U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
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1. Name and address of issuer:
Scudder GNMA Fund
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Two International Place
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Boston, MA 02110
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2. Name of each series or class of funds for which this notice is filed:
Scudder GNMA Fund
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3. Investment Company Act File Number:
811-3699
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Securities Act File Number:
2-82632
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4. Last day of fiscal year for which this notice is filed:
3/31/96
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
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6. Date of termination of issuer's declaration under Rule 24f-2(a)(1), if applicable (see
Instruction A.6):
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to Rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning of
the fiscal year:
Number: 0
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Amount: $0
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8. Number and amount of securities registered during the fiscal year other than pursuant to Rule 24f-2:
Number: 9,017,866
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Amount: $132,472,452
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9. Number and aggregate sale price of securities sold during the fiscal year:
Number: 4,154,677
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Aggregate Sale Price: $60,759,215
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to Rule 24f-2:
Number: 4,154,677
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Aggregate Sale Price: $60,759,215
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11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
Number: 1,355,378
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Aggregate Sale Price: $19,805,541
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on Rule 24f-2 (from Item 10): $60,759,215
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(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if + $19,805,541
applicable):
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(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): - $98,890,887
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(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees
pursuant to Rule 24e-2 (if applicable): + $0
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(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on Rule 24f-2
(line (i), plus line (ii), less line (iii), plus line
(iv)) (if applicable): $0
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(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation (see Instruction C.6): x 1/2900
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(vii) Fee due (line (i) or line (v) multiplied by line $0
(vi)):
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Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only if the form is being filed within 60
days after the close of the issuer's fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox depository as described in
section 3a of the Commission's Rules of Informal and Other Procedures (17 CFR 202.3a). [ ]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository: N/A
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)*: /s/
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Thomas F. McDonough, Secretary
Date:
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*Please print the name and title of the signing officer below the signature.
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2
LAW OFFICES OF
DECHERT, PRICE & RHOADS
TEN POST OFFICE SQUARE SOUTH
BOSTON, MA 02109-4603
May 21, 1996
Scudder GNMA Fund
Two International Place
Boston, MA 02110
Re: Rule 24f-2 Notice
Gentlemen:
Scudder GNMA Fund (the "Trust") is a trust created under a written
Declaration of Trust dated March 24, 1983 under the name of Master Investment
Services Tax Free Fund and executed and delivered in Boston, Massachusetts. The
name of the Trust was changed to Scudder Government Mortgage Securities Fund by
an amendment to the Declaration of Trust dated April 5, 1985 and filed with the
Secretary of the Commonwealth of Massachusetts (the "Secretary") on April 8,
1985. The name of the Trust was further changed to Scudder GNMA Fund by an
Amended and Restated Declaration of Trust dated November 3, 1987 and filed with
the Secretary on December 3, 1987. The Declaration of Trust was further amended
by an instrument dated November 13, 1990 and filed with the Secretary on
December 12, 1990. The Amended and Restated Declaration of Trust, as amended, is
referred to as the "Declaration of Trust". The beneficial interest under the
Declaration of Trust is represented by transferable shares, $.01 par value per
share ("Shares"). The Trustees have the powers set forth in the Declaration of
Trust, subject to the terms, provisions and conditions therein provided.
We are of the opinion that all legal requirements have been complied
with in the creation of the Trust and that said Declaration of Trust is legal
and valid.
Under Article V, Section 5.4 of the Declaration of Trust, the
Trustees are empowered, in their discretion, from time to time, to issue Shares
for such amount and
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type of consideration, at such time or times and on such terms as the Trustees
may deem best. Under Article V, Section 5.1, it is provided that the number of
Shares authorized to be issued under the Declaration of Trust is unlimited.
By votes adopted on November 8, 1994 and November 14, 1995 the
Trustees of the Trust authorized the President, any Vice President, the
Secretary and the Treasurer, from time to time, to determine the appropriate
number of Shares to be registered, to register with the Securities and Exchange
Commission, and to issue and sell to the public, such Shares.
We understand that you are about to file a Notice pursuant to Rule
24f-2 under the Investment Company Act of 1940, as amended, making definite the
registration of 5,510,055 Shares sold in reliance upon said Rule 24f-2 during
the fiscal year ended March 31, 1996.
We are of the opinion that all necessary Trust action precedent to
the issue of said 5,510,055 Shares was duly taken. We are of the further opinion
that all such Shares were legally and validly issued, fully paid and
nonassessable by the Trust. In rendering the opinion expressed in the preceding
sentence, we rely on certification by an officer of the Trust that the Trust or
its agent received consideration for such Shares in accordance with the
provisions of the Trust's Declaration of Trust, and we assume that the sale of
such Shares was effected in compliance with the Securities Act of 1933, the
Investment Company Act of 1940, and applicable state laws regulating the sale of
securities.
We consent to your filing this opinion with the Securities and
Exchange Commission together with the Rule 24f-2 Notice referred to above.
Very truly yours,
/s/Dechert Price & Rhoads
