudder's international investment company
clients exceeded $8 billion as of June 30, 1996.
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 total assets, in the aggregate, in
securities which are not readily marketable, restricted securities and
repurchase agreements maturing in more than seven days.
A complete description of these and other policies and restrictions is
contained under "Investment Restrictions" in the Fund's Statement of
Additional Information.
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 them at a
specified time and price.
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 be executed through the
use of derivative contracts. Such strategies are generally accepted as
a part of 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 factors -- Strategic Transactions and derivatives" for
more information.
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Risk factors
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.
Foreign securities. Investments in foreign securities involve special
considerations due to limited information, higher brokerage costs,
different accounting standards, thinner trading markets as compared to
domestic markets and the likely impact of foreign taxes on the income
from securities. They may also entail 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. 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. 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 U.S. and foreign countries may be less
reliable than within the U.S., increasing the risk of delayed
settlements of portfolio transactions or loss of certificates for
portfolio securities. The Fund's ability and decisions to purchase and
sell portfolio securities may be affected by laws or regulations
relating to the convertibility and repatriation of assets.
Repurchase agreements. If the seller under a repurchase agreement
becomes insolvent, the Fund's right to dispose of the securities may
be restricted, or the value of the securities may decline before the
Fund is able to dispose of them. 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, including a
decline in the value of the securities, before being able to sell the
securities.
Debt securities. The Fund may invest no more than 5% of its total
assets in debt securities which are rated below investment-grade; that
is, rated below Baa by Moody's or BBB by S&P (commonly referred to as
"junk bonds"). The lower the ratings of such debt securities, the
greater their risks render them like equity securities. Moody's
considers bonds it rates Baa to have speculative elements as well as
investment-grade characteristics. The Fund may invest in securities
which are rated D by S&P or, if unrated, are of equivalent quality.
Securities rated D may be in default with respect to payment of
principal or interest.
Illiquid securities. The absence of a trading market can make it
difficult to ascertain a market value for illiquid securities.
Disposing of illiquid securities 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 derivative 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.
Investment results
Scudder International Fund is designed for long-term investors who can
accept international investment risk. The dollar value of the Fund's
portfolio securities fluctuates with changes in market and economic
conditions abroad and with changes in relative currency values.
Changes in the Fund's share price may not be related to changes in the
U.S. stock and bond markets. As with any long-term investment, the
value of shares when sold may be higher or lower than when purchased.
For additional information concerning risks of international
investment, see "Risk factors."
Annual capital changes -- past ten years*
Years
Ended Net Asset Dividends Capital Gains Capital
March 31, Value/Share ---------- Distributions Change
---------------------------- -------------------------------
1986 $36.93
1987 44.05 $0.49 $5.93 + 38.44%
1988 33.43 0.82 9.39 - 2.45
1989 34.79 0.13 3.06 + 13.91
1990 37.00 0.43 3.15 + 15.81
1991 34.69 0.74 1.98 - 0.67
1992 34.36 -- 0.40 - 0.95
1993 35.69 0.83 0.86 + 6.53
1994 42.96 0.69 0.09 + 21.59
1995 39.72 -- 2.42 - 2.02
1996 45.71 0.40 1.18 +18.19
Growth of a $10,000 investment
Total Return
-------------------------
Years Ended March Value of Initial $10,000 Average
31, 1996 Investment Annual Cumulative
--------------------------------------------------------------------
One Year $ 11,925 + 19.25% + 19.25%
Five Years $ 15,670 + 9.40% + 56.70%
Ten Years $ 29,692 + 11.50% + 196.92%
* For definition of "capital change" please see "Distribution and
performance information."
Performance figures are historical and all total return calculations
assume reinvestment of capital gains and income distributions. The
investment return and principal value of the Fund's shares represent
past performance and will vary due to market conditions, and the
shares may be worth more or less at redemption than at original
purchase.
Distribution and performance information
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Dividends and capital gains distributions
The Fund intends to distribute dividends from its net investment
income and any net realized capital gains after utilization of capital
loss carryforwards, if any, in November or December to prevent
application of federal excise tax. An additional distribution may be
made 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.
