Exhibit 9(e)(7)

                       FUND ACCOUNTING SERVICES AGREEMENT

THIS AGREEMENT is made on the 1st day of May, 1996 between Scudder Variable Life
Investment  Fund  (the  "Fund"),   on  behalf  of  Global  Discovery   Portfolio
(hereinafter   called  the  "Portfolio"),   a  registered   open-end  management
investment company with its principal place of business in Boston, Massachusetts
and Scudder Fund Accounting Corporation, with its principal place of business in
Boston, Massachusetts (hereinafter called "FUND ACCOUNTING").

WHEREAS,  the  Portfolio  has need for certain  accounting  services  which FUND
ACCOUNTING is willing and able to provide;

NOW THEREFORE in  consideration of the mutual promises herein made, the Fund and
FUND ACCOUNTING agree as follows:

Section 1.  Duties of FUND ACCOUNTING - General

         FUND  ACCOUNTING is authorized to act under the terms of this Agreement
         as the Portfolio's  fund accounting  agent, and as such FUND ACCOUNTING
         shall:

          a.   Maintain and preserve all accounts,  books, financial records and
               other  documents as are required of the Fund under  Section 31 of
               the  Investment  Company  Act of 1940 (the "1940  Act") and Rules
               31a-1,  31a-2 and 31a-3 thereunder,  applicable federal and state
               laws and any  other  law or  administrative  rules or  procedures
               which may be applicable  to the Fund on behalf of the  Portfolio,
               other than those accounts,  books and financial  records required
               to be maintained by the Fund's custodian or transfer agent and/or
               books  and  records  maintained  by all other  service  providers
               necessary  for the Fund to conduct its  business as a  registered
               [open/closed] -end management  investment company. All such books
               and  records  shall be the  property of the Fund and shall at all
               times during  regular  business  hours be open for inspection by,
               and  shall  be   surrendered   promptly  upon  request  of,  duly
               authorized officers of the Fund. All such books and records shall
               at  all  times  during   regular   business  hours  be  open  for
               inspection, upon request of duly authorized officers of the Fund,
               by  employees or agents of the Fund and  employees  and agents of
               the Securities and Exchange Commission.

          b.   Record the current day's  trading  activity and such other proper
               bookkeeping  entries as are necessary for determining  that day's
               net asset value and net income.

          c.   Render  statements  or copies of records as from time to time are
               reasonably requested by the Fund.

          d.   Facilitate  audits of accounts by the Fund's  independent  public
               accountants or by any other  auditors  employed or engaged by the
               Fund or by any regulatory body with jurisdiction over the Fund.

          e.   Compute  the  Portfolio's  net asset  value per  share,  and,  if
               applicable,  its public  offering price and/or its daily dividend
               rates and money market  yields,  in accordance  with Section 3 of
               the  Agreement  and notify the Fund and such other persons as the
               Fund may reasonably request of the net asset value per share, the
               public  offering  price and/or its daily dividend rates and money
               market yields.

Section 2.  Valuation of Securities

         Securities   shall  be  valued  in  accordance   with  (a)  the  Fund's
         Registration  Statement,  as amended or supplemented  from time to time
         (hereinafter  referred  to as the  "Registration  Statement");  (b) the
         resolutions  of the Board of  Trustees of the Fund at the time in force
         and  applicable,  as they may from  time to time be  delivered  to FUND
         ACCOUNTING,  and (c) Proper Instructions from such officers of the Fund
         or other  persons as are from time to time  authorized  by the Board of
         Trustees of the Fund to give  instructions  with respect to computation
         and  determination of the net asset value.  FUND ACCOUNTING may use one
         or more external pricing services,  including broker-dealers,  provided
         that an appropriate officer of the Fund shall have approved such use in
         advance.


                                       
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Section 3.  Computation  of  Net  Asset  Value,  Public  Offering  Price,  Daily
Dividend Rates and Yields

         FUND  ACCOUNTING   shall  compute  the  Portfolio's  net  asset  value,
         including  net  income,  in  a  manner  consistent  with  the  specific
         provisions of the Registration  Statement.  Such  computation  shall be
         made as of the time or times specified in the Registration Statement.

         FUND ACCOUNTING shall compute the daily dividend rates and money market
         yields, if applicable,  in accordance with the methodology set forth in
         the Registration Statement.

Section 4.  FUND ACCOUNTING's Reliance on Instructions and Advice

         In  maintaining  the  Portfolio's  books  of  account  and  making  the
         necessary  computations  FUND ACCOUNTING  shall be entitled to receive,
         and  may  rely  upon,  information  furnished  it by  means  of  Proper
         Instructions, including but not limited to:

         a.       The manner and amount of accrual of expenses to be recorded on
                  the books of the Portfolio;
         b.       The source of  quotations  to be used for such  securities  as
                  may not be available  through FUND ACCOUNTING's normal pricing
                  services;
         c.       The  value  to  be  assigned  to  any asset for which no price
                  quotations are readily available;
         d.       If  applicable,  the  manner  of  computation  of  the  public
                  offering   price  and  such  other  computations  as   may  be
                  necessary;
         e.       Transactions in portfolio securities;
         f.       Transactions in shares of beneficial interest.

