-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DhCLYVE/XEojuSQcgdpgseBNUqyDS4o8TrwhX4zCoadLst0eleqHA2Z+m0WeAnzG PbIlfNspmnVgV4xBm8uiXg== 0000088053-02-000453.txt : 20020419 0000088053-02-000453.hdr.sgml : 20020419 ACCESSION NUMBER: 0000088053-02-000453 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCUDDER BLUE CHIP FUND CENTRAL INDEX KEY: 0000823342 IRS NUMBER: 363542349 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-17777 FILM NUMBER: 02615485 BUSINESS ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125371569 MAIL ADDRESS: STREET 1: 222 SOUTH RIVERSIDE PLAZA CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: KEMPER BLUE CHIP FUND DATE OF NAME CHANGE: 19920703 497 1 mega.txt MEGA STICKER Supplement to each currently effective Statement of Additional Information listed below: Funds Overseen by the Boston Board: - -------------------------------------------------------------------------------- Scudder 21st Century Growth Fund Scudder Medium-Term Tax-Free Fund Scudder Balanced Fund Scudder Money Market Series Scudder Capital Growth Fund Scudder Pacific Opportunities Fund Scudder Cash Investment Trust Scudder Pathway Series: Conservative Portfolio Scudder Development Fund Scudder Pathway Series: Growth Portfolio Scudder Dividend & Growth Fund Scudder Pathway Series: Moderate Portfolio Scudder Emerging Markets Growth Fund Scudder S&P 500 Index Fund Scudder Emerging Markets Income Fund Scudder Select 1000 Growth Fund Scudder Global Bond Fund Scudder Select 500 Fund Scudder Global Discovery Fund Scudder Short Term Bond Fund Scudder Global Fund Scudder Small Company Stock Fund Scudder GNMA Fund Scudder Small Company Value Fund Scudder Gold and Precious Metals Fund Scudder Tax-Free Money Fund Scudder Greater Europe Growth Fund Scudder Technology Innovation Fund Scudder Growth and Income Fund Scudder U.S. Treasury Money Fund Scudder Health Care Fund Scudder Variable Series I Scudder High-Yield Opportunity Fund 21st Century Growth Portfolio Scudder High-Yield Tax-Free Fund Balanced Portfolio Scudder Income Fund Bond Portfolio Scudder International Fund Capital Growth Portfolio Scudder Large Company Growth Fund Global Discovery Portfolio Scudder Large Company Value Fund Growth and Income Portfolio Scudder Latin America Fund Health Sciences Portfolio Scudder Managed Municipal Bonds International Portfolio Scudder Massachusetts Tax-Free Fund Money Market Portfolio Funds Overseen by the Chicago Board: - -------------------------------------------------------------------------------- Scudder Aggressive Growth Fund Scudder Focus Value+Growth Fund Scudder Blue Chip Fund Scudder Growth Fund Scudder California Tax-Free Income Fund Scudder High-Yield Fund Scudder Cash Reserves Fund Scudder International Research Fund Scudder Contrarian Fund Scudder New Europe Fund Scudder-Dreman Financial Services Fund Scudder New York Tax-Free Income Fund Scudder-Dreman High Return Equity Fund Scudder Research Fund Scudder-Dreman Small Cap Value Fund Scudder Retirement Fund -- Series IV Scudder Dynamic Growth Fund Scudder Retirement Fund -- Series V Scudder Floating Rate Fund Scudder Retirement Fund -- Series VI Scudder Florida Tax-Free Income Fund Scudder Retirement Fund -- Series VII Scudder Focus Growth Fund Scudder S&P 500 Stock Fund Scudder Strategic Income Fund Cash Account Trust Scudder Target 2010 Fund Money Market Portfolio Scudder Target 2011 Fund Government Securities Portfolio Scudder Target 2012 Fund Tax-Exempt Portfolio (formerly Scudder Retirement Fund--Series III) Cash Equivalent Fund Scudder Technology Fund Money Market Portfolio Scudder Total Return Fund Government Securities Portfolio Scudder U.S. Government Securities Fund Tax-Exempt Portfolio Scudder Variable Series II Investors Cash Trust Scudder Aggressive Growth Portfolio Government Securities Portfolio Scudder Blue Chip Portfolio Treasury Portfolio Scudder Contrarian Value Portfolio Investors Municipal Cash Fund Scudder Focus Value+Growth Portfolio Investors Florida Municipal Cash Fund Scudder Global Blue Chip Portfolio Investors Michigan Municipal Cash Fund Scudder Government Securities Portfolio Investors New Jersey Municipal Cash Fund Scudder Growth Portfolio Investors Pennsylvania Municipal Cash Fund Scudder High Yield Portfolio Tax-Exempt New York Money Market Fund Scudder International Research Portfolio Tax-Exempt California Money Market Fund Scudder Investment Grade Bond Portfolio Scudder Money Funds Scudder Money Market Portfolio Scudder Money Market Fund Scudder Worldwide 2004 Fund Scudder Government Money Fund Scudder New Europe Portfolio Scudder Tax-Exempt Money Fund Scudder Small Cap Growth Portfolio Scudder YieldWise Funds Scudder Small Cap Value Portfolio Scudder YieldWise Money Fund Scudder Strategic Income Portfolio Scudder YieldWise Government Money Fund Scudder Technology Growth Portfolio Scudder YieldWise Municipal Money Fund Scudder Total Return Portfolio SVS Dreman Financial Services Portfolio SVS Dreman High Return Equity Portfolio SVS Dynamic Growth Portfolio SVS Focused Large Cap Growth Portfolio SVS Growth And Income Portfolio SVS Growth Opportunities Portfolio SVS Index 500 Portfolio SVS Mid Cap Growth Portfolio SVS Strategic Equity Portfolio SVS Venture Value Portfolio
On April 5, 2002, Zurich Scudder Investments, Inc. ("Scudder"), the investment advisor of each Fund listed above, was acquired by Deutsche Bank AG. Upon the closing of this transaction, Scudder became part of Deutsche Asset Management and changed its name to Deutsche Investment Management Americas Inc. This supplement reflects the changes to the Statements of Additional Information for the Funds as a result of this transaction. Investment Advisor For all Funds, the following replaces related information in each Fund's Statement of Additional Information regarding the investment advisor, with the exception of any information regarding fees paid by the Fund to the Advisor: On April 5, 2002, Zurich Scudder Investments, Inc. ("Scudder"), the investment advisor of the Fund listed above, was acquired by Deutsche Bank AG. Upon the closing of this transaction, Scudder became part of Deutsche Asset Management and changed its name to Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"). 2 DeIM, which is part of Deutsche Asset Management, is the investment advisor for the Fund. Under the supervision of the Board of Directors/Trustees of the Fund, DeIM, with headquarters at 345 Park Avenue, New York, New York, makes the Fund's investment decisions, buys and sells securities for the Fund and conducts research that leads to these purchase and sale decisions. DeIM has more than 80 years of experience managing mutual funds and provides a full range of investment advisory services to institutional and retail clients. The Fund's investment advisor is also responsible for selecting brokers and dealers and for negotiating brokerage commissions and dealer charges. Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, DeIM, Deutsche Asset Management Inc., Deutsche Bank Securities Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company. Deutsche Asset Management is a global asset management organization that offers a wide range of investing expertise and resources, including more than 500 portfolio managers and analysts and an office network that reaches the world's major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight, across industries, regions, asset classes and investing styles. DeIM is an indirect wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual fund, retail, private and commercial banking, investment banking and insurance. The Advisor, the predecessor of which is Scudder, Stevens & Clark, Inc., is one of the most experienced investment counseling firms in the U.S. It was established as a partnership in 1919 and pioneered the practice of providing investment counsel to individual clients on a fee basis. In 1928 it introduced the first no-load mutual fund to the public. In 1953 Scudder introduced Scudder International Fund, Inc., the first mutual fund available in the U.S. investing internationally in securities of issuers in several foreign countries. The predecessor firm reorganized from a partnership to a corporation on June 28, 1985. On December 31, 1997, Zurich Insurance Company ("Zurich") acquired a majority interest in Scudder, and