SCUDDER
August 1, 1996
Dear Scudder Investor,
On the reverse side, you'll find a prospectus supplement announcing that
Scudder will continue to maintain the total fees and expenses of Scudder Value
Fund at not more than 1.25% of average daily net assets until July 31, 1997.
This expense limitation helps the Fund to provide investors with the potential
for a higher total return. Please keep this supplement with your prospectus.
If you have questions about this information, or about the Fund in general,
please call us 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
Scudder Value Fund
Supplement to Prospectus
Dated February 1, 1996
Until July 31, 1997, the Fund's investment adviser, Scudder, Stevens & Clark,
Inc., has agreed to continue to maintain the total annualized expenses of the
Fund at not more than 1.25% of average daily net assets of the Fund.
August 1, 1996
