497 1 sp030104mega.txt PROSPECTUS SUPPLEMENT SCUDDER INVESTMENTS Supplement to the currently effective Class A, B, C and, as applicable, Class R prospectuses of each of the listed funds: Scudder 21st Century Growth Fund Scudder Large Company Growth Fund Scudder Aggressive Growth Fund Scudder Large Company Value Fund Scudder Blue Chip Fund Scudder Managed Municipal Bond Fund Scudder California Tax-Free Income Fund Scudder Massachusetts Tax-Free Fund Scudder Capital Growth Fund Scudder Micro Cap Fund Scudder Contrarian Fund Scudder Mid Cap Fund Scudder-Dreman High Return Equity Fund Scudder New York Tax-Free Income Fund Scudder-Dreman Small Cap Value Fund Scudder Pathway Series -- Conservative Portfolio Scudder Dynamic Growth Fund Scudder Pathway Series -- Growth Portfolio Scudder Fixed Income Fund Scudder Pathway Series -- Moderate Portfolio Scudder Flag Investors Communications Fund Scudder PreservationPlus Income Fund Scudder Flag Investors Equity Partners Fund Scudder RREEF Real Estate Securities Fund Scudder Flag Investors Value Builder Fund Scudder S&P 500 Stock Fund Scudder Florida Tax-Free Income Fund Scudder Select 500 Fund Scudder Global Biotechnology Fund Scudder Short Duration Fund Scudder Global Fund Scudder Short-Term Bond Fund Scudder Growth Fund Scudder Small Cap Fund Scudder Growth and Income Fund Scudder Small Company Stock Fund Scudder Health Care Fund Scudder Small Company Value Fund Scudder High Income Fund Scudder Strategic Income Fund Scudder High Income Opportunity Fund Scudder Tax Advantaged Dividend Fund Scudder High Yield Tax-Free Fund Scudder Technology Fund Scudder Income Fund Scudder Technology Innovation Fund Scudder Intermediate Tax/AMT Free Fund Scudder Top 50 US Fund Scudder International Fund Scudder U.S. Government Securities Fund Scudder Japanese Equity Fund
The following information supplements each of the above-listed funds' currently effective Class A,B,C and, as applicable, Class R prospectuses: Effective March 1, 2004, the 1.00% front-end sales charge (load) imposed on purchases of Class C shares of the fund (as reflected in the fee table in the fund's prospectus) will be eliminated. Class C shares of the fund will be offered at net asset value. Class C shares will continue to be subject to a contingent deferred sales charge of 1.00% (for shares sold within one year of purchase) and Rule 12b-1 fees, as described in each prospectus. [ March 1, 2004 SMF-3617