SCUDDER [LOGO]
Scudder Tax Managed Growth Fund
Scudder Tax Managed Small Company Fund
Supplement to Prospectus
Dated July 31, 1998
The following modifies the section entitled "Expense information" of the Funds'
prospectus:
Example
Based on the estimated level of total Fund operating expenses listed above, the
total expenses relating to a $1,000 investment, assuming a 5% annual return and
redemption at the end of each period, are listed below. Investors do not pay
these expenses directly; they are paid by each Fund before it distributes its
net investment income to shareholders.
One Three
Year Years
---- -----
Scudder Tax
Managed Growth
Fund........................... $13 $40
Scudder Tax
Managed Small
Company Fund................... $15 $47
December 17, 1998
