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A class action lawsuit was filed in the Southern District of New York today, on behalf of purchasers of Scudder Strategic Growth Fund (Nasdaq:SCDBX), (Nasdaq:SCDCX), (Nasdaq:SCDIX); Scudder Technology Innovation Fund (Nasdaq:SRIBX), (Nasdaq:SRICX); Scudder Contrarian Fund (Nasdaq:KDCBX), (Nasdaq:KDCCX), (Nasdaq:KDCRX); Scudder-Dreman High Return Equity Fund (Nasdaq:KDHBX), (Nasdaq:KDHCX), (Nasdaq:KDHRX), (Nasdaq:KDHIX), which are operated by Germany-based financial services company, Deutsche Bank AG (NYSE:DB), Scudder Investments, and Deutsche Investment Management Americas Inc. ("Deutsche Investment Management") and Deutsche Asset Management, Inc. ("Deutsche Asset Management"), between January 22, 1999 and January 12, 2004, inclusive (the "Class Period"). Rabin, Murray & Frank LLP is seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940.

The Complaint is pending in the United States District Court for the Southern District of New York and names defendants Deutsche Bank AG, Scudder Investments, Deutsche Investment Management, Deutsche Asset Management, each of the Scudder mutual funds and their registrants, and John Does 1-100.

The Funds, and the symbols for the respective Funds named below, are as follows:

Scudder 21st Century Growth Fund (Nasdaq: SCNAX), (Nasdaq: SCNBX), (Nasdaq: SCNCX)
Scudder Aggressive Growth Fund (Nasdaq: KGGAX), (Nasdaq: KGGBX), (Nasdaq: KGGCX)
Scudder Blue Chip Fund (Nasdaq: KBCAX), (Nasdaq: KBCBX), (Nasdaq: KBCCX)
Scudder Capital Growth Fund (Nasdaq: SDGAX), (Nasdaq: SDGBX), (Nasdaq: SDGCX), (Nasdaq: SDGRX), (Nasdaq: SDGTX)
Scudder Dynamic Growth Fund (Nasdaq: KSCAX), (Nasdaq: KSCBX), (Nasdaq: KSCCX)
Scudder Flag Investors Communications Fund (Nasdaq: TISHX), (Nasdaq: FTEBX), (Nasdaq: FTICX), (Nasdaq: FLICX)
Scudder Global Biotechnology Fund (Nasdaq: DBBTX), (Nasdaq: DBBBX), (Nasdaq: DBBCX)
Scudder Gold & Precious Metals Fund (Nasdaq: SGDAX), (Nasdaq: SGDBX), (Nasdaq: SGDCX)
Scudder Growth Fund (Nasdaq: KGRAX), (Nasdaq: KGRBX), (Nasdaq: KGRCX)
Scudder Health Care Fund (Nasdaq: SUHAX), (Nasdaq: SUHBX), (Nasdaq: SUHCX)
Scudder Large Company Growth Fund (Nasdaq: SGGAX), (Nasdaq: SGGBX), (Nasdaq: SGGCX), (Nasdaq: SCQRX)
Scudder Micro Cap Fund (Nasdaq: SMFAX), (Nasdaq: SMFBX), (Nasdaq: SMFCX), (Nasdaq: MGMCX), (Nasdaq: MMFSX)
Scudder Mid Cap Fund (Nasdaq: SMCAX), (Nasdaq: SMCBX), (Nasdaq: SMCCX), (Nasdaq: SMCRX), (Nasdaq: BTEAX), (Nasdaq: BTCAX)
Scudder Small Cap Fund (Nasdaq: SSDAX), (Nasdaq: SSDBX), (Nasdaq: SSDCX), (Nasdaq: SSDRX), (Nasdaq: BTSCX)
Scudder Strategic Growth Fund (Nasdaq: SCDAX), (Nasdaq: SCDBX), (Nasdaq: SCDCX), (Nasdaq: SCDIX)
Scudder Technology Fund (Nasdaq: KTCAX), (Nasdaq: KTCBX), (Nasdaq: KTCCX), (Nasdaq: KTCIX)
Scudder Technology Innovation Fund (Nasdaq: SRIAX), (Nasdaq: SRIBX), (Nasdaq: SRICX)
Scudder Top 50 US Fund (Nasdaq: FAUSX), (Nasdaq: FBUSX), (Nasdaq: FCUSX)
Scudder Contrarian Fund (Nasdaq: KDCAX), (Nasdaq: KDCBX), (Nasdaq: KDCCX), (Nasdaq: KDCRX)
Scudder-Dreman Financial Services Fund (Nasdaq: KDFAX), (Nasdaq: KDFBX), (Nasdaq: KDFCX)
