Supplement to the currently  effective  Statement of Additional  Information  of
each of the listed funds:


                                                               
     Scudder 21st Century Growth Fund                             Scudder International Fund
     Scudder Aggressive Growth Fund                               Scudder International Equity Fund
     Scudder Blue Chip Fund                                       Scudder International Select Equity Fund
     Scudder California Tax-Free Income Fund                      Scudder Japanese Equity Fund
     Scudder Capital Growth Fund                                  Scudder Large Company Growth Fund
     Scudder Contrarian Fund                                      Scudder Large Company Value Fund
     Scudder-Dreman Financial Services Fund                       Scudder Latin America Fund
     Scudder-Dreman High Return Equity Fund                       Scudder Managed Municipal Bond Fund
     Scudder-Dreman Small Cap Value Fund                          Scudder Massachusetts Tax-Free Fund
     Scudder Dynamic Growth Fund                                  Scudder Micro Cap Fund
     Scudder Emerging Markets Growth Fund                         Scudder Mid Cap Fund
     Scudder Emerging Markets Income Fund                         Scudder New Europe Fund
     Scudder European Equity Fund                                 Scudder New York Tax-Free Income Fund
     Scudder Fixed Income Fund                                    Scudder Pacific Opportunities Fund
     Scudder Flag Investors Communications Fund, Inc.             Scudder Pathway Series -- Conservative Portfolio
     Scudder Flag Investors Equity Partners Fund, Inc.            Scudder Pathway Series -- Growth Portfolio
     Scudder Flag Investors Value Builder Fund, Inc.              Scudder Pathway Series -- Moderate Portfolio
     Scudder Florida Tax-Free Income Fund                         Scudder S&P 500 Stock Fund
     Scudder Focus Value+Growth Fund                              Scudder Select 500 Fund
     Scudder Global Fund                                          Scudder Short Duration Fund
     Scudder Global Biotechnology Fund                            Scudder Short-Term Bond Fund
     Scudder Global Bond Fund                                     Scudder Short-Term Municipal Bond Fund
     Scudder Global Discovery Fund                                Scudder Small Cap Fund
     Scudder Gold and Precious Metals Fund                        Scudder Small Company Stock Fund
     Scudder Greater Europe Growth Fund                           Scudder Small Company Value Fund
     Scudder Growth Fund                                          Scudder Strategic Growth Fund
     Scudder Growth and Income Fund                               Scudder Strategic Income Fund
     Scudder Health Care Fund                                     Scudder Tax Advantaged Dividend Fund
     Scudder High Income Fund                                     Scudder Technology Fund
     Scudder High Income Opportunity Fund                         Scudder Technology Innovation Fund
     Scudder High-Yield Tax-Free Fund                             Scudder Top 50 US Fund
     Scudder Income Fund                                          Scudder Total Return Fund
     Scudder Intermediate Tax/AMT Free Fund                       Scudder U.S. Government Securities Fund



The following replaces similar information in the "PURCHASE AND REDEMPTION OF
SHARES" or "VALUATION OF SECURITIES, REDEMPTIONS AND PURCHASES IN-KIND" or "HOW
IS THE FUND SOLD?" section of each Fund's Statement of Additional Information:

Class A NAV Sales. Class A shares may be sold at net asset value to:

(a)      a current or former director or trustee of Deutsche or Scudder Funds;

(b)      an  employee,  the  employee's  spouse or life  partner and children or
         step-children age 21 or younger of Deutsche Bank or its affiliates or a
         sub-adviser to any fund in the Scudder Investments family of funds or a
         broker-dealer authorized to sell shares of the Fund;

(c)      registered  representatives  and  employees  of  broker-dealers  having
         selling group agreements with SDI and officers, directors and employees
         of  service  agents of the Fund,  for  themselves  or their  spouses or
         dependent children;

(d)      certain  professionals  who assist in the  promotion  of Scudder  Funds
         pursuant to personal  services  contracts  with SDI, for  themselves or
         members  of  their  families.  SDI in  its  discretion  may  compensate
         financial  services  firms  for  sales  of Class A  shares  under  this
         privilege at a commission rate of 0.50% of the amount of Class A shares
         purchased;




(e)      any trust, pension,  profit-sharing or other benefit plan for only such
         persons listed under the preceding paragraphs (a) and (b);

(f)      persons who purchase such shares  through bank trust  departments  that
         process  such  trades  through an  automated,  integrated  mutual  fund
         clearing program provided by a third party clearing firm;

