MANAGED INTERMEDIATE GOVERNMENT FUND
- --------------------------------------------------------------------------------
MID-YEAR REPORT
JUNE 30, 1995
- --------------------------------------------------------------------------------
<PAGE>
Managed Intermediate Government Fund
Performance Update
June 30, 1995
- -----------------------------------------------------------------
Growth of a $10,000 Investment
- -----------------------------------------------------------------
Managed Intermediate Government Fund
- ----------------------------------------
Total Return
Period Growth -------------
Ended of Average
6/30/95 $10,000 Cumulative Annual
- --------- ------- ---------- -------
1 Year $10,555 5.55% 5.55%
Life of
Fund* $10,647 6.47% 2.73%
Lehman Brothers 1-3 Year
Government Index
- --------------------------------------
Total Return
Period Growth -------------
Ended of Average
6/30/95 $10,000 Cumulative Annual
- --------- ------- ---------- -------
1 Year $10,767 7.67% 7.67%
Life of
Fund* $11,052 10.52% 4.56%
*The Fund commenced operations on March 1, 1993.
Index comparisons begin March 31, 1993.
A chart in the form of a line graph appears here,
illustrating the Growth of a $10,000 Investment.
The data points from the graph are as follows:
Periods ended June 30
Managed Intermediate Government Fund
Year Amount
- ----------------------
3/31/93* 10000
6/93 10202
9/93 10340
12/93 10392
3/94 10134
6/94 10043
9/94 10091
12/94 10068
3/95 10364
6/95 10601
Lehman Brothers 1-3 Year
Government Index
Year Amount
- ----------------------
3/31/93* 10000
6/93 10111
9/93 10250
12/93 10315
3/94 10265
6/94 10265
9/94 10368
12/94 10368
3/95 10713
6/95 11052
The unmanaged Lehman Brothers 1-3 Year Government Index is composed
of agency and treasury securities with maturities of 1-3 years. Both
the Fund and Index assume reinvestment of dividends. Index returns
do not reflect fees or expenses.
- -------------------------------------------------------------------
Returns and Per Share Information
- -------------------------------------------------------------------
A chart in the form of a bar graph appears here,
illustrating the Fund Total Return (%) and Index Total
Return (%) with the exact data points listed in the table
below.
Yearly periods ended June 30
- ----------------------------------
<TABLE>
<S> <C> <C> <C>
1993* 1994 1995
-----------------------
Net Asset Value... $10.06 $ 9.40 $ 9.42
Income Dividends.. $ .19 $ .51 $ .49
Fund Total
Return (%)........ 2.48 -1.56 5.55
Index Total
Return (%)........ 1.11 1.52 7.67
</TABLE>
All performance is historical, assumes reinvestment of all dividends and
capital gains, and is not indicative of future results.
Investment return and principal value will fluctuate, so an investor's
shares, when redeemed, may be worth more or less than when purchased.
If the Manager had not maintained the Fund's expenses, the average
annual total return for the one year and life of Fund periods would
have been lower.
2
<PAGE>
August 23, 1995
Dear Shareholder:
We are pleased to provide you with the Managed Intermediate Government
Fund's Mid-Year Report which covers the Fund's performance and progress for the
six months ended June 30, 1995.
The investment objective of the Fund is to provide investors with a high
level of current income and to keep the price of its shares more stable than
that of a long-term bond.
As of June 30, the Fund's 30-day net annualized SEC yield was 5.81%. The
Fund's net asset value per share increased from $9.18 on December 31, 1994 to
$9.42 on June 30, 1995. Assuming the reinvestment of the dividends for the
period totaling $0.24, the total return for the six-month period ended June 30,
1995 was 5.29%, compared to the 9.63% average return for all Intermediate U.S.
Government Funds and 2.80% average return of all Short U.S. Government Funds for
the same six-month period according to Lipper Analytical Services, Inc., an
independent analyst of investment performance. However, it is important to note
that the Fund, in comparison with most Intermediate U.S. Government Funds,
places more emphasis on maintaining a relatively stable per share price.
Unaudited financial statements for the period ended June 30, 1995 and a
list of the Fund's investments as of that date are set forth on the following
pages.
If you have any questions concerning your Fund, please call toll free (800)
854-8525 from any continental state. We will be glad to hear from you at any
time.
