SCUDDER
INVESTMENTS (SM)
[LOGO]
Supplement to the currently effective Prospectus of each of the listed funds:
Scudder California Tax Free Money Fund
Scudder Financial Services Fund
Scudder New York Tax Free Money Fund
Scudder Real Estate Investment Fund
On February 7, 2000, the applicable Board of each Fund approved the cessation of
operations of the Fund effective on or about May 5, 2000 (the "Closing Date").
Accordingly, the Board of each Fund has voted to liquidate and terminate the
Fund on the Closing Date. Shareholders will receive the net asset value per
share for all shares they own on that date. This may be a taxable event for
shareholders with the exception of those participating in a qualified defined
contribution, defined benefit or other qualified retirement vehicle.
In conjunction with approving the cessation of operations of each Fund, the
Board of each Fund further approved closing each Fund to new investors and
waiving the applicable redemption fees for Scudder Financial Services Fund and
Scudder Real Estate Investment Fund effective as of the close of business on
February 7, 2000. The following may continue to make additional purchases and to
reinvest dividends and capital gains in existing accounts of a Fund through the
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Closing Date with the exception of Scudder Real Estate Investment Fund, which
will be closed to all purchases as of the close of business on April 28, 2000:
1. Shareholders of the Fund;
2. Investment advisers that invest through existing accounts held at a
financial intermediary; and
3. Qualified defined contribution retirement plans (i.e. 401(k) plans, profit
sharing plans and money purchase pension plans), 403(b) plans and 457 plans
that invest through existing accounts held at a financial intermediary.
February 8, 2000
