<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 793597
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 SCUDDER GLOBAL FUND, INC.
001 B000000 811-4670
001 C000000 6172952567
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 SCUDDER GLOBAL DISCOVERY FUND
007 C030300 N
007 C010400 4
007 C020400 SCUDDER GLOBAL BOND FUND
007 C030400 N
007 C010500 5
007 C020500 SCUDDER EMERGING MARKETS INCOME FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SCUDDER, STEVENS & CLARK, INC.
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 38
019 C00AA00 SCUDDERRRR
020 A000001 KLEINWORT BENSON
020 C000001 31
020 A000002 UBS SECURITIES
<PAGE> PAGE 2
020 C000002 26
020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
020 C000003 24
020 A000004 LEHMAN BROTHERS
020 B000004 13-2663822
020 C000004 22
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005 20
020 A000006 FLEMING
020 C000006 18
020 A000007 YAMATENE SECURITIES
020 C000007 15
020 A000008 NOMURA SECURITIES
020 C000008 15
020 A000009 DAIWA SECURITIES
020 C000009 15
020 A000010 OKASAN
020 C000010 13
021 000000 414
022 A000001 JP MORGAN
022 B000001 13-3224016
022 C000001 203723
022 D000001 242675
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 112984
022 D000002 128686
022 A000003 ING BANK
022 C000003 91014
022 D000003 89028
022 A000004 MORGAN STANLEY
022 C000004 67693
022 D000004 93518
022 A000005 CITIBANK
022 C000005 82081
022 D000005 56629
022 A000006 SALOMON BROTHERS
022 C000006 51023
022 D000006 50790
022 A000007 CHASE MANHATTAN
022 B000007 13-2633612
022 C000007 51172
022 D000007 44353
022 A000008 CHEMICAL BANK
022 C000008 47620
022 D000008 46668
022 A000009 UBS
022 C000009 33997
022 D000009 58706
<PAGE> PAGE 3
022 A000010 MERRILL LYNCH
022 B000010 13-5674085
022 C000010 59822
022 D000010 8697
023 C000000 1001373
023 D000000 1110518
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
015 A000301 BROWN BROTHERS HARRIMAN & CO.
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02109
015 E020301 X
015 A000302 STANDARD CHARTERED BANK
015 B000302 S
015 C010302 SHANGHAI
015 D010302 CHINA
015 E040302 X
015 A000303 NATIONAL AUSTRALIA BANK LIMITED
015 B000303 S
015 C010303 MELBOURNE
015 D010303 AUSTRALIA
015 E040303 X
<PAGE> PAGE 4
015 A000304 CREDITANSTALT BANKVEREIN
015 B000304 S
015 C010304 VIENNA
015 D010304 AUSTRIA
015 E040304 X
015 A000305 BANQUE BRUXELLES LAMBERT
015 B000305 S
015 C010305 BRUSSELS
015 D010305 BELGIUM
015 E040305 X
015 A000306 THE FIRST NATIONAL BANK OF BOSTON
015 B000306 S
015 C010306 SAO PAULO
015 D010306 BRAZIL
015 E040306 X
015 A000307 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000307 S
015 C010307 TORONTO
015 D010307 CANADA
015 E040307 X
015 A000308 CITIBANK, N.A.
015 B000308 S
015 C010308 SANTIAGO
015 D010308 CHILE
015 E040308 X
015 A000309 CITITRUST COLOMBIA, S.A.
015 B000309 S
015 C010309 BOGOTA
015 D010309 COLOMBIA
015 E040309 X
015 A000310 DEN DANSKE BANK
015 B000310 S
015 C010310 COPENHAGEN
015 D010310 DENMARK
015 E040310 X
015 A000311 UNION BANK OF FINLAND
015 B000311 S
015 C010311 HELSINKI
015 D010311 FINLAND
015 E040311 X
015 A000312 MORGAN GUARANTY TRUST COMPANY OF NY
015 B000312 S
015 C010312 PARIS
015 D010312 FRANCE
015 E040312 X
015 A000313 DRESDNER BANK
015 B000313 S
015 C010313 FRANKFURT
015 D010313 GERMANY
015 E040313 X
015 A000314 CITIBANK, N.A.
<PAGE> PAGE 5
015 B000314 S
015 C010314 ATHENS
015 D010314 GREECE
015 E040314 X
015 A000315 HONGKONG & SHANGHAI BANKING CORP.
015 B000315 S
015 C010315 HONG KONG
015 D010315 HONG KONG
015 E040315 X
015 A000316 CITIBANK, N.A.
015 B000316 S
015 C010316 BUDAPEST
015 D010316 HUNGARY
015 E040316 X
015 A000317 CITIBANK, N.A.
015 B000317 S
015 C010317 BOMBAY
015 D010317 INDIA
015 E040317 X
015 A000318 CITIBANK, N.A.
015 B000318 S
015 C010318 JAKARTA
015 D010318 INDONESIA
015 E040318 X
015 A000319 ALLIED IRISH BANKS
015 B000319 S
015 C010319 DUBLIN
015 D010319 IRELAND
015 E040319 X
015 A000320 BANK HAPOALIM B.M.
015 B000320 S
015 C010320 TEL-AVIV
015 D010320 ISRAEL
015 E040320 X
015 A000321 BANCA COMMERCIALE ITALIANA
015 B000321 S
015 C010321 MILAN
015 D010321 ITALY
015 E040321 X
015 A000322 SUMITOMO TRUST & BANKING CO.
015 B000322 S
015 C010322 TOKYO
015 D010322 JAPAN
015 E040322 X
015 A000323 CITIBANK, N.A.
015 B000323 S
015 C010323 SEOUL
015 D010323 KOREA
015 E040323 X
015 A000324 THE HONGKONG & SHANGHAI BANKING CORP.
015 B000324 S
<PAGE> PAGE 6
015 C010324 KUALA LUMPUR
015 D010324 MALAYSIA
015 E040324 X
015 A000325 CITIBANK, S.A.
015 B000325 S
015 C010325 MEXICO CITY
015 D010325 MEXICO
015 E040325 X
015 A000326 ABN - AMRO HOLDING N.V.
015 B000326 S
015 C010326 AMSTERDAM
015 D010326 NETHERLANDS
015 E040326 X
015 A000327 NATIONAL AUSTRIALIA BANK LIMITED
015 B000327 S
015 C010327 AUCKLAND
015 D010327 NEW ZEALAND
015 E040327 X
015 A000328 DEN NORSKE BANK
015 B000328 S
015 C010328 OSLO
015 D010328 NORWAY
015 E040328 X
015 A000329 STANDARD CHARTERED BANK
015 B000329 S
015 C010329 KARACHI
015 D010329 PAKISTAN
015 E040329 X
015 A000330 CITIBANK, N.A.
015 B000330 S
015 C010330 LIMA
015 D010330 PERU
015 E040330 X
015 A000331 CITIBANK, N.A.
015 B000331 S
015 C010331 MANILA
015 D010331 PHILIPPINES
015 E040331 X
015 A000332 CITIBANK POLAND S.A.
015 B000332 S
015 C010332 WARSAW
015 D010332 POLAND
015 E040332 X
015 A000333 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000333 S
015 C010333 LISBON
015 D010333 PORTUGAL
015 E040333 X
015 A000334 HONGKONG & SHANGHAI BANKING CORP.
015 B000334 S
015 C010334 SINGAPORE
<PAGE> PAGE 7
015 D010334 SINGAPORE
015 E040334 X
015 A000335 FIRST NATIONAL BANK OF SOUTH AFRICA
015 B000335 S
015 C010335 JOHANNESBURG
015 D010335 SOUTH AFRICA
015 E040335 X
015 A000336 BANCO SANTANDER S.A.
015 B000336 S
015 C010336 MADRID
015 D010336 SPAIN
015 E040336 X
015 A000337 THE HONGKONG & SHANGHAI BANKING CORP.
015 B000337 S
015 C010337 COLOMBO
015 D010337 SRI LANKA
015 E040337 X
015 A000338 SKANDINAVISKA ENSKILDA BANKEN
015 B000338 S
015 C010338 STOCKHOLM
015 D010338 SWEDEN
015 E040338 X
015 A000339 SWISS BANK CORP.
015 B000339 S
015 C010339 ZURICH
015 D010339 SWITZERLAND
015 E040339 X
015 A000340 CENTRAL TRUST OF CHINA
015 B000340 S
015 C010340 TAIPEI
015 D010340 TAIWAN
015 E040340 X
015 A000341 THE HONGKONG & SHANGHAI BANKING CORP.
015 B000341 S
015 C010341 BANGKOK
015 D010341 THAILAND
015 E040341 X
015 A000342 CITIBANK, N.A.
015 B000342 S
015 C010342 ISTANBUL
015 D010342 TURKEY
015 E040342 X
015 A000343 LLOYDS BANK
015 B000343 S
015 C010343 LONDON
015 D010343 UNITED KINGDOM
015 E040343 X
015 A000344 THE FIRST NATIONAL BANK OF BOSTON
015 B000344 S
015 C010344 MONTEVIDEO
015 D010344 URUGUAY
<PAGE> PAGE 8
015 E040344 X
015 A000345 CITIBANK, N.A.
015 B000345 S
015 C010345 CARACAS
015 D010345 VENEZUELA
015 E040345 X
015 A000346 FIRST NATIONAL BANK OF BOSTON
015 B000346 S
015 C010346 BUENOS AIRES
015 D010346 ARGENTINA
015 E040346 X
015 A000347 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000347 S
015 C010347 PRAGUE
015 D010347 CZECH REPUBLIC
015 E040347 X
015 A000348 CITITRUST COLOMBIA S.A.
015 B000348 S
015 C010348 BOGOTA
015 D010348 COLOMBIA
015 E040348 X
015 A000349 CESKOSLOVENSKA OBCHODNI BANK
015 B000349 S
015 C010349 BRATISLAVA
015 D010349 SLOVAKIA
015 E040349 X
015 A000350 BARCLAYS BANK OF GHANA
015 B000350 S
015 C010350 ACCRA
015 D010350 GHANA
015 E040350 X
015 A000351 BARCLAYS BANK OF BOTSWANA
015 B000351 S
015 C010351 GABORONE
015 D010351 BOTSWANA
015 E040351 X
015 A000352 BARCLAYS BANK OF SWAZILAND
015 B000352 S
015 C010352 MBABANE
015 D010352 SWAZILAND
015 E040352 X
015 A000353 BARCLAYS BANK OF ZAMBIA
015 B000353 S
015 C010353 LUSAKA
015 D010353 ZAMBIA
015 E040353 X
015 A000354 BARCLAYS BANK OF ZIMBABWE
015 B000354 S
015 C010354 HARARE
015 D010354 ZIMBABWE
015 E040354 X
<PAGE> PAGE 9
015 A000355 BARCLAYS BANK OF KENYA-LIMITED
015 B000355 S
015 C010355 NAIROBI
015 D010355 KENYA
015 E040355 X
015 A000356 STANDARD CHARTERED BANK
015 B000356 S
015 C010356 DHAKA
015 D010356 BANGLADESH
015 E040356 X
015 A000357 CITIBANK N.A.
015 B000357 S
015 C010357 QUITO
015 D010357 ECUADOR
015 E040357 X
015 A000358 STANDARD CHARTERED BANK
015 B000358 S
015 C010358 SHENZHEN
015 D010358 CHINA
015 E040358 X
015 A000359 CITIBANK, N.A.
015 B000359 S
015 C010359 CAIRO
015 D010359 EGYPT
015 E040359 X
015 A000360 BANQUE MAROCAINE DU COMMERCE
015 B000360 S
015 C010360 XXX
015 D010360 MOROCCO
015 E040360 X
028 A010300 663
028 A020300 0
028 A030300 0
028 A040300 -946
028 B010300 429
028 B020300 488
028 B030300 0
028 B040300 -518
028 C010300 750
028 C020300 0
028 C030300 0
028 C040300 -595
028 D010300 401
