SCUDDER GLOBAL FUND INC, 485BPOS, 1997-10-28

SCUDDER GLOBAL FUND INC
485BPOS, 1997-10-28

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Filed electronically with the Securities and Exchange Commission
on October 28, 1997

File No. 33-5724
File No. 811-4670

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.
Post-Effective Amendment No. 30
--

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 33
--

Scudder Global Fund, Inc.
(Exact name of Registrant as Specified in Charter)

345 Park Avenue, New York, NY 10154
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (617) 295-2567

Thomas F. McDonough
Scudder, Stevens & Clark, Inc.
Two International Place, Boston, MA 02110
(Name and Address of Agent for Service)

It is proposed that this filing will become effective

_____ immediately upon filing pursuant to paragraph (b)

X on November 1, 1997 pursuant to paragraph (b)

____ 60 days after filing pursuant to paragraph (a)(1)

____ on ___________ pursuant to paragraph (a)(1)

____ 75 days after filing pursuant to paragraph (a)(2)

____ on _______________ pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following:

____ this post-effective amendment designates a new
effective date for a previously filed post-effective
amendment

The Registrant has filed a declaration registering an indefinite
amount of securities pursuant to Rule 24f-2 under the Investment
Company Act of 1940, as amended. The Registrant filed the notice
required by Rule 24f-2 for its most recent fiscal year on August 29,
1997.
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER GLOBAL FUND
CROSS-REFERENCE SHEET

Items Required by Form N-1A

PART A

Item No. Item Caption Prospectus Caption

1. Cover Page COVER PAGE

2. Synopsis EXPENSE INFORMATION

3. Condensed FINANCIAL HIGHLIGHTS
Financial
Information

4. General INVESTMENT OBJECTIVE AND POLICIES
Description of RISKS OF GLOBAL INVESTING
Registrant WHY INVEST IN THE FUND?
ADDITIONAL INFORMATION ABOUT
POLICIES AND INVESTMENTS
FUND ORGANIZATION

5. Management of A MESSAGE FROM SCUDDER'S CHAIRMAN
the Fund INTERNATIONAL INVESTMENT EXPERIENCE
FUND ORGANIZATION-Investment
adviser and Transfer agent
SHAREHOLDER BENEFITS-A team
approach to investing

5A. Management's NOT APPLICABLE
Discussion of
Fund Performance

6. Capital Stock SHAREHOLDER BENEFITS-Dividend
and Other reinvestment plan
Securities DISTRIBUTION AND PERFORMANCE
INFORMATION-Dividends and
capital gains distributions
FUND ORGANIZATION
HOW TO CONTACT SCUDDER

7. Purchase of PURCHASES
Securities Being TRANSACTION INFORMATION
Offered INVESTMENT PRODUCTS AND SERVICES
SCUDDER TAX-ADVANTAGED RETIREMENT
PLANS
FUND ORGANIZATION-Underwriter

8. Redemption or EXCHANGES AND REDEMPTIONS
Repurchase TRANSACTION INFORMATION-Redeeming
shares

9. Pending Legal NOT APPLICABLE
Proceedings

Cross Reference-Page 1
<PAGE>

SCUDDER GLOBAL FUND
(continued)

PART B
Caption in Statement of
Item No. Item Caption Additional Information

10. Cover Page COVER PAGE

11. Table of Contents TABLE OF CONTENTS

12. General ORGANIZATION OF THE FUNDS
Information and
History

13. Investment THE FUNDS' INVESTMENT OBJECTIVES
Objectives and AND POLICIES
Policies

14. Management of the DIRECTORS AND OFFICERS
Fund REMUNERATION

15. Control Persons DIRECTORS AND OFFICERS
and Principal
Holders of
Securities

16. Investment INVESTMENT ADVISER
Advisory and ADDITIONAL INFORMATION-Experts and
Other Services Other Information

17. Brokerage PORTFOLIO TRANSACTIONS-Brokerage
Allocation Commissions and Portfolio
Turnover

18. Capital Stock and ORGANIZATION OF THE FUNDS
Other Securities

19. Purchase, PURCHASES AND EXCHANGES
Redemption and REDEMPTIONS
Pricing of FEATURES AND SERVICES OFFERED BY
Securities Being THE FUNDS-Dividend and Capital Gain
Offered Distribution Options
SPECIAL PLAN ACCOUNTS
DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
NET ASSET VALUE

20. Tax Status TAXES

21. Underwriters DISTRIBUTOR

22. Calculation of PERFORMANCE INFORMATION
Performance Data

23. Financial FINANCIAL STATEMENTS
Statements

Cross Reference-Page 2
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER INTERNATIONAL BOND FUND

CROSS-REFERENCE SHEET

Items Required By Form N-1A

PART A

Item No. Item Caption Prospectus Caption

1. Cover Page COVER PAGE

2. Synopsis EXPENSE INFORMATION

3. Condensed FINANCIAL HIGHLIGHTS
Financial
Information

4. General INVESTMENT OBJECTIVES AND POLICIES
Description of INTERNATIONAL BOND INVESTING
Registrant WHY INVEST IN THE FUND?
SPECIAL RISK CONSIDERATIONS
INVESTMENTS
ADDITIONAL INFORMATION ABOUT
POLICIES AND INVESTMENTS
FUND ORGANIZATION

5A. Management's NOT APPLICABLE
Discussion of
Fund Performance

7. Purchase of PURCHASES
Securities Being TRANSACTION INFORMATION
Offered INVESTMENT PRODUCTS AND SERVICES
SCUDDER TAX-ADVANTAGED RETIREMENT
PLANS
FUND ORGANIZATION-Underwriter

8. Redemption or EXCHANGES AND REDEMPTIONS
Repurchase TRANSACTION INFORMATION-Redeeming
shares

9. Pending Legal NOT APPLICABLE
Proceedings

Cross Reference-Page 3
<PAGE>

SCUDDER INTERNATIONAL BOND FUND
(continued)

PART B

Caption in Statement of
Item No. Item Caption Additional Information

10. Cover Page COVER PAGE

11. Table of Contents TABLE OF CONTENTS

12. General ORGANIZATION OF THE FUNDS
Information and
History

13. Investment THE FUNDS' INVESTMENT OBJECTIVES
Objectives and AND POLICIES
Policies

14. Management of the DIRECTORS AND OFFICERS
Fund REMUNERATION

15. Control Persons DIRECTORS AND OFFICERS
and Principal
Holders of
Securities

16. Investment INVESTMENT ADVISER
Advisory and ADDITIONAL INFORMATION-Experts and
Other Services Other Information

17. Brokerage PORTFOLIO TRANSACTIONS-Brokerage
Allocation Commissions and Portfolio
Turnover

18. Capital Stock and ORGANIZATION OF THE FUNDS
Other Securities

19. Purchase, PURCHASES
Redemption and EXCHANGES AND REDEMPTIONS
Pricing of FEATURES AND SERVICES OFFERED BY
Securities Being THE FUNDS-Dividend and Capital
Offered Gain Distribution Options
SPECIAL PLAN ACCOUNTS
DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
NET ASSET VALUE

20. Tax Status TAXES

21. Underwriters DISTRIBUTOR

22. Calculation of PERFORMANCE INFORMATION
Performance Data

23. Financial FINANCIAL STATEMENTS
Statements

Cross Reference-Page 4
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER GLOBAL BOND FUND
CROSS-REFERENCE SHEET

Items Required By Form N-1A

PART A

Item No. Item Caption Prospectus Caption

1. Cover Page COVER PAGE

2. Synopsis EXPENSE INFORMATION

3. Condensed FINANCIAL HIGHLIGHTS
Financial DISTRIBUTION AND PERFORMANCE
Information INFORMATION

4. General INVESTMENT OBJECTIVES AND POLICIES
Description of WHY INVEST IN THE FUND?
Registrant SPECIAL RISK CONSIDERATIONS
INVESTMENTS
ADDITIONAL INFORMATION ABOUT
POLICIES AND INVESTMENTS
FUND ORGANIZATION

5. Management of FINANCIAL HIGHLIGHTS
the Fund A MESSAGE FROM SCUDDER'S CHAIRMAN
INTERNATIONAL INVESTMENT EXPERIENCE
FUND ORGANIZATION-Investment
adviser, Transfer agent
SHAREHOLDER BENEFITS-A team approach
to investing
DIRECTORS AND OFFICERS

5A. Management's NOT APPLICABLE
Discussion of
Fund Performance

6. Capital Stock DISTRIBUTION AND PERFORMANCE
and Other INFORMATION-Dividends and capital
Securities gains distributions
FUND ORGANIZATION
SHAREHOLDER BENEFITS-SAIL(tm)-Scudder
Automated Information Line,
Dividend reinvestment plan,
T.D.D. service for the hearing
impaired
HOW TO CONTACT SCUDDER

7. Purchase of PURCHASES
Securities Being FUND ORGANIZATION-Underwriter
Offered TRANSACTION INFORMATION-Purchasing
shares, Share price, Processing
time, Minimum balances, Third
party transactions
SHAREHOLDER BENEFITS-Dividend
reinvestment plan
SCUDDER TAX-ADVANTAGED RETIREMENT
PLANS
INVESTMENT PRODUCTS AND SERVICES

8. Redemption or EXCHANGES AND REDEMPTIONS
Repurchase TRANSACTION INFORMATION-Redeeming
shares, Tax identification
number, Minimum balances

9. Pending Legal NOT APPLICABLE
Proceedings

Cross Reference-Page 5
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER GLOBAL BOND FUND
(continued)

PART B

Caption in Statement of
Item No. Item Caption Additional Information

10. Cover Page COVER PAGE

11. Table of Contents TABLE OF CONTENTS

12. General ORGANIZATION OF THE FUNDS
Information and
History

13. Investment THE FUNDS' INVESTMENT OBJECTIVES
Objectives and AND POLICIES
Policies PORTFOLIO TRANSACTIONS-Brokerage
Commissions, Portfolio Turnover

14. Management of the INVESTMENT ADVISER
Fund DIRECTORS AND OFFICERS
REMUNERATION

15. Control Persons DIRECTORS AND OFFICERS
and Principal
Holders of
Securities

16. Investment INVESTMENT ADVISER
Advisory and DISTRIBUTOR
Other Services ADDITIONAL INFORMATION-Experts,
Other Information

17. Brokerage PORTFOLIO TRANSACTIONS-Brokerage
Allocation and Commissions, Portfolio Turnover
Other Practices

18. Capital Stock and ORGANIZATION OF THE FUNDS
Other Securities DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS

20. Tax Status DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
TAXES

21. Underwriters DISTRIBUTOR

22. Calculation of PERFORMANCE INFORMATION
Performance Data

23. Financial FINANCIAL STATEMENTS
Statements

Cross Reference-Page 6
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER GLOBAL DISCOVERY FUND

CROSS-REFERENCE SHEET

Items Required By Form N-1A

PART A

Item No. Item Caption Prospectus Caption

1. Cover Page COVER PAGE

2. Synopsis EXPENSE INFORMATION

3. Condensed FINANCIAL HIGHLIGHTS
Financial DISTRIBUTION AND PERFORMANCE
Information INFORMATION

4. General INVESTMENT OBJECTIVES AND POLICIES
Description of WHY INVEST IN THE FUND?
Registrant SPECIAL RISK CONSIDERATIONS
ADDITIONAL INFORMATION ABOUT
POLICIES AND INVESTMENTS
FUND ORGANIZATION

5A. Management's NOT APPLICABLE
Discussion of
Fund Performance

6. Capital Stock DISTRIBUTION AND PERFORMANCE
and Other INFORMATION-Dividends and
Securities capital gains distributions
FUND ORGANIZATION
SHAREHOLDER BENEFITS-SAILTM -
Scudder Automated Information
Line, Dividend Reinvestment
Plan, T.D.D. service for the
hearing impaired
HOW TO CONTACT SCUDDER

8. Redemption or EXCHANGES AND REDEMPTIONS
Repurchase TRANSACTION INFORMATION-Redeeming
shares, Tax identification
number, Minimum balances

9. Pending Legal NOT APPLICABLE
Proceedings

Cross Reference-Page 7
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER GLOBAL DISCOVERY FUND
(continued)

PART B

Caption in Statement of
Item No. Item Caption Additional Information

10. Cover Page COVER PAGE

11. Table of Contents TABLE OF CONTENTS

12. General ORGANIZATION OF THE FUNDS
Information and
History

13. Investment THE FUNDS' INVESTMENT OBJECTIVES
Objectives and AND POLICIES
Policies PORTFOLIO TRANSACTIONS-Brokerage
Commissions, Portfolio Turnover

14. Management of the INVESTMENT ADVISER
Fund DIRECTORS AND OFFICERS
REMUNERATION

15. Control Persons DIRECTORS AND OFFICERS
and Principal
Holders of
Securities

16. Investment INVESTMENT ADVISER
Advisory and DISTRIBUTOR
Other Services ADDITIONAL INFORMATION-Experts,
Other Information

17. Brokerage PORTFOLIO TRANSACTIONS-Brokerage
Allocation and Commissions, Portfolio Turnover
Other Practices

18. Capital Stock and ORGANIZATION OF THE FUNDS
Other Securities DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS

19. Purchase, PURCHASES
Redemption and EXCHANGES AND REDEMPTIONS
Pricing of FEATURES AND SERVICES OFFERED BY
Securities Being THE FUNDS-
Offered Dividend and Capital Gain
Distribution Options
SPECIAL PLAN ACCOUNTS
NET ASSET VALUE

20. Tax Status DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
TAXES

21. Underwriters DISTRIBUTOR

22. Calculation of PERFORMANCE INFORMATION
Performance Data

23. Financial FINANCIAL STATEMENTS
Statements

Cross Reference-Page 8
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER EMERGING MARKETS INCOME FUND

