Filed electronically with the Securities and Exchange Commission
on October 30, 1996
File No. 33-2648
File No. 811-4555
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
----
Post-Effective Amendment No. 17
----
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT No. 15
----
Scudder Institutional Fund, Inc.
--------------------------------
(Exact name of Registrant as Specified in Charter)
345 Park Avenue, New York, NY 10154
-----------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (617) 295-2567
Thomas F. McDonough
Scudder, Stevens & Clark, Inc.
345 Park Avenue, New York, NY 10154
-----------------------------------
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
X immediately upon filing pursuant to paragraph (b),
----
on May 1, 1996 pursuant to paragraph (b),
----
60 days after filing pursuant to paragraph (a)(1),
----
on pursuant to paragraph (a)(1)
---- --------------------
75 days after filing pursuant to paragraph (a)(2)
----
on pursuant to paragraph (a)(2) of Rule 485.
---- ------------------
The Registrant previously filed a declaration registering an indefinite amount
of securities pursuant to Rule 24f-2 under the Investment Company Act of 1940,
as amended. The Registrant filed the notice required by Rule 24f-2 for its most
recent fiscal year on February 29, 1996.
<PAGE>
SCUDDER INSTITUTIONAL FUND, INC.
INSTITUTIONAL GOVERNMENT PORTFOLIO
INSTITUTIONAL FEDERAL PORTFOLIO
INSTITUTIONAL CASH PORTFOLIO
INSTITUTIONAL TAX FREE PORTFOLIO
REGISTRATION STATEMENT ON FORM N-1A
CROSS REFERENCE SHEET
Items Required by Form N-1A
---------------------------
<TABLE>
<CAPTION>
PART A
- ------
<S> <C> <C>
Item No. Item Caption Prospectus Caption
- -------- ------------ ------------------
1. Cover Page COVER PAGE
2. Synopsis EXPENSE INFORMATION
SUMMARY
3. Condensed Financial Information FINANCIAL HIGHLIGHTS
4. General Description of Registrant SUMMARY
INVESTMENT OBJECTIVES AND POLICIES
ADDITIONAL INFORMATION ABOUT POLICIES
AND INVESTMENTS
COMPANY ORGANIZATION
5. Management of the Fund SUMMARY
FINANCIAL HIGHLIGHTS
COMPANY ORGANIZATION--Investment Adviser, Transfer Agent
BACK COVER PAGE
5A. Management's Discussion of Fund NOT APPLICABLE
Performance
6. Capital Stock and Other DISTRIBUTION AND PERFORMANCE INFORMATION--
Securities Dividends and Capital Gains Distributions, Taxes
COMPANY ORGANIZATION
BACK COVER PAGE
7. Purchase of Securities Being Offered TRANSACTION INFORMATION--Purchasing Shares, Share Price
COMPANY ORGANIZATION--Distributor
8. Redemption or Repurchase TRANSACTION INFORMATION--Redeeming Shares
9. Pending Legal Proceedings NOT APPLICABLE
Cross Reference - Page 1
<PAGE>
INSTITUTIONAL GOVERNMENT PORTFOLIO
INSTITUTIONAL FEDERAL PORTFOLIO
INSTITUTIONAL CASH PORTFOLIO
INSTITUTIONAL TAX FREE PORTFOLIO
(continued)
PART B
- ------
Caption in Statement of
Item No. Item Caption Additional Information
- -------- ------------ ----------------------
10. Cover Page COVER PAGE
11. Table of Contents TABLE OF CONTENTS
12. General Information and COMPANY ORGANIZATION
History
13. Investment Objectives and THE PORTFOLIOS AND THEIR OBJECTIVES
Policies PORTFOLIO TRANSACTIONS
14. Management of the INVESTMENT ADVISER
Registrant DIRECTORS AND OFFICERS
REMUNERATION
15. Control Persons and Principal DIRECTORS AND OFFICERS
Holders of Securities
16. Investment Advisory and INVESTMENT ADVISER
Other Services ADDITIONAL INFORMATION--Experts and Other Information
17. Brokerage Allocation and PORTFOLIO TRANSACTIONS
Other Practices
18. Capital Stock and Other COMPANY ORGANIZATION
Securities DIVIDENDS
19. Purchase, Redemption and PURCHASE OF SHARES
Pricing of Securities REDEMPTION OF SHARES
Being Offered NET ASSET VALUE
20. Tax Status DIVIDENDS
TAXES
21. Underwriters DISTRIBUTOR
22. Calculation of Performance Data PERFORMANCE INFORMATION
23. Financial Statements FINANCIAL STATEMENTS
Cross Reference - Page 2
<PAGE>
SCUDDER INSTITUTIONAL FUND, INC.
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
REGISTRATION STATEMENT ON FORM N-1A
CROSS REFERENCE SHEET
Items Required by Form N-1A
---------------------------
PART A
- ------
Item No. Item Caption Prospectus Caption
- -------- ------------ ------------------
1. Cover Page COVER PAGE
2. Synopsis EXPENSE INFORMATION
3. Condensed Financial Information FINANCIAL HIGHLIGHTS
4. General Description of Registrant INVESTMENT OBJECTIVE AND POLICIES
ADDITIONAL INFORMATION ABOUT POLICIES AND INVESTMENTS
COMPANY ORGANIZATION
5. Management of the Fund COMPANY ORGANIZATION--Investment Adviser, Transfer Agent, Experienced
Professional Management
BACK COVER PAGE
5A. Management's Discussion of Fund NOT APPLICABLE
Performance
6. Capital Stock and Other DISTRIBUTION AND PERFORMANCE INFORMATION--
Securities Dividends and Capital Gains Distributions, Taxes
COMPANY ORGANIZATION
BACK COVER PAGE
7. Purchase of Securities Being Offered TRANSACTION INFORMATION--Purchasing Shares, Share Price
COMPANY ORGANIZATION--Distributor
8. Redemption or Repurchase TRANSACTION INFORMATION--Redeeming Shares
9. Pending Legal Proceedings NOT APPLICABLE
Cross Reference - Page 3
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
(continued)
PART B
- ------
Caption in Statement of
Item No. Item Caption Additional Information
- -------- ------------ ----------------------
10. Cover Page COVER PAGE
11. Table of Contents TABLE OF CONTENTS
12. General Information and COMPANY ORGANIZATION
History
13. Investment Objectives and THE FUND'S INVESTMENT OBJECTIVE AND POLICIES
Policies PORTFOLIO TRANSACTIONS
14. Management of the INVESTMENT ADVISER
Registrant DIRECTORS AND OFFICERS
REMUNERATION
15. Control Persons and Principal DIRECTORS AND OFFICERS
Holders of Securities
16. Investment Advisory and INVESTMENT ADVISER
Other Services ADDITIONAL INFORMATION--Experts and Other Information
17. Brokerage Allocation and PORTFOLIO TRANSACTIONS
Other Practices
18. Capital Stock and Other COMPANY ORGANIZATION
Securities DIVIDENDS
19. Purchase, Redemption and PURCHASE OF SHARES
Pricing of Securities REDEMPTION OF SHARES
Being Offered NET ASSET VALUE
20. Tax Status DIVIDENDS
TAXES
21. Underwriters DISTRIBUTOR
22. Calculation of Performance Data PERFORMANCE INFORMATION
23. Financial Statements FINANCIAL STATEMENTS
</TABLE>
Cross Reference - Page 4
<PAGE>
Institutional International Equity Portfolio
Supplement to Prospectus
Dated April 3, 1996
The following table includes selected data for a share outstanding throughout
the period and other performance information derived from the financial
statements.
If you would like more detailed information concerning the Portfolio's
performance, a complete portfolio listing and financial statements are available
in the Portfolio's Semiannual Report dated June 30, 1996 and may be obtained
without charge by writing or calling the Company.
<TABLE>
<CAPTION>
FOR THE PERIOD
APRIL 3, 1996
(COMMENCEMENT
OF OPERATIONS)
TO JUNE 30,
1996
--------------
<S> <C>
Net asset value, beginning of period ........................... $12.00
------
Income from Investment Operations:
Net investment income (a) ...................................... .07
Net realized and unrealized gain (loss) on investments ......... .15
------
Total from investment operations ............................... .22
------
Net asset value, end of period ................................. $12.22
======
TOTAL RETURN (%) (d) ........................................... 1.83(b)
RATIOS AND SUPPLEMENTARY DATA
Net assets, end of period ($ millions) ......................... 16
Ratio of operating expenses, to average daily net assets (%) (a) .95(c)
Ratio of net investment income, to average daily net assets (%) 3.05(c)
Portfolio turnover rate (%) .................................... 1.90(c)
Average commission rate paid ................................... $.0004
(a) Reflects a per share amount of expense reductions ......... $ .07
Operating expense ratio before expense reductions (%) ..... 4.01(c)
(b) Not annualized
(c) Annualized
(d) Total returns are higher due to maintenance of the Fund's expenses.
</TABLE>
November 1, 1996
<PAGE>
Institutional International Equity Portfolio
- --------------------------------------------------------------------------------
Mid-Year Report
June 30, 1996
- --------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Board of Directors
<S> <C>
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
K. SUE COTE Vice President
JERARD K. HARTMAN Vice President
KATHRYN L. QUIRK Vice 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
</TABLE>
2
<PAGE>
Dear Shareholder:
We are pleased to provide you with the first mid-year report for the
Institutional International Equity Portfolio. The report covers the abbreviated
period from when the Portfolio commenced operations on April 3, 1996 through
June 30, 1996. Going forward, you can expect to receive an annual report each
year as of the Portfolio's December 31 fiscal year end, as well as a mid-year
report.
