SCUDDER HIGH YIELD BOND FUND
December 13, 1996
Dear Scudder Investor,
On the reverse side, you'll find a prospectus supplement that contains
financial highlights for Scudder High Yield Bond Fund. Because Scudder High
Yield Bond 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
This letter is for explanatory purposes and is not part of the prospectus
supplement.
(over please)
<PAGE>
Scudder High Yield Bond Fund
Supplement to Prospectus Dated June 28, 1996
Financial Highlights
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 (a) and other performance information derived
from the financial statements.
<TABLE>
For the Period
June 28, 1996
(commencement
of operations) to
August 31, 1996
(Unaudited)
------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period $12.00
Income from investment operations: .18
Net investment income
Net realized and unrealized gain on investment transactions .12
Total from investment operations .30
Less distributions from net investment income (.18)
Redemption fee (Note A) (d) --
Net asset value, end of period $12.12
-----------------------------------------------------------------------------------------------------------
Total Return (%) (b) 2.51(c)**
Ratios and Supplemental Data
Net assets, end of period ($ millions) 19
Ratio of operating expenses, net to average daily net assets (%) 0.0
Ratio of operating expenses before expense reductions, to average daily net 4.15*
assets (%)
Ratio of net investment income to average daily net assets (%) 9.09*
Portfolio turnover rate (%) None
(a) Per share amounts have been calculated using the weighted average shares
outstanding during the period.
(b) Total return is higher due to maintenance of the Fund's expenses.
(c) Total return does not reflect the effect of the 1% redemption fee on shares
held less than one year.
(d) Redemption fees were less than one-half of $.01.
* Annualized
** Not annualized
December 13, 1996
</TABLE>
