497 1 ss050703multi.txt Supplement to the currently effective Statement of Additional Information for the Class AARP shares of the following funds:
Scudder 21st Century Growth Fund Scudder International Fund Scudder Cash Investment Trust Scudder Large Company Growth Fund Scudder Development Fund Scudder Large Company Value Fund Scudder Emerging Markets Growth Fund Scudder Managed Municipal Bond Fund Scudder Emerging Markets Income Fund Scudder Massachusetts Tax Free Fund Scudder Global Fund Scudder Medium Term Tax Free Fund Scudder Global Bond Fund Scudder Money Market Series (Premium Class AARP and Scudder Global Discovery Fund Prime Reserve Class AARP) Scudder Greater Europe Growth Fund Scudder Select 500 Fund Scudder Growth and Income Fund Scudder Tax-Free Money Fund Scudder Health Care Fund Scudder U.S. Treasury Money Fund Scudder High Yield Tax Free Fund The following information replaces the performance of the Class AARP Shares in the Average Annual Total Return table in the Performance section of each fund's Statement of Additional Information. Average Annual Total Returns* --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Inception For Date of Period Since AARP Inception Date Fund Ending 1-Year 5-Year 10-Year Inception Shares of S Shares --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder 21st Century Growth Fund 7/31/2002 -40.52% -2.32%** N/A -0.80%** 10/02/2000 9/09/1996 --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Cash Investment Trust*** 5/31/2002 1.96% 4.40% 4.19% N/A 9/11/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Development Fund 7/31/2002 -36.52% -9.87% 2.01% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Emerging Markets Growth Fund** 10/31/2002 5.17% -9.57% N/A -4.63% 10/02/2000 5/08/1996 --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Emerging Markets Income Fund** 10/31/2002 15.56% 3.45% N/A 7.25% 10/02/2000 12/31/1993 --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Global Fund 8/31/2002 -16.62% -0.09% 7.17% N/A 9/11/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Global Bond Fund** 10/31/2002 7.54% 4.84% 4.09% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Global Discovery Fund** 10/31/2002 -15.73% 1.28% 8.06% N/A 3/01/2001 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Greater Europe Growth Fund 10/31/2002 -18.10% -0.43%** N/A 7.41%** 10/02/2000 10/10/1994 --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Growth and Income Fund 9/30/2002 -19.90% -6.77% 6.23% N/A 8/14/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Health Care Fund 5/31/2002 -11.99% N/A N/A 10.74%** 10/02/2000 3/02/1998 --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder High Yield Tax Free Fund** 5/31/2002 6.97% 6.30% 6.86% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder International Fund 8/31/2002 -18.94% -0.40% 5.64% N/A 8/14/2002 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Large Company Growth Fund 7/31/2002 -31.20% -3.56% 6.40% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Large Company Value Fund 7/31/2002 -20.33% 0.38% 9.27% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Managed Municipal Bond Fund 5/31/2002 6.92% 6.14% 6.66% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Massachusetts Tax Free Fund 3/31/2002 3.58% 5.75% 6.74%** N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Medium Term Tax Free Fund 5/31/2002 5.71% 5.27% 5.95%** N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Money Market Series: Premium 5/31/2002 2.44% N/A N/A 4.95% 10/02/2000 8/04/1997 Class AARP** (Premium Class S shares) --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Money Market Series: Prime 5/31/2002 2.28% N/A N/A 4.54% 8/14/2000 10/15/1998 Reserve Class AARP** (Prime Reserve Class S shares) --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Inception For Date of Period Since AARP Inception Date Fund Ending 1-Year 5-Year 10-Year Inception Shares of S Shares --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Select 500 Fund** 2/28/2003 -23.45% N/A N/A -8.67% 10/02/2000 5/17/1999 --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder Tax-Free Money Fund*** 5/31/2002 1.39% 2.74% 2.66% N/A 9/11/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------ Scudder U.S. Treasury Money Fund*** 5/31/2002 1.76% 4.24% 4.07% N/A 10/02/2000 N/A --------------------------------------- ----------- ---------- ---------- ---------- ----------- ------------ ------------------
* The performance of the Class AARP shares represents its historical performance since inception. Returns of each fund's Class AARP Shares, for periods prior to inception of the fund's Class AARP shares, reflect the historical performance of the respective fund's Class S shares (the fund's original share class) during such periods. ** Total returns would have been lower had certain expenses not been reduced. *** If the Advisor had not absorbed a portion of the fund's expenses and had imposed a full management fee, the average total returns would have been lower. May 6, 2003 2