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.
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, five years and ten years as of a stated ending date. "Cumulative
total return" represents the cumulative change in value of an
investment in the Fund for various periods. All types of 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 International Fund is a diversified series of Scudder
International Fund, Inc. (the "Corporation"), an open-end, management
investment company registered under the Investment Company Act of 1940
(the "1940 Act"). The Corporation is a Maryland corporation whose
predecessor was organized in 1953.
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 Adviser receives an investment management fee for these services.
As of September 4, 1996, the Fund pays the adviser an annual fee of
0.90% of the first $500 million of average daily net assets, 0.85% of
such assets in excess of $500 million, 0.80% of such assets in excess
of $1 billion, 0.75% of such assets in excess of $2 billion and 0.70%
of such assets in excess of $3 billion. The Fund's fee is graduated so
that increases in the Fund's net assets may result in a lower annual
fee rate and decreases in the Fund's net assets may result in a higher
annual fee rate.
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.
Prior to September 4, 1996 the investment management fee was equal, on
an annual basis, to 0.90% of the first $500 million of average daily
net assets, 0.85% of such assets in excess of $500 million, 0.80% of
such assets in excess of $1 billion, and 0.75% of such assets in
excess of $2 billion.
For the fiscal year ended March 31, 1996, the Adviser received an
investment management fee of 0.82% of the Fund's average daily net
assets.
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 subsidiary of the Adviser, is the transfer, shareholder
servicing and dividend-paying agent for the Fund.
Underwriter
Scudder Investor Services, Inc., a 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 Relations is a telephone information service provided by
Scudder Investor Services, Inc.
Fund accounting agent
Scudder Fund Accounting Corporation, a subsidiary of the Adviser, is
responsible for determining the daily net asset value per share and
maintaining the general accounting records of the Fund.
Custodian
Brown Brothers Harriman & Co. is the Fund's custodian.
Profile|Application Request
Purchases
------------ -----------------------------------------
Opening an Minimum initial investment: $1,000; IRAs
account $500
Group retirement plans (401(k), 403(b),
etc.) have similar or lower minimums.
See appropriate plan literature.
Make checks * By Mail Send your completed and
payable to signed application and
"The check
Scudder
Funds." by regular or by
mail to: express,
registered,
or certified
mail to:
The Scudder
Scudder Shareholder
Funds Service
P.O. Box Center
2291 42 Longwater
Boston, MA Drive
Norwell, MA
02107-2291 02061-1612
* By Wire Please see Transaction
information -- Purchasing
shares -- By wire 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 Minimum additional investment: $100;
additional IRAs $50
shares
Group retirement plans (401(k), 403(b),
etc.) have similar or lower minimums.
See appropriate plan literature.
Make checks * By Mail Send a check with a
payable to Scudder investment slip,
"The or with a letter of
Scudder instruction including your
Funds." account number and the
complete Fund name, to the
appropriate address listed
above.
* By Wire Please see Transaction
information -- Purchasing
shares -- By wire 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 Please see Transaction
Telephone information -- Purchasing
shares -- By AutoBuy or By
telephone order for more
details.
* By You may arrange to make
Automatic investments on a regular
Investment basis through automatic
Plan ($50 deductions from your bank
minimum) checking account. Please
call 1-800-225-5163 for
more information and an
enrollment form.
Profile|Application Request
Exchanges and redemptions
----------- ---------------------------------------------------------
Exchanging Minimum investments: $1,000 to establish a new account;
shares $100 to exchange among existing accounts
* By To speak with a service representative,
Telephone call 1-800-225-5163 from 8 a.m. to 8 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 Print or type your instructions and
or Fax 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;
- your signature(s) as it appears on your
account; and
- a daytime telephone number.
Send your instructions
by regular or by or by fax to:
mail to: express,
registered,
or certified
mail to:
The Scudder Scudder 1-800-821-6234
Funds Shareholder
P.O. Box Service
2291 Center
Boston, MA 42 Longwater
02107-2291 Drive
Norwell, MA
02061-1612
----------- ------------ -------------------------------------------
Redeeming * By To speak with a service representative,
shares Telephone call 1-800-225-5163 from 8 a.m. to 8 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
have redemption proceeds sent to your
predesignated bank account, or redemption
proceeds of up to $50,000 sent to your
address of record.
