GLOBAL/INTERNATIONAL FUND INC, 485APOS, 2000-05-12

GLOBAL/INTERNATIONAL FUND INC
485APOS, 2000-05-12

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Filed electronically with the Securities and Exchange Commission
on May 12, 2000

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. 44
--
and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 47
--

Global/International 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
--------------
Caroline Pearson
Scudder Kemper Investments, 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)

/_/ on ___________ pursuant to paragraph (b)

/_/ 60 days after filing pursuant to paragraph (a)(1)

/X/ on July 14, 2000 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

<PAGE>

Scudder Global/International Equity Funds

Scudder Global Bond Fund (New Fund #s)
Scudder Emerging Markets Income Fund (New Fund #s)

Supplement to the prospectus dated March 1, 2000

On or about October 1, 2000 for Scudder Global Bond Fund and Scudder Emerging
Markets Income Fund, this prospectus will offer two classes of shares to provide
investors with different purchase options. The two classes are the S Class and
the AARP Class. Each class has its own important features and policies. In
addition, as of the date noted above for each fund, all existing shares of
Scudder Global Bond Fund and Scudder Emerging Markets Income Fund will be
redesignated S Class shares of their respective funds. Shares of the AARP class
will be specially designed for members of the American Association of Retired
Persons (the "AARP").

For your convenience, this supplement has been divided into three parts. Part I
provides information relating to important changes to the funds generally. Part
II provides information relating specifically to the S Class of each fund. Part
III provides information relating specifically to the AARP Class of each fund.
As always, you should refer to the prospectus for general information about the
funds, including their investment approaches, risks, and portfolio managers, and
for additional information relating to the S Class, such as its historical
performance and its purchase, redemption and exchange procedures.

PART I - General Information about the Funds

On _____________, shareholders of each fund elected the following people to each
fund's Board: Henry P. Becton, Jr., Linda C. Coughlin, Dawn-Marie Driscoll,
Edgar R. Fiedler, Keith R. Fox, Joan E. Spero, Jean G. Stromberg, Jean C. Tempel
and Steven Zaleznick.

Administrative Fee

Each fund will enter an administrative services agreement with Scudder Kemper
Investments, Inc. ("Scudder Kemper"). Pursuant to each agreement, Scudder Kemper
will provide or pay others to provide substantially all of the administrative
services required by each fund in exchange for the payment by each fund of a
fixed fee rate. The administrative fee rate is 0.375% for Scudder Global Bond
Fund and 0.650% for Scudder Emerging Markets Income Fund. Such an administrative
fee will enable investors to determine with greater certainty the expense level
that a fund will experience, and it will transfer substantially all of the risk
of increased cost to Scudder Kemper. The initial term of the administrative
agreement is three years. With regard to Scudder Global Bond Fund, the
administrative services agreement for the S class will become effective on the
date of the pending acquisition by the fund of another fund advised by Scudder
Kemper, currently scheduled for September 25, 2000, and will become effective on
October 1, 2000 for the AARP Class. With regard to Scudder Emerging Markets
Income Fund, the administrative services agreement will become effective on
October 1, 2000. Below are the restated expense tables and examples for the S
Class (see Part II) and the AARP Class (see Part III) of each fund that reflect
the implementation of the administrative fee.

Scudder Kemper will not bear certain other fund expenses, such as taxes,
brokerage, interest, extraordinary expenses and the fees and expenses of the
Independent Directors of each fund's Board (including the fees and expenses of
their independent counsel). In addition, each fund will continue to pay the fees
required by its investment management agreement with Scudder Kemper.

Financial Highlights

[To be provided]

<PAGE>

PART II - Specific Information about the S Class

How Much S Class Shareholders Pay

The fees and expenses for the S Class of each fund are being restated to reflect
the implementation of a new administrative fee. As noted under Part I, the
restated expenses of Scudder Global Bond Fund will become effective on the date
of the pending acquisition by the fund of another fund advised by Scudder
Kemper, currently scheduled for September 25, 2000. With regard to Scudder
Emerging Markets Income Fund, the restated expenses will become effective on
October 1, 2000.

<TABLE>
<CAPTION>
S Class
- ----------------------------------------------------------- ------------ ------------
Scudder Scudder
Global Emerging
Bond Fund Markets
Income Fund
- ----------------------------------------------------------- ------------ ------------

- ----------------------------------------------------------- ------------ ------------
<S> <C> <C>
Shareholder Fees (paid directly from your investment) NONE NONE
- ----------------------------------------------------------- ------------ ------------
Annual Operating Expenses (deducted from fund assets)
- ----------------------------------------------------------- ------------ ------------
Management Fee % %
- ----------------------------------------------------------- ------------ ------------
Distribution (12b-1) Fee NONE NONE
- ----------------------------------------------------------- ------------ ------------
Other Expenses % %
Fixed Administrative Fee % %
Other Fund Expenses(1) % %
- ----------------------------------------------------------- ------------ ------------
Total Annual Operating Expenses % %
- ----------------------------------------------------------- ------------ ------------
Expense Reimbursement
- ----------------------------------------------------------- ------------ ------------
Net Annual Operating Expenses*
- ----------------------------------------------------------- ------------ ------------

- ----------------------------------------------------------- ------------ ------------
Expense Example
- ----------------------------------------------------------- ------------ ------------
Based on the costs above, (including one year of capped
expenses in each period for Scudder Global Bond Fund)
this example is designed to help you compare expenses of
each fund's S Class to those of other funds. The example
assumes operating expenses remain the same and that you
invested $10,000, earned 5% annual returns, reinvested
all dividends and distributions and sold your shares at
the end of each period. This is only an example: your
actual expenses will be different.
- ----------------------------------------------------------- ------------ ------------
1 year
- ----------------------------------------------------------- ------------ ------------
3 years
- ----------------------------------------------------------- ------------ ------------
5 years
- ----------------------------------------------------------- ------------ ------------
10 years
- ----------------------------------------------------------- ------------ ------------
</TABLE>

(1) Includes such expenses as taxes, brokerage, interest and fees and expenses
of Board members not affiliated with Scudder Kemper (including fees and expenses
of their independent counsel). *By contract, expenses of Scudder Global Bond
Fund are capped at 1.25% through February 28, 2001.

PART III - Specific Information about the AARP Class

2
<PAGE>

The remainder of this supplement provides specific information regarding the
important features and policies of the AARP Class of each fund. Please remember
to review the funds' prospectus for additional information about each fund.

The AARP Class

Since its beginning in 1985, the AARP Investment Program from Scudder has been
specially designed to address the needs of people age 50 and over. In keeping
with the organization's mission, AARP's goal is to encourage more of its members
to plan for retirement and beyond. To continue to meet the increasingly diverse
needs and goals of its members, the AARP Investment Program from Scudder has
recently been expanded to offer a wider range of investment options to AARP
members. This has been accomplished by adding the AARP Class to each fund in the
Scudder Family of Funds. The AARP Class will generally have lower minimum
investments, will retain its own identity with separate statements, and will
continue the AARP Investment Program's commitment to shareholder education.

The role of AARP in the AARP Investment Program is not changing. While AARP
takes no part in the investment decisions made by Scudder Kemper, AARP, through
its subsidiary, will continue to oversee the Program's service quality and
communications, and AARP will also continue to provide insight and direction as
to what best represents the interests and concerns of its membership. In
addition, AARP will be represented on each fund's Board.

The AARP Class of each Fund will be offered beginning on October 1, 2000. In
addition, the AARP Class of each other fund in the Scudder Family of Funds will
be available no later than October 1, 2000.

Past Performance
As the AARP Class does not have a full calendar year of performance, no past
performance information is provided. However, the bar chart and table for each
fund in the prospectus show how the total returns for each fund's S Class has
varied from year to year, and over time. Shares of each fund's S Class will have
substantially similar returns to the AARP Class because the shares represent an
interest in the same portfolio of securities and the annual returns would differ
only to the extent that the classes may have different expenses.

How Much AARP Class Shareholders Pay

Each fund has no sales charges or other shareholder fees. Each fund does have
annual operating expenses, and as a shareholder you pay them indirectly. This
table shows fees for each fund's AARP class.

