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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
015 B000201 C
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015 E040202 X
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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015 A000243 J.P. MORGAN & CO., INCORPORATED
015 B000243 S
015 C010243 LONDON
015 D010243 UNITED KINGDOM
015 E040243 X
015 A000244 CITIBANK, N.A.
015 B000244 S
015 C010244 MONTEVIDEO
015 D010244 URUGUAY
015 E040244 X
015 A000245 CITIBANK, N.A.
015 B000245 S
015 C010245 CARACAS
015 D010245 VENEZUELA
015 E040245 X
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
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028 A010200 7142
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<PAGE> PAGE 19
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045 000200 Y
046 000200 N
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048 A010200 1000000
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048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 1000000
048 K020200 0.800
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 1000
062 A000200 Y
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<PAGE> PAGE 20
062 G000200 0.0
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063 A000200 0
063 B000200 7.8
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
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069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 Y
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 Y
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
<PAGE> PAGE 21
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 1836443
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<PAGE> PAGE 22
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028 A010300 18786
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<PAGE> PAGE 23
028 F030300 0
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073 A020300 0.0000
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<PAGE> PAGE 24
074 D000300 0
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028 A010400 1189
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063 A000400 0
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064 A000400 N
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070 A010400 Y
070 A020400 Y
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<PAGE> PAGE 25
070 C010400 Y
070 C020400 Y
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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 868490
071 B000400 987253
071 C000400 258676
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072 B000400 21179
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<PAGE> PAGE 26
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<PAGE> PAGE 27
074 Y000400 0
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028 A010500 20555
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058 A000500 N
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<PAGE> PAGE 28
070 E020500 N
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070 P010500 Y
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071 A000500 983538
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<PAGE> PAGE 29
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from the Scudder Global
Discovery Fund Annual Report for the period ended
October 31, 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> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 279,137,180
<INVESTMENTS-AT-VALUE> 353,960,776
<RECEIVABLES> 2,236,628
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<OTHER-ITEMS-ASSETS> 458,135
<TOTAL-ASSETS> 356,666,521
<PAYABLE-FOR-SECURITIES> 4,813,021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,023,520
<TOTAL-LIABILITIES> 5,836,541
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261,584,740
<SHARES-COMMON-STOCK> 17,152,364
<SHARES-COMMON-PRIOR> 14,547,124
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (747,671)
<ACCUMULATED-NET-GAINS> 14,752,222
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,240,689
<NET-ASSETS> 350,829,980
<DIVIDEND-INCOME> 2,551,488
<INTEREST-INCOME> 1,570,549
<OTHER-INCOME> 0
<EXPENSES-NET> 4,695,402
<NET-INVESTMENT-INCOME> (573,365)
<REALIZED-GAINS-CURRENT> 16,936,926
<APPREC-INCREASE-CURRENT> 37,065,126
<NET-CHANGE-FROM-OPS> 53,428,687
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,817,790)
<DISTRIBUTIONS-OF-GAINS> (6,128,748)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,631,025
<NUMBER-OF-SHARES-REDEEMED> (5,243,724)
<SHARES-REINVESTED> 487,939
<NET-CHANGE-IN-ASSETS> 95,741,338
<ACCUMULATED-NII-PRIOR> 2,587,566
<ACCUMULATED-GAINS-PRIOR> 3,999,959
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,210,957
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,695,402
<AVERAGE-NET-ASSETS> 292,728,932
<PER-SHARE-NAV-BEGIN> 17.54
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 3.59
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.44)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.45
<EXPENSE-RATIO> 1.60
<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 Annual Report for the period ended October
31, 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> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 211,798,960
<INVESTMENTS-AT-VALUE> 214,278,495
<RECEIVABLES> 39,354,335
<ASSETS-OTHER> 147,012
<OTHER-ITEMS-ASSETS> 247,497
<TOTAL-ASSETS> 254,027,339
<PAYABLE-FOR-SECURITIES> 34,407,084
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,216,348
<TOTAL-LIABILITIES> 36,623,432
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 225,551,056
<SHARES-COMMON-STOCK> 21,216,085
<SHARES-COMMON-PRIOR> 33,924,422
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,456,910)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,309,761
<NET-ASSETS> 217,403,907
