[Image] Scudder International Fund Profile
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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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Fund Profile
August 1, 1997
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1. What Is The Fund's Objective?
Scudder International Fund 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.
2. What Does The Fund Invest In?
The Fund invests in companies, wherever organized, which do business
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. The Fund generally invests in
equity securities of established companies, listed on foreign
exchanges, which the Fund's investment adviser, Scudder, Stevens &
Clark, Inc. believes have favorable characteristics.
The Fund may invest up to 20% of its total assets in debt securities.
Such debt securities will generally be investment-grade (i.e., rated
Aaa, Aa, A or Baa by Moody's Investors Service, Inc. or AAA, AA, A or
BBB by Standard & Poor's) and will include debt securities of foreign
governments, supranational organizations and private issuers,
including bonds denominated in the European Currency Unit (ECU).
3. What Are The Risks Of Investing In The Fund?
Investment in foreign securities involves economic and political
considerations and possibly legal restrictions not typically found in
U.S. markets, which may affect the value of the Fund's investments.
Also, investment in foreign securities involves more limited
information, higher brokerage costs, different accounting standards,
thinner trading markets, the likely impact of foreign taxes on the
income and gains from securities, fluctuation of interest rates, and
less supervision of securities exchanges. The Fund's investments are
generally denominated in foreign currencies, therefore, 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. You incur
principal risk when you invest because your shares, when sold, may be
worth more or less than what you paid for them.
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 International 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 March 31, 1997.
Investment management fee 0.82%
12b-1 fees None
Other expenses 0.33%
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Total Fund operating expenses 1.15%
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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
$12 $37 $63 $140
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 over the past 10 years,
assuming reinvestment of all distributions. Performance is historical
and may not be indicative of future results. Total return and
principal value will fluctuate.
THE PRINTED DOCUMENT CONTAINS A BAR CHART HERE
BAR CHART TITLE:
Total returns for years
ended December 31:
BAR CHART DATA:
1987 1.00%
1988 18.84
1989 27.04
1990 -8.92
1991 11.77
1992 -2.64
1993 36.50
1994 -2.99
1995 12.22
1996 14.55
The Fund's Average Annual Total Return
for the period ended June 30, 1997
One Year 19.83%
Five Years 13.31%
Ten Years 9.47%
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 a role in the Fund's management
process.
Lead Portfolio Manager Irene Cheng joined Scudder in 1993. Ms. Cheng,
who has over 13 years of industry experience, focuses on portfolio
management and equity strategy for Scudder's international equity
accounts.
Nicholas Bratt, Portfolio Manager, directs Scudder's overall global
equity investment strategies. Mr. Bratt joined Scudder and the team in
1976.
Carol L. Franklin joined Scudder International Fund's portfolio
management team in 1986. Ms. Franklin, who has over 20 years of
experience in finance and investing, joined Scudder in 1981.
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.
Marc Joseph, Portfolio Manager, managed international portfolios prior
to joining Scudder in 1997 and is a member of Scudder's Global Equity
Group where he focuses on managing international equity portfolios.
Mr. Joseph has over 10 years of industry experience.
Sheridan Reilly joined Scudder in 1995 and is a member of Scudder's
Global Equity Group. Mr. Reilly has over 10 years of industry
experience focusing on strategies for global portfolios, currency
hedging and foreign equity markets.
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 minimum initial investment is $2,500,
except that shareholders may open an account with at least $1,000 if
an automatic investment plan of $100/month is established. Scudder
retirement plans and certain other accounts have similar or lower
minimum share balance requirements. A shareholder who maintains an
account balance of less than $2,500 without establishing an automatic
investment plan, will be assessed an annual fee of $10.00, payable to
the Fund. Retirement accounts and certain other accounts will not be
assessed the $10.00 charge. 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 November or 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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