Managed Government Securities Fund
Managed Federal Securities Fund
Managed Cash Fund
Supplement to Prospectus
Dated May 1, 1996
The Company's investment manager, Scudder, Stevens & Clark, Inc. (the
"Adviser"), has agreed to maintain the total annualized expenses of the Managed
Federal Securities Fund at not more than 0.75% of average daily net assets of
the Fund until December 31, 1996.
Until December 31, 1996, 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.
November 1, 1996
