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

Scudder 21st Century Growth Fund
Scudder Aggressive Growth Fund
Scudder Balanced Fund
Scudder Blue Chip Fund
Scudder California Tax-Free Income Fund
Scudder Capital Growth Fund
Scudder Contrarian Fund
Scudder Development Fund
Scudder-Dreman Financial Services Fund
Scudder-Dreman High Return Equity Fund
Scudder-Dreman Small Cap Value Fund
Scudder Dynamic Growth Fund
Scudder Emerging Markets Growth Fund
Scudder Emerging Markets Income Fund
Scudder Florida Tax-Free Income Fund
Scudder Focus Value+Growth Fund
Scudder Global Bond Fund
Scudder Global Discovery Fund
Scudder Global Fund
Scudder GNMA Fund
Scudder Gold & Precious Metals Fund
Scudder Greater Europe Growth Fund
Scudder Growth and Income Fund
Scudder Growth Fund
Scudder Health Care Fund
Scudder High Income Fund
Scudder High Income Opportunity Fund
Scudder High Yield Tax-Free Fund
Scudder Income Fund
Scudder International Fund
Scudder Large Company Growth Fund
Scudder Large Company Value Fund
Scudder Latin America Fund
Scudder Managed Municipal Bond Fund
Scudder Massachusetts Tax-Free Fund
Scudder Medium Term Tax-Free Fund
Scudder New Europe Fund
Scudder New York Tax-Free Income Fund
Scudder Pacific Opportunities Fund
Scudder Pathway Series: Conservative Portfolio
Scudder Pathway Series: Growth Portfolio
Scudder Pathway Series: Moderate Portfolio
Scudder Retirement Fund -- Series IV
Scudder Retirement Fund -- Series V
Scudder Retirement Fund -- Series VI
Scudder Retirement Fund -- Series VII
Scudder RREEF Real Estate Securities Fund
Scudder S&P 500 Index Fund
Scudder S&P 500 Stock Fund
Scudder Select 500 Fund
Scudder Short Term Bond Fund
Scudder Small Company Stock Fund
Scudder Small Company Value Fund
Scudder Strategic Income Fund
Scudder Target 2010 Fund
Scudder Target 2011 Fund
Scudder Target 2012 Fund
Scudder Technology Fund
Scudder Technology Innovation Fund
Scudder Total Return Fund
Scudder US Government Securities Fund
Scudder Variable Series I
     Scudder Bond Portfolio
     Scudder Balanced Portfolio
     Scudder Growth and Income Portfolio
     Scudder Capital Growth Portfolio
     Scudder 21st Century Growth Portfolio
     Scudder Global Discovery Portfolio
     Scudder International Portfolio
     Scudder Health Sciences Portfolio
Scudder Variable Series II
     Scudder Aggressive Growth Portfolio
     Scudder Blue Chip Portfolio
     Scudder Contrarian Value Portfolio
     Scudder Global Blue Chip Portfolio
     Scudder Government Securities Portfolio
     Scudder Growth Portfolio
     Scudder High Income Portfolio
     Scudder International Select Equity Portfolio
     Scudder Investment Grade Bond Portfolio
     Scudder Small Cap Growth Portfolio
     Scudder Strategic Income Portfolio
     Scudder Technology Growth Portfolio
     Scudder Total Return Portfolio
     SVS Davis Venture Value Portfolio
     SVS Dreman Financial Services Portfolio
     SVS Dreman High Return Equity Portfolio
     SVS Dreman Small Cap Value Portfolio
     SVS Eagle Focused Large Cap Growth Portfolio
     SVS Focus Value+Growth Portfolio
     SVS Index 500 Portfolio
     SVS INVESCO Dynamic Growth Portfolio
     SVS Janus Growth And Income Portfolio
     SVS Janus Growth Opportunities Portfolio
     SVS MFS Strategic Value Portfolio
     SVS Oak Strategic Equity Portfolio
     SVS Turner Mid Cap Growth Portfolio
Scudder Worldwide 2004 Fund



The following  information  replaces related information included in each fund's
currently  effective  SAI under the section  describing  portfolio and brokerage
transactions:




Portfolio Transactions

The Advisor is  responsible  for placing the orders for the purchase and sale of
portfolio securities, including the allocation of brokerage.