<TABLE>
<CAPTION>
AARP Class
- ----------------------------------------------------------- ------------ ------------
Scudder Scudder
Global Emerging
Bond Fund Markets
Income Fund
- ----------------------------------------------------------- ------------ ------------

- ----------------------------------------------------------- ------------ ------------
Expense Example
- ----------------------------------------------------------- ------------ ------------

3
<PAGE>

Based on the costs above, (including one year of capped expenses in each
period for Scudder Global Bond Fund) this example is designed to help you
compare expenses of each fund's AARP Class to those of other funds. The
example assumes operating expenses remain the same and that you invested
$10,000, earned 5% annual returns, reinvested all dividends and
distributions and sold your shares at the end of each period. This is only
an example: your actual expenses will be different.
- ----------------------------------------------------------- ------------ ------------
1 year
- ----------------------------------------------------------- ------------ ------------
3 years
- ----------------------------------------------------------- ------------ ------------
5 years
- ----------------------------------------------------------- ------------ ------------
10 years
- ----------------------------------------------------------- ------------ ------------
</TABLE>

How to Buy AARP Class Shares

First Investment Additional Investments
- ------------------------------------- ------------------------------------- -----------------------------------
<S> <C> <C>
$1,000 or more for regular accounts $___ or more for regular accounts

$500 or more for IRAs $__ or more for IRAs

$50 or more with an Automatic
Investment Plan

- ------------------------------------- ------------------------------------- -----------------------------------
By mail Send completed enrollment form and Send a personalized investment
AARP Investment Program from check (payable to "AARP Investment slip or short note that includes:
Scudder Program"). o fund name
P.O. Box 2540 For enrollment forms, call o AARP class
Boston, MA 02208-2540 800-253-2277. o account number
o check payable to "AARP
Investment Program".
- ------------------------------------- ------------------------------------- -----------------------------------
By wire Call 800-253-2277 for instructions Call 800-253-2277 for instructions

- ------------------------------------- ------------------------------------- -----------------------------------
By phone - Call 800-253-2277 for instructions
- ------------------------------------- ------------------------------------- -----------------------------------
With an automatic investment plan Fill in the information required on To set up regular investment from
your enrollment form and include a a bank checking account, call
voided check. 800-253-2277.

- ------------------------------------- ------------------------------------- -----------------------------------
Web site - Once you have registered on the
Web Site (aarp.scudder.com), you
may purchase shares online by
transfers from your bank account.
- ------------------------------------- ------------------------------------- -----------------------------------
QuickBuy - Call 800-253-2277
- ------------------------------------- ------------------------------------- -----------------------------------

How to Exchange or Sell AARP Class Shares

4
<PAGE>

- ------------------------------------- ----------------------------------- ---------------------------------------
between existing accounts
- ------------------------------------- ----------------------------------- ---------------------------------------
By phone Call 800-253-2277 for instructions Call 800-253-2277 for instructions
- ------------------------------------- ----------------------------------- ---------------------------------------
Using Easy Access Call 800-631-4636 and follow the Call 800-631-4636 and follow the
instructions instructions
- ------------------------------------- ----------------------------------- ---------------------------------------
By mail or fax Your instructions should include: Your instructions should include:
(see previous page) o your account number o your account number
o names of the fund and o names of the fund and class
class and number of shares and number of shares or dollar
or dollar amount you want to amount you want to redeem
exchange

- ------------------------------------- ----------------------------------- ---------------------------------------
With an automatic withdrawal plan - To set up regular cash payments from
an account, call 800-253-2277
- ------------------------------------- ----------------------------------- ---------------------------------------
Using QuickSell - Call 800-253-2277
- ------------------------------------- ----------------------------------- ---------------------------------------
Web Site Once you have registered on the -
Web Site (aarp.scudder.com), you
may exchange shares between
Investment Program funds online.
- ------------------------------------- ----------------------------------- ---------------------------------------
</TABLE>

Other rights we reserve

If your balance falls below $1,000, we will give you 60 days' notice so you can
either increase your balance or close your account (this policy does not apply
to retirement accounts, or in any case where a fall in share price creates the
low balance)

Policies You Should Know About The AARP Class
Easy-Access Line
Call 800-631-4636 24 hours a day, year-round
This automated number provides current information on the AARP Class of each
fund and your account. If you have signed up for telephone services, you can
also use this number to exchange and redeem shares of the AARP Class.

Web Site
aarp.scudder.com
You can review your portfolio and make online transactions, including purchases
and exchanges between Investment Program Mutual Funds, once you have registered
on the site. You can also customize the site according to your preference. The
Learning Center includes online versions of educational publications and past
issues of Financial Focus and Investment Insight, the Program's newsletters. You
may also contact us through the site's e-mail capability.

AARP Investment Program Representatives
Call 800-253-2277 8AM-8PM M-F, eastern time
Call this number to speak with a trained representative who can answer your
investing questions and assist you with transaction-related services. You may
also use this number to request a variety of investment education guides and
prospectuses.

Confidential Fax Line
800-821-6234 24 hours a day, year-round
Signed exchange and redemption requests received after 4 p.m. eastern time on a
business day or over a weekend or holiday will be executed the following
business day.

TDD Line
1-800-634-9454 9 AM-5PM, M-F, eastern time
Dial this number with a TDD machine to communicate with registered AARP Mutual
Fund representatives specially trained to handle services for hearing-impaired
investors.

5
<PAGE>

SERVICES
- --------

AARP Lump Sum Service Retirement specialists can help you make decisions about
your lump sum distribution from an employer's 401(k) or pension plan. An
information kit is provided. Call 1-800-253-2277.

AARP Legacy Service This service helps you organize important financial
documents, making it easier to share your investment information and goals with
your spouse or heirs and to plan for the orderly transfer of assets in the event
of a death. We also offer transfer ownership assistance to heirs for your AARP
accounts. Information kits are provided. Call 1-800-253-2277.

AARP Goal Setting and Asset Allocation Service A guidebook and self-scoring
worksheet are available to help you reach your goals by appropriately allocating
your assets across types of investments. Call 1-800-253-2277 to speak to a
specially trained representative.

Account Statements and Reports You will receive prompt confirmation statements
for all of your transactions. Your consolidated [monthly] statement details your
current account status and records all transactions. (AARP IRA and Keogh Plan
investors receive consolidated statements quarterly.)

You will also receive a semi-annual report, an annual report, and a current
prospectus each year.

Retirement Plans
For an information kit about (including all the necessary forms) regular
Individual Retirement Accounts (IRAs), Roth IRAs, Simplified Employee Pension
IRAs (SEP-IRAs), and Keogh Plan accounts, call an AARP Mutual Fund
representative at 800-253-2277.

To Get More Information:.
You can make inquiries and obtain the shareholder reports and Statement of
Additional Information free of charge by contacting:

AARP Investment Program from Scudder
------------------------------------
P.O. Box 2540
Boston, MA 02208-2540
800-253-2277
aarp.scudder.com

July 14, 2000

6
<PAGE>

Scudder Global/International Equity Funds

Scudder International Fund (New Fund #s)
Scudder Global Fund (New Fund #s)
Scudder Emerging Markets Growth Fund (New Fund #s)

Supplement to the prospectus dated January 1, 2000

On or about August 28, 2000 for Scudder International Fund, September 11, 2000
for Scudder Global Fund and October 1, 2000 for Scudder Emerging Markets Growth
Fund, this prospectus will offer two classes of shares to provide investors with
different purchase options. The two classes are the S Class and the AARP Class.
Each class has its own important features and policies. In addition, as of the
date noted above for each fund, all existing shares of Scudder Global Fund and
Scudder Emerging Markets Growth Fund and all International Shares of Scudder
International Fund will be redesignated S Class shares of their respective
funds. Shares of the AARP class will be specially designed for members of the
American Association of Retired Persons (the "AARP").

PART I - General Information about the Funds

Effective September 11, 2000, Scudder Global Fund seeks long-term growth while
actively seeking to reduce downside risk as compared with other global growth
funds. Scudder Global Fund will not invest in securities issued by
tobacco-producing companies.

The Funds' Track Record - Performance information to be updated

Administrative Fee

Each fund will enter an administrative services agreement with Scudder Kemper
Investments, Inc. ("Scudder Kemper"). Pursuant to each agreement, Scudder Kemper
will provide or pay others to provide substantially all of the administrative
services required by each fund in exchange for the payment by each fund of a
fixed fee rate. The administrative fee rate is 0.375% for Scudder International
Fund, 0.375% for Scudder Global Fund and 0.650% for Scudder Emerging Markets
Growth Fund. Such an administrative fee will enable investors to determine with
greater certainty the expense level that a fund will experience, and it will
transfer substantially all of the risk of increased cost to Scudder Kemper. The
initial term of the administrative agreement is three years. With regard to
Scudder International Fund and Scudder Global Fund, the administrative services
agreement will become effective on the date of the pending acquisition(s) by
each fund of one or more funds advised by Scudder Kemper, currently scheduled
for August 28, 2000 and September 11, 2000, respectively. With regard to Scudder
Emerging Markets Growth Fund, the administrative services agreement will become
effective on October 1, 2000. Below are the restated expense tables and examples
for the S Class (see Part II) and the AARP Class (see Part III) of each fund
that reflect the implementation of the administrative fee.