CROSS-REFERENCE SHEET

Items Required By Form N-1A

PART A

Item No. Item Caption Prospectus Caption

1. Cover Page COVER PAGE

2. Synopsis EXPENSE INFORMATION

3. Condensed FINANCIAL HIGHLIGHTS
Financial DISTRIBUTION AND PERFORMANCE
Information INFORMATION

4. General INVESTMENT OBJECTIVES AND POLICIES
Description of WHY INVEST IN THE FUND?
Registrant SPECIAL RISK CONSIDERATIONS
ADDITIONAL INFORMATION ABOUT
POLICIES AND INVESTMENTS
FUND ORGANIZATION

5A. Management's NOT APPLICABLE
Discussion
of Fund
Performance

6. Capital Stock DISTRIBUTION AND PERFORMANCE
and Other INFORMATION-Dividends and
Securities capital gains distributions
FUND ORGANIZATION
SHAREHOLDER BENEFITS-Toll-Free
Telephone Service and
Information, Dividend
reinvestment plan
HOW TO CONTACT SCUDDER

7. Purchase of PURCHASES
Securities Being FUND ORGANIZATION-Underwriter
Offered TRANSACTION INFORMATION-Purchasing
shares, Share price, Processing
time, Minimum balances, Third
party transactions
INVESTMENT PRODUCTS AND SERVICES
SCUDDER TAX-ADVANTAGED RETIREMENT
PLANS

8. Redemption or EXCHANGES AND REDEMPTIONS
Repurchase TRANSACTION INFORMATION-Redeeming
shares, Tax identification
number, Minimum balances

9. Pending Legal NOT APPLICABLE
Proceedings

Cross Reference-Page 9
<PAGE>

SCUDDER GLOBAL FUND, INC.
SCUDDER EMERGING MARKETS INCOME FUND
(continued)

PART B

Caption in Statement of
Item No. Item Caption Additional Information

10. Cover Page COVER PAGE

11. Table of Contents TABLE OF CONTENTS

12. General ORGANIZATION OF THE FUNDS
Information and
History

13. Investment THE FUNDS' INVESTMENT OBJECTIVES
Objectives and AND POLICIES
Policies PORTFOLIO TRANSACTIONS-Brokerage
Commissions, Portfolio Turnover

14. Management of the INVESTMENT ADVISER
Fund DIRECTORS AND OFFICERS
REMUNERATION

15. Control Persons DIRECTORS AND OFFICERS
and Principal
Holders of
Securities

16. Investment INVESTMENT ADVISER
Advisory and DISTRIBUTOR
Other Services ADDITIONAL INFORMATION-Experts,
Other Information

17. Brokerage PORTFOLIO TRANSACTIONS-Brokerage
Allocation Commissions, Portfolio Turnover

18. Capital Stock and ORGANIZATION OF THE FUNDS
Other Securities DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS

19. Purchase, PURCHASES
Redemption and EXCHANGES AND REDEMPTIONS
Pricing of FEATURES AND SERVICES OFFERED BY
Securities Being THE FUND-Dividend and Capital
Offered Gain Distribution Options
SPECIAL PLAN ACCOUNTS
NET ASSET VALUE

20. Tax Status DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
TAXES

21. Underwriters DISTRIBUTOR

22. Calculation of PERFORMANCE INFORMATION
Performance Data

23. Financial FINANCIAL STATEMENTS
Statements

Cross Reference-Page 10
<PAGE>
This prospectus sets forth concisely the information about Scudder Global Fund,
a series of Scudder Global Fund, Inc., an open-end management investment
company, that a prospective investor should know before investing. Please retain
it for future reference.

If you require more detailed information, a Statement of Additional Information
dated November 1, 1997, as amended from time to time, may be obtained without
charge by writing Scudder Investor Services, Inc., Two International Place,
Boston, MA 02110-4103 or calling 1-800-225-2470. The Statement, which is
incorporated by reference into this prospectus, has been filed with the
Securities and Exchange Commission and is available along with other related
materials on the SEC's Internet Web site (http://www.sec.gov).

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

NOT FDIC- / MAY LOSE VALUE
INSURED / NO BANK GUARANTEE

SCUDDER (logo)

Scudder
Global
Fund

Prospectus
November 1, 1997

A pure no-load(TM) (no sales charges) mutual fund series which seeks long-term
growth of capital from worldwide investing.

<PAGE>

Expense information

How to compare a Scudder pure no-load(TM) fund

This information is designed to help you understand the various costs and
expenses of investing in Scudder Global Fund (the "Fund"). By reviewing this
table and those in other mutual funds' prospectuses, you can compare the Fund's
fees and expenses with those of other funds. With Scudder's pure no-load(TM)
funds, you pay no commissions to purchase or redeem shares, or to exchange from
one fund to another. As a result, all of your investment goes to work for you.

1) Shareholder transaction expenses: Expenses charged directly to your
individual account in the Fund for various transactions.

Sales commissions to purchase shares (sales load) NONE

Commissions to reinvest dividends NONE

Redemption fees NONE*

Fees to exchange shares NONE

2) Annual Fund operating expenses: Expenses paid by the Fund before it
distributes its net investment income, expressed as a percentage of the
Fund's average daily net assets for the fiscal year ended June 30, 1997.

Investment management fee 0.95%

12b-1 fees NONE

Other expenses 0.42%
----
Total Fund operating expenses 1.37%
====

Example

Based on the level of total Fund operating expenses listed above, the total
expenses relating to a $1,000 investment, assuming a 5% annual return and
redemption at the end of each period, are listed below. Investors do not pay
these expenses directly; they are paid by the Fund before it distributes its
net investment income to shareholders. (As noted above, the Fund has no
redemption fees of any kind.)

1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
$14 $43 $75 $165

See "Fund organization--Investment adviser" for further information about the
investment management fee. This example assumes reinvestment of all dividends
and distributions and that the percentage amounts listed under "Annual Fund
operating expenses" remain the same each year. This example should not be
considered a representation of past or future expenses or return. Actual Fund
expenses and return vary from year to year and may be higher or lower than
those shown.

* You may redeem by writing or calling the Fund. If you wish to receive your
redemption proceeds via wire, there is a $5 wire service fee. For
additional information, please refer to "Transaction information--Redeeming
shares."

2
<PAGE>

Financial highlights

The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the audited
financial statements.

If you would like more detailed information concerning the Fund's performance,
a complete portfolio listing and audited financial statements are available in
the Fund's Annual Report dated June 30, 1997 and may be obtained without charge
by writing or calling Scudder Investor Services, Inc.

<TABLE>
<CAPTION>
Years Ended June 30,

1997(a) 1996 1995 1994(a) 1993 1992 1991 1990 1989 1988
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $28.73 $25.64 $23.93 $21.63 $19.56 $18.06 $20.36 $17.64 $14.47 $15.42
Income from investment .17 .24 .25 .23 .15 .19 .40 .19 .19 .18
operations:

Net investment income
Net realized and unrealized 6.58 3.94 1.91 2.57 2.42 2.28 (1.50) 3.28 3.20 (.82)
gain (loss)
on investments
Total from investment
operations 6.75 4.18 2.16 2.80 2.57 2.47 (1.10) 3.47 3.39 (.64)
Less distributions from: (.28) (.25) (.11) (.24) (.16) (.31) (.37) (.20) (.14) (.06)

Net investment income
Net realized gains from (1.53) (.84) (.34) (.26) (.34) (.66) (.83) (.55) (.08) (.25)
investment transactions
Total distributions (1.81) (1.09) (.45) (.50) (.50) (.97) (1.20) (.75) (.22) (.31)

Net asset value, end of period $33.67 $28.73 $25.64 $23.93 $21.63 $19.56 $18.06 $20.36 $17.64 $14.47
-----------------------------------------------------------------------------------------------------------------------
Total Return (%) 24.91 16.65 9.11 12.99 13.45 14.09 (5.20) 20.00 23.90 (4.45)
Ratios and Supplemental Data
Net assets, end of period ($ 1,604 1,368 1,168 1,096 577 371 268 257 91 81
millions)
Ratio of operating expenses to 1.37 1.34 1.38 1.45 1.48 1.59 1.70 1.81 1.98 1.71(c)
average
daily net assets (%)
Ratio of net investment income .59 .84 1.03 .97 .90 1.09 2.21 1.77 1.22 1.23
to
average daily net assets (%)
Portfolio turnover rate (%) 40.5 29.1 44.4 59.7 64.9 44.6 85.0(d) 38.3 30.7 53.8
Average commission rate paid^(b)$.0007 $.0272 -- -- -- -- -- -- -- --
</TABLE>

(a) Per share amounts have been calculated using weighted average shares
outstanding.

(b) Average commission rate paid per share of common and preferred stocks is
calculated for fiscal periods ending on or after June 30, 1996.

(c) The Adviser absorbed a portion of the Fund's expenses exclusive of
management fees; the ratio of operating expenses before expense reductions,
to average daily net assets was 1.91%.

(d) The portfolio turnover rate on equity securities and debt securities was
62.7% and 174.4%, respectively, based on average monthly equity holdings and
average monthly debt holdings.

3
<PAGE>

A message from Scudder's chairman

Scudder, Stevens & Clark, Inc., investment adviser to the Scudder Family of
Funds, was founded in 1919. We offered America's first no-load mutual fund in
1928. Today, we manage in excess of $125 billion for many private accounts and
over 50 mutual fund portfolios. We manage the mutual funds in a special program
for the American Association of Retired Persons, as well as the fund options
available through Scudder Horizon Plan, a tax-advantaged variable annuity. We
also advise The Japan Fund and nine closed-end funds that invest in countries
around the world.

The Scudder Family of Funds is designed to make investing easy and less costly.
It includes money market, tax free, income and growth funds as well as IRAs,
401(k)s, Keoghs and other retirement plans.

Services available to all shareholders include toll-free access to the
professional service representatives of Scudder Investor Relations, easy
exchange among funds, shareholder reports, informative newsletters and the
walk-in convenience of Scudder Investor Centers.

All Scudder mutual funds are pure no-load(TM). This means you pay no commissions
to purchase or redeem your shares or to exchange from one fund to another. There
are no "12b-1" fees either, which many other funds now charge to support their
marketing efforts. All of your investment goes to work for you. We look forward
to welcoming you as a shareholder.

/s/Daniel Pierce

Scudder Global Fund

Investment objective

o long-term growth of capital from global investment

Investment characteristics

o worldwide investing with international investment risk

o efficient vehicle for investors to participate in investments denominated
in U.S. and foreign currencies

Contents

Investment objective and policies 5
Risks of global investing 6
Why invest in the Fund? 6
International investment experience 7
Additional information about policies
and investments 8
Distribution and performance information 11
Fund organization 12
Transaction information 13
Shareholder benefits 17
Purchases 19
Exchanges and redemptions 20
Investment products and services 22
How to contact Scudder 23

4
<PAGE>

Investment objective and policies

Scudder Global Fund (the "Fund"), a series of Scudder Global Fund, Inc., seeks
long-term growth of capital through a diversified portfolio of marketable
securities, primarily equity securities, including common stocks, preferred
stocks and debt securities convertible into common stocks. The Fund invests on a
worldwide basis in equity securities of companies which are incorporated in the
U.S. or in foreign countries. It also may invest in the debt securities of U.S.
and foreign issuers. Income is an incidental consideration.

Except as otherwise indicated, the Fund's investment objective and policies are
not fundamental and may be changed without a vote of shareholders. If there is a
change in investment objective, shareholders should consider whether the Fund
remains an appropriate investment in light of their then current financial
position and needs. There can be no assurance that the Fund's objective will be
met.

Investments

The Fund generally invests in equity securities of established companies listed
on U.S. or foreign securities exchanges, but also may invest in securities
traded over-the-counter. It also may invest in debt securities convertible into
common stock, and convertible and non-convertible preferred stock, and
fixed-income securities of governments, government agencies, supranational
agencies and companies when the Adviser believes the potential for appreciation
will equal or exceed that available from investments in equity securities. These
debt and fixed-income securities will be predominantly investment-grade
securities, that is, those rated Aaa, Aa, A or Baa by Moody's Investors Service,
Inc. ("Moody's") or AAA, AA, A or BBB by Standard & Poor's ("S&P") or those of
equivalent quality as determined by the Adviser. The Fund may not invest more
than 5% of its total assets in debt securities rated Baa or below by Moody's, or
BBB or below by S&P or deemed by the Adviser to be of comparable quality
(commonly referred to as "high yield" or "junk" bonds) (see "Additional
information about policies and investments --Risk factors").

The Fund may invest in zero coupon securities which pay no cash income and are
issued at substantial discounts from their value at maturity. When held to
maturity, their entire income, which consists of accretion of discount, comes
from the difference between the issue price and their value at maturity.
Fixed-income securities and cash equivalents (including foreign money market
instruments, such as bankers' acceptances, certificates of deposit, commercial
paper, short-term government and corporate obligations and repurchase
agreements) may be held for temporary investment purposes and for liquidity. In
addition, for temporary defensive purposes, the Fund may vary from its
investment policies during periods when the Adviser determines that it is
advisable to do so because of conditions in the securities markets or other

5
<PAGE>

economic or political conditions. During such periods, the Fund may hold without
limit cash and cash equivalents. It is impossible to accurately predict for how
long such alternative strategies may be utilized. The Fund may invest in
closed-end investment companies holding foreign securities and may make loans of
portfolio securities. In addition, the Fund may engage in strategic
transactions.