028 D020300 0
028 D030300 0
028 D040300 -412
028 E010300 288
028 E020300 0
028 E030300 0
028 E040300 -304
028 F010300 825
<PAGE> PAGE 10
028 F020300 0
028 F030300 0
028 F040300 -251
028 G010300 3356
028 G020300 488
028 G030300 0
028 G040300 -3026
028 H000300 0
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
<PAGE> PAGE 11
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 99373
071 B000300 87290
071 C000300 241874
071 D000300 72
072 A000300 6
072 B000300 627
072 C000300 918
072 D000300 0
072 E000300 0
072 F000300 1426
072 G000300 0
072 H000300 0
072 I000300 345
072 J000300 190
072 K000300 0
072 L000300 73
072 M000300 22
072 N000300 19
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 39
072 S000300 8
072 T000300 0
<PAGE> PAGE 12
072 U000300 5
072 V000300 0
072 W000300 19
072 X000300 2146
072 Y000300 0
072 Z000300 -601
072AA000300 10457
072BB000300 0
072CC010300 32096
072CC020300 0
072DD010300 2818
072DD020300 0
072EE000300 6129
073 A010300 0.2000
073 A020300 0.0000
073 B000300 0.4400
073 C000300 0.0000
074 A000300 0
074 B000300 27551
074 C000300 0
074 D000300 0
074 E000300 13802
074 F000300 263082
074 G000300 0
074 H000300 0
074 I000300 13
074 J000300 1358
074 K000300 0
074 L000300 1203
074 M000300 4
074 N000300 307013
074 O000300 2508
074 P000300 260
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 978
074 S000300 0
074 T000300 303267
074 U010300 15364
074 U020300 0
074 V010300 19.74
074 V020300 0.00
074 W000300 0.0000
074 X000300 25656
074 Y000300 0
075 A000300 0
075 B000300 262307
076 000300 0.00
015 A000401 BROWN BROTHERS HARRIMAN & CO.
<PAGE> PAGE 13
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02109
015 E020401 X
015 A000402 THE FIRST NATIONAL BANK OF BOSTON
015 B000402 S
015 C010402 BUENOS AIRES
015 D010402 ARGENTINA
015 E040402 X
015 A000403 NATIONAL AUSTRALIA BANK LIMITED
015 B000403 S
015 C010403 MELBOURNE
015 D010403 AUSTRALIA
015 E040403 X
015 A000404 CREDITANSTALT BANKVEREIN
015 B000404 S
015 C010404 VIENNA
015 D010404 AUSTRIA
015 E040404 X
015 A000405 BANQUE BRUXELLES LAMBERT
015 B000405 S
015 C010405 BRUSSELS
015 D010405 BELGIUM
015 E040405 X
015 A000406 THE FIRST NATIONAL BANK OF BOSTON
015 B000406 S
015 C010406 SAO PAULO
015 D010406 BRAZIL
015 E040406 X
015 A000407 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000407 S
015 C010407 TORONTO
015 D010407 CANADA
015 E040407 X
015 A000408 CITIBANK, N.A.
015 B000408 S
015 C010408 SANTIAGO
015 D010408 CHILE
015 E040408 X
015 A000409 CITITRUST COLOMBIA, S.A.
015 B000409 S
015 C010409 BOGOTA
015 D010409 COLOMBIA
015 E040409 X
015 A000410 DEN DANSKE BANK
015 B000410 S
015 C010410 COPENHAGEN
015 D010410 DENMARK
015 E040410 X
015 A000411 UNION BANK OF FINLAND
<PAGE> PAGE 14
015 B000411 S
015 C010411 HELSINKI
015 D010411 FINLAND
015 E040411 X
015 A000412 MORGAN GUARANTY TRUST COMPANY OF NY
015 B000412 S
015 C010412 PARIS
015 D010412 FRANCE
015 E040412 X
015 A000413 DRESDNER BANK
015 B000413 S
015 C010413 FRANKFURT
015 D010413 GERMANY
015 E040413 X
015 A000414 CITIBANK, N.A.
015 B000414 S
015 C010414 ATHENS
015 D010414 GREECE
015 E040414 X
015 A000415 HONGKONG & SHANGHAI BANKING CORP.
015 B000415 S
015 C010415 HONG KONG
015 D010415 HONG KONG
015 E040415 X
015 A000416 CITIBANK, N.A.
015 B000416 S
015 C010416 BUDAPEST
015 D010416 HUNGARY
015 E040416 X
015 A000417 CITIBANK, N.A.
015 B000417 S
015 C010417 BOMBAY
015 D010417 INDIA
015 E040417 X
015 A000418 CITIBANK, N.A.
015 B000418 S
015 C010418 JAKARTA
015 D010418 INDONESIA
015 E040418 X
015 A000419 ALLIED IRISH BANKS
015 B000419 S
015 C010419 DUBLIN
015 D010419 IRELAND
015 E040419 X
015 A000420 BANK HAPOALIM B.M.
015 B000420 S
015 C010420 TEL-AVIV
015 D010420 ISRAEL
015 E040420 X
015 A000421 BANCA COMMERCIALE ITALIANA
015 B000421 S
<PAGE> PAGE 15
015 C010421 MILAN
015 D010421 ITALY
015 E040421 X
015 A000422 SUMITOMO TRUST & BANKING CO.
015 B000422 S
015 C010422 OSAKA
015 D010422 JAPAN
015 E040422 X
015 A000423 CITIBANK, N.A.
015 B000423 S
015 C010423 SEOUL
015 D010423 KOREA
015 E040423 X
015 A000424 THE HONGKONG & SHANGHAI BANKING CORP.
015 B000424 S
015 C010424 KUALA LUMPUR
015 D010424 MALAYSIA
015 E040424 X
015 A000425 CITIBANK, S.A.
015 B000425 S
015 C010425 MEXICO CITY
015 D010425 MEXICO
015 E040425 X
015 A000426 ABN - AMRO BANK
015 B000426 S
015 C010426 AMSTERDAM
015 D010426 NETHERLANDS
015 E040426 X
015 A000427 NATIONAL AUSTRALIA BANK LIMITED
015 B000427 S
015 C010427 AUCKLAND
015 D010427 NEW ZEALAND
015 E040427 X
015 A000428 DE NORSKE BANK
015 B000428 S
015 C010428 OSLO
015 D010428 NORWAY
015 E040428 X
015 A000429 STANDARD CHARTERED BANK
015 B000429 S
015 C010429 KARACHI
015 D010429 PAKISTAN
015 E040429 X
015 A000430 CITIBANK, N.A.
015 B000430 S
015 C010430 LIMA
015 D010430 PERU
015 E040430 X
015 A000431 CITIBANK, N.A.
015 B000431 S
015 C010431 MANILA
<PAGE> PAGE 16
015 D010431 PHILIPPINES
015 E040431 X
015 A000432 CITIBANK POLAND S.A.
015 B000432 S
015 C010432 WARSAW
015 D010432 POLAND
015 E040432 X
015 A000433 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000433 S
015 C010433 LISBON
015 D010433 PORTUGAL
015 E040433 X
015 A000434 THE HONGKONG & SHANGHAI BANKING CORP.
015 B000434 S
015 C010434 SINGAPORE
015 D010434 SINGAPORE
015 E040434 X
015 A000435 FIRST NATIONAL BANK OF SOUTH AFRICA
015 B000435 S
015 C010435 JOHANNESBURG
015 D010435 SOUTH AFRICA
015 E040435 X
015 A000436 BANCO SANTANDER S.A.
015 B000436 S
015 C010436 MADRID
015 D010436 SPAIN
015 E040436 X
015 A000437 THE HONG KONG & SHANGHAI BANKING CORP.
015 B000437 S
015 C010437 COLOMBO
015 D010437 SRI LANKA
015 E040437 X
015 A000438 SKANDINAVISKA ENSKILDA BANKEN
015 B000438 S
015 C010438 STOCKHOLM
015 D010438 SWEDEN
015 E040438 X
015 A000439 SWISS BANK CORP.
015 B000439 S
015 C010439 ZURICH
015 D010439 SWITZERLAND
015 E040439 X
015 A000440 CENTRAL TRUST OF CHINA
015 B000440 S
015 C010440 TAIPEI
015 D010440 TAIWAN
015 E040440 X
015 A000441 THE HONG KONG & SHANGHAI BANKING CORP.
015 B000441 S
015 C010441 BANGKOK
015 D010441 THAILAND
<PAGE> PAGE 17
015 E040441 X
015 A000442 CITIBANK, N.A.
015 B000442 S
015 C010442 ISTANBUL
015 D010442 TURKEY
015 E040442 X
015 A000443 LLOYDS BANK
015 B000443 S
015 C010443 LONDON
015 D010443 UNITED KINGDOM
015 E040443 X
015 A000444 THE FIRST BANK OF BOSTON
015 B000444 S
015 C010444 MONTEVIDEO
015 D010444 URUGUAY
015 E040444 X
015 A000445 CITIBANK, N.A.
015 B000445 S
015 C010445 CARACAS
015 D010445 VENEZUELA
015 E040445 X
015 A000446 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000446 S
015 C010446 PRAGUE
015 D010446 CZECH REPUBLIC
015 E040446 X
015 A000447 STANDARD CHARTERED BANK
015 B000447 S
015 C010447 SHANGHAI
015 D010447 CHINA
015 E040447 X
015 A000448 STANDARD CHARTERED BANK
015 B000448 S
015 C010448 DHAKA
015 D010448 BANGLADESH
015 E040448 X
015 A000449 BARCLAYS BANK
015 B000449 S
015 C010449 GABORONE
015 D010449 BOTSWANA
015 E040449 X
015 A000450 BARCLAYS BANK
015 B000450 S
015 C010450 ACCRA
015 D010450 GHANA
015 E040450 X
015 A000451 BARCLAYS BANK
015 B000451 S
015 C010451 NAIROBI
015 D010451 KENYA
015 E040451 X
<PAGE> PAGE 18
015 A000452 CESKOSLOVENSKA OBCHODNI BANKA
015 B000452 S
015 C010452 BRATISLAVA
015 D010452 SLOVAKIA
015 E040452 X
015 A000453 BARCLAYS BANK OF SWAZILAND LIMITED
015 B000453 S
015 C010453 MBABANE
015 D010453 SWAZILAND
015 E040453 X
015 A000454 BARCLAYS BANK
015 B000454 S
015 C010454 LUSAKA
015 D010454 ZAMBIA
015 E040454 X
015 A000455 BARCLAYS BANK
015 B000455 S
015 C010455 HARARE
015 D010455 ZIMBABWE
015 E040455 X
015 A000456 ARAB BANK PLC
015 B000456 S
015 C010456 XXX
015 D010456 JORDAN
015 E040456 X
015 A000457 CITIBANK N.A.
015 B000457 S
015 C010457 QUITO
015 D010457 ECUADOR
015 E040457 X
015 A000458 STANDARD CHARTERED BANK
015 B000458 S
015 C010458 SHENZHEN
015 D010458 CHINA
015 E040458 X
015 A000459 CITIBANK, N.A.
015 B000459 S
015 C010459 CAIRO
015 D010459 EGYPT
015 E040459 X
015 A000460 BANQUE MAROCAINE DU COMMERCE EXTERIEUR
015 B000460 S
015 C010460 XXX
015 D010460 MOROCCO
015 E040460 X
028 A010400 2786
028 A020400 1558
028 A030400 0
028 A040400 -13702
028 B010400 2433
028 B020400 1479
<PAGE> PAGE 19
028 B030400 0
028 B040400 -18057
028 C010400 1909
028 C020400 1281
028 C030400 0
028 C040400 -15790
028 D010400 1561
028 D020400 1141
028 D030400 0
028 D040400 -19570
028 E010400 1214
028 E020400 1173
028 E030400 0
028 E040400 -16440
028 F010400 1456
028 F020400 2633
028 F030400 0
028 F040400 -13529
028 G010400 11359
028 G020400 9265
028 G030400 0
028 G040400 -97088
028 H000400 0
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 1000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 94.7