Over the period of less than three months since the Portfolio has been in
operation, the Portfolio has provided a positive total return of 1.83%,
reflecting in part a generally positive if unspectacular market environment for
international equities. Going forward, the Portfolio will continue to seek to
provide long-term growth of capital by investing principally in the equity
securities of companies which do business primarily outside of the United
States. The management discussion which follows outlines key elements of the
current market environment and Portfolio strategy.
Thank you for your investment in the Institutional International Equity
Portfolio. If you have any questions about the Portfolio, please call us at
(800) 854-8525.
/s/David S. Lee
David S. Lee
Chairman
3
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO SUMMARY (Unaudited) as of June 30, 1996
- -------------------------------------------------------------------------
PORTFOLIO CHARACTERISTICS
COUNTRY (Excludes Cash Equivalents of 12%)
- ---------------------------------------------------------------------------
Japan 31%
Emerging Markets 20%
Germany 11%
United Kingdom 8%
France 7%
Switzerland 7%
Sweden 4%
Netherlands 4%
Italy 3%
Other 5%
----
100%
====
A graph in the form of a pie chart appears here,
illustrating the exact data points in the above table.
- --------------------------------------------------------------------------
CURRENCY (Excludes Cash Equivalents of 12%)
- --------------------------------------------------------------------------
Japanese Yen 31%
Deutsche Marks 11%
British Pounds 8%
French Francs 7%
Swiss Francs 7%
Philippine Pesos 4%
U.S. Dollars 4%
Hong Kong Dollars 4%
Dutch Guilders 4%
Other 20%
----
100%
====
A graph in the form of a pie chart appears here,
illustrating the exact data points in the above table.
- --------------------------------------------------------------------------
SECTORS (Excludes Cash Equivalents of 12%)
- --------------------------------------------------------------------------
Manufacturing 25%
Service Industries 11%
Financial 9%
Metals & Minerals 9%
Consumer Discretionary 7%
Technology 6%
Communications 5%
Energy 5%
Utilities 5%
Other 18%
-----
100%
====
A graph in the form of a pie chart appears here,
illustrating the exact data points in the above table.
- -----------------------------------------------------------------------
10 LARGEST EQUITY HOLDINGS (12% of Portfolio)
- -----------------------------------------------------------------------
1. JAPAN ASSOCIATED FINANCE CO.
Venture capital company in Japan
2. SANDOZ LTD. AG.
Swiss pharmaceutical company
3. SCHNEIDER SA
Manufacturer of electronic components and automated
manufacturing systems in France
4. MANNESMANN AG
Diversified construction and technology company in Germany
5. CARLTON COMMUNICATIONS PLC
Television post production products and services in the United Kingdom
6. HOESCHT AG
Chemical producer in Germany
7. BAYER AG
Leading chemical producer in Germany
8. BRIDGESTONE CORP.
Leading automobile tire manufacturer in Japan
9. HENNES & MAURITZ AB
Clothing and cosmetics retailer throughout Europe
10. COMPAGNIE FINANCIERE DE PARIBAS
Finance and investment company in France
For more complete details about the Fund's Investment Portfolio,
see page 7.
5
<PAGE>
Dear Shareholder:
The Institutional International Equity Portfolio provided a total return of
1.83% for the period between the Portfolio's beginning of operations on April 3,
1996 and June 30, 1996. For the full three months between April 1 through June
30, the unmanaged MSCI EAFE plus Canada Index returned 1.63%.
In Europe, sluggish growth and high unemployment have provided the backdrop
for the region's stock markets. Economic activity has been dampened as
governments struggle to restrain spending in preparation for European Monetary
Union. In Japan, the overriding factor has been a reversal of the yen, which had
reached a historic high of 79.75 yen to the dollar in April of 1995. Such
currency strength put major Japanese corporations at a disadvantage in export
markets and placed a severe strain on the economy. The government has since
implemented a concerted policy of monetary and fiscal easing, resulting in a
weaker yen and the first signs of recovery.
Looking ahead, while stocks in the U.K. are receiving a boost from
continued bid activity in the corporate sector, the economic cycle is at a more
advanced stage and there is less impetus from interest rate declines than on the
Continent. Across the Channel, corporations are beginning to restructure on a
scale similar to their U.K. counterparts. Managements, particularly in Germany,
are focusing more on shareholder value and are also improving disclosure to the
investment community. Europe will continue to feature privatizations,
consolidations, and restructurings, providing the underpinnings for favorable
long-term equity performance.
In Japan, exports should be sustained not only by a depreciating currency
but also by improved competitiveness as Japanese corporations restructure and
shift production overseas.
5
<PAGE>
Encouraged by the turn in the yen and signs of economic recovery, we have
assumed a 31% position in Japan. Finally, the emerging markets appear to have
put 1995's doldrums behind them, and holdings in the small but expanding venues
of Latin America, Asia, and Eastern Europe constitute 20% of the Portfolio's
assets.
/s/Carol L. Franklin /s/Nicholas Bratt
Lead Portfolio Manager Portfolio Manager
Carol L. Franklin Nicholas Bratt
/s/Irene T. Cheng /s/Francisco S. Rodrigo III
Portfolio Manager Portfolio Manager
Irene T. Cheng Francisco S. Rodrigo III
/s/Joan R. Gregory
Portfolio Manager
Joan R. Gregory
6
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
INVESTMENT PORTFOLIO (UNAUDITED)
JUNE 30, 1996
<CAPTION>
PRINCIPAL MARKET
AMOUNT($)(b) VALUE($)
------------ -------
<S> <C> <C>
REPURCHASE AGREEMENTS - 4.5%
Repurchase Agreement with Donaldson, Lufkin &
Jenrette dated 6/28/96 at 5.45% to be
repurchased at $758,344 on 7/1/96,
collateralized by a $708,000 U.S. Treasury
Note, 9.25%, 8/15/98, (Cost $758,000) ............. 758,000 758,000
-----------
COMMERCIAL PAPER - 7.2%
CIT Group Holdings Inc., 5.38%, 7/17/96 ............. 610,000 608,454
General Electric Capital Corp., 5.29%, 8/20/96 ...... 600,000 600,000
-----------
TOTAL COMMERCIAL PAPER (Cost $1,208,454) .............. 1,208,454
-----------
CONVERTIBLE BONDS - 0.4%
JAPAN
Softbank Corp., 0.5%, 3/29/02 (Cost $63,199)......... JPY 5,000,000 58,977
-----------
Shares
------
PREFERRED STOCKS - 1.9%
GERMANY
RWE AG (Producer and marketer of petroleum
and chemical products) ........................... 5,000 153,856
SAP AG (Computer software manufacturer) ............. 1,100 163,239
-----------
TOTAL PREFERRED STOCKS (Cost $299,949) ............ 317,095
-----------
COMMON STOCKS - 86.0%
ARGENTINA 0.9%
YPF S.A. "D" (ADR) (Petroleum company) .............. 6,500 146,250
-----------
BRAZIL 2.9%
Companhia Energetica de Minas Gerais (pfd.)
(Electric power utility) .......................... 6,000,000 159,538
Petroleo Brasileiro S/A (pfd.)*
(Petroleum company) ............................... 1,300,000 159,886
</TABLE>
See notes to financial statements.
7
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
INVESTMENT PORTFOLIO (CONTINUED)
JUNE 30, 1996
<CAPTION>
MARKET
SHARES VALUE($)
------ --------
<S> <C> <C>
Usinas Siderurgicas de Minas Gerais S/A (pfd.)
(Non-coated flat products and electrolytic
galvanized products) ............................. 150,000,000 158,343
-----------
477,767
-----------
CANADA 1.0%
Canadian Pacific Ltd. (Ord.) (Transportation and
natural resource conglomerate) ................... 7,500 164,256
-----------
FRANCE 6.1%
Carrefour (Hypermarket operator and food retailer) .. 300 168,188
Christian Dior (Leading fashion house) .............. 1,000 130,242
Compagnie Financiere de Paribas (Finance and
investment company) .............................. 3,060 180,831
Pinault-Printemps, SA (Distributor of consumer goods) 500 175,050
Schneider SA* (Manufacturer of electronic
components and automated manufacturing systems) .. 4,100 215,192
Total SA "B" (International oil and gas exploration,
development and production) ...................... 2,000 148,438
-----------
1,017,941
-----------
GERMANY 7.9%
BASF AG (Manufacturer of diversified chemicals
for industrial use) .............................. 500 143,007
Bayer AG (Leading chemical producer) ................ 5,700 201,443
Daimler-Benz AG* (Automobile and truck manufacturer) 250 133,919
Hoechst AG (Chemical producer) ...................... 6,000 203,564
Mannesmann AG (Bearer) (Diversified construction
and technology company) .......................... 600 207,509
Schering AG (Pharmaceutical and chemical producer) .. 2,000 145,572
Siemens AG (Leading electrical engineering and
electronics company) ............................. 2,500 133,638
VEBA AG (Electric utility, distributor of oil
and chemicals) ................................... 2,800 148,883
-----------
1,317,535
-----------
GHANA 0.8%
Ashanti Goldfields Co., Ltd. (ADS)
(Leading gold producer) .......................... 7,000 138,250
-----------
HONG KONG 3.5%
First Pacific Co., Ltd. (International management
and investment company) .......................... 100,000 154,378
</TABLE>
See notes to financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE($)
------ --------
<S> <C> <C>
HSBC Holdings Ltd. (Bank) ............................ 10,000 151,148
Hutchinson Whampoa, Ltd. (Container terminal
and real estate company) .......................... 22,000 138,410
Television Broadcasts, Ltd.