<PAGE>

Management Fee

On February 7, 2000, Scudder International Fund's Board approved a new
Investment Management Agreement between Scudder Kemper and the fund. The new
Investment Management Agreement incorporates a new fee structure for the fund
and is expected to become effective on or about July 31, 2000. Pursuant to this
fee structure, for Scudder Kemper's services, Scudder International Fund pays
Scudder Kemper a fee equal to 0.675% of average daily net assets on such assets
up to $6 billion, 0.625% of average daily net assets on such assets exceeding $6
billion, and 0.600% of average daily net assets on such assets exceeding $7
billion. The restated expense tables for the S Class (see Part II) and the AARP
Class (see Part III) of the fund reflect the implementation of the new
management fee rates.

Financial Highlights

[To be provided]

PART II - Specific Information about the S Class

How Much S Class Shareholders Pay

The fees and expenses for the S Class of each fund are being restated to reflect
the implementation of a new administrative fee. As noted under Part I, the
restated expenses of Scudder International Fund and Scudder Global Fund will
become effective on the date of the pending acquisition(s) by each fund of one
or more funds advised by Scudder Kemper, currently scheduled for August 28, 2000
and September 11, 2000, respectively. With regard to Scudder Emerging Markets
Growth Fund, the restated expenses will become effective on October 1, 2000.

<TABLE>
<CAPTION>
S Class
- ----------------------------------------------------------- --------------- ------------- ------------
Scudder Scudder Scudder
International Global Fund Emerging
Fund Markets
Growth Fund
- ----------------------------------------------------------- --------------- ------------- ------------

- ----------------------------------------------------------- --------------- ------------- ------------
<S> <C> <C> <C>
Shareholder Fees (paid directly from your investment)
- ----------------------------------------------------------- --------------- ------------- ------------
Redemption/Exchange Fee, on shares owned less than a year NONE NONE 2.00%
(as a % of amount redeemed)
- ----------------------------------------------------------- --------------- ------------- ------------
Annual Operating Expenses (deducted from fund assets)
- ----------------------------------------------------------- --------------- ------------- ------------
Management Fee % % %
- ----------------------------------------------------------- --------------- ------------- ------------
Distribution (12b-1) Fee NONE NONE NONE
- ----------------------------------------------------------- --------------- ------------- ------------
Other Expenses % % %
Fixed Administrative Fee % % %
Other Fund Expenses(1) % % %
- ----------------------------------------------------------- --------------- ------------- ------------
Total Annual Operating Expenses % % %
- ----------------------------------------------------------- --------------- ------------- ------------
Expense Reimbursement
- ----------------------------------------------------------- --------------- ------------- ------------
Net Annual Operating Expenses*
- ----------------------------------------------------------- --------------- ------------- ------------

<PAGE>

- ----------------------------------------------------------- --------------- ------------- ------------
sold your shares at the end of each period. This is only an
example: your actual expenses will be different.
- ----------------------------------------------------------- --------------- ------------- ------------
1 year
- ----------------------------------------------------------- --------------- ------------- ------------
3 years
- ----------------------------------------------------------- --------------- ------------- ------------
5 years
- ----------------------------------------------------------- --------------- ------------- ------------
10 years
- ----------------------------------------------------------- --------------- ------------- ------------
</TABLE>

(1) Includes such expenses as taxes, brokerage, interest and fees and expenses
of Board members not affiliated with Scudder Kemper (including fees and expenses
of their independent counsel).
*By contract, expenses of Scudder Emerging Markets Growth Fund are capped at
2.25% through December 31, 2000.

PART III - Specific Information about the AARP Class

The AARP Class

The AARP Class of Scudder International Fund and Scudder Global Fund will be
offered beginning on the date of the pending acquisition(s) by each fund of
other fund(s) advised by Scudder Kemper, currently scheduled for August 28, 2000
and September 11, 2000, respectively. With regard to Scudder Emerging Markets
Growth Fund, the AARP Class will be offered beginning on October 1, 2000. In
addition, the AARP Class of each other fund in the Scudder Family of Funds will
be available no later than October 1, 2000.

How Much AARP Class Shareholders Pay

AARP Class
- ----------------------------------------------------------- --------------- ------------- ------------
Scudder Scudder Scudder
International Global Fund Emerging
- ----------------------------------------------------------- --------------- ------------- ------------

<PAGE>

- ----------------------------------------------------------- --------------- ------------- ------------
Fund Markets
Growth Fund
- ----------------------------------------------------------- --------------- ------------- ------------

- ----------------------------------------------------------- --------------- ------------- ------------
<S> <C> <C> <C>
Shareholder Fees (paid directly from your investment) NONE NONE NONE
- ----------------------------------------------------------- --------------- ------------- ------------
Redemption/Exchange Fee, on shares owned less than a year NONE NONE 2.00%
(as a % of amount redeemed)
- ----------------------------------------------------------- --------------- ------------- ------------
Annual Operating Expenses (deducted from fund assets)
- ----------------------------------------------------------- --------------- ------------- ------------
Management Fee % % %
- ----------------------------------------------------------- --------------- ------------- ------------
Distribution (12b-1) Fee NONE NONE NONE
- ----------------------------------------------------------- --------------- ------------- ------------
Other Expenses % % %
Fixed Administrative Fee % % %
Other Fund Expenses(1) % % %
- ----------------------------------------------------------- --------------- ------------- ------------
Total Annual Operating Expenses % % %
- ----------------------------------------------------------- --------------- ------------- ------------
Expense Reimbursement
- ----------------------------------------------------------- --------------- ------------- ------------
Net Annual Operating Expenses*
- ----------------------------------------------------------- --------------- ------------- ------------

- ----------------------------------------------------------- --------------- ------------- ------------
Expense Example
- ----------------------------------------------------------- --------------- ------------- ------------
Based on the costs above, (including one year of
capped expenses in each period for Scudder Emerging
Markets Growth Fund) this example is designed to help
you compare expenses of each fund's AARP Class to
those of other funds. The example assumes operating
expenses remain the same and that you invested
$10,000, earned 5% annual returns, reinvested all
dividends and distributions and sold your shares at
the end of each period. This is only an example: your
actual expenses will be different.
- ----------------------------------------------------------- --------------- ------------- ------------
1 year
- ----------------------------------------------------------- --------------- ------------- ------------
3 years
- ----------------------------------------------------------- --------------- ------------- ------------
5 years
- ----------------------------------------------------------- --------------- ------------- ------------
10 years
- ----------------------------------------------------------- --------------- ------------- ------------
</TABLE>

(1) Includes such expenses as taxes, brokerage, interest and fees and expenses
of Board members not affiliated with Scudder Kemper (including fees and expenses
of their independent counsel). *By contract, expenses of Scudder Emerging
Markets Growth Fund are capped at 2.25% through December 31, 2000.

How to Buy AARP Class Shares

$500 or more for IRAs $__ or more for IRAs

$50 or more with an Automatic
Investment Plan

<PAGE>

- ------------------------------------- ------------------------------------- -----------------------------------
By wire Call 800-253-2277 for instructions Call 800-253-2277 for instructions

How to Exchange or Sell AARP Class Shares

Exchanging into another fund Selling shares
- ------------------------------------- ----------------------------------- ---------------------------------------
$1,000 or more to open a new Some transaction, including most for
account ($500 for IRAs) over $100,000, can only be ordered in
writing; see the prospectus for more
[$___] or more for exchanges information
between existing accounts
- ------------------------------------- ----------------------------------- ---------------------------------------
By phone Call 800-253-2277 for instructions Call 800-253-2277 for instructions
- ------------------------------------- ----------------------------------- ---------------------------------------
Using Easy Access Call 800-631-4636 and follow the Call 800-631-4636 and follow the
instructions instructions
- ------------------------------------- ----------------------------------- ---------------------------------------
By mail or fax Your instructions should include: Your instructions should include:
(see previous page) o your account number o your account number
o names of the fund and o names of the fund and class
class and number of shares and number of shares or dollar
or dollar amount you want to amount you want to redeem
exchange

Other rights we reserve

<PAGE>

according to your preference. The Learning Center includes online versions of
educational publications and past issues of Financial Focus and Investment
Insight, the Program's newsletters. You may also contact us through the site's
e-mail capability.

SERVICES
- --------

You will also receive a semi-annual report, an annual report, and a current
prospectus each year.

Retirement Plans
- ----------------
For an information kit about (including all the necessary forms) regular
Individual Retirement Accounts (IRAs), Roth IRAs, Simplified Employee Pension
IRAs (SEP-IRAs), and Keogh Plan accounts, call an AARP Mutual Fund
representative at 800-253-2277.

