497 1 sp040804mega.txt MEGA PROSPECTUS SUPPLEMENT SCUDDER INVESTMENTS Supplement to the currently effective Class C prospectus of each of the listed funds: Scudder 21st Century Growth Fund Scudder Aggressive Growth Fund Scudder Blue Chip Fund Scudder California Tax-Free Income Fund Scudder Capital Growth Fund Scudder Dynamic Growth Fund Scudder Fixed Income Fund Scudder Flag Investors Equity Partners Fund Scudder Flag Investors Value Builder Fund Scudder Florida Tax-Free Income Fund Scudder Global Biotechnology Fund Scudder Global Fund Scudder Growth Fund Scudder Growth and Income Fund Scudder Health Care Fund Scudder High Income Fund Scudder High Income Opportunity Fund Scudder High Yield Tax-Free Fund Scudder Income Fund Scudder Intermediate Tax/AMT Free Fund Scudder International Fund Scudder Japanese Equity Fund Scudder Large Company Growth Fund Scudder Large Company Value Fund Scudder Managed Municipal Bond Fund Scudder Massachusetts Tax-Free Fund Scudder Micro Cap Fund Scudder Mid Cap Fund Scudder New York Tax-Free Income Fund Scudder Pathway Series -- Conservative Portfolio Scudder Pathway Series -- Growth Portfolio Scudder Pathway Series -- Moderate Portfolio Scudder PreservationPlus Income Fund Scudder S&P 500 Stock Fund Scudder Select 500 Fund Scudder Short Duration Fund Scudder Short-Term Bond Fund Scudder Small Cap Fund Scudder Small Company Stock Fund Scudder Small Company Value Fund Scudder Strategic Income Fund Scudder Tax Advantaged Dividend Fund Scudder Technology Fund Scudder Technology Innovation Fund Scudder Top 50 US Fund Scudder U.S. Government Securities Fund
The following information supplements each of the above-listed funds' currently effective Class C prospectus: Effective March 1, 2004, the 1.00% front-end sales charge (load) imposed on purchases of Class C shares of the fund was eliminated. Class C shares of the fund are offered at net asset value and 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. The following replaces the "Shareholder Fees" information for Class C shares of each fund as set forth in the Fee Table under "How Much Investors Pay":
Shareholder Fees, paid directly from your investment ----------------------------------------------------------------------------------------- Maximum Sales Charge (Load) Imposed on Purchases (as % of offering price) None ----------------------------------------------------------------------------------------- Maximum Contingent Deferred Sales Charge (Load) (as % of redemption proceeds) 1.00% -----------------------------------------------------------------------------------------
The following information updates the expense example information for Class C shares in the "How Much Investors Pay" section of each fund's prospectus to reflect the elimination of the 1.00% front-end sales charge (load):
------------------------------------------------------------------------------------------------------------------------------- Expenses, assuming you sold your shares Example at the end of each period Expenses, assuming you kept your shares ------------------------------------------------------------------------------------------------------------------------------- 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years ------------------------------------------------------------------------------------------------------------------------------- Scudder 21st Century Growth Fund 352 983 1,735 3,716 252 983 1,735 3,716 ------------------------------------------------------------------------------------------------------------------------------- Scudder Aggressive Growth Fund 353 937 1,645 3,524 253 937 1,645 3,524 ------------------------------------------------------------------------------------------------------------------------------- Scudder Blue Chip Fund 303 663 1,149 2,490 203 663 1,149 2,490 ------------------------------------------------------------------------------------------------------------------------------- Scudder California Tax-Free 262 502 866 1,889 162 502 866 1,889 Income Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Capital Growth Fund 303 795 1,412 3,079 203 795 1,412 3,079 ------------------------------------------------------------------------------------------------------------------------------- Scudder Dynamic Growth Fund 355 967 1,702 3,643 255 967 1,702 3,643 ------------------------------------------------------------------------------------------------------------------------------- Scudder Fixed Income Fund 258 490 845 1,845 158 490 845 1,845 ------------------------------------------------------------------------------------------------------------------------------- Scudder Flag Investors Equity 300 618 1,062 2,296 200 618 1,062 2,296 Partners Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Flag Investors Value 290 588 1,011 2,190 190 588 1,011 2,190 Builder Fund ------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- Expenses, assuming you sold your shares Example at the end of each period Expenses, assuming you kept your shares ------------------------------------------------------------------------------------------------------------------------------- 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years ------------------------------------------------------------------------------------------------------------------------------- Scudder Florida Tax-Free Income $280 $557 $959 $2,084 $180 $557 $959 $2,084 Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Global Biotechnology 328 1,548 2,827 5,860 228 1,548 2,827 5,860 Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Global Fund 349 871 1,518 3,254 249 871 1,518 3,254 ------------------------------------------------------------------------------------------------------------------------------- Scudder Growth Fund 302 773 1,371 2,989 202 773 1,371 2,989 ------------------------------------------------------------------------------------------------------------------------------- Scudder Growth and Income Fund 299 671 1,170 2,544 199 671 1,170 2,544 ------------------------------------------------------------------------------------------------------------------------------- Scudder Health Care Fund 343 802 1,441 3,158 243 802 1,441 3,158 ------------------------------------------------------------------------------------------------------------------------------- Scudder High Income Fund 276 545 939 2,041 176 545 939 2,041 ------------------------------------------------------------------------------------------------------------------------------- Scudder High Income Opportunity 308 643 1,103 2,379 208 643 1,103 2,379 Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder High Yield Tax-Free Fund 280 557 959 2,084 180 557 959 2,084 ------------------------------------------------------------------------------------------------------------------------------- Scudder Income Fund 294 613 1,070 2,339 194 613 1,070 2,339 ------------------------------------------------------------------------------------------------------------------------------- Scudder Intermediate Tax/AMT 270 526 907 1,976 170 526 907 1,976 Free Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder International Fund 338 752 1,292 2,769 238 752 1,292 2,769 ------------------------------------------------------------------------------------------------------------------------------- Scudder Japanese Equity Fund 318 876 1,559 3,380 218 876 1,559 3,380 ------------------------------------------------------------------------------------------------------------------------------- Scudder Large Company Growth Fund 306 865 1,548 3,371 206 865 1,548 3,371 ------------------------------------------------------------------------------------------------------------------------------- Scudder Large Company Value Fund 305 782 1,386 3,018 205 782 1,386 3,018 ------------------------------------------------------------------------------------------------------------------------------- Scudder Managed Municipal Bond 259 493 850 1,856 159 493 850 1,856 Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Massachusetts Tax-Free 282 563 970 2,105 182 563 970 2,105 Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Micro Cap Fund 352 861 1,496 3,203 252 861 1,496 3,203 ------------------------------------------------------------------------------------------------------------------------------- Scudder Mid Cap Fund 303 646 1,115 2,414 203 646 1,115 2,414 ------------------------------------------------------------------------------------------------------------------------------- Scudder New York Tax-Free 265 511 881 1,922 165 511 881 1,922 Income Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Pathway Series -- 279 602 1,051 2,298 179 602 1,051 2,298 Conservative Portfolio ------------------------------------------------------------------------------------------------------------------------------- Scudder Pathway Series -- 286 644 1,129 2,467 186 644 1,129 2,467 Growth Portfolio ------------------------------------------------------------------------------------------------------------------------------- Scudder Pathway Series -- $284 $607 $1,056 $2,302 $184 $607 $1,056 $2,302 Moderate Portfolio ------------------------------------------------------------------------------------------------------------------------------- Scudder PreservationPlus 328 705 1,209 2,594 228 705 1,209 2,594 Income Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder S&P 500 Stock Fund 282 657 1,159 2,540 182 657 1,159 2,540 ------------------------------------------------------------------------------------------------------------------------------- Scudder Select 500 Fund 297 609 1,047 2,264 197 609 1,047 2,264 ------------------------------------------------------------------------------------------------------------------------------- Scudder Short Duration Fund 258 508 883 1,936 158 508 883 1,936 ------------------------------------------------------------------------------------------------------------------------------- Scudder Short-Term Bond Fund 283 566 975 2,116 183 566 975 2,116 ------------------------------------------------------------------------------------------------------------------------------- Scudder Small Cap Fund 303 652 1,128 2,442 203 652 1,128 2,442 ------------------------------------------------------------------------------------------------------------------------------- Scudder Small Company Stock Fund 351 838 1,451 3,105 251 838 1,451 3,105 ------------------------------------------------------------------------------------------------------------------------------- Scudder Small Company Value Fund 329 706 1,210 2,595 229 706 1,210 2,595 ------------------------------------------------------------------------------------------------------------------------------- Scudder Strategic Income Fund 300 618 1,062 2,296 200 618 1,062 2,296 ------------------------------------------------------------------------------------------------------------------------------- Scudder Tax Advantaged 279 652 1,152 2,528 179 652 1,152 2,528 Dividend Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Technology Fund 318 673 1,154 2,483 218 673 1,154 2,483 ------------------------------------------------------------------------------------------------------------------------------- Scudder Technology Innovation 359 847 1,510 3,286 259 847 1,510 3,286 Fund ------------------------------------------------------------------------------------------------------------------------------- Scudder Top 50 US Fund 293 891 1,613 3,525 193 891 1,613 3,525 ------------------------------------------------------------------------------------------------------------------------------- Scudder U.S. Government 267 517 892 1,944 167 517 892 1,944 Securities Fund -------------------------------------------------------------------------------------------------------------------------------
All other references to a front-end sales charge imposed on purchases of Class C shares that appear in the fund's current prospectus are hereby deleted. April 8, 2004 SMF-3620