(Television broadcasting) ......................... 38,000 142,609
-----------
586,545
-----------
INDONESIA 1.7%
Darya Varia Laboratoria (Producer of
medicines and pharmaceuticals) .................... 68,960 141,475
HM Sampoerna (Foreign registered) (Tobacco company) .. 13,000 148,013
-----------
289,488
-----------
ITALY 2.8%
Ente Nazionale Idrocarburi SpA (Exploration and
production of oil, natural gas and chemicals) ..... 32,000 159,684
Luxottica Group SpA (ADR) (Manufacturer and
marketer of eyeglasses) ........................... 2,000 146,750
Telecom Italia Mobile SpA (Ord.) (Cellular
telecommunication services) ....................... 70,000 156,492
-----------
462,926
-----------
JAPAN 27.0%
Bridgestone Corp. (Leading automobile
tire manufacturer) ................................ 10,000 191,103
Canon Inc. (Leading producer of visual image
and information equipment) ........................ 8,000 166,781
DDI Corp. (Long distance telephone and
cellular operator) ................................ 18 157,345
East Japan Railway Co. (Railroad operator) ........... 15 78,864
Fujitsu Ltd. (Leading manufacturer of computers) ..... 15,000 137,155
Hitachi Ltd. (General electronics manufacturer) ...... 12,000 111,919
Hitachi Metals, Ltd. (Major producer of high-
quality specialty steels) ......................... 11,000 126,732
Ishikawajima-Harima Heavy Industries Co.,
Ltd. (Comprehensive heavy machinery manufacturer
in aerospace and defense fields) .................. 21,000 102,729
Itochu Corp. (Leading general trading company) ....... 19,000 133,077
Japan Associated Finance Co. (Venture capital company) 2,000 234,079
Jusco Co., Ltd. (Major supermarket operator) ......... 5,000 164,129
Kajima Corp. (Leading contractor engaged in
large-scale civil engineering projects) ........... 13,000 134,321
</TABLE>
See notes to financial statements.
9
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
INVESTMENT PORTFOLIO (CONTINUED)
JUNE 30, 1996
<CAPTION>
MARKET
SHARES VALUE($)
------ --------
<S> <C> <C>
Kawasaki Steel Corp. (Major integrated steel maker) .. 40,000 144,470
Keyence Corp. (Specialized manufacturer of sensors) .. 1,000 136,241
Kokuyo (Leading manufacturer of paper stationery) .... 5,000 138,527
Komori Corp. (Leading manufacturer of offset
printing machines) ................................ 6,000 153,614
Kyocera Corp. (Leading ceramic package manufacturer) . 2,000 141,727
Mabuchi Motor Co., Ltd. (Manufacturer of DC motors) .. 1,000 63,823
Matsushita Electric Industrial Co., Ltd. (Leading
manufacturer of consumer electronic products) ..... 9,000 167,878
Matsushita Electric Works, Inc.. (Leading maker of
building materials and lighting equipment) ........ 5,000 54,405
Mitsubishi Heavy Industries, Ltd. (Diversified heavy
machinery manufacturer and leading shipbuilder) .. 16,000 139,423
NSK Ltd. (Leading manufacturer of bearings and other
machinery parts) .................................. 19,000 144,022
Nisshin Steel Co., Ltd. (Blast furnace steel maker) .. 32,000 124,354
Pioneer Electronics Corp. (Leading manufacturer
of audio equipment) ............................... 7,000 167,055
Ricoh Co., Ltd. (Leading maker of copiers and
information equipment) ............................ 13,000 137,887
SMC Corp. (Leading maker of pneumatic equipment) ..... 2,000 155,077
Secom Co., Ltd. (Electronic security system operator) 2,000 132,401
Sekisui Chemical Co., Ltd. (Leading chemical producer,
PVC resin processor) .............................. 11,000 134,778
Sumitomo Corp. (Leading general trading company) ..... 7,000 62,342
Sumitomo Electric Industries, Ltd. (Leading
manufacturer of electric wires and cables ......... 11,000 157,912
Sumitomo Metal Industries, Ltd. (Leading integrated
crude steel producer) ............................. 45,000 138,253
Sumitomo Metal Mining Co., Ltd. (Leading gold,
nickel and copper mining company) ................. 14,000 121,483
THK Co., Ltd. (Manufacturer of linear motion
systems for industrial machinery) ................. 6,000 145,385
-----------
4,499,291
-----------
KOREA 0.8%
Pohang Iron & Steel Co., Ltd. (ADR)
(Leading steel producer) .......................... 5,800 141,375
-----------
</TABLE>
See notes to financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE($)
------ -------
<S> <C> <C>
MALAYSIA 1.4%
Malayan Banking Bhd. (Leading banking and
financial services group) ............................. 12,000 115,454
Renong Bhd (Holding company involved in
engineering, construction, financial services,
telecommunication and information technology) ......... 72,000 114,877
-----------
230,331
-----------
NETHERLANDS 3.3%
AEGON Insurance Group NV (Insurance company) ............. 3,000 138,258
Elsevier NV (International publisher of scientific,
professional, business, and consumer information books) 9,000 136,675
Heineken Holdings N.V. "A" (Brewery) ..................... 700 141,519
Wolters Kluwer CVA (Publisher) ........................... 1,200 136,429
-----------
552,881
-----------
NEW ZEALAND 0.8%
Telecom Corp. of New Zealand
(Telecommunication services) .......................... 33,000 138,949
-----------
PHILIPPINES 3.9%
C & P Homes, Inc. (Home construction company) ............ 165,000 143,273
Manila Electric Co. "B" (Electric utility) ............... 15,000 157,443
Metropolitan Bank and Trust Company
(Commercial bank and trust company) ................... 3,700 103,798
Philippine National Bank* (Bank) ......................... 6,400 106,870
SM Prime Holdings Corp.* (Leader in commercial
center operations) .................................... 552,000 143,267
-----------
654,651
-----------
PORTUGAL 1.0%
Portugal Telecom SA (Telecommunication services) ......... 6,500 169,997
-----------
SPAIN 2.7%
Acerinox, S.A. (Stainless steel producer) ................ 1,200 125,151
Compania Telefonica Nacional de Espana SA (ADR)
(Telecommunication services) .......................... 3,000 165,375
Iberdrola SA (Electric utility) .......................... 15,000 154,096
-----------
444,622
-----------
</TABLE>
See notes to financial statements.
11
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
INVESTMENT PORTFOLIO (CONTINUED)
JUNE 30, 1996
<CAPTION>
MARKET
SHARES VALUE($)
------ -------
<S> <C> <C>
SWEDEN 3.8%
AGA AB Free"B" (Producer and distributor of
industrial and medical gases) .................... 8,600 148,097
Astra AB "A" (Free) (Pharmaceutical company) ........ 1,600 70,816
Hennes & Mauritz AB "B" (Free) (Clothing and
cosmetics retailer throughout Europe) ............ 2,000 185,801
L.M. Ericsson Telephone Co. "B" (ADR) (Leading
manufacturer of cellular telephone equipment) .... 7,000 150,500
S.K.F. AB "B" (Free)(Manufacturer of roller bearings) 3,000 71,375
-----------
626,589
-----------
SWITZERLAND 5.9%
Adia SA (Personnel and temporary employment company) 600 150,702
Brown, Boveri & Cie. AG (Bearer)
(Manufacturer of electrical equipment) ........... 120 148,590
Elektrowatt AG (Bearer) (Holding company: owner
of electric plants and interests in hydro and
nuclear power plants) ............................ 375 138,883
Holderbank Financiere Glaris AG (Bearer)
(Cement producer) ................................ 200 159,981
SGS Holdings SA (Bearer) (Trade inspection company) . 70 167,700
Sandoz Ltd. AG (Registered) (Pharmaceutical company) 190 217,486
-----------
983,342
-----------
THAILAND 0.8%
Bangkok Bank Ltd. (Foreign registered)
(Leading commercial bank) ........................ 5,000 67,756
Thai Farmers Bank (Foreign registered)
(Commercial bank) ................................ 6,000 65,708
-----------
133,464
-----------
UNITED KINGDOM 7.0%
BOC Group PLC (Producer of industrial gases) ........ 7,300 104,696
British Petroleum PLC (Major integrated
world oil company) ............................... 16,000 140,391
Carlton Communications PLC (Television post
production products and services) ................ 25,500 205,136
PowerGen PLC (Electric utility) ..................... 16,000 116,537
RTZ Corp., PLC (Mining and finance company) ......... 10,000 148,001
Reuters Holdings PLC (International news agency) .... 12,000 145,174
Thorn EMI PLC (Amusement and recreational services) . 5,200 144,876
</TABLE>
See notes to financial statements.
