[Image] Scudder Growth and Income Fund Prospectus [Image]
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This prospectus sets forth concisely the information about Scudder Growth
and Income Fund, a series of Scudder Investment Trust, 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 May 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 Growth and Income Fund
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Prospectus
May 1, 1996
As Revised August 13, 1996
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A pure no-load(tm) (no sales charges) mutual fund seeking long-term growth
of capital, current income, and growth of income.
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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 Growth and Income 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 year ended December 31, 1995.
Investment management fee 0.51% **
12b-1 fees NONE
Other expenses 0.28%
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Total Fund operating expenses 0.79% **
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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
$8 $ 25 $44 $ 98
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.
* 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 --
Redeeming shares."
** These fees have been adjusted to reflect the fees which would have
been payable for the fiscal year ended December 31, 1995 under the
Investment Management Agreement dated August 13, 1996.
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Financial highlights
The following table includes selected data for a share outstanding
throughout each period 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 December 31, 1995 and may
be obtained without charge by writing or calling Scudder Investor Services,
Inc.
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
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1995 1994 1993(b) 1992 1991 1990 1989 1988 1987 1986
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .............................. $16.26 $17.24 $16.20 $15.76 $12.77 $14.14 $13.18 $12.31 $15.02 $15.35
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income .................. .55 .49 .49 .57 .57 .65 .67 .60 .68 .67
Net realized and
unrealized gain (loss) on
investment transactions .............. 4.46 (.05) 2.01 .90 2.97 (1.01) 2.75 .86 (.07) 1.96
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations ............................. 5.01 .44 2.50 1.47 3.54 (.36) 3.42 1.46 .61 2.63
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions from:
Net investment income .................. (.56) (.51) (.45) (.53) (.55) (.67) (.69) (.59) (.68) (.68)
Net realized gains on
investment transactions .............. (.48) (.91) (1.01) (.50) -- (.34) (1.77) -- (2.64) (2.28)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions ...................... (1.04) (1.42) (1.46) (1.03) (.55) (1.01) (2.46) (.59) (3.32) (2.96)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period ......... $20.23 $16.26 $17.24 $16.20 $15.76 $12.77 $14.14 $13.18 $12.31 $15.02
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN (%).......................... 31.18 2.60 15.59 9.57 28.16 (2.33) 26.36 12.01 3.50 18.27
RATIOS AND
SUPPLEMENTAL DATA
Net assets, end of period
($ millions) ........................... 3,061 1,992 1,624 1,166 723 491 490 402 392 385
Ratio of operating expenses to
average net assets (%) (a) ............. .80 .86 .86 .94 .97 .95 .87 .92 .89 .83
Ratio of net investment income
to average net assets (%) .............. 3.10 2.98 2.93 3.60 4.03 5.03 4.47 4.63 4.24 4.19
Portfolio turnover rate (%) .............. 26.9 42.3 35.5 27.5 44.7 64.7 76.6 47.6 59.5 45.3
</TABLE>
(a) The Adviser did not impose a portion of its management fee amounting to
$.02 per share for the year ended December 31, 1992. If all expenses,
including the management fee not imposed, had been incurred by the
Fund, the annualized ratio of expenses to average net assets for such
year would have been 1.08% and the total return would have been lower.
This ratio includes costs associated with the acquisition of certain
assets of Niagara Share Corporation on July 27, 1992, exclusive of
these charges the ratio would have been .92%.
(b) Effective January 1, 1993, the Fund discontinued using equalization
accounting.
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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 Growth and Income Fund
Investment objective
o long-term growth of capital, current income and growth of income
Investment characteristics
o an actively managed portfolio consisting primarily of common
stocks and securities convertible into common stocks
o an emphasis on companies with good prospects for earnings growth
over time
o opportunity to share in the long-term growth of the U.S. stock
market as well as stock market risk
o daily liquidity at current net asset value
Contents
Investment objective and policies
Why invest in the Fund?
