SCUDDER [logo]
Scudder Financial Services Fund
Supplement to Prospectus
Dated September 30, 1997
As Revised January 5, 1998
The following information is to be inserted after the section entitled "Expense
information" on page 2.
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The following table includes selected data for a share outstanding (a)
throughout the period and other performance information derived from the
audited 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 28, 1998 and may be obtained without
charge by writing or calling Scudder Investor Services, Inc.
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For the Period
November 3, 1997
(commencement
of operations) to
February 28, 1998
(Unaudited)
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<S> <C>
Net asset value, beginning of period $12.00
Income from investment operations:
Net investment income .02
Net realized and unrealized gain (loss) on investments 1.69
Total from investment operations 1.71
Less distributions from net investment income (.03)
Redemption fees --***
Net asset value, end of period $13.68
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Total Return (%) (b) (c) 14.23**
Ratios and Supplemental Data
Net assets, end of period ($ millions) 27
Ratio of operating expenses, net, to average daily net assets (%) 1.50*
Ratio of operating expenses before expense reductions, to average daily net
assets (%) 3.18*
Ratio of net investment income to average daily net assets (%) .38*
Portfolio turnover rate (%) 29.1*
Average commission rate paid $.0409
(a) Based on monthly average shares outstanding during the period.
(b) Total return would have been lower had certain expenses not been
reduced.
(c) Total return does not reflect the effect of the 1% redemption fee on shares
held less than one year.
* Annualized
** Not annualized
*** Amount is less than one half of $.01.
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April 9, 1998
