Exhibit(d)(3)
                                    AMENDMENT
                            TO SUBADVISORY AGREEMENT


         This amendment to the Subadvisory Agreement is made effective this 23rd
day of  April,  2003  between  Deutsche  Investment  Management  Americas,  Inc.
("Manager")  and  Deutsche  Asset   Management   Investment   Services   Limited
("Subadviser").

         WHEREAS,  Manager and Subadviser entered into that certain  Subadvisory
Agreement  dated September 30, 2002 (the  "Agreement"),  setting forth the terms
and conditions under which Manager has engaged Subadviser to provide subadvisory
services with respect to Scudder New Europe Fund (the "Fund");

         WHEREAS, Manager or its affiliates may, from time to time, engage other
subadvisers  to  advise  the  Fund (or  portions  thereof)  or other  registered
investment  companies  (or series or portions  thereof) that may be deemed to be
under common control (each a "Subadvised Fund"); and

         WHEREAS,  Manager and  Subadviser  desire to amend the Agreement to the
extent required to rely on certain exemptive rules under the Investment  Company
Act of 1940, as amended,  that permit certain  transactions with a subadviser or
its affiliates (the "Rules").

         NOW  THEREFORE,  for good and valuable  consideration,  the receipt and
sufficiency of which is acknowledged,  the parties hereby amend the Agreement as
follows:

         1. The Agreement is supplemented to add the following provision:

         Subadviser  agrees that it will not consult  with any other  subadviser
engaged by Manager with respect to  transactions  in  securities or other assets
concerning the Fund or another  Subadvised Fund,  except to the extent permitted
by the Rules.

         2. No changes to the  Agreement  are intended by the parties other than
the changes  reflected in Section 1 of this Amendment,  and all other provisions
of the Agreement are hereby confirmed.

         IN WITNESS  THEREOF,  Manager and Subadviser have caused this Amendment
to be executed by their duly authorized  officers effective as of the date first
written above.

DEUTSCHE INVESTMENT                       DEUTSCHE ASSET MANAGEMENT
MANAGEMENT AMERICAS, INC.                 INVESTMENT SERVICES LIMITED.



By:    /s/Nicholas Bratt                   By:    /s/A. Tedder
       ---------------------------                ---------------------------
Name:  Nicholas Bratt                      Name:  A. Tedder
Title: Corporate Vice President            Title: Portfolio Manager