Scudder Medium Term Tax Free Fund
Scudder Managed Municipal Bonds
Scudder High Yield Tax Free Fund
SUPPLEMENT TO THE STATEMENT OF
ADDITIONAL INFORMATION DATED OCTOBER 1, 2000
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Scudder Massachusetts Tax Free Fund
Scudder New York Tax Free Fund
Scudder California Tax Free Fund
SUPPLEMENT TO THE STATEMENT OF
ADDITIONAL INFORMATION DATED AUGUST 1, 2000
The following disclosure replaces the third paragraph in the section entitled
"Net Asset Value":
Debt securities, other than money market instruments, are valued at prices
supplied by the Funds' pricing agent(s), which reflect broker/dealer supplied
valuations and electronic data processing techniques. Money market instruments
with an original maturity of sixty days or less maturing at par shall be valued
at amortized cost, which the Board believes approximates market value. If it is
not possible to value a particular debt security pursuant to these valuation
methods, the value of such security is the most recent bid quotation (for
municipal funds: the calculated mean between the bid and ask quotations)
supplied by a bona fide marketmaker. If it is not possible to value a particular
debt security pursuant to the above methods, the Adviser may calculate the price
of that debt security, subject to limitations established by the Board.
November 27, 2000