12
<PAGE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE($)
------ -------
<S> <C> <C>
Zeneca Group PLC (Holding company: manufacturing and
marketing of pharmaceutical and agrochemical
products and specialty chemicals)................. 7,000 154,803
-----------
1,159,614
-----------
TOTAL COMMON STOCKS (Cost $14,136,225).................. 14,336,064
-----------
===============================================================================
TOTAL INVESTMENTS - 100.0% (cost $16,465,827) (a)....... $16,678,590
===========
- ----------
<FN>
* Non-income producing security.
(a) Cost for federal income tax purposes was $16,465,827. At June 30, 1996, net
unrealized appreciation for all securities based on tax cost was $212,763.
This consisted of aggregate gross unrealized appreciation for all
securities in which there was an excess of market value over tax cost of
$538,508 and unrealized depreciation for all securities in which there was
an excess of tax cost over market value of $325,745.
(b) Principal amount stated in U.S. dollars unless otherwise noted.
Currency Abbreviations
----------------------
JPY Japanese Yen
</FN>
</TABLE>
Sector breakdown of the Portfolio's equity securities is noted on page 4.
13
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1996
<CAPTION>
<S> <C> <C>
ASSETS
Investments, at market (identified cost $16,465,827) (note 2) ...... $16,678,590
Cash ............................................................... 793
Foreign currency holdings, at market (identified cost $461) (note 2) 463
Receivable for investments sold .................................... 3,816
Dividend and interest receivable ................................... 33,693
Foreign tax recoverable ............................................ 8,111
Deferred organizational expenses (note 2) .......................... 26,295
Due from adviser (note 5) .......................................... 79,477
-----------
Total assets ................................................... 16,831,238
LIABILITIES
Payable for investments purchased .................................. $677,240
Management fee payable (note 5) .................................... 28,621
Accrued expenses (note 5) .......................................... 44,456
--------
Total liabilities .............................................. 750,317
-----------
Net assets, at market value ........................................ $16,080,921
===========
NET ASSETS
Net assets consist of:
Undistributed net investment income ............................. $ 96,930
Net unrealized appreciation on:
Investments ................................................. 212,763
Foreign currency related transactions ....................... (963)
Accumulated net realized loss ................................... (19,819)
Capital Stock ($.001 par value) ................................. 1,316
Additional paid-in capital ...................................... 15,790,694
-----------
Net assets, at market value ........................................ $16,080,921
===========
NET ASSET VALUE, offering and redemption price per share
($16,080,921[divided by]1,315,555 outstanding shares of Capital
Stock, $.001 par value, 100,000,000 shares authorized)........... $ 12.22
===========
</TABLE>
See notes to financial statements.
14
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE PERIOD APRIL 3, 1996* TO JUNE 30, 1996
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME
Dividend (net of foreign taxes withheld of $7,672) ... $ 69,663
Interest ............................................. 57,478
--------
127,141
EXPENSES:
Management fee (note 5) .............................. $ 28,621
Shareholder services (note 5) ........................ 5,917
Custodian and accounting fees (note 5) ............... 32,181
Directors' fees and expenses (note 5) ................ 4,025
Reports to shareholders .............................. 4,617
Auditing ............................................. 25,000
Legal ................................................ 4,325
Amortization of organization expense (note 2) ........ 1,205
Registration fees .................................... 19,389
Miscellaneous fees ................................... 2,323
-------
Total expenses before reductions ..................... 127,603
Expense reductions (note 5) .......................... (97,392)
-------
Expenses, net ........................................ 30,211
--------
NET INVESTMENT INCOME ................................ 96,930
--------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss from:
Investments ...................................... (13,058)
Foreign currency related transactions ............ (6,761) (19,819)
-------
Net unrealized gain (loss) from:
Investments ...................................... 212,763
Foreign currency related transactions ............ (963) 211,800
------- --------
Net gain on investments .............................. 191,981
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . $288,911
========
<FN>
* Commencement of operations
</FN>
</TABLE>
See notes to financial statements.
15
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
<CAPTION>
FOR THE PERIOD
APRIL 3, 1996
(COMMENCEMENT OF
OPERATIONS) TO
JUNE 30, 1996
----------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ...................................... $ 96,930
Net realized loss on investments ........................... (19,819)
Net unrealized appreciation on investments during the period 211,800
------------
Net increase in net assets resulting from operations ....... 288,911
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares ............................... 15,790,810
------------
Total increase in net assets ............................... 16,079,721
------------
NET ASSETS:
Beginning of period ........................................ 1,200
------------
End of period .............................................. $ 16,080,921
============
OTHER INFORMATION
INCREASE (DECREASE) IN FUND SHARES
Shares outstanding at beginning of period .................. 100
Shares sold ................................................ 1,315,455
------------
Shares outstanding at end of period ........................ 1,315,555
============
</TABLE>
See notes to financial statements.
16
<PAGE>
INTERNATIONAL INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS (UNAUDITED)
<TABLE>
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
APRIL 3, 1996
(COMMENCEMENT
OF OPERATIONS)
TO JUNE 30,
1996
--------------
<S> <C>
Net asset value, beginning of period ........................... $12.00
------
Income from Investment Operations:
Net investment income (a) ...................................... .07
Net realized and unrealized gain (loss) on investments ......... .15
------
Total from investment operations ............................... .22
------
Net asset value, end of period ................................. $12.22
======
TOTAL RETURN (%) (d) ........................................... 1.83(b)
RATIOS AND SUPPLEMENTARY DATA
Net assets, end of period ($ millions) ......................... 16
Ratio of operating expenses, to average daily net assets (%) (a) .95(c)
Ratio of net investment income, to average daily net assets (%) 3.05(c)
Portfolio turnover rate (%) .................................... 1.90(c)
Average commission rate paid ................................... $.0004
<FN>
(a) Reflects a per share amount of expense reductions ......... $ .07
Operating expense ratio before expense reductions (%) ..... 4.01(c)
(b) Not annualized
(c) Annualized
(d) Total returns are higher due to maintenance of the Fund's expenses.
</FN>
</TABLE>
17
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION
Institutional International Equity Portfolio (the "Portfolio") is a
portfolio of Scudder Institutional Fund, Inc. (the "Company") which is an
open-end, diversified management investment company. Currently the Portfolio is
comprised of a single class of shares ("Barrett International Shares").
2. SIGNIFICANT ACCOUNTING POLICIES
The Portfolio's financial statements are prepared in accordance with
generally accepted accounting principles which require the use of management
estimates. Significant accounting policies followed by the Portfolio are:
(a) Security Valuation--Portfolio securities which are traded on U.S. or
foreign stock exchanges are valued at the most recent sale price reported on the
exchange on which the security is traded most extensively. If no sale occurred,
the security is then valued at the calculated mean between the most recent bid
and asked quotations. If there are no such bid and asked quotations, the most
recent bid quotation is used. Securities quoted on the National Association of
Securities Dealers Automatic Quotation ("NASDAQ") System, for which there have
been sales, are valued at the most recent sale price reported on such system. If
there are no such sales, the value is the high or "inside" bid quotation.
Securities which are not quoted on the NASDAQ System but are traded in another
over-the-counter market are valued at the most recent sale price on such market.
If no sale occurred, the security is then valued at the calculated mean between
the most recent bid and asked quotations. If there are no such bid and asked
quotations, the most recent bid quotation shall be used.
Portfolio debt securities with remaining maturities greater than sixty days are
valued by pricing agents approved by the officers of the Portfolio, which
quotations reflect broker/dealer-supplied valuations and electronic data
processing techniques. If the pricing agents are unable to provide such
quotations, the most recent bid quotation supplied by a bona fide market maker
shall be used. Short-term investments having a maturity of sixty days or less
are valued at amortized cost.
All other securities are valued at their fair value as determined in good faith
by the Valuation Committee of the Board of Directors.
(b) Foreign Currency Transactions--The books and records of the
Portfolio are maintained in U.S. dollars. Foreign currency transactions are
translated into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and other liabilities
at the daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend and interest income
and certain expenses at the rates of exchange prevailing on the respective
dates of such transactions.
The Portfolio does not isolate that portion of gains and losses on investments
which is due to changes in foreign exchange rates from that which is due to
changes in market prices of the investments. Such fluctuations are included with
the net realized and unrealized gains and losses from investments.
Net realized and unrealized gain (loss) from foreign currency related
transactions includes gains and losses between trade and settlement dates on
securities transactions, gains and losses arising from the sales of foreign
currency, and gains and losses between the ex and payment dates on dividends,
interest, and foreign withholding taxes.
(c) Federal Income Taxes--The Fund intends to qualify as a regulated
investment company under subchapter M of 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.
(d) Distribution of Income and Gains--Distributions of net investment
income are made annually. During any particular year net realized gains from
investment transactions, in excess of available capital loss carryforwards,
would be taxable to the Portfolio if not distributed and, therefore, will be
distributed to shareholders annually. An additional
18
<PAGE>
distribution may be made to the extent necessary to avoid the payment of a four
percent federal excise tax.
The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax regulations
which may differ from generally accepted accounting principles. As a result, net
investment income (loss) and net realized gain (loss) on investment transactions
for a reporting period may differ significantly from distributions during such
period. Accordingly, the Portfolio may periodically make reclassifications among
certain of its capital accounts without impacting the net asset value of the
Portfolio.
