[Image] Scudder Greater Europe Growth Fund Profile [Image]
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The fund profile, a supplement to the full prospectus, is designed as
an easy-to-read summary of fund risks, fees, and objectives. You can
click on any question to link to the Fund's prospectus and get more
information on that topic. Or, if you wish, you can proceed directly
to the Fund's prospectus. Once you have read the prospectus and
considered your investment goals, you can proceed to a Scudder Funds
application.
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Scudder Greater Europe Growth Fund
Fund Profile
November 12, 1996
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1. What Is The Fund's Objective?
Scudder Greater Europe Growth Fund seeks to provide long-term growth
of capital through investments primarily in the equity securities of
European companies.
2. What Does The Fund Invest In?
The Fund invests primarily (at least 80% of total assets) in the
equity securities of European companies. Within this diverse area, the
Fund seeks to benefit from accelerating economic growth transformation
and deregulation taking hold. 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. The
Fund's investments include common stock, preferred stock, securities
that may be converted into common stock, depositary receipts and
warrants. The Fund may also invest in European debt securities.
The Fund's investment adviser, Scudder, Stevens & Clark, Inc. 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.
The Fund intends to allocate its investments among at least three
countries at all times. The Fund expects the majority of its equity
assets to be in the more established and liquid markets of Western and
Southern Europe.
3. What Are The Risks Of Investing In The Fund?
Eastern European countries and certain Southern European countries are
considered to be emerging markets. Emerging market securities can be
more volatile and less liquid than securities in more developed
markets. In addition, foreign securities often have less publicly
available information and are subject to different regulations than
domestic securities. Political events, changes in the perceived
creditworthiness of issuers, higher brokerage costs, fluctuating
national interest rates, foreign taxes and movements in foreign
currencies will affect the value of the Fund's holdings which
determine the Fund's share price. The Fund's investments are generally
denominated in foreign currencies, therefore, the Fund may incur the
currency conversion costs and the strength or weakness of the U.S.
dollar against these currencies may result in fluctuation of share
price, which is likely to vary from day to day. Movements of the stock
markets or in the types of securities held in the Fund's portfolio may
affect the Fund's share price. You incur principal risk when you
invest because your shares, when sold, may be worth more or less than
what you paid for them.
Because it is non-diversified, the Fund may invest in a smaller number
of issuers, which will subject it to greater risks than a diversified
fund. Furthermore, the Fund's holdings in unrated securities and
securities rated below investment-grade (i.e., "junk bonds") carry a
greater risk of default and more price volatility than securities
rated investment-grade.
4. For Whom Is This Fund Appropriate?
You may wish to consider this Fund if you are seeking capital growth
and:
o plan to hold your investment for the long-term (at least 5 years
or more),
o can tolerate fluctuations in share price,
o have or plan to have other investments for the benefit of
diversification, and
o understand the risks of investing in foreign securities.
5. What Are The Fund's Expenses And Fees?
There are two kinds of expenses that a shareholder may incur, directly
or indirectly, by investing in a mutual fund. These types of expenses,
as they relate to Scudder Greater Europe Growth Fund are:
Shareholder transaction expenses --
Expenses charged directly to your account for various transactions.
Sales Commission None
Commissions to Reinvest Dividends None
Redemption Fee None
Exchange Fee None
Annual Fund operating expenses (after expense maintenance) --
Expenses paid by the Fund before it distributes its net investment
income, expressed as a percentage of the Fund's average daily net
assets. Figures below are for the fiscal year ended October 31,
1995, during which Scudder maintained the total annualized expenses
of the Fund at not more than 1.50% of average daily net assets. Had
Scudder not done so, expenses would have amounted to 2.74%,
including 1.00% for management fees. Scudder will continue this
expense maintenance until February 28, 1997.
Investment management fee 0%
12b-1 fees None
Other expenses 1.50%
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Total Fund operating expenses 1.50%
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Example:
Assuming a 5% annual return and redemption at the end of each
period, the total expenses relating to a $1,000 investment would be:
1 Year 3 Years 5 Years 10 Years
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$15 $ 47 $82 $179
This example assumes reinvestment of all dividends and distributions
and that the total Fund operating expenses listed above 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. Please
note that there is a $5 service fee if you request redemption proceeds via
wire.
6. How Has The Fund Performed Historically?
This chart shows how the Fund has performed since it commenced
operations on October 10, 1994, assuming reinvestment of all
distributions. Performance is historical and may not be indicative of
future results. Total return and principal value will fluctuate.
Bar Chart Title: Total returns for years ended December 31:
Bar Chart Data: 1995 23.61%
The Fund's Average Annual Total Return
for the period ended September 30, 1996
One Year 20.85%
Life of Fund 20.49%
If the Adviser had not maintained the Fund's expenses, the average
annual total return for the one year and life of Fund periods would
have been lower.
7. Who Manages The Fund?
The Fund's investment adviser is Scudder, Stevens & Clark, Inc., a
leading provider of U.S. and international investment management for
clients throughout the world. The Fund is managed by a team of Scudder
investment professionals who each play an important role in the Fund's
management process.
Carol Franklin, Lead Portfolio Manager, sets Fund investment strategy
and oversees its daily operation. Ms. Franklin joined Scudder in 1981
and has nine 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.
8. How Can I Invest?
To make it easy for you to open an account, you may invest by mail,
phone, fax, or in person. The current minimum initial investment is
$1,000 ($500 for IRA's). Effective January 1, 1997, the minimum
initial investment will be $2,500 ($1,000 for IRA's), except that
shareholders may open a regular account with a minimum of $1,000 if an
investment program of at least $100/month is established. After
January 1, 1997, a shareholder who maintains an account balance of
less than $2,500 without establishing an investment program, may be
assessed an annual fee of $10.00, payable to the Fund. You may also
exchange Fund shares free of charge within the Scudder Family of
Funds.
9. How Can I Redeem Shares?
You may redeem shares at the current share price on any business day
by telephone, fax, or mail.
10. When Are Distributions Made?
The Fund typically makes dividends and capital gains distributions, if
any, in December. You may elect to receive distributions in cash or
have them reinvested in additional shares of the Fund.
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.
11. What Services Does Scudder Provide?
As a shareholder, you'll enjoy:
o professional service from representatives who can answer your
questions and execute your transactions
o automated toll-free touchtone access to account information,
share prices and yields, and to perform transactions
o Scudder's quarterly shareholder newsletter, Scudder Perspectives
o regular, informative reports about the performance of your Fund
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[Image]Scudder wants you to make informed investment decisions. This
Fund Profile contains key information about the Fund. If you would
like more information before you invest, please consult the Fund's
accompanying prospectus. For details about the Fund's holdings or
recent investment strategies, please review the Fund's most recent
annual or semiannual report. The reports are free and may be ordered
by calling 1-800-225-2470.
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