SCUDDER VALUE FUND
Fund Profile
July 1, 1996
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SCUDDER VALUE FUND
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1. What Is The Fund's Objective?
Scudder Value Fund seeks long-term growth of capital.
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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.
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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.
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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:
Shareholder transaction expenses --
fees 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 (after expense
maintenance) --
fees 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 September 30, 1995, during
which Scudder maintained the total annualized
expenses of the Fund 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%
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Total Fund operating expenses 1.25%
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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
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$13 $40 $69 $151
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.
Total returns for years
ended December 31:
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1993 11.60%
1994 1.65%
1995 30.17%
The Fund's Average Annual Total Return
for the period ended June 30, 1996
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One Year 19.05%
Life of Fund 14.45%
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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.
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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.
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9. How Can I Redeem Shares?
You may redeem shares at the current share price on any
business day by telephone, fax, or mail.
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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.
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