In 2004 several securities class action and derivative complaints were filed against Deutsche Investment Management Americas, Inc. and related entities alleging market-timing and late trading in the Scudder Funds in violation of the federal securities laws. Plaintiffs asserted, among other things, that defendants allowed select investors to take advantage of short-term inefficiencies in the pricing of the Scudder Funds, at the expense of long-term investors and, ultimately, the Scudder Funds themselves.

The proposed settlement of the Mutual Funds Investment Litigation Scudder Sub-Track resolves the claims asserted in both the securities and derivative actions and provides for a total payment of $13,966,000 in cash on behalf of five groups of defendants. For more information describing the settlement sources, please review the Notice of Pendency.

If you purchased or held shares in certain mutual funds in the Deutsch/Scudder/Kemper Family of Funds during the period from, July 30, 1999 to January 12, 2004 inclusive, you may be eligible to receive a payment from the settlement. Please review the Notice of Pendency, to see if you purchased or held shares in the mutual funds at issue in the settlement of the class action. Additionally, if you currently hold shares in a Scudder fund certain of your rights may be affected by the settlement of the derivative claims.

By Order dated May 19, 2010, the Honorable Catherine C. Blake granted preliminary approval to the settlement of the Mutual Funds Investment Litigation Scudder Sub-Track.