Investment results
Additional information about policies and investments
Distribution and performance information
Fund organization
Purchases
Exchanges and redemptions
Transaction information
Shareholder benefits
Trustees and Officers
Investment products and services
How to contact Scudder
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Investment objective and policies
Scudder Growth and Income Fund (the "Fund"), a diversified series of
Scudder Investment Trust, seeks long-term growth of capital, current income
and growth of income. The Fund invests primarily in common stocks,
preferred stocks, and securities convertible into common stocks of
companies which offer the prospect for growth of earnings while paying
current dividends. Over time, continued growth of earnings tends to lead to
higher dividends and enhancement of capital value. The Fund allocates its
investments among different industries and companies, and adjusts its
portfolio securities for investment considerations and not for trading
purposes.
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 attempts to achieve its investment objective by investing
primarily in dividend- paying common stocks, preferred stocks and
securities convertible into common stocks. The Fund may also purchase such
securities which do not pay current dividends but which offer prospects for
growth of capital and future income. Convertible securities (which may be
current coupon or zero coupon securities) are bonds, notes, debentures,
preferred stocks and other securities which may be converted or exchanged
at a stated or determinable exchange ratio into underlying shares of common
stock. The Fund may also invest in nonconvertible preferred stocks
consistent with the Fund's objective. From time to time, for temporary
defensive purposes, when the Fund's investment adviser, Scudder, Stevens &
Clark, Inc. (the "Adviser") feels such a position is advisable in light of
economic or market conditions, the Fund may invest a portion of its assets
in cash and cash equivalents. The Fund may invest in foreign securities and
in repurchase agreements. It may also loan securities and may engage in
strategic transactions. More information about investment techniques is
provided under "Additional information about policies and investments."
The Fund's share price fluctuates with changes in interest rates and market
conditions. These fluctuations may cause the value of shares to be higher
or lower than when purchased.
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Why invest in the Fund?
The Fund seeks to provide participation in the long-term growth of the
economy through the potential investment returns offered by common stocks
and securities convertible into common stocks. It maintains a diversified
portfolio consisting primarily of common stocks, preferred stocks and
convertible securities of companies with long-standing records of earnings
growth. These companies, many of which are mainstays of the domestic U.S.
economy, offer prospects for future growth of earnings and profits, and
therefore may offer investors attractive long-term investment
opportunities. This strategy, with an emphasis on income, may be more
appropriate for the conservative portions of your equity portfolio.
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.
Investment results
The Fund is designed for long-term investors who can accept moderate stock
market risk. In return for accepting stock market risk, you may earn a
greater return on your investment than from a money market or an income
fund, but experience less risk than from a portfolio of more speculative
equity securities.
<TABLE>
<CAPTION>
Annual Capital Changes *
Standard &
Poor's 500 Stock
Scudder Growth and Income Fund Index
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December Net Asset Capital Gains Capital Price Capital
31 Value/Share Dividends Distributions Change Level Change
<S> <C> <C> <C> <C> <C> <C> <C>
1985 $15.35 211
+ +
1986 15.02 $0.68 $2.28 13.39% 242 14.69%
1987 12.31 0.68 2.64 - 0.66 247 + 2.07
1988 13.18 0.59 -- + 7.07 278 + 12.55
1989 14.14 0.69 1.77 + 20.84 353 + 26.99
1990 12.77 0.67 0.34 - 7.32 330 - 6.52
1991 15.76 0.55 -- + 23.41 417 + 26.36
1992 16.20 0.53 0.50 + 6.04 436 + 4.46
1993 17.24 0.45 1.01 + 12.67 466 + 6.88
1994 16.26 0.51 0.91 - 0.43 459 - 1.50
1995 20.23 0.56 0.48 + 27.42 616 + 34.20
----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 investment
Scudder Growth and Income Fund Standard & Poor's 500 Stock Index
---------------------------------- ----------------------------------
Total Return Total Return
-------------------- --------------------
Periods Value of Value of
Ended Initial Initial
December $10,000 Average $10,000 Average
31, 1995 Investment Cumulative Annual Investment Cumulative Annual
+ +
<S> <C> <C> <C> <C> <C> <C>
One Year $13,118 + 31.18% 31.18% $13,758 + 37.58% 37.58%
Five
Years 21,845 + 118.45 + 16.91 21,544 + 115.44 + 16.58
Ten Years 36,974 + 269.74 + 13.97 40,036 + 300.36 + 14.87
</TABLE>
The Standard & Poor's 500 Stock Index is an unmanaged index of 500
industrial, transportation, utility and financial companies which is widely
regarded as representative of the equity market in general. The Standard &
Poor's 500 Stock Index does not take into account the brokerage and other
transaction costs investors incur when investing directly in stocks on the
index. The Fund's performance reflects actual investment experience, net of
all operating expenses, which are paid from the Fund's gross investment
income.