/s/David S. Lee
David S. Lee
Chairman
3
<PAGE>
Portfolio Management Discussion
The dramatic rally in bonds so far this year reflects a much more positive
interest rate environment than existed last year as the threat of inflationary
economic growth dissipated. After months of price declines amid repeated
interest rate hikes, we believed that by November 1994 bonds were significantly
undervalued. When rates stabilized that month and then began to turn down in
response to evidence of slow economic growth and nominal inflation, bond yields
began to decline and prices to ascend. In 1995, as evidence mounted that
inflation was not currently a concern, the trend toward higher bond prices
gathered momentum.
The economic statistics released during 1995's second quarter were weaker
than expected and second quarter GDP growth was essentially flat. The recent
easing of interest rates by the Federal Reserve, coming after a series of rate
hikes in 1994, testifies to its confidence in the current trend of slow economic
growth and low inflation. Measures of inflation were stable and were referenced
by the Federal Reserve as the primary reason it reduced the federal funds rate
on July 6. This outlook is enhanced by our expectation that growth should remain
slow for the next year to 18 months at least, and that monetary policy should
therefore remain conducive to lower rates. The fact that U.S. interest rates are
still comfortably above the inflation rate suggests they have room to fall.
While our outlook is for lower rates -- and therefore positive bond market
conditions -- over the longer term, we do expect pockets of volatility along the
way.
Mortgage-backed securities tend to underperform other types of bonds during
periods of strong price appreciation because generally the risk of mortgage
prepayment increases as interest rates decline. However, the majority of the
mortgage security universe are at best only marginally refinanceable at current
rates. While we think it is likely that the higher coupon market will experience
higher prepayments, we believe that only a small amount of the mortgage market
will be severely impacted, unless rates drop significantly more. In June,
premium coupon mortgage-backed securities outperformed Treasuries. We expect
these bonds to continue to perform well on the basis of their high relative
yields -- especially if the overall bond market becomes more placid over the
near term. After such unusually strong bond market returns in the first half, we
will be watching for periods of price corrections, which could result from
profit-taking or a spate of higher growth later this year.
Recently we have targeted opportunities in moderate premium 15 year
mortgage securities, with emphasis on seasoned pools. These older issues should
offer greater prepayment protection as the underlying borrowers have already
displayed a reluctance to refinance in a declining rate environment. We have
4
<PAGE>
utilized shorter maturity U.S. Government obligations to dampen volatility while
continuing to maintain our approach to managing the fund with emphasis on share
price stability. During the second half of the year we look forward to buying
opportunities, especially in the mortgage sector where yield advantage is
approaching historically wide levels.
/s/David H. Glen /s/Robert E. Pruyne
David H. Glen Robert E. Pruyne
Lead Portfolio Manager Portfolio Manager
5
<PAGE>
<TABLE>
MANAGED INTERMEDIATE GOVERNMENT FUND
INVESTMENT PORTFOLIO (UNAUDITED)
JUNE 30, 1995
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
---------- -----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 3.7%
State Street Bank and Trust Co. dated 6/30/95, at 6%, to be
repurchased on 7/3/95 (proceeds at maturity $516,258)
collateralized by $510,000 U.S. Treasury Notes, 8.5%,
8/15/95 (cost $516,000) (note 3)................................ $ 516,000 $ 516,000
-----------
U.S. GOVERNMENT AGENCY PASS-THRUS -- 53.3%
Federal Home Loan Mortgage Corporation*
7%, with various maturities to 2/1/99........................... 3,131,874 3,163,193
Federal National Mortgage Association*
9%, due 8/1/07.................................................. 2,636,259 2,752,413
Federal National Mortgage Association*
8.5%, due 11/1/09............................................... 957,415 991,815
Federal National Mortgage Association*
8%, due 12/1/09................................................. 488,729 502,169
-----------
TOTAL U.S. GOVERNMENT AGENCY PASS-THRUS (cost $7,365,706)............ 7,409,590
-----------
U.S. TREASURY OBLIGATIONS -- 43.0%
U.S. Treasury Note, 3.875%, 8/31/95................................ 1,000,000 997,030
U.S. Treasury Note, 5.125%, 11/15/95............................... 1,000,000 997,810
U.S. Treasury Note, 4.625%, 2/29/96................................ 3,000,000 2,979,360
U.S. Treasury Note, 5.5%, 7/31/97.................................. 1,000,000 993,280
-----------
TOTAL U.S. TREASURY OBLIGATIONS (cost $5,883,906).................... 5,967,480
-----------
TOTAL INVESTMENTS -- 100.0% (cost $13,765,612)**..................... $13,893,070
===========
<FN>
* The investments in mortgage-backed securities are interests in separate pools of mortgages. All
separate investments in each of these issues which have similar coupon rates have been aggregated
for presentation purposes. Effective maturities of these investments may be shorter than stated
maturities due to prepayments.