Zurich Kemper Investments, Inc., a Zurich subsidiary, became part of Scudder. Scudder's name changed to Scudder Kemper Investments, Inc. On January 1, 2001, the Advisor changed its name from Scudder Kemper Investments, Inc. to Zurich Scudder Investments, Inc. On April 5, 2002, 100% of the Advisor was acquired by Deutsche Bank AG. For Scudder Greater Europe Growth Fund, Scudder International Fund, Scudder New Europe Fund, Scudder Worldwide 2004 Fund, Scudder Variable Series I - International Portfolio and Scudder Variable Series II - Scudder New Europe Portfolio only: In connection with the acquisition of Scudder by Deutsche Bank AG, Deutsche Bank AG will be consolidating its investment operations. In this regard, shareholders of the Fund/Portfolio recently approved a new subadvisory agreement between the advisor and DeAMIS, One Appold Street, London, England, an affiliate of the advisor. As part of this consolidation process, investment personnel will be moved among Deutsche advisory affiliates and, in the future, the Fund's/Portfolio's advisor will seek approval from the Fund's/Portfolio's Board to implement this subadvisory relationship with DeAMIS. During the interim period prior to the implementation of the subadvisory relationship, certain of the Fund's/Portfolio's portfolio managers will become employees of DeAMIS, and act as consultants to the Fund's/Portfolio's advisor, under the supervision of the Fund's/Portfolio's advisor. For Scudder S&P 500 Stock Fund only: As a result of the acquisition of Scudder by Deutsche Bank AG on April 5, 2002, the subadvisory agreement between the Fund and Deutsche Asset Management will no longer be necessary, and the advisor has agreed to lower the investment management fee rate paid by the Fund. The new fee rates, schedules and effective dates are set forth in the following table:
Average Daily Net Assets Fee Rate - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- New Investment Management Fee as of April 5, 2002 - --------------------------------------------------------------------------------------------------------------------- first $100 million 0.330% - --------------------------------------------------------------------------------------------------------------------- next $100 million 0.290% - --------------------------------------------------------------------------------------------------------------------- more than $200 million 0.270% - ---------------------------------------------------------------------------------------------------------------------
3 For Scudder Variable Series II - SVS Index 500 Portfolio only: As a result of the acquisition of Scudder by Deutsche Bank AG on April 5, 2002, the subadvisory agreement between the Portfolio and Deutsche Asset Management will no longer be necessary, and the advisor has agreed to lower the investment management fee rate paid by the Fund. The new fee rates, schedules and effective dates are set forth in the following table:
Average Daily Net Assets Fee Rate - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- first $250 million 0.370% - --------------------------------------------------------------------------------------------------------------------- next $250 million 0.330% - --------------------------------------------------------------------------------------------------------------------- next $500 million 0.310% - --------------------------------------------------------------------------------------------------------------------- next $1.5 billion 0.295% - --------------------------------------------------------------------------------------------------------------------- over $2.5 billion 0.270% - ---------------------------------------------------------------------------------------------------------------------
For Scudder Focus Value+Growth Fund only: Effective April 5, 2002, Dreman Value Management, L.L.C. ("DVM"), Ten Exchange Place, Suite 2150, Jersey City, New Jersey 07302, is the subadvisor to the value portion of the Fund's portfolio. DeIM pays a fee to DVM at an annual rate applied to the portion of each Fund's average daily net assets subadvised by DVM. DVM is controlled by David N. Dreman. DVM serves as subadvisor pursuant to the terms of a subadvisory agreement between it and the Advisor (the "Subadvisory Agreement"). DVM was formed in April 1977 and serves as subadvisor for the Fund's portfolio and will provide such investment advice, research and assistance as the Advisor may, from time to time, reasonably request. The Subadvisory Agreement provides that DVM will not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with matters to which the Subadvisory Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of DVM in the performance of its duties or from reckless disregard by DVM of its obligations and duties under the Subadvisory Agreement. The Subadvisory Agreement for the Fund remains in effect until June 30, 2007, unless sooner terminated or not annually approved as described below. Notwithstanding the foregoing, the Subadvisory Agreement shall continue in effect through June 30, 2007 and year to year thereafter, but only as long as such continuance is specifically approved at least annually (a) by a majority of the directors/trustees who are not parties to such agreement or interested persons of any such party except in their capacity as directors/trustees of the Fund, and (b) by the shareholders or the Board of the Fund. The Subadvisory Agreement may be terminated at any time upon 60 days' notice by the Advisor or by the Board of the Fund or by majority vote of the outstanding shares of the Fund, and will terminate automatically upon assignment or upon termination of the Fund's investment management agreement with the Advisor. DVM may terminate the Subadvisory Agreement upon 90 days' notice to the Advisor. For Scudder Variable Series II - SVS Focus Value+Growth Portfolio only: Effective April 5, 2002, Dreman Value Management, L.L.C. ("DVM"), Ten Exchange Place, Suite 2150, Jersey City, New Jersey 07302, is the subadvisor to the value portion of the Fund's portfolio. DeIM pays a fee to DVM at an annual rate applied to the portion of each Fund's average daily net assets subadvised by DVM. DVM is controlled by David N. Dreman. DVM serves as subadvisor pursuant to the terms of a subadvisory agreement between it and the Advisor (the "Subadvisory Agreement"). DVM was formed in April 1977 and serves as subadvisor for the Fund's portfolio and will provide such investment advice, research and assistance as the Advisor may, from time to time, reasonably request. The new subadvisory fee schedule for the Portfolio is set forth in the following table. 4
Average Daily Net Assets Fee Rate - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- first $250 million 0.40% - --------------------------------------------------------------------------------------------------------------------- next $250 million 0.35% - --------------------------------------------------------------------------------------------------------------------- next $500 million 0.3375% - --------------------------------------------------------------------------------------------------------------------- over $1 billion 0.3150% - ---------------------------------------------------------------------------------------------------------------------
