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<PAGE> PAGE 2
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SIGNATURE SUSAN C. COTE'
TITLE TREASURER
For period ending (a) December 31, 1993
File number (c) 811-4661
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
The Registrant's Annual Meeting of Stockholders was held on
September 9, 1993 at which time the stockholders elected three
directors, ratified the selection of independent accountants and
approved the following proposal:
1. Approval to amend the Fund's Articles of Incorporation to
delete the provision requiring the Fund to purchase at net
asset value shares tendered to the Fund at the end of each
quarter.
Affirmative Negative
votes cast votes cast
33,886,698 4,328,454
For period ending (a) December 31, 1993
File number (c) 811-4661
Sub Item 77Q-1
ARTICLES OF AMENDMENT
OF
ARTICLES OF INCORPORATION
OF
THE GLOBAL YIELD FUND, INC.
THE GLOBAL YIELD FUND, INC., a Maryland corporation having
its principal offices in Baltimore, Maryland and New York, New York
(the "Corporation"), hereby certifies to the State Department of
Assessments and Taxation of Maryland that:
FIRST: Article TENTH of the Corporation's Articles of
Incorporation is hereby deleted and Article ELEVENTH is hereby
renumbered as Article TENTH.
SECOND: The foregoing amendment to the Articles of
Incorporation of the Corporation does not increase the authorized
stock of the Corporation.
THIRD: The foregoing amendment to the Articles of
Incorporation of the Corporation has been advised by the Board of
Directors and approved by the shareholders of the Corporation.
IN WITNESS WHEREOF, THE GLOBAL YIELD FIND, INC.
has caused these presents to be signed in its name and on its
behalf by its President and attested by its Secretary on
September 9, 1993.
THE GLOBAL YIELD FUND, INC.
By
Lawrence C. McQuade
President
Attest:
S. Jane Rose
Secretary
The undersigned, President of THE GLOBAL YIELD FUND, INC., who
executed on behalf of said corporation the foregoing amendment to
the Articles of Incorporation of which this certificate is made a
part, hereby acknowledges in the name and on behalf of said
corporation, the foregoing amendment to the Articles of
Incorporation to be the corporate act of said corporation and
further certifies that, to the best of his knowledge, information
and belief, the matters and facts set forth therein with respect to
the approval thereof are true in all material respects, under the
penalties of perjury.
Lawrence C. McQuade
Board of Directors
The Global Yield Fund, Inc.:
In planning and performing our audit of the financial statements of
The Global Yield Fund, Inc. ("Fund") for the year ended December
31, 1993, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1993.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
DELOITTE & TOUCHE
February 10, 1994