Risks of global investing

Global investing involves economic and political considerations not typically
found in U.S. markets. These considerations, which may favorably or unfavorably
affect the Fund's performance, include changes in exchange rates and exchange
rate controls (which may include suspension of the ability to transfer currency
from a given country), costs incurred in conversions between currencies,
non-negotiable brokerage commissions, less publicly available information,
different accounting standards, lower trading volume and greater market
volatility, the difficulty of enforcing obligations in other countries, less
securities regulation, different tax provisions (including withholding on
dividends and interest paid to the Fund), war, expropriation, political and
social instability, and diplomatic developments.

Further, the settlement period of securities transactions in foreign markets may
be longer than in domestic markets. These considerations generally are more of a
concern in developing countries. For example, the possibility of revolution and
the dependence on foreign economic assistance may be greater in these countries
than in developed countries. The management of the Fund seeks to mitigate the
risks associated with these considerations through diversification and active
professional management.

The Fund is designed for long-term investors who can accept international
investment risk. Since the Fund normally will be invested in both U.S. and
foreign securities markets, changes in the Fund's share price may have a low
correlation with movements in the U.S. markets. The Fund's share price will
reflect the movements of both the different stock and bond markets in which it
is invested and the currencies in which the investments are denominated; the
strength or weakness of the U.S. dollar against foreign currencies may account
for part of the Fund's investment performance. As with any long-term investment,
the value of shares when sold may be higher or lower than when purchased.
Because of the Fund's global investment policies and the investment
considerations discussed above, investment in shares of the Fund should not be
considered a complete investment program.

Why invest in the Fund?

The management of the Fund believes that there is substantial opportunity for
long-term capital growth from a professionally managed portfolio of securities
selected from the U.S. and foreign equity markets. This global investment
framework seeks to take advantage of the investment opportunities created by the
global economy. The world has become highly integrated in economic, industrial
and financial terms. Companies increasingly operate globally as they purchase
raw materials, produce and sell their products and raise capital. As a result,
international trends such as movements in currency and trading relationships are
becoming more important to many industries than purely domestic influences. To
understand a company's business, it is frequently more important to understand
how it is linked to the world economy than whether or not it is, for example, a
U.S., French or Swiss company. Just as a company takes a global perspective in
deciding where to operate, so too may an investor benefit from looking globally
in deciding which industries are growing, which producers are efficient and
which companies' shares are undervalued. The Fund affords the investor access to

6
<PAGE>

opportunities wherever they arise, without being constrained by the location of
a company's headquarters or the trading market for its shares.

The Fund is designed for investors seeking worldwide equity opportunities in
developed, newly industrialized and developing countries (some of these
developing countries are located in Latin America and Africa). Like consumers
who seek to buy a good product wherever it is made, the Fund seeks to find
investment opportunities regardless of location. Because the Fund's portfolio
invests globally, it provides the potential to augment returns available from
the U.S. stock market. In addition, since U.S. and foreign markets do not always
move in step with each other, a global portfolio will be more diversified than
one invested solely in U.S. securities.

Investing directly in foreign securities is usually impractical for most
investors because it presents complications and extra costs. Investors often
find it difficult to arrange purchases and sales, to obtain current information,
to hold securities in safekeeping and to convert the value of their investments
from foreign currencies into dollars. The Fund manages these problems for the
investor. With a single investment, the investor has a diversified worldwide
investment portfolio which is managed actively by experienced professionals. The
Adviser has had many years of experience investing in foreign markets and
dealing with trading, custody and currency transactions around the world. The
Adviser has the benefit of information it receives from worldwide sources and
believes the Fund affords investors an efficient and cost-effective method of
investing worldwide.

In addition, the Fund offers all the benefits of the Scudder Family of Funds.
Scudder, Stevens & Clark, Inc. manages a diverse family of pure no-load(TM)
funds and provides a wide range of services to help investors meet their
investment needs. Please refer to "Investment products and services" for
additional information.

International investment
experience

The Adviser has been a leader in international investment management for over 40
years. Its investment company clients include Scudder International Fund, which
invests primarily in foreign securities and was initially incorporated in Canada
in 1953 as the first foreign investment company registered with the United
States Securities and Exchange Commission, Scudder International Bond Fund,
which invests internationally, Scudder International Growth and Income Fund,
which invests primarily in foreign securities, Scudder Global Bond Fund and
Scudder Global Discovery Fund which invest worldwide, Scudder Greater Europe
Growth Fund which invests primarily in the equity securities of European
companies, The Japan Fund, Inc., which invests primarily in securities of
Japanese companies, Scudder Latin America Fund, which invests in Latin American
issuers, Scudder Pacific Opportunities Fund, which invests in issuers located in
the Pacific Basin with the exception of Japan, Scudder Emerging Markets Income
Fund, which invests in debt securities issued in emerging markets and Scudder
Emerging Markets Growth Fund, which invests in equity securities issued in
emerging markets. The Adviser also manages the assets of eight closed-end
investment companies investing in foreign securities: The Argentina Fund, Inc.,
The Brazil Fund, Inc., The Korea Fund, Inc., The Latin America Dollar Income
Fund, Inc., Scudder New Asia Fund, Inc., Scudder New Europe Fund, Inc., Scudder
Spain and Portugal Fund, Inc. and Scudder World Income Opportunities Fund, Inc.
Assets of international investment company clients of the Adviser exceeded $23
billion as of September 30, 1997.

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<PAGE>

Additional information about policies and investments

Investment restrictions

The Fund has adopted certain fundamental policies which may not be changed
without a vote of shareholders and which are designed to maintain the
portfolio's diversity and reduce investment risk.

The Fund may not borrow money except as a temporary measure for extraordinary or
emergency purposes or except in connection with reverse repurchase agreements,
and may not make loans except through the lending of portfolio securities, the
purchase of debt securities or through repurchase agreements.

A complete description of these and other policies and restrictions is contained
under "Investment Restrictions" in the Fund's Statement of Additional
Information.

Common stocks

Under normal circumstances, the Fund invests primarily in common stocks. Common
stock is issued by companies to raise cash for business purposes and represents
a proportionate interest in the issuing companies. Therefore, the Fund
participates in the success or failure of any company in which it holds stock.
The market values of common stock can fluctuate significantly, reflecting the
business performance of the issuing company, investor perception and general
economic or financial market movements. Smaller companies are especially
sensitive to these factors and may even become valueless. Despite the risk of
price volatility, however, common stocks also offer the greatest potential for
gain on investment, compared to other classes of financial assets such as bonds
or cash equivalents.

Convertible securities

The Fund may invest in convertible securities which may offer higher income than
the common stocks into which they are convertible. The convertible securities in
which the Fund may invest include fixed-income or zero coupon debt securities,
which may be converted or exchanged at a stated or determinable exchange ratio
into underlying shares of common stock. Prior to their conversion, convertible
securities may have characteristics similar to both nonconvertible debt
securities and equity securities.

Repurchase agreements

Securities lending

The Fund may lend portfolio securities to registered broker/dealers as a means
of increasing its income. These loans may not exceed 30% of the Fund's total
assets taken at market value. Loans of portfolio securities will be secured
continuously by collateral consisting of cash, U.S. Government securities or
debt obligations that are maintained at all times in an amount at least equal to
the current market value of the loaned securities. The Fund will earn any
interest or dividends paid on the loaned securities and may share with the
borrower some of the income received on the collateral for the loan or will be
paid a premium for the loan.

Investment company securities

Securities of other investment companies may be acquired by the Fund to the
extent permitted under the 1940 Act. Investment companies incur certain expenses
such as management, custodian, and transfer agency fees, and, therefore, any
investment by the Fund in shares of other investment companies may be subject to
such duplicate expenses.

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<PAGE>

Strategic Transactions and derivatives

The Fund may, but is not required to, utilize various other investment
strategies as described below to hedge various market risks (such as interest
rates, currency exchange rates, and broad or specific equity or fixed-income
market movements), to manage the effective maturity or duration of fixed-income
securities in the Fund's portfolio or to enhance potential gain. These
strategies may be executed through the use of derivative contracts. Such
strategies are generally accepted as a part of modern portfolio management and
are regularly utilized by many mutual funds and other institutional investors.
Techniques and instruments may change over time as new instruments and
strategies are developed or regulatory changes occur.

In the course of pursuing these investment strategies, the Fund may purchase and
sell exchange-listed and over-the-counter put and call options on securities,
equity and fixed-income indices and other financial instruments, purchase and
sell financial futures contracts and options thereon, enter into various
interest rate transactions such as swaps, caps, floors or collars, and enter
into various currency transactions such as currency forward contracts, currency
futures contracts, currency swaps or options on currencies or currency futures
(collectively, all the above are called "Strategic Transactions").

Strategic Transactions may be used without limit to attempt to protect
against possible changes in the market value of securities held in or to be
purchased for the Fund's portfolio resulting from securities markets or currency
exchange rate fluctuations, to protect the Fund's unrealized gains in the value
of its portfolio securities, to facilitate the sale of such securities for
investment purposes, to manage the effective maturity or duration of
fixed-income securities in the Fund's portfolio, or to establish a position in
the derivatives markets as a temporary substitute for purchasing or selling
particular securities. Some Strategic Transactions may also be used to enhance
potential gain although no more than 5% of the Fund's assets will be committed
to Strategic Transactions entered into for non-hedging purposes. Any or all of
these investment techniques may be used at any time and in any combination, and
there is no particular strategy that dictates the use of one technique rather
than another, as use of any Strategic Transaction is a function of numerous
variables including market conditions. The ability of the Fund to utilize these
Strategic Transactions successfully will depend on the Adviser's ability to
predict pertinent market movements, which cannot be assured. The Fund will
comply with applicable regulatory requirements when implementing these
strategies, techniques and instruments. Strategic Transactions involving
financial futures and options thereon will be purchased, sold or entered into
only for bona fide hedging, risk management or portfolio management purposes and
not for speculative purposes. Please refer to "Risk factors--Strategic
Transactions and derivatives" for more information.

Risk factors

The Fund's risks are determined by the nature of the securities held and the
portfolio management strategies used by the Adviser. The following are
descriptions of certain risks related to the investments and techniques that the
Fund may use from time to time.

Convertible securities. While convertible securities generally offer lower
yields than nonconvertible debt securities of similar quality, their prices may
reflect changes in the value of the underlying common stock.

9
<PAGE>

Repurchase agreements. If the seller under a repurchase agreement becomes
insolvent, the Fund's right to dispose of the securities may be restricted, or
the value of the securities may decline before the Fund is able to dispose of
them. In the event of the commencement of bankruptcy or insolvency proceedings
with respect to sellers of the securities before repurchase under a repurchase
agreement, the Fund may encounter delay and incur costs including a decline in
the value of the securities, before being able to sell the securities.

Securities lending. From time to time the Fund may lend its portfolio securities
to registered broker/dealers as described above. The risks of lending portfolio
securities, as with other extensions of secured credit, consist of possible
delays in receiving additional collateral or in the recovery of the securities
or possible loss of rights in the collateral should the borrower fail
financially. Loans will be made to registered broker/dealers deemed by the
Adviser to be in good standing and will not be made unless, in the judgment of
the Adviser, the consideration to be received in exchange for such loans would
justify the risk.

Debt securities. The Fund will invest no more than 5% of its total assets in
debt securities rated BBB or Baa or below or in unrated securities. Securities
rated below BBB/Baa are commonly referred to as "junk bonds." The lower the
quality of such debt securities, the greater their risks render them like equity
securities. The Fund may invest in securities which are rated as low as C by
Moody's or D by S&P at the time of purchase. Such securities may be in default
with respect to payment of principal or interest.

Zero coupon securities. Zero coupon securities are subject to greater market
value fluctuations from changing interest rates than debt obligations of
comparable maturities which make current cash distributions of interest.

Illiquid or restricted investments. The absence of a trading market can make it
difficult to ascertain a market value for illiquid or restricted investments.
Disposing of illiquid or restricted investments may involve time-consuming
negotiation and legal expenses, and it may be difficult or impossible for the
Fund to sell them promptly at an acceptable price.

Strategic Transactions and derivatives. Strategic Transactions, including
derivative contracts, have risks associated with them including possible default
by the other party to the transaction, illiquidity and, to the extent the
Adviser's view as to certain market movements is incorrect, the risk that the
use of such Strategic Transactions could result in losses greater than if they
had not been used. Use of put and call options may result in losses to the Fund,
force the sale or purchase of portfolio securities at inopportune times or for
prices higher than (in the case of put options) or lower than (in the case of
call options) current market values, limit the amount of appreciation the Fund
can realize on its investments or cause the Fund to hold a security it might
otherwise sell. The use of currency transactions can result in the Fund
incurring losses as a result of a number of factors including the imposition of
exchange controls, suspension of settlements or the inability to deliver or
receive a specified currency. The use of options and futures transactions
entails certain other risks. In particular, the variable degree of correlation
between price movements of futures contracts and price movements in the related
portfolio position of the Fund creates the possibility that losses on the
hedging instrument may be greater than gains in the value of the Fund's
position. In addition, futures and options markets may not be liquid in all
circumstances and certain over-the-counter options may have no markets. As a
result, in certain markets, the Fund might not be able to close out a
transaction without incurring substantial losses, if at all. Although the use of
futures contracts and options transactions for hedging should tend to minimize

10
<PAGE>

the risk of loss due to a decline in the value of the hedged position, at the
same time they tend to limit any potential gain which might result from an
increase in value of such position. Finally, the daily variation margin
requirements for futures contracts would create a greater ongoing potential
financial risk than would purchases of options, where the exposure is limited to
the cost of the initial premium. Losses resulting from the use of Strategic
Transactions would reduce net asset value, and possibly income, and such losses
can be greater than if the Strategic Transactions had not been utilized. The
Strategic Transactions that the Fund may use and some of their risks are
described more fully in the Fund's Statement of Additional Information.