The Subadvisory Agreement provides that DVM will not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with matters to which the Subadvisory Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of DVM in the performance of its duties or from reckless disregard by DVM of its obligations and duties under the Subadvisory Agreement. The Subadvisory Agreement for the Fund remains in effect until June 30, 2007, unless sooner terminated or not annually approved as described below. Notwithstanding the foregoing, the Subadvisory Agreement shall continue in effect through June 30, 2007 and year to year thereafter, but only as long as such continuance is specifically approved at least annually (a) by a majority of the directors/trustees who are not parties to such agreement or interested persons of any such party except in their capacity as directors/trustees of the Fund, and (b) by the shareholders or the Board of the Fund. The Subadvisory Agreement may be terminated at any time upon 60 days' notice by the Advisor or by the Board of the Fund or by majority vote of the outstanding shares of the Fund, and will terminate automatically upon assignment or upon termination of the Fund's investment management agreement with the Advisor. DVM may terminate the Subadvisory Agreement upon 90 days' notice to the Advisor. For SVS Dreman High Return Equity Portfolio only: The following information is added to the section entitled "Investment Advisor" in regard to the subadvisory agreement with Dreman Value Management, L.L.C.("DVM"): In addition, the Advisor has agreed to pay DVM additional fees to the extent that specified targets for the increase of assets under management, through additional net sales of shares SVS Dreman High Return Equity Portfolio (the "Portfolio") and Scudder-Dreman High Return Equity Fund ("High Return Equity Fund"), a series of Scudder Value Series, Inc., are not met during specified measurement periods beginning on the date of the Portfolio's sub-advisory agreement and ending up to two and one-half years after the effective date of the agreement. The amount of any such additional fees to be paid by the Advisor under this sub-advisory agreement with respect to such shortfall will be calculated pursuant to a formula based on the portion of the shortfall attributable to the Portfolio (based on the relative net assets of the Portfolio and High Return Equity Fund) and the fee schedule applicable to the Portfolio. Officers and Directors/Trustees For all Funds overseen by the Boston Board, the following information replaces related disclosure included in the section entitled "Officers and Directors/Trustees" The following table presents information regarding each Director/Trustee of the Fund as of April 1, 2002. Each Director's/Trustee's age as of March 1, 2002 is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Director/Trustee has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each Director/Trustee is c/o Zurich Scudder Investments, Inc., Two International Place, Boston, Massachusetts 02110-4103. The term of office for each Director/Trustee is until the next meeting of shareholders called for the purpose of electing Directors/Trustees and until the election and qualification of a successor, or until such Director/Trustee sooner dies, resigns or is removed as provided in the governing documents of the Corporation/Trust. Because the Fund does not hold an annual meeting of shareholders, each Director/Trustee will hold office for an indeterminate period. 5 Non-Interested Directors/Trustees
Number of Portfolios in Length of During Past 5 Years Fund Complex Name and Age Time Served* Principal Occupation(s) Overseen Other Directorships Held - ------------ ------------ ----------------------- -------- ------------------------ Henry P. Becton 1990-present President, WGBH Educational 49 American Public Television; (58) Foundation New England Aquarium; Becton Dickinson and Company (medical technology company); Mass Corporation for Educational Telecommunications; The A.H. Belo Company (media company); Committee for Economic Development; Concord Academy; Public Broadcasting Service; Boston Museum of Science Dawn-Marie Driscoll 1987-present President, Driscoll 49 CRS Technology; Advisory (55) Associates (consulting Board, Center for Business firm); Executive Fellow, Ethics, Bentley College; Center for Business Ethics, Board of Governors, Bentley College Investment Company Institute; Chairman, ICI Directors Services Committee Edgar R. Fiedler (72) 1995-present Senior Fellow and Economic 49 None Counsellor, The Conference Board, Inc. (not-for-profit business research organization) Keith R. Fox (47) 1996-present Managing Partner, Exeter 49 Facts on File (school and Capital Partners (private library publisher); equity funds) Progressive Holding Corporation (kitchen importer and distributor) 6 Number of Portfolios in Length of During Past 5 Years Fund Complex Name and Age Time Served* Principal Occupation(s) Overseen Other Directorships Held - ------------ ------------ ----------------------- -------- ------------------------ Louis E. Levy (70) 2002-present Director of certain funds in 49 Household International the Deutsche Asset (banking and finance); ISI Management Funds Complex Family of Funds (registered (formerly, the Flag Complex) investment companies) (registered investment companies) (1994-present); Retired; Director, Kimberly-Clark Corporation (personal consumer products); formerly, Chairman of the Quality Control Inquiry Committee, American Institute of Certified Public Accountants (1992-1998) Jean Gleason Stromberg 1999-present Consultant (1997 to 49 The William and Flora Hewlett (58) present); prior thereto, Foundation Director, U.S. General Accounting Office (1996-1997); Partner, Fulbright & Jaworski (law firm) (1978-1996) Jean C. Tempel (59) 1994-present Managing Partner, First 49 United Way of Mass Bay; Light Capital (venture Sonesta International Hotels, capital group) Inc.; Northeastern University Funds and Endowment Committee; Connecticut College Finance Committee; Commonwealth Institute (not-for-profit start-up for women's enterprises); The Reference, Inc. (IT consulting for financial services) 7 Number of Portfolios in Length of During Past 5 Years Fund Complex Name and Age Time Served* Principal Occupation(s) Overseen Other Directorships Held - ------------ ------------ ----------------------- -------- ------------------------ Carl W. Vogt (66) 2002-present Director of certain funds in 49 Yellow Corporation the Deutsche Asset (trucking); American Science Management Funds Complex & Engineering (x-ray (formerly, the Flag Complex) detection equipment); ISI (registered investment Family of Funds (registered companies) (1995-present); investment companies) Senior Partner, Fulbright & Jaworski, L.L.P (law); formerly, President (interim) of Williams College (1999-2000); President, certain funds in the Deutsche Asset Management Family of Funds (formerly, Flag Investors Family of Funds) (registered investment companies) (1999-2000) Interested Directors/Trustees and/or Officers for All Funds**: Number of Portfolios in Fund Other Name, Positions(s) Held Length of Principal Occupation(s) Complex Directorships Address and Age with Funds Time Served* During Past 5 Years Overseen Held - --------------- ---------- ------------ ------------------- -------- ---- Mark S. Casady++ President 2002-present Regional Managing Director 85 None (41) of Deutsche Asset Management Steven Zaleznick Director/Trustee President and CEO, AARP (47) 2000-present Services, Inc. 49 None William F. Glavin# Vice President 2000-present Managing Director of Not Trustee, (43) Deutsche Asset Management Applicable Crossroads for Kids, Inc. (serves at-risk children) 8 Number of Portfolios in Fund Other Name, Positions(s) Held Length of Principal Occupation(s) Complex Directorships Address and Age with Funds Time Served* During Past 5 Years Overseen Held - --------------- ---------- ------------ ------------------- -------- ---- Richard T. Hale## Chairman and Vice 2002-present Managing Director of 101 None (56) President Deutsche Bank Securities Inc. (formerly Deutsche Banc Alex. Brown Inc.) (June 1999 to present) and Deutsche Asset Management Americas (June 1999 to present); Director and President, Investment Company Capital Corp. (registered investment advisor) (April 1996 to present) and Deutsche Asset Management Mutual Funds (1989 to present); Director, Deutsche Global Funds, Ltd. (January 2000 to present), CABEI Fund (June 2000 to present) and North American Income Fund (September 2000 to present); Vice President, Deutsche Asset Management, Inc. (September 2000 to present) John Millette+ Vice President and 1999-present Vice President of Deutsche Not None (39) Secretary Asset Management Applicable Daniel O. Hirsch## Vice President and 2002-present Managing Director of Not None (48) Assistant Secretary Deutsche Asset Management; Applicable formerly, Principal, BT Alex. Brown Incorporated, (Deutsche Banc Alex. Brown Inc.) (1998-1999); Assistant General Counsel, United States Securities and Exchange Commission (1993-1998) Caroline Pearson+ Assistant Secretary 1997-present Managing Director of Not None (40) Deutsche Asset Management; Applicable formerly, Associate, Dechert Price & Rhoads (law firm) (1989-1997) 9 Number of Portfolios in Fund Other Name, Positions(s) Held Length of Principal Occupation(s) Complex Directorships Address and Age with Funds Time Served* During Past 5 Years Overseen Held - --------------- ---------- ------------ ------------------- -------- ---- Gary L. French+ Treasurer 2002-present Managing Director of Not None (53) Deutsche Asset Management; Applicable Director of Investment Operations, Deutsche Asset Management; formerly, President of UAM Fund Services, Inc. (1995-2001) John R. Hebble+ Assistant Treasurer 1998-present Senior Vice President of Not None (43) Deutsche Asset Management Applicable Thomas Lally+ Assistant Treasurer 2001-present Senior Vice President of Not None (34) Deutsche Asset Management Applicable Brenda Lyons+ Assistant 1998-present Senior Vice President of Not None (39) Treasurer Deutsche Asset Management Applicable * Length of time served represents the date that each Director/Trustee was first elected to a fund within the Boston Board. Additional Officers For: Global/International Fund, Inc. Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - --------------- --------- ----------- ------------------- -------- ------------------ Ian Clarke+ Vice President 2002-present Director, Deutsche Asset Not None (40) Management Investment Applicable Services Ltd.; joined Deutsche Asset Management in 1999 after 15 years of experience as executive director at Morgan Stanley Dean Witter and as senior global fixed income fund manager at The United Bank of Kuwait 10 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - --------------- --------- ----------- ------------------- -------- ------------------ Brett Diment### Vice President 2002-present Director of Deutsche Asset Not None (31) Management Applicable William E. Holzer++ Vice President 1986-present Managing Director of Not None (52) Deutsche Asset Management Applicable Gerald J. Moran++ Vice President 1991-present Managing Director of Not None (62) Deutsche Asset Management Applicable Investment Trust Number of Portfolios in Fund Name, Positions(s) Held Length of Time Principal Occupation(s) Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Joshua Feuerman+++ Vice President 2002-present Managing Director of Not None (37) Deutsche Asset Management; Applicable joined Deutsche Asset Management in 1999 after 10 years of experience at State Street Global Advisors William F. Gadsden++ Vice President 1989-present Managing Director of Not None (47) Deutsche Asset Management Applicable Kathleen T. Millard++ Vice President 1991-present Managing Director of Not None (41) Deutsche Asset Management Applicable Jesse Stuart++ Vice President 1999-present Senior Vice President of Not None (35) Deutsche Asset Management Applicable 11 Scudder Cash Investment Trust Number of Portfolios in Fund Name, Positions(s) Held Length of Time Principal Occupation(s) Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Darlene Rasel+++ Vice President 2002-present Managing Director of Not None (50) Deutsche Asset Management Applicable Scudder Funds Trust Number of Portfolios in Fund Name, Positions(s) Held Length of Time Principal Occupation(s) Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ John E. Dugenske++ Vice President 2002-present Managing Director of Not None (36) Deutsche Asset Management; Applicable formerly, investment officer and portfolio manager at NISA Investment Advisors (1998-2000) Scudder Income Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Time Principal Occupation(s) Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ John E. Dugenske++ Vice President 2002-present Managing Director of Not None (36) Deutsche Asset Management; Applicable formerly, investment officer and portfolio manager at NISA Investment Advisors (1998-2000) Scudder International Fund, Inc. Number of Portfolios in Fund Name, Positions(s) Held Length of Time Principal Occupation(s) Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Alexander (Sandy) Black### Vice President 2002-present Managing Director, Deutsche Not None (38) Asset Management Applicable 12 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - --------------- --------- ----------- ------------------- -------- ------------------ Irene T. Cheng++ Vice President 1998-present Managing Director of Not None (47) Deutsche Asset Management Applicable Oliver Kratz+++ Vice President 2002-present Director of Deutsche Asset Not None (30) Management; joined Deutsche Applicable Asset Management in 1998, after 2 years of experience at Merrill Lynch, Brown Brothers Harriman and McKinsey & Co. Paul Rogers++ Vice President 2001-present Senior Vice President of Not None (45) Deutsche Asset Management Applicable Andrew Stubing= Vice President 2002-present Director of Deutsche Asset Not None (37) Management Applicable Scudder Money Market Trust Number of Portfolios in Fund Name, Positions(s) Held Length of Time Principal Occupation(s) Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Darlene Rasel+++ Vice President 2002-present Managing Director of Not None (50) Deutsche Asset Management Applicable Scudder Municipal Trust Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Philip G. Condon+ Vice President 1997-present Managing Director of Not Applicable None (51) Deutsche Asset Management 13 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - --------------- --------- ----------- ------------------- -------- ------------------ Ashton P. Goodfield+ Vice President 1999-present Senior Vice President of Not Applicable None (38) Deutsche Asset Management Scudder Mutual Funds, Inc. Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Darko Kuzmanovic@@ Vice President 2001-present Vice President of Not Applicable None (39) Deutsche Asset Management; joined Deutsche Asset Management in 2000; formerly, responsible for resource and utilities analysis for the Australian equity team at Colonial First State Euan Leckie@@@ Vice President 2002-present Managing Director of Not Applicable None (56) Deutsche Asset Management Scudder Pathway Series Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Janet Campagna+++ Vice President 2002-present Managing Director of Not Applicable None (45) Deutsche Asset Management; formerly, investment strategist and manager of the asset allocation strategies group for Barclays Global Investors (1994-1999) 14 Scudder Portfolio Trust Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Andrew Cestone@ Vice President 2002-present Director of Deutsche Not Applicable None (32) Asset Management; joined Deutsche Asset Management in 1998; formerly, investment analyst, Phoenix Investment Partners (1997-1998) William F. Gadsden++ Vice President 2002-present Managing Director of Not Applicable None (47) Deutsche Asset Management J. Christopher Gagnier@ Vice President 2002-present Director of Deutsche Not Applicable None (44) Asset Management Scudder Securities Trust Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ James E. Fenger# Vice President 1998-present Managing Director of Not Applicable None (42) Deutsche Asset Management Joshua Feuerman+++ Vice President 2002-present Managing Director of Not Applicable None (37) Deutsche Asset Management; joined Deutsche Asset Management in 1999 after 10 years of experience at State Street Global Advisors Sewall Hodges++ Vice President 1999-present Managing Director of Not Applicable None (47) Deutsche Asset Management 15 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - --------------- --------- ----------- ------------------- -------- ------------------ Blair J. Treisman++ Vice President 2000-present Vice president of Not Applicable None (34) Deutsche Asset Management; joined Deutsche Asset Management in 1999; previously served as business services analyst at Salomon Smith Barney (1999), senior research analyst and hedge fund manager at Midtown Research Group (1998-1999) and senior analyst -- Small Cap Growth Equities Group at Putnam Investments (1994-1998) Scudder State Tax Free Trust Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Eleanor R. Brennan+ Vice President 1999-present Senior Vice President of Not Applicable None (37) Deutsche Asset Management Philip G. Condon+ Vice President 1997-present Managing Director of Not Applicable None (51) Deutsche Asset Management Ashton P. Goodfield+ Vice President 1999-present Senior Vice President