497 1 ss042904mega.txt Supplement to the currently effective Statement of Additional Information of each of the listed funds: Cash Account Trust Scudder International Equity Fund -- Government Securities Portfolio Scudder International Fund -- Money Market Portfolio Scudder International Select Equity Fund -- Tax-Exempt Portfolio Scudder Japanese Equity Fund Cash Equivalent Fund Scudder Large Cap Value Fund -- Government Securities Portfolio Scudder Large Company Growth Fund -- Money Market Portfolio Scudder Large Company Value Fund -- Tax-Exempt Portfolio Scudder Latin America Fund Cash Management Fund Institutional Scudder Lifecycle Long Range Fund Cash Management Fund Investment Scudder Lifecycle Mid Range Fund Cash Reserve Fund, Inc. Scudder Lifecycle Short Range Fund -- Prime Series Scudder Managed Municipal Bond Fund -- Treasury Series Scudder Massachusetts Tax-Free Fund -- Tax-Free Series Scudder Micro Cap Fund Cash Reserves Fund Institutional Scudder Mid Cap Fund Daily Assets Fund Institutional Scudder Money Funds Investors Cash Trust -- Scudder Government Money Fund -- Government Securities Portfolio -- Scudder Money Market Fund -- Treasury Portfolio -- Scudder Tax-Exempt Money Fund Investors Municipal Cash Fund Scudder Money Market Series -- Investors Florida Municipal Cash Fund Scudder Municipal Bond Fund -- Investors Michigan Municipal Cash Fund Scudder New Europe Fund -- Investors New Jersey Municipal Cash Fund Scudder New York Tax-Free Income Fund -- Investors Pennsylvania Municipal Cash Fund Scudder Pacific Opportunities Fund -- Tax-Exempt New York Money Market Fund Scudder Pathway Series: Conservative Portfolio Money Market Fund Investment Scudder Pathway Series: Growth Portfolio NY Tax Free Money Fund Investment Scudder Pathway Series: Moderate Portfolio Scudder 21st Century Growth Fund Scudder PreservationPlus Fund Scudder Aggressive Growth Fund Scudder PreservationPlus Income Fund Scudder Balanced Fund Scudder Retirement Fund -- Series V Scudder Blue Chip Fund Scudder Retirement Fund -- Series VI Scudder California Tax-Free Income Fund Scudder Retirement Fund -- Series VII Scudder Capital Growth Fund Scudder RREEF Real Estate Securities Fund Scudder Cash Investment Trust Scudder S&P 500 Index Fund Scudder Cash Reserves Fund Scudder S&P 500 Stock Fund Scudder Development Fund Scudder Select 500 Fund Scudder-Dreman Financial Services Fund Scudder Short Duration Fund Scudder-Dreman High Return Equity Fund Scudder Short-Term Bond Fund Scudder-Dreman Small Cap Value Fund Scudder Short-Term Municipal Bond Fund Scudder Dynamic Growth Fund Scudder Small Cap Fund Scudder EAFE Equity Index Fund Scudder Small Company Stock Fund Scudder Emerging Markets Debt Fund Scudder Small Company Value Fund Scudder Emerging Markets Growth Fund Scudder Strategic Growth Fund Scudder Emerging Markets Income Fund Scudder Strategic Income Fund Scudder Equity 500 Index Fund Scudder Target 2010 Fund Scudder European Equity Fund Scudder Target 2011 Fund Scudder Fixed Income Fund Scudder Target 2012 Fund Scudder Flag Investors Communications Fund Scudder Target 2013 Fund Scudder Flag Investors Equity Partners Fund Scudder Tax Advantaged Dividend Fund Scudder Flag Investors Value Builder Fund Scudder Tax-Exempt California Money Market Fund Scudder Florida Tax-Free Income Fund Scudder Tax Free Money Fund Scudder Focus Value + Growth Fund Scudder Technology Fund Scudder Global Biotechnology Fund Scudder Technology Innovation Fund Scudder Global Bond Fund Scudder Top 50 US Fund Scudder Global Discovery Fund Scudder Total Return Fund Scudder Global Fund Scudder US Bond Index Fund Scudder GNMA Fund Scudder US Government Securities Fund Scudder Gold and Precious Metals Fund Scudder US Treasury Money Fund Scudder Greater Europe Growth Fund Scudder Variable Series I Scudder Growth and Income Fund -- Scudder 21st Century Growth Portfolio Scudder Growth Fund -- Scudder Balanced Portfolio Scudder Health Care Fund -- Scudder Bond Portfolio Scudder High Income Fund -- Scudder Capital Growth Portfolio Scudder High Income Opportunity Fund -- Scudder Global Discovery Portfolio Scudder High Income Plus Fund -- Scudder Growth and Income Portfolio Scudder High Yield Tax-Free Fund -- Scudder Health Sciences Portfolio Scudder Income Fund -- Scudder International Portfolio Scudder Intermediate Tax/AMT Free Fund -- Scudder Money Market Portfolio Scudder Variable Series II -- SVS Dreman Small Cap Value Portfolio -- Scudder Aggressive Growth Portfolio -- SVS Eagle Focused Large Cap Growth Portfolio -- Scudder Blue Chip Portfolio -- SVS Focus Value + Growth Portfolio -- Scudder Contrarian Value Portfolio -- SVS Index 500 Portfolio -- Scudder Fixed Income Portfolio -- SVS INVESCO Dynamic Growth Portfolio -- Scudder Global Blue Chip Portfolio -- SVS Janus Growth and Income Portfolio -- Scudder Government Securities Portfolio -- SVS Janus Growth Opportunities Portfolio -- Scudder Growth Portfolio -- SVS MFS Strategic Value Portfolio -- Scudder High Income Portfolio -- SVS Oak Strategic Equity Portfolio -- Scudder International Select Equity Portfolio -- SVS Turner Mid Cap Growth Portfolio -- Scudder Money Market Portfolio Scudder Yieldwise Funds -- Scudder Small Cap Growth Portfolio -- Scudder Yieldwise Government Money Fund -- Scudder Strategic Income Portfolio -- Scudder Yieldwise Money Fund -- Scudder Technology Growth Portfolio -- Scudder Yieldwise Municipal Money Fund -- Scudder Total Return Portfolio Scudder Worldwide 2004 Fund -- SVS Davis Venture Value Portfolio Tax Free Money Fund Investment -- SVS Dreman Financial Services Portfolio Treasury Money Fund Institutional -- SVS Dreman High Return Equity Portfolio Treasury Money Fund Investment
The following information is added to each Fund's Statement of Additional Information: Information concerning portfolio holdings of a Scudder Fund as of a month-end is available upon request no earlier than the 16th day after month-end. Please call Scudder Investments at the number appearing on the front cover of this Statement of Additional Information to make such a request. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE April 29, 2004