** Cost for federal income tax purposes was $13,765,612. At June 30, 1995, net unrealized
appreciation for all securities based on tax cost was $127,458. This consisted of aggregate gross
unrealized appreciation for all securities in which there was an excess of market value over tax
cost of $128,728 and unrealized depreciation for all securities in which there was an excess of
tax cost over market value of $1,270.
</FN>
</TABLE>
See notes to financial statements.
6
<PAGE>
<TABLE>
MANAGED INTERMEDIATE GOVERNMENT FUND
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995
<S> <C> <C>
ASSETS
Investments, at market (identified cost $13,765,612) (note 2)........ $13,893,070
Cash................................................................. 1,571
Interest receivable.................................................. 135,679
Deferred organizational expenses (note 2)............................ 32,657
-----------
Total assets................................................. 14,062,977
LIABILITIES
Payable for investments purchased.................................... $504,430
Dividend payable..................................................... 58,011
Management fee payable (note 5)...................................... 13,042
Accrued expenses (note 5)............................................ 26,103
--------
Total liabilities............................................ 601,586
-----------
Net assets, at market value.......................................... $13,461,391
===========
NET ASSETS
Net assets consist of:
Net unrealized appreciation on investments........................ $ 127,458
Accumulated net realized loss..................................... (1,766,166)
Capital Stock ($.001 par value)................................... 1,428
Additional paid-in capital........................................ 15,098,671
-----------
Net assets, at market value.......................................... $13,461,391
===========
NET ASSET VALUE, offering and redemption price per share
($13,461,391 / 1,428,280 outstanding shares of
Capital Stock, $.001 par value, 100,000,000
shares authorized)............................................. $9.42
=====
</TABLE>
See notes to financial statements.
7
<PAGE>
<TABLE>
MANAGED INTERMEDIATE GOVERNMENT FUND
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<S> <C> <C>
INVESTMENT INCOME
Interest........................................................... $394,245
EXPENSES:
Management fee (note 5)............................................ $ 13,042
Directors' fees and expenses (note 5).............................. 5,036
Shareholder services (note 5 and 6)................................ 3,403
Custodian and accounting fees (note 5)............................. 3,131
Professional services.............................................. 8,199
Reports to shareholders............................................ 2,637
Amortization of organization expense (note 2)...................... 6,067
Registration fees.................................................. 9,578
Miscellaneous fees................................................. 1,519 52,612
-------- --------
NET INVESTMENT INCOME.............................................. 341,633
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from investments................................. 16,797
Net unrealized appreciation on investments during the period....... 335,487
--------
Net gain on investments............................................ 352,284
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... $693,917
========
</TABLE>
See notes to financial statements.
8
<PAGE>
<TABLE>
MANAGED INTERMEDIATE GOVERNMENT FUND
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
1995 DECEMBER 31,
(UNAUDITED) 1994
------------ -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income................................................ $ 341,633 $ 1,140,426
Net realized gain (loss) on investments.............................. 16,797 (1,787,223)
Net unrealized appreciation (depreciation) on investments
during the period................................................. 335,487 (150,339)
------------ -----------
Net increase (decrease) in net assets resulting from operations...... 693,917 (797,136)
------------ -----------
Dividends to shareholders from net investment income
($.24 and $.49 per share, respectively)........................... (341,633) (1,140,426)
------------ -----------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares......................................... 2,064,548 9,084,268
Net asset value of shares issued in investment of dividends.......... 289,979 514,707
------------ -----------
2,354,527 9,598,975
Cost of shares redeemed.............................................. (11,424,183) (498,287)
------------ -----------
Increase (decrease) in net assets from Capital Stock transactions.... (9,069,656) 9,100,688
------------ -----------
Total increase (decrease) in net assets.............................. (8,717,372) 7,163,126
NET ASSETS:
Beginning of period.................................................. 22,178,763 15,015,637
------------ -----------
End of period........................................................ $ 13,461,391 $22,178,763
============ ===========
INCREASE (DECREASE) IN FUND SHARES:
Shares sold.......................................................... 219,175 911,210
Shares issued to shareholders in investment of dividends............. 31,152 54,256
------------ -----------
250,327 965,466
Shares redeemed...................................................... (1,238,513) (53,264)
------------ -----------
Net increase (decrease) in Fund shares............................... (988,186) 912,202
SHARES OUTSTANDING:
Beginning of period.................................................. 2,416,466 1,504,264
------------ -----------
End of period........................................................ 1,428,280 2,416,466
============ ===========
</TABLE>
See notes to financial statements.
