SCUDDER [LOGO]
Scudder Latin America Fund
Supplement to Prospectus
Dated March 1, 1997
Until September 11, 1997, the Fund's investment adviser, Scudder, Stevens &
Clark, Inc., has agreed to waive 0.10% of that portion of its investment
management fee payable by the Fund based on the average daily net assets of the
Fund in excess of $1 billion. It is expected that the Fund's Board of Directors
will approve an Investment Management Agreement effective September 11, 1997
containing a similar reduction in the investment management fee.
July 1, 1997