The primary objective of the Advisor in placing orders for the purchase and sale
of securities  for a Fund is to obtain the most  favorable  net results,  taking
into  account  such  factors,   among  others,   as  price,   commission  (where
applicable),  size of order,  difficulty of execution and skill  required of the
executing   broker-dealer.   The   Advisor   seeks  to   evaluate   the  overall
reasonableness  of  brokerage  commissions  paid  with  commissions  charged  on
comparable  transactions,  as well as by comparing commissions paid by a Fund to
reported  commissions paid by others.  The Advisor routinely reviews  commission
rates,  execution  and  settlement  services  performed  and makes  internal and
external comparisons.

A Fund's purchases and sales of fixed-income  securities are generally placed by
the Advisor  with primary  market  makers for these  securities  on a net basis,
without any brokerage  commission being paid by a Fund.  Trading does,  however,
involve  transaction costs.  Transactions with dealers serving as primary market
makers  reflect  the  spread  between  the bid and asked  prices.  Purchases  of
underwritten  issues may be made, which will include an underwriting fee paid to
the  underwriter.  In effecting  transactions  in  over-the-counter  securities,
orders are placed with the principal market makers for the security being traded
unless,  after  exercising  care,  it appears  that more  favorable  results are
available elsewhere.

When it can be done consistently with the policy of obtaining the most favorable
net results,  the Advisor may place such orders with  broker-dealers  who supply
research  services to the Advisor or a Fund. The term "research  services",  may
include,  but is not  limited  to,  advice  as to the value of  securities;  the
advisability of investing in, purchasing or selling securities; the availability
of securities or purchasers or sellers of  securities;  and analyses and reports
concerning  issuers,  industries,   securities,  economic  factors  and  trends,
portfolio  strategy and the  performance of accounts.  The Advisor is authorized
when  placing  portfolio  transactions,  if  applicable,  for a  Fund  to  pay a
brokerage commission in excess of that which another  broker-dealer might charge
for  executing  the same  transaction  on account of execution  services and the
receipt of research services. The Advisor has negotiated arrangements, which are
not applicable to most fixed income  transactions,  with certain  broker-dealers
pursuant to which a broker-dealer  will provide research services to the Advisor
in exchange for the  direction by the Advisor of brokerage  transactions  to the
broker-dealer.   These  arrangements  regarding  receipt  of  research  services
generally  apply to equity  security  transactions.  Although  certain  research
services from  broker-dealers may be useful to a Fund and to the Advisor,  it is
the  opinion of the  Advisor  that such  information  only  supplements  its own
research  effort  since the  information  must still be  analyzed,  weighed  and
reviewed by the Advisor's  staff.  Such information may be useful to the Advisor
in providing  services to clients other than a Fund and not all such information
is used by the Advisor in connection with a Fund.  Conversely,  such information
provided  to the Advisor by  broker-dealers  through  whom other  clients of the
Advisor effect securities transactions may be useful to the Advisor in providing
services to a Fund.

When selecting a broker-dealer to effect  portfolio  transactions on behalf of a
Fund, the Advisor may, provided that it can be done consistently with the policy
of obtaining  the most  favorable  net results,  consider the  activities of the
broker-dealer in selling shares of any Scudder-branded  (funds marketed with the
Scudder name),  open-end investment company.  The Advisor has informed the Board
of each Scudder-branded,  open-end investment company of these practices and has
undertaken  to provide to the Boards  regular  reports  about its  selection  of
broker-dealers to effect portfolio transactions. The Advisor believes that these
reports are important because it recognizes that it or its affiliates may derive
some benefit from these  practices.  The Advisor and its affiliates  expect that
each of the  Funds  will  benefit  by the  direction  of  orders of the Funds to
broker-dealers   in  consideration  of  those   broker-dealers'   sales  of  the
Scudder-branded, open-end funds in general.



March 26, 2003