April 4, 1996
Dear Scudder Investor,
On the reverse side, you'll find a prospectus supplement that contains
financial highlights for Scudder Small Company Value Fund. Because Scudder Small
Company Value Fund is a new fund, this information is being reported for the
first time. This table includes the Fund's net asset value, Fund distributions,
and total return. Please keep this supplement with your prospectus.
If you have any questions about this information, please call Scudder at
1-800-225-2470. We will be happy to help you.
Sincerely,
/s/David S. Lee
David S. Lee
President, Scudder Investor Services, Inc.
This letter is for explanatory purposes and is not part of the prospectus
supplement on the reverse side.
(over please)
<PAGE>
Scudder Small Company Value Fund
Supplement to Prospectus
Dated October 6, 1995
The following table is to be inserted after the section entitled "Expense
information" on page 2.
- --------------------------------------------------------------------------------
The following table includes selected data for a share outstanding throughout
the period and other performance information derived from the financial
statements.
If you would like more detailed information concerning the Fund's performance,
a complete portfolio listing and financial statements are available in the
Fund's Semiannual Report dated February 29, 1996 and may be obtained without
charge by writing or calling Scudder Investor Services, Inc.
<TABLE>
<CAPTION>
FOR THE PERIOD
OCTOBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
FEBRUARY 29, 1996
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period........................................... $12.00
------
Income from investment operations:
Net investment income (a).............................................. .05
Net realized and unrealized gain on investment transactions............ .68
------
Total from investment operations............................................... .73
------
Less distributions from net investment income.................................. (.05)
------
Net asset value, end of period................................................. $12.68
======
TOTAL RETURN (%)............................................................... 6.09 (b)**
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period ($ millions)......................................... 25
Ratio of operating expenses, net to average daily net assets (%) (a)........... 1.50*
Ratio of net investment income to average daily net assets (%)................. 1.23*
Portfolio turnover rate (%).................................................... 4.76*
<FN>
(a) Reflects a per share amount of expenses, exclusive of management fees,
reimbursed by the adviser............................................. $.04
Reflects a per share amount of management fee and
other fees not imposed................................................ $.11
Operating expense ratio including expenses
reimbursed, management fee and other expenses
not imposed (%)....................................................... 4.83*
(b) Total return does not reflect the effect of the applicable redemption fees.
* Annualized
** Not annualized
</FN>
</TABLE>
April 4, 1996
