[Image] Scudder Pacific Opportunities Fund Profile [Image]
- ---------------------------------------------------------------------------
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.
----------------------------------------------------------------------
Fund Profile
November 12, 1996
----------------------------------------------------------------------
1. What Is The Fund's Objective?
Scudder Pacific Opportunities Fund seeks to provide long-term growth
of capital through investment primarily in the equity securities of
Pacific Basin companies, excluding Japan.
2. What Does The Fund Invest In?
The Fund invests primarily (at least 65% of total assets) in common
stock, preferred stock, securities that may be converted into common
stock, depositary receipts and warrants of Pacific Basin companies.
The Fund's investment program focuses on the smaller, emerging markets
in this region of the world. The Fund will not invest in Japanese
securities. The Fund intends to allocate investments among at least
three countries at all times.
The Fund may invest up to 35% of its total assets in foreign and
domestic debt securities. The Fund may purchase bonds rated Aaa, Aa or
A by Moody's Investors Service, Inc. or AAA, AA or A by Standard &
Poor's.
The Fund's investment adviser, Scudder, Stevens & Clark, Inc. seeks to
identify companies with favorable potential for appreciation through
growing earnings or market recognition over time.
3. What Are The Risks Of Investing In The Fund?
The Fund is susceptible to political and economic factors affecting
issuers in Pacific Basin countries. Although the Fund will not invest
in Japanese companies, some Pacific Basin economies are directly
affected by Japanese capital investment and consumer demands. 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 may
incur currency conversion costs and the strength or weakness of the
U.S. dollar against these currencies may result in fluctuations 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.
In addition, 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.
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 Pacific Opportunities 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 -- 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.
Investment management fee 1.10%
12b-1 fees None
Other expenses 0.64%
------
Total Fund operating expenses 1.74%
=====
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
$18 $ 55 $94 $205
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 December 8, 1992, assuming reinvestment of all
distributions. Performance is historical and may not be indicative of
future results. Total return and principal value will fluctuate.
A BAR CHART WAS INSERTED HERE. THE CAPTION AND DATA FROM THIS CHART ARE
LISTED BELOW:
Total returns for years ended December 31:
1993 60.08%
1994 -17.12
1995 1.28
BAR CHART ENDS HERE
The Fund's Average Annual Total Return
for the period ended March 31, 1996
One Year 8.96%
Life of Fund 10.66
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.
Lead Portfolio Manager Elizabeth J. Allan assumed responsibility for
the Fund's day-to-day management and investment strategies in February
1994. Ms. Allan joined Scudder in 1987 as a member of the portfolio
management team of a Scudder closed-end mutual fund concentrating its
investments in Asia. Nicholas Bratt, Portfolio Manager, has been a
member of the Fund's team since 1992 and has over 20 years of
experience in global investing. Joyce E. Cornell, Portfolio Manager
since 1993, has focused on stock selection, a role she has played
since the Fund's introduction in 1992. Ms. Cornell, who has eight
years of investment experience as a research analyst, joined Scudder
in 1991 in this capacity.
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
[Image]
----------------------------------------------------------------------
[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.
----------------------------------------------------------------------
Contact Scudder