062 R000400 5.3
063 A000400 0
063 B000400 6.9
064 A000400 N
064 B000400 N
070 A010400 Y
<PAGE> PAGE 20
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 Y
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 Y
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 541116
071 B000400 634003
071 C000400 292303
071 D000400 370
072 A000400 6
072 B000400 12670
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 1180
072 G000400 0
072 H000400 0
072 I000400 384
072 J000400 239
072 K000400 0
072 L000400 71
<PAGE> PAGE 21
072 M000400 22
072 N000400 13
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 50
072 S000400 7
072 T000400 0
072 U000400 4
072 V000400 0
072 W000400 35
072 X000400 2005
072 Y000400 435
072 Z000400 11100
072AA000400 0
072BB000400 4536
072CC010400 0
072CC020400 11304
072DD010400 11100
072DD020400 0
072EE000400 0
073 A010400 0.3600
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 253062
074 E000400 0
074 F000400 0
074 G000400 1198
074 H000400 0
074 I000400 172
074 J000400 24418
074 K000400 0
074 L000400 6244
074 M000400 339
074 N000400 285433
074 O000400 17951
074 P000400 80
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 731
074 R040400 1635
074 S000400 0
074 T000400 265036
074 U010400 26514
074 U020400 0
074 V010400 10.00
<PAGE> PAGE 22
074 V020400 0.00
074 W000400 0.0000
074 X000400 17483
074 Y000400 0
075 A000400 0
075 B000400 315453
076 000400 0.00
015 A000501 BROWN BROTHERS HARRIMAN & CO.
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02109
015 E020501 X
015 A000502 STANDARD CHARTERED BANK, DHAKA
015 B000502 S
015 C010502 DHAKA
015 D010502 BANGLADESH
015 E040502 X
015 A000503 NATIONAL AUSTRALIA BANK LIMITED
015 B000503 S
015 C010503 MELBOURNE
015 D010503 AUSTRALIA
015 E040503 X
015 A000504 CREDITANSTALT BANKVEREIN
015 B000504 S
015 C010504 VIENNA
015 D010504 AUSTRIA
015 E040504 X
015 A000505 MORGAN GUARANTY TRUST COMPANY
015 B000505 S
015 C010505 BRUSSELS
015 D010505 BELGIUM
015 E040505 X
015 A000506 THE FIRST NATIONAL BANK OF BOSTON
015 B000506 S
015 C010506 SAO PAULO
015 D010506 BRAZIL
015 E040506 X
015 A000507 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000507 S
015 C010507 TORONTO
015 D010507 CANADA
015 E040507 X
015 A000508 CITIBANK, N.A.
015 B000508 S
015 C010508 SANTIAGO
015 D010508 CHILE
015 E040508 X
015 A000509 CITITRUST COLOMBIA, S.A.
015 B000509 S
015 C010509 BOGOTA
<PAGE> PAGE 23
015 D010509 COLOMBIA
015 E040509 X
015 A000510 DEN DANSKE BANK
015 B000510 S
015 C010510 COPENHAGEN
015 D010510 DENMARK
015 E040510 X
015 A000511 UNION BANK OF FINLAND
015 B000511 S
015 C010511 HELSINKI
015 D010511 FINLAND
015 E040511 X
015 A000512 MORGAN GUARANTY TRUST COMPANY
015 B000512 S
015 C010512 PARIS
015 D010512 FRANCE
015 E040512 X
015 A000513 MORGAN GUARANTY TRUST COMPANY
015 B000513 S
015 C010513 FRANKFURT
015 D010513 GERMANY
015 E040513 X
015 A000514 CITIBANK, N.A.
015 B000514 S
015 C010514 ATHENS
015 D010514 GREECE
015 E040514 X
015 A000515 CHASE MANHATTAN BANK
015 B000515 S
015 C010515 HONG KONG
015 D010515 HONG KONG
015 E040515 X
015 A000516 CITIBANK, N.A.
015 B000516 S
015 C010516 BUDAPEST
015 D010516 HUNGARY
015 E040516 X
015 A000517 CITIBANK, N.A.
015 B000517 S
015 C010517 JAKARTA
015 D010517 INDONESIA
015 E040517 X
015 A000518 ALLIED IRISH BANKS
015 B000518 S
015 C010518 DUBLIN
015 D010518 IRELAND
015 E040518 X
015 A000519 BANK HAPOALIM B.M.
015 B000519 S
015 C010519 TEL-AVIV
015 D010519 ISRAEL
<PAGE> PAGE 24
015 E040519 X
015 A000520 BANCA COMMERCIALE ITALIANA
015 B000520 S
015 C010520 MILAN
015 D010520 ITALY
015 E040520 X
015 A000521 SUMITOMO TRUST & BANKING CO.
015 B000521 S
015 C010521 OSAKA
015 D010521 JAPAN
015 E040521 X
015 A000522 CITIBANK, N.A.
015 B000522 S
015 C010522 SEOUL
015 D010522 KOREA
015 E040522 X
015 A000523 HONG KONG MALAYSIA BERHAD
015 B000523 S
015 C010523 KUALA LUMPUR
015 D010523 MALAYSIA
015 E040523 X
015 A000524 CITIBANK MEXICO, S.A.
015 B000524 S
015 C010524 MEXICO CITY
015 D010524 MEXICO
015 E040524 X
015 A000525 ABN - AMRO HOLDING N.V.
015 B000525 S
015 C010525 AMSTERDAM
015 D010525 NETHERLANDS
015 E040525 X
015 A000526 NATIONAL AUSTRALIA BANK LIMITED
015 B000526 S
015 C010526 AUCKLAND
015 D010526 NEW ZEALAND
015 E040526 X
015 A000527 DEN NORSKE BANK
015 B000527 S
015 C010527 OSLO
015 D010527 NORWAY
015 E040527 X
015 A000528 STANDARD CHARTERED BANK
015 B000528 S
015 C010528 KARACHI
015 D010528 PAKISTAN
015 E040528 X
015 A000529 CITIBANK, N.A.
015 B000529 S
015 C010529 LIMA
015 D010529 PERU
015 E040529 X
<PAGE> PAGE 25
015 A000530 CITIBANK, N.A.
015 B000530 S
015 C010530 MANILA
015 D010530 PHILIPPINES
015 E040530 X
015 A000531 CITIBANK, POLAND, S.A.
015 B000531 S
015 C010531 WARSAW
015 D010531 POLAND
015 E040531 X
015 A000532 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000532 S
015 C010532 LISBON
015 D010532 PORTUGAL
015 E040532 X
015 A000533 CHASE MANHATTAN BANK
015 B000533 S
015 C010533 SINGAPORE
015 D010533 SINGAPORE
015 E040533 X
015 A000534 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B000534 S
015 C010534 JOHANNESBURG
015 D010534 SOUTH AFRICA
015 E040534 X
015 A000535 BANCO SANTANDER S.A.
015 B000535 S
015 C010535 MADRID
015 D010535 SPAIN
015 E040535 X
015 A000536 THE HONG KONG & SHANGHAI BANKING CORP.
015 B000536 S
015 C010536 COLOMBO
015 D010536 SRI LANKA
015 E040536 X
015 A000537 SKANDINAVISKA ENSKILDA BANKEN
015 B000537 S
015 C010537 STOCKHOLM
015 D010537 SWEDEN
015 E040537 X
015 A000538 SWISS BANK CORP.
015 B000538 S
015 C010538 ZURICH
015 D010538 SWITZERLAND
015 E040538 X
015 A000539 CENTRAL TRUST OF CHINA
015 B000539 S
015 C010539 TAIPEI
015 D010539 TAIWAN
015 E040539 X
015 A000540 THE HONG KONG & SHANGHAI BANKING CORP.
<PAGE> PAGE 26
015 B000540 S
015 C010540 BANGKOK
015 D010540 THAILAND
015 E040540 X
015 A000541 CITIBANK, N.A.
015 B000541 S
015 C010541 INSTANBUL
015 D010541 TURKEY
015 E040541 X
015 A000542 STANDARD CHARTERED BANK
015 B000542 S
015 C010542 SHENZHEN
015 D010542 CHINA
015 E040542 X
015 A000543 CITIBANK, N.A.
015 B000543 S
015 C010543 MONTEVIDEO
015 D010543 URUGUAY
015 E040543 X
015 A000544 CITIBANK, N.A.
015 B000544 S
015 C010544 CARACAS
015 D010544 VENEZUELA
015 E040544 X
015 A000545 FIRST NATIONAL BANK OF BOSTON
015 B000545 S
015 C010545 BUENOS AIRES
015 D010545 ARGENTINA
015 E040545 X
015 A000546 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000546 S
015 C010546 PRAGUE
015 D010546 CZECH REPUBLIC
015 E040546 X
015 A000547 CITIBANK N.A.
015 B000547 S
015 C010547 BOMBAY
015 D010547 INDIA
015 E040547 X
015 A000548 MORGAN GUARANTY TRUST COMPANY
015 B000548 S
015 C010548 LONDON
015 D010548 UNITED KINGDOM
015 E040548 X
015 A000549 BARCLAYS BANK
015 B000549 S
015 C010549 GABORONE
015 D010549 BOTSWANA
015 E040549 X
015 A000550 BARCLAYS BANK OF GHANA LIMITED
015 B000550 S
<PAGE> PAGE 27
015 C010550 ACCRA
015 D010550 GHANA
015 E040550 X
015 A000551 BARCLAYS BANK OF KENYA LIMITED
015 B000551 S
015 C010551 NAIROBI
015 D010551 KENYA
015 E040551 X
015 A000552 CESKOSLOVENSKA OBCHODNI BANKA
015 B000552 S
015 C010552 BRATISLAVA
015 D010552 SLOVAKIA
015 E040552 X
015 A000553 BARCLAYS BANK OF SWAZILAND LIMITED
015 B000553 S
015 C010553 MBABANE
015 D010553 SWAZILAND
015 E040553 X
015 A000554 BARCLAYS BANK OF ZAMBIA LIMITED
015 B000554 S
015 C010554 LUSAKA
015 D010554 ZAMBIA
015 E040554 X
015 A000555 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000555 S
015 C010555 HARARE
015 D010555 ZIMBABWE
015 E040555 X
015 A000556 DELETE
028 A010500 5439
028 A020500 0
028 A030500 0
028 A040500 5928
028 B010500 8846
028 B020500 4083
028 B030500 0
028 B040500 4993
028 C010500 38466
028 C020500 0
028 C030500 0
028 C040500 6302
028 D010500 21108
028 D020500 0
028 D030500 0
028 D040500 26232
028 E010500 18557
028 E020500 4596
028 E030500 0
028 E040500 20012
028 F010500 20555
028 F020500 0
<PAGE> PAGE 28
028 F030500 0
028 F040500 14229
028 G010500 112971
028 G020500 8679
028 G030500 0
028 G040500 77696
028 H000500 0
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 1000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 14.5
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 85.5
062 R000500 0.0
063 A000500 0
063 B000500 14.6
064 A000500 N
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
<PAGE> PAGE 29
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 400673
071 B000500 399056
071 C000500 189417
071 D000500 421
072 A000500 6
072 B000500 12011
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 1040
072 G000500 0
072 H000500 0
072 I000500 187
072 J000500 171
072 K000500 0
072 L000500 47
072 M000500 24
072 N000500 31
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 41
072 S000500 6
072 T000500 0
072 U000500 8
072 V000500 0
072 W000500 14
072 X000500 1569
072 Y000500 32
072 Z000500 10474
072AA000500 2064
072BB000500 117
<PAGE> PAGE 30
072CC010500 6394
072CC020500 0
072DD010500 10276
072DD020500 0
072EE000500 0
073 A010500 0.5750
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 35469
