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<PAGE> PAGE 2
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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025 A000301 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE DOUGLAS C. CONROY
TITLE VICE PRESIDENT
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of the
Dresdner RCM Capital Funds, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Dresdner RCM Capital Funds, Inc.,
(consisting of Dresdner RCM Growth Equity Fund, Dresdner RCM
Small Cap Fund and Dresdner RCM International Growth Equity
Fund (the "Funds")) for the year ended December 31, 1998, we
considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply
with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Funds is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial
statements and financial highlights for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject
to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
internal control and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses, as defined above, at December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of the Dresdner RCM Capital
Funds. Inc., and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 22, 1999
DRESDNER RCM CAPITAL FUNDS, INC
SUPPLEMENT DATED DECEMBER 16, 1998
TO THE COMBINED PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1998
The fourth full paragraph in the Section entitled "The Investment
Manager" at page 21 of the Combined Prospectus and Statement of
Additional Information is eliminated.
The following information replaces the similar information in the
Section entitled "Directors and Officers" at page 20 of the
Combined Prospectus and Statement of Additional Information:
Dresdner RCM Small Cap Fund
G. Nicholas Farwell. Mr. Farwell is a primary portfolio manager of
the Small Cap Fund since its inception. He was also a primary
portfolio manager of the Growth Equity Fund from 1984-1997. He is
a member of the Investment Manager's Portfolio Management Team and
a Managing Director of the Investment Manager, with which he has
been associated since 1980.
Matthew L. Blazei. Mr. Blazei is a primary portfolio manager of
the Small Cap Fund and has managed one or more of its portfolios
since 1996. He has research and management responsibilities for
small cap securities and is a Director of the Investment Manager,
with which he has been associated since 1988.
The following information supplements and should be read in
conjunction with the similar information on the Cover Page and in
the Sections entitled "Synopsis" and "Investment Objectives and
Policies" and pages 1 and 7, respectively, of the Combined
Prospectus and Statement of Additional Information:
Dresdner RCM Small Cap Fund
The Fund's investment objective is to seek appreciation of capital
by investing, during normal market conditions, at least 80% of its
investments in equity and equity-related securities of small-sized
concerns. "Small-sized" concerns are defined as companies whose
equity securities have a total market capitalization of up to
approximately $1 billion at the time of acquisition. Under normal
market conditions, the Fund will invest at least 65% of its total
assets in equity and equity-related securities of such concerns.
Under normal market conditions, the Fund will invest at least 90%
of its investments in the equity and equity-related securities of
companies whose equity securities have a total market
capitalization below $1.5 billion at the time of acquisition. The
Fund will not be required to sell portfolio securities solely on
account of the fact that the market capitalization of the issuer's
equity securities has exceeded $1.5 billion, or be prevented from
purchasing or be required to sell other portfolio securities as a
result of such change. The Fund generally will not purchase the
securities of issuers with market capitalizations below $200
million, except in rare circumstances or when the Investment
Manager believes that an unusual investment opportunity is
available.
Although the market capitalization of portfolio securities at the
time of purchase is used for compliance purposes, the Fund
anticipates that the average market capitalization of the
portfolio at market value generally will range between 50% and
150% of the average market capitalization of the securities that
comprise the Russell 2000 Index. As of the date hereof, the
average market capitalization of the Russell 2000 Index is $801
million.
N-SAR Sub-Item 77D(g)
Terms of New or Amended Securities
As of December 31, 1998, the Dresdner RCM Capital Funds, Inc. (the
"Company") offers a new Non-Institutional ("Class N") of shares for its
Dresdner RCM International Growth Equity Fund (the "Fund").
Shares of the Fund outstanding as of December 31, 1998 have been
redesignated as the Fund's newly designated Class I shares. The Fund
and its respective classes are sold without any shareholder service
fees, including sales loads, deferred sales loads, redemption fees,
exchange fees or account fees.
