EX-99

                                  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

Filed by the Registrant                              [X]
Filed by a Party other than the Registrant           [ ]

         Check the appropriate box:

[ ]      Preliminary Proxy Statement         [ ]     Confidential, for Use of
                                                     the Commission Only
                                                     (as permitted by
                                                     Rule 14a-6(e)(2))
[ ]      Definitive Proxy Statement
[X]      Definitive additional materials
[ ]      Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12


                               Cash Account Trust
                              Cash Equivalent Fund
                        Global/International Fund, Inc.
                                Investment Trust
                              Investors Cash Trust
                         Investors Municipal Cash Fund
                         Scudder Aggressive Growth Fund
                             Scudder Blue Chip Fund
                         Scudder Cash Investment Trust
                          Scudder Dynamic Growth Fund
                              Scudder Equity Trust
                           Scudder Floating Rate Fund
                      Scudder Focus Value Plus Growth Fund
                              Scudder Funds Trust
                              Scudder Growth Fund
                           Scudder High Yield Series
                              Scudder Income Trust
                        Scudder International Fund, Inc.
                   Scudder International Research Fund, Inc.
                            Scudder Investors Trust
                           Scudder Money Market Trust
                            Scudder Municipal Trust
                           Scudder Mutual Funds, Inc.
                         Scudder New Europe Fund, Inc.
                             Scudder Pathway Series
                               Scudder Portfolios
                            Scudder Portfolio Trust
                            Scudder Securities Trust
                      Scudder State Tax-Free Income Series
                          Scudder State Tax Free Trust
                         Scudder Strategic Income Fund
                              Scudder Target Fund
                          Scudder Tax-Free Money Fund
                             Scudder Tax-Free Trust
                            Scudder Technology Fund
                           Scudder Total Return Fund
                     Scudder US Government Securities Fund
                        Scudder U.S. Treasury Money Fund
                           Scudder Value Series, Inc.
                           Scudder Variable Series I
                           Scudder Variable Series II
                    Tax-Exempt California Money Market Fund
                               Value Equity Trust
                               Zurich Money Funds
                             Zurich YieldWise Funds

               (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:



OPENING FOR ALL SCENARIOS:

If Shareholder is an Individual:
- -------------------------------

Hello. My name is ______. May I please speak with _____? I'm calling on behalf
of your current investment in the ________. Briefly, I wanted to be sure you
received a proxy statement and proxy card for the ______ meeting of ________ to
be held on ________. Has that arrived? For confirmation purposes, may I please
have your full name and address? [If shareholder is unable to give full name
and/or address, ask for last 4 digits of their Social Security number.] Do you
know how many shares you own? If so, how many? Thank You.

If Shareholder is a Corporation or other entity:
- ------------------------------------------------

Hello. My name is ______. May I please speak with _____? I'm calling on behalf
of your current investment in the ________. Briefly, I wanted to be sure you
received a proxy statement and proxy card for the ______ meeting of ________ to
be held on ________. Has that arrived? For confirmation purposes, may I please
have your full name and title? May I have the address of the corporation or
other entity or the last 4 digits of the entity's employer identification
number? Are you authorized to vote this account? Do you know how many shares the
corporation/other entity owns? If so, how many?

SCENARIO 1:

If Shareholder says that they HAVE NOT received the proxy statement and proxy
- -----------------------------------------------------------------------------
card:
- -----

Step 1:
- -------

I would like to mail you another set of proxy materials. Do you
still live at (address)? You should receive your materials within 7 to 10
business days.

Step 2:
- -------

I would like to leave you with our toll free number. If you have any questions
or would like to vote over the phone, please call (GS toll free). When calling,
please refer to record #_____. Our hours of operation are from 9:00am to 11:00pm
Eastern Time. Thank you for your time! Have a nice day/evening!

SCENARIO 2:

If Solicitor reaches Answering Machine:
- ---------------------------------------

This message is to remind you that a ______ meeting of the _______ is scheduled
for _______. To quickly vote your shares over the telephone, simply call ______.
When calling please refer to record # ___. Representatives are available until
11:00 p.m. eastern time and will be happy to assist. Your vote is important!
Thank you.

SCENARIO 3:

Step 1:
- -------

A. If Shareholder says that they HAVE received the proxy statement and proxy
- ----------------------------------------------------------------------------
card:
- -----

Have you had a chance to return your proxy card?

Step 2:
- -------

B. If Shareholder says that they HAVE returned the proxy card:
- --------------------------------------------------------------

For whatever reason, that vote has not yet registered. Would you like to place a
vote right now over the phone?

