Supplement to Statement of Additional Information dated November 15, 1996,
As Revised May 14, 1997
Scudder Pathway Series
The following text modifies the section entitled "INVESTMENT ADVISER":
The Investment Management Agreement (the "Agreement") was approved by the
Trustees on January 10, 1995. The Agreement will continue in effect until
September 30, 1998 and from year to year thereafter only if its continuance is
approved annually by the vote of a majority of those Trustees who are not
parties to such Agreement or interested persons of the Adviser or the Trust,
cast in person at a meeting called for the purpose of voting on such approval,
and either by a vote of the Trustees or of a majority of the outstanding voting
securities of the Trust. The Agreement may be terminated at any time without
payment of penalty by either party on sixty days' written notice, and
automatically terminates in the event of its assignment.
September 1, 1997
