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

         
    Scudder 21st Century Growth Fund                         Scudder International Select Equity Fund
    Scudder Aggressive Growth Fund                           Scudder Japanese Equity Fund
    Scudder Blue Chip Fund                                   Scudder Large Cap Value Fund
    Scudder California Tax-Free Income Fund                  Scudder Large Company Growth Fund
    Scudder Capital Growth Fund                              Scudder Large Company Value Fund
    Scudder-Dreman Financial Services Fund                   Scudder Latin America Fund
    Scudder-Dreman High Return Equity Fund                   Scudder Massachusetts Tax-Free Fund
    Scudder-Dreman Small Cap Value Fund                      Scudder Micro Cap Fund
    Scudder Dynamic Growth Fund                              Scudder Mid Cap Growth Fund
    Scudder Emerging Markets Growth Fund                     Scudder New Europe Fund
    Scudder Emerging Markets Income Fund                     Scudder New York Tax-Free Income Fund
    Scudder Fixed Income Fund                                Scudder Pacific Opportunities Fund
    Scudder Flag Investors Communications Fund               Scudder Pathway Series: Conservative Portfolio
    Scudder Flag Investors Equity Partners Fund              Scudder Pathway Series: Growth Portfolio
    Scudder Flag Investors Value Builder Fund                Scudder Pathway Series: Moderate Portfolio
    Scudder Florida Tax-Free Income Fund                     Scudder PreservationPlus Income Fund
    Scudder Focus Value + Growth Fund                        Scudder RREEF Real Estate Securities Fund
    Scudder Global Bond Fund                                 Scudder S&P 500 Stock Fund
    Scudder Global Discovery Fund                            Scudder Select 500 Fund
    Scudder Global Fund                                      Scudder Short Duration Fund
    Scudder Gold and Precious Metals Fund                    Scudder Short-Term Bond Fund
    Scudder Greater Europe Growth Fund                       Scudder Short-Term Municipal Bond Fund
    Scudder Growth and Income Fund                           Scudder Small Cap Growth Fund
    Scudder Growth Fund                                      Scudder Small Company Stock Fund
    Scudder High Income Fund                                 Scudder Small Company Value Fund
    Scudder High Income Opportunity Fund                     Scudder Strategic Income Fund
    Scudder Income Fund                                      Scudder Tax Advantaged Dividend Fund
    Scudder International Equity Fund                        Scudder Total Return Fund
    Scudder International Fund                               Scudder US Government Securities Fund




The following replaces similar  information  regarding the ability to reduce the
front-end sales charge for Class A shares in each fund's Statement of Additional
Information under the heading "Purchase and Redemption of Shares - Purchases":

Class A  Quantity  Discounts.  An  investor  or the  investor's  dealer or other
financial  services  firm  must  notify  the  Shareholder  Service  Agent or SDI
whenever  a  quantity  discount  or  reduced  sales  charge is  applicable  to a
purchase.  In order to qualify  for a lower  sales  charge,  all orders  from an
organized  group will have to be placed  through a single  investment  dealer or
other firm and identified as originating from a qualifying purchaser.

Combined  Purchases.  The  Fund's  Class A shares may be  purchased  at the rate
applicable to the sales charge discount  bracket  attained by combining same day
investments in Class A shares of any Scudder Funds that bear a sales charge.

Letter of Intent.  The reduced sales charges for Class A shares, as shown in the
applicable prospectus,  also apply to the aggregate amount of purchases of Class
A shares of Scudder Funds that bear a sales charge made by any purchaser  within
a 24-month period under a written Letter of Intent  ("Letter")  provided by SDI.
The Letter,  which imposes no obligation to purchase or sell additional  Class A
shares,  provides  for a price  adjustment  depending  upon  the  actual  amount
purchased  within  such  period.  The Letter  provides  that the first  purchase
following  execution  of the  Letter  must be at least 5% of the  amount  of the
intended  purchase,  and that 5% of the amount of the intended



purchase  normally  will  be held  in  escrow  in the  form  of  shares  pending
completion of the intended  purchase.  If the total investments under the Letter
are less than the  intended  amount and thereby  qualify only for a higher sales
charge  than  actually  paid,  the  appropriate  number of  escrowed  shares are
redeemed and the proceeds used toward  satisfaction of the obligation to pay the
increased sales charge.  The Letter for an  employer-sponsored  employee benefit
plan maintained on the subaccount  record keeping system  available  through the
Shareholder  Service Agent may have special provisions  regarding payment of any
increased  sales  charge  resulting  from a failure  to  complete  the  intended
purchase under the Letter.  A shareholder  may include the value (at the maximum
offering price,  which is determined by adding the maximum applicable sales load
charged to the net asset value) of all Class A shares of such Scudder Funds held
of record as of the initial  purchase date under the Letter as an  "accumulation
credit" toward the  completion of the Letter,  but no price  adjustment  will be
made on such shares.

Class A Cumulative Discount. Class A shares of the Fund may also be purchased at
the rate  applicable to the discount  bracket  attained by adding to the cost of
shares being  purchased,  the value of all Class A shares of Scudder  Funds that
bear a sales charge  (computed at the maximum  offering price at the time of the
purchase for which the discount is applicable)  already owned by the investor or
his or her immediate family member.