Step 3:
- -------

C. If Shareholder says that they DO want to place a vote over the phone
- -----------------------------------------------------------------------

Would you like to register a vote along with the recommendations of your board?

D. If Shareholder says that they DO NOT want to place a vote over the phone
- ---------------------------------------------------------------------------

Thank you for your time. We will look forward to receiving your vote. Have a
nice day/evening!

Step 4:

E.  If Shareholder DOES want to vote with the board:
- ----------------------------------------------------

I am recording your __vote on a written proxy card. I will forward it to the
fund and will send you a printed confirmation to (address). For confirmation
purposes, may I have the city, state and zip code that we'll be mailing your
confirmation to?

         E(1.) If the account has duplicates:
         ------------------------------------

         Mr/Ms___, you own additional investments in (list all fund names). Have
         you received the proxy statements and proxy cards for these accounts?
         If YES-ask if s/h would like to vote the acct.'s If NO- CONFIRM ADDRESS
         AND REMAIL PROXY MATERIALS

         E(2.) After Shareholder Response:
         ---------------------------------

         Thank you for your time and your vote. Have a nice day/evening!


F.  If Shareholder DOES NOT want to vote with the board:
- --------------------------------------------------------

Would you like to review the proposals and vote separately on each item?



         F(1.) If Shareholder DECLINES to vote:
         --------------------------------------

         Thank you for your time. We will look forward to receiving your vote.
         Have a nice day/evening!

         F(2.) If Shareholder AGREES to vote:
         ------------------------------------

         READ proposals AND ANSWER ANY QUESTIONS
         The Board recommends a vote in favor of all proposals. How would you
         like to register your vote?

                  F(2.)A. If Shareholder DECLINES to Vote:
                  ----------------------------------------

                  Thank you for your time. We will look forward to receiving
                  your vote. Have a nice day/evening!

                  F(2.)B. If Shareholder AGREES to Vote:
                  --------------------------------------

                  I am recording your __vote on a written proxy card. I will
                  forward it to the fund and will send you a printed
                  confirmation to (address). For confirmation purposes, may I
                  have the city, state and zip code that we'll be mailing your
                  confirmation to?

                           If the account has duplicates:
                           ------------------------------

                           Mr/Ms___, you own additional investments in (list all
                           fund names). Have you received the proxy statements
                           and proxy cards for these accounts? If YES-ask if s/h
                           would like to vote the acct.'s If NO- CONFIRM ADDRESS
                           AND REMAIL PROXY MATERIALS

                           After Shareholder Response:
                           ---------------------------

                           Thank you for your time and your vote. Have a nice
                           day/evening!

SCENARIO 4:

Step 1:
- -------

A. If Shareholder says that they HAVE received the proxy statement and proxy
- ----------------------------------------------------------------------------
card:
- -----

Have you had a chance to return your proxy card?

Step 2:
- -------

B. If Shareholder says that they HAVE NOT yet returned the proxy card:
- ----------------------------------------------------------------------

If you would like, I could quickly assist you in placing a vote right now over
the phone.

Step 3:

C.  If Shareholder says that they DO NOT want to place a vote over the phone
- ----------------------------------------------------------------------------

I would like to leave you with our toll free number. If you have any questions
or would like to vote over the phone, please call (GS toll free). When calling,
please refer to record #_____. Our hours of operation are from 9:00am to 11:00pm
Eastern Time. Thank you for your time! Have a nice day/evening!

D. If Shareholder says that they DO want to place a vote over the phone
- -----------------------------------------------------------------------

Would you like to register a vote along with the recommendations of your board?


Step 4:
- -------

E.  If Shareholder DOES want to vote with the board:
- ----------------------------------------------------

I am recording your __vote on a written proxy card. I will forward it to the
fund and will send you a printed confirmation to (address). For confirmation
purposes, may I have the city, state and zip code that we'll be mailing your
confirmation to?

         E(1.) If the account has duplicates:
         ------------------------------------

         Mr/Ms___, you own additional investments in (list all fund names). Have
         you received the proxy statements and proxy cards for these accounts?
         If YES-ask if s/h would like to vote the acct.'s If NO- CONFIRM ADDRESS
         AND REMAIL PROXY MATERIALS

         E(2.) After Shareholder Response:
         ---------------------------------

         Thank you for your time and your vote. Have a nice day/evening!


F.  If Shareholder DOES NOT want to vote with the board:
- --------------------------------------------------------
Would you like to review the proposals and vote separately on each item?


