SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(A) of the Securities
Exchange Act of 1934 (Amendment No.__ )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[X] Preliminary Proxy Statement [ ] Confidential, for Use of the
Commission Only (as permitted
[ ] Definitive Proxy Statement by Rule 14a-6(e)(2))
[ ] Definitive additional materials
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
GLOBAL/INTERNATIONAL FUND, INC. INVESTMENT TRUST
SCUDDER CALIFORNIA TAX FREE TRUST SCUDDER CASH INVESTMENT TRUST
SCUDDER FUNDS TRUST SCUDDER MUNICIPAL TRUST
SCUDDER INTERNATIONAL FUND, INC. SCUDDER PORTFOLIO TRUST
SCUDDER MUTUAL FUNDS, INC. SCUDDER STATE TAX FREE TRUST
SCUDDER SECURITIES TRUST SCUDDER TAX FREE TRUST
SCUDDER TAX FREE MONEY FUND VALUE EQUITY TRUST
SCUDDER U.S. TREASURY MONEY FUND
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)
Payment of filing fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary materials:
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identity the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount previously paid:
(2) Form, Schedule or Registration Statement no.:
(3) Filing Party:
(4) Date Filed:
<PAGE>
GLOBAL/INTERNATIONAL FUND, INC.
INVESTMENT TRUST
SCUDDER CALIFORNIA TAX FREE TRUST
SCUDDER CASH INVESTMENT TRUST
SCUDDER FUNDS TRUST
SCUDDER INTERNATIONAL FUND, INC.
SCUDDER MUNICIPAL TRUST
SCUDDER MUTUAL FUNDS, INC.
SCUDDER PORTFOLIO TRUST
SCUDDER SECURITIES TRUST
SCUDDER STATE TAX FREE TRUST
SCUDDER TAX FREE MONEY FUND
SCUDDER TAX FREE TRUST
SCUDDER U.S. TREASURY MONEY FUND
VALUE EQUITY TRUST
NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS
Please take notice that Special Meetings of Shareholders (each a
"Meeting") of each Scudder Trust/Corporation listed above (each Trust is a
"Trust," collectively, the "Trusts" and each Corporation is a "Corporation,"
collectively the "Corporations"), or, if applicable, each of its series that is
listed on Appendix 1 to the Proxy Statement (each such series is referred to
herein as a "Fund" and, collectively, where applicable, with those
Trusts/Corporations that do not have any series, the "Funds"), will be held at
the offices of Scudder Kemper Investments, Inc., 13th Floor, Two International
Place, Boston, MA 02110-4103, on July 13, 2000, at 3:00 p.m., Eastern time, for
the following purposes:
Proposal 1: For each Trust/Corporation, to elect Trustees/Directors; and
Proposal 2: To ratify the selection of PricewaterhouseCoopers LLP as
the independent accountants for each Fund for the Fund's
current fiscal year.
The appointed proxies will vote in their discretion on any other business
that may properly come before a Meeting or any adjournments thereof.
Holders of record of shares of each Fund at the close of business on April
17, 2000 are entitled to vote at the Meeting and at any adjournments thereof.
In the event that the necessary quorum to transact business or the vote
required to approve any Proposal is not obtained at the Meeting with respect to
one or more Funds, the persons named as proxies may propose one or more
adjournments of the Meeting in accordance with applicable law to permit further
solicitation of proxies. Any such adjournment as to a matter will require the
affirmative vote of the holders of a majority of the concerned Fund's shares
present in person or by proxy at the Meeting. The persons named as proxies will
vote FOR any such adjournment those proxies which they are entitled to vote in
favor of that Proposal and will vote AGAINST any such adjournment those proxies
to be voted against that Proposal.
By Order of the Boards,
[Signature]
John Millette
Secretary
[date]
IMPORTANT -- We urge you to sign and date the enclosed proxy card(s) and return
it in the enclosed envelope which requires no postage (or to take advantage of
the electronic or telephonic voting procedures described on the proxy card(s)).
Your prompt return of the enclosed proxy card(s) (or your voting by other
available means) may save the necessity and expense of further solicitations. If
you wish to attend the Meetings and vote your shares in person at that time, you
will still be able to do so.
<PAGE>
INVESTMENT TRUST
SCUDDER CALIFORNIA TAX FREE TRUST
SCUDDER CASH INVESTMENT TRUST
SCUDDER FUNDS TRUST
SCUDDER MUNICIPAL TRUST
SCUDDER PORTFOLIO TRUST
SCUDDER STATE TAX FREE TRUST
SCUDDER TAX FREE MONEY FUND
SCUDDER TAX FREE TRUST
SCUDDER U.S. TREASURY MONEY FUND
Two International Place
Boston, Massachusetts 02110
GLOBAL/INTERNATIONAL FUND, INC.
SCUDDER INTERNATIONAL FUND, INC.
SCUDDER MUTUAL FUNDS, INC.
SCUDDER SECURITIES TRUST
VALUE EQUITY TRUST
345 Park Avenue
New York, New York 10154
JOINT PROXY STATEMENT
GENERAL
This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Trustees/Directors (the "Board," the Trustees/Directors
on each of which are referred to as the "Trustees/Directors" of the relevant
Board) of each of the Scudder Trusts/Corporations listed above (each Trust is a
"Trust," collectively, the "Trusts" and each Corporation is a "Corporation,"
collectively, the "Corporations") for use at the Special Meeting of Shareholders
of each Trust/Corporation, or, if applicable, its series that are listed on
Appendix 1 hereto (each such series is referred to herein as a "Fund" and,
collectively, where applicable, with those Trusts/Corporations that do not have
any series, the "Funds"), to be held jointly at the offices of Scudder Kemper
Investments, Inc., investment manager to each Fund ("Scudder Kemper" or the
"Investment Manager"), 13th Floor, Two International Place, Boston,
Massachusetts 02110, on July 13, 2000, at 3:00 p.m., Eastern time, and at any
and all adjournments thereof (each a "Meeting").
In the descriptions of the Proposals below, the word "fund" is sometimes
used to mean an investment company or series thereof in general, and not the
Funds whose proxy statement this is. In addition, for simplicity, actions are
described in this Proxy Statement as being taken by a Fund that is a series of a
Trust or Corporation, although all actions are actually taken by the respective
Trust or Corporation on behalf of the applicable Fund.
EACH FUND PROVIDES PERIODIC REPORTS TO ITS SHAREHOLDERS WHICH HIGHLIGHT
RELEVANT INFORMATION, INCLUDING INVESTMENT RESULTS AND A REVIEW OF PORTFOLIO
CHANGES. YOU MAY RECEIVE AN ADDITIONAL COPY OF THE MOST RECENT ANNUAL REPORT FOR
A FUND AND A COPY OF ANY MORE RECENT SEMI-ANNUAL REPORT, WITHOUT CHARGE, BY
CALLING (800) 728-3337 OR WRITING THE FUND, C/O SCUDDER KEMPER INVESTMENTS,
INC., AT THE ADDRESS FOR THE FUND SHOWN AT THE BEGINNING OF THIS PROXY
STATEMENT.
BACKGROUND
Proposal 1 in this Proxy Statement is part of a program proposed by
Scudder Kemper to restructure and streamline the management and operations of
the funds it advises. Scudder Kemper believes, and has advised the Boards, that
the consolidation of certain funds advised by it would benefit fund
shareholders. Scudder Kemper has, therefore, proposed the consolidation of a
number of no-load funds advised by it that Scudder Kemper believes have similar
or compatible investment objectives and policies. In many cases, the proposed
consolidations are designed to eliminate the substantial overlap in current
offerings by the Scudder Funds and the funds offered through the AARP Investment
Program (the "AARP Funds"), all of which are advised by Scudder Kemper.
Consolidation plans are proposed for other funds that have not gathered enough
assets to operate efficiently and have, in turn, relatively high expense ratios.
Scudder Kemper believes that these consolidations may help to enhance investment
performance of funds and increase efficiency of operations. Many of the proposed
consolidations are also expected to result in lower operating expenses for
shareholders of acquired funds.
There are currently five different Boards for the no-load funds advised by
Scudder Kemper. Scudder Kemper believes, and has proposed to the boards, that
creating a single board responsible for most of the no-load funds advised by
Scudder Kemper would increase efficiency and benefit fund shareholders. This
initiative is described in greater detail in Proposal 1 below.
PROPOSAL 1: ELECTION OF TRUSTEES/DIRECTORS
At each Meeting, as part of the overall restructuring effort outlined
above, shareholders of each Trust/Corporation will be asked to elect nine
individuals to constitute the Board of Trustees/Directors of that
Trust/Corporation. These individuals were nominated after a careful and
deliberate selection process by the present Board of Trustees/Directors of each
Trust/Corporation. The nominees for election, who are listed below, include
seven persons who currently serve as Independent Trustees/Directors (as defined
below) of the respective Trust/Corporation or as independent trustees/directors
of other no-load funds advised by Scudder Kemper and who have no affiliation
with Scudder Kemper or the American Association of Retired Persons ("AARP"). The
nominees listed below are also being nominated for election as
trustees/directors of most of the other no-load funds advised by Scudder Kemper.
Currently five different boards of trustees or directors are responsible
for overseeing different groups of no-load funds advised by Scudder Kemper. As
part of a broader restructuring effort described above, Scudder Kemper has
recommended, and each Board of Trustees/Directors has agreed, that shareholder
interests can more effectively be represented by a single board with
responsibility for overseeing substantially all of the Scudder no-load funds.
