SCUDDER
                                                                     INVESTMENTS


Supplement to the currently effective prospectus of each of the listed funds:


The following information supplements or replaces similar disclosure in the "How
Much Investors Pay" section of each of the following funds' currently effective
prospectuses:

Scudder High Income Fund
Scudder High Income Opportunity Fund
Scudder High Income Plus Fund
- --------------------------------------------------------------------------------

Each fund imposes a redemption fee of 2% of the total redemption amount
(calculated at net asset value, without regard to the effect of any contingent
deferred sales charge; any contingent deferred sales charge is also assessed on
the total redemption amount without regard to the assessment of the 2%
redemption fee) on all fund shares redeemed or exchanged within 60 days of
buying them (either by purchase or exchange). The redemption fee is paid
directly to a fund, and is designed to encourage long-term investment and to
offset transaction and other costs associated with short-term or excessive
trading. For purposes of determining whether the redemption fee applies, shares
held the longest time will be treated as being redeemed first and shares held
the shortest time will be treated as being redeemed last.

The redemption fee is applicable to fund shares purchased either directly or
through a financial intermediary, such as a broker-dealer. Transactions through
financial intermediaries typically are placed with the funds on an omnibus basis
and include both purchase and sale transactions placed on behalf of multiple
investors. These purchase and sale transactions are generally netted against one
another and placed on an aggregate basis; consequently the identities of the
individuals on whose behalf the transactions are placed generally are not known
to the funds. For this reason, the funds have undertaken to notify financial
intermediaries of their obligation to assess the redemption fee on customer
accounts and to collect and remit the proceeds to the funds. However, due to
operational requirements, the intermediaries' methods for tracking and
calculating the fee may be inadequate or differ in some respects from the
funds'. Subject to approval by DeAM or each fund's Board, intermediaries who
transact business on an omnibus basis may implement the redemption fees
according to their own operational guidelines (which may be different than the
funds' policies) and remit the fees to the funds. In addition, certain
intermediaries that do not currently have the capacity to collect redemption
fees at an account level may be granted a temporary waiver from the funds'
policies until such time as they can develop and implement a system to collect
the redemption fees.

The redemption fee will not be charged in connection with the following exchange
or redemption transactions: (i) transactions on behalf of participants in
certain research wrap programs; (ii) transactions on behalf of participants in
certain group retirement plans whose processing systems are incapable of
properly applying the redemption fee to underlying shareholders; (iii)
transactions on behalf of any mutual fund advised by the funds' investment
advisor and its affiliates (e.g., "funds of funds") or, in the case of a
master/feeder relationship, redemptions by the feeder fund from the master
portfolio; (iv) transactions following death or disability of any registered
shareholder, beneficial owner or grantor of a living trust with respect to
shares purchased before death or disability; (v) transactions involving hardship
of any registered shareholder; (vi) systematic transactions with pre-defined
trade dates for purchases, exchanges or redemptions, such as automatic account
rebalancing, or loan origination and repayments; (vii) transactions involving
shares purchased through the reinvestment of dividends or other distributions;
(viii) transactions involving shares transferred from another account in the
same fund or converted from another class of the same fund (e.g. shares
converting from Class B to Class A) (the redemption fee period will carry over
to the acquired shares); (ix) transactions initiated by a fund or administrator
(e.g. redemptions for not meeting account minimums, to pay account fees funded
by share redemptions, or in the event of the liquidation or merger of a fund);
or (x) transactions in cases when there are legal or contractual limitations or
restrictions on the imposition of the redemption fee (as determined by the funds
or their agents in their sole discretion).

The funds expect that the waiver for certain group retirement plans and
financial intermediaries will be eliminated over time as their respective
operating systems are improved. Until such time that these operating systems are
improved, the funds' investment advisor will attempt to monitor the trading
activity in these accounts and will take appropriate corrective action if it
appears that a pattern of short-term or excessive trading or other harmful or
disruptive trading by underlying shareholders exists. The funds reserve the
right to withdraw waivers, and to modify or terminate these waivers or the
redemption fee at any time.




The following information supplements or replaces similar disclosure in the "How
Much Investors Pay" section of each of the following funds' currently effective
prospectuses:

                         
Scudder Aggressive Growth Fund                    Scudder International Fund

Scudder-Dreman Small Cap Value Fund               Scudder International Select Equity Fund

Scudder EAFER Equity Index Fund                   Scudder Japanese Equity Fund

Scudder Emerging Markets Growth Fund              Scudder Latin America Fund

Scudder Emerging Markets Income Fund              Scudder Micro Cap Fund

Scudder Flag Investors Communications Fund        Scudder Mid Cap Growth Fund

Scudder Global Fund                               Scudder New Europe Fund

Scudder Global Biotechnology Fund                 Scudder Pacific Opportunities Fund

Scudder Global Bond Fund                          Scudder Small Cap Growth Fund

Scudder Global Discovery Fund                     Scudder Small Company Stock Fund

Scudder Gold and Precious Metals Fund             Scudder Small Company Value Fund