(g)      persons  who  purchase  shares  of the Fund  through  SDI as part of an
         automated   billing  and  wage  deduction   program   administered   by
         RewardsPlus  of America for the benefit of employees  of  participating
         employer groups;

(h)      selected employees  (including their spouses and dependent children) of
         banks and other  financial  services firms that provide  administrative
         services   related  to  order   placement  and  payment  to  facilitate
         transactions  in shares of the Fund for their  clients  pursuant  to an
         agreement with SDI or one of its  affiliates.  Only those  employees of
         such banks and other  firms who as part of their usual  duties  provide
         services related to transactions in Fund shares qualify;

(i)      unit  investment  trusts  sponsored  by Ranson &  Associates,  Inc. and
         unitholders of unit investment trusts sponsored by Ranson & Associates,
         Inc. or its predecessors through reinvestment programs described in the
         prospectuses of such trusts that have such programs;

(j)      through certain  investment  advisors  registered  under the Investment
         Advisers Act of 1940 and other  financial  services firms acting solely
         as  agent  for  their  clients,   that  adhere  to  certain   standards
         established  by SDI,  including a requirement  that such shares be sold
         for  the  benefit  of  their  clients  participating  in an  investment
         advisory program or agency commission  program under which such clients
         pay a fee to  the  investment  advisor  or  other  firm  for  portfolio
         management  or agency  brokerage  services.  Such  shares  are sold for
         investment  purposes and on the condition  that they will not be resold
         except through redemption or repurchase by the Fund;

(k)      (1) employer sponsored employee benefit plans using the Flex subaccount
         recordkeeping  system ("Flex Plans"),  established  prior to October 1,
         2003, provided that the Flex Plan is a  participant-directed  plan that
         has not less than 200 eligible  employees;  (2) a  participant-directed
         qualified   retirement  plan  described  in  Code  Section  401(a),   a
         participant-directed non-qualified deferred compensation plan described
         in Code Section 457 or a participant-directed qualified retirement plan
         described in Code Section  403(b)(7)  which is not  sponsored by a K-12
         school district, provided that the amount invested in Class A shares of
         the Fund or other Scudder Funds totals at least  $1,000,000,  including
         purchases  of  Class A shares  pursuant  to the  "Combined  Purchases,"
         "Letter of Intent" and "Cumulative Discount" features referred to below
         (collectively, the "Large Order NAV Purchase Privilege"); or (3) if you
         are  investing $1 million or more,  either as a lump sum or through the
         Large  Order  NAV  Purchase  Privilege  (if no other  net  asset  value
         purchase privilege applies); and

(l)      in  connection  with the  acquisition  of the  assets  of or  merger or
         consolidation  with another investment  company,  or to shareholders in
         connection  with the investment or  reinvestment  of income and capital
         gain dividends, and under other circumstances deemed appropriate by SDI
         and consistent with regulatory requirements.

The following replaces similar information under "Multi-Class Suitability" in
each Fund's Statement of Additional Information:

Multi-Class Suitability. SDI has established the following procedures regarding
the purchase of Class A, Class B and Class C Shares. These procedures do not
reflect in any way the suitability of a particular class of shares for a
particular investor and should not be relied upon as such. A suitability
determination must be made by investors with the assistance of their financial
representative. Orders for Class B Shares or Class C Shares for $500,000 or more
will be declined with the exception of orders received from employer sponsored
employee benefit plans using the Flex subaccount recordkeeping system.




The following provisions apply to the sale of Class A, Class B and Class C
Shares to Flex Plans. Class B Shares will not be sold to Flex Plans established
on the Flex subaccount recordkeeping system after October 1, 2003. Orders for
Class B Shares or Class C Shares for Flex Plans (not including plans under Code
Section 403 (b)(7) sponsored by a K-12 school district) established on the Flex
subaccount recordkeeping system prior to October 1, 2002 will be invested
instead in Class A Shares at net asset value when the combined subaccount value
in a Fund or other Scudder Funds or other eligible assets is in excess of $5
million including purchases pursuant to the "Combined Purchases," "Letter of
Intent" and "Cumulative Discount" features described below. Flex Plans
established prior to October 1, 2002 with eligible assets of less than $5
million may continue to purchase Class B Shares or Class C Shares until October
1, 2005. Flex Plans set-up on the Flex subaccount recordkeeping system after
October 1, 2002 will automatically begin purchasing Class A shares at net asset
value once the plan's eligible assets reach $1 million. After October 1, 2005,
all Flex Plans with eligible assets over $1 million must begin purchasing Class
A Shares.


October 1, 2003