* By Mail Send your instructions for redemption to
or Fax 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;
- your signature(s) as it appears on your
account; and
- a daytime telephone number.
A signature guarantee is required for
redemptions over $50,000. See Transaction
information -- Redeeming shares.
* By You may arrange to receive automatic cash
Automatic payments periodically. Call 1-800-225-5163
Withdrawal for more information and an enrollment
Plan form.
Transaction information
Purchasing shares
Purchases are executed at the next calculated net asset value per
share after the Fund's transfer agent receives the purchase request in
good order. Purchases are made in full and fractional shares. (See
"Share price.") The Fund reserves the right to reject any purchase
order for any reason.
By check. If you purchase shares with a check that does not clear,
your purchase will be canceled 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. If you
purchase shares by federal funds wire, you may avoid this delay.
Redemption 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. 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. A confirmation with
complete purchase information is sent shortly after your order is
received. You must include with your payment the order number given at
the time the order is placed. If payment by check or wire is not
received within three business days, the order will be canceled and
the shareholder will be responsible for any loss to the Fund resulting
from this cancelation. Telephone orders are not available for shares
held in Scudder IRA accounts and most other Scudder retirement plan
accounts.
By "AutoBuy." If you elected "AutoBuy" for your account, you can call
toll-free to purchase shares. The money will be automatically
transferred from your predesignated bank checking account. Your bank
must be a member of the Automated Clearing House for you to use this
service. If you did not elect "AutoBuy," call 1-800-225-5163 for more
information.
To purchase additional shares, call 1-800-225-5163. Purchases must be
for at least $250 but not more than $250,000. Proceeds in the amount
of your purchase will be transferred from your bank checking account
in two or three business days following your call. For requests
received by the close of regular trading on the Exchange, shares will
be purchased at the net asset value per share calculated at the close
of trading on the day of your call. "AutoBuy" requests received after
the close of regular trading on the Exchange will begin their
processing and be purchased at the net asset value calculated the
following business day.
If you purchase shares by "AutoBuy" and redeem them within seven days
of the purchase, the Fund may hold the redemption proceeds for a
period of up to seven business days. If you purchase shares and there
are insufficient funds in your bank account, the purchase will be
canceled and you will be subject to any losses or fees incurred in the
transaction. "AutoBuy" transactions are not available for Scudder IRA
accounts and most other 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
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.
By "AutoSell." If you elected "AutoSell" for your account, you can
call toll-free to redeem shares. The money will be automatically
transferred to your predesignated bank checking account. Your bank
must be a member of the Automated Clearing House for you to use this
service. If you did not elect "AutoSell," call 1-800-225-5163 for more
information.
To redeem shares, call 1-800-225-5163. Redemptions must be for at
least $250. Proceeds in the amount of your redemption will be
transferred to your bank checking account in two or three business
days following your call. For requests received by the close of
regular trading on the Exchange, shares will be redeemed at the net
asset value per share calculated at the close of trading on the day of
your call. "AutoSell" requests received after the close of regular
trading on the Exchange will begin their processing and be redeemed at
the net asset value calculated the following business day.
"AutoSell" transactions are not available for Scudder IRA accounts and
most other retirement plan accounts.
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 sent 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 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.
Processing time
All purchase and redemption requests must be received in good order by
the Fund's transfer agent. Those requests received 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 Investor Relations 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 business 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 Corporation 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.
Profile|Application Request
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 International 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 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.
Lead Portfolio Manager Carol L. Franklin joined Scudder International
Fund's portfolio management team in 1986 and has been responsible for
setting the Fund's investment strategy and overseeing security
selection for the Fund's portfolio since 1992. Ms. Franklin, who has
19 years of experience in finance and investing, joined Scudder in
1981. Nicholas Bratt, Portfolio Manager, directs Scudder's overall
global equity investment strategies. Mr. Bratt joined Scudder and the
team in 1976. Irene T. Cheng, Portfolio Manager, joined Scudder and
the team in 1993. Ms. Cheng has been a portfolio manager since 1993
and has 12 years of experience in finance and investing. Francisco S.