9
<PAGE>
<TABLE>
MANAGED INTERMEDIATE GOVERNMENT FUND
FINANCIAL HIGHLIGHTS
THE FOLLOWING TABLE INCLUDES SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD AND OTHER
PERFORMANCE INFORMATION DERIVED FROM THE FINANCIAL STATEMENTS.
<CAPTION>
FOR THE PERIOD
SIX MONTHS MARCH 1, 1993
ENDED YEAR (COMMENCEMENT
JUNE 30, ENDED OF OPERATIONS)
1995 DECEMBER 31, TO DECEMBER 31,
(UNAUDITED) 1994 1993
----------- ------------ --------------
<S> <C> <C> <C>
Net asset value, beginning of period.............................. $ 9.18 $ 9.98 $ 10.00
------ ------- -------
Income from Investment Operations:
Net investment income (a)......................................... .24 .49 .45
Net realized and unrealized gain (loss) on investments............ .24 (.80) (.02)
------ ------- -------
Total from investment operations.................................. .48 (.31) .43
------ ------- -------
Less dividends from net investment income......................... (.24) (.49) (.45)
------ ------- -------
Net asset value, end of period.................................... $ 9.42 $ 9.18 $ 9.98
====== ======= =======
TOTAL RETURN (%) (d).............................................. 5.29(b) (3.12) 4.37(b)
====== ======= =======
RATIOS AND SUPPLEMENTARY DATA
Net assets, end of period ($ millions)............................ 13 22 15
Ratio of operating expenses, to average net assets (%) (a)........ .80(c) 1.01 .51(c)
Ratio of net investment income, to average net assets (%)......... 5.20(c) 5.19 5.35(c)
Portfolio turnover rate (%)....................................... 51.40(c) 336.62 132.98(c)
<FN>
(a) Reflects a per share amount of expenses reimbursed by
the Manager of............................................... $ -- $ -- $ .03
Reflects a per share amount of management fee and
other fees not imposed....................................... $ .03 $ .03 $ .07
Operating expense ratio including expenses reimbursed,
management fee and other expenses not imposed (%)............ 1.52(c) 1.34 1.69(c)
(b) Not annualized
(c) Annualized
(d) Total returns are higher due to maintenance of the Fund's expenses.
</FN>
</TABLE>
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION
Managed Intermediate Government Fund (the "Fund") is a portfolio of
Scudder Fund, Inc. (the "Company") which is an open-end diversified management
investment company.
2. SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies followed by the Fund are:
(a) Security Valuation - The value of securities is determined as of the
close of regular trading on the New York Stock Exchange. Securities are valued
utilizing primarily the latest bid prices or, if bid prices are not available,
on the basis of valuations based on a matrix system, both as furnished by a
reputable independent pricing service. Debt securities maturing in 60 days or
less are valued at amortized cost. All other securities and other assets for
which current market quotes are not readily available are valued at fair value
as determined in good faith by the Company's Board of Directors and in
accordance with procedures adopted by the Board of Directors.
(b) Federal Income Taxes - The Fund's policy is to qualify as a
regulated investment company under the Internal Revenue Code and to distribute
all taxable income, including any realized net capital gains, to shareholders.
Therefore, no Federal income tax provision is required. As of December 31,
1994, the Fund had a net tax basis capital loss carryforward of approximately
$1,787,000, which may be applied against any realized net taxable capital gains
of each succeeding year until fully utilized or until December 31, 2002,
whichever comes first.
(c) Allocation of Expenses - Expenses not directly chargeable to the
Fund are allocated primarily on the basis of relative net assets of the
Company.