To Get More Information:
You can make inquiries and obtain the shareholder reports and Statement of
Additional Information free of charge by contacting:

AARP Investment Program from Scudder
------------------------------------
P.O. Box 2540
Boston, MA 02208-2540
800-253-2277
aarp.scudder.com

July 14, 2000

<PAGE>

SCUDDER GLOBAL BOND FUND
SCUDDER EMERGING MARKETS INCOME FUND

SUPPLEMENT TO THE COMBINED STATEMENT OF
ADDITIONAL INFORMATION DATED MARCH 1, 2000

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

On or about October 1, 2000 for Scudder Global Bond Fund and Scudder Emerging
Markets Income Fund, this Statement of Additional Information will offer two
classes of shares to provide investors with different purchase options. The two
classes are: the S Class and the AARP Class. Each class has its own important
features and policies. In addition, as of the date noted above for each fund,
all existing shares of Scudder Global Bond Fund and Scudder Emerging Markets
Income Fund will be redesignated S Class shares of their respective funds.
Shares of the AARP Class will be specially designed for members of the American
Association of Retired Persons (the "AARP").

The following information supplements the cover page:

The Semiannual Report to Shareholders of Scudder Global Bond Fund and Scudder
Emerging Markets Income Fund dated April 30, 2000 are incorporated by reference
and hereby deemed to be part of this Statement of Additional Information.

The following disclosure replaces the disclosure regarding "Additional
Information About Opening an Account" on page 30:

Additional Information About Opening an Account

Clients having a regular investment counsel account with the Adviser or
its affiliates and members of their immediate families, officers and employees
of the Adviser or of any affiliated organization and their immediate families,
members of the National Association of Securities Dealers, Inc. ("NASD") and
banks may, if they prefer, subscribe initially for at least $2,500 for S Class
and $1,000 for AARP Class through Scudder Investor Services, Inc.
by letter, fax, or telephone.

Shareholders of other Scudder funds who have submitted an account
application and have certified a tax identification number, clients having a
regular investment counsel account with the Adviser or its affiliates and
members of their immediate families, officers and employees of the Adviser or of
any affiliated organization and their immediate families, members of the NASD,
and banks may open an account by wire. These investors must call 1-800-225-5163
to get an account number. During the call the investor will be asked to indicate
the Fund name, class name, amount to be wired ($2,500 minimum for S Class and
$1,000 for AARP Class), name of bank or trust company from which the wire will
be sent, the exact registration of the new account, the tax identification
number or Social Security number, address and telephone number. The investor
must then call the bank to arrange a wire transfer to The Scudder Funds, Boston,
MA 02101, ABA Number 011000028, DDA Account 9903-5552. The investor must give
the Scudder fund, class name, account name and the new account number. Finally,
the investor must send a completed and signed application to the Fund promptly.
Investors interested in investing in the AARP Class should call 1-800-253-2277
for further instructions.

The minimum initial purchase amount is less than $2,500 for the S Class
under certain plan accounts and is $1,000 for the AARP Class.

The following disclosure replaces the disclosure regarding "Minimum balances" on
page 30:

Minimum balances

<PAGE>

Shareholders should maintain a share balance worth at least $2,500 for
S Class and $1,000 for AARP Class. For fiduciary accounts such as IRAs, and
custodial accounts such as Uniform Gift to Minor Act and Uniform Trust to Minor
Act accounts, the minimum balance is $1000. These amounts may be changed by each
Fund's Board of Directors. A shareholder may open an account with at least
$1,000 ($500 for fiduciary/custodial accounts), if an automatic investment plan
(AIP) of $100/month ($50/month for AARP Class and fiduciary/custodial accounts)
is established. Scudder group retirement plans and certain other accounts have
similar or lower minimum share balance requirements.

The Funds reserve the right, following 60 days' written notice to
applicable shareholders, to:

o [assess an annual $10 per Fund charge] (with the Fee to be
paid to the Fund) for any non-fiduciary/non-custodial account
without an automatic investment plan (AIP) in place and a
balance of less than $2,500 for S Class and $1,000 for AARP
Class; and

o redeem all shares in Fund accounts below $1,000 where a
reduction in value has occurred due to a redemption, exchange
or transfer 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. Shareholders with a combined household
account balance in any of the Scudder Funds of $100,000 or more, as well as
group retirement and certain other accounts will not be subject to a fee or
automatic redemption.]

[Fiduciary (e.g., IRA or Roth IRA) and custodial accounts (e.g., UGMA
or UTMA) with balances below $100 are subject to automatic redemption following
60 days' written notice to applicable shareholders.]

The following disclosure replaces the disclosure regarding "Additional
Information About Making Subsequent Investments by QuickBuy" on page 31:

Additional Information About Making Subsequent Investments by QuickBuy

Shareholders whose predesignated bank account of record is a member of
the Automated Clearing House Network (ACH) and who have elected to participate
in the QuickBuy program may purchase shares of a Fund by telephone. Through this
service shareholders may purchase up to $250,000. To purchase shares by
QuickBuy, shareholders should call before the close of regular trading on the
New York Stock Exchange (the "Exchange"), normally 4 p.m. eastern time. Proceeds
in the amount of your purchase will be transferred from your bank checking
account 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, a 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.

In order to request purchases by QuickBuy, shareholders must have
completed and returned to the Transfer Agent the application, including the
designation of a bank account from which the purchase payment will be debited.
New investors wishing to establish QuickBuy may so indicate on the application.
Existing shareholders who wish to add QuickBuy to their account may do so by
completing a QuickBuy

<PAGE>

Enrollment Form. After sending in an enrollment form shareholders should allow
15 days for this service to be available.

Each Fund employs procedures, including recording telephone calls,
testing a caller's identity, and sending written confirmation of telephone
transactions, designed to give reasonable assurance that instructions
communicated by telephone are genuine and to discourage fraud. To the extent
that the Funds do not follow such procedures, they may be liable for losses due
to unauthorized or fraudulent telephone instructions. The Funds will not be
liable for acting upon instructions communicated by telephone that they
reasonably believe to be genuine.

Investors interested in making subsequent investments in the AARP Class
of a Fund should call 1-800-253-2277 for further instruction.

The following information replaces the disclosure on page 32 of the SAI relating
to "Share Price", "Share Certificates" and "Other Information":

Share Price

Purchases will be filled without sales charge at the net asset value
per share next computed after receipt of the application in good order. Net
asset value normally will be computed for each class as of the close of regular
trading on each day during which the Exchange is open for trading. Orders
received after the close of regular trading on the Exchange will be executed at
the next business day's net asset value. If the order has been placed by a
member of the NASD, other than the Distributor, it is the responsibility of that
member broker, rather than a Fund, to forward the purchase order to Scudder
Service Corporation (the "Transfer Agent") in Boston by the close of regular
trading on the Exchange.

There is no sales charge in connection with the purchase of shares of
any class of the Funds.

Share Certificates

Due to the desire of each Fund's management to afford ease of
redemption, certificates will not be issued to indicate ownership in a Fund.
Share certificates now in a shareholder's possession may be sent to a Fund's
Transfer Agent for cancellation and credit to such shareholder's account.
Shareholders who prefer may hold the certificates in their possession until they
wish to exchange or redeem such shares.

Other Information

Each Fund has authorized certain members of the NASD other than the
Distributor to accept purchase and redemption orders for its shares. Those
brokers may also designate other parties to accept purchase and redemption
orders on a Fund's behalf. Orders for purchase or redemption will be deemed to
have been received by a Fund when such brokers or their authorized designees
accept the orders. Subject to the terms of the contract between a Fund and the
broker, ordinarily orders will be priced at a class's net asset value next
computed after acceptance by such brokers or their authorized designees.
Further, if purchases or redemptions of a Fund's shares are arranged and
settlement is made at an investor's election through any other authorized NASD
member, that member may, at its discretion, charge a fee for that service. The
Board of Directors and the Distributor, each has the right to limit the amount
of purchases by, and to refuse to sell to, any person. The Directors and the
Distributor may suspend or terminate the offering of shares of a Fund at any
time for any reason.

The Board of Directors and the Distributor, each has the right to
limit, for any reason, the amount of purchases by and to refuse to sell to any
person and each may suspend or terminate the offering of shares of a Fund at any
time for any reason.

<PAGE>

The "Tax Identification Number" section of the Application must be
completed when opening an account. Applications and purchase orders without a
certified tax identification number and certain other certified information
(e.g., from exempt organizations a certification of exempt status), will be
returned to the investor. The Funds reserve 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.

The Corporation may issue shares at net asset value in connection with
any merger or consolidation with, or acquisition of the assets of, any
investment company or personal holding company, subject to the requirements of
the 1940 Act.