         FUND ACCOUNTING shall be entitled to receive,  and shall be entitled to
         rely upon,  as  conclusive  proof of any fact or matter  required to be
         ascertained by it hereunder, a certificate,  letter or other instrument
         signed  by an  authorized  officer  of the  Fund  or any  other  person
         authorized by the Fund's Board of Trustees.

         FUND  ACCOUNTING  shall be  entitled  to receive and act upon advice of
         Counsel (which may be Counsel for the Fund) at the  reasonable  expense
         of the Portfolio and shall be without liability for any action taken or
         thing done in good faith in reliance upon such advice.

         FUND  ACCOUNTING  shall be  entitled  to  receive,  and may rely  upon,
         information received from the Transfer Agent.

Section 5.  Proper Instructions

         "Proper  Instructions" as used herein means any certificate,  letter or
         other  instrument  or  telephone  call  reasonably   believed  by  FUND
         ACCOUNTING  to be genuine and to have been  properly  made or signed by
         any  authorized  officer  of the  Fund  or  person  certified  to  FUND
         ACCOUNTING as being  authorized by the Board of Trustees.  The Fund, on
         behalf of the Portfolio,  shall cause oral instructions to be confirmed
         in writing.  Proper  Instructions may include  communications  effected
         directly between  electro-mechanical or electronic devices as from time
         to time  agreed  to by an  authorized  officer  of the  Fund  and  FUND
         ACCOUNTING.

         The  Fund,  on  behalf  of the  Portfolio,  agrees  to  furnish  to the
         appropriate person(s) within FUND ACCOUNTING a copy of the Registration
         Statement  as  in  effect  from  time  to  time.  FUND  ACCOUNTING  may
         conclusively  rely on the Fund's most recently  delivered  Registration
         Statement for all purposes under this Agreement and shall not be liable
         to the Portfolio or the Fund in acting in reliance thereon.

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<PAGE>

Section 6.  Standard of Care and Indemnification

         FUND  ACCOUNTING  shall exercise  reasonable  care and diligence in the
         performance  of  its  duties  hereunder.  The  Fund  agrees  that  FUND
         ACCOUNTING  shall not be liable under this  Agreement  for any error of
         judgment or mistake of law made in good faith and  consistent  with the
         foregoing  standard of care,  provided  that nothing in this  Agreement
         shall be deemed to  protect  or  purport  to  protect  FUND  ACCOUNTING
         against any liability to the Fund, the Portfolio or its shareholders to
         which FUND  ACCOUNTING  would otherwise be subject by reason of willful
         misfeasance,  bad faith or negligence in the performance of its duties,
         or by reason of its reckless  disregard of its  obligations  and duties
         hereunder.

         The Fund agrees,  on behalf of the  Portfolio,  to  indemnify  and hold
         harmless FUND  ACCOUNTING and its  employees,  agents and nominees from
         all taxes,  charges,  expenses,  assessments,  claims  and  liabilities
         (including  reasonable  attorneys'  fees) incurred or assessed  against
         them in connection with the performance of this Agreement,  except such
         as may arise from their own negligent action,  negligent failure to act
         or willful misconduct. The foregoing  notwithstanding,  FUND ACCOUNTING
         will in no  event  be  liable  for any loss  resulting  from the  acts,
         omissions, lack of financial responsibility,  or failure to perform the
         obligations of any person or organization  designated by the Fund to be
         the authorized agent of the Portfolio as a party to any transactions.

         FUND ACCOUNTING's responsibility for damage or loss with respect to the
         Portfolio's  records arising from fire,  flood,  Acts of God,  military
         power,  war,  insurrection or nuclear fission,  fusion or radioactivity
         shall  be  limited  to the use of FUND  ACCOUNTING's  best  efforts  to
         recover  the  Portfolio's  records  determined  to be lost,  missing or
         destroyed.

Section 7.  Compensation and FUND ACCOUNTING Expenses

         FUND ACCOUNTING shall be paid as compensation for its services pursuant
         to this Agreement such  compensation as may from time to time be agreed
         upon in writing by the two parties.  FUND ACCOUNTING  shall be entitled
         to recover its reasonable  telephone,  courier or delivery service, and
         all other reasonable  out-of-pocket,  expenses as incurred,  including,
         without limitation,  reasonable attorneys' fees and reasonable fees for
         pricing services.