of Not Applicable None (38) Deutsche Asset Management Rebecca Wilson+ Vice President 1995-present Vice President of Not Applicable None (39) Deutsche Asset Management 16 Scudder Tax Free Money Fund Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Steven H. Boyd+++ Vice President 2002-present Vice President of Not Applicable None (31) Deutsche Asset Management Gary R. Pollack+++ Vice President 2002-present Managing Director of Not Applicable None (48) Deutsche Asset Management Scudder Tax Free Trust Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Philip G. Condon+ Vice President 1997-present Managing Director of Not Applicable None (51) Deutsche Asset Management Scudder U.S. Treasury Money Fund Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Darlene Rasel+++ Vice President 2002-present Managing Director of Not Available None (50) Deutsche Asset Management Scudder Variable Series I Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Irene T. Cheng++ Vice President 1997-present Managing Director of Not Applicable None (47) Deutsche Asset Management 17 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - --------------- --------- ----------- ------------------- -------- ------------------ James E. Fenger# Vice President 2001-present Managing Director of Not Applicable None (42) Deutsche Asset Management; Equity Investment Analyst; joined Deutsche Asset Management in 1983 William F. Gadsden++ Vice President 1989-present Managing Director of Not Applicable None (47) Deutsche Asset Management J. Christopher Gagnier@ Vice President 2002-present Director of Deutsche Not Applicable None (44) Asset Management Sewall Hodges++ Vice President 2002-present Managing Director of Not Applicable None (47) Deutsche Asset Management Kathleen T. Millard++ Vice President 1994-present Managing Director of Not Applicable None (41) Deutsche Asset Management Gerald J. Moran++ Vice President 1996-present Managing Director of Not Applicable None (62) Deutsche Asset Management Darlene Rasel+++ Vice President 2002-present Managing Director of Not Applicable None (50) Deutsche Asset Management Value Equity Trust Number of Portfolios in Name, Positions(s) Held Length of Time Principal Occupation(s) Fund Complex Other Address and Age with Fund Served During Past 5 Years Overseen Directorships Held - --------------- --------- ------ ------------------- -------- ------------------ Lois R. Roman++ Vice President 1995-present Managing Director of Not Applicable None (37) Deutsche Asset Management Eric Lobben+++ Vice President 2002-present Managing Director of Not Applicable President, BT (45) Deutsche Asset Management Capital Advisers (CTA entity) ** Mr. Casady and each Fund officer are considered "interested persons" of the Fund because of their affiliation with the Fund's Advisor. 18 + Address: Two International Place, Boston, Massachusetts ++ Address: 345 Park Avenue, New York, New York +++ Address: 280 Park Avenue, New York, New York # Address: 222 South Riverside Plaza, Chicago, Illinois ## Address: One South Street, Baltimore, Maryland ### Address: 1 Appold Street, Broadgate, London, United Kingdom @ Address: Public Ledger Building, 150 South Independence Square West, 7th Floor, Philadelphia, Pennsylvania @@ Address: Level 42, AAP Centre, 259 Geroge Street, Sydney NSW, Australia @@@ Address: 80 Clarence Street, Sydney, Australia = Address: 20 Raffles Place, Ocean Towers, Singapore
For all Funds overseen by the Chicago Board, the following information replaces related disclosure included in the section entitled "Officers and Directors/Trustees": The following table presents information about each Director/Trustee of the Fund as of April 1, 2002. The Director's/Trustee's age as of March 1, 2002 is in parentheses after his or her name. Unless otherwise noted, (i) each Director/Trustee has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each Director/Trustee is c/o Zurich Scudder Investments, Inc., 222 South Riverside Plaza, Chicago, Illinois 60606. The term of office for each Director/Trustee is until the next meeting of shareholders, if any, called for the purpose of electing Directors/Trustees and until the election and qualification of a successor, or until such Director/Trustee sooner dies, resigns or is removed as provided in the governing documents of the Corporation/Trust. Because the Fund does not hold an annual meeting of stockholders, each Director/Trustee will hold office for an indeterminate period. Non-Interested Directors/Trustees
Name, Age and Number of Position(s) Held Portfolios in with the Length of Principal Occupation(s) Fund Complex Corporation/ Trust Time Served* During Past 5 Years Overseen Other Directorships Held - ------------------ ------------ ------------------- -------- ------------------------ John W. Ballantine 1999-present Retired; formerly, 85 First Oak Brook Bancshares, Inc.; (56) Executive Vice President Oak Brook Bank; Director/Trustee and Chief Risk Management Tokheim Corporation (designer, Officer, First Chicago NBD manufacturer and servicer of Corporation/The First electronic and mechanical petroleum National Bank of Chicago marketing systems) (1996-1998); Executive Vice President and Head of International Banking (1995-1996) 19 Name, Age and Number of Position(s) Held Portfolios in with the Length of Principal Occupation(s) Fund Complex Corporation/ Trust Time Served* During Past 5 Years Overseen Other Directorships Held - ------------------ ------------ ------------------- -------- ------------------------ Lewis A. Burnham 1977-present Retired; formerly, 85 None (69) Director of Management Director/Trustee Consulting, McNulty & Company; formerly, Executive Vice President, Anchor Glass Container Corporation Donald L. Dunaway 1980-present Retired; formerly, 85 None (65) Executive Vice President, Director/Trustee A.O. Smith Corporation (diversified manufacturer) James R. Edgar 1999-present Distinguished Fellow, 85 Kemper Insurance Companies (not (55) University of Illinois affiliated with the Scudder Funds); Director/Trustee Institute of Government John B. Sanfilippo & Son, Inc.; and Public Affairs; Horizon Group Properties, Inc. formerly, Governor, State of Illinois Robert B. Hoffman 1981-present Retired; formerly, 85 None (65) Chairman, Harnischfeger Director/Trustee Industries, Inc. (machinery for mining and paper industries); prior thereto, Vice Chairman and Chief Financial Officer, Monsanto Company (agricultural, pharmaceutical and nutritional/food products); Vice President, Head of International Operations, FMC Corporation (manufacturer of machinery and chemicals) Shirley D. Peterson 1995-present Retired; formerly, 85 Bethlehem Steel Corp. (60) President, Hood College; Director/Trustee prior thereto, Partner, Steptoe & Johnson (law firm); Commissioner, Internal Revenue Service; Assistant Attorney General (Tax), U.S. Department of Justice 20 Name, Age and Number of Position(s) Held Portfolios in with the Length of Principal Occupation(s) Fund Complex Corporation/ Trust Time Served* During Past 5 Years Overseen Other Directorships Held - ------------------ ------------ ------------------- -------- ------------------------ Fred B. Renwick 1988-present Retired; Professor 85 The Wartburg Foundation; The (72) Emeritus of Finance, New Investment Fund for Foundations; Director/Trustee York University, Stern American Bible Society Investment School of Business; Committee; formerly, Director of Board Chairman, Finance of Pensions, Evangelical Lutheran Committee of Morehouse Church in America College Board of Trustees; formerly, member of the Investment Committee of Atlanta University Board of Trustees William P. Sommers 1979-present Retired; formerly, 85 PSI Inc.; (68) President and Chief Evergreen Solar, Inc.; Director/Trustee Executive Officer, SRI Director of H2Gen; International (research Director of Zassi Medical and development); prior thereto, Executive Vice President, Iameter (medical information and educational service provider); Senior Vice President and Director, Booz, Allen & Hamilton Inc. (management consulting firm); Advisor, Guckenheimer Enterprises John G. Weithers 1993-present Retired; Chairman of the 85 Federal Life Insurance Company; (68) Members of the Corporation formerly, International Federation of Director/Trustee and Trustee, DePaul Stock Exchanges; formerly, Records