The following disclosure replaces the disclosure regarding "Exchanges" on page
33:

Exchanges

Exchanges are comprised of a redemption from one Scudder fund and a
purchase into another Scudder Fund. The purchase side of the exchange either may
be an additional investment into an existing account or may involve opening a
new account in the other fund. When an exchange involves a new account, the new
account will be established with the same registration, tax identification
number, address, telephone redemption option, "Scudder Automated Information
Line" (SAIL) transaction authorization and dividend option as the existing
account. Other features will not carry over automatically to the new account.
Exchanges to a new fund account must be for a minimum of $2,500 for S Class and
$1,000 for AARP Class. When an exchange represents an additional investment into
an existing account, the account receiving the exchange proceeds must have
identical registration, address, and account options/features as the account of
origin. Exchanges into an existing account must be for $100 or more. If the
account receiving the exchange proceeds is to be different in any respect, the
exchange request must be in writing and must contain an original signature
guarantee.

Exchange orders received before the close of regular trading on the
Exchange on any business day ordinarily will be executed at respective net asset
values determined on that day. Exchange orders received after the close of
regular trading on the Exchange will be executed on the following business day.

Investors may also request, at no extra charge, to have exchanges
automatically executed on a predetermined schedule from one Scudder fund to an
existing account in another Scudder fund, at current net asset value, through
Scudder's Systematic Exchange Program. Exchanges must be for a minimum of $50.
Shareholders may add this free feature over the telephone or in writing.
Automatic Exchanges will continue until the shareholder requests by telephone or
in writing to have the feature removed, or until the originating account is
depleted. The Corporation and the Transfer Agent each reserves the right to
suspend or terminate the privilege of the Systematic Exchange Program at any
time.

There is no charge to the shareholder for any exchange described above.
An exchange into another Scudder fund is a redemption of shares and therefore
may result in tax consequences (gain or loss) to the shareholder, and the
proceeds of such an exchange may be subject to backup withholding. (See
"TAXES.")

Investors currently receive the exchange privilege, including exchange
by telephone, automatically without having to elect it. The Funds employ
procedures, including recording telephone calls, testing a caller's identity,
and sending written confirmation of telephone transactions, designed to give
reasonable assurance that instructions communicated by telephone are genuine,
and to discourage fraud. To the extent that a Fund does not follow such
procedures, it may be liable for losses due to unauthorized or fraudulent
telephone instructions. A Fund will not be liable for acting upon instructions
communicated by telephone that it reasonably believes to be genuine. The Funds
and the Transfer Agent each reserves the right to suspend or terminate the
privilege of exchanging by telephone or fax at any time.

<PAGE>

The Scudder Funds into which investors may make an exchange are listed
under "THE SCUDDER FAMILY OF FUNDS" herein. Before making an exchange,
shareholders should obtain from Scudder Investor Services, Inc. a prospectus of
the Scudder fund into which the exchange is being contemplated. The exchange
privilege may not be available for certain Scudder Funds or classes of Scudder
Funds. For more information, please call 1-800-225-5163. Investors interested in
exchanging AARP Class shares of a Fund should call 1-800-253-2277 for more
information.

Scudder retirement plans may have different exchange requirements.
Please refer to appropriate plan literature.

The following disclosure replaces the disclosure regarding "Redemptions" on page
34:

Redemption By Telephone

Shareholders currently receive the right automatically, without having
to elect it, to redeem by telephone up to $100,000 and have the proceeds mailed
to their address of record. Shareholders may also request by telephone to have
the proceeds mailed or wired to their predesignated bank account. In order to
request wire redemptions by telephone, shareholders must have completed and
returned to the Transfer Agent the application, including the designation of a
bank account to which the redemption proceeds are to be sent.

(a) NEW INVESTORS wishing to establish the telephone redemption
privilege must complete the appropriate section on the
application.

(b) EXISTING SHAREHOLDERS (except those who are Scudder IRA,
Scudder pension and profit-sharing, Scudder 401(k) and Scudder
403(b) Planholders) who wish to establish telephone redemption
to a predesignated bank account or who want to change the bank
account previously designated to receive redemption proceeds
should either return a Telephone Redemption Option Form
(available upon request), or send a letter identifying the
account and specifying the exact information to be changed.
The letter must be signed exactly as the shareholder's name(s)
appears on the account. An original signature and an original
signature guarantee are required for each person in whose name
the account is registered.

If a request for a redemption to a shareholder's bank account is made
by telephone or fax, payment will be by Federal Reserve bank wire to the bank
account designated on the application, unless a request is made that the
redemption check be mailed to the designated bank account. There will be a $5
charge for all wire redemptions.

Note: Investors designating a savings bank to receive their telephone
redemption proceeds are advised that if the savings bank is not a
participant in the Federal Reserve System, redemption proceeds must be
wired through a commercial bank which is a correspondent of the savings
bank. As this may delay receipt by the shareholder's account, it is
suggested that investors wishing to use a savings bank discuss wire
procedures with their bank and submit any special wire transfer
information with the telephone redemption authorization. If appropriate
wire information is not supplied, redemption proceeds will be mailed to
the designated bank.

The Funds employs procedure, including recording telephone calls,
testing a caller's identity, and sending written confirmation of telephone
transactions, designed to give reasonable assurance that instructions
communicated by telephone are genuine, and to discourage fraud. To the extent
that a Fund does not follow such procedures, it may be liable for losses due to
unauthorized or fraudulent telephone

<PAGE>

instructions. A Fund will not be liable for acting upon instructions
communicated by telephone that it reasonably believes to be genuine.

Redemption requests by telephone (technically a repurchase agreement
between the Fund and the shareholder) of shares purchased by check will not be
accepted until the purchase check has cleared which may take up to seven
business days.

Redemption by QuickSell

Shareholders whose predesignated bank account of record is a member of
the Automated Clearing House Network (ACH) and have elected to participate in
the QuickSell program may sell shares of a Fund by telephone. 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, normally 4 p.m. eastern time, 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 the following business day. QuickSell
transactions are not available for IRA accounts and most other retirement plan
accounts.

In order to request redemptions by QuickSell, shareholders must have
completed and returned to the Transfer Agent the application, including the
designation of a bank account. New investors wishing to establish QuickSell may
so indicate on the application. Existing shareholders who wish to add QuickSell
to their account may do so by completing a QuickSell Enrollment Form. After
sending in an enrollment form, shareholders should allow for 15 days for this
service to be available.

The Funds employ procedures, including recording telephone calls,
testing a caller's identity, and sending written confirmation of telephone
transactions, designed to give reasonable assurance that instructions
communicated by telephone are genuine, and to discourage fraud. To the extent
that a Fund does not follow such procedures, it may be liable for losses due to
unauthorized or fraudulent telephone instructions. A Fund will not be liable for
acting upon instructions communicated by telephone that it reasonably believes
to be genuine.

Redemption by Mail or Fax

Any existing share certificates representing shares being redeemed must
accompany a request for redemption and be duly endorsed or accompanied by a
proper stock assignment form with signature(s) guaranteed.

In order to ensure proper authorization before redeeming shares, the
Transfer Agent may request additional documents such as, but not restricted to,
stock powers, trust instruments, certificates of death, appointments as
executor, certificates of corporate authority and waivers of tax (required in
some states when settling estates).

It is suggested that shareholders holding shares registered in other
than individual names contact the Transfer Agent prior to any redemptions to
ensure that all necessary documents accompany the request. When shares are held
in the name of a corporation, trust, fiduciary agent, attorney or partnership,
the Transfer Agent requires, in addition to the stock power, certified evidence
of authority to sign. These procedures are for the protection of shareholders
and should be followed to ensure prompt payment. Redemption requests must not be
conditional as to date or price of the redemption. Proceeds of a redemption will
be sent within seven (7) business days after receipt by the Transfer Agent of a
request for redemption that complies with the above requirements. Delays of more
than seven (7) days of payment for shares tendered for repurchase or redemption
may result, but only until the purchase check has cleared.

<PAGE>

The requirements for IRA redemptions are different from those for
regular accounts. For more information call 1-800-225-5163.

The following disclosure replaces the disclosure regarding "Internet access" on
page 37:

Internet access

World Wide Web Site -- The address of the Scudder Funds site is www.scudder.com.
The address for the AARP Class of shares is aarp.scudder.com. These sites offer
guidance on global investing and developing strategies to help meet financial
goals and provides access to the Scudder investor relations department via
e-mail. The sites also enable users to access or view fund prospectuses and
profiles with links between summary information in Fund Summaries and details in
the Prospectus. Users can fill out new account forms on-line, order free
software, and request literature on funds.

