Supplement to the currently effective Statement of Additional Information of
each of the funds listed below:

                                                             
Cash Account Trust                                               Scudder Target 2011 Fund
      o   Government & Agency Securities Portfolio               Scudder Target 2012 Fund
      o   Money Market Portfolio                                 Scudder Target 2013 Fund
      o   Tax-Exempt Portfolio                                   Scudder Technology Fund
Cash Equivalent Fund                                             Scudder Total Return Fund
      o   Government & Agency Securities Portfolio               Scudder US Government Securities Fund
      o   Money Market Portfolio                                 Scudder Worldwide 2004 Fund
      o   Tax-Exempt Portfolio                                   Scudder Yieldwise Funds
Investors Cash Trust                                                   o   Scudder Yieldwise Government & Agency Money Fund
      o   Government & Agency Securities Portfolio                     o   Scudder Yieldwise Money Fund
      o   Treasury Portfolio                                           o   Scudder Yieldwise Municipal Money Fund
Investors Municipal Cash Fund                                    Scudder Variable Series II
      o   Investors Florida Municipal Cash Fund                        o   Scudder Aggressive Growth Portfolio
      o   Investors Michigan Municipal Cash Fund                       o   Scudder Blue Chip Portfolio
      o   Investors New Jersey Municipal Cash Fund                     o   Scudder Large Cap Value Portfolio
      o   Investors Pennsylvania Municipal Cash Fund                   o   SVS Davis Venture Value Portfolio
      o   Tax-Exempt New York Money Market Fund                        o   SVS Dreman Financial Services Portfolio
Scudder Aggressive Growth Fund                                         o   SVS Dreman High Return Equity Portfolio
Scudder Blue Chip Fund                                                 o   SVS Dreman Small Cap Value Portfolio
Scudder California Tax-Free Income Fund                                o   SVS Eagle Focused Large Cap Growth Portfolio
Scudder Cash Reserves Fund                                             o   SVS Focus Value+Growth Portfolio
Scudder-Dreman Financial Services Fund                                 o   SVS Index 500 Portfolio
Scudder-Dreman High Return Equity Fund                                 o   SVS Invesco Dynamic Growth Portfolio
Scudder-Dreman Small Cap Value Fund                                    o   SVS Janus Growth and Income Portfolio
Scudder Dynamic Growth Fund                                            o   SVS Janus Growth Opportunities Portfolio
Scudder Florida Tax-Free Income Fund                                   o   SVS MFS Strategic Value Portfolio
Scudder Focus Value Plus Growth Fund                                   o   SVS Turner Mid Cap Growth Portfolio
Scudder Growth Fund                                                    o   SVS Oak Strategic Equity Portfolio
Scudder High Income Fund                                               o   Scudder Fixed Income Portfolio
Scudder Large Cap Value Fund                                           o   Scudder Global Blue Chip Portfolio
Scudder Money Funds                                                    o   Scudder Government & Agency Securities Portfolio
      o   Scudder Government & Agency Money Fund                       o   Scudder Growth Portfolio
      o   Scudder Money Market Fund                                    o   Scudder High Income Portfolio
      o   Scudder Tax-Exempt Money Fund                                o   Scudder International Select Equity Portfolio
Scudder New Europe Fund                                                o   Scudder Money Market Portfolio
Scudder New York Tax-Free Income Fund                                  o   Scudder Small Cap Growth Portfolio
Scudder Retirement Fund -- Series V                                    o   Scudder Strategic Income Portfolio
Scudder Retirement Fund -- Series VI                                   o   Scudder Technology Growth Portfolio
Scudder Retirement Fund -- Series VII                                  o   Scudder Total Return Portfolio
Scudder S&P 500 Stock Fund                                       Tax-Exempt California Money Market Fund
Scudder Strategic Income Fund
Scudder Target 2010 Fund



The following paragraph supplements the "Officers and Directors/Trustees"
section of each fund's Statement of Additional Information:

     Agreement to Indemnify Independent Directors/Trustees for Certain Expenses

     In connection with litigation or regulatory action related to possible
     improper market timing or other improper trading activity or possible
     improper marketing and sales activity in the Funds, Deutsche Investment
     Management Americas Inc. (DeIM) has agreed, subject to applicable law and
     regulation, to indemnify and hold harmless the Funds against any and all
     loss, damage, liability and expense, arising from market timing or
     marketing and sales matters alleged in any enforcement actions brought by
     governmental authorities involving or potentially affecting the Funds or
     DeIM ("Enforcement Actions") or that are the basis for



     private actions brought by shareholders of the Funds against the Funds,
     their directors and officers, DeIM and/or certain other parties ("Private
     Litigation"), or any proceedings or actions that may be threatened or
     commenced in the future by any person (including governmental authorities),
     arising from or similar to the matters alleged in the Enforcement Actions
     or Private Litigation. In recognition of its undertaking to indemnify the
     Funds and in light of the rebuttable presumption generally afforded to
     independent directors/trustees of investment companies that they have not
     engaged in disabling conduct, DeIM has also agreed, subject to applicable
     law and regulation, to indemnify the Independent Directors/Trustees against
     certain liabilities the Independent Directors/Trustees may incur from the
     matters alleged in any Enforcement Actions or Private Litigation or arising
     from or similar to the matters alleged in the Enforcement Actions or
     Private Litigation, and advance expenses that may be incurred by the
     Independent /Directors Trustees in connection with any Enforcement Actions
     or Private Litigation. DeIM is not, however, required to provide
     indemnification and advancement of expenses: (1) with respect to any
     proceeding or action with respect to which the Funds' Board determines that
     the Independent Director/Trustee ultimately would not be entitled to
     indemnification or (2) for any liability of the Independent
     Director/Trustee to the Funds or their shareholders to which the
     Independent Director/Trustee would otherwise be subject by reason of
     willful misfeasance, bad faith, gross negligence or reckless disregard of
     the Independent Director/Trustee's duties as a director or trustee of the
     Funds as determined in a final adjudication in such action or proceeding.
     The estimated amount of any expenses that may be advanced to the
     Independent Directors/Trustees or indemnity that may be payable under the
     indemnity agreements is currently unknown. These agreements by DeIM will
     survive the termination of the investment management agreements between
     DeIM and the Funds.



               Please retain this supplement for future reference






October 1, 2004