The Company, on behalf of the Class N shares of the Fund, adopted a
distribution and service plan (the "Plan") pursuant to Rule 12b-1 under
the Investment Company Act of 1940. Under the Plan, the Fund pays Funds
Distributor, Inc. (the "Distributor") an annual fee of up to 0.25% of
the average daily net assets of its Class N shares as reimbursement for
certain expenses actually incurred by the Distributor in connection with
providing distribution and shareholder support services to such shares.
Class I shares are not subject to 12b-1 fees.
The minimum initial investment for Class N shares of the Fund is $5,000,
and the minimum subsequent investment is $250. The minimum initial
investment for Class I shares of the Fund is $1,000,000, and the minimum
subsequent investment is $50,000.
All shares of the Company have equal voting rights and will be voted in
the aggregate, and not by series or class, except where voting by series
or class is required by law or where the matter involved affects only
one series or class.
N-SAR Sub-Item 77I(b)
Dresdner RCM Capital Funds
Rule 10f-3 Transactions
July 1, 1998 - December 31, 1998
Trade Security Dealer No. of Purchase
Date Description Shares Price
10/8/98 Swisscom AG SG Warburg & Co. 3,400 $252.86
% of issue (1)
.0154%
(1) Represents purchases by all affiliated funds; may not exceed 25% of
the total of (a) the principal amount of the offering class sold by
members of the underwriters or members of the selling syndicate to
qualified institutional buyers, as defined in Section 230.144A (a) (1)
of the Investment Company Act of 1940, plus (b) the principal amount of
the offering of such class in any concurrent public offering.
Total amount of offering: 22,065,000 shares
Members of underwriting syndicate
J.P. Morgan Securities Ltd.
Warburg Dillon Read LLC
Credit Suisse First Boston
Goldman, Sachs & Co.
Merrill Lynch & Co.
J.P. Morgan & Co.
HSBC Investment Banking
ABN Alex. Brown International
Morgan Stanley Dean Witter
Goldman Sachs International
UBS AG
Deutsche Bank AG London
Daiwa Europe Limited
Kleinwort Benson Limited
Paribas
ABN AMRO Rothschild
CA IB Investmentbank AG
Enskilda Securities, Skandinavskia
Societe Generale
DRESDNER RCM CAPITAL FUNDS, INC.
ARTICLES OF AMENDMENT
TO
RESTATED ARTICLES OF INCORPORATION
Dresdner RCM Capital Funds, Inc., a Maryland corporation, having its
principal office in the State of Maryland in Baltimore City (hereinafter
called the "Corporation"), hereby certifies to the State Department of
Assessments and Taxation of Maryland that:
FIRST: The Charter of the Corporation is amended by:
Amending the name of the existing class of capital
stock currently designated as "Dresdner RCM International Growth Equity
Fund A" to the following:
Dresdner RCM International Growth Equity Fund Class I
SECOND: The Corporation is registered as an open-end
investment company under the Investment Company Act of 1940.
THIRD: The amendment to the Charter of the Corporation
as set forth above has been approved by at least a majority of the
entire Board of Directors of the Corporation and is limited to changes
expressly permitted by Section 2-605 of Subtitle 6 of Title 2 of the
Maryland General Corporation Law to be made without action by the
stockholders of the Corporation.
IN WITNESS WHEREOF, Dresdner RCM Capital Funds, Inc. has caused
these Articles of Amendment to be executed by its President and
witnessed by its Assistant Secretary on this 24th day of December, 1998.
The President of the Corporation who signed these Articles of Amendment
acknowledges them to be the act of the Corporation and states under
penalties of perjury that, to the best of his knowledge, information and
belief, the matters and facts set forth herein relating to authorization
and approval hereof are true in all materials respects.
WITNESS: DRESDNER RCM CAPITAL FUNDS, INC.
By:/s/Karen Jacoppo-Wood By:/s/George A. Rio
Karen Jacoppo-Wood George A. Rio
Assistant Secretary President
N-SAR Sub-Item 77Q1(a)
DRESDNER RCM CAPITAL FUNDS, INC.