Creation of a single, consolidated board should also provide certain
administrative efficiencies and potential future cost savings for both the Funds
and Scudder Kemper.
Election of each of the listed nominees for Trustee/Director on each Board
requires the affirmative vote of a plurality of the votes cast at the Meeting
applicable to a Trust/Corporation, in person or by proxy. The persons named as
proxies on the enclosed proxy card will vote for the election of the nominees
named below unless authority to vote for any or all of the nominees is withheld
in the proxy. Each Trustee/Director so elected will serve as a Trustee/Director
of the respective Trust/Corporation until the next meeting of shareholders, if
any, called for the purpose of electing Trustees/Directors and until the
election and qualification of a successor or until such Trustee/Director sooner
dies, resigns or is removed as provided in the governing documents of each
Trust/Corporation. Each of the nominees has indicated that he or she is willing
to serve as a Trustee/Director. If any or all of the nominees should become
unavailable for election due to events not now known or anticipated, the persons
named as proxies will vote for such other nominee or nominees as the current
Trustees/Directors may recommend. The following paragraphs and table set forth
information concerning the nominees and Trustees/Directors not standing for
re-election. Each nominee's or Trustee's/Director's age is in parentheses after
his or her name. Unless otherwise noted, (i) each of the nominees and
Trustees/Directors has engaged in the principal occupation(s) noted in the
following paragraphs and table for at least the most recent five years, although
not necessarily in the same capacity, and (ii) the address of each nominee is
c/o Scudder Kemper Investments, Inc., Two International Place, Boston, MA
02110-4103.
Nominees for Election as Trustees/Directors:
Henry P. Becton, Jr. (56)
Henry P. Becton, Jr. is president of the WGBH Educational Foundation, producer
and distributor of public broadcasting programming and educational and
interactive software. He graduated from Yale University in 1965, where he was
elected to Phi Beta Kappa. He received his J.D. degree cum laude from Harvard
Law School in 1968. Mr. Becton is a member of the PBS Board of Directors, a
Trustee of American Public Television, the New England Aquarium, the Boston
Museum of Science, Concord Academy, and the Massachusetts Corporation for
Educational Telecommunications, an Overseer of the Boston Museum of Fine Arts,
and a member of the Board of Governors of the Banff International Television
Festival Foundation. He is also a Director of Becton Dickinson and Company and
A.H. Belo Company, a Trustee of the Committee for Economic Development, and a
member of the Board of Visitors of the Dimock Community Health Center, the
Dean's Council of Harvard University's Graduate School of Education, and the
Massachusetts Bar. Mr. Becton is currently a Trustee of Investment Trust,
Scudder California Tax Free Trust, Scudder Cash Investment Trust, Scudder Funds
Trust, Scudder Municipal Trust, Scudder Portfolio Trust, Scudder State Tax Free
Trust, Scudder Tax Free Money Fund, Scudder Tax Free Trust and Scudder U.S.
Treasury Money Fund. He has served as a trustee of various mutual funds advised
by Scudder Kemper since 1990.
Linda C. Coughlin (48)*
Linda C. Coughlin, a Managing Director of Scudder Kemper, is head of Scudder
Kemper's U.S. Retail Mutual Funds Business. Ms. Coughlin joined Scudder Kemper
in 1986 and was a member of the firm's Board of Directors. She currently
oversees the marketing, service and operations of Scudder Kemper retail
businesses in the United States, which include the Scudder, Kemper, AARP, and
closed-end fund families, and the direct and intermediary channels. She also
serves as Chairperson of the AARP Investment Program from Scudder and as a
Trustee of the Program's mutual funds. Ms. Coughlin is also a member of the
Mutual Funds Management Group. Previously, she served as a regional Marketing
Director in the retail banking division of Citibank and at the American Express
Company as Director of Consumer Marketing for the mutual fund group. Ms.
Coughlin received a B.A. degree in economics (summa cum laude) from Fordham
University. Ms. Coughlin is currently a Trustee of Investment Trust, Scudder
California Tax Free Trust, Scudder Cash Investment Trust, Scudder Funds Trust,
Scudder Municipal Trust, Scudder Portfolio Trust, Scudder State Tax Free Trust,
Scudder Tax Free Money Fund, Scudder Tax Free Trust and Scudder U.S. Treasury
Money Fund. She has served on the boards of various funds advised by Scudder
Kemper, including the AARP Investment Program Funds, since 1996.
Dawn-Marie Driscoll (53)
Dawn-Marie Driscoll is an Executive Fellow and Advisory Board member of the
Center for Business Ethics at Bentley College, one of the nation's leading
institutes devoted to the study and practice of business ethics. Ms. Driscoll is
also president of Driscoll Associates, a consulting firm. She is a member of the
Board of Governors of the Investment Company Institute and serves as Chairman of
the Directors Services Committee. Ms. Driscoll was recently named 1999 "Fund
Trustee of the Year" by Fund Directions, a publication of Institutional
Investor, Inc. She has been a director, trustee and overseer of many civic and
business institutions, including The Massachusetts Bay United Way and Regis
College. Ms. Driscoll was formerly a law partner at Palmer & Dodge in Boston and
served for over a decade as Vice President of Corporate Affairs and General
Counsel of Filene's, the Boston-based department store chain. Ms. Driscoll
received a B.A. from Regis College, a J.D. from Suffolk University Law School, a
D.H.L. (honorary) from Suffolk University and a D.C.S. (honorary) from Bentley
College Graduate School of Business. Ms. Driscoll is currently a Trustee of
Investment Trust, Scudder California Tax Free Trust, Scudder Cash Investment
Trust, Scudder Funds Trust, Scudder Municipal Trust, Scudder Portfolio Trust,
Scudder State Tax Fee Trust, Scudder Tax Free Money Fund, Scudder Tax Free Trust
and Scudder U.S. Treasury Money Fund. She has served as a trustee of various
mutual funds advised by Scudder Kemper since 1987.
Edgar R. Fiedler (70)
Edgar R. Fiedler is Senior Fellow and Economic Counsellor at The Conference
Board. He served as the Board's Vice President, Economic Research from 1975 to
1986 and as Vice President and Economic Counsellor from 1986 to 1996. Mr.
Fiedler's business experience includes positions at Eastman Kodak in Rochester
(1956-59), Doubleday and Company in New York City (1959-60), and Bankers Trust
Company in New York City (1960-69). He also served as Assistant Secretary of the
Treasury for Economic Policy from 1971 to 1975. Mr. Fiedler graduated from the
University of Wisconsin in 1951. He received his M.B.A. from the University of
Michigan and his doctorate from New York University. During the 1980's, Mr.
Fiedler was an Adjunct Professor of Economics at the Columbia University
Graduate School of Business. From 1990 to 1991, he was the Stephen Edward Scarff
Distinguished Professor at Lawrence University in Wisconsin. Mr. Fiedler is a
Director of The Stanley Works, Harris Insight Funds, Brazil Fund, and PEG
Capital Management, Inc. He has served as a board member of various mutual funds
advised by Scudder Kemper, including the AARP Investment Program Funds, since
1984.
Keith R. Fox (46)
Keith R. Fox is the managing partner of the Exeter Group of Funds, a series of
private equity funds with offices in New York and Boston, which he founded in
1986. The Exeter Group invests in a wide range of private equity situations,
including venture capital, expansion financings, recapitalizations and
management buyouts. Prior to forming Exeter, Mr. Fox was a director and vice
president of BT Capital Corporation, a subsidiary of Bankers Trust New York
Corporation organized as a small business investment company and based in New
York City. Mr. Fox graduated from Oxford University in 1976, and in 1981
received an M.B.A. degree from the Harvard Business School. Mr. Fox is also a
qualified accountant. He is a board member and former Chairman of the National
Association of Small Business Investment Companies, and a director of Golden
State Vintners, K-Communications, Progressive Holding Corporation and Facts On
File, as well as a former director of over twenty companies. Mr. Fox is
currently a Trustee of Scudder Securities Trust and Value Equity Trust, and a
Director of Global/Intenrational Fund, Inc., Scudder International Fund, Inc.
and Scudder Mutual Funds, Inc. He has served as a trustee of various mutual
funds advised by Scudder Kemper since 1996.
Joan Edelman Spero (55)
Joan E. Spero is the president of the Doris Duke Charitable Foundation, a
position to which she was named in January 1997. From 1993 to 1997, Ms. Spero
served as Undersecretary of State for Economic, Business and Agricultural
Affairs under President Clinton. From 1981 to 1993, she was an executive at the
American Express Company, where her last position was executive vice president
for Corporate Affairs and Communications. Ms. Spero served as U.N. Ambassador to
the United Nations Economic and Social Council under President Carter from 1980
to 1981. She was an assistant professor at Columbia University from 1973 to
1979. She graduated Phi Beta Kappa from the University of Wisconsin and holds a
master's degree in international affairs and a doctorate in political science
from Columbia University. Ms. Spero is a member of the Council on Foreign
Relations and the Council of American Ambassadors. She also serves as a trustee
of the Wisconsin Alumni Research Foundation, The Brookings Institution and
Columbia University and is a Director of First Data Corporation. Ms. Spero is
currently a Trustee of Scudder Securities Trust and Value Equity Trust, and a
Director of Global/International Fund, Inc., Scudder International Fudn, Inc.
and Scudder Mutual Funds, Inc. She has served as a trustee of various mutual
funds advised by Scudder Kemper since 1998.
