SCUDDER
INVESTMENTS(SM)
[LOGO]
Scudder S&P 500 Index Fund
Supplement to Prospectus Dated April 12, 2000
The following information replaces the disclosure for the Scudder S&P 500 Index
Fund in the "How Much Investors Pay" section of the Prospectus:
This fund has no sales charge or other shareholder fees. The
fund does have annual operating expenses, and as a shareholder
you pay them indirectly.
---------------------------------------------------------------
Fee Table
---------------------------------------------------------------
Shareholder Fees (paid directly from your investment) None
---------------------------------------------------------------
Annual Operating Expenses (deducted from fund assets)
---------------------------------------------------------------
Management Fee 0.05%
---------------------------------------------------------------
Distribution (12b-1) None
---------------------------------------------------------------
Other Expenses* 0.50%
--------
---------------------------------------------------------------
Total Annual Operating Expenses 0.55%
---------------------------------------------------------------
Expense Reimbursement 0.15%
--------
---------------------------------------------------------------
Net Expenses** 0.40%
---------------------------------------------------------------
* Includes costs of shareholder servicing, custody, accounting
services and similar expenses, which may vary with fund size
and other factors.
** Includes expenses of the Equity 500 Index Portfolio. Effective
May 1, 2000, by contract, fund expenses are capped at 0.40%
through April 30, 2001.
<PAGE>
The information contained on the previous page and the example
below reflect the aggregate expenses for both the feeder and
the master fund.
---------------------------------------------------------------
Expense Example
---------------------------------------------------------------
Based on the costs above (including one year of fund expenses
contractually capped at 0.40%), this example is designed to
help you compare this fund's expenses to those of other funds.
The example assumes operating expenses remain the same and
that you invested $10,000, earned 5% annual returns,
reinvested all dividends and distributions and sold your
shares at the end of each period. This is only an example;
your actual expenses will be different.
1 Year 3 Years 5 Years 10 Years
---------------------------------------------------------------
$41 $161 $292 $675
---------------------------------------------------------------
June 5, 2000
