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Scudder Variable Life Investment Fund
Balanced Portfolio
Bond Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
International Portfolio
Supplement to Prospectus
Dated May 1, 1998
The following supplements information found in the "Investment Objectives and
Policies of the Portfolios" section for Growth and Income Portfolio only:
The Fund may also invest in Standard & Poor's Depository Receipts ("SPDRs").
SPDRs typically trade like a share of common stock and provide investment
results that generally correspond to the price and yield performance of the
component common stocks of the S&P 500 Index.
The following section supplements information found in the Portfolios'
prospectus:
EURO CONVERSION
The planned introduction of a new European currency, the Euro, may result in
uncertainties for European securities in the markets in which they trade and
with respect to the operation of each Portfolio. Currently, the Euro is expected
to be introduced on January 1, 1999 by eleven European countries that are
members of the European Economic and Monetary Union (EMU). The introduction of
the Euro will require the redenomination of European debt and equity securities
over a period of time, which may result in various accounting differences and/or
tax treatments that otherwise would not likely occur. Additional questions are
raised by the fact that certain other EMU members, including the United Kingdom,
will not officially be implementing the Euro on January 1, 1999. If the
introduction of the Euro does not take place as planned, there could be negative
effects, such as severe currency fluctuations and market disruptions.
Scudder Kemper Investments, Inc., the Fund's investment adviser, is actively
working to address Euro-related issues and understands that other key service
providers are taking similar steps. At this time, however, no one knows
precisely what the degree of impact will be. To the extent that the market
impact or effect on a portfolio holding is negative, it could hurt the
portfolio's performance.
December 18, 1998