Rodrigo III, Portfolio Manager, joined Scudder and the team in 1994.
Mr. Rodrigo has been involved with investment in global and
international stocks and bonds as a portfolio manager and analyst
since 1989. Joan Gregory, Portfolio Manager, focuses on stock
selection, a role she has played since she joined Scudder in 1992. Ms.
Gregory, who joined the team in 1994, has been involved with
investment in global and international stocks as an assistant
portfolio manager since 1989.
SAIL(tm) -- Scudder Automated Information Line
For personalized account information including fund prices, yields and
account balances, to perform transactions in existing Scudder fund
accounts, or to obtain information on any Scudder fund, shareholders
can call Scudder's Automated Information Line (SAIL) at
1-800-343-2890, 24 hours a day. 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, growth, tax-free and growth and income 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 Perspectives, 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.
o 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.
o 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.
o 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.
o 403(b) Plans. Retirement plans for tax-exempt organizations and
school systems to which employers and employees may both
contribute.
o 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.
o 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, SEP-IRA, Profit Sharing Plan, Money Purchase
Pension Plan or a Scudder Horizon Plan, please call 1-800-225-2470.
For information about 401(k)s or 403(b)s 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
Daniel Pierce*
Chairman of the Board and Director
Nicholas Bratt*
President and Director
Paul Bancroft III
Director; Venture Capitalist and Consultant
Thomas J. Devine
Director; Consultant
Keith R. Fox
Director; President, Exeter Capital Management Corporation
William H. Gleysteen, Jr.
Director; Consultant
Dudley H. Ladd*
Director
William H. Luers
Director; President, The Metropolitan Museum of Art
Dr. Wilson Nolen
Director; Consultant
Juris Padegs*
Director, Vice President and Assistant Secretary
Dr. Gordon Shillinglaw
Director; Professor Emeritus of Accounting, Columbia University
Graduate School of Business
Robert W. Lear
Honorary Director; Executive-in-Residence, Visiting Professor,
Columbia University Graduate School of Business
Robert G. Stone, Jr.
Honorary Director; Chairman of the Board and Director, Kirby
Corporation
Elizabeth J. Allan*
Vice President
Carol L. Franklin*
Vice President
Edmund B. Games, Jr.*
Vice President
Jerard K. Hartman*
Vice President
William E. Holzer*
Vice President
Thomas W. Joseph*
Vice President
David S. Lee*
Vice President and Assistant Treasurer
Thomas F. McDonough*
Vice President and Secretary
Pamela A. McGrath*
Vice President and 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 services
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*
Income
Scudder Emerging Markets Income Fund
Scudder Global Bond Fund
Scudder GNMA Fund
Scudder High Yield Bond Fund
Scudder Income Fund
Scudder International Bond Fund
Scudder Short Term Bond Fund
Scudder Zero Coupon 2000 Fund
Growth and Income
Scudder Balanced Fund
Scudder Growth and Income Fund
Growth
Scudder Capital Growth Fund
Scudder Development Fund
Scudder Emerging Markets Growth Fund
Scudder Global Discovery Fund
Scudder Global 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 Small Company Value 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 Investor Relations
1-800-225-5163
For personalized information about your Scudder accounts;
exchanges and redemptions; or information on any Scudder fund
Scudder Automated Information Line (SAIL)
1-800-343-2890
Please address all correspondence to:
The Scudder Funds
P.O. Box 2291
Boston, Massachusetts
02107-2291
Visit the Scudder World Wide Web Site at:
http://funds.scudder.com
Investment Information:
To receive information about the Scudder funds, for additional
applications and prospectuses, or for investment questions
Scudder Investor Relations
1-800-225-2470
For establishing 401(k) and 403(b) plans
Scudder Defined Contribution Services
1-800-323-6105
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 Relations 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.
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