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,178,465
<OTHER-INCOME> 0
<EXPENSES-NET> 2,760,861
<NET-INVESTMENT-INCOME> 18,417,604
<REALIZED-GAINS-CURRENT> (9,160,980)
<APPREC-INCREASE-CURRENT> (1,385,338)
<NET-CHANGE-FROM-OPS> 7,821,286
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<DISTRIBUTIONS-OF-INCOME> (11,459,193)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (6,958,411)
<NUMBER-OF-SHARES-SOLD> 1,831,418
<NUMBER-OF-SHARES-REDEEMED> (15,936,539)
<SHARES-REINVESTED> 1,396,784
<NET-CHANGE-IN-ASSETS> (139,935,589)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8,376,015)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,067,598
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,536,171
<AVERAGE-NET-ASSETS> 275,977,815
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> .67
<PER-SHARE-GAIN-APPREC> (.28)
<PER-SHARE-DIVIDEND> (.42)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.25)
<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> 1.28
<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 Annual Report for the fiscal year ended October 31, 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> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 279,338,700
<INVESTMENTS-AT-VALUE> 293,067,196
<RECEIVABLES> 26,384,191
<ASSETS-OTHER> 33,664
<OTHER-ITEMS-ASSETS> 9,526
<TOTAL-ASSETS> 319,494,577
<PAYABLE-FOR-SECURITIES> 14,079,479
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 807,114
<TOTAL-LIABILITIES> 14,886,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 260,543,043
<SHARES-COMMON-STOCK> 23,465,219
<SHARES-COMMON-PRIOR> 16,511,433
<ACCUMULATED-NII-CURRENT> 226,767
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,276,620
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,561,554
<NET-ASSETS> 304,607,984
<DIVIDEND-INCOME> 13,291
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<OTHER-INCOME> 0
<EXPENSES-NET> 3,494,240
<NET-INVESTMENT-INCOME> 24,405,811
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<APPREC-INCREASE-CURRENT> 15,111,903
<NET-CHANGE-FROM-OPS> 75,195,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,976,386
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,121,034
<NUMBER-OF-SHARES-REDEEMED> 16,851,262
<SHARES-REINVESTED> 1,684,014
<NET-CHANGE-IN-ASSETS> 135,205,183
<ACCUMULATED-NII-PRIOR> 613,098
<ACCUMULATED-GAINS-PRIOR> (6,217,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,427,833
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,525,806
<AVERAGE-NET-ASSETS> 242,821,481
<PER-SHARE-NAV-BEGIN> 10.26
<PER-SHARE-NII> 1.20
<PER-SHARE-GAIN-APPREC> 2.71
<PER-SHARE-DIVIDEND> 1.19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.98
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Global Fund, Inc.
and to the Shareholders of Scudder Global Discovery Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Global Discovery Fund (formerly Scudder Global
Small Company Fund) (the Fund) for the year ended October 31, 1996, we
considered the Fund's control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the Fund's financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on the control structure.
The management of Scudder Global Discovery Fund is responsible for
establishing and maintaining an control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of control structure policies and
procedures. Two of the objectives of an 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 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 operations may deteriorate.
Our consideration of the Fund's 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 and
financial highlights 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 Fund's internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of October 31, 1996.
This report is intended solely for the information and use of management
of Scudder Global Discovery Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 16, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Global Fund, Inc. and
to the Shareholders of Scudder Global Bond Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Global Bond Fund (the Fund) for the year ended
October 31, 1996, 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 financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Scudder Global Bond 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 operations may deteriorate.
Our consideration of the Fund's 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 and
financial highlights 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 October 31, 1996.
This report is intended solely for the information and use of management
of Scudder Global Bond Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 20, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
Coopers Coopers & Lybrand L.L.P.
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder Global Fund, Inc.
and to the Shareholders of Scudder Emerging Markets Income Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Emerging Markets Income Fund (the Fund) for the
year ended October 31, 1996, we considered the Fund's internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the Fund's financial statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Scudder Emerging Markets Income 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 operations may deteriorate.
Our consideration of the Fund's 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 and
financial highlights 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 Fund's internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of October 31, 1996.
This report is intended solely for the information and use of management
of Scudder Emerging Markets Income Fund and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 17, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