(e) Organization Costs--Costs incurred by the Portfolio in connection
with its organization have been deferred and are being amortized on a
straight-line basis over a five-year period.
(f) Other--Investment transactions are recorded on a trade date basis.
Interest income is recorded on the accrual basis. Dividend income and
distributions to shareholders are recorded on the ex-dividend dates.
3. REPURCHASE AGREEMENTS
It is the Portfolio'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.
4 PURCHASES AND SALES OF SECURITIES
For the period April 3, 1996 (commencement of operations) to June 30,
1996, purchases and sales of securities (excluding short-term investments)
aggregated $14,571,508 and $59,192, respectively.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Company retains Scudder, Stevens & Clark, Inc. ("Scudder") as
investment manager for the Portfolio, pursuant to an investment advisory
agreement between Scudder and the Company on behalf of the Portfolio, for a
management fee payable each month, based upon the average daily value of the
Portfolio's net assets, at an annual rate of 0.90%. Scudder has agreed not to
impose all or a portion of its management fee until April 30, 1997, and during
such period to maintain the annualized expenses of the Portfolio at not more
than 0.95% of average daily net assets. For the period April 3, 1996
(commencement of operations) to June 30, 1996, Scudder did not impose any of its
fee amounting to $28,621. In addition, Scudder reimbursed expenses amounting to
$50,856.
Under certain state regulations, if the total expenses of the Portfolio,
exclusive of taxes, interest, and extraordinary expenses exceed certain
limitations, the Company's investment adviser is required to reimburse the
Portfolio for such excess up to the amount of the management fee. For the period
April 3, 1996 (commencement of operations) to June 30, 1996, no such
reimbursement was required.
Scudder Service Corporation ("SSC"), a subsidiary of Scudder, is the
Portfolio's shareholder service, transfer and dividend disbursing agent. For the
period April 3, 1996 (commencement of operations) to June 30, 1996, SSC did not
impose any of its fee amounting to $5,500.
19
<PAGE>
INSTITUTIONAL INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Scudder Fund Accounting Corporation ("SFAC"), a subsidiary of Scudder,
is responsible for determining the daily net asset value per share and
maintaining the portfolio and general accounting records for the Portfolio. For
the period April 3, 1996 (commencement of operations) to June 30, 1996, SFAC did
not impose any of its fees amounting to $12,415.
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." For the period April 3, 1996 (commencement of operations) to June
30, 1996, directors' fees and expenses amounted to $4,025. The accumulated
balance of deferred directors' fees and interest thereon relating to the
Portfolio aggregated $729, which is included in accrued expenses of the
Portfolio.
20
<PAGE>
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21
<PAGE>
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22
<PAGE>
(This page intentionally left blank.)
23
<PAGE>
Institutional International Equity Portfolio
345 Park Avenue, New York, New York 10154
(800) 854-8525
Investment Manager
Scudder, Stevens & Clark, Inc.
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 02205
Legal Counsel
Sullivan & Cromwell
New York, New York
---------------------------------------------
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.
Institutional International
Equity Portfolio
BARRETT INTERNATIONAL SHARES
- --------------------------------------------------------------------------------
Mid-Year Report
June 30, 1996
<PAGE>
SCUDDER INSTITUTIONAL FUND, INC.
PART C. - OTHER INFORMATION
---------------------------
<TABLE>
<CAPTION>
Item 24. Financial Statements and Exhibits
- -------- ---------------------------------
<S> <C> <C>
a. Financial Statements
Included in Part A of this Registration Statement
For Institutional Government Portfolio:
Financial Highlights for the period June 3, 1986 (commencement of operations) to
December 31, 1986 and for the nine fiscal years ended December 31, 1995
For Institutional Federal Portfolio:
Financial Highlights for the period May 9, 1986 (commencement of operations) to
December 31, 1986 and for the nine fiscal years ended December 31, 1995
For Institutional Cash Portfolio:
Financial Highlights for the period June 18, 1986 (commencement of operations) to
December 31, 1986 and for the nine fiscal years ended December 31, 1995
For Institutional Tax-Free Portfolio:
Financial Highlights for the period May 12, 1986 (commencement of operations) to
December 31, 1986 and for the nine fiscal years ended December 31, 1995
For Institutional International Equity Portfolio:
Financial Highlights for the period April 3, 1996 (commencement of operations) to
June 30, 1996
Included in Part B of this Registration Statement
For Institutional Government Portfolio:
Statement of Net Assets as of December 31, 1995
Statement of Operations for the fiscal year ended December 31, 1995
Statements of Changes in Net Assets for the two fiscal years ended December 31,
1994 and 1995
Financial Highlights for the five years ended December 31, 1995
Notes to Financial Statements
Report of Independent Accountants
For Institutional Federal Portfolio:
Statement of Net Assets as of December 31, 1995
Statement of Operations for the fiscal year ended December 31, 1995
Statements of Changes in Net Assets for the two fiscal years ended December 31,
1994 and 1995
Financial Highlights for the five years ended December 31, 1995
Notes to Financial Statements
Report of Independent Accountants
Part C - Page 1
<PAGE>
For Institutional Cash Portfolio:
Statement of Net Assets as of December 31, 1995
Statement of Operations for the fiscal year ended December 31, 1995
Statements of Changes in Net Assets for the two fiscal years ended December 31,
1994 and 1995
Financial Highlights for the five years ended December 31, 1995
Notes to Financial Statements
Report of Independent Accountants
For Institutional Tax-Free Portfolio:
Statement of Net Assets as of December 31, 1995
Statement of Operations for the fiscal year ended December 31, 1995
Statements of Changes in Net Assets for the two fiscal years ended December 31,
1994 and 1995
Financial Highlights for the five years ended December 31, 1995
Notes to Financial Statements
Report of Independent Accountants
For Institutional International Equity Portfolio:
Statement of Assets and Liabilities as of June 30, 1996
Statement of Changes in Net Assets for the period April 3, 1996 (commencement of
operations) to June 30, 1996
Notes to Financial Statements
b. Exhibits:
1. (a) Articles of Incorporation.
(Incorporated by reference to Exhibit 1(a) to original Registration Statement
filed on January 10, 1986.)
(b) Articles Supplementary.
(Incorporated by reference to Exhibit 1(b) to Post-Effective Amendment No.
9 to this Registration Statement filed on March 3, 1988.)
(c) Articles of Amendment.
(Incorporated by reference to Exhibit 1(c) to Post-Effective Amendment No.
9 to this Registration Statement filed on April 29, 1991.)
(d) Articles Supplementary to the Articles of Incorporation. (Incorporated by
reference to Exhibit 1(d) to Post-Effective Amendment No. 14 to this
Registration Statement filed on January 19, 1996.)
(e) Articles Supplementary to the Articles of Incorporation.
(Incorporated by reference to Exhibit 1(e) to Post-Effective Amendment No.
16 to this Registration Statement filed on April 30, 1996.)
2. (a) By-laws.
(Incorporated by reference to Exhibit 2 to original Registration Statement
filed on January 10, 1986.)
(b) Amended and Restated By-laws.
(Incorporated by reference to Exhibit 2(b) to Post Effective Amendment No.
14 to this Registration Statement filed on January 19, 1996.).
Part C - Page 2
<PAGE>
3. Not Applicable
4. Specimen stock certificate.
(Incorporated by reference to Exhibit 4
to original Registration Statement filed on January 10, 1986.)
5. (a)(i) Investment Advisory Agreement on behalf of Institutional Government Portfolio.
(Incorporated by reference to Exhibit 5(a)(i) to Post-Effective Amendment No.
7 filed on March 1, 1990.)
(a)(ii) Investment Advisory Agreement on behalf of Institutional Treasury Portfolio.
(Incorporated by reference to Exhibit 5(a)(ii) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(a)(iii) Investment Advisory Agreement on behalf of Institutional Cash Portfolio.
(Incorporated by reference to Exhibit 5(a)(iii) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(a)(iv) Investment Advisory Agreement on behalf of Institutional Tax-Free Portfolio.
(Incorporated by reference to Exhibit 5(a)(iv) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(a)(v) Investment Advisory Agreement on behalf of Institutional Prime Portfolio.
(Incorporated by reference to Exhibit 5(a)(v) to Post-Effective Amendment No.
7 filed on March 1, 1990.)
(a)(vi) Investment Advisory Agreement on behalf of Institutional Municipal Income
Portfolio.
(Incorporated by reference to Exhibit 5(a)(vi) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(a)(vii) Investment Advisory Agreement on behalf of Institutional Intermediate
Portfolio.
(Incorporated by reference to Exhibit 5(a)(vii) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(a)(viii) Investment Advisory Agreement on behalf of Institutional Bond Index Portfolio.
(Incorporated by reference to Exhibit 5(a)(viii) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(a)(ix) Investment Advisory Agreement on behalf of Institutional International Equity
Portfolio.
(Incorporated by reference to Exhibit a(ix) to Post-Effective Amendment No.
16 to this Registration Statement filed on April 30, 1996.)
6. (a) Interim Distribution Contract.
(Incorporated by reference to Exhibit 6(a) to Post-Effective Amendment No. 4
filed on March 1, 1989.)