Distribution and performance information

Dividends and capital gains distributions

The Fund intends to distribute any dividends from net investment income and any
net realized capital gains after utilization of capital loss carryforwards, if
any, in November or December to prevent application of federal excise tax. An
additional distribution may be made if necessary. Any dividends or capital gains
distributions declared in October, November or December with a record date in
such a month and paid during the following January will be treated by
shareholders for federal income tax purposes as if received on December 31 of
the calendar year declared. According to preference, shareholders may receive
distributions in cash or have them reinvested in additional shares of the Fund.
If an investment is in the form of a retirement plan, all dividends and capital
gains distributions must be reinvested into the shareholder's account.

Generally, dividends from net investment income are taxable to shareholders as
ordinary income. Long-term capital gains distributions, if any, are taxable as
long-term capital gains regardless of the length of time shareholders have owned
their shares. Short-term capital gains and any other taxable income
distributions are taxable as ordinary income. A portion of dividends from net
investment income may qualify for the dividends-received deduction for
corporations.

Shareholders may be able to claim a credit or deduction on their income tax
returns for their pro rata portions of qualified taxes paid by the Fund to
foreign countries.

The Fund sends detailed tax information about the amount and type of its
distributions to its shareholders by January 31 of the following year.

Performance information

From time to time, quotations of the Fund's performance may be included in
advertisements, sales literature or shareholder reports. All performance figures
are historical, show the performance of a hypothetical investment and are not
intended to indicate future performance. "Total return" is the change in value
of an investment in the Fund for a specified period. The "average annual total
return" of the Fund is the average annual compound rate of return of an
investment in the Fund assuming that the investment has been held for periods of
one year, five years and ten years. "Cumulative total return" represents the
cumulative change in value of an investment in the Fund for various periods. All
types of total return calculations assume that dividends and capital gains
distributions during the period were reinvested.

Fund organization

The Fund is a diversified series of Scudder Global Fund, Inc. (the
"Corporation"), an open-end, management investment company registered under the
Investment Company Act of 1940 (the "1940 Act"). The Corporation was organized
as a Maryland corporation in May 1986.

11
<PAGE>

holding annual shareholder meetings, although special meetings may be called for
purposes such as electing or removing Directors, changing fundamental investment
policies or approving an investment management contract. Shareholders will be
assisted in communicating with other shareholders in connection with removing a
Director as if Section 16(c) of the 1940 Act were applicable.

Investment adviser

The Fund retains the investment management firm of Scudder, Stevens & Clark,
Inc., a Delaware corporation, to manage the Fund's daily investment and business
affairs subject to the policies established by the Board of Directors. The
Directors have overall responsibility for the management of the Fund under
Maryland law.

For the fiscal year ended June 30, 1997, the Adviser received an investment
management fee of 0.95% of the Fund's average daily net assets.

The fee is payable monthly, provided the Fund will make such interim payments as
may be requested by the Adviser not to exceed 75% of the amount of the fee then
accrued on the books of the Fund and unpaid. This fee is higher than that
charged many funds which invest primarily in U.S. securities, but not
necessarily higher than fees charged to funds with investment objectives similar
to those of the Fund.

All the Fund's expenses are paid out of gross investment income. Shareholders
pay no direct charges or fees for investment services.

Scudder, Stevens & Clark, Inc., is located at 345 Park Avenue, New York, New
York.

Scudder, Stevens & Clark, Inc., the investment manager for the Fund, has entered
into an agreement with Zurich Insurance Company ("Zurich"), an international
insurance and financial services organization, pursuant to which Scudder will
form a new global investment organization by combining with Zurich's subsidiary,
Zurich Kemper Investments, Inc., and change its name to Scudder Kemper
Investments, Inc. After the transaction is completed, Zurich will own
approximately 70% of the new organization with the balance owned by the new
organization's officers and employees.

Consummation of the transaction is subject to a number of contingencies,
including regulatory approvals. The transaction is expected to close in the
fourth quarter of 1997. Upon consummation of the transaction, the investment
management agreement with Scudder, Stevens & Clark, Inc. will terminate. The
Trustees have approved an investment management agreement with Scudder Kemper
Investments, Inc. that is substantially identical to the current investment
management agreement, to become effective upon the termination of the current
investment management agreement.

Transfer agent

Scudder Service Corporation, P.O. Box 2291, Boston, Massachusetts 02107-2291, a
subsidiary of the Adviser, is the transfer, shareholder servicing and
dividend-paying agent for the Fund.

Underwriter

Scudder Investor Services, Inc., a subsidiary of the Adviser, is the Fund's
principal underwriter. Scudder Investor Services, Inc. confirms, as agent, all
purchases of shares of the Fund. Scudder Investor Relations is a telephone
information service provided by Scudder Investor Services, Inc.

Fund accounting agent

Scudder Fund Accounting Corporation, a subsidiary of the Adviser, is responsible
for determining the daily net asset value per share and maintaining the general
accounting records of the Fund.

Custodian

Brown Brothers Harriman & Co. is the Fund's custodian.

12
<PAGE>

Transaction information

Purchasing shares

Purchases are executed at the next calculated net asset value per share after
the Fund's transfer agent receives the purchase request in good order. Purchases
are made in full and fractional shares. (See "Share price.")

By check. If you purchase shares with a check that does not clear, your purchase
will be canceled and you will be subject to any losses or fees incurred in the
transaction. Checks must be drawn on or payable through a U.S. bank. If you
purchase shares by check and redeem them within seven business days of purchase,
the Fund may hold redemption proceeds until the purchase check has cleared. If
you purchase shares by federal funds wire, you may avoid this delay. Redemption
requests by telephone prior to the expiration of the seven-day period will not
be accepted.

By wire. To open a new account by wire, first call Scudder at 1-800-225-5163 to
obtain an account number. A representative will instruct you to send a
completed, signed application to the transfer agent. Accounts cannot be opened
without a completed, signed application and a Scudder fund account number.
Contact your bank to arrange a wire transfer to:
The Scudder Funds
State Street Bank and Trust Company
Boston, MA 02101
ABA Number 011000028
DDA Account 9903-5552

Your wire instructions must also include:

-- the name of the fund in which the money is to be invested,
-- the account number of the fund, and
-- the name(s) of the account holder(s).

The account will be established once the application and money order are
received in good order.

You may also make additional investments of $100 or more to your existing
account by wire.

By exchange. The Fund may be exchanged for shares of other funds in the Scudder
Family of Funds unless otherwise determined by the Board of Directors. Your new
account will have the same registration and address as your existing account.

The exchange requirements for corporations, other organizations, trusts,
fiduciaries, agents, institutional investors and retirement plans may be
different from those for regular accounts. Please call 1-800-225-5163 for more
information, including information about the transfer of special account
features.

You can also make exchanges among your Scudder fund accounts on SAIL, the
Scudder Automated Information Line, by calling 1-800-343-2890.

By telephone order. Existing shareholders may purchase shares at a certain day's
price by calling 1-800-225-5163 before the close of regular trading on the New
York Stock Exchange (the "Exchange"), normally 4 p.m. eastern time, on that day.
Orders must be for $10,000 or more and cannot be for an amount greater than four
times the value of your account at the time the order is placed. A confirmation
with complete purchase information is sent shortly after your order is received.
You must include with your payment the order number given at the time the order
is placed. If payment by check or wire is not received within three business
days, the order is subject to cancellation and the shareholder will be
responsible for any loss to the Fund resulting from this cancellation. Telephone
orders are not available for shares held in Scudder IRA accounts and most other
Scudder retirement plan accounts.

13
<PAGE>

Automated Clearing House for you to use this service. If you did not elect
"QuickBuy," call 1-800-225-5163 for more information.

To purchase additional shares, call 1-800-225-5163. Purchases may not be for
more than $250,000. Proceeds in the amount of your purchase will be transferred
from your bank checking account in two or three business days following your
call. For requests received by the close of regular trading on the Exchange,
shares will be purchased at the net asset value per share calculated at the
close of trading on the day of your call. "QuickBuy" requests received after the
close of regular trading on the Exchange will begin their processing and be
purchased at the net asset value calculated the following business day.

If you purchase shares by "QuickBuy" and redeem them within seven days of the
purchase, the Fund may hold the redemption proceeds for a period of up to seven
business days. If you purchase shares and there are insufficient funds in your
bank account, the purchase will be canceled and you will be subject to any
losses or fees incurred in the transaction. "QuickBuy" transactions are not
available for most retirement plan accounts. However, "QuickBuy" transactions
are available for Scudder IRA accounts.

Redeeming shares

The Fund allows you to redeem shares (i.e., sell them back to the Fund) without
redemption fees.

By telephone. This is the quickest and easiest way to sell Fund shares. If you
provided your banking information on your application, you can call to request
that federal funds be sent to your authorized bank account. If you did not
include your banking information on your application, call 1-800-225-5163 for
more information.

Redemption proceeds will be wired to your bank unless otherwise requested. If
your bank cannot receive federal reserve wires, redemption proceeds will be
mailed to your bank. There will be a $5 charge for all wire redemptions.

You can also make redemptions from your Scudder fund account on SAIL by calling
1-800-343-2890.

If you open an account by wire, you cannot redeem shares by telephone until the
Fund's transfer agent has received your completed and signed application.
Telephone redemption is not available for shares held in Scudder IRA accounts
and most other Scudder retirement plan accounts.

In the event that you are unable to reach the Fund by telephone, you should
write to the Fund; see "How to contact Scudder" for the address.

By "QuickSell." If you elected "QuickSell" for your account, you can call
toll-free to redeem shares. The money will be automatically transferred to your
predesignated bank checking account. Your bank must be a member of the Automated
Clearing House for you to use this service. If you did not elect "QuickSell,"
call 1-800-225-5163 for more information.

To redeem shares, call 1-800-225-5163. Redemptions must be for at least $250.
Proceeds in the amount of your redemption will be transferred to your bank
checking account in two or three business days following your call. For requests
received by the close of regular trading on the Exchange, shares will be
redeemed at the net asset value per share calculated at the close of trading on
the day of your call. "QuickSell" requests received after the close of regular
trading on the Exchange will begin their processing and be redeemed at the net
asset value calculated the following business day.

"QuickSell" transactions are not available for Scudder IRA accounts and most
other retirement plan accounts.

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<PAGE>

signature guarantee for all redemptions.) You can obtain a signature guarantee
from most banks, credit unions or savings associations, or from broker/dealers,
municipal securities broker/dealers, government securities broker/dealers,
national securities exchanges, registered securities associations or clearing
agencies deemed eligible by the Securities and Exchange Commission. Signature
guarantees by notaries public are not acceptable. Redemption requirements for
corporations, other organizations, trusts, fiduciaries, agents, institutional
investors and retirement plans may be different from those for regular accounts.
For more information, please call 1-800-225-5163.

Telephone transactions

Shareholders automatically receive the ability to exchange by telephone and the
right to redeem by telephone up to $100,000 to their address of record.
Shareholders also may, by telephone, request that redemption proceeds be sent to
a predesignated bank account. The Fund uses procedures designed to give
reasonable assurance that telephone instructions are genuine, including
recording telephone calls, testing a caller's identity and sending written
confirmation of telephone transactions. If the Fund does not follow such
procedures, it may be liable for losses due to unauthorized or fraudulent
telephone instructions. The Fund will not be liable for acting upon instructions
communicated by telephone that it reasonably believes to be genuine.

Share price

Purchases and redemptions, including exchanges, are made at net asset value.
Scudder Fund Accounting Corporation determines net asset value per share as of
the close of regular trading on the Exchange, normally 4 p.m. eastern time, on
each day the Exchange is open for trading. Net asset value per share is
calculated by dividing the value of total Fund assets, less all liabilities, by
the total number of shares outstanding.

Processing time

All purchase and redemption requests must be received in good order by the
Fund's transfer agent. Those requests received by the close of regular trading
on the Exchange are executed at the net asset value per share calculated at the
close of regular trading that day.

Purchase and redemption requests received after the close of regular trading on
the Exchange will be executed the following business day.

If you wish to make a purchase of $500,000 or more, you should notify Scudder
Investor Relations by calling 1-800-225-5163.

The Fund will normally send your redemption proceeds within one business day
following the redemption request, but may take up to seven business days (or
longer in the case of shares recently purchased by check).

Purchase restrictions

Purchases and sales should be made for long-term investment purposes only. The
Fund and Scudder Investor Services, Inc. each reserves the right to reject
purchases of Fund shares (including exchanges) for any reason including when a
pattern of frequent purchases and sales made in response to short-term
fluctuations in the Fund's share price appears evident.

Tax information

A redemption of shares, including an exchange into another Scudder fund, is a
sale of shares and may result in a gain or loss for income tax purposes.

Tax identification number

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<PAGE>

broker that withholding is required. The Fund reserves the right to reject new
account applications without a correct certified Social Security or tax
identification number. The Fund also reserves the right, following 30 days'
notice, to redeem all shares in accounts without a correct certified Social
Security or tax identification number. A shareholder may avoid involuntary
redemption by providing the Fund with a tax identification number during the
30-day notice period.

Minimum balances

Shareholders should maintain a share balance worth at least $2,500, which amount
may be changed by the Board of Directors. Scudder retirement plans and certain
other accounts have similar or lower minimum balance requirements. A shareholder
may open an account with at least $1,000, if an automatic investment plan of
$100/month is established.

Shareholders who maintain a non-fiduciary account balance of less than $2,500 in
the Fund, without establishing an automatic investment plan, will be assessed an
annual $10.00 per fund charge with the fee to be paid to the Fund. The $10.00
charge will not apply to shareholders with a combined household account balance
in any of the Scudder Funds of $25,000 or more. The Fund reserves the right,
following 60 days' written notice to shareholders, to redeem all shares in
accounts below $250, including accounts of new investors, where a reduction in
value has occurred due to a redemption or exchange out of the account. The Fund
will mail the proceeds of the redeemed account to the shareholder. Reductions in
value that result solely from market activity will not trigger an involuntary
redemption. Retirement accounts and certain other accounts will not be assessed
the $10.00 charge or be subject to automatic liquidation. Please refer to
"Exchanges and Redemptions--Other information" in the Fund's Statement of
Additional Information for more information.