074 D000500 209334
074 E000500 105
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 21032
074 K000500 0
074 L000500 3793
074 M000500 160
074 N000500 269893
074 O000500 29263
074 P000500 192
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 542
074 S000500 0
074 T000500 239896
074 U010500 20239
074 U020500 0
074 V010500 0.00
074 V020500 11.85
074 W000500 0.0000
074 X000500 13059
074 Y000500 0
075 A000500 0
075 B000500 207910
076 000500 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
SCUDDER GLOBAL FUND, INC.
345 Park Avenue (at 51st Street)
New York, New York 10154
(800) 225-2470
October 24, 1995
To the Shareholders:
A Special Meeting of Shareholders of Scudder Global Fund, Inc. (the
"Corporation"), consisting of Scudder Emerging Markets Income Fund, Scudder
Global Fund, Scudder Global Small Company Fund, Scudder International Bond Fund
and Scudder Short Term Global Income Fund (the "Funds"), is to be held at 9:45
a.m., eastern time, on Wednesday, December 6, 1995, at the offices of Scudder,
Stevens & Clark, Inc., 25th Floor, 345 Park Avenue (at 51st Street), New York,
New York 10154. Shareholders who are unable to attend this meeting are strongly
encouraged to vote by proxy, which is customary in corporate meetings of this
kind. A Proxy Statement regarding the meeting, a proxy card for your vote at the
meeting and an envelope--postage prepaid--in which to return your proxy card are
enclosed.
At the Special Meeting the shareholders of each Fund will elect Directors
of the Corporation and consider the ratification of the selection of Coopers &
Lybrand L.L.P.as the Funds' independent accountants.
The shareholders of Scudder Short Term Global Income Fund will consider a
change to the name, investment objective and certain investment policies of the
Fund. These changes are proposed to address changes in the climate for
short-term global fixed-income investing. Scudder Short Term Global Income Fund
commenced operations on March 1, 1991, during an investment climate which was
highly favorable to limited maturity foreign bond and money market investments.
In many parts of the world during this period, limited maturity foreign fixed
income investments provided double-digit or near double-digit yields, which were
well above U.S. short-term bond and money market rates. At the same time, these
instruments generally provided a relatively high level of principal stability.
Since 1991, however, the investment environment for this type of mutual fund has
changed considerably. The Fund's Directors and investment adviser believe that
these proposed changes are in the best long-term interests of the shareholders.
In addition, the shareholders present will hear a report on each Fund.
There will be an opportunity to discuss matters of interest to you as a
shareholder.
Your Fund's Directors recommend that you vote in favor of each of the
foregoing matters.
Respectfully,
/s/Edmond D. Villani
Edmond D. Villani
Chairman of the Board
- -------------------------------------------------------------------------------
SHAREHOLDERS ARE URGED TO SIGN THE PROXY CARD AND MAIL IT IN THE ENCLOSED
POSTAGE PREPAID ENVELOPE SO AS TO ENSURE A QUORUM AT THE MEETING. THIS IS
IMPORTANT WHETHER YOU OWN FEW OR MANY SHARES.
- -------------------------------------------------------------------------------
<PAGE>
SCUDDER GLOBAL FUND, INC.
Notice of Special Meeting of Shareholders
To the Shareholders of
Scudder Global Fund, Inc.:
Please take notice that a Special Meeting of Shareholders of Scudder Global
Fund, Inc. (the "Corporation"), consisting of Scudder Emerging Markets Income
Fund, Scudder Global Fund, Scudder Global Small Company Fund, Scudder
International Bond Fund and Scudder Short Term Global Income Fund (the "Funds"),
has been called to be held at the offices of Scudder, Stevens & Clark, Inc.,
25th Floor, 345 Park Avenue (at 51st Street), New York, New York 10154 on
Wednesday, December 6, 1995, at 9:45 a.m., eastern time, for the following
purposes:
For Shareholders of all Funds:
(1) To elect eight Directors to hold office until their respective
successors shall have been duly elected and qualified;
(2) To ratify or reject the action taken by the Board of Directors in
selecting Coopers & Lybrand L.L.P. as independent accountants for the fiscal
year ending June 30, 1996 for Scudder Global Fund and Scudder International Bond
Fund, and the fiscal year ending October 31, 1996 for Scudder Emerging Markets
Income Fund, Scudder Global Small Company Fund and Scudder Short Term Global
Income Fund.
For Shareholders of Scudder Short Term Global Income Fund only:
(3) To approve or disapprove a change to the name, investment objective and
certain investment policies of the Fund.
The appointed proxies will vote on any other business as may properly come
before the meeting or any adjournments thereof.
Holders of record of shares of capital stock of the Funds at the close of
business on October 11, 1995 are entitled to vote at the meeting and any
adjournments thereof.
By Order of the Board of Directors,
October 24, 1995 THOMAS F. MCDONOUGH, Secretary
- -------------------------------------------------------------------------------
IMPORTANT--We urge you to sign and date the enclosed proxy card and return it in
the enclosed addressed envelope which requires no postage and is intended for
your convenience. Your prompt return of the enclosed proxy card may save the
Corporation the necessity and expense of further solicitations to ensure a
quorum at the Special Meeting. If you can attend the meeting and wish to vote
your shares in person at that time, you will be able to do so.
- -------------------------------------------------------------------------------
<PAGE>
SCUDDER GLOBAL FUND, INC.
345 PARK AVENUE
NEW YORK, NEW YORK 10154
PROXY STATEMENT
- -------------------------------------------------------------------------------
Proposals
For Shareholders of all Funds:
(1) Election of Directors...........................................Page 2
(2) Ratification or rejection of independent accountants.......... Page 10
For Shareholders of Scudder Short Term Global Income Fund only:
(3) Approval or disapproval of a change to the name,
investment objective and certain investment policies
of the Fund....................................................Page 10
- -------------------------------------------------------------------------------
General
This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Directors of Scudder Global Fund, Inc. (the
"Corporation") for use at the Special Meeting of Shareholders of Scudder
Emerging Markets Income Fund, Scudder Global Fund, Scudder Global Small Company
Fund, Scudder International Bond Fund and Scudder Short Term Global Income Fund
(the "Funds"), to be held at the offices of Scudder, Stevens & Clark, Inc.
("Scudder"), 25th Floor, 345 Park Avenue (at 51st Street), New York, New York
10154, on Wednesday, December 6, 1995 at 9:45 a.m., eastern time, and at any
adjournments thereof (collectively, the "Meeting").
This Proxy Statement, the Notice of Special Meeting of Shareholders and the
proxy card are first being mailed to shareholders on or about October 24, 1995,
or as soon as practicable thereafter. All properly executed proxies received in
time for the Meeting will be voted as specified in the proxy or, if no
specification is made, in favor of each proposal referred to in the Proxy
Statement. Any shareholder giving a proxy has the power to revoke it by mail
(addressed to the Secretary of the Corporation at the principal executive office
of the Corporation, 345 Park Avenue, New York, New York 10154) or in person at
the Meeting, by executing a superseding proxy or by submitting a notice of
revocation to the Corporation.
The presence at any shareholders' meeting, in person or by proxy, of
shareholders entitled to cast a majority of the votes entitled to be cast shall
be necessary and sufficient to constitute a quorum for the transaction of
business. For purposes of determining the presence of a quorum for transacting
business at the Meeting, abstentions and broker "non-votes" will be treated as
shares that are present but which have not been voted. Broker non-votes are
proxies received by the Funds from brokers or nominees when the broker or
nominee has neither received instructions from the beneficial owner or other
persons entitled to vote nor has discretionary power to vote on a particular
matter. Accordingly, shareholders are urged to forward their voting instructions
promptly.
1
<PAGE>
Abstentions and broker non-votes will not be counted in favor of, but will
have no other effect on, the vote for proposal (1) which requires the approval
of a plurality of shares at the Meeting, and proposals (2) and (3), each of
which requires the approval of a majority of shares voting at the Meeting.