(b) Underwriting Agreement dated January 18, 1989 (with form of Dealer Contract
Exhibit).
(Incorporated by reference to Exhibit 6(b) to Post-Effective Amendment No. 4
filed on March 1, 1989.)
7. Not Applicable.
Part C - Page 3
<PAGE>
8. (a) Custodian Contract.
(Incorporated by reference to Exhibit 8(a) to Pre-Effective Amendment No. 1
filed on April 16, 1986.)
(b) Transfer Agency and Service Agreement dated January 1, 1990.
(Incorporated by reference to Exhibit 8(b) to Post-Effective Amendment No. 7
filed on March 1, 1990.)
(b)(i) Fee Schedule for Exhibit 8(b).
(Incorporated by reference to Exhibit 8(b)(i) to Post-Effective Amendment No.
16 to this Registration Statement filed on April 30, 1996.)
(c)(i) Sub-Custodian Agreement with State Street London Limited.
(Incorporated by reference to Exhibit 8(c)(i) to Post-Effective Amendment No.
7 filed on March 1, 1990.)
(c)(ii) Sub-Custodian Agreement with Irving Trust.
(Incorporated by reference to Exhibit 8(c)(ii) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(c)(iii) Sub-Custodian Agreement with Bankers Trust Company.
(Incorporated by reference to Exhibit 8(c)(iii) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(c)(iv) Sub-Custodian Agreement with Bankers Trust Company.
(Incorporated by reference to Exhibit 8(c)(iv) to Post-Effective Amendment
No. 7 filed on March 1, 1990.)
(c)(v) Fee Schedule for Exhibit 8(a).
(Incorporated by reference to Exhibit 8(c)(v) to Post-Effective Amendment No.
13 filed on April 28, 1995.)
(c)(vi) Custodian Contract between the Registrant, on behalf of Institutional
International Equity Portfolio, and Brown Brothers Harriman & Co.
(Incorporated by reference to Exhibit 8(c)(vi) to Post-Effective Amendment
No. 16 to this Registration Statement filed on April 30, 1996.)
(c)(vii) Fee Schedule for Exhibit 8(c)(vi).
(Incorporated by reference to Exhibit 8(c)(vii) to Post-Effective Amendment
No. 15 filed on April 3, 1996.)
9. (a) Application to be filed by amendment.
(b)(i) Fund Accounting Services Agreement between the Registrant, on behalf of
Institutional Cash Portfolio, and Scudder Fund Accounting Corporation dated
August 1, 1994.
(Incorporated by reference to Exhibit 9(b)(i) to Post-Effective Amendment No.
13 filed on April 28, 1995.)
(b)(ii) Fund Accounting Services Agreement between the Registrant, on behalf of
Institutional Government Portfolio, and Scudder Fund Accounting Corporation
dated August 1, 1994.
(Incorporated by reference to Exhibit 9(b)(ii) to Post-Effective Amendment
No. 13 filed on April 28, 1995.)
Part C - Page 4
<PAGE>
(b)(iii) Fund Accounting Services Agreement between the Registrant, on behalf of
Institutional Federal Portfolio, and Scudder Fund Accounting Corporation
dated August 1, 1994.
(Incorporated by reference to Exhibit 9(b)(iii) to Post-Effective Amendment
No. 13 filed on April 28, 1995.)
(b)(iv) Fund Accounting Services Agreement between the Registrant, on behalf of
Institutional Tax-Free Portfolio, and Scudder Fund Accounting Corporation
dated August 18, 1994.
(Incorporated by reference to Exhibit 9(b)(iv) to Post-Effective Amendment
No. 13 filed on April 28, 1995.)
(b)(v) Form of Fund Accounting Services Agreement between the Registrant, on behalf
of Institutional International Equity Portfolio, and Scudder Fund Accounting
Corporation.
(Incorporated by reference to Exhibit 9(b)(v) to Post-Effective Amendment No.
15 filed on April 3, 1996.)
10. Not Applicable.
11. Not Applicable.
12. Not Applicable.
13. Purchase Agreement and Investment Letter of Lazard Freres & Co. (Incorporated
by reference to Exhibit 13 to Pre-Effective Amendment No. 1 filed on April
16, 1986.)
14. Not Applicable.
15. Not Applicable.
16. (a) Schedules for Computations of Performance Quotations.
(Incorporated by reference to Exhibit 16 to Post-Effective Amendment No. 4
filed on March 1, 1989.)
(b) Schedules for Computations of Performance Quotations.
(Incorporated by reference to Exhibit 16(b) to Post-Effective Amendment No.
13 filed on April 28, 1995.)
(c) Schedules for Computations of Performance Quotations to be filed by amendment.
17. Financial Data Schedule for International Equity Portfolio is filed herein.
18. Inapplicable.
</TABLE>
Part C - Page 5
<PAGE>
Item 25. Persons Controlled by or under Common Control with Registrant.
- -------- --------------------------------------------------------------
No person is controlled by or under common control with the
Registrant.
Item 26. Number of Holders of Securities.
- -------- --------------------------------
Set forth below is a table showing the number of record
holders of each class of securities of Scudder Institutional
Fund, Inc. as of October 18, 1996:
<TABLE>
<CAPTION>
(1) (2)
Title of Class Number of Record Shareholders
-------------- -----------------------------
<S> <C>
Institutional Government Portfolio 78
Institutional Federal Portfolio 54
Institutional Cash Portfolio 45
Institutional Tax-Free Portfolio 18
Institutional International Equity Portfolio 300
Institutional Prime Portfolio 1
Institutional Municipal Income Portfolio 1
Institutional Intermediate Cash Portfolio 1
Institutional Bond Index Portfolio 1
</TABLE>
Item 27. Indemnification.
- -------- ----------------
As permitted by Sections 17(h) and 17(i) of the Investment
Company Act of 1940, as amended (the "1940 Act"), pursuant to
Article IV of the Registrant's By-Laws (filed as Exhibit No. 2
to the Registration Statement), officers, directors, employees
and representatives of the Funds may be indemnified against
certain liabilities in connection with the Funds, and pursuant
to Section 12 of the Underwriting Agreement dated January 18,
1989 (filed as Exhibit No. 6(b) to the Registration
Statement), Scudder Investor Services, Inc. (formerly "Scudder
Fund Distributors, Inc."), as principal underwriter of the
Registrant, may be indemnified against certain liabilities
that it may incur. Said Article IV of the By-Laws and Section
12 of the Underwriting Agreement are hereby incorporated by
reference in their entirety.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended (the "Act"), may be
permitted to directors, officers and controlling persons of
the Registrant and the principal underwriter pursuant to the
foregoing provisions or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer, or
controlling person of the Registrant and the principal
underwriter in connection with the successful defense of any
action, suit or proceeding) is asserted against the Registrant
by such director, officer or controlling person or the
principal underwriter in connection with the shares being
registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final
adjudication of such issue.
Part C - Page 6
<PAGE>
Item 28. Business or Other Connections of Investment Adviser
- -------- ---------------------------------------------------
The Adviser has stockholders and employees who are denominated
officers but do not as such have corporation-wide
responsibilities. Such persons are not considered officers for
the purpose of this Item 28.
<TABLE>
<CAPTION>
Business and Other Connections of Board
Name of Directors of Registrant's Adviser
---- ------------------------------------
<S> <C>
Stephen R. Beckwith Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Lynn S. Birdsong Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Supervisory Director, The Latin America Income and Appreciation Fund N.V. (investment
company) +
Supervisory Director, The Venezuela High Income Fund N.V. (investment company) xx
Supervisory Director, Scudder Mortgage Fund (investment company) +
Supervisory Director, Scudder Floating Rate Funds for Fannie Mae Mortgage Securities I
& II (investment company) +
Director, Scudder, Stevens & Clark (Luxembourg) S.A. (investment manager) #
Trustee, Scudder Funds Trust (investment company)*
President & Director, The Latin America Dollar Income Fund, Inc. (investment company)**
President & Director, Scudder World Income Opportunities Fund, Inc. (investment
company)**
Nicholas Bratt Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
President & Director, Scudder New Europe Fund, Inc. (investment company)**
President & Director, The Brazil Fund, Inc. (investment company)**
President & Director, The First Iberian Fund, Inc. (investment company)**
President & Director, Scudder International Fund, Inc. (investment company)**
Director, Scudder Global Fund, Inc. (investment company)**
President & Director, The Korea Fund, Inc. (investment company)**
President & Director, Scudder New Asia Fund, Inc. (investment company)**
President, The Argentina Fund, Inc. (investment company)**
Vice President, Scudder, Stevens & Clark Corporation
Vice President, Scudder, Stevens & Clark Japan, Inc.