For purposes of the Combined Purchases, Letter of Intent and Cumulative Discount
features  described above,  employer  sponsored employee benefit plans using the
Flex  subaccount  record keeping  system may include:  (a) Money Market Funds as
"Scudder Funds", (b) all classes of shares of any Scudder Fund and (c) the value
of any other plan  investments,  such as  guaranteed  investment  contracts  and
employer stock, maintained on such subaccount record keeping system.

Class A NAV Sales. Class A shares may be sold at net asset value to:

(a)  a current  or former  director  or trustee of  Deutsche  or Scudder  mutual
     funds;

(b)  an employee  (including the employee's  spouse or life partner and children
     or stepchildren age 21 or younger) of Deutsche Bank or its affiliates or of
     a  subadvisor  to  any  fund  in  the  Scudder  family  of  funds  or  of a
     broker-dealer  authorized  to sell shares of the Fund or service  agents of
     the Fund;

(c)  certain  professionals  who assist in the promotion of Scudder mutual funds
     pursuant to personal services contracts with SDI, for themselves or members
     of their families.  SDI in its discretion may compensate financial services
     firms for sales of Class A shares under this privilege at a commission rate
     of 0.50% of the amount of Class A shares purchased;

(d)  any trust,  pension,  profit-sharing  or other  benefit  plan for only such
     persons listed under the preceding paragraphs (a) and (b);

(e)  persons  who  purchase  such shares  through  bank trust  departments  that
     process such trades through an automated,  integrated  mutual fund clearing
     program provided by a third party clearing firm;

(f)  persons who purchase shares of the Fund through SDI as part of an automated
     billing and wage deduction  program  administered by RewardsPlus of America
     for the benefit of employees of participating employer groups;

(g)  selected  employees  (including their spouses or life partners and children
     or stepchildren  age 21 or younger) of banks and other  financial  services
     firms that provide  administrative  services related to order placement and
     payment to facilitate  transactions in shares of the Fund for their clients
     pursuant  to an  agreement  with SDI or one of its  affiliates.  Only those
     employees  of such banks and other firms who as part of their usual  duties
     provide services related to transactions in Fund shares qualify;




(h)  unit  investment  trusts  sponsored  by  Ranson  &  Associates,   Inc.  and
     unitholders  of unit  investment  trusts  sponsored by Ranson & Associates,
     Inc. or its predecessors  through  reinvestment  programs  described in the
     prospectuses of such trusts that have such programs;

(i)  through  certain  investment   advisors  registered  under  the  Investment
     Advisers Act of 1940 and other  financial  services  firms acting solely as
     agent for their clients,  that adhere to certain  standards  established by
     SDI,  including a  requirement  that such shares be sold for the benefit of
     their clients  participating  in an investment  advisory  program or agency
     commission  program  under which such  clients pay a fee to the  investment
     advisor  or  other  firm  for  portfolio  management  or  agency  brokerage
     services. Such shares are sold for investment purposes and on the condition
     that they will not be resold except through redemption or repurchase by the
     Fund;

(j)  (1) employer  sponsored  employee  benefit plans using the Flex  subaccount
     recordkeeping system ("Flex Plans"),  established prior to October 1, 2003,
     provided  that the Flex  Plan is a  participant-directed  plan that has not
     less than 200 eligible employees and (2) investors  investing $1 million or
     more, either as a lump sum or through the "Combined  Purchases," "Letter of
     Intent" and "Cumulative Discount" features referred to above (collectively,
     the "Large  Order NAV  Purchase  Privilege").  The Large Order NAV Purchase
     Privilege is not available if another net asset value purchase privilege is
     available; and

(k)  in  connection  with  the  acquisition  of  the  assets  of  or  merger  or
     consolidation  with  another  investment  company,  or to  shareholders  in
     connection  with the investment or  reinvestment of income and capital gain
     dividends,  and under other  circumstances  deemed  appropriate  by SDI and
     consistent with regulatory requirements.

Class A shares also may be purchased at net asset value in any amount by members
of the plaintiff class in the proceeding known as Howard and Audrey Tabankin, et
al. v. Kemper  Short-Term  Global  Income Fund, et al., Case No. 93 C 5231 (N.D.
IL). This privilege is generally non-transferable and continues for the lifetime
of individual class members and for a ten-year period for  non-individual  class
members.  To make a  purchase  at net asset  value  under  this  privilege,  the
investor  must,  at the time of  purchase,  submit a  written  request  that the
purchase be processed at net asset value pursuant to this privilege specifically
identifying the purchaser as a member of the "Tabankin  Class." Shares purchased
under this privilege will be maintained in a separate account that includes only
shares  purchased  under  this  privilege.  For  more  details  concerning  this
privilege,  class members should refer to the Notice of (i) Proposed  Settlement
with Defendants;  and (ii) Hearing to Determine Fairness of Proposed Settlement,
dated  August 31,  1995,  issued in  connection  with the  aforementioned  court
proceeding.  For  sales of Fund  shares  at net  asset  value  pursuant  to this
privilege,  SDI may in its discretion pay investment dealers and other financial
services firms a concession, payable quarterly, at an annual rate of up to 0.25%
of net assets attributable to such shares maintained and serviced by the firm. A
firm  becomes  eligible  for  the  concession  based  upon  assets  in  accounts
attributable  to shares  purchased  under this  privilege in the month after the
month of purchase and the  concession  continues  until  terminated  by SDI. The
privilege of purchasing Class A shares of the Fund at net asset value under this
privilege is not available if another net asset value  purchase  privilege  also
applies.











September 28, 2004