497 1 sp072205multi.txt PROSPECTUS STICKER SCUDDER INVESTMENTS Supplement to the currently effective prospectus of each of the listed funds: The following information supplements disclosure in each of the following funds' currently effective prospectuses:
Scudder Aggressive Growth Fund Scudder Greater Europe Fund Scudder Pathway Series: Conservative Scudder Blue Chip Fund Scudder Growth and Income Fund Portfolio Scudder California Tax-Free Income Fund Scudder Health Care Fund Scudder Pathway Series: Growth Plus Scudder Capital Growth Fund Scudder High Income Fund Portfolio Scudder Commodity Securities Fund Scudder High Income Plus Fund Scudder Pathway Series: Growth Portfolio Scudder Development Fund Scudder High Yield Tax-Free Fund Scudder Pathway Series: Moderate Portfolio Scudder-Dreman Concentrated Value Fund Scudder Income Fund Scudder RREEF Real Estate Securities Fund Scudder-Dreman Financial Services Fund Scudder Inflation Protected Plus Fund Scudder S&P 500 Index Fund Scudder-Dreman High Return Equity Fund Scudder Intermediate Tax/AMT Free Fund Scudder Select 500 Fund Scudder-Dreman Small Cap Value Fund Scudder International Equity Fund Scudder Short Duration Fund Scudder EAFE(R) Equity Index Fund Scudder International Fund Scudder Short-Term Bond Fund Scudder Emerging Markets Fund Scudder International Select Equity Fund Scudder Short-Term Municipal Bond Fund Scudder Emerging Markets Income Fund Scudder Japanese Equity Fund Scudder Small Cap Growth Fund Scudder Equity 500 Index Fund Scudder Large Cap Value Fund Scudder Small Company Stock Fund Scudder Fixed Income Fund Scudder Large Company Growth Fund Scudder Small Company Value Fund Scudder Flag Investors Communications Fund Scudder Latin America Fund Scudder Strategic Income Fund Scudder Flag Investors Equity Partners Fund Scudder Lifecycle Long Range Fund Scudder Target 2013 Fund Scudder Flag Investors Value Builder Fund Scudder Limited-Duration Plus Fund Scudder Target 2014 Fund Scudder Global Fund Scudder Managed Municipal Bond Fund Scudder Tax Advantaged Dividend Fund Scudder Global Bond Fund Scudder Massachusetts Tax-Free Fund Scudder Technology Fund Scudder Global Discovery Fund Scudder Micro Cap Fund Scudder Total Return Fund Scudder GNMA Fund Scudder Mid Cap Growth Fund Scudder US Bond Index Fund Scudder Gold and Precious Metals Fund Scudder New York Tax-Free Income Fund Scudder US Government Securities Fund Scudder Pacific Opportunities Fund -----------------------------------------------------------------------------------------------------------------------------------
The following information supplements the "Redemption Fees" subsection of the "Policies You Should Know About -- Policies about Transactions" sections of each fund's prospectus. There are two additional exceptions when the redemption fee will not be charged: (i) transactions on behalf of a shareholder to return any excess IRA contributions to the shareholder and (ii) transactions on behalf of a shareholder to effect a required minimum distribution on an IRA. The following information supplements the "Class B Shares" subsection of the "Choosing a Share Class" section of each applicable fund's currently effective Class B prospectus. For each fund listed in this supplement with a Class B prospectus Orders to purchase Class B shares of $100,000 or more will be declined with the exception of orders received from financial representatives acting for clients whose shares are held in an omnibus account and employer-sponsored employee benefit plans. The following information supplements the "Class C Shares" subsection of the "Choosing a Share Class" section of each applicable fund's currently effective Class C prospectus. For each fund listed in this supplement with a Class C prospectus Orders to purchase Class C shares of $500,000 or more will be declined with the exception of orders received from financial representatives acting for clients whose shares are held in an omnibus account and employer-sponsored employee benefit plans. Please Retain This Supplement for Future Reference July 22, 2005