Account Access -- The Adviser is among the first mutual fund families to allow
shareholders to manage their fund accounts through the World Wide Web. Scudder
Fund shareholders can view a snapshot of current holdings, review account
activity and move assets between Scudder Fund accounts.

The Adviser's personal portfolio capabilities -- known as SEAS (Scudder
Electronic Account Services) -- are accessible only by current Scudder Fund
shareholders who have set up a Personal Page on Scudder's Web sites. Using a
secure Web browser, shareholders sign on to their account with their Social
Security number and their SAIL password. As an additional security measure,
users can change their current password or disable access to their portfolio
through the World Wide Web.

An Account Activity option reveals a financial history of transactions
for an account, with trade dates, type and amount of transaction, share price
and number of shares traded. For users who wish to trade shares between Scudder
Funds, the Fund Exchange option provides a step-by-step procedure to exchange
shares among existing fund accounts or to new Scudder Fund accounts.

The following information replaces the disclosure on page 37 regarding
"Dividends and Capital Gains Distribution Options":

Dividends and Capital Gains Distribution Options

Investors have freedom to choose whether to receive cash or to reinvest
any dividends from net investment income or distributions from realized capital
gains in additional shares of a Fund. A change of instructions for the method of
payment may be given to the Transfer Agent in writing at least five days prior
to a dividend record date. Shareholders may change their dividend option by
calling 1-800-225-5163 for S Class and 1-800-253-2277 for AARP Class or by
sending written instructions to the Transfer Agent. Please include your account
number with your written request.

Reinvestment is usually made at the closing net asset value of the
class determined on the business day following the record date. Investors may
leave standing instructions with the Transfer Agent designating their option for
either reinvestment or cash distribution of any income dividends or capital
gains distributions. If no election is made, dividends and distributions will be
invested in additional class shares of a Fund.

Investors may also have dividends and distributions automatically
deposited to their predesignated bank account through Scudder's Direct
Distributions Program. Shareholders who elect to participate in the Direct
Distributions Program, and whose predesignated checking account of record is
with a member bank of Automated Clearing House Network (ACH) can have income and
capital gain distributions automatically deposited to their personal bank
account usually within three business days after a Fund pays its distribution. A
Direct Distributions request form can be obtained by calling 1-800-225-5163 for
S Class

<PAGE>

and 1-800-253-2277 for AARP Class. Confirmation Statements will be mailed to
shareholders as notification that distributions have been deposited.

Investors choosing to participate in Scudder's Automatic Withdrawal
Plan must reinvest any dividends or capital gains. For most retirement plan
accounts, the reinvestment of dividends and capital gains is also required.

The following information replaces the information regarding "Automatic
Withdrawal Plan" on page 42:

Non-retirement plan shareholders may establish an Automatic Withdrawal
Plan to receive monthly, quarterly or periodic redemptions from his or her
account for any designated amount of $50 or more. Shareholders may designate
which day they want the automatic withdrawal to be processed. The check amounts
may be based on the redemption of a fixed dollar amount, fixed share amount,
percent of account value or declining balance. The Plan provides for income
dividends and capital gains distributions, if any, to be reinvested in
additional Shares. Shares are then liquidated as necessary to provide for
withdrawal payments. Since the withdrawals are in amounts selected by the
investor and have no relationship to yield or income, payments received cannot
be considered as yield or income on the investment and the resulting
liquidations may deplete or possibly extinguish the initial investment and any
reinvested dividends and capital gains distributions. Requests for increases in
withdrawal amounts or to change the payee must be submitted in writing, signed
exactly as the account is registered, and contain signature guarantee(s). Any
such requests must be received by a Fund's transfer agent ten days prior to the
date of the first automatic withdrawal. An Automatic Withdrawal Plan may be
terminated at any time by the shareholder, the Corporation or its agent on
written notice, and will be terminated when all Shares of a Fund under the Plan
have been liquidated or upon receipt by the Corporation of notice of death of
the shareholder.

An Automatic Withdrawal Plan request form can be obtained by calling
1-800-225-5163 for S Class and 1-800-253-2277 for AARP Class.

The following information replaces the information regarding "Automatic
Investment Plan" on page 42:

Shareholders may arrange to make periodic investments in S Class shares
through automatic deductions from checking accounts by completing the
appropriate form and providing the necessary documentation to establish this
service. The minimum investment is $50 for S Class shares.

Shareholders may arrange to make periodic investments in the AARP Class
of each Fund through automatic deductions from checking accounts. The minimum
pre-authorized investment amount is $500. New shareholders who open a Gift to
Minors Account pursuant to the Uniform Gift to Minors Act (UGMA) and the Uniform
Transfer to Minors Act (UTMA) and who sign up for the Automatic Investment Plan
will be able to open a Fund account for less than $500 if they agree to increase
their investment to $500 within a 10 month period. Investors may also invest in
any AARP Class for $500 if they establish a plan with a minimum automatic
investment of at least $100 per month. This feature is only available to Gifts
to Minors Account investors. The Automatic Investment Plan may be discontinued
at any time without prior notice to a shareholder if any debit from their bank
is not paid, or by written notice to the shareholder at least thirty days prior
to the next scheduled payment to the Automatic Investment Plan.

The Automatic Investment Plan involves an investment strategy called
dollar cost averaging. Dollar cost averaging is a method of investing whereby a
specific dollar amount is invested at regular intervals. By investing the same
dollar amount each period, when shares are priced low the investor will purchase
more shares than when the share price is higher. Over a period of time this
investment approach may allow the investor to reduce the average price of the
shares purchased. However, this investment

<PAGE>

approach does not assure a profit or protect against loss. This type of regular
investment program may be suitable for various investment goals such as, but not
limited to, college planning or saving for a home.

The following information replaces the information under "Performance
Information" on page 44:

[Performance to be updated]

The following information replaces the first paragraph of "Organization of the
Funds" on page 47:

Scudder Global Bond Fund and Scudder Emerging Markets Income Fund are
series of Global/International Fund, Inc., a Maryland corporation organized on
May 15, 1986. The name of this Corporation was changed, effective May 29, 1998,
from Scudder Global Fund, Inc. This Corporation currently consists of five
series: Scudder Global Fund, Scudder International Bond Fund, Scudder Global
Bond Fund, Global Discovery Fund and Scudder Emerging Markets Income Fund.
Scudder Global Fund, Scudder Global Bond Fund and Scudder Emerging Markets
Income Fund are each further divided into two classes of shares, the AARP Class
and the S Class shares.

The authorized capital stock of the Corporation consists of 1.1 billion
shares with $.01 par value, 100 million shares of which are allocated to Global
Discovery Fund, 400 million shares of which are allocated to Scudder Global Bond
Fund, 200 million shares of which are allocated to each of Scudder International
Bond Fund, Scudder Emerging Markets Income Fund and Scudder Global Fund. Each
share of each series of the Corporation (or class thereof) has equal rights as
to each other share of that series as to voting for Directors, redemption,
dividends and liquidation. The Directors have the authority to issue additional
series of shares and to designate the relative rights and preferences as between
the different series. All shares issued and outstanding are fully paid and
non-assessable, transferable, and redeemable at net asset value at the option of
the shareholder. Shares have no pre-emptive or conversion rights.

The following information replaces the information regarding "Personal
Investments by Employees of the Adviser" on page 50:

Code of Ethics

The Funds, the Adviser and principal underwriter have each adopted codes of
ethics under rule 17j-1 of the Investment Company Act. Board members, officers
of the Funds and employees of the Adviser and principal underwriter are
permitted to make personal securities transactions, including transactions in
securities that may be purchased or held by the Funds, subject to requirements
and restrictions set forth in the applicable Code of Ethics. The Adviser's Code
of Ethics contains provisions and requirements designed to identify and address
certain conflicts of interest between personal investment activities and the
interests of the Funds. Among other things, the Adviser's Code of Ethics
prohibits certain types of transactions absent prior approval, imposes time
periods during which personal transactions may not be made in certain
securities, and requires the submission of duplicate broker confirmations and
quarterly reporting of securities transactions. Additional restrictions apply to
portfolio managers, traders, research analysts and others involved in the
investment advisory process. Exceptions to these and other provisions of the
Adviser's Code of Ethics may be granted in particular circumstances after review
by appropriate personnel.

As of _____________, the following information replaces the information
regarding "Directors and Officers" on page 51:

<PAGE>

<TABLE>
<CAPTION>
DIRECTORS AND OFFICERS OF GLOBAL/INTERNATIONAL FUND, INC.

Position with
Underwriter,
Scudder Investor
Name, Age, and Address Position with Fund Principal Occupation** Services, Inc.
- ---------------------- ------------------ ---------------------- --------------
<S> <C> <C> <C>
Henry P. Becton, Jr. (56) Director President and General Manager, WGBH --
WGBH Educational Foundation
125 Western Avenue
Allston, MA 02134

Linda C. Coughlin (48)+* Director Managing Director of Scudder Kemper Senior Vice President
Investments, Inc.