"Growth of a $10,000 investment" includes reinvestment of dividends and
capital gain distributions, if any.
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.
* For definition of "capital change" please see "Distribution and
performance information."
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.
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.
Securities lending
The Fund may lend portfolio securities to registered broker/dealers as a
means of increasing its income. These loans may not exceed 33 1/3% of the
Fund's total assets taken at market value. Loans of portfolio securities
will be secured continuously by collateral consisting of U.S. Government
securities or fixed-income obligations that are maintained at all times in
an amount at least equal to the current market value of the loaned
securities. The Fund will earn any interest or dividends paid on the loaned
securities and may share with the borrower some of the income received on
the collateral for the loan or will be paid a premium for the loan.
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.
Convertible securities
The Fund may invest in convertible securities which may offer higher income
than the common stocks into which they are convertible. The convertible
securities in which the Fund may invest include fixed-income or zero coupon
debt securities, which may be converted or exchanged at a stated or
determinable exchange ratio into underlying shares of common stock. Prior
to their conversion, convertible securities may have characteristics
similar to both nonconvertible debt securities and equity securities.
Foreign securities
While the Fund generally emphasizes investments in companies domiciled in
the U.S., it may invest in listed and unlisted foreign securities that meet
the same criteria as the Fund's domestic holdings. The Fund may invest in
foreign securities when the anticipated performance of the foreign
securities is believed by the Adviser to offer more return potential than
domestic alternatives in keeping with the investment objective of the Fund.
The Fund may enter into forward foreign currency exchange contracts in
connection with the purchase and sale of securities denominated in a
foreign currency.
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.
Securities lending. From time to time the Fund may lend its portfolio
securities to registered broker/dealers as described above. The risks of
lending portfolio securities, as with other extensions of secured credit,
consist of possible delays in receiving additional collateral or in the
recovery of the securities or possible loss of rights in the collateral
should the borrower fail financially. Loans will be made to registered
broker/dealers deemed by the Adviser to be of good standing and will not be
made unless, in the judgment of the Adviser, the consideration to be earned
from such loans would justify the risk.
Illiquid investments. The absence of a trading market can make it difficult
to ascertain a market value for illiquid investments. Disposing of illiquid
investments 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.
Zero coupon securities. Zero coupon securities are subject to greater
market value fluctuations from changing interest rates than debt
obligations of comparable maturities that make current cash distributions
of interest.
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.
Convertible securities. While convertible securities generally offer lower
yields than nonconvertible debt securities of similar quality, their prices
may reflect changes in the value of the underlying common stock.
Convertible securities entail less credit risk than the issuer's common
stock.
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 yield from
debt 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.
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.
Distribution and performance information
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Dividends and capital gains distributions
The Fund intends to distribute dividends from its net investment income
quarterly in April, July, October and December. The Fund intends to
distribute net realized capital gains after utilization of capital loss
carryforwards, if any, in November or December to prevent application of a
federal excise tax. An additional distribution may be made within three
months of the Fund's fiscal year end, 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 shareholder's 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 shares. Short-term capital gains and any other
taxable income distributions are taxable as ordinary income. A portion of
dividends from ordinary income may qualify for the dividends-received
deduction for corporations.
The Fund sends detailed tax information to its shareholders 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 Growth and Income Fund is a diversified series of Scudder
Investment Trust (the "Trust"), an open-end management investment company
registered under the Investment Company Act of 1940 (the "1940 Act"). The
Trust, formerly known as Scudder Growth and Income Fund, was organized as a
Massachusetts business trust in September 1984 and on December 31, 1984
assumed the business of its predecessor, which was organized as a
Massachusetts corporation in May 1929.
The Fund's activities are supervised by the Trust's Board of Trustees.
