497 1 sp100103mega.txt SCUDDER INVESTMENTS Supplement to the currently effective Prospectus for each of the listed funds: Cash Account Trust Government Securities Portfolio Money Market Portfolio Tax-Exempt Portfolio Cash Equivalent Fund Government Securities Portfolio Money Market Portfolio Tax-Exempt Portfolio Cash Management Fund Institutional Cash Management Fund Investment Cash Reserve Fund, Inc. Prime Series Treasury Series Tax-Free Series Cash Reserves Fund Institutional Daily Assets Fund Institutional Investors Cash Trust Government Securities Portfolio Treasury Portfolio Investors Municipal Cash Fund Investors Florida Municipal Cash Fund Investors Michigan Municipal Cash Fund Investors New Jersey Municipal Cash Fund Investors Pennsylvania Municipal Cash Fund Tax-Exempt New York Money Market Fund Liquid Assets Fund Institutional Money Market Fund Investment NY Tax Free Money Fund Investment 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 Cash Reserves 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 EAFE Equity Index Fund Scudder Emerging Markets Debt Fund Scudder Emerging Markets Growth Fund Scudder Emerging Markets Income Fund Scudder Equity 500 Index Fund Scudder European Equity Fund Scudder Fixed Income Fund Scudder Flag Investors Equity Partners Fund Scudder Flag Investors Communications Fund Scudder Flag Investors Value Builder 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 and Precious Metals Fund Scudder Greater Europe Growth Fund Scudder Growth and Income Fund Scudder Growth Fund Scudder High Income Fund Scudder High Income Opportunity Fund Scudder High Income Plus Fund Scudder Income Fund Scudder International Equity Fund Scudder International Fund Scudder International Select Equity Fund Scudder Japanese Equity Fund Scudder Large Company Growth Fund Scudder Large Company Value Fund Scudder Latin America Fund Scudder Lifecycle Long Range Fund Scudder Lifecycle Mid Range Fund Scudder Lifecycle Short Range Fund Scudder Massachusetts Tax-Free Fund Scudder Micro Cap Fund Scudder Mid Cap Fund Scudder Money Funds Scudder Government Money Fund Scudder Money Market Fund Scudder Tax-Exempt Money Fund Scudder Municipal Bond 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 PreservationPlus Fund Scudder PreservationPlus Income Fund 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 Duration Fund Scudder Short-Term Bond Fund Scudder Short-Term Municipal Bond Fund Scudder Small Cap Fund Scudder Small Company Stock Fund Scudder Small Company Value Fund Scudder Strategic Income Fund Scudder Strategic Growth Fund Scudder Target 2010 Fund Scudder Target 2011 Fund Scudder Target 2012 Fund Scudder Target 2013 Fund Scudder Tax Advantaged Dividend Fund Scudder Top 50 US Fund Scudder Total Return Bond Fund Scudder Total Return Fund Scudder US Bond Index Fund Scudder US Government Securities Fund Scudder Worldwide 2004 Fund Scudder Yieldwise Funds Scudder Yieldwise Government Money Fund Scudder Yieldwise Money Fund Scudder Yieldwise Municipal Money Fund Tax-Exempt California Money Market Fund Tax Free Money Fund Investment Treasury and Agency Fund Institutional Treasury Money Fund Institutional Treasury Money Fund Investment To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means to you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. Some or all of this information will be used to verify the identity of all persons opening an account. We might request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help us verify your identity, and in some cases the information and/or documents may be required to conduct the verification. The information and documents will be used solely to verify your identity. The fund reserves the right (and may be required by law) to reject your new account purchase if any required or requested identifying information is not provided, or for other reasons. We will attempt to collect any missing required and requested information by contacting you or your financial intermediary. If we are unable to obtain this information within the time frames established by the fund, then we may reject your application and order. The fund will not invest your purchase until all required and requested identification has been provided and your application has been submitted in "good order." After we receive all the information, your application is deemed to be in good order and we accept your purchase, you will receive the net asset value per share next calculated (less any applicable sales charges). In addition, while we attempt to verify your identity, we may limit your ability to purchase or exchange fund shares. If we are unable to verify your identity within time frames established by the fund, after a reasonable effort to do so, you will receive written notification. The fund reserves the right (and may be required by law) to close and liquidate your account if we are unable to verify your identity, or for other reasons. If we decide to close your account, your fund shares will be redeemed at the net asset value per share next calculated after we determine to close your account (less any applicable sales charges). You may be subject to gain or loss on the redemption of your fund shares and you may incur tax liability. The fund further reserves the right to hold your redemption proceeds until your original check clears the bank. The fund further reserves the right (and may be required by law) to refuse, cancel or rescind any purchase or exchange order; freeze any account (meaning you will not be able to purchase or redeem fund shares in your account); suspend account services; and/or involuntarily redeem your account if we think that the account is being used for fraudulent or illegal purposes. One or more of these actions will be taken when, at our sole discretion, they are deemed to be in the fund's best interest or when the fund is requested or compelled to do so by governmental law or authority or by applicable law. The fund generally will not accept new account applications to establish an account with a non-U.S. address (APO/FPO and U.S. territories are acceptable) or for a non-resident alien. October 1, 2003 SMF-3613