Dawn-Marie Driscoll (53) Director Executive Fellow, Center for Business --
4909 SW 9th Place Ethics, Bentley College; President,
Cape Coral, FL 33914 Driscoll Associates

Edgar R. Fiedler (70) Director Senior Fellow and Economic --
50023 Brogden Counsellor, The Conference Board, Inc.
Chapel Hill, NC

Keith R. Fox (45) Director Private Equity Investor, President, --
10 East 53rd Street Exeter Capital Management Corporation
New York, NY 10022

Joan E. Spero (55) Director President, Doris Duke Charitable --
Doris Duke Charitable Foundation Foundation; Department of State -
650 Fifth Avenue Undersecretary of State for Economic,
New York, NY 10128 Business and Agricultural Affairs
(March 1993 to January 1997)

Jean Gleason Stromberg (56) Director Consultant; Director, Financial --
3816 Military Road, NW Institutions Issues, U.S. General
Washington, D.C. Accounting Office (1996-1997);
Partner, Fulbright & Jaworski Law
Firm (1978-1996)

Jean C. Tempel (56) Director Managing Partner, Technology Equity --
Ten Post Office Square Suite Partners
1325Boston, MA 02109

Steven Zaleznick (45)* Director President and CEO, AARP Services, Inc. --
(address)

Ann M. McCreary (43) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

John R. Hebble (42)+ Treasurer Senior Vice President of Scudder Assistant Treasurer
Kemper Investments, Inc.

<PAGE>

Caroline Pearson (38)+ Assistant Secretary Senior Vice President of Scudder Clerk
Kemper Investments, Inc.; Associate,
Dechert Price & Rhoads (law firm)
1989 - 1997

John Millette (37)+ Vice President and Vice President of Scudder Kemper --
Secretary Investments, Inc.
</TABLE>

* Ms. Couglin and Mr. Zaleznick are considered by the Funds and its
counsel to be "interested persons" of the Adviser or of the Corporation
as defined in the 1940 Act.
** Unless otherwise stated, all officers and directors have been
associated with their respective companies for more than five years,
but not necessarily in the same capacity.
+ Address: Two International Place, Boston, Massachusetts 02110
# Address: 345 Park Avenue, New York, New York 10154

The Directors and officers of the Corporation also serve in similar
capacities with respect to other Scudder Funds.

[shareholdings to be updated]

The following information regarding the "Administrative Fee" is added on page
55:

Administrative Fee

Each Fund has entered into administrative services agreements with
Scudder Kemper (the "Administration Agreements"), pursuant to which Scudder
Kemper will provide or pay others to provide substantially all of the
administrative services required by a Fund (other than those provided by Scudder
Kemper under its investment management agreements with the Funds, as described
above) in exchange for the payment by each Fund of an administrative services
fee (the "Administrative Fee") of 0.375% of average daily net assets for Scudder
Global Bond Fund and 0.650% of average daily net assets for Scudder Emerging
Markets Income Fund. One effect of these arrangements is to make each Fund's
future expense ratio more predictable. With regard to Scudder Global Bond Fund
and Scudder Emerging Markets Income Fund, the administrative fee will become
effective on October 1, 2000.

Various third-party service providers (the "Service Providers"), some
of which are affiliated with Scudder Kemper, provide certain services to the
Funds pursuant to separate agreements with the Funds. Scudder Fund Accounting
Corporation, a subsidiary of Scudder Kemper, computes net asset value for the
Funds and maintains their accounting records. Scudder Service Corporation, also
a subsidiary of Scudder Kemper, is the transfer, shareholder servicing and
dividend-paying agent for the shares of the Funds. Scudder Trust Company, an
affiliate of Scudder Kemper, provides subaccounting and recordkeeping services
for shareholders in certain retirement and employee benefit plans. As custodian,
Brown Brothers Harriman holds the portfolio securities of the Funds, pursuant to
a custodian agreement. PricewaterhouseCoopers LLP audits the financial
statements of the Funds and provides other audit, tax, and related services.
Dechert Price & Rhoads acts as general counsel for each Fund. In addition to the
fees they pay under the investment management agreements with Scudder Kemper,
the Funds pay the fees and expenses associated with these service arrangements,
as well as each Fund's insurance, registration, printing, postage and other
costs.

<PAGE>

Scudder Kemper will pay the Service Providers for the provision of
their services to the Funds and will pay other fund expenses, including
insurance, registration, printing and postage fees. In return, each Fund will
pay Scudder Kemper an Administrative Fee.

Each Administration Agreement has an initial term of three years,
subject to earlier termination by a Fund's Board. The fee payable by a Fund to
Scudder Kemper pursuant to the Administration Agreements is reduced by the
amount of any credit received from the Fund's custodian for cash balances.

Certain expenses of the Funds will not be borne by Scudder Kemper under
the Administration Agreements, such as taxes, brokerage, interest and
extraordinary expenses; and the fees and expenses of the Independent Directors
(including the fees and expenses of their independent counsel). In addition,
each Fund will continue to pay the fees required by its investment management
agreement with Scudder Kemper.

<PAGE>

SCUDDER GLOBAL FUND
SCUDDER EMERGING MARKETS GROWTH FUND
SCUDDER INTERNATIONAL FUND

SUPPLEMENT TO THE STATEMENT OF
ADDITIONAL INFORMATION DATED JANUARY 1, 2000

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

On or about August 28, 2000 for Scudder International Fund, September 11, 2000
for Scudder Global Fund and October 1, 2000 for Scudder Emerging Markets Growth
Fund, this prospectus will offer two classes of shares to provide investors with
different purchase options. The two classes are: the S Class and the AARP Class.
Each class has its own important features and policies. In addition, as of the
date noted above for each fund, all existing shares of Scudder Global Fund and
Scudder Emerging Markets Growth Fund and all International Shares of Scudder
International Fund will be redesignated S Class shares of their respective
funds. Shares of the AARP Class will be specially designed for members of the
American Association of Retired Persons (the "AARP").

The following information supplements the cover page:

The Semiannual Report to Shareholders of Scudder Emerging Markets Growth Fund
dated April 30, 2000 is incorporated by reference and hereby deemed to be part
of this Statement of Additional Information. The Semiannual Report to
Shareholders of Scudder Global Fund and Scudder International Fund dated
February 29, 2000 is incorporated by reference and hereby deemed to be part of
this Statement of Additional Information.

Effective September 11, 2000, the following disclosure replaces the first
sentence of the first paragraph under the heading "Scudder Global Fund" on page
2 of the Statement of Additional Information:

Scudder Global Fund seeks long-term growth while actively seeking to
reduce downside risk as compared with other global growth funds. Scudder Global
Fund will not invest in securities issued by tobacco-producing companies.

The following disclosure replaces the disclosure regarding "Additional
Information About Opening an Account" on page 23:

Additional Information About Opening an Account

<PAGE>

Boston, MA 02101, ABA Number 011000028, DDA Account 9903-5552. The investor must
give the Scudder fund, class name, account name and the new account number.
Finally, the investor must send a completed and signed application to the Fund
promptly. Investors interested in investing in the AARP Class should call
1-800-253-2277 for further instructions.

The minimum initial purchase amount is less than $2,500 under certain
plan accounts and is $1,000 for the AARP Class.

The following disclosure replaces the disclosure regarding "Minimum balances" on
page 24:

Minimum balances

The Funds reserve the right, following 60 days' written notice to
applicable shareholders, to:

The following disclosure replaces the disclosure regarding "Additional
Information About Making Subsequent Investments by QuickBuy" on page 24:

Additional Information About Making Subsequent Investments by QuickBuy

<PAGE>

calculated the following business day. If you purchase shares by QuickBuy and
redeem them within seven days of the purchase, a 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.

Investors interested in making subsequent investments in the AARP Class
of a Fund should call 1-800-253-2277 for further instruction.

The following information replaces the disclosure on pages 25 and 26 of the SAI
relating to "Share Price", "Share Certificates" and "Other Information":

Share Price

There is no sales charge in connection with the purchase of shares of
any class of the Funds.

Share Certificates

All issued and outstanding shares of what were formerly AARP Funds that
were subsequently reorganized into existing Scudder Funds were simultaneously
cancelled on the books of the AARP Funds. Share certificates representing
interests in shares of the relevant AARP Fund will represent a number of shares
of the AARP Class of the relevant Scudder Fund into which the AARP Fund was
reorganized. The AARP Class of shares of each fund will not issue certificates
representing shares in connection with the reorganization.
<PAGE>

Other Information

The following disclosure replaces the disclosure regarding "Exchanges" on page
26:

Exchanges

<PAGE>

$50. Shareholders may add this free feature over the telephone or in writing.
Automatic Exchanges will continue until the shareholder requests by telephone or
in writing to have the feature removed, or until the originating account is
depleted. The Corporation and the Transfer Agent each reserves the right to
suspend or terminate the privilege of the Systematic Exchange Program at any
time.

