Managed Government Securities Fund
Managed Federal Securities Fund
Managed Cash Fund
Managed Tax-Free Fund
Supplement to Prospectus
Dated May 1, 1995
The Company's investment adviser, Scudder, Stevens & Clark, Inc. (the
"Adviser"), has agreed to continue to maintain the total annualized expenses of
the Managed Federal Securities Funfsd at not more than 0.75% of average daily
net assets of the Fund for the period July 1, 1995 through December 31, 1995.
The Adviser has agreed to continue to maintain the total annualized expenses of
the Managed Government Securities Fund and the Managed Cash Fund at not more
than 0.55% of average daily net assets of each Fund for the period July 1, 1995
through December 31, 1995.
July 10, 1995
