SCUDDER
Scudder Latin America Fund
Supplement to Prospectus
dated March 1, 1995
The following text replaces the section
entitled "Transaction information --
Exchanging and redeeming shares."
Exchanging and redeeming shares
Upon the redemption or exchange of shares
held less than a year, a fee of 2% of the
lower of the cost or the current net asset
value of the shares will be assessed and
retained by the Fund for the benefit of the
remaining shareholders. The fee is waived for
all shares purchased through certain
retirement plans, including 401(k) plans,
403(b) plans, 457 plans, Keogh accounts, and
Profit Sharing and Money Purchase Pension
Plans. However, this fee waiver does not
apply to IRA and SEP-IRA accounts. This fee
is intended to encourage long-term investment
in the Fund, to avoid transaction and other
expenses caused by early redemptions, and to
facilitate portfolio management. The fee is
not a deferred sales charge, is not a
commission paid to the Adviser or its
subsidiaries, and does not benefit the
Adviser in any way. The Fund reserves the
right to modify the terms of or terminate
this fee at any time. The fee applies to
redemptions from the Fund and exchanges to
other Scudder funds, but not to dividend or
capital gains distributions which have been
automatically reinvested in the Fund. The fee
is applied to the shares being redeemed or
exchanged in the order in which they were
purchased. See "Exchanges and Redemptions" in
the Fund's Statement of Additional
Information for a more detailed description
of the redemption fee.
December 1, 1995 MIS74PS
<PAGE>
SCUDDER
December 1, 1995
Dear Scudder Investor,
The prospectus supplement on the reverse
side contains some important information
regarding Scudder Latin America Fund's
redemption fee. This 2% fee, charged upon
redemption or exchange of shares held less
than one year, will now be waived for all
shares purchased through certain retirement
plans, including 401(k) plans, 403(b) plans,
457 plans, Keogh accounts, and Profit Sharing
and Money Purchase Pension Plans.
Please contact a Scudder Investor
Relations representative at 1-800-225-2470
between 8 a.m. and 8 p.m., eastern time,
Monday through Friday, should you have any
questions about this or any other Scudder
Fund.
Sincerely,
/s/David S. Lee
David S. Lee
President, Scudder Investor Services, Inc.
This letter is for explanatory purposes and
is not part of the prospectus supplement on
the reverse side.
(over, please)
<PAGE>
Scudder Latin America Fund
Supplement to Statement of Additional Information dated March 1, 1995
The following text replaces the section entitled "EXCHANGES AND
REDEMPTIONS -- Special Redemption and Exchange Information for Scudder Latin
America Fund."
In general, shares of Latin America Fund may be exchanged or redeemed
at net asset value. However, shares of the Fund held for less than one year are
redeemable at a price equal to the greater of 98% of the then current net asset
value per share or such higher percentage of current net asset value per share
that represents the then current net asset value minus an amount equal to 2% of
the cost of the shares. This 2% discount, referred to in the prospectus and this
statement of additional information as a redemption fee, directly affects the
amount a shareholder who is subject to the discount receives upon exchange or
redemption. It is intended to encourage long-term investment in the Fund, to
avoid transaction and other expenses caused by early redemptions and to
facilitate portfolio management. The fee is not a deferred sales charge, is not
a commission paid to the Adviser or its subsidiaries, and does not benefit the
Adviser in any way. The Fund reserves the right to modify the terms of or
terminate this fee at any time.
The redemption fee will not be applied to (a) a redemption of shares
held in certain retirement plans, including 401(k) plans, 403(b) plans, 457
plans, Keogh accounts, and profit sharing and money purchase pension plans
(however, this fee waiver does not apply to IRA and SEP-IRA accounts), (b) a
redemption of any shares of the Fund outstanding for one year or more, (c) a
redemption of reinvestment shares (i.e., shares purchased through the
reinvestment of dividends or capital gains distributions paid by the Fund), or
(d) a redemption of shares by the Fund upon exercise of its right to liquidate
accounts (i) falling below the minimum account size by reason of shareholder
redemptions or (ii) when the shareholder has failed to provide tax
identification information. For this purpose and without regard to the shares
actually redeemed, shares will be redeemed as follows: first, reinvestment
shares; second, purchased shares held one year or more; and third, purchased
shares held for less than one year. Finally, if a shareholder enters into a
transaction in Fund shares which, although it may technically be treated as a
redemption and purchase for recordkeeping purposes, does not involve the
termination of economic interest in the Fund, no redemption fee will apply and
applicability of the redemption fee, if any, on any subsequent redemption or
exchange will be determined by reference to the date the shares were originally
purchased, and not the date of the transaction.
December 1, 1995