University; formerly, Management Systems Chairman of the Board and Chief Executive Officer, Chicago Stock Exchange Interested Directors/Trustee and/or Officers for All Funds**: Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Directorships Address and Age with Fund Time Served* During Past 5 Years Overseen Held - --------------- --------- ------------ ------------------- -------- ---- Mark S. Casady++ Director/Trustee 2001-present Regional Managing Director 85 None (41) and President of Deutsche Asset Management 21 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Directorships Address and Age with Fund Time Served* During Past 5 Years Overseen Held - --------------- --------- ------------ ------------------- -------- ---- Philip J. Collora (56) Vice President and 1990-present Senior Vice President of Not None Assistant Secretary Deutsche Asset Management Applicable Linda C. Coughlin+ Director/Trustee, 2002-present Managing Director of 143 None (49) Chairperson and Deutsche Asset Management Vice President William F. Glavin+ Director/Trustee 2000-present Managing Director of Not Trustee, Crossroads (43) and Vice President Deutsche Asset Management Applicable for Kids, Inc. (serves at-risk children) Richard T. Hale## Vice President 2002-present Managing Director of Not None (56) Deutsche Bank Securities Applicable Inc. (formerly Deutsche Banc Alex. Brown Inc.) (June 1999 to present) and Deutsche Asset Management Americas (June 1999 to present); Director and President, Investment Company Capital Corp. (registered investment advisor) (April 1996 to present) and Deutsche Asset Management Mutual Funds (1989 to present); Director, Deutsche Global Funds, Ltd. (January 2000 to present), CABEI Fund (June 2000 to present) and North American Income Fund (September 2000 to present); Vice President, Deutsche Asset Management, Inc. (September 2000 to present); formerly, Director, ISI Family of Funds (registered investment companies) (1992-1999) John Millette+ Vice President and 1999-present Vice President of Deutsche Not None (39) Secretary Asset Management Applicable 22 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Directorships Address and Age with Fund Time Served* During Past 5 Years Overseen Held - --------------- --------- ------------ ------------------- -------- ---- Daniel O. Hirsch## Vice President and 2002-present Managing Director of Not None (48) Assistant Secretary Deutsche Asset Management; Applicable formerly, Principal, BT Alex. Brown Incorporated, (Deutsche Banc Alex. Brown Inc.) (1998-1999); Assistant General Counsel, United States Securities and Exchange Commission (1993-1998) Caroline Pearson+ Assistant Secretary 1997-present Managing Director of Not None (40) Deutsche Asset Management; Applicable formerly, Associate, Dechert Price & Rhoads (law firm) (1989-1997) Gary L. French+ Treasurer 2002-present Managing Director of Not None (53) Deutsche Asset Management; Applicable director of Investment Operations, Deutsche Asset Management; formerly, President of UAM Fund Services, Inc. (1995-2001) John R. Hebble+ Assistant Treasurer 1998-present Senior Vice President of Not None (43) Deutsche Asset Management Applicable Thomas Lally+ Assistant Treasurer 2001-present Senior Vice President of Not None (34) Deutsche Asset Management Applicable Brenda Lyons+ Assistant Treasurer 1998-present Senior Vice President of Not None (39) Deutsche Asset Management Applicable 23 * Length of time served represents the date that each Director/Trustee was first elected to a fund within the Chicago Board. Additional Officers For: Scudder Aggressive Growth Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Sewall Hodges++ Vice President 2000-present Managing Director of Not None (47) Deutsche Asset Management Applicable Scudder Blue Chip Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Joshua Feuerman+++ Vice President 2002-present Managing Director of Not None (37) Deutsche Asset Management; Applicable joined Deutsche Asset Management in 1999 after 10 years of experience at State Street Global Advisors Scudder Dynamic Growth Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Sewall Hodges++ Vice President 2000-present Managing Director of Not None (47) Deutsche Asset Management Applicable 24 Scudder Equity Trust Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Joseph DeSantis++ Vice President 2002-present Managing Director of Not None (42) Deutsche Asset Management; Applicable formerly, Chief investment officer at Chase Trust Bank in Tokyo, Japan, a division of Chase Global Asset Management and Mutual Funds (1996-2000) Scudder Floating Rate Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Kelly D. Babson+ (42) Vice President 2000-present Managing Director of Not None Deutsche Asset Management Applicable Kenneth Weber+ (41) Vice President 2001-present Senior Vice President, Not None Deutsche Asset Management; Applicable formerly, an officer in the Debt Capital Markets department of an unaffiliated bank Scudder Focus Value + Growth Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Lois R. Roman++ Vice President 2001-present Managing Director of Not None (37) Deutsche Asset Management Applicable 25 Scudder Growth Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Jesse Stuart++ Vice President 2001-present Senior Vice President of Not None (35) Deutsche Asset Management Applicable Scudder High Yield Series Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Andrew Cestone@ Vice President 2002-present Director of Deutsche Asset Not None (32) Management; formerly, Applicable investment analyst, Phoenix Investment Partners (1997-1998) Scudder International Research Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Joseph DeSantis++ Vice President 2002-present Managing Director of Not None (42) Deutsche Asset Management; Applicable formerly, Chief investment officer at Chase Trust Bank in Tokyo, Japan, a division of Chase Global Asset Management and Mutual Funds (1996-2000) Thomas Dillman++ Vice President 2002-present Managing Director of Not None (52) Deutsche Asset Management; Applicable formerly, Director of Research at State Street (1995-2000) 26 Scudder Investors Trust Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ James A. Creighton+++ Vice President 2002-present Managing Director, Deutsche Not CEO and Director, (52) Asset Management; head of Applicable Wentworth Land Global Equity Index Management (land management: New York; joined holdings) Deutsche Asset Management in 1999 after 24 years of experience in various management and investment positions at Barclays Global Investors Patrick Cannon+++ Vice President 2002-present Managing Director, Deutsche Not None (33) Asset Management; head of Applicable U.S. Equity Index management; New York; joined Deutsche Asset Management in 2000 after 10 years of experience in various management, trading and strategic positions at Barclays Global Investors Scudder New Europe Fund, Inc. Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Alexander (Sandy) Vice President 2002-present Managing Director, Deutsche Not None Black### Asset Management Applicable (38) Scudder Portfolios Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Darlene Rasel+++ Vice President 2002-present Managing Director of Not None (50) Deutsche Asset Management Applicable 27 Scudder State Tax-Free Income Series Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Philip G. Condon+ Vice President 2001-present Managing Director of Not None (51) Deutsche Asset Management Applicable Scudder Strategic Income Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Jan C. Faller++ Vice President 2000-present Managing Director of Not None (35) Deutsche Asset Management; Applicable formerly, Bond and Currency Investment Manager, PanAgora Asset Management (1995-1999) Gregory Boal# Vice President 2002-present Managing Director of Not None (43) Deutsche Asset Management; Applicable formerly, Senior Vice President and Director of the Fixed Income Division of Chicago-based ABN AMRO Asset Management USA; manager of the corporate bond department at ABN AMRO (1997-2000) Scudder Target Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Irene T. Cheng++ Vice President 1999-present Managing Director of Not None (47) Deutsche Asset Management Applicable Kathleen T. Millard++ Vice President 2002-present