Jean Gleason Stromberg (56)
Ms. Stromberg acts as a consultant on regulatory matters. From 1996 to 1997, Ms.
Stromberg represented the U.S. General Accounting Office before Congress and
elsewhere on issues involving banking, securities, securities markets, and
government-sponsored enterprises. Prior to that, Ms. Stromberg was a corporate
and securities law partner at the Washington, D.C. law office of Fulbright and
Jaworski, a national law firm. She served as Associate Director of the SEC's
Division of Investment Management from 1977 to 1979 and prior to that was
Special Counsel for the Division of Corporation Finance from 1972 to 1977. Ms.
Stromberg graduated Phi Beta Kappa from Wellesley College and received her law
degree from Harvard Law School. From 1988 to 1991 and 1993 to 1996, she was a
Trustee of the American Bar Retirement Association, the funding vehicle for
American Bar Association-sponsored retirement plans. Ms. Stromberg serves on the
Wellesley College Business Leadership Council and the Council for Mutual Fund
Director Education at Northwestern University Law School and was a panelist at
the SEC's Investment Company Director's Roundtable. Ms. Stromberg has served as
a board member of the AARP Investment Program Funds since 1997.
Jean C. Tempel (56)
Jean C. Tempel is a venture partner for Internet Capital Group, a strategic
network of Internet partnership companies whose principal offices are in Wayne,
Pennsylvania. Ms. Tempel concentrates on investment opportunities in the Boston
area. She spent 25 years in technology/operations executive management at
various New England banks, building custody operations and real time
financial/securities processing systems, most recently as Chief Operations
Officer at The Boston Company. From 1991 until 1993 she was president/COO of
Safeguard Scientifics, a Pennsylvania technology venture company. In that role
she was a founding investor, director and vice chairman of Cambridge Technology
Partners. She is a director of XLVision, Inc., Marathon Technologies, Inc.,
Aberdeen Group and Sonesta Hotels International, and is a Trustee of
Northeastern University, Connecticut College, and The Commonwealth Institute.
She received a B.A. from Connecticut College, an M.S. from Rensselaer
Polytechnic Institute of New York, and attended Harvard Business School's
Advanced Management Program. Ms. Tempel is currently a Trustee of Investment
Trust, Scudder California Tax Free Trust, Scudder Cash Investment Trust, Scudder
Funds Trust, Scudder Municipal Trust, Scudder Portfolio Trust, Scudder State Tax
Free Trust, Scudder Tax Free Money Fund, Scudder Tax Free Trust and Scudder U.S.
Treasury Money Fund. She has served as a trustee of various mutual funds advised
by Scudder Kemper since 1994.
Steven Zaleznick (45)*
Steven Zaleznick is President and CEO of AARP Services, Inc., a wholly-owned and
independently-operated subsidiary of AARP which manages a range of products and
services offered to AARP members, provides marketing services to AARP and its
member service providers and establishes an electronic commerce presence for
AARP members. Mr. Zaleznick previously served as AARP's general counsel for nine
years. He was responsible for the legal affairs of the AARP, which included tax
and legal matters affecting non-profit organizations, contract negotiations,
publication review and public policy litigation. In 1979, he joined the AARP as
a legislation representative responsible for issues involving taxes, pensions,
age discrimination, and other national issues affecting older Americans. Mr.
Zaleznick is President of the Board of Cradle of Hope Adoption Center in
Washington, D.C. He is a former treasurer and currently a board member of the
National Senior Citizens Law Center. Mr. Zaleznick received his B.A. in
economics from Brown University. He received his J.D. degree from Georgetown
University Law Center and is a member of the District of Columbia Bar
Association.
<TABLE>
<CAPTION>
Trustees/Directors Not Standing for Re-election:
- -------------------------------------------------------------------------------------
<S> <C> <C>
Principal Occupation or Present Office with each
Name (Age) Employment and Directorships Trust/Corporation
- -------------------------------------------------------------------------------------
Sheryle J. Bolton (53) CEO and Director, Scientific Director,
Learning Corporation. Global/International Fund,
Inc., Scudder International
Fund, Inc., Scudder Mutual
Funds, Inc.; Trustee,
Scudder Securities Trust,
Value Equity Trust. Ms.
Bolton serves on the Board
of 1 additional corporation
whose funds are advised by
Scudder Kemper.
- -------------------------------------------------------------------------------------
William T. Burgin (56) General Partner, Bessemer Director,
Venture Partners. Global/International Fund,
Inc., Scudder International
Fund, Inc., Scudder Mutual
Funds, Inc.; Trustee,
Scudder Securities Trust,
Value Equity Trust. Mr.
Burgin does not serve on any
Boards of any additional
trusts or corporations whose
funds are advised by Scudder
Kemper.
- -------------------------------------------------------------------------------------
Peter B. Freeman (67) Corporate Director and Trustee, Investment Trust,
Trustee. Scudder California Tax Free
Trust, Scudder Cash
Investment Trust, Scudder
Funds Trust, Fund, Scudder
Municipal Trust, Scudder
Portfolio Trust, Scudder State
Tax Free Trust, Scudder Tax
Free Money Fund, Scudder
Tax Free Trust, Scudder
U.S. Treasury Money Fund.
Mr. Freeman serves on the
Boards of an additional 4
trusts or corporations
whose funds are advised
by Scudder Kemper.
- -------------------------------------------------------------------------------------
George M. Lovejoy, Jr. President and Director, Trustee, Investment Trust,
(69) Fifty Associates (real Scudder California Tax Free
estate corporation). Trust, Scudder Cash
Investment Trust, Scudder
Funds Trust,
Scudder Municipal
Trust, Scudder Portfolio
Trust, Scudder State Tax
Free Trust, Scudder Tax Free
Money Fund, Scudder Tax Free
Trust, Scudder U.S. Treasury
Money Fund. Mr. Lovejoy
serves on the Boards of an additional
2 trusts or corporations whose
funds are advised by Scudder
Kemper.
- -------------------------------------------------------------------------------------
William H. Luers (70) Chairman and President, Director,
United Nations Association Global/International Fund,
of America. Inc., Scudder International
Fund, Inc., Scudder Mutual
Funds, Inc.; Trustee,
Scudder Securities Trust,
Value Equity Trust. Mr.
Luers serves on the Boards
of an additional 2 trusts or
corporations whose funds are
advised by Scudder Kemper.
- -------------------------------------------------------------------------------------
Wesley W. Marple, Jr. Professor of Business Trustee, Investment Trust,
(68) Administration, Northeastern Scudder California Tax Free
University, College of Trust, Scudder Cash
Business Administration. Investment Trust, Scudder
Funds Trust,
Scudder Municipal
Trust, Scudder Portfolio
Trust, Scudder State Tax
Free Trust, Scudder Tax Free
Money Fund, Scudder Tax Free
Trust, Scudder U.S. Treasury
Money Fund. Mr. Marple serves
on the Board of 1 additional
trust whose funds are
advised by Scudder Kemper.
- -------------------------------------------------------------------------------------
Kathryn L. Quirk (47)* Vice President and Assistant Director, Vice President and
Secretary; Managing Director Assistant Secretary,
of Scudder Kemper Global/International Fund,
Inc., Scudder International
Fund, Inc., Scudder Mutual
Funds, Inc.; Trustee, Vice
President and Assistant
Secretary, Investment Trust,
Scudder California Tax Free
Trust, Scudder Cash
Investment Trust, Scudder
Funds Trust,
Scudder Municipal
Trust, Scudder Portfolio
Trust, Scudder Securities
Trust, Scudder State Tax
Free Trust, Scudder Tax Free
Money Fund, Scudder Tax Free
Trust, Scudder U.S. Treasury
Money Fund, Value Equity
Trust. Ms. Quirk serves on
the Boards of an additional
4 trusts or corporations
whose funds are advised by
Scudder Kemper.
- -------------------------------------------------------------------------------------
</TABLE>
* Nominee or Trustee/Director considered by the Trust/Corporation and its
counsel to be an "interested person" (as defined in the Investment Company
Act of 1940, as amended (the "1940 Act")) of the Trust/Corporation,
Scudder Kemper or AARP because of his or her employment by Scudder Kemper
or AARP, and, in some cases, holding offices with the Trust/Corporation.
RESPONSIBILITIES OF THE BOARD -- BOARD AND COMMITTEE MEETINGS
A fund's board is responsible for the general oversight of fund business.
The nominees proposed for election at the Meetings consist of two individuals
who are considered "interested" Trustees/Directors, and seven individuals who
have no affiliation with Scudder Kemper and who are called "independent"
Trustees/Directors (the "Independent Trustees/Directors"). The SEC has recently
proposed a rule that would require a majority of the board members of a fund to
be "independent" if the fund were to take advantage of certain exemptive rules
under the 1940 Act. On the proposed Boards of Trustees/Directors, if approved by
shareholders, nearly 78% will be Independent Trustees/Directors. The Independent
Trustees/Directors have been nominated solely by the current Independent
Trustees/Directors of the respective Trust/Corporation, a practice also favored
by the SEC. The Independent Trustees/Directors have primary responsibility for
assuring that a Trust/Corporation is managed in the best interests of its
shareholders.
