Scudder
Value
Fund
Fund Profile
April 1, 1996
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SCUDDER VALUE FUND
1. What Is The Fund's Objective?
Scudder Value Fund seeks long-term growth of capital.
2. What Does The Fund Invest In?
The Fund invests in stocks that Scudder believes are undervalued and have
the potential to increase in value over time.
o At least 80% of the Fund's assets are invested in common stocks,
preferred stocks, and securities that may be converted into common
stocks. While the Fund focuses on the stocks of medium- and
large-sized U.S. companies, the stocks of similar foreign companies
may also be considered.
o Scudder's value approach to stock investing begins with extensive
analysis of securities through technologically-supported proprietary
research. The Fund seeks to identify those stocks that in the opinion
of Scudder: 1) are undervalued in the marketplace relative to expected
future earnings and dividends and 2) present attractive valuations
relative to other securities.
3. What Are The Risks Of Investing In The Fund?
Investment in undervalued stocks carries the risk that their prices may not
rise to a level reflective of Scudder's valuation. In addition, movements
of the stock market will affect the Fund's share price, which may vary from
day to day. Other risk factors are that the value of your investment may
decline as a result of declines in the overall stock market or in the types
of securities held in the Fund, and that in rising markets the types of
stocks emphasized in Scudder Value Fund may underperform other sectors of
the stock market.
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 several years,
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 stock market investing.
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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 Value Fund, are:
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<CAPTION>
<S> <C>
Shareholder transaction expenses -- fees Annual Fund operating expenses
charged directly to your account for (after expense maintenance) --
various transactions. fees paid by the Fund before it
distributes its net investment income,
expressed as a percentage of the Fund's
Sales Commission None average daily net assets. Figures below
Commissions to Reinvest are for the fiscal year ended September
Dividends None 30, 1995, during which Scudder maintained
Redemption Fee None the total annualized expenses of the Fund
Exchange Fee None at not more than 1.25% of average daily
net assets. Had Scudder not done so,
expenses would have amounted to 1.44%,
including 0.70% for management fees.
Scudder will continue this expense
maintenance until July 31, 1996.
Investment management fee 0.51%
12b-1 fees None
Other expenses 0.74%
Total Fund operating expenses 1.25%
Example: Assuming a 5% annual return and One Year $13
redemption at the end of each period, the Three Years $40
total expenses relating to a $1,000 Five Years $69
investment would be: Ten Years $151
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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.
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6. How Has The Fund Performed Historically?
This chart shows how the Fund has performed since it commenced operations
on December 31, 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 11.60%
1994 1.65%
1995 30.17%
BAR CHART ENDS
One Year Life of Fund
------------------------------
The Fund's Average Annual Total return
for the period ended March 31, 1996 28.18% 14.37%
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.
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 only $1,000.
Thereafter, additional investments may be made for as little as $100. You
may also exchange 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.
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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, Perspectives
o regular, informative reports about the performance of your Fund
Scudder wants you to make informed investment decisions. This Fund Profile
contains key information about Scudder Value Fund. More details appear in the
Fund's accompanying prospectus. Please read it carefully before you invest. If
you have any questions, please call 1-800-225-2470.