(d) Dividends - Dividends from net investment income are declared each
business day to shareholders of record on the previous business day for payment
on the first business day of the following month. During any particular year,
net realized gains from investment transactions in excess of available capital
loss carryforwards would be taxable to the Fund if not distributed. Therefore,
the Fund intends to distribute these amounts to shareholders. An additional
distribution may be made to the extent necessary to avoid the payment of a four
percent federal excise tax. The Fund uses the specific identification method
for determining realized gains or losses on investments for both financial and
federal income tax reporting purposes.
(e) Organization Costs - Costs incurred by the Fund in connection with
its organization and initial registration of shares have been deferred and
are being amortized on a straight-line basis over a five-year period.
(f) Other - Investment transactions are recorded on trade dates.
Interest income is recorded as earned and is adjusted for gains and losses on
paydowns on mortgage-backed securities. Distributions to shareholders are
recorded on the ex-dividend dates.
3. REPURCHASE AGREEMENTS
It is the Company's policy to obtain possession, through its custodian,
of the securities underlying each repurchase agreement to which it is a party,
either through physical delivery or book entry transfer in the Federal Reserve
System or Participants Trust Company. Payment by the Company in respect of a
repurchase agreement is authorized only when proper delivery of the underlying
securities is made to the Company's custodian. The Company's investment manager
values such underlying securities each business day using quotations obtained
from a reputable, independent source. If the Company's investment manager
determines that the value of such underlying securities (including accrued
interest thereon) does not at least equal the value of each repurchase
agreement (including accrued interest thereon) to which such securities are
subject, it will ask for additional securities to be delivered to the Company's
custodian. In connection with each repurchase agreement transaction, if the
seller defaults and the value of the collateral declines or if the seller
enters an insolvency proceeding, realization of the collateral by the Company
may be delayed or limited.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. PURCHASES AND SALES OF SECURITIES
During the six months ended June 30, 1995, purchases and sales of
securities, which were exclusively U.S. Government securities, (excluding
short-term investments) aggregated $2,486,069 and $11,510,931, respectively.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Company retains Scudder, Stevens & Clark, Inc. ("Scudder") as
investment manager for the Fund, pursuant to an investment advisory agreement
between Scudder and the Company on behalf of the Fund, for a management fee
payable each month, based upon the average daily value of the Fund's net
assets, at an annual rate of .65%. Scudder has agreed not to impose all or a
portion of its management fee until December 31, 1995, and during such period
to maintain the annualized expenses of the Fund at not more than 0.80% of
average daily net assets. For the six months ended June 30, 1995, Scudder did
not impose a portion of its fee amounting to $29,633, and the portion imposed
amounted to $13,042.
Under certain state regulations, if the total expenses of the Fund,
exclusive of taxes, interest, and extraordinary expenses exceed certain
limitations, the Company's investment adviser is required to reimburse the Fund
for such excess up to the amount of the management fee. During the six months
ended June 30, 1995, no such reimbursement was required.
Scudder Service Corporation ("SSC"), a wholly-owned subsidiary of
Scudder is the Company's shareholder service, transfer and dividend disbursing
agent. For the six months ended June 30, 1995, SSC did not impose any of its
fees amounting to $1,619.
Scudder Fund Accounting Corporation ("SFAC"), a wholly-owned subsidiary
of Scudder, is responsible for determining the daily net asset value per share
and maintaining the portfolio and general accounting records for the Fund.
For the six months ended June 30, 1995, the amount charged to the Fund by SFAC
aggregated $2,529, of which $420 is unpaid. For the six months ended June 30,
1995, SFAC did not impose fees amounting to $16,221.
The Company has a compensation arrangement under which payment of
Directors' fees may be deferred. Interest is accrued (based on the rate of
return earned on the 90 day Treasury Bill as determined at the beginning of
each calendar quarter) on the deferred balances and is included in "Directors'
fees and expenses." The accumulated balance of deferred directors' fees and
interest thereon relating to the Fund constituting the Company aggregated
$9,674, an applicable portion of which is included in accrued expenses of the
Fund.
6. SHAREHOLDER SERVICES
The Fund has special arrangements with certain banks, institutions and
other persons under which they receive compensation from the Fund and Scudder
for performing shareholder servicing functions for their customers who own
shares in the Fund from time to time. For the six months ended June 30, 1995,
payments by the Fund pursuant to these arrangements aggregated $2,658.