The Trustees/Directors meet several times during the year to review the
investment performance of each Fund and other operational matters, including
policies and procedures designed to assure compliance with regulatory and other
requirements. In 1999, the Trustees/Directors of each Trust/Corporation
conducted over 20 meetings to deal with fund issues (including committee and
subcommittee meetings and special meetings of the Independent
Trustees/Directors). Furthermore, the Independent Trustees/Directors review the
fees paid to the Investment Manager and its affiliates for investment advisory
services and other administrative and shareholder services. The
Trustees/Directors have adopted several policies and practices which help ensure
their effectiveness and independence in reviewing fees and representing
shareholders. Many of these are similar to those suggested in the Investment
Company Institute's 1999 Report of the Advisory Group on Best Practices for Fund
Directors (the "Advisory Group Report"). For example, the Independent
Trustees/Directors select independent legal counsel to work with them in
reviewing fees, advisory and other contracts and overseeing fund matters. The
Trustees/Directors are also assisted in this regard by the Funds' independent
public accountants and other independent experts retained from time to time for
this purpose. The Independent Trustees/Directors regularly meet privately with
their counsel and other advisors. In addition, the Independent
Trustees/Directors from time to time have appointed task forces and
subcommittees from their members to focus on particular matters such as
investment, accounting and shareholder servicing issues.
The Board of each Trust/Corporation has an Audit Committee and a Committee
on Independent Trustees/Directors, the responsibilities of which are described
below. In addition, each Board has an Executive Committee and a Valuation
Committee.
AUDIT COMMITTEE
The Audit Committee reviews with management and the Funds' independent
public accountants, among other things, the scope of the audit and the internal
controls of each Fund and its agents, reviews and approves in advance the type
of services to be rendered by independent accountants, recommends the selection
of independent accountants for the Funds to the Board, reviews the independence
of such firm and, in general, considers and reports to the Board on matters
regarding each Fund's accounting and financial reporting practices.
As suggested by the Advisory Group Report, each Trust's/Corporation's Audit
Committee is comprised of the Independent Trustees/Directors, meets privately
with the independent accountants of each series of each Trust/Corporation, will
receive annual representations from the accountants as to their independence,
and has a written charter that delineates the committee's duties and powers.
COMMITTEE ON INDEPENDENT TRUSTEES/DIRECTORS
The Board of Trustees/Directors of each Trust/Corporation has a Committee
on Independent Trustees/Directors, comprised solely of Independent
Trustees/Directors, charged with the duty of making all nominations of
Independent Trustees/Directors, establishing Trustees'/Directors' compensation
policies, retirement policies and fund ownership policies, reviewing
Trustees'/Directors' affiliations and relationships annually, and periodically
assessing and reviewing evaluations of the Board of Trustees'/Directors'
effectiveness.
ATTENDANCE
As noted above, the Trustees/Directors of each Trust/Corporation conducted
over 20 meetings in calendar year 1999 to deal with fund matters, including
various committee and subcommittee meetings and special meetings of the
Independent Trustees/Directors. The full Boards of each of Global/International
Fund, Inc., Scudder International Fund, Inc., Scudder Mutual Funds, Inc.,
Scudder Securities Trust and Value Equity Trust met seven times, the Audit
Committee met two times and the Committee on Independent Trustees/Directors met
one time during calendar year 1999. The full Board of each of Investment Trust,
Scudder California Tax Free Trust, Scudder Cash Investment Trust, Scudder
Municipal Trust, Scudder Portfolio Trust, Scudder State Tax Free Trust, Scudder
Tax Free Money Fund, Scudder Tax Free Trust and Scudder U.S. Treasury Money Fund
met nine times, the Audit Committee met two times and the Committee on
Independent Trustees met one time during the same time period. The full Board of
Trustees of Scudder Funds Trust met eleven times, the Audit Committee met two
times and the Committee on Independent Trustees met one time during the same
time period. Each then current Trustee/Director attended 100% of the total
meetings of each full Board and each above-named committee on which he or she
served as a regular member that were held during that period.
HONORARY TRUSTEES/DIRECTORS
Paul Bancroft III, William H. Gleysteen, Jr., Robert G. Stone, Jr. and
Thomas J. Devine currently serve as Honorary Trustees/Directors of Value
Equity Trust, Scudder International Fund, Inc., Scudder Mutual Funds, Inc.,
Global/International Fund, Inc., and Scudder Securities Trust. Wilson Nolen
currently serves as an additional Honorary Trustee/Director of Value Equity
Trust, Scudder International Fund, Inc., and Scudder Securities Trust.
Honorary Trustees/Directors are invited to attend all Board meetings and to
participate in Board discussions, but are not entitled to vote on any matter
presented to the Board. Honorary Trustees/Directors are appointed by each
respective Board of Trustees/Directors.
OFFICERS
The following persons are officers of each Trust/Corporation noted in the
table below:
- --------------------------------------------------------------------------------
Principal Occupation Trust/Corporation
Name (Age) or Employment(1) (Year First Became an
Officer(2)
- --------------------------------------------------------------------------------
Joann M. Barry (39) Vice President; Senior Vice Scudder Mutual Funds,
President of Scudder Kemper Inc. (1999)
- --------------------------------------------------------------------------------
Kelly D. Babson (41) Vice President; Managing Scudder Portfolio Trust
Director of Scudder Kemper (1996)
- --------------------------------------------------------------------------------
Bruce F. Beaty (41) Vice President; Managing Investment Trust (1995)
Director of Scudder Kemper
- --------------------------------------------------------------------------------
Nicholas Bratt (51) President; Managing Global/International
Director of Scudder Kemper Fund, Inc. (for all
series except Scudder
Global Fund), Scudder
International Fund,
Inc., (1985)
- --------------------------------------------------------------------------------
Eleanor R. Brennan (36) Vice President; Senior Vice Scudder California Tax
President of Scudder Kemper Free Trust, Scudder
State Tax Free Trust
(1999)
- --------------------------------------------------------------------------------
Jennifer P. Carter (37) Vice President; Vice Investment Trust (1999)
President of Scudder Kemper
- --------------------------------------------------------------------------------
Robert S. Cessine (50) Vice President; Managing Scudder Funds Trust,
Director of Scudder Kemper Scudder Portfolio Trust
(1999)
- --------------------------------------------------------------------------------
Irene T. Cheng (45) Vice President; Managing Scudder International
Director of Scudder Kemper Fund, Inc., (1997)
- --------------------------------------------------------------------------------
Peter Chin (57) Vice President; Managing Scudder Securities Trust
Director of Scudder Kemper (1995)
- --------------------------------------------------------------------------------
Philip G. Condon (49) Vice President; Managing Scudder Municipal Trust,
Director of Scudder Kemper Scudder State Tax Free
Trust (1997)
- --------------------------------------------------------------------------------
Joyce E. Cornell (56) Vice President; Managing Scudder International
Director of Scudder Kemper Fund, Inc., (1996)
- --------------------------------------------------------------------------------
Linda C. Coughlin (48) Trustee and President; Investment Trust,
Managing Director of Scudder Cash Investment
Scudder Kemper Trust, Scudder Funds
Trust, Scudder
California Tax Free
Trust,
Scudder Municipal
Trust, Scudder Portfolio
Trust, Scudder
Securities Trust,
Scudder State Tax Free
Trust, Scudder Tax Free
Money Fund, Scudder Tax
Free Trust, Scudder U.S.
