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



Supplement to the currently effective Statements of Additional Information for
Class A, B or C shares of the above listed Funds:

The following information replaces the section entitled "Financial Services
Firms' Compensation" under "Purchase and Redemption of Shares -- Purchases":

Financial Services Firms' Compensation. Banks and other financial services firms
may provide administrative services related to order placement and payment to
facilitate transactions in shares of the Fund for their clients, and SDI may pay
them a transaction fee up to the level of the discount or commission allowable
or payable to dealers.

SDI may, from time to time, pay or allow to firms a 1% commission on the amount
of shares of the Fund sold under the following conditions: (i) the purchased
shares are held in a Scudder IRA account, (ii) the shares are purchased as a
direct "roll over" of a distribution from a qualified retirement plan account
maintained on the subaccount record keeping system maintained for
Scudder-branded plans by ADP, Inc. under an alliance with SDI and its
affiliates, (iii) the registered representative placing the trade is a member of
Executive Council, a group of persons designated by SDI in acknowledgment of
their dedication to the employee benefit plan area; and (iv) the purchase is not
otherwise subject to a commission.




In addition to the discounts or commissions described herein and in the
prospectus, SDI, the Advisor, or its affiliates may pay or allow additional
discounts, commissions or promotional incentives, in the form of cash, to firms
that sell shares of the Fund. In some instances, such amounts may be offered
only to certain firms that sell or are expected to sell during specified time
periods certain minimum amounts of shares of the Fund, or other Funds
underwritten by SDI.

Upon notice to all dealers, SDI may re-allow to dealers up to the full
applicable Class A sales charge during periods and for transactions specified in
such notice and such re-allowances may be based upon attainment of minimum sales
levels. During periods when 90% or more of the sales charge is re-allowed, such
dealers may be deemed to be underwriters as that term is defined in the 1933
Act.

SDI may at its discretion compensate investment dealers or other financial
services firms in connection with the sale of Class A shares of the Fund in
accordance with the Large Order NAV Purchase Privilege and one of the five
compensation schedules up to the following amounts:



           Compensation Schedule #1:                Compensation Schedule #2:     Compensation Schedule #3: Scudder
           -------------------------                -------------------------     ---------------------------------
     Retail Sales and Scudder Flex Plan(1)           Scudder Premium Plan(2)          Mid-to-Large Market Plan(2)
     -------------------------------------           -----------------------          ---------------------------

                                       As a                            As a                                As a
                                  Percentage of                    Percentage of                        Percentage
            Amount of                  Net          Amount of           Net           Amount of           of Net
           Shares Sold             Asset Value     Shares Sold      Asset Value      Shares Sold       Asset Value
           -----------             -----------     -----------      -----------      -----------       -----------


                                                                                       
$1 million to $3 million (equity      1.00%      Under $15             0.50%      Over $15 million    0.00% - 0.50%
funds)                                           million

$1 million - $3 million (fixed        0.85%
income funds)

$1 million - $3 million (Scudder      0.75%
Short Term Bond Fund, Scudder
Short Duration Fund and Scudder
Short-Term Municipal Bond Fund)

Over $3 million to $50 million        0.50%             --                --                --                 --

Over $50 million                      0.25%             --                --                --                 --


   Compensation Schedule #4: Scudder Choice
   ----------------------------------------
                    Plan(3)
                    -------
                                       As a
                                  Percentage of
            Amount of                  Net
           Shares Sold             Asset Value
           -----------             -----------

All amounts (equity funds)            1.00%

All amounts (fixed income funds)      0.85%

All amounts (Scudder Short            0.75%
Duration Fund and Scudder Short
Term Bond Fund)


(1)      The commission schedule will be reset on a calendar year basis for
         sales of shares pursuant to the Large Order NAV Purchase Privilege to
         employer-sponsored employee benefit plans using the subaccount
         recordkeeping system made available through ADP, Inc. under an alliance
         with SDI and its affiliates. For purposes of determining the
         appropriate commission percentage to be applied to a particular sale
         under the foregoing schedule, SDI will consider the cumulative amount



         invested by the purchaser in a Fund and other Funds listed under
         "Special Features -- Class A Shares -- Combined Purchases," including
         purchases pursuant to the "Combined Purchases," "Letter of Intent" and
         "Cumulative Discount" features referred to above.

