SCUDDER [logo]
Scudder High Yield Bond Fund
Supplement to Prospectus dated July 1, 1997
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How to compare a Scudder Family of Funds pure no-load(TM) fund
This information is designed to help you understand the various costs and
expenses of investing in Scudder High Yield Bond 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
Family of Funds pure no-load(TM) funds, you pay no commissions to purchase or
redeem shares, or to exchange from one fund to another. As a result, all of
your investment goes to work for you.
1) Shareholder transaction expenses: Expenses charged directly to your
individual account in the Fund for various transactions.
Sales commissions to purchase shares (sales load) NONE
Commissions to reinvest dividends NONE
Deferred sales charge NONE
Redemption fees payable to the Fund 1.00%*
Exchange fees payable to the Fund 1.00%*
2) Annual Fund operating expenses: Estimated expenses paid by the Fund before
it distributes its net investment income, expressed as a percentage of the
Fund's average daily net assets for the fiscal year ending February 28,
1998.
Investment management fee (after waiver) 0.00%**
12b-1 fees NONE
Other expenses (after reimbursements) 0.25%**
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Total Fund operating expenses (after waiver and
reimbursements) 0.25%**
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Example
Based on the estimated level of total Fund operating expenses listed above, the
total expenses relating to a $1,000 investment, assuming a 5% annual return and
redemption at the end of each period, are listed below. Investors do not pay
these expenses directly; they are paid by the Fund before it distributes its
net investment income to shareholders.
1 Year 3 Years
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$3 $8
See "Fund organization--Investment adviser" for further information about the
investment management fee. This example assumes reinvestment of all dividends
and distributions and that the percentage amounts listed under "Annual Fund
operating expenses" remain the same each year. This example should not be
considered a representation of past or future expenses or return. Actual Fund
expenses and return vary from year to year and may be higher or lower than
those shown.
* There will be a 1% fee retained by the Fund which is imposed only on
redemptions or exchanges of shares held less than one year, except for
shares sold through Personal Counsel. You may redeem by writing or calling
the Fund. If you wish to receive redemption proceeds via wire, there is a
$5 wire service fee. For additional information, please refer to
"Transaction information--Exchanging and redeeming shares."
** Until June 30, 1998, the Adviser and certain of its subsidiaries have
agreed to waive and/or reimburse all of their fees payable by the Fund to
the extent necessary so that the total annualized expenses of the Fund do
not exceed 0.25% of average daily net assets. If the Adviser and its
subsidiaries had not agreed to waive and reimburse all of their fees,
annualized Fund expenses would have been: investment management fee 0.70%,
other expenses 1.05% and total operating expenses 1.75% for the initial
fiscal period ended February 28, 1997. It is estimated that annualized Fund
expenses would be 0.70%, 0.54%, and 1.24%, respectively, for the fiscal
year ending February 28, 1998 if the Adviser and certain of its
subsidiaries had not agreed to waive and/or reimburse all of their fees
payable by the Fund. For the Fund's initial fiscal period, the Adviser did
not receive an investment management fee.
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December 31, 1997