Treasury Money Fund,
Scudder Mutual Funds,
Inc., Value Equity Trust
(2000)
- -------------------------------------------------------------------------------
J. Brooks Dougherty (40) Vice President; Managing Scudder Securities Trust
Director of Scudder Kemper (1998)
- --------------------------------------------------------------------------------
John E. Dugenske (34) Vice President; Vice Scudder Funds Trust
President of Scudder Kemper (1999)
- --------------------------------------------------------------------------------
James Eysenbach (38) Vice President; Managing Investment Trust (1999);
Director of Scudder Kemper Scudder Securities Trust
(1995)
- --------------------------------------------------------------------------------
Jan C. Faller (33) Vice President; Vice Global/International
President, Scudder Kemper Fund, Inc. (1999)
- --------------------------------------------------------------------------------
James E. Fenger (40) Vice President; Managing Scudder Securities Trust
Director of Scudder Kemper (1998)
- --------------------------------------------------------------------------------
Edmund B. Games, Jr. (62) Vice President; Managing Scudder International
Director of Scudder Kemper Fund, Inc., (1992)
- --------------------------------------------------------------------------------
Ashton P. Goodfield (36) Vice President; Vice Scudder Municipal Trust,
President of Scudder Kemper Scudder State Tax Free
Trust, Scudder Tax Free
Trust (1999)
- --------------------------------------------------------------------------------
Philip Fortuna (42) Vice President; Managing Scudder Securities Trust
Director of Scudder Kemper (1995)
- --------------------------------------------------------------------------------
Carol L. Franklin (47) Vice President; Managing Scudder International
Director of Scudder Kemper Fund, Inc., (1996)
- --------------------------------------------------------------------------------
William F. Gadsden (45) Vice President; Managing Investment Trust (1996)
Director of Scudder Kemper
- --------------------------------------------------------------------------------
Joan Gregory (54) Vice President; Vice Scudder International
President of Scudder Kemper Fund, Inc., (1999)
- --------------------------------------------------------------------------------
John R. Hebble (41) Treasurer; Senior Vice Investment Trust, Value
President of Scudder Kemper Equity Trust,
Global/International
Fund, Inc., Scudder
California Tax Free
Trust, Scudder Cash
Investment Trust,
Scudder Funds Trust,
Scudder International
Fund, Inc., Scudder
Municipal Trust, Scudder
Mutual Funds, Inc.,
Scudder Portfolio Trust,
Scudder Securities
Trust, Scudder State Tax
Free Trust, Scudder Tax
Free Money Fund, Scudder
Tax Free Trust, Scudder
U.S. Treasury Money
Fund (1998)
- --------------------------------------------------------------------------------
Sewall Hodges (45) Vice President; Managing Scudder Securities Trust
Director of Scudder Kemper (1999)
- --------------------------------------------------------------------------------
William Holzer (50) President; Principal and Global/International
Managing Director of Fund, Inc. (for Scudder
Scudder Kemper Global Fund only); (1989)
- --------------------------------------------------------------------------------
Gary A. Langbaum (51) Vice President; Managing Scudder Portfolio Trust
Director of Scudder Kemper (1999)
- --------------------------------------------------------------------------------
Valerie F. Malter (41) Vice President; Managing Investment Trust (1995)
Director of Scudder Kemper
- --------------------------------------------------------------------------------
Ann M. McCreary (43) Vice President; Managing Investment Trust, Value
Director of Scudder Kemper Equity Trust,
Global/International
Fund, Inc., Scudder
California Tax Free
Trust, Scudder Cash
Investment Trust,
Scudder Funds Trust,
Scudder International
Fund, Inc., Scudder
Municipal Trust, Scudder
Mutual Funds, Inc.,
Scudder Portfolio Trust,
Scudder Securities
Trust, Scudder State Tax
Free Trust, Scudder Tax
Free Money Fund, Scudder
Tax Free Trust, Scudder
U.S. Treasury Money
Fund (1998)
- --------------------------------------------------------------------------------
Kathleen T. Millard (40) Vice President; Managing Investment Trust (1999);
Director of Scudder Kemper Value Equity Trust (1995)
- --------------------------------------------------------------------------------
John Millette (38) Vice President and Investment Trust, Value
Secretary; Vice President Equity Trust,
of Scudder Kemper Global/International
Fund, Inc., Scudder
California Tax Free
Trust, Scudder Cash
Investment Trust,
Scudder Funds Trust,
Scudder International
Fund, Inc., Scudder
Municipal Trust, Scudder
Mutual Funds, Inc.,
Scudder Portfolio Trust,
Scudder Securities
Trust, Scudder State Tax
Free Trust, Scudder Tax
Free Money Fund, Scudder
Tax Free Trust, Scudder
U.S. Treasury Money
Fund (1999)
- --------------------------------------------------------------------------------
Gerald J. Moran (60) Vice President; Managing Global/International
Director of Scudder Kemper Fund, Inc. (1991)
- --------------------------------------------------------------------------------
Thaddeus Paluszek (42) Vice President; Vice Scudder Securities Trust
President of Scudder Kemper (1997)
- --------------------------------------------------------------------------------
Caroline Pearson (38) Assistant Secretary; Senior Investment Trust, Value
Vice President of Scudder Equity Trust,
Kemper; Associate, Dechert Global/International
Price & Rhoads (law firm) Fund, Inc., Scudder
1989 to 1997 California Tax Free
Trust, Scudder Cash
Investment Trust,
Scudder Funds Trust,
Scudder International
Fund, Inc., Scudder
Municipal Trust, Scudder
Mutual Funds, Inc.,
Scudder Portfolio Trust,
Scudder Securities
Trust, Scudder State Tax
Free Trust, Scudder Tax
Free Money Fund, Scudder
Tax Free Trust, Scudder
U.S. Treasury Money
Fund (1997)
- --------------------------------------------------------------------------------
Robert C. Peck (53) Vice President; Managing Scudder Securities Trust
Director of Scudder Kemper (2000)
- --------------------------------------------------------------------------------
Kathryn L. Quirk (47) Trustee and Director, Vice Investment Trust, Value
President and Assistant Equity Trust, Scudder
Secretary; Managing California Tax Free
Director of Scudder Kemper Trust, Scudder Cash
Investment Trust,
Scudder Municipal Trust,
Scudder Portfolio Trust,
Scudder State Tax Free
Trust, Scudder Tax Free
Money Fund, Scudder Tax
Free Trust, Scudder U.S.
Treasury Money Fund
(1997);
Global/International
Fund, Inc., Scudder
Funds Trust, Scudder
International Fund,
Inc., Scudder Securities
Trust (1984); Scudder
Mutual Funds, Inc. (1988)
- --------------------------------------------------------------------------------
Frank J. Rachwalski, Jr. Vice President; Managing Scudder California Tax
(55) Director of Scudder Kemper Free Trust, Scudder Cash
Investment Trust,
Scudder State Tax Free
Trust, Scudder Tax Free
Money Fund, Scudder U.S.
Treasury Money Fund
(1999)
- --------------------------------------------------------------------------------
Sheridan Reilly (48) Vice President; Senior Vice Scudder International
President of Scudder Kemper Fund, Inc., (1997)
- --------------------------------------------------------------------------------
Lois R. Roman (35) Vice President; Senior Vice Value Equity Trust (1999)
President of Scudder Kemper
- --------------------------------------------------------------------------------
M. Isabel Saltzman (45) Vice President; Managing Global/International
Director of Scudder Kemper Fund, Inc. (1995)
- --------------------------------------------------------------------------------
Tien Yu Sieh (30) Vice President; Senior Vice Scudder International
President of Scudder Kemper Fund, Inc., (1999)
- --------------------------------------------------------------------------------
Shahram Tajbakhsh (43) Vice President; Senior Vice Scudder International
President of Scudder Kemper Fund, Inc., (1998)
- --------------------------------------------------------------------------------
Robert Tymoczko (30) Vice President; Senior Vice Investment Trust, Value
President of Scudder Kemper Equity Trust (1999)
- --------------------------------------------------------------------------------
Rebecca Wilson (38) Vice President; Vice Scudder State Tax Free
President of Scudder Kemper Trust (1995)
- --------------------------------------------------------------------------------
1 Unless otherwise stated, all of the officers have been associated with
their respective companies for more than five years, although not
necessarily in the same capacity.
2 The President, Treasurer and Secretary each holds office until his or her
successor has been duly elected and qualified, and all other officers hold
offices in accordance with the By-laws of the Corporation.
COMPENSATION OF TRUSTEES/DIRECTORS AND OFFICERS
Each Trust/Corporation pays each Independent Trustee/Director an annual
Trustee's/Director's fee for each series of the applicable Trust/Corporation
plus specified amounts for Board and committee meetings attended and reimburses
for expenses related to Fund business.
Investment Trust; Scudder Cash Investment Trust; Scudder Funds Trust; Scudder
Municipal Trust; Scudder Portfolio Trust; Scudder Tax Free Trust; Scudder Tax
Free Money Fund; Scudder U.S. Treasury Money Fund
Each Independent Trustee of each of the above Trusts receives an annual
Trustee's fee of $2,400 per fund if the fund's total net assets do not exceed
$100 million, $4,800 per fund if the fund's total net assets exceed $100 million
but do not exceed $1 billion and $7,200 per fund if the fund's total net assets
exceed $1 billion. Each lead Trustee of each of the above Trusts receives an
additional annual retainer fee of $500 per fund. Each Independent Trustee of
each of the above Trusts also receives fees of $150 per fund for attending each
Board meeting, Audit Committee meeting or other meeting held for the purpose of
considering arrangements between their respective Trusts and Scudder Kemper, or
any of its other affiliates. Each Independent Trustee of each of the above
Trusts also receives $75 per fund for all other committee meetings attended.
Global/International Fund, Inc.; Scudder International Fund, Inc.; Scudder
Securities Trust; Value Equity Trust
Each Independent Trustee/Director of each of the above Trusts/Corporations
receives an annual Trustee's/Director's fee of $3,500 per fund. Each Independent
Trustee/Director of each of the above Trusts/Corporations also receives fees of
$325 per fund for attending each Board meeting, Audit Committee meeting or other
meeting held for the purpose of considering arrangements between their
respective Trust/ Corporation and Scudder Kemper, or any of its other
affiliates. Each Independent Trustee/Director of each of the above
Trusts/Corporations also receives $100 per fund for all other committee meetings
attended.
Scudder California Tax Free Trust; Scudder State Tax Free Trust
Each Independent Trustee of each of the above Trusts receives an annual
Trustee's fee of $1,800 per fund if the fund's total net assets do not exceed
$100 million and $3,600 per fund if the fund's total net assets exceed $100
million. Each lead Trustee of each of the above Trusts receives an additional
annual retainer fee of $500 per fund. Each Independent Trustee of each of the
above Trusts also receives fees of $75 per fund for attending each Board
meeting, Audit Committee meeting or other meeting held for the purpose of
considering arrangements between their respective Trust and Scudder Kemper, or
any of its other affiliates. Each Independent Trustee of each of the above
Trusts also receives $75 per fund for all other committee meetings attended.
The newly-constituted Boards of the above Trusts/Corporations may
determine to change their compensation structures.