Vice President, Scudder, Stevens & Clark of Canada Ltd. (Canadian investment adviser)
Toronto, Ontario, Canada
Linda C. Coughlin Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Director, Scudder Investor Services, Inc. (broker/dealer)**
President & Trustee, AARP Cash Investment Funds (investment company)**
President & Trustee, AARP Growth Trust (investment company)**
President & Trustee, AARP Income Trust (investment company)**
President & Trustee, AARP Tax Free Income Trust (investment company)**
Director, SFA, Inc. (advertising agency)*
Margaret D. Hadzima Director, Scudder, Stevens & Clark, Inc. (investment adviser)*
Jerard K. Hartman Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President, Scudder California Tax Free Trust (investment company)*
Vice President, Scudder Equity Trust (investment company)*
Vice President, Scudder Cash Investment Trust (investment company)*
Vice President, Scudder Development Fund (investment company)*
Vice President, Scudder Global Fund, Inc. (investment company)**
Vice President, Scudder GNMA Fund (investment company)*
Vice President, Scudder Portfolio Trust (investment company)*
Vice President, Scudder International Fund, Inc. (investment company)**
Part C - Page 7
<PAGE>
Vice President, Scudder Investment Trust (investment company)*
Vice President, Scudder Municipal Trust (investment company)*
Vice President, Scudder Mutual Funds, Inc. (investment company)**
Vice President, Scudder New Asia Fund, Inc. (investment company)**
Vice President, Scudder New Europe Fund, Inc. (investment company)**
Vice President, Scudder State Tax Free Trust (investment company)*
Vice President, Scudder Funds Trust (investment company)*
Vice President, Scudder Tax Free Money Fund (investment company)*
Vice President, Scudder Tax Free Trust (investment company)*
Vice President, Scudder U.S. Treasury Money Fund (investment company)*
Vice President, Scudder Variable Life Investment Fund (investment company)*
Vice President, Scudder Treasurers Trust (until 10/30/90) (investment company)*
Vice President, The Brazil Fund, Inc. (investment company)**
Vice President, The Korea Fund, Inc. (investment company)**
Vice President, The Argentina Fund, Inc. (investment company)**
Vice President and Director, Scudder, Stevens & Clark of Canada, Ltd. (Canadian
investment adviser) Toronto, Ontario, Canada
Vice President, The First Iberian Fund, Inc. (investment company)**
Vice President, The Latin America Dollar Income Fund, Inc. (investment company)**
Richard A. Holt Director, Scudder, Stevens & Clark, Inc. (investment adviser)++
Vice President, Scudder Variable Life Investment Fund (investment company)*
Dudley H. Ladd Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Director, Scudder Investor Services, Inc. (broker/dealer)*
Vice President & Trustee, Scudder Cash Investment Trust (investment company)*
Trustee, Scudder Investment Trust (investment company)*
Trustee, Scudder Portfolio Trust (investment company)*
Trustee, Scudder Municipal Trust (investment company)*
Trustee, Scudder State Tax Free Trust (investment company)*
Vice President, Scudder U.S. Treasury Money Fund (investment company)*
Vice President & Treasurer, SFA, Inc. (advertising agency)*
Douglas M. Loudon Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President & Trustee, Scudder Development Fund (investment company)*
Vice President & Trustee, Scudder Equity Trust (investment company)*
Vice President, Scudder Global Fund, Inc. (investment company)**
Vice President, Scudder Investment Trust (investment company)*
Vice President & Director, Scudder Mutual Funds, Inc. (investment company)**
Vice President, AARP Cash Investment Funds (investment company)**
Vice President, AARP Growth Trust (investment company)**
Vice President, AARP Income Trust (investment company)**
Vice President, AARP Tax Free Income Trust (investment company)**
Vice President, Scudder, Stevens & Clark Corporation (Delaware) (investment adviser)**
Senior Vice President, Scudder Investor Services, Inc. (broker/dealer)*
Vice President, Scudder, Stevens & Clark of Canada Ltd. (Canadian investment adviser)
Toronto, Ontario, Canada
Chairman, World Capital Fund (investment company) Luxembourg ##
Managing Director, NKK - Scudder Capital Asset Management Corporation (investment
adviser)**
Chairman & Director, Scudder, Stevens & Clark Japan, Inc.
President, The Japan Fund, Inc. (investment company)**
Trustee, Scudder, Stevens & Clark Supplemental Retirement Income Plan
Trustee, Scudder, Stevens & Clark Profit Sharing Plan **
Chairman & Director, Scudder, Stevens & Clark (Luxembourg), S.A., Luxembourg#
Director, Berkshire Farm & Services for Youth
Board of Governors, Investment Counsel Association of America
Part C - Page 8
<PAGE>
Chairman, Canadian High Income Fund (investment company) #
Chairman, Hot Growth Companies Fund (investment company) #
John T. Packard Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
President, Montgomery Street Income Securities, Inc. (investment company) oo
Director, Scudder Realty Advisors, Inc. (realty investment adviser) x
Director, PSI Star Corporation (manufacturer of chemical process for etching circuit
boards)
Juris Padegs Secretary & Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Chairman of the Board & Director, The Brazil Fund, Inc. (investment company)**
Trustee, Scudder Development Fund (investment company)*
Trustee & Vice President, Scudder Equity Trust (investment company)*
Chairman of the Board & Director, The First Iberian Fund, Inc. (investment company)**
Trustee (Vice President & Assistant Secretary until 3/91), Scudder Funds Trust
(investment company)*
Vice President & Assistant Secretary, Scudder Global Fund, Inc. (investment company)**
Trustee, Scudder Investment Trust (investment company)*
Vice President, Assistant Secretary & Director, Scudder International Fund, Inc.
(investment company)**
Vice President, The Latin America Dollar Income Fund, Inc. (investment company)**
Trustee, Scudder Municipal Trust (investment company)*
Vice President & Assistant Secretary, Scudder Mutual Funds, Inc. (investment company)**
Vice President & Director, Scudder New Europe Fund, Inc. (investment company)**
Trustee, Scudder State Tax Free Trust (investment company)*
Vice President, Assistant Secretary & Director, Scudder New Asia Fund, Inc. (investment
company)**
Vice President & Trustee, Scudder Tax Free Money Fund (investment company)*
Trustee, Scudder Tax Free Trust (investment company)*
Chairman of the Board and Director (Vice President until 4/91), The Korea Fund,
Inc. (investment company)**
Vice President & Director, The Argentina Fund, Inc. (investment company)**
Secretary, Scudder, Stevens & Clark of Canada Ltd. (Canadian investment adviser),
Toronto, Ontario, Canada
Vice President, Scudder Realty Advisors, Inc. (realty investment adviser) x
Assistant Secretary, SFA, Inc. (advertising agency)*
Vice President & Director, Scudder Investor Services, Inc. (broker/dealer)**
Assistant Treasurer, NKK-Scudder Capital Asset Management (investment adviser)**
Director and Chairman of the Board, Scudder, Stevens & Clark Japan, Inc.
President & Director, Scudder, Stevens & Clark Corporation
Supervisory Director, Sovereign High Yield Investment Company N.V. (investment
company) +
Director, President Investment Trust Corporation (Joint Venture)***
Daniel Pierce Chairman of the Board and Director, Scudder New Europe Fund, Inc. (investment company)**
Trustee, California Tax Free Trust (investment company)*
President & Trustee, Scudder Development Fund (investment company)**
President & Trustee, Scudder Equity Trust (investment company)**
Director, The First Iberian Fund, Inc. (investment company)**
President & Trustee, Scudder GNMA Fund (investment company)*
President & Trustee, Scudder Portfolio Trust (investment company)*
President & Trustee, Scudder Funds Trust (investment company)*
President & Director, Scudder Institutional Fund, Inc. (investment company)**
President & Director, Scudder Fund, Inc. (investment company)**
Part C Page 9
<PAGE>
Director, Scudder International Fund, Inc. (investment company)**
President & Trustee, Scudder Investment Trust (investment company)*
Vice President & Trustee, Scudder Municipal Trust (investment company)*
President & Director, Scudder Mutual Funds, Inc. (investment company)**
Director, Scudder New Asia Fund, Inc. (investment company)**
Trustee, Scudder State Tax Free Trust (investment company)*
President & Trustee, Scudder Treasurers Trust (until 10/90) (investment company)*
Vice President & Trustee, Scudder Variable Life Investment Fund (investment company)*
Director, The Brazil Fund, Inc. (investment company)**
Vice President & Assistant Treasurer, Montgomery Street Income Securities, Inc.
(investment company) oo
Vice President and Director, Scudder Global Fund, Inc. (investment company)**
Vice President, Director & Assistant Treasurer, Scudder Investor Services, Inc.
(broker/dealer)*
Vice President & Director, Scudder Service Corporation (in-house transfer agent)*
Chairman of the Board & President, Scudder, Stevens & Clark of Canada, Ltd. (Canadian
investment adviser), Toronto, Ontario, Canada
Chairman of the Board, Assistant Treasurer & Director, Scudder, Stevens & Clark, Inc.
(investment adviser)**
Director, Scudder, Stevens & Clark, Ltd.
Trustee, Brigham and Women's Hospital (hospital) Boston, MA
Director, Fiduciary Trust Company (banking & trust company) Boston, MA
Director, Fiduciary Company Incorporated (banking & trust company) Boston, MA
Cornelia M. Small Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Vice President, Scudder Global Fund, Inc. (investment company)**
Vice President, AARP Cash Investment Funds (investment company)*
Vice President, AARP Growth Trust (investment company)*
Vice President, AARP Income Trust (investment company)*
Vice President, AARP Tax Free Income Trust (investment company)*
Edmond D. Villani President & Director, Scudder, Stevens & Clark, Inc. (investment adviser)**
Trustee, Scudder Development Fund (investment company)*
Chairman of the Board & Director, Scudder Global Fund, Inc. (investment company)**
Chairman of the Board & Director, Scudder International Fund, Inc. (investment
company)**
Chairman of the Board & Director, Scudder New Asia Fund, Inc. (investment company)**
Chairman of the Board & Director, The Argentina Fund, Inc. (investment company)**
Director, Scudder Realty Advisors, Inc. (realty investment adviser) x
Supervisory Director, Scudder Mortgage Fund (investment company) +
Chairman of the Board & Director, The Latin America Dollar Income Fund, Inc.
