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Scudder Gold Fund
Supplement to Prospectus
Dated November 1, 1997
The following text supplements the information contained in the section entitled
"Risk factors" on page 9:
Gold or Precious Metals Custody. Gold and other precious metals held by or on
behalf of the Fund may be held on either an allocated or an unallocated basis
inside or outside the U.S. Placing gold or precious metals in an allocated
custody account gives the Fund a direct interest in specified gold bars or
precious metals, whereas an unallocated deposit does not and instead gives the
Fund a right only to compel the counterparty to deliver a specific amount of
gold or precious metals, as applicable. Consequently, the Fund could experience
a loss if the counterparty to an unallocated deposit arrangement becomes
bankrupt or fails to deliver the gold or precious metals as requested. An
allocated gold or precious metals custody account also involves the risk that
the gold or precious metals will be stolen or damaged while in transit. Both
allocated and unallocated arrangements require the Fund as seller to deliver,
either by book entry or physically, the gold or precious metals sold in advance
of the receipt of payment.
September 15, 1998