Third party transactions

If purchases and redemptions of Fund shares are arranged and settlement is made
at an investor's election through a member of the National Association of
Securities Dealers, Inc., other than Scudder Investor Services, Inc., that
member may, at its discretion, charge a fee for that service.

Redemption-in-kind

The Fund reserves the right, if conditions exist which make cash payments
undesirable, to honor any request for redemption or repurchase order by making
payment in whole or in part in readily marketable securities chosen by the Fund
and valued as they are for purposes of computing the Fund's net asset value (a
redemption-in-kind). If payment is made in securities, a shareholder may incur
transaction expenses in converting these securities to cash. The Corporation has
elected, however, to be governed by Rule 18f-1 under the 1940 Act, as a result
of which the Fund is obligated to redeem shares, with respect to any one
shareholder during any 90-day period, solely in cash up to the lesser of
$250,000 or 1% of the net asset value of the Fund at the beginning of the
period.

Shareholder benefits

Experienced professional management

Scudder, Stevens & Clark, Inc., one of the nation's most experienced investment
management firms, actively manages your Scudder fund investment. Professional
management is an important advantage for investors who do not have the time or
expertise to invest directly in individual securities.

A team approach to investing

16
<PAGE>

Fund's portfolio. They are supported by Scudder's large staff of economists,
research analysts, traders, and other investment specialists who work in
Scudder's offices across the United States and abroad. Scudder believes its team
approach benefits Fund investors by bringing together many disciplines and
leveraging Scudder's extensive resources.

Lead Portfolio Manager William E. Holzer has had day-to-day responsibility for
Scudder Global Fund's worldwide strategy and investment themes since its
inception in 1986. Mr. Holzer, who has over 20 years' experience in global
investing, joined Scudder in 1980. Diego Espinosa, Portfolio Manager, joined the
team in 1997 and Scudder in 1996. Mr. Espinosa is also responsible for
development of the Fund's strategy and management of the portfolio on a daily
basis. Mr. Espinosa has six years of investment industry experience. Nicholas
Bratt, Portfolio Manager, directs Scudder's overall global equity investment
strategies. Mr. Bratt joined Scudder in 1976 and the team in 1993.

SAIL(TM)--Scudder Automated Information Line

For personalized account information including fund prices, yields and account
balances, to perform transactions in existing Scudder fund accounts, or to
obtain information on any Scudder fund, shareholders can call Scudder's
Automated Information Line (SAIL) at 1-800-343-2890, 24 hours a day. During
periods of extreme economic or market changes, or other conditions, it may be
difficult for you to effect telephone transactions in your account. In such an
event you should write to the Fund; please see "How to contact Scudder" for the
address.

Investment flexibility

Scudder offers toll-free telephone exchange between funds at current net asset
value. You can move your investments among money market, income, growth,
tax-free and growth and income funds with a simple toll-free call or, if you
prefer, by sending your instructions through the mail or by fax. (The exchange
privilege may not be available for certain Scudder funds. For more information,
please call 1-800-225-5163.) Telephone and fax redemptions and exchanges are
subject to termination and their terms are subject to change at any time by the
Fund or the transfer agent. In some cases, the transfer agent or Scudder
Investor Services, Inc. may impose additional conditions on telephone
transactions.

Personal Counsel(SM) -- A Managed Fund Portfolio Program

If you would like to receive direct guidance and management of your overall
mutual fund portfolio to help you pursue your investment goals, you may be
interested in Personal Counsel from Scudder. Personal Counsel, a program of
Scudder Investor Services, Inc., a registered investment adviser and a
subsidiary of Scudder, Stevens & Clark, Inc., combines the benefits of a
customized portfolio of pure no-load Scudder Funds with ongoing portfolio
monitoring and individualized service, for an annual fee of generally 1% or less
of assets (with a $1,000 minimum). In addition, it draws upon Scudder's more
than 75-year heritage of providing investment counsel to large corporate and
private clients. If you have $100,000 or more to invest initially and would like
more information about Personal Counsel, please call 1-800-700-0183.

Dividend reinvestment plan

You may have dividends and distributions automatically reinvested in additional
Fund shares. Please call 1-800-225-5163 to request this feature.

Shareholder statements

You receive a detailed account statement every time you purchase or redeem
shares. All of your statements should be retained to help you keep track of
account activity and the cost of shares for tax purposes.

Shareholder reports

In addition to account statements, you receive periodic shareholder reports

17
<PAGE>

highlighting relevant information, including investment results and a review of
portfolio changes.

To reduce the volume of mail you receive, only one copy of most Fund reports,
such as the Fund's Annual Report, may be mailed to your household (same surname,
same address). Please call 1-800-225-5163 if you wish to receive additional
shareholder reports.

Newsletters

Four times a year, Scudder sends you Perspectives, an informative newsletter
covering economic and investment developments, service enhancements and other
topics of interest to Scudder fund investors.

Scudder Investor Centers

As a convenience to shareholders who like to conduct business in person, Scudder
Investor Services, Inc. maintains Investor Centers in Boca Raton, Boston,
Chicago, New York and San Francisco.

T.D.D. service for the hearing impaired

Scudder's full range of investor information and shareholder services is
available to hearing impaired investors through a toll-free T.D.D. (Telephone
Device for the Deaf) service. If you have access to a T.D.D., call
1-800-543-7916 for investment information or specific account questions and
transactions.

18
<PAGE>

<TABLE>
<CAPTION>
Purchases

<S> <C> <C> <C>
Opening Minimum initial investment: $2,500; IRAs $1,000
an account Group retirement plans (401(k), 403(b), etc.) have similar or lower minimums.
See appropriate plan literature.

Make checks o By Mail Send your completed and signed application and check
payable to "The
Scudder Funds." by regular mail to: or by express, registered,
or certified mail to:

The Scudder Funds Scudder Shareholder Service
P.O. Box 2291 Center
Boston, MA 42 Longwater Drive
02107-2291 Norwell, MA
02061-1612

o By Wire Please see Transaction information--Purchasing shares--
By wire for details, including the ABA wire transfer number.
Then call 1-800-225-5163 for instructions.

o In Person Visit one of our Investor Centers to complete your application
with the help of a Scudder representative. Investor Center
locations are listed under Shareholder benefits.
-----------------------------------------------------------------------------------------------------------------------
Purchasing Minimum additional investment: $100; IRAs $50
additional Group retirement plans (401(k), 403(b), etc.) have similar or lower minimums.
shares See appropriate plan literature.

Make checks o By Mail Send a check with a Scudder investment slip, or with a letter of
payable to "The instruction including your account number and the complete
Scudder Funds." Fund name, to the appropriate address listed above.

o By Wire Please see Transaction information--Purchasing shares--
By wire for details, including the ABA wire transfer number.

o In Person Visit one of our Investor Centers to make an additional
investment in your Scudder fund account. Investor Center
locations are listed under Shareholder benefits.

o By Telephone Please see Transaction information--Purchasing shares--
By QuickBuy or By telephone order for more details.

o By Automatic You may arrange to make investments on a regular basis
Investment Plan through automatic deductions from your bank checking
($50 minimum) account. Please call 1-800-225-5163 for more information and an
enrollment form.
</TABLE>

19
<PAGE>

<TABLE>
<CAPTION>
Exchanges and redemptions
<S> <C> <C> <C> <C>

Exchanging Minimum investments: $2,500 to establish a new account;
shares $100 to exchange among existing accounts

o By Telephone To speak with a service representative, call 1-800-225-5163 from
8 a.m. to 8 p.m. eastern time or to access SAIL(TM), Scudder's Automated
Information Line, call 1-800-343-2890 (24 hours a day).

o By Mail Print or type your instructions and include:
or Fax - the name of the Fund and the account number you are exchanging from;
- your name(s) and address as they appear on your account;
- the dollar amount or number of shares you wish to exchange;
- the name of the Fund you are exchanging into;
- your signature(s) as it appears on your account; and
- a daytime telephone number.

Send your instructions

by regular mail to: or by express, registered, or by fax to:
or certified mail to:

The Scudder Funds Scudder Shareholder 1-800-821-6234
P.O. Box 2291 Service Center
Boston, MA 02107-2291 42 Longwater Drive
Norwell, MA
02061-1612

-----------------------------------------------------------------------------------------------------------------------

Redeeming shares o By Telephone To speak with a service representative, call 1-800-225-5163 from
8 a.m. to 8 p.m. eastern time or to access SAIL(TM), Scudder's Automated
Information Line, call 1-800-343-2890 (24 hours a day). You may have
redemption proceeds sent to your predesignated bank account, or
redemption proceeds of up to $100,000 sent to your address of record.

o By Mail Send your instructions for redemption to the appropriate address or fax number
or Fax above and include:

- the name of the Fund and account number you are redeeming from;
- your name(s) and address as they appear on your account;
- the dollar amount or number of shares you wish to redeem;
- your signature(s) as it appears on your account; and
- a daytime telephone number.

A signature guarantee is required for redemptions over $100,000.
See Transaction information--Redeeming shares.

o By Automatic You may arrange to receive automatic cash payments periodically. Call
Withdrawal 1-800-225-5163 for more information and an enrollment form.
Plan

</TABLE>

20
<PAGE>

Scudder tax-advantaged retirement plans

Scudder offers a variety of tax-advantaged retirement plans for individuals,
businesses and non-profit organizations. These flexible plans are designed for
use with the Scudder Family of Funds (except Scudder tax-free funds, which are
inappropriate for such plans). Scudder Funds offer a broad range of investment
objectives and can be used to seek almost any investment goal. Using Scudder's
retirement plans can help shareholders save on current taxes while building
their retirement savings.

o Scudder No-Fee IRAs. These retirement plans allow a maximum annual
contribution of up to $2,000 per person for anyone with earned income (up
to $2,000 per individual for married couples if only one spouse has earned
income). Many people can deduct all or part of their contributions from
their taxable income, and all investment earnings accrue on a tax-deferred
basis. The Scudder No-Fee IRA charges you no annual custodial fee.

o 401(k) Plans. 401(k) plans allow employers and employees to make
tax-deductible retirement contributions. Scudder offers a full service
program that includes recordkeeping, prototype plan, employee
communications and trustee services, as well as investment options.

o Profit Sharing and Money Purchase Pension Plans. These plans allow
corporations, partnerships and people who are self-employed to make
annual, tax-deductible contributions of up to $30,000 for each person
covered by the plans. Plans may be adopted individually or paired to
maximize contributions. These are sometimes known as Keogh plans. The
Scudder Keogh charges you no annual custodial fee.

o 403(b) Plans. Retirement plans for tax-exempt organizations and school
systems to which employers and employees may both contribute.

o SEP-IRAs. Easily administered retirement plans for small businesses and
self-employed individuals. The maximum annual contribution to SEP-IRA
accounts is adjusted each year for inflation. The Scudder SEP-IRA charges
you no annual custodial fee.

o Scudder Horizon Plan. A no-load variable annuity that lets you build
assets by deferring taxes on your investment earnings. You can start with
$2,500 or more.

Scudder Trust Company (an affiliate of the Adviser) is Trustee or Custodian for
some of these plans and is paid an annual fee for some of the above retirement
plans. For information about establishing a Scudder No-Fee IRA, SEP-IRA, Profit
Sharing Plan, Money Purchase Pension Plan or a Scudder Horizon Plan, please call
1-800-225-2470. For information about 401(k)s or 403(b)s please call
1-800-323-6105. To effect transactions in existing IRA, SEP-IRA, Profit Sharing
or Pension Plan accounts, call 1-800-225-5163.

The variable annuity contract is provided by Charter National Life Insurance
Company (in New York State, Intramerica Life Insurance Company [S 1802]). The
contract is offered by Scudder Insurance Agency, Inc. (in New York State, Nevada
and Montana, Scudder Insurance Agency of New York, Inc.). CNL, Inc. is the
Principal Underwriter. Scudder Horizon Plan is not available in all states.

Scudder Investor Relations is a service provided through Scudder Investor
Services, Inc., Distributor.

21
<PAGE>

Investment products and services

The Scudder Family of Funds+++
- --------------------------------------------------------------------------------
Money Market
- ------------
Scudder U.S. Treasury Money Fund
Scudder Cash Investment Trust
Scudder Money Market Series --
Premium Shares*
Managed Shares*
Scudder Government Money Market Series --
Managed Shares*

Tax Free Money Market+
- ----------------------
Scudder Tax Free Money Fund
Scudder Tax Free Money Market Series--
Managed Shares*
Scudder California Tax Free Money Fund**
Scudder New York Tax Free Money Fund**

Tax Free+
- ---------
Scudder Limited Term Tax Free Fund
Scudder Medium Term Tax Free Fund
Scudder Managed Municipal Bonds
Scudder High Yield Tax Free Fund
Scudder California Tax Free Fund**
Scudder Massachusetts Limited Term Tax Free Fund**
Scudder Massachusetts Tax Free Fund**
Scudder New York Tax Free Fund**
Scudder Ohio Tax Free Fund**
Scudder Pennsylvania Tax Free Fund**

U.S. Income
- -----------
Scudder Short Term Bond Fund
Scudder Zero Coupon 2000 Fund
Scudder GNMA Fund
Scudder Income Fund
Scudder High Yield Bond Fund

Global Income
- -------------
Scudder Global Bond Fund
Scudder International Bond Fund
Scudder Emerging Markets Income Fund

Asset Allocation
- ----------------
Scudder Pathway Conservative Portfolio
Scudder Pathway Balanced Portfolio
Scudder Pathway Growth Portfolio
Scudder Pathway International Portfolio

U.S. Growth and Income
- ----------------------
Scudder Balanced Fund
Scudder Growth and Income Fund
Scudder S&P 500 Index Fund

U.S. Growth
- -----------
Value
Scudder Large Company Value Fund
Scudder Value Fund
Scudder Small Company Value Fund
Scudder Micro Cap Fund

Growth
Scudder Classic Growth Fund
Scudder Large Company Growth Fund
Scudder Development Fund
Scudder 21st Century Growth Fund

Global Growth
- -------------
Worldwide
Scudder Global Fund
Scudder International Growth and Income Fund
Scudder International Fund
Scudder Global Discovery Fund
Scudder Emerging Markets Growth Fund
Scudder Gold Fund

Regional
Scudder Greater Europe Growth Fund
Scudder Pacific Opportunities Fund
Scudder Latin America Fund
The Japan Fund, Inc.