The Independent Trustees/Directors of each Trust/Corporation are not
entitled to benefits under any pension or retirement plan. It is currently
anticipated that a one-time benefit will be provided to those Independent
Trustees/Directors who have volunteered to leave the board prior to their normal
retirement date in order to facilitate the nomination of a consolidated board.
The amount of such benefit has not been finally determined, but is expected to
be based on a Trustee's/Director's years of service and remaining years to
normal retirement. [Further detail to be provided when available.] [Inasmuch as
Scudder Kemper will also benefit from the administrative efficiencies of a
consolidated board, Scudder Kemper has agreed to bear one-half of the cost of
any such benefit.]
Scudder Kemper supervises each Trust's/Corporation's investments, pays the
compensation and certain expenses of its personnel who serve as
Trustees/Directors and officers of the Trust/Corporation and receives a
management fee for its services. Several of each Trust's/Corporation's officers
and Trustees/Directors are also officers, directors, employees or stockholders
of Scudder Kemper and participate in the fees paid to that firm, although no
Trust/Corporation makes any direct payments to them other than for reimbursement
of travel expenses in connection with their attendance at Board and committee
meetings.
The following Compensation Table provides in tabular form the following
data:
(1) All Trustees/Directors who receive compensation from one or more
Trusts/Corporations (columns 1 through 16).
(2) Aggregate compensation received by each Trustee/Director of each
Trust/Corporation during calendar year 1999 (rows corresponding with columns 1
through 16).
(3) Total compensation received by each Trustee/Director from funds
managed by Scudder Kemper (collectively, the "Fund Complex") during calendar
year 1999 (bottom row).
<PAGE>
<TABLE>
<CAPTION>
COMPENSATION TABLE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 2 3 4 5 6 7 8
- --------------------------------------------------------------------------------------------------------------------------
Sheryle William T. Keith R. William H. Joan E. Paul William H. Thomas J.
J. Bolton Burgin Fox Luers Spero Bancroft Gleysteen, Devine
III Jr. (Honorary)
(Honorary)* (Honorary)
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Compensation from Trust/Corporation (Number of Funds)
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Mutual $7,600 (1) $7,275 (1) $7,275 (1) $7,925 (1) $7,925 (1) $6,300 (1) $0 $0
Funds, Inc.
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder US N/A N/A N/A N/A N/A N/A N/A N/A
Treasury Money Fund
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Municipal N/A N/A N/A N/A N/A N/A N/A N/A
Trust
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Tax Free N/A N/A N/A N/A N/A N/A N/A N/A
Trust
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Tax Free N/A N/A N/A N/A N/A N/A N/A N/A
Money Fund
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder State Tax N/A N/A N/A N/A N/A N/A N/A N/A
Free Trust
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Securities $53,200 $50,925 (7) $50,925 (7) $55,475 (7) $55,475 (7) $44,100 (7) $0 $0
Trust (7)
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder $45,600 $43,650 (8) $43,650 (8) $47,550 (8) $47,550 (8) $37,800 (8) $0 $0
International (8)
Fund, Inc.
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Portfolio N/A N/A N/A N/A N/A N/A N/A N/A
Trust
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Funds Trust N/A N/A N/A N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder Cash N/A N/A N/A N/A N/A N/A N/A N/A
Investment Trust
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Scudder California N/A N/A N/A N/A N/A N/A N/A N/A
Tax Free Trust
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Global/International$38,000 $36,375 (5) $36,375 (5) $39,625 (5) $39,625 (5) $31,500 (5) $0 $0
Fund, Inc. (5)
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Investment Trust N/A N/A N/A N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Value Equity Trust $23,400 $22,100 (4) $22,100 (4) $24,700 (4) $24,700 (4) $18,200 (4) $0 $0
(4)
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Total Compensation $179,860 $160,325 $160,325 $212,596 (28) $175,275 $159,991 $19,933 (2) $0
from Fund Complex (26) (25) (25) (25) (27)
- --------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------
(Continued) 9 10 11 12 13 14 15 16
- ----------------------------------------------------------------------------------------------------------------------------
Wilson Robert G. Henry Becton Dawn-Marie Peter B. George M. Wesley W. Jean C.
Nolen Stone, Jr. Driscoll Freeman Lovejoy, Jr. Marple, Jr. Tempel
(Honorary) (Honorary)
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Compensation from Trust/Corporation (Number of Funds)
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Mutual N/A $0 N/A N/A N/A N/A N/A N/A
Funds, Inc.
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder US N/A N/A $6,440 (1) $6,857 (1) $6,491 (1) $6,491 (1) $6,491 (1) $6,491 (1)
Treasury Money Fund
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Municipal N/A N/A $12,910 (2) $13,714 (2) $12,982 (2) $12,982 (2) $12,982 (2) $12,982 (2)
Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Tax Free N/A N/A $12,310 (2) $13,114 (2) $12,383 (2) $12,383 (2) $12,383 (2) $12,383 (2)
Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Tax Free N/A N/A $6,455 (1) $6,857 (1) $6,491 (1) $6,491 (1) $6,491 (1) $6,491 (1)
Money Fund
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder State Tax N/A N/A $18,936 (6) $21,154 (6) $18,746 (6) $18,821 (6) $18,821 (6) $18,821 (6)
Free Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Securities $0 $0 N/A N/A N/A N/A N/A N/A
Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder $0 $0 N/A N/A N/A N/A N/A N/A
International
Fund, Inc.
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Portfolio N/A N/A $21,785 (4) $23,153 (4) $23,853 (4) $21,690 (4) $21,690 (4) $21,690 (4)
Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Funds Trust N/A N/A $7,714 (2) $13,351 (2) $7,750 (2) $7,750 (2) $7,750 (2) $7,750 (2)
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder Cash N/A N/A $8,840 (1) $9,258 (1) $9,017 (1) $8,892 (1) $8,892 (1) $8,892 (1)
Investment Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Scudder California N/A N/A $7,060 (2) $7,564 (2) $6,984 (2) $6,984 (2) $6,984 (2) $6,984 (2)
Tax Free Trust
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Global/International N/A $0 N/A N/A N/A N/A N/A N/A
Fund, Inc.
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Investment Trust N/A N/A $31,110 (8) $33,218 (8) $34,134 (8) $31,025 (8) $31,025 (8) $31,025 (8)
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Value Equity Trust $0 $0 N/A N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Total Compensation $63,598 (6) $9,000 (1) $140,000 $150,000 (30) $179,783 $153,200 $140,000 $140,000 (30)
from Fund Complex (30) (57) (31) (30)
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
* Prior to November 1, 1999, Mr. Bancroft served as a Trustee/Director of
the Trust/Corporation. As of November 1, 1999, Mr. Bancroft serves in the
capacity of Honorary Trustee/Director. The compensation in this table
reflects any fees received by Mr. Bancroft in both capacities.
The Trustees/Directors of each Board unanimously recommend that the
shareholders of each Fund vote for each nominee.
<PAGE>
PROPOSAL 2: RATIFICATION OR REJECTION OF THE SELECTION OF INDEPENDENT
ACCOUNTANTS
The Board of each Trust/Corporation, including a majority of the
Independent Trustees/Directors, has selected PricewaterhouseCoopers LLP to act
as independent accountants of each Fund for the Fund's current fiscal year. One
or more representatives of PricewaterhouseCoopers LLP are expected to be present
at the Meetings and will have an opportunity to make a statement if they so
desire. Such representatives are expected to be available to respond to
appropriate questions posed by shareholders or management.
The Trustees/Directors of each Board unanimously recommend that the
shareholders of each Fund vote in favor of this Proposal 2.
ADDITIONAL INFORMATION
General
Each Fund will pay its own allocable shares of the cost of preparing,
printing and mailing the enclosed proxy card and proxy statement and all other
costs incurred in connection with the solicitation of proxies, including any
additional solicitation made by letter, telephone or telegraph, except that
Scudder Kemper will bear any such expenses in excess of $________ (approximately
$_______ per share), based on December 31, 1999 net assets for each Fund). In
addition to solicitation by mail, certain officers and representatives of each
Trust/Corporation, officers and employees of Scudder Kemper and certain
financial services firms and their representatives, who will receive no extra
compensation for their services, may solicit proxies by telephone, telegram or
personally.
This Proxy Statement, the Notice of Meetings and the proxy card(s) are
first being mailed to shareholders on or about April 18, 2000 or as soon as
practicable thereafter. Any shareholder giving a proxy has the power to revoke
it by mail (addressed to the Secretary at the principal executive office of the
Funds, c/o Scudder Kemper Investments, Inc., at the address for each Fund shown
at the beginning of this Proxy Statement) or in person at the Meeting, by
executing a superseding proxy or by submitting a notice of revocation to the
Fund. All properly executed proxies received in time for the Meeting will be
voted as specified in the proxy or, if no specification is made, in favor of
each Proposal.
The presence at any shareholders' meeting, in person or by proxy, of the
holders of one-third of the shares entitled to be cast of a Trust/Corporation
(for a Trust/Corporation-wide vote) or a Fund (for a Fund by Fund vote) shall be
necessary and sufficient to constitute a quorum for the transaction of business.