Managing Director of Not None (41) Deutsche Asset Management Applicable 28 Scudder Technology Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Blair J. Treisman++ Vice President 2000-present Vice president of Deutsche Not None (34) Asset Management; formerly, Applicable business services analyst at Salomon Smith Barney (1999), senior research analyst and hedge fund manager at Midtown Research Group (1998-1999) and senior analyst -- Small Cap Growth Equities Group at Putnam Investments (1994-1998) Scudder Total Return Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ William F. Gadsden++ Vice President 2002-present Managing Director of Not None (47) Deutsche Asset Management Applicable J. Christopher Gagnier@ Vice President 2002-present Director of Deutsche Asset Not None (44) Management Applicable Gary Bartlett@ Vice President 2002-present Director of Deutsche Asset Not None (42) Management Applicable Janet Campagna+++ Vice President 2002-present Managing Director of Not None (45) Deutsche Asset Management; Applicable formerly, investment strategist and manager of the asset allocation strategies group for Barclays Global Investors (1994-1999) Jesse Stuart++ Vice President 2002-present Senior Vice President of Not None (35) Deutsche Asset Management Applicable 29 Scudder U.S. Government Securities Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ John E. Dugenske++ Vice President 2002-present Managing Director of Not None (36) Deutsche Asset Management; Applicable formerly, investment officer and portfolio manager at NISA Investment Advisors (1998-2000) Scudder Value Series, Inc. Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Thomas F. Sassi++ Vice President 1998-present Managing Director of Not None (59) Deutsche Asset Management Applicable Scudder Variable Series II Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Gregory Boal# Vice President 2002-present Managing Director of Not None (43) Deutsche Asset Management; Applicable formerly, Senior Vice President and Director of the Fixed Income Division of Chicago-based ABN AMRO Asset Management USA; manager of the corporate bond department at ABN AMRO(1997-2000) Andrew Cestone@ Vice President 2002-present Director of Deutsche Asset Not None (32) Management; formerly, Applicable investment analyst, Phoenix Investment Partners (1997-1998) 30 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ John E. Dugenske++ Vice President 2002-present Managing Director of Not None (36) Deutsche Asset Management; Applicable formerly, investment officer and portfolio manager at NISA Investment Advisors (1998-2000) Irene T. Cheng++ Vice President 1997-present Managing Director of Not None (47) Deutsche Asset Management Applicable Jan C. Faller++ Vice President 2000-present Managing Director of Not None (35) Deutsche Asset Management; Applicable formerly, Bond and Currency Investment Manager at PanAgora Asset Management, (1995-1999) Alexander (Sandy) Vice President 2002-present Managing Director, Deutsche Not None Black### Asset Management Applicable (38) William F. Gadsden++ Vice President 1996-present Managing Director of Not None (47) Deutsche Asset Management Applicable Sewall Hodges++ Vice President 2000-present Managing Director of Not None (47) Deutsche Asset Management Applicable William E. Holzer++ Vice President 2001-present Managing Director of Not None (52) Deutsche Asset Management Applicable Blair J. Treisman++ Vice President 2002-present Vice president of Deutsche Not None (34) Asset Management; formerly, Applicable business services analyst at Salomon Smith Barney (1999); senior research analyst and hedge fund manager at Midtown Research Group (1998-1999); senior analyst -- Small Cap Growth Equities Group at Putnam Investments (1994-1998) 31 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Roy McKay++ Vice President 2002-present Managing Director of Not None (69) Deutsche Asset Management Applicable Jesse Stuart++ Vice President 2002-present Senior Vice President of Not None (35) Deutsche Asset Management Applicable Joshua Feuerman+++ Vice President 2002-present Managing Director of Not None (37) Deutsche Asset Management; Applicable joined Deutsche Asset Management in 1999 after 10 years of experience at State Street Global Advisors, where he served as head of international strategies, including emerging and developed markets, and earlier in product engineering and international equity research Darlene Rasel+++ Vice President 2002-present Managing Director of Not None (50) Deutsche Asset Management Applicable Thomas F. Sassi++ Vice President 1998-present Managing Director of Not None (59) Deutsche Asset Management Applicable Timothy C. Vile### Vice President 2002-present Director of Deutsche Asset Not None (40) Management Applicable Janet Campagna+++ Vice President 2002-present Managing Director of Not None (45) Deutsche Asset Management; Applicable formerly, investment strategist and manager of the asset allocation strategies group for Barclays Global Investors from 1994 to 1999 32 Cash Account Trust, Cash Equivalent Fund, Investors Cash Trust, Scudder Money Funds, Scudder YieldWise Funds Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Darlene Rasel+++ Vice President 2002-present Managing Director of Not None (50) Deutsche Asset Management Applicable Steven H. Boyd+++ Vice President 2002-present Vice President of Deutsche Not None (31) Asset Management; formerly, Applicable Gary R. Pollack+++ Vice President 2002-present Managing Director of Not None (48) Deutsche Asset Management Applicable Investors Municipal Cash Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Steven H. Boyd+++ Vice President 2002-present Vice President of Deutsche Not None (31) Asset Management Applicable Gary R. Pollack+++ Vice President 2002-present Managing Director of Not None (48) Deutsche Asset Management Applicable Tax Exempt California Money Market Fund Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Steven H. Boyd+++ Vice President 2002-present Vice President of Deutsche Not None (31) Asset Management Applicable 33 Number of Portfolios in Fund Name, Positions(s) Held Length of Principal Occupation(s) Complex Other Address and Age with Fund Time Served During Past 5 Years Overseen Directorships Held - ---------------- --------- ----------- ------------------- -------- ------------------ Gary R. Pollack+++ Vice President 2002-present Managing Director of Not None (48) Deutsche Asset Management; Applicable portfolio manager for the Intermediate Tax Free Fund and head of municipal bond research and trading for the Private Bank: New York; joined Deutsche Asset Management in 1978 ** As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the Investment Company Act of 1940, as amended. Interested persons receive no compensation from the Funds. + Address: Two International Place, Boston, Massachusetts ++ Address: 345 Park Avenue, New York, New York +++ Address: 280 Park Avenue, New York, New York # Address: 222 South Riverside Plaza, Chicago, Illinois ## Address: One South Street, Baltimore, Maryland ### Address: 1 Appold Street, Broadgate, London, United Kingdom @ Address: Public Ledger Building, 150 South Independence Square West, 7th Floor, Philadelphia, Pennsylvania
For all Funds, the following information replaces related disclosure in the section entitled "Officers and Directors/Trustees". Director's and Officer's Role with Scudder Distributors, Inc. Mark S. Casady: Chairman and Director Linda C. Coughlin: Vice Chairperson and Director Thomas V. Bruns: President William F. Glavin: Vice President and Director Caroline Pearson: Clerk Linda J. Wondrack: Vice President and Chief Compliance Officer Phillip J. Collora: Assistant Secretary 34 Director's and Officer's Role with Scudder Investor Services, Inc. John Hebble: Assistant Treasurer Caroline Pearson: Clerk Linda Wondrack: Vice President and Chief Compliance Officer Director's and Officer's Role with Scudder Service Corporation Mark Casady: Vice President and Director William Glavin: President and Director Linda Wondrack: Vice President and Assistant Clerk Valuation Committee For all Funds overseen by the Boston Board, the following information replaces related disclosure regarding the Valuation Committee in the section entitled "Officers and Directors/Trustees" under the heading "Committees."