Shareholders have one vote for each share held on matters on which they are
entitled to vote. The Trust is not required to hold and has no current
intention of holding annual shareholder meetings, although special meetings
may be called for purposes such as electing or removing Trustees, changing
fundamental investment policies or approving an investment management
contract. Shareholders will be assisted in communicating with other
shareholders in connection with removing a Trustee 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
Trustees. The Trustees have overall responsibility for the management of
the Fund under Massachusetts law.
The Adviser receives an investment management fee for these services. As of
August 13, 1996, the Fund pays the Adviser an annual fee of 0.60% of the
first $500 million of average daily net assets, 0.55% of such assets in
excess of $500 million, 0.50% of such assets in excess of $1 billion,
0.475% of such assets in excess of $1.5 billion, 0.45% of such assets in
excess of $2 billion and 0.425% of such assets in excess of $3 billion. The
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.
Prior to August 13, 1996 the investment management fee was equal, on an
annual basis, to 0.60% of the first $500 million of average daily net
assets, 0.55% of such assets in excess of $500 million, 0.50% of such
assets in excess of $1 billion, 0.475% of such assets in excess of $1.5
billion and 0.45% of such assets in excess of $2 billion.
For the fiscal year ended December 31, 1995, the Adviser received an
investment management fee of 0.52% of the Fund's average daily net assets
on an annual basis.
All of the Fund's expenses are paid out of gross investment income.
Shareholders pay no direct charges or fees for investment or administrative
services.
Scudder, Stevens & Clark, Inc. is located at Two International Place,
Boston, Massachusetts.
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.
Custodian
State Street Bank and Trust Company is the Fund's custodian.
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.
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.")
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 is subject to
cancellation and the shareholder will be responsible for any loss to the
Fund resulting from this cancellation. 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 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 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 Trustees. 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 Trust 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 Growth and Income 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 Stated and
abroad. Scudder believes its team approach benefits Fund investors by
bringing together many disciplines and leveraging Scudder's extensive
resources.
Lead Portfolio Manager Robert T. Hoffman has had responsibility for
setting the Fund's stock investing strategy and overseeing the Fund's
day-to-day operations since 1991. Mr. Hoffman, who joined Scudder in
1990 as a portfolio manager, has 12 years of experience in the
investment industry, including several years of pension fund
management experience. Kathleen T. Millard, Portfolio Manager, has
been involved in the investment industry since 1983 and has worked as
a portfolio manager since 1986. Ms. Millard, who joined the team and
Scudder in 1991, focuses on strategy and stock selection. Benjamin W.
Thorndike, Portfolio Manager, is the Fund's chief analyst and
strategist for convertible securities. Mr. Thorndike, who has 17 years
of investment experience, joined Scudder in 1983 as a portfolio
manager and the Fund in 1986. Lori Ensinger, Portfolio Manager, joined
the Fund in 1996 and focuses on stock selection and investment
strategy. Ms. Ensinger has worked in the investment industry since
1983 and at Scudder since 1993. G. Todd Silva, Portfolio Manager, has
focused on stock selection and investment strategy since joining the
Fund in 1996. Mr. Silva, who joined Scudder in 1993, has over six
years of investment experience.
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.
Trustees and Officers
Daniel Pierce*
President and Trustee
Henry P. Becton, Jr.
Trustee; President and General Manager, WGBH Educational Foundation
Dudley H. Ladd*
Trustee
George M. Lovejoy, Jr.
Trustee; President and Director, Fifty Associates
Wesley W. Marple, Jr.
Trustee; Professor of Business Administration, Northeastern University
Juris Padegs*
Trustee
Jean C. Tempel
Trustee; General Partner, TL Ventures
Bruce F. Beaty*
Vice President
Jerard K. Hartman*
Vice President
Robert T. Hoffman*
Vice President
Thomas W. Joseph*
Vice President
David S. Lee*
Vice President
Douglas M. Loudon*
Vice President
Valerie F. Malter*
Vice President
Thomas F. McDonough*
Vice President, Secretary and Assistant Treasurer
Pamela A. McGrath*
Vice President and Treasurer
Edward J. O'Connell*
Vice President and Assistant Treasurer
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 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 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
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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Contact Scudder