In the event that the necessary quorum to transact business or the vote required
to approve any Proposal is not obtained at the Meeting with respect to one or
more Funds, the persons named as proxies may propose one or more adjournments of
the Meeting in accordance with applicable law to permit further solicitation of
proxies with respect to the Proposal that did not receive the vote necessary for
its passage or to obtain a quorum. Any such adjournment as to a matter requiring
a Trust/Corporation-wide or a Fund by Fund vote will require, respectively, the
affirmative vote of the holders of a majority of the concerned
Trust's/Corporation's (for a Trust/Corporation-wide vote) or Fund's (for a Fund
by Fund vote) shares present in person or by proxy at the Meeting. The persons
named as proxies will vote in favor of such adjournment those proxies which they
are entitled to vote in favor of that Proposal and will vote against any such
adjournment those proxies to be voted against that Proposal. For purposes of
determining the presence of a quorum for transacting business at a Meeting,
abstentions and broker "non-votes" will be treated as shares that are present
but which have not been voted. Broker non-votes are proxies received by a Fund
from brokers or nominees when the broker or nominee has neither received
instructions from the beneficial owner or other persons entitled to vote nor has
discretionary power to vote on a particular matter. Accordingly, shareholders
are urged to forward their voting instructions promptly.
Approval of Proposal 1 requires the affirmative vote of a plurality of the
shares of each Trust/ Corporation voting at the Meeting. Approval of Proposal 2
requires the affirmative vote of a majority of the shares of each Fund voting at
the Meeting.
Abstentions and broker non-votes will not be counted in favor of, but will
have no other effect on, the vote for Proposal 1, and will have the effect of a
"no" vote on Proposal 2.
Shareholders of each Trust/Corporation will vote together on Proposal 1
and shareholders of each Fund will vote separately with respect to Proposal 2.
Holders of record of the shares of each Fund at the close of business on
April 17, 2000 (the "Record Date"), as to any matter on which they are entitled
to vote, will be entitled to one vote per share on all business of the Meeting.
The table provided in Appendix 2 hereto sets forth the number of shares
outstanding for each Fund as of March 20, 2000.
Appendix 3 sets forth the beneficial owners of at least 5% of a Fund's
shares. To the best of each Trust's/Corporation's knowledge, as of January 31,
2000, no person owned beneficially more than 5% of any Fund's outstanding
shares, except as stated in Appendix 3.
Appendix 4 hereto sets forth the number of shares of each series of each
Trust/Corporation owned directly or beneficially by the Trustees/Directors of
the relevant Board and by the nominees for election and, in the case of
Global/International Fund, Inc., the number of applicable Fund shares owned
directly or beneficially by its Presidents.
Shareholder Communications Corporation ("SCC") has been engaged to assist
in the solicitation of proxies, at an estimated cost of $497,659.51. As the
Meeting date approaches, certain shareholders of a Fund may receive a telephone
call from a representative of SCC if their votes have not yet been received.
Authorization to permit SCC to execute proxies may be obtained by telephonic or
electronically transmitted instructions from shareholders of a Fund. Proxies
that are obtained telephonically will be recorded in accordance with the
procedures set forth below. The Trustees/Directors believe that these procedures
are reasonably designed to ensure that both the identity of the shareholder
casting the vote and the voting instructions of the shareholder are accurately
determined.
In all cases where a telephonic proxy is solicited, the SCC representative
is required to ask for each shareholder's full name, address, social security or
employer identification number, title (if the shareholder is authorized to act
on behalf of an entity, such as a corporation), and the number of shares owned,
and to confirm that the shareholder has received the proxy materials in the
mail. If the information solicited agrees with the information provided to SCC,
then the SCC representative has the responsibility to explain the process, read
the Proposals on the proxy card, and ask for the shareholder's instructions on
the Proposals. Although the SCC representative is permitted to answer questions
about the process, he or she is not permitted to recommend to the shareholder
how to vote, other than to read any recommendation set forth in the proxy
statement. SCC will record the shareholder's instructions on the card. Within 72
hours, the shareholder will be sent a letter or mailgram to confirm his or her
vote and asking the shareholder to call SCC immediately if his or her
instructions are not correctly reflected in the confirmation.
If a shareholder wishes to participate in the Meeting, but does not wish
to give a proxy by telephone or electronically, the shareholder may still submit
the proxy card originally sent with the proxy statement or attend in person.
Should shareholders require additional information regarding the proxy or
replacement proxy cards, they may contact SCC toll-free at 1-800-603-1915. Any
proxy given by a shareholder is revocable until voted at the Meeting.
Shareholders may also provide their voting instructions through telephone
touch-tone voting or Internet voting. These options require shareholders to
input a control number which is located on each voting instruction card. After
inputting this number, shareholders will be prompted to provide their voting
instructions on the Proposals. Shareholders will have an opportunity to review
their voting instructions and make any necessary changes before submitting their
voting instructions and terminating their telephone call or Internet link.
Shareholders who vote on the Internet, in addition to confirming their voting
instructions prior to submission, will also receive an e-mail confirming their
instructions.
Principal Underwriter and Administrator
Scudder Investor Services, Inc. ("SIS"), Two International Place, Boston,
Massachusetts 02110, is the principal underwriter for each Fund and provides
services on behalf of the Class R shares of each of Scudder International Fund
and Scudder Large Company Growth Fund pursuant to Administrative Services
Agreements.
Proposals of Shareholders
Shareholders wishing to submit proposals for inclusion in a proxy
statement for a shareholder meeting subsequent to the Meeting, if any, should
send their written proposals to the Secretary of the Trust/Corporation, c/o
Scudder Kemper Investments, Inc., at the address for each Trust/Corporation
shown at the beginning of this Proxy Statement, within a reasonable time before
the solicitation of proxies for such meeting. The timely submission of a
proposal does not guarantee its inclusion.
Other Matters To Come Before the Meeting
No Trustee/Director is aware of any matters that will be presented for
action at a Meeting other than the matters set forth herein. Should any other
matters requiring a vote of shareholders arise, the proxy in the accompanying
form will confer upon the person or persons entitled to vote the shares
represented by such proxy the discretionary authority to vote the shares as to
any such other matters in accordance with their best judgment in the interest of
each Trust/Corporation and/or Fund.
PLEASE COMPLETE, SIGN AND RETURN THE ENCLOSED PROXY CARD(S) (OR TAKE
ADVANTAGE OF AVAILABLE ELECTRONIC OR TELEPHONIC VOTING PROCEDURES)
PROMPTLY. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.
By Order of the Boards,
[John Millette signature]
John Millette
Secretary
<PAGE>
APPENDIX 1
TRUSTS/CORPORATIONS and Series
GLOBAL/INTERNATIONAL FUND, INC.
Scudder Emerging Markets Income Fund
Scudder Global Bond Fund
Scudder Global Fund
INVESTMENT TRUST
Scudder Dividend & Growth Fund
Scudder Large Company Growth Fund
Scudder S&P 500 Index Fund
SCUDDER CALIFORNIA TAX FREE TRUST
Scudder California Tax Free Fund
SCUDDER CASH INVESTMENT TRUST
SCUDDER FUNDS TRUST
Scudder Short Term Bond Fund
SCUDDER INTERNATIONAL FUND, INC.
Scudder Emerging Markets Growth Fund
Scudder Greater Europe Growth Fund
Scudder International Fund
Scudder Latin America Fund
Scudder Pacific Opportunities Fund
SCUDDER MUNICIPAL TRUST
Scudder High Yield Tax Free Fund
Scudder Managed Municipal Bonds
SCUDDER MUTUAL FUNDS, INC.
Scudder Gold Fund
SCUDDER PORTFOLIO TRUST
Scudder Balanced Fund
Scudder High Yield Bond Fund
Scudder Income Fund
SCUDDER SECURITIES TRUST
Scudder 21st Century Growth Fund
Scudder Development Fund
Scudder Health Care Fund
Scudder Small Company Value Fund
Scudder Technology Fund
SCUDDER STATE TAX FREE TRUST
Scudder Massachusetts Tax Free Fund
Scudder New York Tax Free Fund
SCUDDER TAX FREE MONEY FUND
SCUDDER TAX FREE TRUST
Scudder Medium Term Tax Free Fund
SCUDDER TAX FREE MONEY FUND
SCUDDER U.S. TREASURY MONEY FUND
VALUE EQUITY TRUST
Scudder Large Company Value Fund
Scudder Select 1000 Growth Fund
Scudder Select 500 Fund
<PAGE>
APPENDIX 2
Fund Shares Outstanding
<PAGE>
APPENDIX 3
Beneficial Owners of Fund Shares
<PAGE>
APPENDIX 4
Fund Shares Owned by Nominees and Trustees/Directors
Many of the nominees and Trustees/Directors own shares of the series of
each Trust/Corporation and of other funds in the Scudder Family of Funds and
AARP Funds, allocating their investments among such funds based on their
individual investment needs. The following table sets forth, for each nominee
and Trustee/Director and the Presidents of Global/International Fund, Inc., the
number of shares owned in each series of each Trust/Corporation as of January
31, 2000. The information as to beneficial ownership is based on statements
furnished to each Trust/Corporation by each nominee and Trustee/Director and
Presidents of Global/International Fund, Inc. Unless otherwise noted, beneficial
ownership is based on sole voting and investment power. [Each nominee's and
Trustee's/Director's individual shareholdings of any series of each
Trust/Corporation constitute less than 1% of the shares outstanding of such
fund.] [As a group, the Trustees/Directors and officers own less than 1% of the
shares of any series of each Trust/Corporation.]
