497 1 sp010103multi-abc.txt STICKER SCUDDER INVESTMENTS Supplement to the currently effective Prospectus of each of the listed funds:
Scudder 21st Century Growth Fund Scudder Gold & Precious Metals Fund Scudder Pathway Series: Conservative Scudder Aggressive Growth Fund Scudder Greater Europe Growth Fund Portfolio Scudder Blue Chip Fund Scudder Growth Fund Scudder Pathway Series: Growth Portfolio Scudder California Tax-Free Income Fund Scudder Growth and Income Fund Scudder Pathway Series: Moderate Scudder Capital Growth Fund Scudder Health Care Fund Portfolio Scudder Contrarian Fund Scudder High Income Fund Scudder Retirement Fund -- Series IV Scudder-Dreman Financial Services Fund Scudder High Income Opportunity Fund Scudder Retirement Fund -- Series V Scudder-Dreman High Return Equity Fund Scudder High Yield Tax-Free Fund Scudder Retirement Fund -- Series VI Scudder-Dreman Small Cap Value Fund Scudder Income Fund Scudder Retirement Fund -- Series VII Scudder Dynamic Growth Fund Scudder International Equity Fund Scudder RREEF Real Estate Securities Fund Scudder Emerging Markets Growth Fund Scudder International Fund Scudder S&P 500 Stock Fund Scudder Emerging Markets Income Fund Scudder International Select Equity Fund Scudder Select 500 Fund Scudder European Equity Fund Scudder Japanese Equity Fund Scudder Short Term Bond Fund Scudder Fixed Income Fund Scudder Large Company Growth Fund Scudder Small Cap Fund Scudder Flag Investors Communications Scudder Large Company Value Fund Scudder Small Company Stock Fund Fund Scudder Latin America Fund Scudder Small Company Value Fund Scudder Flag Investors Equity Partners Scudder Massachusetts Tax-Free Fund Scudder Strategic Income Fund Fund Scudder Managed Municipal Bond Fund Scudder Target 2010 Fund Scudder Flag Investors Value Builder Scudder Medium Term Tax-Free Fund Scudder Target 2011 Fund Fund Scudder Micro Cap Fund Scudder Target 2012 Fund Scudder Florida Tax-Free Income Fund Scudder Mid Cap Fund Scudder Technology Fund Scudder Focus Value+Growth Fund Scudder New Europe Fund Scudder Technology Innovation Fund Scudder Global Biotechnology Fund Scudder New York Tax-Free Income Fund Scudder Top 50 US Fund Scudder Global Bond Fund Scudder Pacific Opportunities Fund Scudder Total Return Fund Scudder Global Discovery Fund Scudder US Government Securities Fund Scudder Global Fund Scudder Worldwide 2004 Fund
Administrative Services Agreement New fee rates effective January 1, 2003: The Boards of the funds listed in the table below approved new fee rates paid by each class pursuant to the Administrative Services Agreement between Deutsche Investment Management Americas Inc. (DeIM) and each relevant fund effective January 1, 2003. Under this Agreement, in exchange for the payment of an administrative fee, DeIM provides or pays others to provide substantially all of the administrative services required by each class of shares (other than those provided by DeIM under its investment management agreement with each fund). Pursuant to the amended Agreement, the administrative fees for certain of the funds have increased. The new administrative fee rate and the restated total annual operating expenses for each affected fund are as follows:
--------------------------------------------------------------------------------------------------------------------- Administrative Restated Total Annual Fund name Class Fee Rate (%) Operating Expenses (%) --------------------------------------------------------------------------------------------------------------------- Scudder Blue Chip Fund A .430 1.20 --------------------------------------------------------------------------------------------------------------------- Scudder Blue Chip Fund B .445 2.00 --------------------------------------------------------------------------------------------------------------------- Scudder Blue Chip Fund C .440 1.99 --------------------------------------------------------------------------------------------------------------------- Scudder Blue Chip Fund I .160 .72 --------------------------------------------------------------------------------------------------------------------- Scudder Capital Growth Fund A .420 1.25 --------------------------------------------------------------------------------------------------------------------- Scudder Capital Growth Fund B .435 2.02 --------------------------------------------------------------------------------------------------------------------- Scudder Capital Growth Fund C .425 2.01 --------------------------------------------------------------------------------------------------------------------- Scudder Capital Growth Fund I .165 .75 --------------------------------------------------------------------------------------------------------------------- Scudder Global Fund A .475 1.70 --------------------------------------------------------------------------------------------------------------------- Scudder Global Fund B .495 2.47 --------------------------------------------------------------------------------------------------------------------- Scudder Global Fund C .485 2.46 --------------------------------------------------------------------------------------------------------------------- Scudder Greater Europe Growth Fund A .465 1.73 --------------------------------------------------------------------------------------------------------------------- Scudder Greater Europe Growth Fund B .480 2.49 --------------------------------------------------------------------------------------------------------------------- Scudder Greater Europe Growth Fund C .470 2.47 --------------------------------------------------------------------------------------------------------------------- Scudder Growth Fund A .365 1.14 --------------------------------------------------------------------------------------------------------------------- Scudder Growth Fund B .450 1.98 --------------------------------------------------------------------------------------------------------------------- Scudder Growth Fund C .435 1.97 --------------------------------------------------------------------------------------------------------------------- Scudder Growth Fund I .160 .71 --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- Administrative