February 23, 1996
Dear Policyowner:
Enclosed is your annual report for the Scudder Variable Life Investment Fund,
dated December 31, 1995. Scudder reports that: "...the U.S. stock market
appears to be reasonably valued based on 1996 earnings forecasts"; and, "...the
long-term outlook for U.S. financial assets is positive, as the economy is
expected to grow without inflation." Scudder adds that while: "...a repeat of
1995's exceptional performance is unlikely.....Many international markets are
attractively valued by comparison ...underscoring the value of a global approach
to investing." Additionally, Scudder believes that trends in technology,
globalization and deregulation may result in an era that will benefit investors.
The details for each Portfolio's performance and strategy are included in the
annual report. Also enclosed is an Account Change Request form should you wish
premium allocation and/or transfer assets from one separate account to another.
If you have any questions or require additional service, please call our toll
- -free number,1-800-638-3350.
Sincerely,
Greg Yates
Manager, Customer Service
The following document accompanied this letter to policyowners and are hereby
incorporated by reference.
The Annual Report of the Scudder Variable Life Fund dated December 31, 1995,
that was filed with the Securities and Exchange Commission ("Commission") on
February 12, 1996 (File No. 811-084257)
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