Section 8.  Amendment and Termination

         This Agreement shall continue in full force and effect until terminated
         as hereinafter provided, may be amended at any time by mutual agreement
         of the parties hereto and may be terminated by an instrument in writing
         delivered or mailed to the other  party.  Such  termination  shall take
         effect not sooner  than  ninety (90) days after the date of delivery or
         mailing of such notice of termination. Any termination date is to be no
         earlier  than  four  months  from  the  effective  date  hereof.   Upon
         termination, FUND ACCOUNTING will turn over to the Fund or its designee
         and  cease  to  retain  in  FUND  ACCOUNTING  files,   records  of  the
         calculations of net asset value and all other records pertaining to its
         services  hereunder;   provided,   however,   FUND  ACCOUNTING  in  its
         discretion  may make and retain  copies of any and all such records and
         documents which it determines appropriate or for its protection.

Section 9.  Services Not Exclusive

         FUND  ACCOUNTING's  services  pursuant to this  Agreement are not to be
         deemed to be exclusive,  and it is understood  that FUND ACCOUNTING may
         perform  fund  accounting  services  for others.  In acting  under this
         Agreement,  FUND ACCOUNTING shall be an independent  contractor and not
         an agent of the Fund or the Portfolio.

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<PAGE>


Section 10.  Limitation of Liability for Claims

         The Fund's  Declaration  of Trust,  dated March 15, 1985, as amended to
         date (the "Declaration"), a copy of which, together with all amendments
         thereto,  is on file in the  Office  of the  Secretary  of State of the
         Commonwealth of Massachusetts, provides that the name "Scudder Variable
         Life  Investment  Fund"  refers to the Trustees  under the  Declaration
         collectively as trustees and not as individuals or personally, and that
         no  shareholder  of the  Fund or the  Portfolio,  or  Trustee/Director,
         officer,  employee  or agent of the Fund  shall be  subject  to  claims
         against or  obligations  of the Trust or of the Portfolio to any extent
         whatsoever, but that the Trust estate only shall be liable.

         FUND  ACCOUNTING  is  expressly  put on  notice  of the  limitation  of
         liability as set forth in the Declaration  and FUND  ACCOUNTING  agrees
         that the  obligations  assumed by the Fund and/or the  Portfolio  under
         this  Agreement  shall be limited in all cases to the Portfolio and its
         assets,  and FUND  ACCOUNTING  shall not seek  satisfaction of any such
         obligation from the  shareholders or any shareholder of the Fund or the
         Portfolio   or  any   other   series   of  the   Fund,   or  from   any
         Trustee/Director,   officer,  employee  or  agent  of  the  Fund.  FUND
         ACCOUNTING understands that the rights and obligations of the Portfolio
         under the  Declaration  are separate and distinct from those of any and
         all other series of the Fund.

Section 11.  Notices

         Any notice shall be sufficiently  given when delivered or mailed to the
         other  party at the  address of such  party set forth  below or to such
         other  person or at such  other  address as such party may from time to
         time specify in writing to the other party.

         If to FUND ACCOUNTING:       Scudder Fund Accounting Corporation
                                      Two International Place
                                      Boston, Massachusetts 02110
                                      Attn:  Vice President

         If to the Fund - Portfolio:  Scudder Variable Life Investment Fund
                                      Two International Place
                                      Boston, Massachusetts 02110
                                      Attn:  President, Secretary or Treasurer

Section 12.  Miscellaneous

         This  Agreement  may not be  assigned  by FUND  ACCOUNTING  without the
         consent of the Fund as  authorized  or  approved by  resolution  of its
         Board of Trustees.

         In connection with the operation of this  Agreement,  the Fund and FUND
         ACCOUNTING may agree from time to time on such provisions  interpretive
         of or in addition to the provisions of this Agreement as in their joint
         opinions may be consistent with this Agreement.  Any such  interpretive
         or additional  provisions  shall be in writing,  signed by both parties
         and annexed  hereto,  but no such  provisions  shall be deemed to be an
         amendment of this Agreement.

         This Agreement  shall be governed and construed in accordance  with the
         laws of the Commonwealth of Massachusetts.

         This  Agreement  may  be  executed   simultaneously   in  two  or  more
         counterparts,  each of which  shall be deemed an  original,  but all of
         which together shall constitute one and the same instrument.

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<PAGE>

         This Agreement  constitutes  the entire  agreement  between the parties
         concerning the subject matter hereof,  and supersedes any and all prior
         understandings.





IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by  their  respective  officers  thereunto  duly  authorized  and its seal to be
hereunder affixed as of the date first written above.


                     SCUDDER VARIABLE LIFE INVESTMENT FUND,
                     on behalf of Global Discovery Portfolio

                                    By: 
                                        ---------------------------------
                                            President


                                    SCUDDER FUND ACCOUNTING CORPORATION

                                    By: 
                                         ---------------------------------
                                            Vice President




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