(investment company)**
Director, Scudder, Stevens & Clark Japan, Inc.
Chairman of the Board & Director, Scudder World Income Opportunities Fund, Inc.
(investment company)**
</TABLE>
Part C - Page 10
<PAGE>
* Two International Place, Boston, MA
x 333 South Hope Street, Los Angeles, CA
** 345 Park Avenue, New York, NY
++ 111 East Wacker Drive, Chicago, IL
o Rodney Square North, Wilmington, DE
oo 101 California Street, San Francisco, CA
# 11, rue Aldringen, L-1118 Luxembourg, Grand-Duchy of Luxembourg
+ John B. Gorsiraweg 6, Willemstad Curacao, Netherland Antilles
xx DeRuyterkade 62, P.O. Box 812, Willemstad Curacao, Netherland Antilles
## 2 Boulevard Royal, Luxembourg
*** B1 2F3F 248 Section 3, Nan King East Road, Taipei, Taiwan
Item 29. Principal Underwriters.
- --------------------------------
(a) Scudder California Tax Free Trust
Scudder Cash Investment Trust
Scudder Development Fund
Scudder Equity Trust
Scudder Fund, Inc.
Scudder Funds Trust
Scudder Global Fund, Inc.
Scudder GNMA Fund
Scudder Institutional Fund, Inc.
Scudder International Fund, Inc.
Scudder Investment Trust
Scudder Municipal Trust
Scudder Mutual Funds, Inc.
Scudder Portfolio Trust
Scudder State Tax Free Trust
Scudder Tax Free Money Fund
Scudder Tax Free Trust
Scudder U.S. Treasury Money Fund
Scudder Variable Life Investment Fund
AARP Cash Investment Funds
AARP Growth Trust
AARP Income Trust
AARP Tax Free Income Trust
The Japan Fund, Inc.
(b)
<TABLE>
<CAPTION>
(1) (2) (3)
Name and Principal Position and Offices with Positions and
Business Address Scudder Investor Services, Inc. Offices with Registrant
---------------- ------------------------------- -----------------------
<S> <C> <C>
Charles S. Boit Assistant Treasurer None
Two International Place
Boston, MA 02110
E. Michael Brown Assistant Treasurer None
Two International Place
Boston, MA 02110
Linda Coughlin Director None
345 Park Avenue
New York, NY 10154
Part C - Page 11
<PAGE>
Name and Principal Position and Offices with Positions and
Business Address Scudder Investor Services, Inc. Offices with Registrant
---------------- ------------------------------- -----------------------
Richard W. Desmond Vice President None
345 Park Avenue
New York, NY 10154
Coleen Downs Dinneen Assistant Clerk Assistant Secretary
Two International Place
Boston, MA 02110
Paul J. Elmlinger Vice President None
345 Park Avenue
New York, NY 10154
Cuyler W. Findlay Senior Vice President & None
345 Park Avenue Director
New York, NY 10154
Thomas W. Joseph Vice President, Director, Vice President &
Two International Place Treasurer & Assistant Clerk Assistant Secretary
Boston, MA 02110
Dudley H. Ladd Senior Vice President & None
Two International Place Director
Boston, MA 02110
David S. Lee President, Assistant Chairman & Director
Two International Place Treasurer & Director
Boston, MA 02110
Douglas M. Loudon Senior Vice President None
345 Park Avenue
New York, NY 10154
Thomas F. McDonough Clerk Vice President
Two International Place & Secretary
Boston, MA 02110
Thomas H. O'Brien Assistant Treasurer None
345 Park Avenue
New York, NY 10154
Edward J. O'Connell Assistant Treasurer None
345 Park Avenue
New York, NY 10154
Juris Padegs Vice President & Director None
345 Park Avenue
New York, NY 10154
Daniel Pierce Vice President, Director President & Director
Two International Place & Assistant Treasurer
Boston, MA 02110
Robert E. Pruyne Assistant Treasurer None
Two International Place
Boston, MA 02110
Part C - Page 12
<PAGE>
Name and Principal Position and Offices with Positions and
Business Address Scudder Investor Services, Inc. Offices with Registrant
---------------- ------------------------------- -----------------------
Kathryn L. Quirk Vice President Vice President
345 Park Avenue
New York, NY 10154
Ronald H. Ransch Vice President None
345 Park Avenue
New York, NY 10154
David B. Watts Assistant Treasurer None
Two International Place
Boston, MA 02110
The Underwriter has employees who are denominated officers of an
operational area. Such persons do not have corporation-wide
responsibilities and are not considered officers for the purpose of
this Item 29.
(c)
(1) (2) (3) (4) (5)
Net Underwriting Compensation on
Name of Principal Discounts and Redemptions Brokerage Other
Underwriter Commissions and Repurchases Commissions Compensation
----------- ----------- --------------- ----------- ------------
Scudder Investor None None None None
Services, Inc.
</TABLE>
Item 30. Location of Accounts and Records.
- -------- ---------------------------------
All accounts, books and other documents required to be
maintained by Section 31(a) of the 1940 Act and the Rules
thereunder are maintained at the offices of the Custodian, the
Transfer Agent, the Distributor or the Registrant. Documents
required by paragraphs (b)(4), (5), (6), (7), (9), (10), and
(11) and (f) of Rule 31a-1 (the "Rule"), will be kept at the
offices of the Registrant, 345 Park Avenue, New York, New
York; certain documents required to be kept under paragraphs
(b)(1) and (b)(2)(iv) of the Rule will be kept at the offices
of Scudder Service Corporation, Two International Place,
Boston, Massachusetts 02110-4103; documents required to be
kept under paragraph (d) of the Rule will be kept at the
offices of Scudder Investor Services, Inc., Two International
Place, Boston, Massachusetts 02110-4103; and the remaining
accounts, books and other documents required by the Rule will
be kept at State Street Bank and Trust Company, 1776 Heritage
Drive, North Quincy, Massachusetts 02171 (on behalf of
Institutional Government Portfolio, Institutional Federal
Portfolio, Institutional Cash Portfolio and Institutional
Tax-Free Portfolio) and at Brown Brothers Harriman & Co., 40
Water Street, Boston, Massachusetts 02109 (on behalf of
Institutional International Equity Portfolio).
Item 31. Management Services.
- -------- --------------------
Inapplicable.
Item 32. Undertakings.
- -------- -------------
Inapplicable.
Part C - Page 13
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this amendment to its Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Boston,
Commonwealth of Massachusetts on the 30th day of October, 1996.
SCUDDER INSTITUTIONAL FUND, INC.
By /s/David S. Lee
---------------
David S. Lee,
Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to its Registration Statement has been signed below by
the following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
- --------- ----- ----
<S> <C> <C>
/s/David S. Lee
- --------------------------------------
David S. Lee Chairman of the Board (Principal October 30, 1996
Executive Officer) and Director
/s/Daniel Pierce
- --------------------------------------
Daniel Pierce President and Director October 30, 1996
/s/Edgar R. Fiedler
- --------------------------------------
Edgar R. Fiedler Director October 30, 1996
/s/Peter B. Freeman
- --------------------------------------
Peter B. Freeman Director October 30, 1996
/s/Robert W. Lear
- --------------------------------------
Robert W. Lear Director October 30, 1996
/s/Pamela A. McGrath
- --------------------------------------
Pamela A. McGrath Vice President and Treasurer October 30, 1996
(Principal Financial and Accounting
Officer)
</TABLE>
<PAGE>
File No. 33-2648
File No. 811-4555
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
EXHIBITS
TO
FORM N-1A
POST-EFFECTIVE AMENDMENT NO. 17
TO REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
AND
AMENDMENT NO. 15
TO REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
SCUDDER INSTITUTIONAL FUND, INC.
<PAGE>
SCUDDER INSTITUTIONAL FUND, INC.
EXHIBIT INDEX
-------------
Exhibit 17
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Institutional Fund Inc. mid-year Report for the six month period ended June 30,
1996 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Institutional International Equity Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-3-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 16,465,827
<INVESTMENTS-AT-VALUE> 16,678,590
<RECEIVABLES> 45,620
<ASSETS-OTHER> 107,028
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,831,238
<PAYABLE-FOR-SECURITIES> 677,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,077
<TOTAL-LIABILITIES> 750,317
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,792,010
<SHARES-COMMON-STOCK> 1,315,555
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 96,930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,819)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 211,800
<NET-ASSETS> 16,080,921
<DIVIDEND-INCOME> 69,663
<INTEREST-INCOME> 57,478
<OTHER-INCOME> 0
<EXPENSES-NET> 30,211
<NET-INVESTMENT-INCOME> 96,930
<REALIZED-GAINS-CURRENT> (19,819)
<APPREC-INCREASE-CURRENT> 211,800
<NET-CHANGE-FROM-OPS> 288,911
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,315,455
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,079,721
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28,621
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127,603
<AVERAGE-NET-ASSETS> 14,551,291
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.22
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