Shareholders may only vote on matters which concern the Fund or Funds in
which they hold shares. Proposals (1) and (2) relate to the Corporation of which
the Funds are a part. In the case of proposals on behalf of the Corporation,
shares of all Funds in the Corporation will vote together. Holders of record of
the shares of capital stock of the Funds at the close of business on October 11,
1995 (the "Record Date"), will be entitled to one vote per share on all business
of the Meeting and any adjournments thereof. Shares of the Funds outstanding on
the Record Date were as follows:
Fund Shares
---- ------
Scudder Emerging Markets Income Fund 15,710,638
Scudder Global Fund 45,998,173
Scudder Global Small Company Fund 14,573,623
Scudder International Bond Fund 70,752,679
Scudder Short Term Global Income Fund 34,571,407
The Funds provide periodic reports to all shareholders which highlight
relevant information, including investment results and a review of portfolio
changes. You may receive an additional copy of the annual report for Scudder
Emerging Markets Income Fund, Scudder Global Small Company Fund and Scudder
Short Term Global Income Fund for the fiscal year ended October 31, 1994 or for
Scudder Global Fund and Scudder International Bond Fund for the fiscal year
ended June 30, 1995, without charge, by calling (800) 225-2470 or writing the
Funds at P.O. Box 2291, Boston, Massachusetts 02107-2291.
(1) ELECTION OF DIRECTORS
Persons named on the accompanying proxy card intend, in the absence of
contrary instructions, to vote all proxies in favor of the election of the
nominees listed below as Directors of the Corporation to serve until their
successors are duly elected and qualified. All nominees have consented to stand
for election and to serve if elected. If a nominee should be unable to serve, an
event not now anticipated, the proxies will be voted for such person, if any, as
shall be designated by the Board of Directors to replace such nominee. The Board
of Directors recommends that the shareholders vote in favor of the election of
the nominees listed below.
Information Concerning Nominees
The following table sets forth certain information concerning each of the
nominees as a Director of the Corporation. With the exception of Ms. Bolton,
each of the nominees is now a Director of the Corporation. Unless otherwise
noted, each of the nominees has engaged in the principal occupation or
employment listed in the following table for more than five years, but not
necessarily in the same capacity.
2
<PAGE>
<TABLE>
<CAPTION>
Present Office with the
Corporation, if any; Principal Shares
Occupation or Employment Year First Beneficially
and Directorships in Publicly Became a Owned on Percent
Name (Age) Held Companies Director August 31, 1995(1) of Class
---------- -------------- -------- ------------------ --------
<S> <C> <C> <C> <C>
Edmond D. Villani Chairman of the Board; President 1991 Emerging Markets less than
(48)*# and Managing Director of Scudder, Income Fund: 5,756 1/4 of 1%
Stevens & Clark, Inc. Mr. Villani
serves on the board of a total of Global Fund: less than
15 funds managed by Scudder. 41,712(2) 1/4 of 1%
Global Small less than
Company Fund: 1/4 of 1%
24,530(3)
International Bond less than
Fund: 14,358 1/4 of 1%
Short Term Global less than
Income Fund: 1,331 1/4 of 1%
Nicholas Bratt President, Scudder Emerging 1986 Emerging Markets less than
(47)*# Markets Income Fund, Scudder Income Fund: 1/4 of 1%
Global Small Company Fund, Scudder 16,959(4)
International Bond Fund and
Scudder Short Term Global Income Global Fund: less than
Fund; Managing Director of 36,642(5) 1/4 of 1%
Scudder, Stevens & Clark, Inc. Mr.
Bratt serves on the board of a Global Small less than
total of 14 funds managed by Company Fund: 1/4 of 1%
Scudder. 1,763
Daniel Pierce (61)* Vice President; Chairman of the 1993 Emerging Markets less than
Board and Managing Director of Income Fund: 1/4 of 1%
Scudder, Stevens & Clark, Inc.; 11,158(6)
Director, Fiduciary Trust Company
(bank and trust company) and Global Small less than
Fiduciary Company Incorporated Company Fund: 1/4 of 1%
(bank and trust company). Mr. 21,200(7)
Pierce serves on the board of a
total of 49 funds managed by International Bond less than
Scudder. Fund: 13,362 1/4 of 1%
3
<PAGE>
Present Office with the
Corporation, if any; Principal Shares
Occupation or Employment Year First Beneficially
and Directorships in Publicly Became a Owned on Percent
Name (Age) Held Companies Director August 31, 1995(1) of Class
---------- -------------- -------- ------------------ --------
Paul Bancroft III Venture Capitalist and Consultant 1986 Global Fund: 10,493 less than
(65) (1988 until present); Retired 1/4 of 1%
President, Chief Executive Officer
and Director, Bessemer Securities
Corp. (private investment
company); Director: Albany
International, Inc. (paper machine
belt manufacturer), Western Atlas,
Inc. (diversified oil services and
industrial automation company) and
Measurex Corp. (process control
systems company). Mr. Bancroft
serves on the board of a total of
15 funds managed by Scudder.
Sheryle J. Bolton Consultant; President and Chief -- -- --
(49) Operating Officer, Physicians'
Online, Inc. (electronic
transmission of clinical
information for physicians)
(1994-95); Member, Senior
Management Team, Rockefeller & Co.
(1990-93).
Thomas J. Devine Consultant. Mr. Devine serves on 1986 Global Fund: less than
(68) the board of a total of 17 funds 3,303(8) 1/4 of 1%
managed by Scudder.
William H. President, The Japan Society, Inc. 1990 Global Fund: 1,917 less than
Gleysteen, Jr. (69) Mr. Gleysteen serves on the board 1/4 of 1%
of a total of 12 funds managed by
Scudder. Global Small less than
Company Fund: 1/4 of 1%
1,372
William H. Luers President, The Metropolitan Museum 1990 Global Fund: 699 less than
(66) of Art; Director, IDEX Corporation 1/4 of 1%
(liquid handling equipment
manufacturer), Wickes Lumber International Bond less than
Company (building materials for Fund: 368 1/4 of 1%
contractors). Mr. Luers serves on
the board of a total of 10 funds
managed by Scudder.
4
<PAGE>
Sole Shared Sole voting
investment investment but no
and voting and voting investment Percent
All Directors and Officers as a group power power power(9) Total of Class
----- ----- -------- ----- --------
Scudder Emerging Markets Income Fund 9,449 16,551 349,349 375,349 2.43%
Scudder Global Fund 41,337 7,273 735,050 783,660 1.72%
Scudder Global Small Company Fund 12,818 8,304 361,332 382,454 2.69%
Scudder International Bond Fund 14,726 44 178,140 192,910 less than
1%
Scudder Short Term Global Income Fund 2,076 2,496 70,410 74,982 less than
1%
<FN>
* Directors considered by the Corporation and its counsel to be persons who are "interested persons" (which
as used in this Proxy Statement is as defined in the Investment Company Act of 1940, as amended (the
"1940 Act")) of the Corporation or of the Funds' investment adviser, Scudder, Stevens & Clark, Inc.
Messrs. Bratt, Pierce and Villani are deemed to be "interested persons" because of their affiliation with
the Funds' investment adviser, or because they are officers of the Funds or both.
# Messrs. Bratt and Villani are members of the Executive Committee of the Corporation.
(1) The information as to beneficial ownership is based on statements furnished to the Corporation by the
nominees and Directors. Unless otherwise noted, beneficial ownership is based on sole voting and
investment power.
(2) Mr. Villani's total in Global Fund includes 3,023 shares owned by members of his family as to which he
shares investment and voting power and 19,164 shares held with sole investment but no voting power.
(3) Mr. Villani's total in Global Small Company Fund includes 15,715 shares held with sole investment but no
voting power.
(4) Mr. Bratt's total in Emerging Markets Income Fund includes 408 shares owned by members of his family as
to which he shares investment and voting power.
(5) Mr. Bratt's shares of Global Fund are held with sole investment but no voting power.
(6) Mr. Pierce's total in Emerging Markets Income Fund includes 9,124 shares held with sole investment but no
voting power.
(7) Mr. Pierce's total in Global Small Company Fund includes 166 shares owned by members of his family as to
which he shares investment and voting power, 5,237 shares held in a fiduciary capacity as to which he
shares investment and voting power and 15,052 shares held with sole investment but no voting power.
(8) Mr. Devine's total shares of Global Fund are owned by members of his family as to which he disclaims
beneficial ownership.
(9) Shares held with sole voting but no investment power are shares held in profit sharing and 401(k) plans
for which Jerard K. Hartman serves as trustee.
</FN>
</TABLE>
Certain accounts for which Scudder acts as investment adviser owned
1,518,776 shares in the aggregate or 9.85% of the outstanding shares of Emerging
Markets Income Fund on August 31, 1995. Scudder may be deemed to be the
beneficial owner of such shares but disclaims any beneficial ownership in such
shares.
Certain accounts for which Scudder acts as investment adviser owned
1,637,997 shares in the aggregate or 11.51% of the outstanding shares of Global
Small Company Fund on August 31, 1995. Scudder may be deemed to be the
beneficial owner of such shares but disclaims any beneficial ownership in such
shares.
Certain accounts for which Scudder acts as investment adviser owned
1,808,034 shares in the aggregate or 5.03% of the outstanding shares of Short
Term Global Income Fund on August 31, 1995. Scudder may be deemed to be the
5
<PAGE>
beneficial owner of such shares but disclaims any beneficial ownership in such
shares.
As of August 31, 1995, 2,630,976 shares in the aggregate or 17.07% of the
outstanding shares of the Emerging Markets Income Fund, were held in the name of
Charles Schwab & Company, 101 Montgomery Street, San Francisco, CA 94104-4122,
who may be deemed to be the beneficial owner of certain of these shares, but
disclaims any beneficial ownership therein.
As of August 31, 1995, 3,446,303,938 shares in the aggregate or 7.57% of
the outstanding shares of the Global Fund, were held in the name of Charles
Schwab & Company, 101 Montgomery Street, San Francisco, CA 94104-4122, who may
be deemed to be the beneficial owner of certain of these shares, but disclaims
any beneficial ownership therein.
As of August 31, 1995, 1,637,997 shares in the aggregate or 11.51% of the
outstanding shares of the Global Small Company Fund, were held in the name of
Charles Schwab & Company, 101 Montgomery Street, San Francisco, CA 94104-4122,
who may be deemed to be the beneficial owner of certain of these shares, but
disclaims any beneficial ownership therein.
As of August 31, 1995, 8,626,684 shares in the aggregate or 11.67% of the
outstanding shares of the International Bond Fund, were held in the name of
Charles Schwab & Company, 101 Montgomery Street, San Francisco, CA 94104-4122,
who may be deemed to be the beneficial owner of certain of these shares, but
disclaims any beneficial ownership therein.
As of August 31, 1995, 10,706,792 shares in the aggregate or 14.48% of the
outstanding shares of the International Bond Fund, were held in the name of
Northern Trust Company, P.O. Box 92956, Mutual Funds, Chicago, Illinois
60675-0001, who may be deemed to be the beneficial owner of certain of these
shares, but disclaims any beneficial ownership therein.