Number of Meetings Held Name of Committee Function of Committee Members of Committee Last Fiscal Year - ----------------- --------------------- -------------------- ---------------- Valuation Oversees fund valuation Richard T. Hale 48 matters, including valuation Keith R. Fox methodologies; establishes "fair valuation" procedures to determine fair market value of securities held by a fund when actual market values are unavailable
Portfolio Managers Effective April 8, 2002, for CASH ACCOUNT TRUST(Government Securities Portfolio and Money Market Portfolio only), CASH EQUIVALENT FUND (Government Securities Portfolio and Money Market Portfolio only), INVESTORS CASH TRUST (Government Securities Portfolio and Treasury Portfolio), SCUDDER CASH RESERVES FUND, SCUDDER CASH INVESTMENT TRUST, SCUDDER GOVERNMENT MONEY FUND, SCUDDER MONEY MARKET FUND, SCUDDER MONEY MARKET SERIES, SCUDDER U.S. TREASURY MONEY FUND, SCUDDER YIELDWISE GOVERNMENT MONEY FUND, SCUDDER YIELDWISE MONEY FUND and SCUDDER YIELDWISE MINICIPAL MONEY FUND, the following information is added to each Fund's Statement of Additional Information, under the section entitled "Investment Advisor", regarding the portfolio manager: The portfolio manager for the Fund is Darlene Rasel. Ms. Rasel is Managing Director of Deutsche Bank's Global Portfolio Management Group, has nearly 20 years of experience as a trader and portfolio manager of short-term, fixed income securities, including money funds. She is a member of the Global Portfolio Management Investment Committee and heads Scudder's team of managers responsible for short-term funds in separately managed institutional accounts. Effective April 8, 2002, for CASH ACCOUNT TRUST (Tax-Exempt Portfolio only), CASH EQUIVALENT FUND (Tax-Exempt Portfolio only), SCUDDER TAX-EXEMPT MONEY FUND, SCUDDER TAX-FREE MONEY FUND and TAX-EXEMPT CALIFORNIA MONEY MARKET FUND, the following information is added to each Fund's 35 Statement of Additional Information, under the section entitled "Investment Advisor", regarding the portfolio managers: The portfolio managers for the Fund are Gary Pollack and Steven H. Boyd. Mr. Pollack is Director and head of fixed-income trading and research for Deutsche Bank, has 20 years of experience in tax-exempt portfolio management and credit analysis and is chairman of Deutsche Bank's Fixed-Income strategy Group, which oversees Scudder's tax-free and tax-exempt investments. He is a member of the Municipal Analysis Group of New York and the National Municipal Analysts Society. Mr. Boyd is Vice President in Deutsche Bank's fixed income management group and has extensive experience with municipal securities. He began his career as a municipal research analyst, later taking on the responsibility for credit analysis of short-term and variable-rate municipal debt issuance. Investment Policies and Techniques Effective July 1, 2002, the following disclosure replaces related disclosure in the section entitled "Investment Policies and Techniques" for each fund noted below. For Scudder Growth Fund only: The fund normally invests at least 65% of total assets in common stocks of large U.S. companies that are similar in size to the companies in the Russell 1000 Growth Index (as of December 31, 2001, the Russell 1000 Growth Index had a median market capitalization of $3.58 billion). For Scudder Large Company Growth Fund only: The fund seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large U.S. companies that are similar in size to the companies in the Russell 1000 Growth Index (as of December 31, 2001, the Russell 1000 Growth Index had a median market capitalization of $3.58 billion). For Scudder Managed Municipal Bonds only: The fund seeks to provide income exempt from regular federal income tax while actively seeking to reduce downside risk as compared with other tax-free income funds. It does this by investing at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities of municipalities across the United States and in other securities whose income is free from regular federal income tax. For Scudder Medium-Term Tax-Free Fund only: Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities of municipalities across the United States and in other securities whose income is free from regular federal income tax and alternative minimum tax (AMT). Although the managers may adjust the fund's dollar-weighted average maturity (the maturity of the fund's portfolio), they will normally keep it between three and ten years and generally intend to keep it between five and ten years. For Scudder S&P 500 Stock Fund only: The fund seeks to match, as closely as possible before expenses, the performance of the S&P 500 Index, which emphasizes stocks of large U.S. companies. It does this by investing, under normal circumstances, at least 80% of total assets, plus the amount of any borrowings for investment purposes, in common stocks and securities included in the S&P 500 Index. 36 For Scudder Small Company Stock Fund only: The fund seeks to provide long-term capital growth while actively seeking to reduce downside risk as compared with other small company stock funds. It does this by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in common stocks of small U.S. companies with potential for above-average long-term capital growth. These companies are similar in size to the companies in the Russell 2000 Index (as of December 31, 2001, the Russell 2000 Index had a median market capitalization of $414 million). For Scudder Small Company Value Fund only: The fund seeks long-term growth of capital by investing, under normal circumstances, at least 90% of total assets, plus the amount of any borrowings for investment purposes, in undervalued common stocks of small U.S. companies. These are companies that are similar in size to those in the Russell 2000 Value Index (as of 12/31/01, the Russell 2000 Value Index had a median market capitalization of $411 million). For Scudder Tax-Free Money Fund only: The fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in high quality short-term municipal securities, the income from which is free from regular federal income tax and from alternative minimum tax (AMT). For Scudder U.S. Treasury Money Fund only: The fund seeks current income consistent with safety, liquidity, and stability of capital. It does this by investing, under normal circumstances, at least 80% of total assets, plus the amount of any borrowings for investment purposes, in short-term U.S. Treasury securities or in repurchase agreements backed by these securities. For Scudder 21st Century Growth Fund only: The fund typically invests at least 80% of total assets in common stocks of companies that are similar in size to the companies in the Russell 2000 Growth Index (as of December 31, 2001, the Russell 2000 Growth Index had a median market capitalization of $429 billion). 37 April 19, 2001 -----END PRIVACY-ENHANCED MESSAGE-----