Scudder-Dreman High Return Equity Fund (Nasdaq: KDHAX), (Nasdaq: KDHBX), (Nasdaq: KDHCX), (Nasdaq: KDHRX), (Nasdaq: KDHIX)
Scudder-Dreman Small Cap Value Fund (Nasdaq: KDSAX), (Nasdaq: KDSBX), (Nasdaq: KDSCX), (Nasdaq: KDSRX), (Nasdaq: KDSIX)
Scudder Flag Investors Equity Partners Fund (Nasdaq: FLEPX), (Nasdaq: FEPBX), (Nasdaq: FEPCX), (Nasdaq: FLIPX)
Scudder Growth & Income Fund (Nasdaq: SUWAX), (Nasdaq: SUWBX), (Nasdaq: SUWCX), (Nasdaq: SUWRX), (Nasdaq: SUWIX)
Scudder Large Company Value Fund (Nasdaq: SDVAX), (Nasdaq: SDVBX), (Nasdaq: SDVCX)
Scudder-RREEF Real Estate Securities Fund (Nasdaq: RRRAX), (Nasdaq: RRRBX), (Nasdaq: RRRCX), (Nasdaq: RRRSX), (Nasdaq: RRRRX)
Scudder Small Company Stock Fund (Nasdaq: SZCAX), (Nasdaq: SZCBX), (Nasdaq: SZCCX)
Scudder Small Company Value Fund (Nasdaq: SAAUX), (Nasdaq: SABUX), (Nasdaq: SACUX)
Scudder Tax Advantaged Dividend Fund (Nasdaq: SDDAX), (Nasdaq: SDDBX), (Nasdaq: SDDCX), (Nasdaq: SDDGX)
Scudder Flag Investors Value Builder Fund (Nasdaq: FLVBX), (Nasdaq: FVBBX), (Nasdaq: FVBCX), (Nasdaq: FLIVX)
Scudder Focus Value+Growth Fund (Nasdaq: KVGAX), (Nasdaq: KVGBX), (Nasdaq: KVGCX)
Scudder Lifecycle Mid Range Fund (Nasdaq: BTLRX)
Scudder Lifecycle Long Range Fund (Nasdaq: BTILX), (Nasdaq: BTAMX)
Scudder Lifecycle Short Range Fund (Nasdaq: BTSRX)
Scudder Pathway Conservative Portfolio (Nasdaq: SUCAX), (Nasdaq: SUCBX), (Nasdaq: SUCCX)
Scudder Pathway Growth Portfolio (Nasdaq: SUPAX), (Nasdaq: SUPBX), (Nasdaq: SUPCX)
Scudder Pathway Moderate Portfolio (Nasdaq: SPDAX), (Nasdaq: SPDBX), (Nasdaq: SPDCX)
Scudder Retirement Fund Series V (Nasdaq: KRFEX)
Scudder Retirement Fund Series VI (Nasdaq: KRFGX)
Scudder Retirement Fund Series VII (Nasdaq: KRFGX)
Scudder Target 2010 Fund (Nasdaq: KRFBX)
Scudder Target 2012 Fund (Nasdaq: KRFCX)
Scudder Target 2013 Fund (Nasdaq: KRFDX)
Scudder Total Return Fund (Nasdaq: KTRAX), (Nasdaq: KTRBX), (Nasdaq: KTRCX), (Nasdaq: KTRGX)
Scudder Emerging Markets Growth Fund (Nasdaq: SEKAX), (Nasdaq: SEKBX), (Nasdaq: SEKCX)
Scudder Emerging Markets Income Fund (Nasdaq: SZEAX), (Nasdaq: SZEBX), (Nasdaq: SZECX)
Scudder European Equity Fund (Nasdaq: DBEAX), (Nasdaq: DBEBX), (Nasdaq: DBECX), (Nasdaq: MEUEX), (Nasdaq: MEUVX)
Scudder Global Fund (Nasdaq: SGQAX), (Nasdaq: SGQBX), (Nasdaq: SGQCX), (Nasdaq: SGQRX)
Scudder Global Bond Fund (Nasdaq: SZGAX), (Nasdaq: SZGBX), (Nasdaq: SZGCX)
Scudder Global Discovery Fund (Nasdaq: KGDAX), (Nasdaq: KGDBX), (Nasdaq: KGDCX)
Scudder Greater Europe Growth Fund (Nasdaq: SERAX), (Nasdaq: SERBX), (Nasdaq: SERCX)
Scudder International Fund (Nasdaq: SUIAX), (Nasdaq: SUIBX), (Nasdaq: SUICX)
Scudder International Equity Fund (Nasdaq: DBAIX), (Nasdaq: DBBIX), (Nasdaq: DBCIX), (Nasdaq: BEIIX), (Nasdaq: BEITX), (Nasdaq: BTEQX)
Scudder International Select Equity Fund (Nasdaq: DBISX), (Nasdaq: DBIBX), (Nasdaq: DBICX), (Nasdaq: DBITX), (Nasdaq: MGINX), (Nasdaq: MGIVX), (Nasdaq: MGIPX)
Scudder Japanese Equity Fund (Nasdaq: FJEAX), (Nasdaq: FJEBX), (Nasdaq: FJECX)