As of August 31, 1995, 1,836,263 shares in the aggregate or 5.11% of the
outstanding shares of the Short Term Global Income Fund, were held in the name
of Charles Schwab & Company, 101 Montgomery Street, San Francisco, CA
94104-4122, who may be deemed to be the beneficial owner of certain of these
shares, but disclaims any beneficial ownership therein.
Except as noted above, to the best of each Fund's knowledge, as of August
31, 1995, no other person owned beneficially more than 5% of any of the Fund's
outstanding shares.
Committees of the Board--Board Meetings
The Board of Directors met four times during the fiscal year ended October
31, 1994 for Scudder Global Small Company Fund and Scudder Short Term Global
Income Fund, and five times for Scudder Emerging Markets Income Fund.
The Board of Directors met four times during the fiscal year ended June 30,
1995 for Scudder International Bond Fund and five times for Scudder Global Fund.
Each Director attended at least 75% of the total number of regular meetings of
the Board of Directors and all Committees of the Board on which they served as
regular members, except Mr. Bratt who attended 64.3% of the meetings of the
Board of Directors and related committees on which he serves for Scudder Global
Fund, and 63.6% of the meetings for Scudder Global Small Company Fund and Mr.
Pierce who attended 66.7% of the meetings for Scudder Emerging Markets Income
Fund.
6
<PAGE>
The Directors, in addition to an Executive Committee, have an Audit
Committee, a Valuation Committee and a Special Nominating Committee. The
Executive and Valuation Committees consist of regular members, allowing
alternates.
Audit Committee
The Directors have an Audit Committee, consisting of Messrs. Bancroft,
Devine, Gleysteen, Luers and Stone, those Directors who are not interested
persons of the Funds or of Scudder (the "Non-Interested Directors") as defined
in the 1940 Act. The Audit Committee met twice during the fiscal year ended
October 31, 1994 for Scudder Emerging Markets Income Fund, Scudder Global Small
Company Fund and Scudder Short Term Global Income Fund and twice during the
fiscal year ended June 30, 1995 for Scudder Global Fund and Scudder
International Bond Fund to review with management and the independent
accountants, among other things, the scope of the audit and the controls of the
Funds and their agents, to review and approve in advance the type of services to
be rendered by independent accountants, to recommend the selection of
independent accountants for the Funds to the Directors for approval and in
general to consider and report to the Directors on matters regarding the Funds'
accounting and bookkeeping practices.
Nominating Committee
The Directors have a Special Nominating Committee, consisting of the
Non-Interested Directors. The Committee is charged with the duty of making all
nominations of Non-Interested Directors. Shareholders' recommendations as to
nominees received by management are referred to the Committee for its
consideration and action. The Committee met four times during the fiscal year
ended October 31, 1994 for Scudder Emerging Markets Income Fund, Scudder Global
Small Company Fund and Scudder Short Term Global Income Fund. The Committee met
three times during the fiscal year ended June 30, 1995 for Scudder Global Fund
and Scudder International Bond Fund. The Committee most recently met on
September 6, 1995 to consider and to nominate the nominees set forth above.
Honorary Director
Robert W. Lear serves as an Honorary Director of the Corporation. Honorary
Directors are invited to attend all Board meetings and to participate in Board
discussions, but are not entitled to vote on any matters presented to the Board.
Executive Officers
In addition to Messrs. Bratt, Pierce and Villani, Directors who are also
Officers of the Corporation, the following persons are Executive Officers of the
Corporation:
<TABLE>
<CAPTION>
Present Office with the Corporation; Year First
Name (Age) Principal Occupation or Employment(1) Became an Officer (2)
---------- ------------------------------------- ---------------------
<S> <C> <C>
William E. Holzer (46) President Scudder Global Fund; Managing 1989
Director of Scudder, Stevens & Clark, Inc.
Carol L. Franklin (42) Vice President Scudder Global Small Company 1991
Fund; Managing Director of Scudder, Stevens
& Clark, Inc.
7
<PAGE>
Present Office with the Corporation; Year First
Name (Age) Principal Occupation or Employment(1) Became an Officer (2)
---------- ------------------------------------- ---------------------
Jerard K. Hartman (62) Vice President; Managing Director of 1986
Scudder, Stevens & Clark, Inc.
Thomas W. Joseph (56) Vice President; Principal of Scudder, 1986
Stevens & Clark, Inc.
Douglas M. Loudon (51) Vice President; Managing Director of 1987
Scudder, Stevens & Clark, Inc.
Gerald J. Moran (56) Vice President; Principal of Scudder, 1991
Stevens & Clark, Inc.
Cornelia M. Small (51) Vice President; Managing Director of 1989
Scudder, Stevens & Clark, Inc.
Thomas F. McDonough (48) Vice President and Secretary; Principal of 1986
Scudder, Stevens & Clark, Inc.
Pamela A. McGrath (41) Vice President and Treasurer; Principal of 1990
Scudder, Stevens & Clark, Inc.
David S. Lee (61) Vice President and Assistant Treasurer; 1986
Managing Director of Scudder, Stevens &
Clark, Inc.
Edward J. O'Connell (50) Vice President and Assistant Treasurer; 1986
Principal of Scudder, Stevens & Clark, Inc.
Juris Padegs (63) Vice President and Assistant Secretary; 1986
Managing Director of Scudder, Stevens &
Clark, Inc.
Kathryn L. Quirk (42) Vice President and Assistant Secretary; 1986
Managing Director of Scudder, Stevens &
Clark, Inc.
Coleen Downs Dinneen (34) Assistant Secretary; Vice President of 1992
Scudder, Stevens & Clark, Inc.
<FN>
(1) Unless otherwise stated, all Executive Officers have been associated with Scudder for more than five
years, although not necessarily in the same capacity.
(2) The President, Treasurer and Secretary each hold office until his or her successor has been duly
elected and qualified, and all other officers hold office at the pleasure of the Directors.
</FN>
</TABLE>
Transactions with and Remuneration of Officers and Directors
The aggregate direct remuneration of the Non-Interested Directors including
expenses was $40,174 for Scudder Emerging Markets Income Fund for the period
December 31, 1993 (commencement of operations) to October 31, 1994. The
aggregate direct remuneration of the Non-Interested Directors including expenses
was $42,934 for Scudder Global Small Company Fund and $42,932 for Scudder Short
Term Global Income Fund for the fiscal year ended October 31, 1994. The
aggregate direct remuneration of the Non-Interested Directors including expenses
was $45,725 for Scudder Global Fund and $44,525 for Scudder International Bond
Fund for the fiscal year ended June 30, 1995. Each such Non-Interested Director
currently receives an annual Director's fee of $4,000 and a fee of $400 for each
Directors' meeting, Audit Committee meeting or meeting held for the purpose of
considering contractual arrangements between the Funds of the Corporation and
8
<PAGE>
Scudder and $150 for each other committee meeting attended. Scudder supervises
the Funds' investments and pays the compensation and expenses of the personnel
of Scudder who serve as Directors and Officers of the Corporation, and receives
an investment advisory fee. Several of the Corporation's Officers and Directors
are also officers or employees of Scudder, Scudder Fund Accounting Corporation,
Scudder Service Corporation or Scudder Trust Company and they may therefore be
deemed to participate in the fees paid to those firms, although the Corporation
makes no direct payments to them.
The following Compensation Table, provides in tabular form, the following data:
Column (1) All Directors who receive compensation from the Corporation.
Column (2) Aggregate compensation received by a Director from the Corporation.
Columns (3) and (4) Pension or retirement benefits accrued or proposed to be
paid by the Fund Complex. The Corporation does not pay such benefits to its
Directors.
Column (5) Total compensation received by a Director from the Corporation plus
compensation received from all funds managed by Scudder for which a Director
serves. The total number of funds from which a Director receives such
compensation is also provided. Generally, compensation received by a Director
for serving on the Board of a closed-end fund is greater than the compensation
received by a Director for serving on the Board of an open-end fund.
<TABLE>
<CAPTION>
Compensation Table
for the year ended December 31, 1994
---------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5)
Aggregate Pension or Total Compensation
Compensation Retirement Estimated From the
from Benefits Accrued Annual Corporation and
Name of Person, Scudder Global As Part of Fund Benefits Upon Fund Complex Paid
Position Fund, Inc.* Complex Expenses Retirement to Directors
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Paul Bancroft III, $45,663 N/A N/A $120,238
Director (14 funds**)
Thomas J. Devine, $45,663 N/A N/A $115,656
Director (16 funds**)
William H. Gleysteen, Jr., $45,313 $3,804+ $3,000+ $110,213
Director (12 funds)
William H. Luers, $45,313 N/A N/A $83,713
Director (10 funds)
Robert G. Stone, Jr., $45,663 $6,289+ $6,000+ $134,438
Director (15 funds)
Robert W. Lear, N/A N/A N/A $62,875
Honorary Director (10 funds)
<FN>
* Scudder Global Fund, Inc. consists of five funds: Scudder Emerging Markets Income Fund, Scudder Global
Fund, Scudder Global Small Company Fund, Scudder International Bond Fund and Scudder Short Term Global
Income Fund.
** As noted above, the information is computed as of December 31, 1994, and does not reflect trusteeship
on Scudder Small Company Value Fund, which commenced operations on October 6, 1995.
+ Retirement benefits accrued and proposed to be paid as additional compensation for serving on the
Board of The Japan Fund, Inc.
</FN>
</TABLE>
9
<PAGE>
Required Vote
Election of each of the listed nominees for Director requires the
affirmative vote of a plurality of the votes cast at the Meeting in person or by
proxy. The Board of Directors recommends that shareholders vote in favor of each
of the nominees.
(2) RATIFICATION OR REJECTION OF THE SELECTION OF COOPERS & LYBRAND L.L.P. AS
INDEPENDENT ACCOUNTANTS
At a meeting held on September 6, 1995, all members of the Board of
Directors, including a majority of the Non-Interested Directors, selected
Coopers & Lybrand L.L.P. as independent accountants for the fiscal year ending
October 31, 1996 for Scudder Emerging Markets Income Fund, Scudder Global Small
Company Fund and Scudder Short Term Global Income Fund to examine the Funds'
books and accounts and to certify the Funds' financial statements. At a meeting
held on May 31, 1995, all members of the Board of Directors, including a
majority of the Non-Interested Directors, selected Coopers & Lybrand L.L.P. as
independent accountants for the fiscal year ending June 30, 1996 for Scudder
Global Fund and Scudder International Bond Fund to examine the Funds' books and
accounts and to certify the Funds' financial statements. Coopers & Lybrand
L.L.P. are independent accountants and have advised the Corporation that they
have no direct financial interest or material indirect financial interest in the
Corporation. One or more representatives of Coopers & Lybrand L.L.P. are
expected to be present at the Meeting and will have an opportunity to make a
statement if they so desire. Such representatives are expected to be available
to respond to appropriate questions posed by shareholders or management.