Retirement Programs
IRA
SEP IRA
Keogh Plan
401(k), 403(b) Plans
Scudder Horizon Plan **+++ +++
(a variable annuity)

Closed-End Funds#
- --------------------------------------------------------------------------------
The Argentina Fund, Inc.
The Brazil Fund, Inc.
The Korea Fund, Inc.
The Latin America Dollar Income Fund, Inc.
Montgomery Street Income Securities, Inc.
Scudder New Asia Fund, Inc.
Scudder New Europe Fund, Inc.
Scudder Spain and Portugal Fund, Inc.
Scudder World Income Opportunities
Fund, Inc.

For complete information on any of the above Scudder funds, including management
fees and expenses, call or write for a free prospectus. Read it carefully before
you invest or send money. +++Funds within categories are listed in order from
expected least risk to most risk. Certain Scudder funds may not be available for
purchase or exchange. +A portion of the income from the tax-free funds may be
subject to federal, state, and local taxes. *A class of shares of the Fund.
**Not available in all states. +++ +++A no-load variable annuity contract
provided by Charter National Life Insurance Company and its affiliate, offered
by Scudder's insurance agencies, 1-800-225-2470. #These funds, advised by
Scudder, Stevens & Clark, Inc., are traded on various stock exchanges.

22
<PAGE>

How to contact Scudder

Account Service and Information:
<S> <C>

For existing account service and transactions
Scudder Investor Relations -- 1-800-225-5163

For 24 hour account information, fund information, exchanges, and an
overview of all the services available to you

Scudder Electronic Account Services -- http://funds.scudder.com

For personalized information about your Scudder accounts, exchanges and redemptions

Scudder Automated Information Line (SAIL) -- 1-800-343-2890

Investment Information:

For information about the Scudder funds, including additional
applications and prospectuses, or for answers to investment questions

Scudder Investor Relations -- 1-800-225-2470
[email protected]

Scudder's World Wide Web Site -- http://funds.scudder.com

For establishing 401(k) and 403(b) plans

Scudder Defined Contribution Services -- 1-800-323-6105

Scudder Brokerage Services:

To receive information about this discount brokerage service and to obtain an application

Scudder Brokerage Services* -- 1-800-700-0820

Personal Counsel(SM) -- A Managed Fund Portfolio Program:

To receive information about this mutual fund portfolio guidance and management program

Personal Counsel from Scudder -- 1-800-700-0183

Please address all correspondence to:

The Scudder Funds
P.O. Box 2291
Boston, Massachusetts
02107-2291

Or Stop by a Scudder Investor Center:

Many shareholders enjoy the personal, one-on-one service of the Scudder
Investor Centers. Check for an Investor Center near you--they can be
found in the following cities:

Boca Raton Chicago San Francisco
Boston New York

Scudder Investor Relations and Scudder Investor Centers are services provided
through Scudder Investor Services, Inc., Distributor.
</TABLE>
* Scudder Brokerage Services, Inc., 42 Longwater Drive, Norwell, MA
02061--Member NASD/SIPC.

23
<PAGE>
This prospectus sets forth concisely the information about Scudder International
Bond Fund, a series of Scudder Global Fund, Inc., an open-end management
investment company, that a prospective investor should know before investing.
Please retain it for future reference.

NOT FDIC- / MAY LOSE VALUE
INSURED / NO BANK GUARANTEE

SCUDDER (logo)

Scudder
International
Bond Fund

Prospectus
November 1, 1997

A pure no-load(TM) (no sales charges) mutual fund series which seeks income
primarily by investing in high-grade international bonds. As a secondary
objective, the Fund seeks protection and possible enhancement of principal value
by actively managing currency, bond market and maturity exposure and by security
selection.

<PAGE>

Expense information

How to compare a Scudder pure no-load(TM) fund

This information is designed to help you understand the various costs and
expenses of investing in Scudder International Bond Fund (the "Fund"). By
reviewing this table and those in other mutual funds' prospectuses, you can
compare the Fund's fees and expenses with those of other funds. With Scudder's
pure no-load(TM) funds, you pay no commissions to purchase or redeem shares, or
to exchange from one fund to another. As a result, all of your investment goes
to work for you.

1) Shareholder transaction expenses: Expenses charged directly to your
individual account in the Fund for various transactions.

Sales commissions to purchase shares (sales load) NONE
Commissions to reinvest dividends NONE
Redemption fees NONE*
Fees to exchange shares NONE

Investment management fee 0.85%
12b-1 fees NONE
Other expenses 0.51%
----
Total Fund operating expenses 1.36%
====

Example

1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
$14 $43 $74 $164

2
<PAGE>

Financial highlights

The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the audited
financial statements.

Net asset value, beginning of
period $10.98 $11.43 $11.97 $13.57 $13.68 $12.35 $12.08 $11.27 $12.00
Income from investment .58 .73 .98 .92 1.03 1.08 1.21 1.10 1.00
operations:

Net investment income
Net realized and unrealized (.46) (.45) (.54) (1.22) .52 2.15 .56 .80 (.73)
gain (loss) on investment
transactions (b)
Total from investment .12 .28 .44 (.30) 1.55 3.23 1.77 1.90 .27
operations
Less distributions:
From net investment income (.58) (.12) -- (.91) (1.04) (1.09) (1.21) (1.09) (1.00)
From net realized gains on -- -- -- -- (.62) (.81) (.29) -- --
investment
transactions
In excess of net realized -- -- -- (.39) -- -- -- -- --
gains on investment
transactions
Tax return of capital -- (.61) (.98) -- -- -- -- -- --
Total distributions (.58) (.73) (.98) (1.30) (1.66) (1.90) (1.50) (1.09) (1.00)
Net asset value, end of
period $10.52 $10.98 $11.43 $11.97 $13.57 $13.68 $12.35 $12.08 $11.27
-----------------------------------------------------------------------------------------------------------------------
Total Return (%) (c) 0.94 2.59 3.92 (2.83) 12.24 28.25 14.88 17.59 2.16**
Ratios and Supplemental Data
Net assets, end of period ($ 236 515 910 1,231 1,017 542 144 73 13
millions)
Ratio of operating expenses, 1.36 1.26 1.30 1.27 1.25 1.25 1.25 1.25 1.00*
net to average daily net
assets (%)
Ratio of operating expenses 1.36 1.26 1.30 1.29 1.37 1.57 1.75 2.51 5.59*
before
expense reductions, to
average daily net assets (%)
Ratio of net investment income 5.28 6.50 8.52 6.86 7.69 8.31 9.48 9.57 8.58*
to average net assets (%)
Portfolio turnover rate (%) 298.2 275.7 318.5 232.9 249.7 147.9 260.1 215.6 103.8*
(a)Based on monthly average of shares outstanding during the period.

(b)Includes exchange gain (loss) of $.01, $.01 and ($.02) for the periods
ended June 30, 1991, 1990 and 1989, previously included in net investment
income.

(c)Total returns for certain periods would have been lower had certain expenses not been
reduced.

* Annualized

** Not Annualized
</TABLE>

3
<PAGE>

A message from Scudder's chairman

/s/Daniel Pierce

Scudder International Bond Fund

Investment objectives

o income primarily by investing in high-grade international bonds

o protection and possible enhancement of principal value by actively managing
currency, bond market and maturity exposure and by security selection

Investment characteristics

o easy access to worldwide interest rate and currency cycles through a
portfolio of debt securities denominated in foreign currencies

o convenient vehicle for investors seeking income from non-U.S. dollar-
denominated bonds

Contents

Investment objectives and policies 5
International bond investing 5
Why invest in the Fund? 6
International investment experience 6
Special risk considerations 6
Investments 7
Additional information about policies
and investments 8
Distribution and performance information 12
Fund organization 13
Transaction information 14
Shareholder benefits 18
Purchases 20
Exchanges and redemptions 21
Investment products and services 23
How to contact Scudder Back cover

4
<PAGE>

Investment objectives and policies

Scudder International Bond Fund (the "Fund"), a non-diversified series of
Scudder Global Fund, Inc., is a pure no-load(TM), open-end management investment
company which offers investors a convenient way to invest in a managed portfolio
of debt securities denominated in foreign currencies. (In this prospectus, such
securities are called "international" securities.) The Fund's objective is to
provide income primarily by investing in a managed portfolio of high-grade
international bonds. As a secondary objective, the Fund seeks protection and
possible enhancement of principal value by actively managing currency, bond
market and maturity exposure and by security selection.

Except as otherwise indicated, the Fund's investment objectives and policies are
not fundamental and may be changed without a vote of shareholders. If there is a
change in investment objectives, shareholders should consider whether the Fund
remains an appropriate investment in light of their then current financial
position and needs. There can be no assurance that the Fund's objectives will be
met.

International bond investing

Opening of foreign markets

In recent years, opportunities for investment in international bond markets have
become more significant. Foreign currency-denominated bond markets have grown
faster than the U.S. dollar-denominated bond market in terms of U.S. dollar
market value and now represent more than half of the value of the world's
developed bond markets. Participants in the markets have grown in number thereby
providing better liquidity. Finally, a number of international bond markets have
reduced barriers to entry to foreign investors by deregulation and by reducing
their withholding taxes.

Globalization of capital flows

Simultaneous with the opening of foreign markets, barriers to international
capital flows have been reduced or eliminated, freeing investment funds to seek
the highest expected returns. Thus, market conditions in one economy influence
market conditions elsewhere, through the channel of global capital flows. The
Fund provides a convenient vehicle to participate in international bond markets,
some of which may outperform U.S. dollar-denominated bond markets in U.S. dollar
terms during certain periods of time.

International participation

Although the Fund is non-diversified under the Investment Company Act of 1940
(the "1940 Act"), investing in the Fund can provide international diversity to
an investor's existing portfolio of U.S. dollar-denominated bonds ("U.S.
bonds"), thereby reducing volatility or risk over time. Historically, returns of
international bond markets have often diverged from returns generated by U.S.
bond markets. These divergences stem not only from fluctuating exchange rates,
but also from foreign interest rates not always moving in the same direction or
having the same magnitude as interest rates in the U.S.

Investment opportunity

International bonds may provide, at times, higher investment returns than U.S.
bonds. For example, international bonds may provide higher current income than
U.S. bonds and/or the local price of international bonds can appreciate more
than U.S. bonds. Fluctuations in foreign currencies relative to the U.S. dollar
can potentially benefit investment returns. Of course, in each case, at any time
the opposite may also be true.

5
<PAGE>

Why invest in the Fund?

The Fund provides an easy, efficient and relatively low cost way of investing in
international bonds. Direct investment in international securities is usually
impractical for most individual and smaller institutional investors. Investors
often find it difficult to purchase and sell international bonds, to obtain
current information about foreign entities, to hold securities in safekeeping
and to convert the value of their investment from foreign currencies into U.S.
dollars. The Fund manages these concerns for the investor. With a single
investment in the Fund, a shareholder can benefit from the income and potential
capital protection and appreciation associated with a professionally managed
portfolio of high-grade international bonds. The Fund's investment adviser,
Scudder, Stevens & Clark, Inc. (the "Adviser"), has had extensive experience
investing in international markets and dealing with trading, custody and
currency transactions around the world.

International investment
experience

The Adviser has been a leader in international investment management for over 40
years. Its investment company clients include Scudder International Fund, which
invests primarily in foreign securities and was initially incorporated in Canada
in 1953 as the first foreign investment company registered with the United
States Securities and Exchange Commission, Scudder International Growth and
Income Fund, which invests primarily in foreign securities, Scudder Global Fund,
Scudder Global Bond Fund and Scudder Global Discovery Fund, which invest
worldwide, Scudder Greater Europe Growth Fund, which invests primarily in the
equity securities of European companies, The Japan Fund, Inc., which invests
primarily in securities of Japanese companies, Scudder Latin America Fund, which
invests in Latin American issuers, Scudder Pacific Opportunities Fund, which
invests in issuers located in the Pacific Basin with the exception of Japan,
Scudder Emerging Markets Income Fund, which invests in debt securities issued in
emerging markets and Scudder Emerging Markets Growth Fund, which invests in
equity securities issued in emerging markets. The Adviser also manages the
assets of eight closed-end investment companies investing in foreign securities:
The Argentina Fund, Inc., The Brazil Fund, Inc., The Korea Fund, Inc., The Latin
America Dollar Income Fund, Inc., Scudder New Asia Fund, Inc., Scudder New
Europe Fund, Inc., Scudder Spain and Portugal Fund, Inc., and Scudder World
Income Opportunities Fund, Inc. Assets of international investment company
clients of the Adviser exceeded $23 billion as of September 30, 1997.