Scudder Greater Europe Growth Fund                Scudder Strategic Income Fund

Scudder Health Care Fund                          Scudder Technology Fund

Scudder International Equity Fund

- -------------------------------------------------------------------------------------------



Each fund imposes a redemption fee of 2% of the total redemption amount
(calculated at net asset value, without regard to the effect of any contingent
deferred sales charge; any contingent deferred sales charge is also assessed on
the total redemption amount without regard to the assessment of the 2%
redemption fee) on all fund shares redeemed or exchanged within 30 days of
buying them (either by purchase or exchange). The redemption fee is paid
directly to a fund, and is designed to encourage long-term investment and to
offset transaction and other costs associated with short-term or excessive
trading. For purposes of determining whether the redemption fee applies, shares
held the longest time will be treated as being redeemed first and shares held
the shortest time will be treated as being redeemed last.

The redemption fee is applicable to fund shares purchased either directly or
through a financial intermediary, such as a broker-dealer. Transactions through
financial intermediaries typically are placed with the funds on an omnibus basis
and include both purchase and sale transactions placed on behalf of multiple
investors. These purchase and sale transactions are generally netted against one
another and placed on an aggregate basis; consequently the identities of the
individuals on whose behalf the transactions are placed generally are not known
to the funds. For this reason, the funds have undertaken to notify financial
intermediaries of their obligation to assess the redemption fee on customer
accounts and to collect and remit the proceeds to the funds. However, due to
operational requirements, the intermediaries' methods for tracking and
calculating the fee may be inadequate or differ in some respects from the
funds'. Subject to approval by DeAM or each fund's Board, intermediaries who
transact business on an omnibus basis may implement the redemption fees
according to their own operational guidelines (which may be different than the
funds' policies) and remit the fees to the funds. In addition, certain
intermediaries that do not currently have the capacity to collect redemption
fees at an account level may be granted a temporary waiver from the funds'
policies until such time as they can develop and implement a system to collect
the redemption fees.

The redemption fee will not be charged in connection with the following exchange
or redemption transactions: (i) transactions on behalf of participants in
certain research wrap programs; (ii) transactions on behalf of participants in
certain group retirement plans whose processing systems are incapable of
properly applying the redemption fee to underlying shareholders; (iii)
transactions on behalf of any mutual fund advised by the funds' investment
advisor and its affiliates (e.g., "funds of funds") or, in the case of a
master/feeder relationship, redemptions by the feeder fund from the master
portfolio; (iv) transactions following death or



disability  of any  registered  shareholder,  beneficial  owner or  grantor of a
living trust with respect to shares  purchased  before death or disability;  (v)
transactions involving hardship of any registered  shareholder;  (vi) systematic
transactions   with  pre-defined   trade  dates  for  purchases,   exchanges  or
redemptions,  such as automatic  account  rebalancing,  or loan  origination and
repayments;   (vii)   transactions   involving  shares  purchased   through  the
reinvestment of dividends or other distributions;  (viii) transactions involving
shares  transferred  from  another  account in the same fund or  converted  from
another class of the same fund (e.g.  shares converting from Class B to Class A)
(the  redemption  fee  period  will  carry over to the  acquired  shares);  (ix)
transactions  initiated by a fund or  administrator  (e.g.  redemptions  for not
meeting account minimums, to pay account fees funded by share redemptions, or in
the event of the liquidation or merger of a fund); or (x)  transactions in cases
when  there  are  legal  or  contractual  limitations  or  restrictions  on  the
imposition of the  redemption fee (as determined by the funds or their agents in
their sole discretion).

The funds expect that the waiver for certain group retirement plans and
financial intermediaries will be eliminated over time as their respective
operating systems are improved. Until such time that these operating systems are
improved, the funds' investment advisor will attempt to monitor the trading
activity in these accounts and will take appropriate corrective action if it
appears that a pattern of short-term or excessive trading or other harmful or
disruptive trading by underlying shareholders exists. The funds reserve the
right to withdraw waivers, and to modify or terminate these waivers or the
redemption fee at any time.




The following information supplements or replaces similar disclosure in the "How
Much Investors Pay" section of each of the following funds' currently effective
prospectuses:

                         
Scudder Balanced Fund                                                Scudder Lifecycle Short Range Fund

Scudder Blue Chip Fund                                               Scudder Managed Municipal Bond Fund

Scudder California Tax-Free Income Fund                              Scudder Massachusetts Tax-Free Fund

Scudder Capital Growth Fund                                          Scudder New York Tax-Free Income Fund

Scudder Development Fund                                             Scudder Pathway Series: Conservative Portfolio

Scudder-Dreman Financial Services Fund                               Scudder Pathway Series: Growth Plus Portfolio

Scudder-Dreman High Return Equity Fund                               Scudder Pathway Series: Growth Portfolio

Scudder Equity 500 Index Fund                                        Scudder Pathway Series: Moderate Portfolio

Scudder Fixed Income Fund                                            Scudder PreservationPlus Income Fund

Scudder Flag Investors Equity Partners Fund                          Scudder RREEF Real Estate Securities Fund