(2)      Compensation Schedules 2 and 3 apply to employer sponsored employee
         benefit plans using the OmniPlus subaccount record keeping system made
         available through ADP, Inc. under an alliance with SDI and its
         affiliates. The Compensation Schedule will be determined based on the
         value of the conversion assets. Conversion from "Compensation Schedule
         #2" to "Compensation Schedule #3" is not an automatic process. When a
         plan's assets grow to exceed $15 million, the Plan Sponsor must contact
         their Client Relationship Manager to discuss a conversion to
         Compensation Schedule #3.

(3)      SDI compensates UBS Financial in accordance with Premium Plan
         Compensation Schedule #2.

SDI compensates firms for sales of Class B shares at the time of sale at a
commission rate of up to 3.75% of the amount of Class B shares purchased. SDI is
compensated by the Fund for services as distributor and principal underwriter
for Class B shares. SDI advances to firms the first year distribution fee at a
rate of 0.75% of the purchase price of such shares. For periods after the first
year, SDI currently pays firms for sales of Class C shares a distribution fee,
payable quarterly, at an annual rate of 0.75% of net assets attributable to
Class C shares maintained and serviced by the firm. SDI is compensated by the
Fund for services as distributor and principal underwriter for Class C shares.

The following information replaces the section entitled "Class A NAV Sales"
under "Purchase and Redemption of Shares - Purchases":

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 mutual
         funds;

(b)      an employee (including the employee's spouse or life partner and
         children or stepchildren age 21 or younger) of Deutsche Bank or its
         affiliates or of a subadvisor to any fund in the Scudder family of
         funds or of a broker-dealer authorized to sell shares of the Fund or
         service agents of the Fund;

(c)      certain professionals who assist in the promotion of Scudder mutual
         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;

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

(f)      selected employees (including their spouses or life partners and
         children or stepchildren age 21 or younger) 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;

(g)      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;




(h)      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;

(i)      (1) employer sponsored employee benefit plans using the Flex subaccount
         recordkeeping system ("Flex Plans") made available through ADP under an
         alliance with SDI and its affiliates, established prior to October 1,
         2003, provided that the Flex Plan is a participant-directed plan that
         has not less than 200 eligible employees and (2) investors investing $1
         million or more, either as a lump sum or through the "Combined
         Purchases," "Letter of Intent" and "Cumulative Discount" features
         referred to above (collectively, the "Large Order NAV Purchase
         Privilege"). The Large Order NAV Purchase Privilege is not available if
         another net asset value purchase privilege is available;

(j)      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; and

(k)      in connection with a direct "roll over" of a distribution from a Flex
         Plan into a Scudder IRA (this applies to Class B shares only).

Class A shares also may be purchased at net asset value in any amount by members
of the plaintiff class in the proceeding known as Howard and Audrey Tabankin, et
al. v. Kemper Short-Term Global Income Fund, et al., Case No. 93 C 5231 (N.D.
IL). This privilege is generally non-transferable and continues for the lifetime
of individual class members and for a ten-year period for non-individual class
members. To make a purchase at net asset value under this privilege, the
investor must, at the time of purchase, submit a written request that the
purchase be processed at net asset value pursuant to this privilege specifically
identifying the purchaser as a member of the "Tabankin Class." Shares purchased
under this privilege will be maintained in a separate account that includes only
shares purchased under this privilege. For more details concerning this
privilege, class members should refer to the Notice of (i) Proposed Settlement
with Defendants; and (ii) Hearing to Determine Fairness of Proposed Settlement,
dated August 31, 1995, issued in connection with the aforementioned court
proceeding. For sales of Fund shares at net asset value pursuant to this
privilege, SDI may in its discretion pay investment dealers and other financial
services firms a concession, payable quarterly, at an annual rate of up to 0.25%
of net assets attributable to such shares maintained and serviced by the firm. A
firm becomes eligible for the concession based upon assets in accounts
attributable to shares purchased under this privilege in the month after the
month of purchase and the concession continues until terminated by SDI. The
privilege of purchasing Class A shares of the Fund at net asset value under this
privilege is not available if another net asset value purchase privilege also
applies.

