[Image] Scudder Value 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
January 1, 1997
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1. What Is The Fund's Objective?
Scudder Value Fund seeks long-term growth of capital through
investment in undervalued equity securities.
2. What Does The Fund Invest In?
The Fund invests primarily (at least 80% of assets) in the equity
securities of medium- to large-sized domestic companies with annual
revenues or market capitalization of at least $600 million. These
equity securities consist of common stocks, preferred stocks, and
securities convertible into common stocks. The Fund's investment
adviser, Scudder, Stevens & Clark, Inc. conducts extensive analysis of
securities through technologically-supported proprietary research that
uses a quantitative model. The adviser seeks to identify companies
that are currently undervalued in the marketplace in relation to
current and estimated future earnings and dividends. While the Fund
emphasizes U.S. investments, it can invest in securities of foreign
companies which meet the same criteria applicable to domestic
investments.
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 the Fund
may underperform other sectors of the stock market. 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 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.
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 --
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 (after expense maintenance) --
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 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, 1997.
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
$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.
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.
THE ORIGINAL DOCUMENT CONTAINS A BAR CHART HERE.
BAR CHART TITLE: Total returns for years ended December 31:
BAR CHART DATA: 1993 11.60%
1994 1.65
1995 30.17
1996 22.99
The Fund's Average Annual Total Return
for the period ended December 31, 1996
One Year 22.99%
Life of Fund 16.08%
If the adviser had not maintained the Fund's expenses, average annual
total return for the one year and life of Fund periods would have been
lower.
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 an important role in the Fund's
management process.
Lead Portfolio Manager Donald E. Hall has had responsibility for the
Fund's day-to-day management since its inception in 1992. Mr. Hall,
who has 13 years of experience in the value style of investing, joined
Scudder in 1982. William J. Wallace, Portfolio Manager, has been a
member of the Fund's team since 1992 and has 15 years of investment
experience.
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
($1,000 for IRAs), except that shareholders may open a regular account
with a minimum of $1,000 if an investment program of $100/month is
established. A shareholder with a non-fiduciary account who maintains
an account balance of less than $2,500 without establishing an
investment program, may be assessed an annual fee of $10.00, payable
to the Fund. 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 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. A portion of such dividends from net
investment income may qualify for the dividends-received deduction for
corporations.
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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