SCUDDER
INVESTMENTS(SM)
[LOGO]
Supplement to each currently effective Prospectus containing Class S
<TABLE>
<S> <C>
Scudder 21st Century Growth Fund Scudder Large Company Value Fund
Scudder Balanced Fund Scudder Latin America Fund
Scudder California Tax Free Fund Scudder Managed Municipal Bonds
Scudder Capital Growth Fund Scudder Massachusetts Tax Free Fund
Scudder Cash Investment Trust Scudder Medium Term Tax Free Fund
Scudder Development Fund Scudder Money Market Series
(Premium Class S and Prime Reserve Class S)
Scudder Dividend & Growth Fund
Scudder New York Tax Free Fund
Scudder Emerging Markets Growth Fund
Scudder Pacific Opportunities Fund
Scudder Emerging Markets Income Fund
Scudder Pathway Series: Balanced Portfolio
Scudder Global Bond Fund
Scudder Pathway Series: Conservative Portfolio
Scudder Global Fund
Scudder Pathway Series: Growth Portfolio
Scudder GNMA Fund
Scudder S&P 500 Index Fund
Scudder Gold Fund
Scudder Select 1000 Growth Fund
Scudder Greater Europe Growth Fund
Scudder Select 500 Fund
Scudder Growth and Income Fund
Scudder Short Term Bond Fund
Scudder Health Care Fund
Scudder Small Company Stock Fund
Scudder High Yield Bond Fund
Scudder Small Company Value Fund
Scudder High Yield Tax Free Fund
Scudder Tax Free Money Fund
Scudder Income Fund
Scudder Technology Fund
Scudder International Fund
Scudder U.S. Treasury Money Fund
Scudder Large Company Growth Fund
</TABLE>
Class S share availability
Class S shares of the above-listed funds (and in the case of Scudder Money
Market Series, Premium Class S and Prime Reserve Class S shares) will generally
not be available to new investors after December 29, 2000. Class S shares will
be available to new investors who purchase shares through mutual fund
supermarkets until June 30, 2001. Any Class S shareholders of any Scudder Fund
as of the close of business on December 29, 2000 and their household members at
the same address may continue to purchase Class S shares of these funds. Certain
other investors, such as investors purchasing through retirement plans, may also
be eligible to purchase Class S shares of the funds after December 29, 2000.
For a complete list of investors that may continue to purchase Class S shares
after December 29, 2000, please refer to the fund's Statement of Additional
Information.
October 30, 2000
