SCUDDER
Scudder Gold Fund
Supplement to Prospectus
dated November 1, 1996
The following text replaces the section entitled A team approach to investing
under "Shareholder benefits" on page 19.
Scudder Gold Fund is managed by a team of Scudder investment professionals who
each play an important role in the Fund's management process. Team members work
together to develop investment strategies and select securities for the Fund's
portfolio. They are supported by Scudder's large staff of economists, research
analysts, traders and other investment specialists who work in Scudder's offices
across the United States and abroad. Scudder believes its team approach benefits
Fund investors by bringing together many disciplines and leveraging Scudder's
extensive resources.
Lead Portfolio Manager Clay L. Hoes assumed responsibility for the Fund's
day-to-day management in 1997. Mr. Hoes, who joined Scudder in 1996, has been
involved in the investment industry since 1987 and has worked as a portfolio
manager since 1996. William J. Wallace, Portfolio Manager, joined Scudder in
1987 and has 17 years of investment industry experience.
February 24, 1997
