Scudder
Scudder Variable Life Investment Fund
Money Market Portfolio
Bond Portfolio
Balanced Portfolio
Growth and Income Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
International Portfolio
Supplement to Prospectus
Dated May 1, 1997
Scudder, Stevens & Clark, Inc. ("Scudder"), the investment adviser for Scudder
Variable Life Investment Fund (the "Fund"), has entered into an agreement with
The Zurich Group ("Zurich"), an international insurance and financial services
organization, pursuant to which Scudder will form a new global investment
organization by combining with Zurich's subsidiary, Zurich Kemper Investments,
Inc., and change its name to Scudder Kemper Investments, Inc. After the
transaction is completed, Zurich will own approximately 70% of the new
organization with the balance owned by the new organization's officers and
employees.
Consummation of the transaction is subject to a number of contingencies,
including regulatory approvals. Because the transaction would constitute an
assignment of each Portfolio's investment advisory agreement with Scudder under
the Investment Company Act of 1940, and, therefore, a termination of each
agreement, it is anticipated that Scudder will seek approval of new agreements
from the Fund's shareholders prior to consummation of the transaction. The
transaction is expected to close in the fourth quarter of 1997.
July 18, 1997