ARTICLES SUPPLEMENTARY
TO
RESTATED ARTICLES OF INCORPORATION
Dresdner RCM Capital Funds, Inc., a Maryland corporation having
its principal office in the State of Maryland in Baltimore City
(hereinafter called the "Corporation"), hereby certifies to the State
Department of Assessments and Taxation of Maryland that:
FIRST: The Board of Directors has classified a total of
50,000,000 unissued shares of capital stock, par value $.0001 per share
of the Corporation, which shares are currently unclassified, into shares
of capital stock, par value $.0001 per share of the Corporation, of a
new class of capital stock having the following designation (the "New
Class"):
DESIGNATION NUMBER OF SHARES
Dresdner RCM International Growth Equity Fund Class N
50,000,000
SECOND: The New Class will be invested with the one other
existing class of the Dresdner RCM International Growth Equity Fund, and
with any future classes in such Fund, in a common investment portfolio
comprising a series (the "Series") and will have the preferences,
conversion and other rights, voting powers, restrictions, limitations as
to dividends, qualifications and terms and conditions of redemption set
forth in Article FIFTH (5) of the Corporation's Articles of Amendment
and Restatement, subject however, to the following provisions, and shall
be subject to all provisions of the Charter of the Corporation relating
to stock of the Corporation generally.
(i) The income and expenses of the Series shall be allocated among the
classes comprising the Series in accordance with the relative net asset
values of each such class or as otherwise determined by the Board of
Directors in accordance with law and the Corporation's current
registration statement with respect to the Series as filed with the
Securities and Exchange Commission (the "Registration Statement"). The
allocation of investment income and losses, capital gains and losses,
expenses and liabilities of the Corporation and of the Series, among the
Series and any other series of the Corporation's stock, and among the
classes thereof, shall be determined by the Board of Directors in a
manner consistent with applicable law and the Registration Statement.
(ii) The liabilities and expenses of the classes comprising the Series
shall be determined separately from those of each other and,
accordingly, the net asset values, the dividends and distributions
payable to holders, and the amounts distributable in the event of the
liquidation of the Corporation or of the Series to holders of shares of
the Corporation's capital stock may vary from class to class within the
Series.
(iii) The dividends and distributions of investment income and capital
gains with respect to the classes comprising the Series shall be in such
amounts as may be declared from time-to-time by the Board of Directors,
and such dividend and distributions may vary among the classes
comprising the Series to reflect differing allocations of the expenses
of the Corporation and the Series among the classes and any resultant
differences among the net asset values per shares of the classes, to
such extent and for such purposes as the Board of Directors may deem
appropriate.
(iv) Except as may otherwise be required by law, all holders of shares
of a Series shall vote in accordance with Article Fifth5(e) of the
Articles of Amendment and Restatement of the Corporation, as they may be
amended and supplemented from time-to-time; provided, however, that,
except as otherwise required by law, the holders of each class of the
Series shall have, respectively, (i) exclusive voting rights with
respect to any matter submitted to a vote of stockholders that affects
only holders of such class, including, without limitation, the
provisions of any distribution plan adopted by the Corporation pursuant
to Rule 12b-1 under the 1940 Act (a "Plan"), applicable to their
respective classes and (ii) no voting rights with respect to the
provisions of a Plan applicable to another class of stock of the Series
or of the Corporation or with regard to any other matter submitted to a
vote of stockholders that does not affect holders of such class of
stock.
THIRD: The New Class as designated above has been
classified by the Board of Directors pursuant to authority contained in
the Charter of the Corporation.
IN WITNESS WHEREOF, Dresdner RCM Capital Funds, Inc. has caused
these Articles Supplementary to be executed by its President and
witnessed by its Assistant Secretary on this 24th day of December, 1998.
The President of the Corporation who signed these Articles Supplementary
acknowledges them to be the act of the Corporation and states under
penalties of perjury that, to the best of his knowledge, information and
belief, the matters and facts set forth herein relating to authorization
and approval hereof are true in all materials respects.
WITNESS: DRESDNER RCM CAPITAL FUNDS,
INC.
By:/s/Karen Jacoppo-Wood By:/s/George A. Rio
Karen Jacoppo-Wood George A. Rio
Assistant Secretary President
N-SAR Sub-Item 77Q1(a)
