Supplement to the currently  effective  Statement of Additional  Information for
the listed fund:
- --------------------------------------------------------------------------------

Scudder Latin America Fund -- Class AARP and Class S

The following  replaces the performance of the Scudder Latin America Fund in the
Average  Annual Total Return  table in the  "Performance"  section of the Fund's
Statement of Additional Information:

             Average Annual Total Returns for the Period Ended October 31, 2002*



Fund/Share Class                                              1-Year             5-Year**         From Inception**+
- ----------------                                              ------             ------           --------------

                                                                                                
Scudder Latin America Fund
Class AARP                                                   -10.83%              -5.66%                 5.32%
Class S                                                      -10.89%              -5.68%                 5.31%


*        The performance of the Class AARP shares represents its historical
         performance since inception (October 2, 2000). Returns of the fund's
         Class AARP shares, for periods prior to October 2, 2000, reflect the
         historical performance of the fund's Class S shares (the fund's
         original share class) during such periods.

**       Total  returns  would have been  lower had  certain  expenses  not been
         reduced.

+        The fund commenced operations on December 8, 1992.

After-tax  returns  are an  estimate  that is  based on the  highest  historical
individual  federal  marginal income tax rates and do not reflect the effects of
state and local taxes.





April 21, 2003