Managed Intermediate Government Fund

Supplement to Prospectus
Dated May 1, 1996

The  Company's  investment  manager,   Scudder,   Stevens  &  Clark,  Inc.  (the
"Adviser"),  has agreed to continue to maintain the total annualized expenses of
the Managed Intermediate Government Fund at not more than 0.80% of average daily
net assets of the Fund until December 31, 1996.

November 1, 1996



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