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Becton(1) Bolton(2) Bratt(3) Burgin(4) Coughlin(5) Driscoll(6) Fiedler(7) Fox(8)
- -------------------------------------------------------------------------------------------------------------------------
Global/International
Fund, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Emerging
Markets
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Global
Discovery Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Global Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Global Bond
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Investment Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Classic
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Dividend &
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Growth and
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Large
Company
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Real
Estate
Investment
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder S&P
500 Index Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Managed
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Managed Small
Company Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Cash
Investment
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Funds
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Short
Term Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Fund, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Emerging
Markets
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Greater
Europe Growth
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Growth and
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Value Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Latin
America Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Pacific
Opportunities
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Municipal
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder High
Yield Tax
Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Managed
Municipal
Bonds
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Gold
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Portfolio
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Balanced Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Corporate
Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder High
Yield Bond
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Securities
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Development
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Financial
Services Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Health Care
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Micro
Cap Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Small
Company Value
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Technology
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder 21st
Century
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder State
Tax Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Massachusetts
Limited Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Massachusetts
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder New
York Tax Free
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder New
York Tax Free
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Ohio
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Free Money
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Limited Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Medium Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder U.S.
Treasury
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Value Equity
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Large
Company Value
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Select 500
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Select 1000
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Value Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Freeman(9) Holzer(10) Lovejoy(11) Luers(12) Marple(13) Quirk(14) Spero(15)
- -------------------------------------------------------------------------------------------------------------------------
Global/International
Fund, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Emerging
Markets
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Global
Discovery Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Global Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Global Bond
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Investment Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Classic
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Dividend &
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Growth and
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Large
Company
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Real
Estate
Investment
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder S&P
500 Index Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Managed
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Managed Small
Company Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Cash
Investment
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Funds
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Short
Term Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Fund, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Emerging
Markets
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Greater
Europe Growth
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Growth and
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Value Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Latin
America Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Pacific
Opportunities
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Municipal
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder High
Yield Tax
Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Managed
Municipal
Bonds
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Gold
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Portfolio
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Balanced Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Corporate
Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder High
Yield Bond
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Securities
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Development
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Financial
Services Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Health Care
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Micro
Cap Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Small
Company Value
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Technology
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder 21st
Century
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder State
Tax Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Massachusetts
Limited Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Massachusetts
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder New
York Tax Free
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder New
York Tax Free
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Ohio
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Free Money
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Limited Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Medium Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder U.S.
Treasury
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Value Equity
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Large
Company Value
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Select 500
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Select 1000
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Value Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Stromberg(16) Tempel(17) Zaleznick(18) [All Trustees/Directors
and Officers as a Group]
- -------------------------------------------------------------------------------------------------------------------------
Global/International
Fund, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Emerging
Markets
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Global
Discovery Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Global Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Global Bond
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Investment Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Classic
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Dividend &
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Growth and
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Large
Company
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Real
Estate
Investment
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder S&P
500 Index Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Managed
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Managed Small
Company Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
California
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Cash
Investment
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Funds
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Short
Term Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Fund, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Emerging
Markets
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Greater
Europe Growth
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Growth and
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Value Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
International
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Latin
America Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Pacific
Opportunities
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Municipal
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder High
Yield Tax
Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Managed
Municipal
Bonds
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Gold
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Portfolio
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Balanced Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Corporate
Bond Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Income Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder High
Yield Bond
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Securities
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Development
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Financial
Services Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Health Care
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Micro
Cap Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Small
Company Value
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Technology
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder 21st
Century
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder State
Tax Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Massachusetts
Limited Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Massachusetts
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder New
York Tax Free
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder New
York Tax Free
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Ohio
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Free Money
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Tax
Free Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Limited Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Medium Term
Tax Free Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder U.S.
Treasury
Money Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Value Equity
Trust
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder Large
Company Value
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Select 500
Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Scudder
Select 1000
Growth Fund
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Value Fund
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
1 As of January 31, 2000, Mr. Becton's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
2 As of January 31, 2000, Ms. Bolton's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
3 As of January 31, 2000, Mr. Bratt's total aggregate holdings in each series
of each Trust/Corporation listed above and all other funds in the Scudder
Family of Funds and AARP Funds ranged between $___________ and
$______________.
4 As of January 31, 2000, Mr. Burgin's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
5 As of January 31, 2000, Ms. Coughlin's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
6 As of January 31, 2000, Ms. Driscoll's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
7 As of January 31, 2000, Mr. Fiedler's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
8 As of January 31, 2000, Mr. Fox's total aggregate holdings in each series
of each Trust/Corporation listed above and all other funds in the Scudder
Family of Funds and AARP Funds ranged between $___________ and
$___________.
9 As of January 31, 2000, Mr. Freeman's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
10 As of January 31, 2000, Mr. Holzer's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
11 As of January 31, 2000, Mr. Lovejoy's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
12 As of January 31, 2000, Mr. Luers's total aggregate holdings in each series
of each Trust/Corporation listed above and all other funds in the Scudder
Family of Funds and AARP Funds ranged between $___________ and
$______________.
13 As of January 31, 2000, Mr. Marple's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
14 As of January 31, 2000, Ms. Quirk's total aggregate holdings in each series
of each Trust/Corporation listed above and all other funds in the Scudder
Family of Funds and AARP Funds ranged between $___________ and
$______________.
15 As of January 31, 2000 Ms. Spero's total aggregate holdings in each series
of each Trust/Corporation listed above and all other funds in the Scudder
Family of Funds and AARP Funds ranged between $___________ and
$______________.
16 As of January 31, 2000, Ms. Stromberg's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
17 As of January 31, 2000, Ms. Tempel's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
18 As of January 31, 2000, Mr. Zaleznick's total aggregate holdings in each
series of each Trust/Corporation listed above and all other funds in the
Scudder Family of Funds and AARP Funds ranged between $___________ and
$______________.
<PAGE>
FORM OF PROXY
[LOGO] YOUR VOTE IS IMPORTANT!
[ADDRESS]
VOTE TODAY BY MAIL,
TOUCH-TONE PHONE OR THE INTERNET
CALL TOLL FREE 1-XXX-XXX-XXXX OR
LOG ON TO WWW.PROXYWEB.COM/XXXXX
*** CONTROL NUMBER: XXX XXX XXX XXX XX *** Please fold and detach card at
perforation before mailing.
[FUND]
[TRUST/CORPORATION]
[address]
PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS
3:00 p.m., Eastern time, on July 13, 2000
The undersigned hereby appoints __________, ____________ and ____________,
and each of them, the proxies of the undersigned, with the power of substitution
to each of them, to vote all shares of the [Fund] (the "Fund") which the
undersigned is entitled to vote at the Special Meeting of Shareholders of the
Fund to be held at the offices of Scudder Kemper Investments, Inc., [address],
on July 13, 2000 at 3:00 p.m., Eastern time, and at any adjournments thereof.
PLEASE SIGN AND RETURN PROMPTLY IN THE ENCLOSED
ENVELOPE. NO POSTAGE IS REQUIRED.
Dated ____________________________,2000
Please sign exactly as your name or names
appear. When signing as an attorney, executor,
administrator, trustee or guardian, please
give your full title as such.
-----------------------------------------------
[Name]
[address]
-----------------------------------------------
Signature(s) of Shareholder(s)
<PAGE>
[LOGO] YOUR VOTE IS IMPORTANT!
[ADDRESS]
VOTE TODAY BY MAIL,
TOUCH-TONE PHONE OR THE INTERNET
CALL TOLL FREE 1-XXX-XXX-XXXX OR
LOG ON TO WWW.PROXYWEB.COM/XXXXX
Please fold and detach card at perforation before mailing.
All properly executed proxies will be voted as directed. If no
instructions are indicated on a properly executed proxy, the proxy will be voted
for approval of the proposals.
THE PROXY IS SOLICITED ON BEHALF OF THE BOARD OF [TRUSTEES/DIRECTORS] OF
[TRUST/CORPORATION]. THE BOARD OF [TRUSTEES/DIRECTORS] RECOMMENDS A VOTE FOR THE
PROPOSALS. ---
Please vote by filling in the boxes below.
FOR all WITHHOLD ABSTAIN
nominees authority
listed to vote
(except as for all
noted in nominees
space listed
provided)
PROPOSAL 1
To elect [Trustees/Directors] to
the Board of [Trustees/Directors]
of [Trust/Corporation] to hold
office until their respective
successors have been duly elected
and qualified or until their
earlier resignation or removal. ______ ______ ______
NOMINEES:
(01) Henry P. Becton, Jr., (02)
Linda C. Coughlin, (03) Dawn-Marie
Driscoll, (04) Edgar R. Fiedler,
(05) Keith R. Fox, (06) Joan
Edelman Spero, (07) Jean Gleason
Stromberg, (08) Jean C. Tempel,
(09) Steven Zaleznick.
INSTRUCTION: TO WITHHOLD AUTHORITY
TO VOTE FOR ANY INDIVIDUAL NOMINEE,
WRITE THE NAME(S) ON THE LINE
IMMEDIATELY BELOW.
- -----------------------------------
PROPOSAL 2 FOR AGAINST ABSTAIN
To ratify the selection of
PricewaterhouseCoopers LLP as the
Fund's independent accountants for
the current fiscal year. THE
PROXIES ARE AUTHORIZED TO VOTE IN
THEIR DISCRETION ON ANY OTHER
BUSINESS WHICH MAY PROPERLY COME
BEFORE THE MEETING AND ANY
ADJOURNMENTS THEREOF. ______ ______ ______
PLEASE SIGN ON REVERSE SIDE