The following information replaces the section Contingent Deferred Sales Charge
under "Purchase and Redemption of Shares - Redemptions":

Contingent Deferred Sales Charge (CDSC). The following example will illustrate
the operation of the CDSC. Assume that an investor makes a single purchase of
$10,000 of the Fund's Class B shares and that 16 months later the value of the
shares has grown by $1,000 through reinvested dividends and by an additional
$1,000 of share appreciation to a total of $12,000. If the investor were then to
redeem the entire $12,000 in share value, the CDSC would be payable only with
respect to $10,000 because neither the $1,000 of reinvested dividends nor the
$1,000 of share appreciation is subject to the charge. The charge would be at
the rate of 3.00% ($300) because it was in the second year after the purchase
was made.




The rate of the CDSC is determined by the length of the period of ownership.
Investments are tracked on a monthly basis. The period of ownership for this
purpose begins the first day of the month in which the order for the investment
is received. For example, an investment made in March of the year of investment
will be eligible for the second year's charge if redeemed on or after March of
the following year. In the event no specific order is requested when redeeming
shares subject to a CDSC, the redemption will be made first from shares
representing reinvested dividends and then from the earliest purchase of shares.
SDI receives any CDSC directly. The charge will not be imposed upon redemption
of reinvested dividends or share appreciation.

The Class A CDSC will be waived in the event of:

(a)      redemptions by 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;

(b)      redemptions by employer-sponsored employee benefit plans using the
         subaccount record keeping system made available through ADP, Inc. under
         an alliance with SDI and its affiliates;

(c)      redemption of shares of a shareholder (including a registered joint
         owner) who has died;

(d)      redemption of shares of a shareholder (including a registered joint
         owner) who after purchase of the shares being redeemed becomes totally
         disabled (as evidenced by a determination by the federal Social
         Security Administration);

(e)      redemptions  under the Fund's  Automatic  Withdrawal  Plan at a maximum
         of 12% per year of the net asset value of the account; and

(f)      redemptions of shares whose dealer of record at the time of the
         investment notifies SDI that the dealer waives the discretionary
         commission applicable to such Large Order NAV Purchase.

The Class B CDSC will be waived for the circumstances set forth in items (c),
(d) and (e) for Class A shares. In addition, this CDSC will be waived:

(g)      for redemptions made pursuant to any IRA systematic withdrawal based on
         the shareholder's life expectancy including, but not limited to,
         substantially equal periodic payments described in Internal Revenue
         Code Section 72(t)(2)(A)(iv) prior to age 59 1/2;

(h)      for redemptions to satisfy required minimum distributions after age 70
         1/2 from an IRA account (with the maximum amount subject to this waiver
         being based only upon the shareholder's Scudder IRA accounts); and

(i)      in connection with the following redemptions of shares held by employer
         sponsored employee benefit plans maintained on the subaccount record
         keeping system made available through ADP under an alliance with SDI
         and its affiliates: (1) to satisfy participant loan advances (note that
         loan repayments constitute new purchases for purposes of the CDSC and
         the conversion privilege), (2) in connection with retirement
         distributions (limited at any one time to 12% of the total value of
         plan assets invested in the Fund), (3) in connection with distributions
         qualifying under the hardship provisions of the Internal Revenue Code,
         (4) representing returns of excess contributions to such plans and (5)
         in connection with direct "roll over" distributions from a Flex Plan
         into a Scudder IRA under the Class A net asset value purchase
         privilege.

The Class C CDSC will be waived for the circumstances set forth in items (b),
(c), (d) and (e) for Class A shares and for the circumstances set forth in items
(g) and (h) for Class B shares. In addition, this CDSC will be waived for:




(j)      redemption of shares by an employer sponsored employee benefit plan
         that offers funds in addition to Scudder Funds and whose dealer of
         record has waived the advance of the first year administrative service
         and distribution fees applicable to such shares and agrees to receive
         such fees quarterly, and

(k)      redemption of shares purchased through a dealer-sponsored asset
         allocation program maintained on an omnibus record-keeping system
         provided the dealer of record had waived the advance of the first year
         administrative services and distribution fees applicable to such shares
         and has agreed to receive such fees quarterly.




March 24, 2005