497 1 ss092704mega.txt SAI STICKER Supplement to the currently effective Statement of Additional Information of each of the listed funds:
Cash Account Trust o Scudder International Equity Fund o Government & Agency Securities Portfolio o Scudder Equity 500 Index Fund o Money Market Portfolio o Daily Assets Fund o Tax-Exempt Portfolio o Treasury Money Fund Cash Equivalent Fund Scudder International Equity Fund o Government & Agency Securities Portfolio Scudder International Fund o Money Market Portfolio Scudder International Select Equity Fund o Tax-Exempt Portfolio Scudder Japanese Equity Fund Cash Reserve Fund, Inc. Scudder Large Cap Value Fund o Prime Series Scudder Large Company Growth Fund o Tax-Free Series Scudder Large Company Value Fund o Treasury Series Scudder Latin America Fund Investors Cash Trust Scudder Lifecycle Long Range Fund o Government & Agency Securities Portfolio Scudder Lifecycle Mid Range Fund o Treasury Portfolio Scudder Lifecycle Short Range Fund Investors Municipal Cash Fund Scudder Massachusetts Tax-Free Fund o Investors Florida Municipal Cash Fund Scudder Mid Cap Fund o Investors Michigan Municipal Cash Fund Scudder Micro Cap Fund o Investors New Jersey Municipal Cash Fund Scudder Money Funds o Investors Pennsylvania Municipal Cash Fund o Scudder Government & Agency Money Fund o Tax-Exempt New York Money Market Fund o Scudder Money Market Fund Scudder 21st Century Growth Fund o Scudder Tax-Exempt Money Fund Scudder Aggressive Growth Fund Scudder Municipal Bond Fund Scudder Advisor Funds Scudder New Europe Fund o Cash Management Scudder New York Tax-Free Income Fund o New York Tax Free Money Scudder Pacific Opportunities Fund o Tax-Free Money Scudder Pathway Series: Conservative Portfolio o Treasury Money Scudder Pathway Series: Growth Portfolio o PreservationPlus Income Fund Scudder Pathway Series: Moderate Portfolio Scudder Advisor Funds III Scudder Retirement Fund -- Series V o Money Market Scudder Retirement Fund -- Series VI o PreservationPlus Fund Scudder Retirement Fund -- Series VII Scudder Balanced Fund Scudder RREEF Real Estate Securities Fund Scudder Blue Chip Fund Scudder S&P 500 Index Fund Scudder California Tax-Free Income Fund Scudder S&P 500 Stock Fund Scudder Capital Growth Fund Scudder Select 500 Fund Scudder Cash Reserves Fund Scudder Short Duration Fund Scudder-Dreman Financial Services Fund Scudder Short-Term Bond Fund Scudder-Dreman High Return Equity Fund Scudder Short-Term Municipal Bond Fund Scudder Dreman-Small Cap Value Fund Scudder Small Cap Growth Fund Scudder Development Fund Scudder Small Company Stock Fund Scudder Dynamic Growth Fund Scudder Small Company Value Fund Scudder EAFE Equity Index Fund Scudder Strategic Income Fund Scudder Emerging Markets Debt Fund Scudder Target 2010 Fund Scudder Emerging Markets Growth Fund Scudder Target 2011 Fund Scudder Emerging Markets Income Fund Scudder Target 2012 Fund Scudder Fixed Income Fund Scudder Target 2013 Fund Scudder Flag Investors Communications Fund Scudder Tax Advantaged Dividend Fund Scudder Flag Investors Equity Partners Fund Scudder Total Return Bond Fund Scudder Flag Investors Value Builder Fund Scudder Total Return Fund Scudder Florida Tax-Free Income Fund Scudder US Bond Index Fund Scudder Focus Value Plus Growth Fund Scudder US Government Securities Fund Scudder Global Bond Fund Scudder Worldwide 2004 Fund Scudder Global Discovery Fund Scudder Yieldwise Funds Scudder Global Fund o Scudder Yieldwise Government & Agency Money Fund Scudder GNMA Fund o Scudder Yieldwise Money Fund Scudder Gold and Precious Metals Fund o Scudder Yieldwise Municipal Money Fund Scudder Greater Europe Growth Fund Scudder Investments VIT Funds Scudder Growth Fund o Scudder EAFE Equity Index Fund Scudder Growth & Income Fund o Scudder Equity 500 Index Fund Scudder High Income Fund o Scudder Real Estate Securities Portfolio Scudder High Income Plus Fund o Scudder Small Cap Index Fund Scudder High Income Opportunity Fund Scudder Variable Series I Scudder Income Fund o Scudder Bond Portfolio Scudder Institutional Funds o Scudder Balanced Portfolio o Cash Management Fund o Scudder Growth and Income Portfolio o Cash Reserves Fund o Scudder Capital Growth Portfolio o SVS Janus Growth and Income Portfolio o Scudder 21st Century Growth Portfolio o SVS Janus Growth Opportunities Portfolio o Scudder Global Discovery Portfolio o SVS MFS Strategic Value Portfolio o Scudder International Portfolio o SVS Turner Mid Cap Growth Portfolio o Scudder Health Sciences Portfolio o SVS Oak Strategic Equity Portfolio o Money Market Portfolio o Scudder Fixed Income Portfolio Scudder Variable Series II o Scudder Global Blue Chip Portfolio o Scudder Aggressive Growth Portfolio o Scudder Government & Agency Securities Portfolio o Scudder Blue Chip Portfolio o Scudder Growth Portfolio o Scudder Large Cap Value Portfolio o Scudder High Income Portfolio o SVS Davis Venture Value Portfolio o Scudder International Select Equity Portfolio o SVS Dreman Financial Services Portfolio o Scudder Money Market Portfolio o SVS Dreman High Return Equity Portfolio o Scudder Small Cap Growth Portfolio o SVS Dreman Small Cap Value Portfolio o Scudder Strategic Income Portfolio o SVS Eagle Focused Large Cap Growth Portfolio o Scudder Technology Growth Portfolio o SVS Focus Value+Growth Portfolio o Scudder Total Return Portfolio o SVS Index 500 Portfolio Tax-Exempt California Money Market Fund o SVS Invesco Dynamic Growth Portfolio
The following information is added to or amends each Fund's Statement of Additional Information: You may obtain information about how a fund voted proxies related to its portfolio securities during the 12-month period ended June 30 by visiting the Securities and Exchange Commission's Web site at www.sec.gov or by visiting our Web site at: aarp.scudder.com for Class AARP shares, myscudder.com for Class S shares, or scudder.com for all other classes (type "proxy voting" in the search field). PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE September 27, 2004