Financial statements for the fiscal year ended October 31, 1994 for Scudder
Emerging Markets Income Fund, Scudder Global Small Company Fund and Scudder
Short Term Global Income Fund were audited by Coopers & Lybrand L.L.P. Financial
statements for the fiscal year ended June 30, 1995 for Scudder Global Fund and
Scudder International Bond Fund were audited by Coopers & Lybrand L.L.P. In
connection with its audit services, Coopers & Lybrand L.L.P. reviews the
financial statements included in the Funds' semiannual and annual reports and
their filings with the Securities and Exchange Commission.
Required Vote
Ratification of the selection of independent accountants requires the
affirmative vote of a majority of the votes cast at the Meeting in person or by
proxy. The Board of Directors recommends that shareholders ratify the selection
of Coopers & Lybrand L.L.P. as independent accountants.
(3) APPROVAL OR DISAPPROVAL OF CHANGE TO THE NAME, INVESTMENT OBJECTIVE AND
CERTAIN INVESTMENT POLICIES OF SCUDDER SHORT TERM GLOBAL INCOME FUND
At a Special Meeting held on October 11, 1995, the Board of Directors of
the Corporation considered and approved changes to the name, investment
objective and certain investment policies of Scudder Short Term Global Income
Fund.
10
<PAGE>
BACKGROUND
Scudder Short Term Global Income Fund commenced operations on March 1,
1991, during an investment climate which was highly favorable to limited
maturity foreign bond and money market investments. In many parts of the world
during this period, limited maturity foreign fixed income investments provided
double-digit or near double-digit yields, which were well above U.S. short-term
bond and money market rates. At the same time, these instruments generally
provided a relatively high level of principal stability.
Since 1991, however, the investment environment for this type of mutual
fund has changed considerably. The breakdown of the European Exchange Rate
Mechanism (ERM) in 1992, followed by upheaval in the global and emerging bond
markets in 1994, has limited the performance of the Fund as well as other funds
within the short-term world income category. These events have contributed to a
contraction of net assets in the short-term world income category of mutual
funds from a peak of approximately $20 billion in total net assets in 1991 to
approximately $4.5 billion in June 1995, according to Lipper Analytical
Services, a mutual fund research firm.
The Fund has contracted along with its Lipper category. The steep decline
in the Fund's total net assets, from a peak of $1.1 billion in 1992 to $365
million as of September 30, 1995, has raised the Fund's gross expense ratio
(which could result in shareholders bearing higher expenses at some point) and
has made it more difficult to manage the Fund's portfolio. While the Fund's
investment adviser, Scudder, Stevens and Clark, Inc. (the "Adviser"), has been
able, in many periods, to provide investors with a higher level of current
income than less-risky domestic money market and short-term bond investments,
with relatively limited price volatility, the Adviser believes it will be
increasingly difficult to meet these dual challenges on a continuing basis in
the future.
Many opportunities exist in both the U.S. and foreign bond markets across
all maturity ranges. Changing the objective and policies of the Fund would give
the Fund the opportunity to participate in and take advantage of a wider range
of bond investments, both abroad and in the U.S. In light of the changes in the
global bond markets, the Board of Directors and the Fund's Adviser agree that
the proposed changes offer greater total return potential for the long-term Fund
investor who can accept a higher level of risk, including both currency and
interest rate risk. Total return is measured by the change in value (i.e.,
income plus change in net asset value) of an investment in the Fund for a
specified period.
Current Investment Practices
Investment Objective. Scudder Short Term Global Income Fund seeks high
current income by investing primarily in high-grade money market instruments and
short-term bonds denominated in foreign currencies and the U.S. dollar.
Investment Policies
* The Fund invests primarily in individual debt obligations which have an
effective maturity or an expected average life not exceeding three years.
Within this limitation, the Fund may invest in individual securities with
remaining stated maturities of more than three years.
* The Fund invests at least 65% of its investments in securities rated within
the three highest rating categories of Standard and Poor's ("S&P") (AAA,
AA, or A) or Moody's Investor's Services, Inc. ("Moody's") (Aaa, Aa, or A)
or, if not rated, considered by the Adviser to be of equivalent quality in
local currency terms.
11
<PAGE>
* The Fund invests a minimum of 25% of its total assets in U.S.
dollar-denominated securities, issued domestically or abroad.
* The Fund may invest up to 10% of its net assets in debt securities rated
below investment grade (i.e., lower than BBB by S&P or below Baa by
Moody's), or unrated securities of equivalent quality as determined by
Adviser.
* The Fund will not invest in any securities rated B or lower.
PROPOSAL
The Board of Directors of the Corporation recommends approval of a change
to the investment objective and certain investment policies of the Fund. To
reflect the proposed changes, Scudder Short Term Global Income Fund will be
renamed Scudder Global Bond Fund.
Proposed Investment Practices
Investment Objectives. Scudder Global Bond Fund will seek total return, with an
emphasis on current income. Capital appreciation will be a secondary objective
of the Fund.
Investment Policies
* The Fund will seek to achieve its objectives by investing principally in
high-grade intermediate and long-term bonds denominated in foreign
currencies and the U.S. dollar. (Intermediate-term bonds generally have
maturities between 3 and 8 years, and long-term bonds generally have
maturities of greater than 8 years.)
* The Fund will invest in debt securities of issuers from a minimum of three
countries.
* In line with its current policy, the Fund will invest at least 65% of its
total assets in securities rated within the three highest rating categories
of S&P or Moody's or, if not rated, considered by the Adviser to be of
equivalent quality in local currency terms.
* The Fund may invest up to 15% of its net assets in debt securities rated
below investment grade, or unrated securities of equivalent quality as
determined by the Adviser.
* The Fund will not invest in any securities rated B or lower.
Special Risk Considerations
A change in the investment objective and policies of Scudder Short Term
Global Income Fund requires shareholders to reevaluate whether Scudder Global
Bond Fund will be an appropriate investment in light of their current financial
position and long-term needs. Scudder Global Bond Fund is appropriate for
long-term investors who can accept the various risks associated with investing
in global bonds. The Adviser will attempt to manage exchange rate, interest rate
and credit risks through active portfolio management. The Adviser's techniques
will include management of currency, bond market and maturity exposure and
security selection which will vary based on available yields and the Adviser's
outlook for the interest rate cycle in various countries and changes in foreign
currency exchange rates. There is no guarantee, however, that the Adviser will
12
<PAGE>
be successful in managing the risks associated with this type of fund. In
addition to exchange rate and interest rate risk, Scudder Global Bond Fund will
be able to invest a slightly greater proportion of its net assets in below
investment grade securities. Securities rated below investment grade are
commonly referred to as "junk bonds."
In the markets in which Scudder Global Bond Fund may invest, longer
maturity bonds tend to fluctuate more in price than shorter-term instruments as
interest rates change--again providing both opportunity and risk. Because of
Scudder Global Bond Fund's long-term investment perspective, investors should
not rely on an investment in Scudder Global Bond Fund for their short-term cash
needs and should not view Scudder Global Bond Fund as a vehicle for playing
short-term swings in the global bond and foreign exchange markets.
The Fund's Directors and Adviser believe that these changes are in the best
long-term interests of the shareholders. However, the Directors and the Adviser
acknowledge that Scudder Global Bond Fund may not be appropriate for all who
were shareholders in Scudder Short Term Global Income Fund. Shareholders who are
unsure whether they would feel comfortable with the added risk of Scudder Global
Bond Fund are encouraged to call Scudder Investor Relations at 800-225-2470 to
discuss other, more conservative investment options within the Scudder Family of
Funds.
If approved, it is anticipated that these changes will become effective on
or about December 29, 1995.
Investment Management Fee
If the proposal is approved, the Fund will continue to be managed pursuant
to its existing Investment Management Agreement, dated September 7, 1993. Under
this Agreement, the Adviser receives monthly an investment advisory fee for its
services equal to 0.75% for the first $1 billion of the average daily net assets
of the Fund and 0.70% of the average daily net assets of the Fund exceeding $1
billion on an annual basis. The Adviser will continue to maintain the total
annualized expenses of the Fund at not more than 1.00% of average daily net
assets until February 29, 1996.
Required Vote
Approval of the change to the name, investment objective and policies of
Scudder Short Term Global Income Fund requires the affirmative vote of a
majority of the votes cast at the Meeting in person or by proxy. If Proposal 3
is not approved by shareholders, the Fund's present investment policies will
remain in effect for the time being pending consideration by the Directors of
such further action as they may deem to be in the best interest of the
shareholders. The Board of Directors recommends approval of the change to the
name, investment objective and policies of Scudder Short Term Global Income
Fund.
13
<PAGE>
ADDITIONAL INFORMATION
Investment Adviser
Scudder is one of the most experienced investment counsel firms in the
United States. It was established in 1919 as a partnership and was restructured
as a Delaware corporation in 1985. The principal source of Scudder's income is
professional fees received from providing continuing investment advice.
Scudder's wholly-owned subsidiary, Scudder Investor Services, Inc., Two
International Place, Boston, MA 02110, acts as the principal underwriter for
shares of registered open-end investment companies. Scudder provides investment
counsel for many individuals and institutions, including insurance companies,
endowments, industrial corporations and financial and banking organizations.
Scudder is a Delaware corporation. Daniel Pierce* is the Chairman of the
Board of Scudder. Edmond D. Villani# is the President of Scudder. Stephen R.
Beckwith#, Lynn S. Birdsong#, Nicholas Bratt#, Linda C. Coughlin#, Margaret D.
Hadzima*, Jerard K. Hartman#, Richard A. Holt@, Dudley H. Ladd*, Douglas M.
Loudon#, John T. Packard+++, Juris Padegs# and Cornelia M. Small# are the other
members of the Board of Directors of Scudder. The principal occupation of each
of the above named individuals is serving as a Managing Director of Scudder.
All of the outstanding voting and nonvoting securities of Scudder are held
of record by Stephen R. Beckwith, Juris Padegs, Daniel Pierce and Edmond D.
Villani in their capacity as the representatives (the "Representatives") of the
beneficial owners of such securities, pursuant to a Security Holders' Agreement
among Scudder, the beneficial owners of securities of Scudder and the
Representatives. Pursuant to the Security Holders' Agreement, the
Representatives have the right to reallocate shares among the beneficial owners
from time to time. Such reallocation will be at net book value in cash
transactions. All Managing Directors of Scudder own voting and nonvoting stock;
all Principals own nonvoting stock.
Other Matters
The Board of Directors does not know of any matters to be brought before
the Meeting other than those mentioned in this Proxy Statement. The appointed
proxies will vote on any other business that comes before the Meeting or any
adjournments thereof in accordance with their best judgment.
Please complete and sign the enclosed proxy card and return it in the
envelope provided so that the Meeting may be held and action may be taken, with
the greatest possible number of shares participating, on the matters described
in this Proxy Statement. This will not preclude your voting in person if you
attend the Meeting.
