497 1 st122104mega.txt PROSPECTUS AND SAI SUPPLEMENT Supplement to the currently effective prospectus of each of the listed funds: Scudder Balanced Fund Scudder Large Company Growth Fund Scudder California Tax-Free Income Fund Scudder Latin America Fund Scudder Capital Growth Fund Scudder Managed Municipal Bond Fund Scudder Cash Investment Trust Scudder Massachusetts Tax-Free Fund Scudder Development Fund Scudder Money Market Series Scudder Emerging Markets Growth Fund Scudder New York Tax-Free Income Fund Scudder Emerging Markets Income Fund Scudder Pacific Opportunities Fund Scudder Global Bond Fund Scudder Pathway Series: Conservative Portfolio Scudder Global Discovery Fund Scudder Pathway Series: Growth Portfolio Scudder Global Fund Scudder Pathway Series: Moderate Portfolio Scudder GNMA Fund Scudder Pathway Series: Growth Plus Portfolio Scudder Gold and Precious Metals Fund Scudder S&P 500 Index Fund Scudder Greater Europe Growth Fund Scudder Select 500 Fund Scudder Growth and Income Fund Scudder Short-Term Bond Fund Scudder Health Care Fund Scudder Small Cap Growth Fund Scudder High Income Opportunity Fund Scudder Small Company Stock Fund Scudder High Yield Tax-Free Fund Scudder Small Company Value Fund Scudder Income Fund Scudder Tax Advantaged Dividend Fund Scudder Intermediate Tax/AMT Free Fund Scudder Tax Free Money Fund Scudder International Fund Scudder Technology Fund Scudder Japanese Equity Fund Scudder US Treasury Money Fund Scudder Large Cap Value Fund
After December 31, 2004, Class S shares (and, in the case of Scudder Money Market Series, Premium Class S and Prime Reserve Class S) of each of the funds listed above will no longer be available to new investors except under certain circumstances. Any Class S shareholder of any Scudder Fund as of December 31, 2004 and their household members residing at the same address may continue to purchase Class S shares of the funds. Certain other investors, such as investors purchasing through retirement plans or broker-dealers and registered investment advisors ("RIAs") in connection with a comprehensive or "wrap" fee program or other fee based program, may also be eligible to purchase Class S shares of the funds after December 31, 2004. For a complete list of investors that may continue to purchase Class S shares after December 31, 2004, please refer to a fund's Statement of Additional Information. Please Retain This Supplement for Future Reference December 21, 2004 PSMEGA-3603 Supplement to the currently effective Statements of Additional Information of each of the listed funds: Scudder Balanced Fund Scudder High Income Scudder Pathway Series: Scudder California Tax-Free Opportunity Fund Conservative Portfolio Income Fund Scudder High Yield Tax-Free Scudder Pathway Series: Scudder Capital Growth Fund Fund Scudder Income Fund Growth Portfolio Scudder Cash Investment Trust Scudder Intermediate Tax/AMT Free Scudder Pathway Series: Scudder Development Fund Fund Moderate Portfolio Scudder Emerging Markets Scudder International Fund Scudder Pathway Series: Growth Fund Scudder Japanese Equity Fund Growth Plus Portfolio Scudder Emerging Markets Scudder Large Cap Value Fund Scudder S&P 500 Index Fund Income Fund Scudder Large Company Growth Fund Scudder Select 500 Fund Scudder Global Bond Fund Scudder Latin America Fund Scudder Short-Term Bond Scudder Global Discovery Fund Scudder Managed Municipal Bond Fund Scudder Global Fund Fund Scudder Small Company Stock Fund Scudder Small Cap Growth Scudder GNMA Fund Scudder Massachusetts Tax- Fund Scudder Gold and Precious Free Fund Scudder Small Company Value Metals Fund Scudder Money Market Series Fund Scudder Greater Europe Growth Scudder New York Tax-Free Scudder Tax Advantaged Fund Income Fund Dividend Fund Scudder Growth and Income Scudder Pacific Opportunities Scudder Tax Free Money Fund Fund Fund Scudder Technology Fund Scudder Health Care Fund Scudder US Treasury Money Fund
The following information supplements the disclosure in the "Purchase and Redemption of Shares" section of each fund's Statement of Additional Information: After December 31, 2004, Class S shares (and, in the case of Scudder Money Market Series, Premium Class S and Prime Reserve Class S) of each of the funds listed above will no longer be available to new investors except under certain circumstances. Certain investors may purchase Class S shares, as described below. Eligible Class S Investors. A. The following investors may purchase Class S shares of Scudder Funds either (i) directly from Scudder Distributors, Inc. ("SDI"), the Fund's principal underwriter; or (ii) through an intermediary relationship with a financial services firm established with respect to the Scudder Funds as of December 31, 2004. Investors may not otherwise purchase Class S shares through a broker-dealer, registered investment advisor or other financial services firm. 1. Existing shareholders of Class S shares of any Scudder Fund as of December 31, 2004, and household members residing at the same address. 2. Shareholders who own Class S shares continuously since December 31, 2004 and household members residing at the same address may open new accounts for Class S shares of any Scudder Fund. 3. Any participant who owns Class S shares of any Scudder Fund through an employee sponsored retirement, employee stock, bonus, pension or profit sharing plan continuously since December 31, 2004 may open a new individual account for Class S shares of any Scudder Fund. 4. Any participant who owns Class S shares of any Scudder Fund through a retirement, employee stock, bonus, pension or profit sharing plan may complete a direct rollover to an IRA account that will hold Class S shares. This applies to individuals who begin their retirement plan investments with a Scudder Fund at any time, including after December 31, 2004. 5. Officers, Fund Trustees and Directors, and full-time employees and their family members, of the Advisor and its affiliates. 6. Class S shares are available to any accounts managed by the Advisor, any advisory products offered by the Advisor or SDI and to the Portfolios of Scudder Pathway Series or other fund of funds managed by the Advisor or its affiliates. B. The following additional investors may purchase Class S shares of Scudder Funds. 1. Broker-dealers and registered investment advisors ("RIAs") may purchase Class S shares in connection with a comprehensive or "wrap" fee program or other fee based program. 2. Any group retirement, employee stock, bonus, pension or profit-sharing plans. SDI may, at its discretion, require appropriate documentation that shows an investor is eligible to purchase Class S shares. December 21, 2004