Restated Total Annual Fund name Class Fee Rate (%) Operating Expenses (%) --------------------------------------------------------------------------------------------------------------------- Scudder Growth and Income Fund A .500 1.18 --------------------------------------------------------------------------------------------------------------------- Scudder Growth and Income Fund B .520 1.97 --------------------------------------------------------------------------------------------------------------------- Scudder Growth and Income Fund C .510 1.96 --------------------------------------------------------------------------------------------------------------------- Scudder Health Care Fund A .550 1.65 --------------------------------------------------------------------------------------------------------------------- Scudder Health Care Fund B .570 2.42 --------------------------------------------------------------------------------------------------------------------- Scudder Health Care Fund C .560 2.41 --------------------------------------------------------------------------------------------------------------------- Scudder Health Care Fund I .450 1.30 --------------------------------------------------------------------------------------------------------------------- Scudder International Fund A .670 1.60 --------------------------------------------------------------------------------------------------------------------- Scudder International Fund B .690 2.37 --------------------------------------------------------------------------------------------------------------------- Scudder International Fund C .680 2.36 --------------------------------------------------------------------------------------------------------------------- Scudder International Fund I .260 .94 --------------------------------------------------------------------------------------------------------------------- Scudder Large Company Value Fund A .405 1.20 --------------------------------------------------------------------------------------------------------------------- Scudder Large Company Value Fund B .425 2.01 --------------------------------------------------------------------------------------------------------------------- Scudder Large Company Value Fund C .415 2.01 --------------------------------------------------------------------------------------------------------------------- Scudder Large Company Value Fund I .155 .75 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Fund A .440 1.18 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Fund B .760 2.27 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Fund C .725 2.25 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Fund I .145 .70 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Innovation Fund A .670 1.77 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Innovation Fund B .730 2.58 --------------------------------------------------------------------------------------------------------------------- Scudder Technology Innovation Fund C .720 2.58 --------------------------------------------------------------------------------------------------------------------- Scudder Total Return Fund A .300 1.07 --------------------------------------------------------------------------------------------------------------------- Scudder Total Return Fund B .425 1.96 --------------------------------------------------------------------------------------------------------------------- Scudder Total Return Fund C .400 1.93 --------------------------------------------------------------------------------------------------------------------- Scudder Total Return Fund I .145 .69 ---------------------------------------------------------------------------------------------------------------------
New expense limitations effective October 1, 2003: DeIM has indicated its intention to terminate the Administrative Services Agreement between DeIM and each fund effective September 30, 2003. Effective October 1, 2003 through September 30, 2005, DeIM has agreed to contractually waive all or a portion of its management fee and reimburse or pay certain operating expenses of each fund at certain established levels. In the case of funds listed in the table above, these fee waivers and reimbursements will limit expenses to approximately the "Restated Total Annual Operating Expense" levels shown above. For other funds, notwithstanding these fee waivers and reimbursements, fund expenses are generally expected to be higher than the levels set forth in each fund's current prospectus after September 30, 2003. Shareholders will be notified separately of the specific expense arrangements that have been established for their fund. Class C Sales Charge (applicable to all above-named funds that offer Class C shares) Effective February 3, 2003, Class C shares will be offered at net asset value plus an up-front sales charge of 1.00% of the offering price. Class C shares will continue to be subject to a contingent deferred sales charge and Rule 12b-1 distribution and/or service fee as more fully described in each fund's currently effective prospectus. The up-front sales charge does not apply to reinvested dividends or distributions. You may be able to buy Class C shares without an up-front sales charge when you purchase Class C shares in connection with the following types of transactions: o Additional purchases of Class C shares made in an existing account and in the same fund(s) by existing Class C shareowners as of January 31, 2003; o Exchanges of Class C shares made in an existing account by current Class C shareowners as of January 31, 2003; o Purchases of Class C shares through certain omnibus accounts which have entered into an agreement with the Advisor and/or the Distributor; o Purchases of Class C shares through certain retirement plans which have entered into an agreement with the Advisor and/or the Distributor; and o Purchases of Class C shares through certain broker-dealers which have entered into an agreement with the Advisor and/or the Distributor. Your financial representative or Shareholder Services can answer your questions and help you determine if you are eligible for a sales charge waiver. January 1, 2003