Special risk considerations

The Fund is intended for long-term investors who can accept the risks associated
with investing in international bonds. Total return from investment in the Fund
will consist of income after expenses, bond price gains (or losses) in terms of
the local currency and currency gains (or losses). For tax purposes, realized
gains and losses on currency are regarded as ordinary income and loss and could,
under certain circumstances, have an impact on distributions. The value of the
Fund's portfolio will fluctuate in response to various economic factors, the
most important of which are fluctuations in foreign currency exchange rates and
interest rates.

Since the Fund's investments are primarily denominated in foreign currencies,

6
<PAGE>

exchange rates are likely to have a significant impact on total Fund
performance. For example, a fall in the U.S. dollar's value relative to the
Japanese yen will increase the U.S. dollar value of a Japanese bond held in the
portfolio, even though the price of that bond in yen terms remains unchanged.
Conversely, if the U.S. dollar rises in value relative to the yen, the U.S.
dollar value of a Japanese bond will fall. Investors should be aware that
exchange rate movements can be significant and endure for long periods of time.

The Adviser attempts to control exchange rate and interest rate risks through
active portfolio management. The Adviser's techniques 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. In
any of the markets in which the Fund invests, longer maturity bonds tend to
fluctuate more in price as interest rates change than shorter-term
instruments--again providing both opportunity and risk.

Because of the Fund's long-term investment objectives, investors should not rely
on an investment in the Fund for their short-term financial needs and should not
view the Fund as a vehicle for playing short-term swings in the international
bond and foreign exchange markets. Shares of the Fund alone should not be
regarded as a complete investment program. Also, investors should be aware that
investing in international bonds may involve a higher degree of risk than
investing in U.S. bonds.

Investments in foreign securities involve special considerations due to more
limited information, higher brokerage costs, different accounting standards,
thinner trading markets and the likely impact of foreign taxes on the yield from
debt securities. They may also entail certain risks, such as the possibility of
one or more of the following: imposition of dividend or interest withholding or
confiscatory taxes, currency blockages or transfer restrictions, expropriation,
nationalization or other adverse political or economic developments, less
government supervision and regulation of securities exchanges, brokers and
listed companies, and the difficulty of enforcing obligations in other
countries. Purchases of foreign securities are usually made in foreign
currencies and, as a result, the Fund may incur currency conversion costs and
may be affected favorably or unfavorably by changes in the value of foreign
currencies against the U.S. dollar. Further, it may be more difficult for the
Fund's agents to keep currently informed about corporate actions which may
affect the prices of portfolio securities. Communications between the U.S. and
foreign countries may be less reliable than within the U.S., thus increasing the
risk of delayed settlements of portfolio transactions or loss of certificates
for portfolio securities. The Fund's ability and decisions to purchase and sell
portfolio securities may be affected by laws or regulations relating to the
convertibility and repatriation of assets.

Investments

To achieve its objectives, the Fund will primarily invest in a managed portfolio
of high-grade international bonds that are denominated in foreign currencies,
including bonds denominated in the European Currency Unit (ECU). Portfolio
investments will be selected on the basis of, among other things, yields, credit
quality, and the fundamental outlooks for currency and interest rate trends in
different parts of the globe, taking into account the ability to hedge a degree
of currency or local bond price risk. The Fund will normally invest at least 65%
of its total assets in bonds denominated in foreign currencies.

The high-grade debt securities in which the Fund primarily invests will be rated
in one of the three highest rating categories of one of the major U.S. rating

7
<PAGE>

services or, if not rated, considered to be of equivalent quality in local
currency terms by the Adviser. These securities are rated AAA, AA or A by
Standard & Poor's Corporation ("S&P") or Aaa, Aa, or A by Moody's Investor
Services, Inc. ("Moody's").

The Fund may also purchase debt securities rated BBB, BB or B by S&P or Baa, Ba
or B by Moody's and unrated securities considered to be of equivalent quality by
the Adviser. The Fund will do so to avail itself of the higher yields available
with these securities, but only to the extent that up to 15% of the Fund's total
assets may be invested in securities rated below BBB by S&P or below Baa by
Moody's. Securities rated below investment-grade (commonly referred to as "high
yield" or "junk" bonds) (i.e., below BBB by S&P or below Baa by Moody's) entail
greater risks than investment-grade debt securities (see "Risk factors").

During the fiscal year ended June 30, 1997, based upon the dollar-weighted
average ratings of the Fund's portfolio holdings at the end of each month during
that period, the Fund had the following percentages of its net assets invested
in debt securities rated (or, if unrated, considered by the Adviser to be
equivalent to rated securities) in the categories indicated: 33.3% Aaa, 42.4%
Aa, 15.0% A, 6.4% Baa and 2.9% Ba.

The Fund's investments may include:

o Debt securities issued or guaranteed by a foreign national government, its
agencies, instrumentalities or political subdivisions

o Debt securities issued or guaranteed by supranational organizations (e.g.,
European Investment Bank, Inter-American Development Bank or the World Bank)

o Corporate debt securities

o Bank or bank holding company debt securities

o Other debt securities, including those convertible into common stock.

The Fund may purchase securities which are not publicly offered. If such
securities are purchased, they may be subject to restrictions applicable to
restricted securities.

The Fund intends to select its investments from a number of country and market
sectors. It may substantially invest in the issuers of one or more countries and
intends to have investments in securities of issuers from a minimum of three
different countries; however, the Fund may invest substantially all of its
assets in securities of issuers located in one country. Under normal
circumstances, the Fund will invest no more than 35% of the value of its total
assets in U.S. debt securities.

In addition, for temporary defensive purposes, the Fund may vary from its
investment policies during periods when the Adviser determines that it is
advisable to do so because of conditions in the securities markets or other
economic or political conditions. During such periods, the Fund may hold without
limit U.S. debt securities, cash and cash equivalents. It is impossible to
accurately predict for how long such alternative strategies may be utilized.

Also, the Fund may invest in indexed securities, may enter into repurchase
agreements and dollar roll transactions, may purchase securities on a
when-issued or forward delivery basis and may engage in strategic transactions.

Additional information about policies and investments

Investment restrictions

The Fund has adopted certain fundamental policies which may not be changed
without a vote of shareholders and which are designed to reduce the fund's
investment risk.

The Fund may not borrow money except as a temporary measure for extraordinary or

8
<PAGE>

emergency purposes or except in connection with reverse repurchase agreements,
and may not make loans except through the lending of portfolio securities, the
purchase of debt securities or through repurchase agreements.

A complete description of these and other policies and restrictions is contained
under "Investment Restrictions" in the Fund's Statement of Additional
Information.

Short-term investments

To protect against adverse movements of interest rates and for liquidity, the
Fund may also purchase short-term obligations denominated in U.S. and foreign
currencies such as, but not limited to, bank deposits, bankers' acceptances,
certificates of deposit, commercial paper, short-term government, government
agency, supranational agency and corporate obligations, and repurchase
agreements.

Indexed securities

The Fund may invest in indexed securities, the value of which is linked to
currencies, interest rates, commodities, indices or other financial indicators
("reference instruments"). The interest rate or (unlike most fixed-income
securities) the principal amount payable at maturity of an indexed security may
be increased or decreased, depending on changes in the value of the reference
instrument. Indexed securities may be positively or negatively indexed, so that
appreciation of the reference instrument may produce an increase or a decrease
in the interest rate or value at maturity of the security. In addition, the
change in the interest rate or value at maturity of the security may be some
multiple of the change in the value of the reference instrument. Thus, in
addition to the credit risk of the security's issuer, the Fund will bear the
market risk of the reference instrument.

Convertible securities

Repurchase agreements

As a means of earning income for periods as short as overnight, the Fund may
enter into repurchase agreements with selected banks and broker/dealers. Under a
repurchase agreement, the Fund acquires securities, subject to the seller's
agreement to repurchase them at a specified time and price. The Fund may also
enter into repurchase commitments for investment purposes for periods of 30 days
or more. Such commitments involve investment risk similar to that of debt
securities in which the Fund invests.

Dollar roll transactions

The Fund may enter into dollar roll transactions with selected banks and
broker/dealers. Dollar roll transactions are treated as reverse repurchase
agreements for purposes of the Fund's borrowing restrictions and consist of the
sale by the Fund of mortgage-backed securities together with a commitment to
purchase similar, but not identical, securities at a future date, at the same
price. In addition, the Fund receives compensation as consideration for entering
into the commitment to repurchase. The compensation is paid in the form of a
fee. Dollar rolls may be renewed after cash settlement and initially may involve
only a firm commitment agreement by the Fund to buy securities.

When-issued securities

The Fund may purchase securities on a when-issued or forward delivery basis, for
payment and delivery at a later date. The price and yield are generally fixed on
the date of commitment to purchase. During the period between purchase and
settlement, no interest accrues to the Fund. At the time of settlement, the

9
<PAGE>

market value of the security may be more or less than the purchase price.

Strategic Transactions and derivatives

The Fund may, but is not required to, utilize various other investment
strategies as described below to hedge various market risks (such as interest
rates, currency exchange rates, and broad or specific equity or fixed-income
market movements), to manage the effective maturity or duration of the Fund's
portfolio or to enhance potential gain. These strategies may be executed through
the use of derivative contracts. Such strategies are generally accepted as a
part of modern portfolio management and are regularly utilized by many mutual
funds and other institutional investors. Techniques and instruments may change
over time as new instruments and strategies are developed or regulatory changes
occur.

Strategic Transactions may be used without limit to attempt to protect against
possible changes in the market value of securities held in or to be purchased
for the Fund's portfolio resulting from securities markets or currency exchange
rate fluctuations, to protect the Fund's unrealized gains in the value of its
portfolio securities, to facilitate the sale of such securities for investment
purposes, to manage the effective maturity or duration of the Fund's portfolio,
or to establish a position in the derivatives markets as a temporary substitute
for purchasing or selling particular securities. Some Strategic Transactions may
also be used to enhance potential gain although no more than 5% of the Fund's
assets will be committed to Strategic Transactions entered into for non-hedging
purposes. Any or all of these investment techniques may be used at any time and
in any combination, and there is no particular strategy that dictates the use of
one technique rather than another, as use of any Strategic Transaction is a
function of numerous variables including market conditions. The ability of the
Fund to utilize these Strategic Transactions successfully will depend on the
Adviser's ability to predict pertinent market movements, which cannot be
assured. The Fund will comply with applicable regulatory requirements when
implementing these strategies, techniques and instruments. Strategic
Transactions involving financial futures and options thereon will be purchased,
sold or entered into only for bona fide hedging, risk management or portfolio
management purposes and not for speculative purposes. Please refer to "Risk
factors--Strategic Transactions and derivatives" for more information.

Risk factors

Bonds. The Fund will invest no more than 15% of its total assets in debt
securities rated below BBB or Baa, but no lower than B by S&P or Moody's.
Securities rated below investment- grade are commonly referred to as "junk
bonds" and involve greater price volatility and higher degrees of speculation
with respect to the payment of principal and interest than higher quality
fixed-income securities. The market prices of such lower-rated debt securities
may decline significantly in periods of general economic difficulty. In
addition, the trading market for these securities is generally less liquid than

10
<PAGE>

for higher rated securities and the Fund may have difficulty disposing of these
securities at the time it wishes to do so. The lack of a liquid secondary market
for certain securities may also make it more difficult for the Fund to obtain
accurate market quotations for purposes of valuing its portfolio and calculating
its net asset value.

Non-diversified investment company. As a non-diversified investment company, the
Fund may invest a greater proportion of its assets in the securities of a
smaller number of issuers and therefore may be subject to greater market and
credit risk than a more broadly diversified portfolio.

Dollar roll transactions. If the broker/dealer to whom the Fund sells the
securities underlying a dollar roll transaction becomes insolvent, the Fund's
right to purchase or repurchase the securities may be restricted; the value of
the securities may change adversely over the term of the dollar roll; the
securities that the Fund is required to repurchase may be worth less than the
securities that the Fund originally held, and the return earned by the Fund with
the proceeds of a dollar roll may not exceed transaction costs.

When-issued securities. Delivery of and payment for these securities may take
place as long as a month or more after the date of the purchase commitment. The
value of these securities is subject to market fluctuation during this period
and no income accrues to the Fund until settlement takes place. The Fund
segregates with the Custodian liquid securities in an amount at least equal to
these commitments. When entering into a when-issued or delayed delivery
transaction, the Fund will rely on the other party to consummate the
transaction; if the other party fails to do so, the Fund may be disadvantaged.

11
<PAGE>

incurring losses as a result of a number of factors including the imposition of
exchange controls, suspension of settlements or the inability to deliver or
receive a specified currency. The use of options and futures transactions
entails certain other risks. In particular, the variable degree of correlation
between price movements of futures contracts and price movements in the related
portfolio position of the Fund creates the possibility that losses on the
hedging instrument may be greater than gains in the value of the Fund's
position. In addition, futures and options markets may not be liquid in all
circumstances and certain over-the-counter options may have no markets. As a
result, in certain markets, the Fund might not be able to close out a
transaction without incurring substantial losses, if at all. Although the use of
futures contracts and options transactions for hedging should tend to minimize
the risk of loss due to a decline in the value of the hedged position, at the
same time they tend to limit any potential gain which might result from an
increase in value of such position. Finally, the daily variation margin
requirements for futures contracts would create a greater ongoing potential
financial risk than would purchases of options, where the exposure is limited to
the cost of the initial premium. Losses resulting from the use of Strategic
Transactions would reduce net asset value, and possibly income, and such losses
can be greater than if the Strategic Transactions had not been utilized. The
Strategic Transactions that the Fund may use and some of their risks are
described more fully in the Fund's Statement of Additional Information.

Distribution and performance information

Dividends and capital gains distributions

The Fund's dividends from net investment income are declared daily and
distributed monthly. The Fund intends to distribute net realized capital gains
after utilization of capital

loss carryforwards, if any, in November or December, to prevent application of
federal excise tax. An additional distribution may be made if necessary.

