Supplement to each currently effective Statement of Additional Information
containing Class S
------------------
<TABLE>
<S> <C>
Scudder 21st Century Growth Fund Scudder Large Company Value Fund
(Class S and Class AARP only) Scudder Latin America Fund
Scudder Balanced Fund Scudder Managed Municipal Bonds
Scudder California Tax Free Fund Scudder Massachusetts Tax Free Fund
Scudder Capital Growth Fund Scudder Medium Term Tax Free Fund
Scudder Cash Investment Trust Scudder Money Market Series
Scudder Development Fund (Premium Class S, Premium Class AARP
Scudder Dividend & Growth Fund Prime Reserve Class S and
Scudder Emerging Markets Growth Fund Prime Reserve Class AARP only)
Scudder Emerging Markets Income Fund Scudder New York Tax Free Fund
Scudder Global Bond Fund Scudder Pacific Opportunities Fund
Scudder Global Fund Scudder Pathway Series: Balanced Portfolio
Scudder GNMA Fund Scudder Pathway Series: Conservative Portfolio
Scudder Gold Fund Scudder Pathway Series: Growth Portfolio
Scudder Greater Europe Growth Fund Scudder S&P 500 Index Fund
Scudder Growth and Income Fund Scudder Select 1000 Growth Fund
Scudder Health Care Fund Scudder Select 500 Fund
Scudder High Yield Bond Fund Scudder Short Term Bond Fund
Scudder High Yield Tax Free Fund Scudder Small Company Stock Fund
(Class S and Class AARP only) Scudder Small Company Value Fund
Scudder Income Fund Scudder Tax Free Money Fund
Scudder International Fund Scudder Technology Fund
(Class S and Class AARP only) Scudder U.S. Treasury Money Fund
Scudder Large Company Growth Fund
</TABLE>
The following information supplements the disclosure in the "Additional
Information about Opening an Account" section of each fund's Statement of
Additional Information:
Effective as of the close of business on December 29, 2000, all new
investors in Class AARP of the above-listed funds (and in the case of Scudder
Money Market Series, Premium Class AARP and Prime Reserve Class AARP) are
required to provide an AARP membership number on their account application.
In addition, 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.
The following investors may continue to purchase Class S shares of Scudder
Funds after December 29, 2000:
1. Existing shareholders of Class S shares of any Scudder Fund as of December
29, 2000, and household members residing at the same address.
2. Investors may purchase Class S shares of any Scudder Fund through any
broker-dealer or service agent account until June 30, 2001. After June 30,
2001, only investors who owned Class S shares as of June 30, 2001 and
household members residing at the same address may open new accounts in
Class S of any Scudder Fund.
3. Any retirement, employee stock, bonus, pension or profit sharing plans.
4. Any participant who owns Class S shares of any Scudder Fund through an
employer sponsored retirement, employee stock, bonus, pension or profit
sharing plan as of December 29, 2000 may, at a
<PAGE>
later date, open a new individual account in Class S of any Scudder Fund.
5. Any participant who owns Class S shares of any Scudder Fund through a
retirement, employee stock, bonus, pension or profit sharing plan may
complete a direct rollover to an IRA account that will hold Class S shares.
This applies for individuals who begin their retirement plan investments
with a Scudder Fund at any time, including after December 29, 2000.
6. Officers, Fund Trustees and Directors, and full-time employees and
their family members, of Zurich Financial Services and its affiliates.
7. Class S shares are available to any accounts managed by Scudder Kemper
Investments, Inc., any advisory products offered by Scudder Kemper
Investments, Inc. or Scudder Investor Services, Inc., and to the portfolios
of Scudder Pathway Series.
8. Registered investment advisers ("RIAs") may continue to purchase Class S
shares of Scudder Funds for all clients until June 30, 2001. After June 30,
2001, RIAs may purchase Class S shares for any client that has an existing
position in Class S shares of any Scudder Funds as of June 30, 2001.
9. Broker-dealers and RIAs who have clients participating in comprehensive fee
programs may continue to purchase Class S shares of Scudder Funds until
June 30, 2001. After June 30, 2001, broker dealers and RIAs may purchase
Class S shares in comprehensive fee programs for any client that has an
existing position in Class S shares of a Scudder Fund as of June 30, 2001.
10. Scudder Investor Services, Inc. may, at its discretion, require appropriate
documentation that shows an investor is eligible to purchase Class S
shares.
The following information supplements the disclosure in the "Fund Organization"
section of each Fund's Statement of Additional Information:
To the extent that the above-listed Funds offer additional share classes, these
classes will be offered in a separate prospectus and have different fees,
requirements and services.
October 30, 2000
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