7. SHAREHOLDER SERVICE, ADMINISTRATION AND DISTRIBUTION PLAN
The Company has a Shareholder Service, Administration and Distribution
Plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940
under which participating organizations which enter into agreements with the
Company and Scudder may receive a fee of up to 0.25% on an annual basis from
each of the Company and Scudder. Such fee is calculated on the average daily
net assets of the Company for which such participating organizations are
responsible. No payments have been made by the Company for shareholder
service, administration and distribution assistance under this plan other than
those indicated in Note 6 above.
8. CAPITAL STOCK
At June 30, 1995, one holder of record of the Fund held approximately
60% of the outstanding shares.
12
<PAGE>
Shareholder Meeting Results
An Annual Meeting of Shareholders of Scudder Fund, Inc. (the "Company"),
consisting of Managed Government Securities Fund, Managed Federal Securities
Fund, Managed Cash Fund, Managed Tax-Free Fund and Managed Intermediate
Government Fund, was held on Friday, February 3, 1995, at the offices of
Scudder, Stevens & Clark, Inc., New York, New York. The two matters voted upon
by Shareholders and the resulting votes for each matter are presented below.
1. The election of five Directors to hold office until their respective
successors shall have been duly elected and qualified.
<TABLE>
Director: Number of Votes:
<S> <C> <C> <C> <C> <C>
Broker
For Against Withheld Abstain Non-Votes*
--- ------- --------- ------- ----------
David S. Lee 241,650,469.435 0 1,931.183 0 0
Edgar R. Fiedler 241,650,469.435 0 1,931.183 0 0
Peter B. Freeman 241,650,469.435 0 1,931.183 0 0
Robert W. Lear 241,650,469.435 0 1,931.183 0 0
Daniel Pierce 241,650,469.435 0 1,931.183 0 0
</TABLE>
2. Ratification or rejection of the action taken by the Board of Directors in
selecting Price Waterhouse LLP as independent accountants for the fiscal year
ending December 31, 1995.
<TABLE>
Number of Votes:
<S> <C> <C> <C>
Broker
For Against Abstain Non-Votes*
--- ------- ------- ----------
241,583,509.939 1,154.099 67,736.580 0
</TABLE>
- -----------------------------
* Broker non-votes are proxies received by the Company from brokers or
nominees when the broker or nominee neither has received instructions from
the beneficial owner or other persons entitled to vote nor has
discretionary power to vote on a particular matter.
13
<PAGE>
(This page intentionally left blank.)
14
<PAGE>
Board of Directors
DAVID S. LEE(1) Chairman of the Board; Managing Director,
Scudder, Stevens & Clark, Inc.
EDGAR R. FIEDLER(1) (2) (3) Vice President and Economic Counsellor, The
Conference Board; formerly Assistant
Secretary of the Treasury for Economic Policy
PETER B. FREEMAN(2) (3) Corporate Director and Trustee
ROBERT W. LEAR(2) (3) Executive-in-Residence and Visiting
Professor, Columbia University Graduate
School of Business; Director or Trustee,
Various Organizations
DANIEL PIERCE(1) President; Chairman of the Board, Scudder,
Stevens & Clark, Inc.
(1) Member of Executive Committee
(2) Member of Nominating Committee
(3) Member of Audit Committee
- -------------------------------------------------------------------------------
Officers
DAVID S. LEE Chairman of the Board
DANIEL PIERCE President
THOMAS W. JOSEPH Vice President and Assistant Secretary
THOMAS F. McDONOUGH Vice President and Assistant Secretary
PAMELA A. McGRATH Vice President and Treasurer
IRENE McC. PELLICONI Secretary
15
Managed Intermediate Government Fund
345 Park Avenue, New York, New York 10154
(800) 854-8525
Investment Manager MANAGED INTERMEDIATE
Scudder, Stevens & Clark, Inc. GOVERNMENT FUND
345 Park Avenue
New York, New York 10154
Distributor
Scudder Investor Services, Inc.
Two International Place
Boston, Massachusetts 02110
Custodian
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
Fund Accounting Agent
Scudder Fund Accounting Corporation
Two International Place
Boston, Massachusetts 02110
Transfer Agent and
Dividend Disbursing Agent
Scudder Service Corporation
P.O. Box 9242
Boston, Massachusetts 02106
Legal Counsel
Sullivan & Cromwell
New York, New York
- --------------------------------------------- MID-YEAR REPORT
JUNE 30, 1995
This report is for the information of the
shareholders. Its use in connection with any
offering of the Company's shares is
authorized only in case of a concurrent or
prior delivery of the Company's current
prospectus.