- ---------------------------
* Two International Place, Boston, Massachusetts
# 345 Park Avenue, New York, New York
+++ 101 California Street, San Francisco, California
@ Two Prudential Plaza, 180 North Stetson, Suite 5400, Chicago, Illinois
14
<PAGE>
Miscellaneous
Proxies will be solicited by mail and may be solicited in person or by
telephone or telegraph by Officers of the Funds, personnel of Scudder or an
agent of the Funds for compensation. The expenses connected with the
solicitation of proxies and with any further proxies which may be solicited will
be borne by the Funds. The Funds will reimburse banks, brokers and other persons
holding the Funds' shares registered in their names or in the names of their
nominees, for their expenses incurred in sending proxy material to and obtaining
proxies from the beneficial owners of such shares.
In the event that sufficient votes in favor of the proposals set forth in
the Notice of Special Meeting are not received by December 6, 1995, the persons
named as appointed proxies on the enclosed proxy card may propose one or more
adjournments of the Meeting to permit further solicitation of proxies. Any such
adjournment will require the affirmative vote of the holders of a majority of
the shares present in person or by proxy at the session of the meeting to be
adjourned. The persons named as appointed proxies on the enclosed proxy card
will vote in favor of such adjournment those proxies which they are entitled to
vote in favor of the proposal for which further solicitation of proxies is to be
made. They will vote against any such adjournment those proxies required to be
voted against such proposal. The costs of any such additional solicitation and
of any adjourned session will be borne by the Funds.
Shareholder Proposals
Shareholders wishing to submit proposals for inclusion in a proxy statement
for any subsequent shareholders' meeting should send their written proposals to
Thomas F. McDonough, Secretary of the Corporation, c/o Scudder, Stevens & Clark,
Inc., at 345 Park Avenue, New York, New York 10154 within a reasonable time
before the solicitation of proxies for such shareholders' meeting. The timely
submission of a proposal does not guarantee its inclusion.
345 Park Avenue By Order of the Board of Directors,
New York, New York 10154 THOMAS F. MCDONOUGH
October 24, 1995 Secretary
15
<PAGE>
<PAGE>
<TABLE>
<S> <C> <C>
PROXY SCUDDER GLOBAL FUND, INC. PROXY
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
Special Meeting of Shareholders--December 6, 1995
The undersigned hereby appoints Paul Bancroft III, Daniel Pierce and Edmond D. Villani and each of them, the proxies for the
undersigned, with the power of substitution to each of them, to vote all shares of Scudder Global Fund, Inc. consisting of Scudder
Emerging Markets Income Fund, Scudder Global Fund, Scudder Global Small Company Fund, Scudder International Bond Fund and Scudder
Short Term Global Income Fund, which the undersigned is entitled to vote at the Special Meeting of Shareholders of Scudder Global
Fund, Inc., to be held at the offices of Scudder, Stevens & Clark, Inc., 25th Floor, 345 Park Avenue (at 51st Street), New York, New
York 10154, on December 6, 1995 at 9:45 a.m., eastern time, and at any adjournments thereof.
Unless otherwise specified in the squares provided, the undersigned's vote will be cast FOR each item listed below.
1. The election of Directors;
FOR all nominees listed below WITHHOLD AUTHORITY
(except as marked to the contrary below) /_/ to vote for all nominees listed below /_/
Nominees: Edmond D. Villani, Nicholas Bratt, Daniel Pierce, Paul Bancroft III, Sheryle J. Bolton, Thomas J. Devine,
William H. Gleysteen, Jr. and William H. Luers.
(INSTRUCTION: To withhold authority to vote for any individual nominee, write that nominee's name on the space provided
below.)
- ------------------------------------------------------------------------------------------------------------------------------------
<PAGE>
2. Ratification of the selection of Coopers & Lybrand L.L.P. as FOR /_/ AGAINST /_/ ABSTAIN /_/
independent accountants;
3. Scudder Short Term Global Income Fund Shareholders only:
Approval of the change to the name, investment objective and FOR /_/ AGAINST /_/ ABSTAIN /_/
certain investment policies of Scudder Short Term Global Income Fund.
The proxies are authorized to vote upon such other business as may
properly come before the meeting or any adjournments thereof.
Please sign exactly as your name or names appear
When signing as attorney, executor, administrator, trustee
or guardian, please give your full title as such.
__________________________________________________________
(Signature of Shareholder)
__________________________________________________________
(Signature of joint owner, if any)
Date _______________________________________________, 1995
PLEASE SIGN AND RETURN IN ENCLOSED ENVELOPE
NO POSTAGE IS REQUIRED
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Exhibit 77D
Scudder Global Discovery Fund invests primarily in companies whose individual
equity market capitalization would place them in the same size range as
companies in approximately the lowest 20% of world market capitalization as
represented by the Salomon Brothers Broad Market Index, an index comprised of
equity securities of more than 6,500 small-, medium- and large-sized companies
based in 22 markets around the globe. Based on this policy, the companies held
by the Fund typically will have individual equity market capitalizations of
between approximately $50 million and $2 billion (although the Fund will be free
to invest in smaller capitalization issues that satisfy the Fund's size
standard). Furthermore, the median market capitalization of the companies in
which the Fund invests will not exceed $750 million.
Exhibit 77D
Scudder Global Bond Fund seeks total return, with an emphasis on current income.
Capital appreciation is a secondary objective of the Fund.
Scudder Global Bond Fund seeks to achieve its objectives by investing
principally in high-grade intermediate and long-term bonds denominated in
foreign currencies and the U.S. dollar.
Scudder Global Bond Fund invests in debt securities of issuers from a minimum of
three countries.
Scudder Global Bond Fund may invest up to 15% of its net assets in debt
securities rated below investment-grade, or unrated securities of equivalent
quality as determined by the Adviser.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Global Discovery Fund Semiannual Report for the period ended April 30, 1996 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>3
<NAME>Scudder Global Discovery Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $233,696,038
<INVESTMENTS-AT-VALUE> $304,434,842
<RECEIVABLES> $2,573,454
<ASSETS-OTHER> $3,927
<OTHER-ITEMS-ASSETS> $1,244
<TOTAL-ASSETS> $307,013,467
<PAYABLE-FOR-SECURITIES> $2,507,841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $1,238,610
<TOTAL-LIABILITIES> $3,746,451
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $225,497,888
<SHARES-COMMON-STOCK> 15,363,670
<SHARES-COMMON-PRIOR> 14,547,124
<ACCUMULATED-NII-CURRENT> $(830,804)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $8,328,163
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $70,271,769
<NET-ASSETS> $303,267,016
<DIVIDEND-INCOME> $917,956
<INTEREST-INCOME> $627,228
<OTHER-INCOME> 0
<EXPENSES-NET> $2,145,764
<NET-INVESTMENT-INCOME> $(600,580)
<REALIZED-GAINS-CURRENT> $10,456,952
<APPREC-INCREASE-CURRENT> $32,096,206
<NET-CHANGE-FROM-OPS> $41,952,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $(2,817,790)
<DISTRIBUTIONS-OF-GAINS> $(6,128,748)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,354,215
<NUMBER-OF-SHARES-REDEEMED> (3,025,608)
<SHARES-REINVESTED> 487,939
<NET-CHANGE-IN-ASSETS> $48,178,374
<ACCUMULATED-NII-PRIOR> $2,587,566
<ACCUMULATED-GAINS-PRIOR> $3,999,959
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $1,426,042
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $2,145,764
<AVERAGE-NET-ASSETS> $262,306,992
<PER-SHARE-NAV-BEGIN> $17.54
<PER-SHARE-NII> $(0.03)
<PER-SHARE-GAIN-APPREC> $2.87
<PER-SHARE-DIVIDEND> $(0.20)
<PER-SHARE-DISTRIBUTIONS> $(0.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $19.74
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from the Scudder Global Bond Fund Semiannual
Report for the period ended April 30, 1996 and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER>4
<NAME>Scudder Global Bond Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $261,645,211
<INVESTMENTS-AT-VALUE> $254,260,054
<RECEIVABLES> $30,762,737
<ASSETS-OTHER> $191,720
<OTHER-ITEMS-ASSETS> $218,213
<TOTAL-ASSETS> $285,432,724
<PAYABLE-FOR-SECURITIES> $17,950,761
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> $2,445,626
<TOTAL-LIABILITIES> $20,396,387
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> $285,557,493
<SHARES-COMMON-STOCK> 26,513,580
<SHARES-COMMON-PRIOR> 33,924,422
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> $(12,912,034)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> $(7,609,122)
<NET-ASSETS> $265,036,337
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> $12,669,595
<OTHER-INCOME> 0
<EXPENSES-NET> $1,569,666
<NET-INVESTMENT-INCOME> $11,099,929
<REALIZED-GAINS-CURRENT> $(4,536,019)
<APPREC-INCREASE-CURRENT> $(11,304,221)
<NET-CHANGE-FROM-OPS> $(4,740,311)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> $(11,099,929)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,093,470
<NUMBER-OF-SHARES-REDEEMED> (9,400,228)
<SHARES-REINVESTED> 895,916
<NET-CHANGE-IN-ASSETS> $(92,303,159)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> $(8,376,015)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> $1,179,529
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> $2,004,626
<AVERAGE-NET-ASSETS> $315,453,302
<PER-SHARE-NAV-BEGIN> $10.53
<PER-SHARE-NII> $0.36
<PER-SHARE-GAIN-APPREC> $(0.53)
<PER-SHARE-DIVIDEND> $(0.36)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> $10.00
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from the Scudder Emerging Markets Income Fund
Semiannual Report for the fiscal period ended April 30,
1996 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> SCUDDER EMERGING MARKETS INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 240,187,768
<INVESTMENTS-AT-VALUE> 244,908,545
<RECEIVABLES> 24,783,746
<ASSETS-OTHER> 40,981
<OTHER-ITEMS-ASSETS> 160,113
<TOTAL-ASSETS> 269,893,385
<PAYABLE-FOR-SECURITIES> 29,263,392
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 734,265
<TOTAL-LIABILITIES> 29,997,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 220,511,563
<SHARES-COMMON-STOCK> 20,239,424
<SHARES-COMMON-PRIOR> 16,511,433
<ACCUMULATED-NII-CURRENT> 811,006
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,729,248
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,843,911
<NET-ASSETS> 239,895,728
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,011,146
<OTHER-INCOME> 0
<EXPENSES-NET> 1,537,200
<NET-INVESTMENT-INCOME> 10,473,946
<REALIZED-GAINS-CURRENT> 19,946,949
<APPREC-INCREASE-CURRENT> 6,394,260
<NET-CHANGE-FROM-OPS> 36,815,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,276,038)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,890,192
<NUMBER-OF-SHARES-REDEEMED> (6,941,687)
<SHARES-REINVESTED> 779,486
<NET-CHANGE-IN-ASSETS> 70,492,927
<ACCUMULATED-NII-PRIOR> 613,098
<ACCUMULATED-GAINS-PRIOR> (6,217,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,040,457
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,568,766
<AVERAGE-NET-ASSETS> 207,909,626
<PER-SHARE-NAV-BEGIN> 10.26
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (.58)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.85
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