         F(1.) If Shareholder DECLINES to vote:
         --------------------------------------

         I would like to leave you with our toll free number. If you have any
         questions or would like to vote over the phone, please call (GS toll
         free). When calling, please refer to record #_____. Our hours of
         operation are from 9:00am to 11:00pm Eastern Time. Thank you for your
         time! Have a nice day/evening!

         F(2.) If Shareholder AGREES to vote:
         ------------------------------------
         READ proposals AND ANSWER ANY QUESTIONS
         The Board recommends a vote in favor of all proposals. How would you
         like to register your vote?

                  F(2.)A. If Shareholder DECLINES to Vote:
                  ----------------------------------------

                  I would like to leave you with our toll free number. If you
                  have any questions or would like to vote over the phone,
                  please call (GS toll free). When calling, please refer to
                  record #_____. Our hours of operation are from 9:00am to
                  11:00pm Eastern Time. Thank you for your time! Have a nice
                  day/evening!

                  F(2.)B. If Shareholder AGREES to Vote:
                  --------------------------------------

                  I am recording your __vote on a written proxy card. I will
                  forward it to the fund and will send you a printed
                  confirmation to (address). For confirmation purposes, may I
                  have the city, state and zip code that we'll be mailing your
                  confirmation to?

                           If the account has duplicates:
                           ------------------------------

                           Mr/Ms___, you own additional investments in (list all
                           fund names). Have you received the proxy statements
                           and proxy cards for these accounts? If YES-ask if s/h
                           would like to vote the acct.'s If NO- CONFIRM ADDRESS
                           AND REMAIL PROXY MATERIALS

                           After Shareholder Response:

                           Thank you for your time and your vote. Have a nice
                           day/evening!

EX-99

                        REPORT OF INDEPENDENT ACCOUNTANTS

To the  Trustees  of Scudder  Municipal  Trust and the  Shareholders  of Scudder
High-Yield Tax-Free Fund:

In planning and  performing  our audit of the  financial  statements  of Scudder
High-Yield Tax-Free Fund, a series of Scudder Municipal Trust (the "Fund"),  for
the year ended May 31,  2002,  we  considered  its internal  control,  including
control  activities  for  safeguarding  securities,  in order to  determine  our
auditing  procedures  for the purpose of expressing our opinion on the financial
statements  and to comply with the  requirements  of Form N-SAR,  not to provide
assurance on internal control.

The  management of the Fund is  responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are fairly presented in conformity with accounting principles generally accepted
in the United States of America.  Those  controls  include the  safeguarding  of
assets against unauthorized acquisition, use, or disposition.

Because of inherent  limitations in internal control,  errors or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future  periods  is  subject to the risk that  controls  may  become  inadequate
because of changes in conditions or that the  effectiveness  of their design and
operation may deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established  by the  American  Institute  of  Certified  Public  Accountants.  A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud in  amounts  that  would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing  their assigned  functions.  However,  we noted no matters  involving
internal  control  and  its  operation,   including  controls  for  safeguarding
securities,  that we consider to be material  weaknesses  as defined above as of
May 31, 2002.

This  report is intended  solely for the  information  and use of the  Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.



/s/PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
July 17, 2002


                        REPORT OF INDEPENDENT ACCOUNTANTS

To the  Trustees  of Scudder  Municipal  Trust and the  Shareholders  of Scudder
Managed Municipal Bonds:

In planning and  performing  our audit of the  financial  statements  of Scudder
Managed Municipal Bonds, a series of Scudder  Municipal Trust (the "Fund"),  for
the year ended May 31,  2002,  we  considered  its internal  control,  including
control  activities  for  safeguarding  securities,  in order to  determine  our
auditing  procedures  for the purpose of expressing our opinion on the financial
statements  and to comply with the  requirements  of Form N-SAR,  not to provide
assurance on internal control.

The  management of the Fund is  responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are fairly presented in conformity with accounting principles generally accepted
in the United States of America.  Those  controls  include the  safeguarding  of
assets against unauthorized acquisition, use, or disposition.

Because of inherent  limitations in internal control,  errors or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future  periods  is  subject to the risk that  controls  may  become  inadequate
because of changes in conditions or that the  effectiveness  of their design and
operation may deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established  by the  American  Institute  of  Certified  Public  Accountants.  A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud in  amounts  that  would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing  their assigned  functions.  However,  we noted no matters  involving
internal  control  and  its  operation,   including  controls  for  safeguarding
securities,  that we consider to be material  weaknesses  as defined above as of
May 31, 2002.

This  report is intended  solely for the  information  and use of the  Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.



/s/PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
July 25, 2002