Supplement to Prospectuses

Prospectuses dated May 1, 1996

     Scudder  Balanced Fund 
     Scudder High Yield Tax Free Fund 
     Scudder Income Fund
     Scudder Limited Term Tax Free Fund 
     Scudder Managed  Municipal Bonds 
     Scudder Medium Term Tax Free Fund 
     Scudder Short Term Bond Fund 
     Scudder Zero Coupon 2000 Fund

As Revised August 1, 1996
     Scudder Tax Free Money Fund

As Revised August 13, 1996
     Scudder Growth and Income Fund

Prospectuses dated August 1, 1996
     Scudder California Tax Free Fund
     Scudder California Tax Free Money Fund
     Scudder GNMA Fund
     Scudder International Fund
   * 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 Pennsylvania Tax Free Fund

Prospectuses dated February 1, 1996
     Scudder Capital Growth Fund
     Scudder Value Fund

Prospectuses dated November 1, 1995
     Scudder Development Fund
     Scudder Gold Fund
     Scudder International Bond Fund
     Scudder U. S. Treasury Money Fund
  *  Scudder Cash Investment Trust
     Scudder Global Fund

Prospectuses dated March 1, 1996 
     Scudder  Emerging  Markets  Income Fund 
     Scudder Emerging  Markets Growth Fund 
     Scudder Global Discovery Fund 
     Scudder Greater Europe Growth Fund 
     Scudder Latin America Fund 
     Scudder Pacific Opportunities Fund 
     Scudder Quality Growth Fund

As Revised March 6, 1996
     Scudder Global Bond Fund

Prospectus dated June 28, 1996
     Scudder High Yield Bond Fund

Prospectus dated October 6, 1995
     Scudder Small Company Value Fund


   The Board of  Trustees/Directors  of the Funds  listed  above  have  voted to
   change the minimum  shareholder  account size,  effective January 1, 1997. On
   that date, the new account minimums will be in effect,  and all references to
   initial  purchases  and minimum  account size will be modified,  as described
   below,  and will  replace  the  section  entitled  "Minimum  balances"  under
   Transaction Information in these Funds' prospectuses.

Minimum balances

   Shareholders  should  maintain a share balance  worth at least $2,500,  which
   amount may be changed by the Board of Trustees/Directors.  Scudder retirement
   plans and  certain  other  accounts  have  similar or lower  minimum  balance
   requirements.   The  initial  investment  and  minimum  account  balance  for
   fiduciary  accounts  such as IRAs will  increase from $500 to $1,000 per fund
   account,  while the  subsequent  minimum  investment  will  remain at $50.  A
   shareholder  may open a regular  account  with a  minimum  of  $1,000,  if an
   investment program of at least $100 per month is established.


   Shareholders with  non-fiduciary  accounts who maintain an account balance of
   less  than  $2,500 in the Fund  without  establishing  a  regular  investment
   program may be  assessed an annual  $10.00 per fund charge with the fee to be
   paid to the Fund.  The $10.00  charge will not apply to  shareholders  with a
   combined household account balance (same surname, same address) in any of the
   Scudder Funds of $25,000 or more.  The Fund reserves the right,  following 60
   days' written notice to shareholders,  to redeem all shares in accounts below
   $250, where a reduction in value has occurred due to a redemption or exchange
   out of the account.  The shareholder may restore the share balance to $250 or
   more during the 60-day  notice  period and must  maintain it at no lower than
   that  minimum  to avoid an  involuntary  redemption.  The Fund  will mail the
   proceeds of the redeemed account to the shareholder. Reductions in value that
   result  solely  from  market   activity  will  not  trigger  an   involuntary
   redemption.  Retirement  accounts  and  certain  other  accounts  will not be
   assessed  the $10.00  charge or be subject to automatic  liquidation.  Please
   refer to  "Exchanges  and  Redemptions  - Other  information"  in the  Fund's
   Statement of Additional Information.

*  At Special Shareholder Meetings, shareholders of these Funds will be asked to
   amend each Fund's governing  documents to clarify the authority of the Boards
   of Trustees to change the minimum shareholder account size. Effective January
   1, 1997, all references to initial purchases and minimum account size will be
   modified,  as described above, and will replace the section entitled "Minimum
   balances", under Transaction Information in these Funds' prospectuses.



September 25, 1996                                                       Mega-96
                                                                       SFD609132
                                                                        SU001096




                                                              September 25, 1996

Dear Scudder Fund Shareholder,


     Scudder recently undertook a review of average account sizes and determined
that   administrative   and   recordkeeping   costs  for  smaller  accounts  are
contributing to higher fund expenses for all shareholders.  As a result, we plan
to institute higher account minimums and a new sub-minimum account fee effective
January 1, 1997.  Our purpose in writing to you is to outline  these changes and
give you sufficient time to meet the new minimum should you be affected.

     Effective  January 1, 1997, the initial  investment and the minimum account
balance for regular accounts will increase from $1,000 to $2,500. The subsequent
minimum  investment  will  remain at $100.  The initial  investment  and minimum
account  balance for fiduciary  accounts such as IRAs will increase from $500 to
$1,000 per fund account,  and the subsequent  minimum  investment will remain at
$50.


     Beginning next year, we also will be instituting a sub-minimum account fee,
which will be  returned  to the funds to offset the  higher  administrative  and
recordkeeping  expenses  associated with small accounts.  Regular accounts under
$2,500 that do not have an automatic  investment  plan in place will be assessed
an annual $10 per fund account  charge.  The  sub-minimum  fee will not apply to
IRAs and other fiduciary  accounts.  We will contact those  shareholders who are
affected by the increase prior to assessing any sub-minimum account fees.


     If your account balance currently falls below the new minimum,  there are a
number of ways you can avoid paying the sub-minimum account fee.

     o    Take advantage of Scudder's  Automatic  Investment Plan (AIP). If your
          account meets the current  minimum -- $1,000 for a regular account and
          $500  for an IRA -- we  will  waive  the fee if a  regular  investment
          program  such  as  Scudder's   Automatic   Investment  Plan  (AIP)  is
          established.  The monthly  contribution  to the AIP should be at least
          $100 a month for a regular account and $50 a month for an IRA.

     o    Consider  consolidating  smaller  accounts.  Our  representatives  are
          available  to help you  choose  appropriate  funds  and  complete  any
          transactions.

     o    Increase your account balance to meet the new minimum.  You may simply
          decide to increase your account balance by check at this time.

     The account policy changes are detailed in the prospectus supplement on the
reverse side, which we encourage you to read carefully. Please contact a Scudder
Investor Relations representative,  toll-free, at 1-888-815-1840 if you have any
questions or would like help choosing a course of action.

      Sincerely,

      /s/David S. Lee
      David S. Lee
      President, Scudder Investor Services, Inc.





   This letter is for explanatory purposes and is not part of the prospectus
                        supplement on the reverse side.
                                 (over, please)