497 1 saimega.txt STICKER SCUDDER INVESTMENTS Supplement to the currently effective Statement of Additional Information for each of the listed funds: Scudder 21st Century Growth Fund Scudder Aggressive Growth Fund Scudder Blue Chip Fund Scudder Balanced Fund Scudder California Tax-Free Income Fund Scudder Capital Growth Fund Scudder Cash Investment Trust Scudder Cash Reserves Fund Scudder Contrarian Fund Scudder Development Fund Scudder Dividend & Growth Fund Scudder-Dreman Financial Services Fund Scudder-Dreman High Return Equity Fund Scudder Dynamic Growth Fund Scudder Emerging Markets Growth Fund Scudder Emerging Markets Income Fund Scudder Floating Rate Fund Scudder Florida Tax-Free Income Fund Scudder Focus Growth Fund Scudder Focus Value+Growth Fund Scudder Global Bond Fund Scudder Global Discovery Fund Scudder Global Fund Scudder GNMA Fund Scudder Gold Fund Scudder Greater Europe Growth Fund Scudder Growth Fund Scudder Growth and Income Fund Scudder Health Care Fund Scudder High-Yield Fund Scudder High-Yield Opportunity Fund Scudder High-Yield Tax-Free Fund Scudder Income Fund Scudder International Fund Scudder International Research Fund Scudder Large Company Growth Fund Scudder Large Company Value Fund Scudder Latin America Fund Scudder Managed Municipal Bonds Scudder Massachusetts Tax-Free Fund Scudder Medium-Term Tax-Free Fund Scudder Money Market Series Scudder New Europe Fund Scudder New York Tax-Free Income Fund Scudder Pacific Opportunities Fund Scudder Pathway Series: Conservative Portfolio Scudder Pathway Series: Growth Portfolio Scudder Pathway Series: Moderate Portfolio Scudder Research Fund Scudder Retirement Fund -- Series III Scudder Retirement Fund -- Series IV Scudder Retirement Fund -- Series V Scudder Retirement Fund -- Series VI Scudder Retirement Fund -- Series VII Scudder S&P 500 Index Fund Scudder S&P 500 Stock Fund Scudder Select 500 Fund Scudder Select 1000 Growth Fund Scudder Short-Term Bond Fund Scudder Small Cap Value Fund Scudder Small Company Stock Fund Scudder Small Company Value Fund Scudder Strategic Income Fund Scudder Target 2010 Fund Scudder Target 2011 Fund Scudder Tax Free Money Fund Scudder Technology Fund Scudder Technology Innovation Fund Scudder Total Return Fund Scudder U.S. Government Securities Fund Scudder U.S. Treasury Money Fund Scudder Worldwide 2004 Fund The Japan Fund, Inc. Scudder Variable Series I 21st Century Growth Portfolio Balanced Portfolio Bond Portfolio Capital Growth Portfolio Global Discovery Portfolio Growth and Income Portfolio Health Sciences Portfolio International Portfolio Money Market Portfolio Scudder Variable Series II Scudder Aggressive Growth Portfolio Scudder Blue Chip Portfolio Scudder Contrarian Value Portfolio Scudder Focus Value+Growth Portfolio Scudder Global Blue Chip Portfolio Scudder Government Securities Portfolio Scudder Growth Portfolio Scudder High Yield Portfolio Scudder International Research Portfolio Scudder Investment Grade Bond Portfolio Scudder Money Market Portfolio Scudder New Europe Portfolio Scudder Small Cap Growth Portfolio Scudder Small Cap Value Portfolio Scudder Strategic Income Portfolio Scudder Technology Growth Portfolio Scudder Total Return Portfolio SVS Dreman Financial Services Portfolio SVS Dreman High Return Equity Portfolio SVS Dynamic Growth Portfolio SVS Focused Large Cap Growth Portfolio SVS Growth And Income Portfolio SVS Growth Opportunities Portfolio SVS Index 500 Portfolio SVS Mid Cap Growth Portfolio SVS Strategic Equity Portfolio SVS Venture Value Portfolio Cash Account Trust Money Market Portfolio Government Securities Portfolio Tax-Exempt Portfolio Cash Equivalent Fund Money Market Portfolio Government Securities Portfolio Tax-Exempt Portfolio Investors Cash Trust Government Securities Portfolio Treasury Portfolio Investors Municipal Cash Fund Investors Florida Municipal Cash Fund Investors Michigan Municipal Cash Fund Investors New Jersey Municipal Cash Fund Investors Pennsylvania Municipal Cash Fund Tax-Exempt New York Money Market Fund Tax-Exempt California Money Market Fund Zurich Money Funds Zurich Money Market Fund Zurich Government Money Fund Zurich Tax-Free Money Fund Zurich YieldWise Funds Zurich YieldWise Money Fund Zurich YieldWise Government Money Fund Zurich YieldWise Municipal Money Fund On December 4, 2001, Deutsche Bank and Zurich Financial Services announced that they have signed a definitive agreement under which Deutsche Bank will acquire 100% of Zurich Scudder Investments, Inc. ("Scudder"), with the exception of Threadneedle Investments in the U.K. Because the transaction would constitute an assignment of the Funds' investment management agreements with Scudder under the Investment Company Act of 1940 and, therefore, a termination of those agreements, Scudder intends to seek approval of new agreements from the Funds' shareholders. The transaction is expected to be completed, subject to regulatory approval and satisfaction of other conditions, in the first half of 2002. December 11, 2001