Scudder Flag Investors Value Builder Fund                            Scudder S&P 500 Stock Fund

Scudder Florida Tax-Free Income Fund                                 Scudder S&P 500 Index Fund

Scudder Focus Value+Growth Fund                                      Scudder Select 500 Fund

Scudder GNMA Fund                                                    Scudder Short Duration Fund

Scudder Growth Fund                                                  Scudder Short-Term Bond Fund

Scudder Growth and Income Fund                                       Scudder Short-Term Municipal Bond Fund

Scudder High Yield Tax-Free Fund                                     Scudder Target 2013 Fund

Scudder Income Fund                                                  Scudder Target 2014 Fund

Scudder Intermediate Tax/AMT Free Fund                               Scudder Tax Advantaged Dividend Fund

Scudder Large Cap Value Fund                                         Scudder Total Return Fund

Scudder Large Company Growth Fund                                    Scudder US Bond Index Fund

Scudder Lifecycle Long Range Fund                                    Scudder US Government Securities Fund

Scudder Lifecycle Mid Range Fund
- -----------------------------------------------------------------------------------------------------------



Each fund imposes a redemption fee of 2% of the total redemption amount
(calculated at net asset value, without regard to the effect of any contingent
deferred sales charge; any contingent deferred sales charge is also assessed on
the total redemption amount without regard to the assessment of the 2%
redemption fee) on all fund shares redeemed or exchanged within 15 days of
buying them (either by purchase or exchange). The redemption fee is paid
directly to a fund, and is designed to encourage long-term investment and to
offset transaction and other costs associated with short-term or excessive
trading. For purposes of determining whether the redemption fee applies, shares
held the longest time will be treated as being redeemed first and shares held
the shortest time will be treated as being redeemed last.

The redemption fee is applicable to fund shares purchased either directly or
through a financial intermediary, such as a broker-dealer. Transactions through
financial intermediaries typically are placed with the funds on an omnibus basis
and include both purchase and sale transactions placed on behalf of multiple
investors. These purchase and sale transactions are generally netted against one
another and placed on an aggregate basis; consequently the identities of the
individuals on whose behalf the transactions are placed generally are not known
to the funds. For this reason, the funds have undertaken to notify financial
intermediaries of their obligation to assess the redemption fee on customer
accounts and to collect and remit the proceeds to the funds. However, due to
operational requirements, the intermediaries' methods for tracking and
calculating the fee may be inadequate or differ in some respects from the
funds'. Subject to approval by DeAM or each fund's Board, intermediaries who
transact business on an omnibus basis may implement the redemption fees
according to their own operational guidelines (which may be different than the
funds' policies) and remit the fees to the funds. In addition, certain
intermediaries that do not currently have the capacity to collect redemption
fees at an account level may be granted a temporary waiver from the funds'
policies until such time as they can develop and implement a system to collect
the redemption fees.

The redemption fee will not be charged in connection with the following exchange
or redemption transactions: (i) transactions on behalf of participants in
certain research wrap programs; (ii) transactions on behalf of participants in
certain group retirement plans whose processing systems are incapable of
properly applying the redemption fee to underlying shareholders; (iii)
transactions on behalf of any mutual fund advised by the funds' investment
advisor and its affiliates (e.g., "funds of funds") or, in the case of a
master/feeder relationship, redemptions by the feeder fund from the master
portfolio; (iv) transactions following death or disability of any registered
shareholder, beneficial owner or grantor of a living trust with respect to
shares purchased before death or disability; (v) transactions involving hardship
of any registered shareholder; (vi) systematic transactions with pre-defined
trade dates for purchases, exchanges or redemptions, such as automatic account
rebalancing, or loan origination and repayments; (vii) transactions involving
shares purchased through the reinvestment of dividends or other distributions;
(viii) transactions involving shares transferred from another account in the
same fund or converted from another class of the same fund (e.g. shares
converting from Class B to Class A) (the redemption fee period will carry over
to the acquired shares); (ix) transactions initiated by a fund or administrator
(e.g. redemptions for not meeting account minimums, to pay account fees funded
by share redemptions, or in the event of the liquidation or merger of a fund);
(x) transactions in cases when there are legal or contractual limitations or
restrictions on the imposition of the redemption fee (as determined by the funds
or their agents in their sole discretion); or (xi) for Scudder Massachusetts
Tax-Free Fund, Scudder Short-Term Bond Fund and Scudder Intermediate Tax/AMT
Free Fund only: check writing transactions in these funds.

The funds expect that the waiver for certain group retirement plans and
financial intermediaries will be eliminated over time as their respective
operating systems are improved. Until such time that these operating systems are
improved, the funds' investment advisor will attempt to monitor the trading
activity in these accounts and will take appropriate corrective action if it
appears that a pattern of short-term or excessive trading or other harmful or
disruptive trading by underlying shareholders exists. The funds reserve the
right to withdraw waivers, and to modify or terminate these waivers or the
redemption fee at any time.






               Please Retain This Supplement for Future Reference





February 1, 2005
SMF-3652