Scudder Latin America Fund (Nasdaq: SLANX), (Nasdaq: SLAOX), (Nasdaq: SLAPX)
Scudder New Europe Fund (Nasdaq: KNEAX), (Nasdaq: KNEBX), (Nasdaq: KNECX), (Nasdaq: KNEIX)
Scudder Pacific Opportunities Fund (Nasdaq: SPAOX), (Nasdaq: SBPOX), (Nasdaq: SPCCX)
Scudder Worldwide 2004 Fund (Nasdaq: KWIVX)
Scudder Fixed Income Fund (Nasdaq: SFXAX), (Nasdaq: SFXBX), (Nasdaq: SFXCX), (Nasdaq: SFXRF), (Nasdaq: MFINX), (Nasdaq: MFISX)
Scudder High Income Plus Fund (Nasdaq: MGHYX), (Nasdaq: MGHVX), (Nasdaq: MGHPX)
Scudder High Income Fund (Nasdaq: KHYAX), (Nasdaq: KHYBX), (Nasdaq: KHYCX), (Nasdaq: KHYIX)
Scudder High Income Opportunity Fund (Nasdaq: SYOAX), (Nasdaq: SYOBX), (Nasdaq: SYOCX)
Scudder Income Fund (Nasdaq: SZIAX), (Nasdaq: SZIBX), (Nasdaq: SZICX)
Scudder PreservationPlus Fund (Nasdaq: BTPIX), (Nasdaq: BTPSX)
Scudder PreservationPlus Income Fund (Nasdaq: PPIAX), (Nasdaq: PPLCX), (Nasdaq: DBPIX)
Scudder Short Term Bond Fund (Nasdaq: SZBAX), (Nasdaq: SZBBX), (Nasdaq:SZBCX)
Scudder Short Duration Fund (Nasdaq: SDUAX), (Nasdaq: SDUBX), (Nasdaq: SDUCX), (Nasdaq: MGSFX)
Scudder Strategic Income Fund (Nasdaq: KSTAX), (Nasdaq: KSTBX), (Nasdaq: KSTCX)
Scudder US Government Securities Fund (Nasdaq: KUSAX), (Nasdaq: KUSBX), (Nasdaq: KUSCX)
Scudder California Tax-Free Income Fund (Nasdaq: KCTAX), (Nasdaq: KCTBX), (Nasdaq: KCTCX)
Scudder Florida Tax-Free Income Fund (Nasdaq: KFLAX), (Nasdaq: KFLBX), (Nasdaq: KFLCX) Scudder High Yield Tax-Free Fund (Nasdaq: NOTAX), (Nasdaq:NOTBX), (Nasdaq: NOTCX), (Nasdaq: NOTIX)
Scudder Intermediate Tax/AMT Free Fund (Nasdaq: SZMAX), (Nasdaq: SZMBX), (Nasdaq: SZMCX)
Scudder Managed Municipal Bond Fund (Nasdaq: SMLAX), (Nasdaq: SMLBX), (Nasdaq: SMLCX), (Nasdaq: SMLIX)
Scudder Massachusetts Tax-Free Fund (Nasdaq: SQMAX), (Nasdaq: SQMBX), (Nasdaq: SQMCX)
Scudder Municipal Bond Fund (Nasdaq: MGMBX), (Nasdaq: MMBSX)
Scudder New York Tax-Free Income Fund (Nasdaq: KNTAX), (Nasdaq: KNTBX), (Nasdaq: KNTCX)
Scudder Short Term Municipal Bond Fund (Nasdaq: SRMAX), (Nasdaq: SRMBX), (Nasdaq: SRMCX), (Nasdaq: MGSMX), (Nasdaq: MSMSX)
Scudder EAFE (r) Equity Index Fund (Nasdaq: BTAEX), (Nasdaq: BTIEX)Scudder Equity 500 Index Fund (Nasdaq: BTIIX)
Scudder S&P 500 Stock Fund (Nasdaq: KSAAX), (Nasdaq: KSABX), (Nasdaq: KSACX)
Scudder Select 500 Fund (Nasdaq: OUTDX), (Nasdaq: OUTBX), (Nasdaq: OUTBX), (Nasdaq: OUTRX)
Scudder US Bond Index Fund (Nasdaq: BTUSX)
Scudder Cash Reserves Fund

The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, certain of the defendants failed to disclose that they improperly allowed certain favored investors "timing" of the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and are acknowledged as improper practices by the Funds. In return for receiving extra fees from favored investors, Deutsche Bank AG, Scudder Investments, Deutsche Asset Management, and Deutsche Investment Management allowed and facilitated timing activities in the Funds, to the detriment of class members, who paid, dollar for dollar, for improper profits made by privileged investors. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.