Any dividends or capital gains distributions declared in October, November or
December with a record date in such a month and paid during the following
January will be treated by shareholders for federal income tax purposes as if
received on December 31 of the calendar year declared. According to preference,
shareholders may receive distributions in cash or have them reinvested in
additional shares of the Fund. If an investment is in the form of a retirement
plan, all dividends and capital gains distributions must be reinvested into the
shareholder's account.

Generally, dividends from net investment income are taxable to shareholders as
ordinary income. Certain realized gains or losses on the sale or retirement of
international bonds held by the Fund, to the extent attributable to fluctuations
in currency exchange rates, as well as certain other gains or losses
attributable to exchange rate fluctuations, must be treated as ordinary income
or loss. Such income or loss may increase or decrease (or possibly eliminate)
the Fund's income available for distribution to shareholders. If, under the
rules governing the tax treatment of foreign currency gains and losses, the
Fund's income available for distribution is decreased or eliminated, all or a
portion of the dividends declared by the Fund may be treated for federal income
tax purposes as a return of capital or, in some circumstances, as capital gain.
Generally, a shareholder's tax basis in their Fund shares will be reduced to the
extent that an amount distributed to the shareholder is treated as a return of
capital. The Fund may reduce its daily dividend to lessen the effect of these
rules. If the Fund's income is increased under the foreign currency taxation
rules, the Fund intends to declare additional distributions of such income in
December. The Fund may make an additional distribution, if necessary.

12
<PAGE>

Long-term capital gains distributions, if any, are taxable as long-term capital
gains regardless of the length of time shareholders have owned their shares.
Short-term capital gains and any other taxable income distributions are taxable
as ordinary income.

The Fund sends detailed tax information about the amount and type of its
distributions to its shareholders by January 31 of the following year.

Performance information

From time to time quotations of the Fund's performance may be included in
advertisements, sales literature or shareholder reports. All performance figures
are historical, show the performance of a hypothetical investment and are not
intended to indicate future performance. The "SEC yield" of the Fund is an
annualized expression of the net income generated by the Fund over a specified
30-day (one month) period, as a percentage of the Fund's share price on the last
day of that period. This yield is calculated according to methods required by
the Securities and Exchange Commission (the "SEC"), and therefore may not equate
to the level of income paid to shareholders. Yield is expressed as an annualized
percentage. "Total return" is the change in value of an investment in the Fund
for a specified period. The "average annual total return" of the Fund is the
average annual compound rate of return of an investment in the Fund assuming
that the investment has been held for one year, five years and the life of the
Fund. "Cumulative total return" represents the cumulative change in value of an
investment in the Fund for various periods. All types of total return
calculations assume that all dividends and capital gains distributions during
the period were reinvested.

Fund organization

The Fund is a non-diversified series of Scudder Global Fund, Inc. (the
"Corporation"), an open-end, management investment company registered under the
1940 Act. The Corporation was organized as a Maryland corporation in May 1986.

The Fund's activities are supervised by the Corporation's Board of Directors.
Shareholders have one vote for each share held on matters on which they are
entitled to vote. The Fund is not required to and has no current intention of
holding annual shareholder meetings, although special meetings may be called for
purposes such as electing or removing Directors, changing fundamental investment
policies or approving an investment management contract. Shareholders will be
assisted in communicating with other shareholders in connection with removing a
Director as if Section 16(c) of the 1940 Act were applicable.

Investment adviser

For the fiscal year ended June 30, 1997, the Adviser received an investment
management fee of 0.85% of the Fund's average daily net assets. The fee is
graduated so that increases in the Fund's net assets may result in a lower fee
rate and decreases in the Fund's net assets may result in a higher fee rate.

The fee is payable monthly, provided that the Fund will make such interim
payments as may be requested by the Adviser not to exceed 75% of the amount of
the fee then accrued on the books of the Fund and unpaid.

This fee is higher than that charged many funds which invest primarily in U.S.
securities, though it is not necessarily higher than fees charged to funds with
similar investment objectives. Management of the Fund involves market, credit
and currency relationships in a number of economies throughout the world.

13
<PAGE>

All the Fund's expenses are paid out of gross investment income. Shareholders
pay no direct charges or fees for investment services.

Because the Fund's annual portfolio turnover rate may continue to be over 100%,
the Fund may have higher transaction costs and shareholders may incur taxes on
any realized capital gains.

Scudder, Stevens & Clark, Inc., is located at 345 Park Avenue, New York, New
York.

Transfer agent

Scudder Service Corporation, P.O. Box 2291, Boston, Massachusetts 02107-2291, a
subsidiary of the Adviser, is the transfer, shareholder servicing and
dividend-paying agent for the Fund.

Underwriter

Fund accounting agent

Scudder Fund Accounting Corporation, a subsidiary of the Adviser, is responsible
for determining the daily net asset value per share and maintaining the general
accounting records of the Fund.

Custodian

Brown Brothers Harriman & Co. is the Fund's custodian.

Transaction information

Purchasing shares

Redemption requests by telephone prior to the expiration of the seven-day period
will not be accepted.

14
<PAGE>

The Scudder Funds
State Street Bank and Trust Company
Boston, MA 02101
ABA Number 011000028
DDA Account 9903-5552

Your wire instructions must also include:
- -- the name of the fund in which the money is to be invested, -- the account
number of the fund, and -- the name(s) of the account holder(s).

The account will be established once the application and money order are
received in good order.

You may also make additional investments of $100 or more to your existing
account by wire.

You can also make exchanges among your Scudder fund accounts on SAIL, the
Scudder Automated Information Line, by calling 1-800-343-2890.

By "QuickBuy." If you elected "QuickBuy" for your account, you can call
toll-free to purchase shares. The money will be automatically transferred from
your predesignated bank checking account. Your bank must be a member of the
Automated Clearing House for you to use this service. If you did not elect
"QuickBuy," call 1-800-225-5163 for more information.

By telephone order. Certain financial institutions may call Scudder before the
close of regular trading on the Exchange, normally 4 p.m. eastern time, and
purchase shares at that day's price. Such purchased shares will begin to earn
dividends on the day on which the payment is received by the Fund. If payment by
check or wire is not received from the financial institution within three
business days, the order is subject to cancellation and the financial
institution will be responsible for any loss to the Fund resulting from this
cancellation. Please call 1-800-854-8525 for more information.

Redeeming shares

The Fund allows you to redeem shares (i.e., sell them back to the Fund) without
redemption fees.

15
<PAGE>

include your banking information on your application, call 1-800-225-5163 for
more information.

You can also make redemptions from your Scudder fund account on SAIL by calling
1-800-343-2890.

In the event that you are unable to reach the Fund by telephone, you should
write to the Fund; see "How to contact Scudder" for the address.

"QuickSell" transactions are not available for Scudder IRA accounts and most
other retirement plan accounts.

Signature guarantees. For your protection and to prevent fraudulent redemptions,
on written redemption requests in excess of $100,000 we require an original
signature and an original signature guarantee for each person in whose name the
account is registered. (The Fund reserves the right, however, to require a
signature guarantee for all redemptions.) You can obtain a signature guarantee
from most banks, credit unions or savings associations, or from broker/dealers,
municipal securities broker/dealers, government securities broker/dealers,
national securities exchanges, registered securities associations or clearing
agencies deemed eligible by the Securities and Exchange Commission. Signature
guarantees by notaries public are not acceptable. Redemption requirements for
corporations, other organizations, trusts, fiduciaries, agents, institutional
investors and retirement plans may be different from those for regular accounts.
For more information, please call 1-800-225-5163.

Telephone transactions

16
<PAGE>

Share price

Processing time

Purchase and redemption requests received after the close of regular trading on
the Exchange will be executed the following business day.

If you wish to make a purchase of $500,000 or more, you should notify Scudder
Investor Relations by calling 1-800-225-5163.

Purchase restrictions

Tax information

A redemption of shares, including an exchange into another Scudder fund, is a
sale of shares and may result in a gain or loss for income tax purposes.

Tax identification number

Be sure to complete the Tax Identification Number section of the Fund's
application when you open an account. Federal tax law requires the Fund to
withhold 31% of taxable dividends, capital gains distributions and redemption
and exchange proceeds from accounts (other than those of certain exempt payees)
without a correct certified Social Security or tax identification number and
certain other certified information or upon notification from the IRS or a
broker that withholding is required. The Fund reserves the right to reject new
account applications without a correct certified Social Security or tax
identification number. The Fund also reserves the right, following 30 days'
notice, to redeem all shares in accounts without a correct certified Social
Security or tax identification number. A shareholder may avoid involuntary
redemption by providing the Fund with a tax identification number during the
30-day notice period.

Minimum balances

17
<PAGE>

value that result solely from market activity will not trigger an involuntary
redemption. Retirement accounts and certain other accounts will not be assessed
the $10.00 charge or be subject to automatic liquidation. Please refer to
"Exchanges and Redemptions--Other information" in the Fund's Statement of
Additional Information for more information.

Third party transactions

Redemption-in-kind

Shareholder benefits

Experienced professional management

A team approach to investing

Scudder International Bond Fund is managed by a team of Scudder investment
professionals, who each play an important role in the Fund's management process.
Team members work together to develop investment strategies and select
securities for the Fund's portfolio. They are supported by Scudder's large staff
of economists, research analysts, traders, and other investment specialists who
work in Scudder's offices across the United States and abroad. Scudder believes
its team approach benefits Fund investors by bringing together many disciplines
and leveraging Scudder's extensive resources.

Lead Portfolio Manager Gary Johnson assumed responsibility for the Fund's
day-to-day management and investment strategies in February 1997. Mr. Johnson,
who has 16 years of investment industry experience, joined Scudder in 1987.
Portfolio Manager Adam M. Greshin specializes in global and international bond
investments. Mr. Greshin was involved in the original design of Scudder
International Bond Fund and has been a portfolio manager of the Fund since its
inception in 1988.

SAIL(TM)--Scudder Automated Information Line

Investment flexibility

Scudder offers toll-free telephone exchange between funds at current net asset
value. You can move your investments among money market, income, growth,

18
<PAGE>

tax-free and growth and income funds with a simple toll-free call or, if you
prefer, by sending your instructions through the mail or by fax. (The exchange
privilege may not be available for certain Scudder funds. For more information,
please call 1-800-225-5163.) Telephone and fax redemptions and exchanges are
subject to termination and their terms are subject to change at any time by the
Fund or the transfer agent. In some cases, the transfer agent or Scudder
Investor Services, Inc. may impose additional conditions on telephone
transactions.

Personal Counsel^SM -- A Managed Fund Portfolio Program

Dividend reinvestment plan

You may have dividends and distributions automatically reinvested in additional
Fund shares. Please call 1-800-225-5163 to request this feature.

Shareholder statements

Shareholder reports

In addition to account statements, you receive periodic shareholder reports
highlighting relevant information, including investment results and a review of
portfolio changes.

Newsletters

Scudder Investor Centers

As a convenience to shareholders who like to conduct business in person, Scudder
Investor Services, Inc. maintains Investor Centers in Boca Raton, Boston,
Chicago, New York and San Francisco.

T.D.D. service for the hearing impaired

19
<PAGE>

<TABLE>
<CAPTION>
Purchases

Opening Minimum initial investment: $2,500; IRAs $1,000
an account Group retirement plans (401(k), 403(b), etc.) have similar or lower minimums.
See appropriate plan literature.

Make checks o By Mail Send your completed and signed application and check
payable to "The
Scudder Funds." by regular mail to: or by express, registered,
or certified mail to:

The Scudder Funds Scudder Shareholder Service
P.O. Box 2291 Center
Boston, MA 42 Longwater Drive
02107-2291 Norwell, MA
02061-1612

o By Wire Please see Transaction information--Purchasing shares--
By wire for details, including the ABA wire transfer number.
Then call 1-800-225-5163 for instructions.

Purchasing Minimum additional investment: $100; IRAs $50
additional Group retirement plans (401(k), 403(b), etc.) have similar or lower minimums.
shares See appropriate plan literature.

o By Wire Please see Transaction information--Purchasing shares--
By wire for details, including the ABA wire transfer number.

o In Person Visit one of our Investor Centers to make an additional
investment in your Scudder fund account. Investor Center
locations are listed under Shareholder benefits.

o By Telephone Please see Transaction information--Purchasing shares-- By
QuickBuy or By telephone order for more details.

20
<PAGE>

Exchanges and redemptions

<TABLE>
<CAPTION>
Exchanging Minimum investments: $2,500 to establish a new account;
shares $100 to exchange among existing accounts
<S> <C> <C> <C> <C>

Send your instructions
by regular mail to: or by express, registered, or by fax to:
or certified mail to:

The Scudder Funds Scudder Shareholder 1-800-821-6234
P.O. Box 2291 Service Center
Boston, MA 02107-2291 42 Longwater Drive
Norwell, MA
02061-1612
-----------------------------------------------------------------------------------------------------------------------

Redeeming shares o By Telephone To speak with a service representative, call 1-800-225-5163 from 8 a.m. to 8
p.m. eastern time or to access SAIL(TM), Scudder's Automated Information Line,
call 1-800-343-2890 (24 hours a day). You may have redemption proceeds sent to
your predesignated bank account, or redemption proceeds of up to $100,000 sent
to your address of record.

o By Mail Send your instructions for redemption to the appropriate address or fax number
or Fax above and include:

A signature guarantee is required for redemptions over $100,000.
See Transaction information--Redeeming shares.

o By Automatic You may arrange to receive automatic cash payments periodically. Call
Withdrawal 1-800-225-5163 for more information and an enrollment form.
Plan
</TABLE>