Scudder retirement plans may have different exchange requirements.
Please refer to appropriate plan literature.

The following disclosure replaces the disclosure regarding "Redemptions" on page
28:

Redemption By Telephone

(a) NEW INVESTORS wishing to establish the telephone redemption
privilege must complete the appropriate section on the
application.

Redemption by QuickSell

Redemption by Mail or Fax

The requirements for IRA redemptions are different from those for
regular accounts. For more information call 1-800-225-5163.

The following disclosure replaces the disclosure regarding "Internet access" on
page 31 and applies to each class of each fund except as noted:

For Scudder International Fund, the following information applies to S Class
Shares only. For information regarding account access for R Class shares, please
contact your plan administrator/ plan representative.

Internet access

The following information replaces the disclosure on page 31 regarding
"Dividends and Capital Gains Distribution Options":

Dividends and Capital Gains Distribution Options

The following information replaces the information regarding "Automatic
Withdrawal Plan" on page 36:

An Automatic Withdrawal Plan request form can be obtained by calling
1-800-225-5163 for S Class and 1-800-253-2277 for AARP Class.
<PAGE>

The following information replaces the information regarding "Automatic
Investment Plan" on page 37:

Shareholders may arrange to make periodic investments in R Class and S
Class shares through automatic deductions from checking accounts by completing
the appropriate form and providing the necessary documentation to establish this
service. The minimum investment is $50 for R Class and S Class shares.

The following information replaces the information under "Performance
Information" on page 38:

[Performance to be updated]

The following replaces the second and third paragraphs under "Organization of
the Funds" on page 41:

The authorized capital stock of the Corporation consists of 1.6 billion
shares of a par value of $.01 each which capital stock has been divided into
eight series, six of which are currently offered: Scudder International Fund,
the original series; Scudder Latin America Fund, Scudder Pacific Opportunities
Fund, both organized in December 1992, Scudder Greater Europe Growth Fund,
organized in October 1994, Scudder Emerging Markets Growth Fund, organized in
May 1996 and Scudder International Growth and Income Fund, organized in June
1997. Each series consists of 200 million shares except for the Fund which
consists of 500 million shares. Scudder International Fund is further divided
into four classes of shares, the AARP Class, the S Class, the Barrett
International Shares and the R Class shares. Scudder Latin America Fund, Scudder
Pacific Opportunities Fund, Scudder Greater Europe Growth Fund and Scudder
Emerging Markets Growth Fund are each further divided into two classes of
shares, the AARP Class and the S Class shares. The Directors have the authority
to issue additional series of shares and to designate the relative rights and
preferences as between the different series. All shares issued and outstanding
are fully paid and non-assessable, transferable, and redeemable at net asset
value at the option of the shareholder. Shares have no pre-emptive or conversion
rights.

Scudder Global Fund is a series of Global/International Fund, Inc., a
Maryland corporation organized on May 15, 1986. The name of this Corporation was
changed, effective May 29, 1998, from Scudder Global Fund, Inc. This Corporation
currently consists of five series: Scudder Global Fund, Scudder International
Bond Fund, Scudder Global Bond Fund, Global Discovery Fund and Scudder Emerging
Markets Income Fund. Scudder Global Fund, Scudder Global Bond Fund and Scudder

<PAGE>

Emerging Markets Income Fund are each further divided into two classes of
shares, the AARP Class and the S Class shares.

The following information replaces the fifth complete paragraph under
"Investment Adviser" on page 43:

The present investment management agreements (the "Agreements") became effective
September 7, 1998, were approved at a shareholder meeting held on December 15,
1998 and were most recently approved by the Directors on June 7, 1999 for
Scudder Global Fund and Scudder Emerging Markets Growth Fund. The Agreement for
Scudder International Fund was approved at a shareholder meeting held on
February 7, 2000 and will become effective on ___________. The Agreements will
continue in effect until September 30, 2000 and from year to year thereafter
only if its continuance is approved annually by the vote of a majority of those
Directors who are not parties to such Agreement or interested persons of the
Adviser or the Corporations, cast in person at a meeting called for the purpose
of voting on such approval, and either by a vote of the Corporations' Directors
or of a majority of the outstanding voting securities of the respective Fund.
The Agreements may be terminated at any time without payment of penalty by
either party on sixty days' written notice and automatically terminate in the
event of its assignment.

The following information replaces the information regarding "Personal
Investments by Employees of the Adviser" on page 44:

Code of Ethics

The following information replaces the first complete paragraph under
"Investment Adviser" on page 44:

For Scudder Kemper's services, Scudder International Fund pays Scudder Kemper a
fee equal to 0.675% of average daily net assets on such assets up to $6 billion,
0.625% of average daily net assets on such assets exceeding $6 billion, and
0.600% of average daily net assets on such assets exceeding $7 billion. The
investment advisory fees for the fiscal years ended March 31, 1999, 1998 and
1997 were $23,819,941,

<PAGE>

$22,491,681, and $20,989,160, respectively. For the five
months ended August 31, 1999, the investment advisory fees pursuant to the
Agreement amounted to $11,269,103, of which $2,432,369 was unpaid at August 31,
1999.

As of _____________, the following information replaces the information
regarding "Directors and Officers" on page 44:

DIRECTORS AND OFFICERS OF SCUDDER INTERNATIONAL FUND, INC.
AND GLOBAL/INTERNATIONAL FUND, INC.

<TABLE>
<CAPTION>
Position with
Underwriter,
Scudder Investor
Name, Age, and Address Position with Fund Principal Occupation** Services, Inc.
- ---------------------- ------------------ ---------------------- --------------
<S> <C> <C> <C>
Henry P. Becton, Jr. (56) Director President and General Manager, WGBH --
WGBH Educational Foundation
125 Western Avenue
Allston, MA 02134

Linda C. Coughlin (48)+* Director Managing Director of Scudder Kemper Senior Vice President
Investments, Inc.

Dawn-Marie Driscoll (53) Director Executive Fellow, Center for Business --
4909 SW 9th Place Ethics, Bentley College; President,
Cape Coral, FL 33914 Driscoll Associates

Edgar R. Fiedler (70) Director Senior Fellow and Economic --
50023 Brogden Counsellor, The Conference Board, Inc.
Chapel Hill, NC

Keith R. Fox (45) Director Private Equity Investor, President, --
10 East 53rd Street Exeter Capital Management Corporation
New York, NY 10022

Jean C. Tempel (56) Director Managing Partner, Technology Equity --
Ten Post Office Square Suite Partners
1325Boston, MA 02109
<PAGE>
Position with
Underwriter,
Scudder Investor
Name, Age, and Address Position with Fund Principal Occupation** Services, Inc.
- ---------------------- ------------------ ---------------------- --------------

Steven Zaleznick (45)* Director President and CEO, AARP Services, Inc. --
(address)

Elizabeth J. Allan (46) # Vice President Senior Vice President of Scudder --
Kemper Investments, Inc.

Irene T. Cheng (46) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Joyce E. Cornell (56) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Susan E. Dahl (35) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Philip S. Fortuna (41) ## Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Carol L. Franklin (47) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Edmund B. Games, Jr. (62) + Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Theresa Gusman (40) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Philip S. Fortuna (41) ## Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Carol L. Franklin (47) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Ann M. McCreary (43) # Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Gerald J. Moran ++ (61) Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Sheridan Reilly (48) # Vice President Senior Vice President of Scudder --
Kemper Investments, Inc.

Isabel M. Saltzman+ (45) Vice President Managing Director of Scudder Kemper --
Investments, Inc.

Shahram Tajbakhsh (43) ## Vice President Senior Vice President of Scudder --
Kemper Investments, Inc.
<PAGE>
Position with
Underwriter,
Scudder Investor
Name, Age, and Address Position with Fund Principal Occupation** Services, Inc.
- ---------------------- ------------------ ---------------------- --------------

John R. Hebble (42)+ Treasurer Senior Vice President of Scudder Assistant Treasurer
Kemper Investments, Inc.

Caroline Pearson (38)+ Assistant Secretary Senior Vice President of Scudder Clerk
Kemper Investments, Inc.; Associate,
Dechert Price & Rhoads (law firm)
1989 - 1997

John Millette (37)+ Vice President and Vice President of Scudder Kemper --
Secretary Investments, Inc.
</TABLE>

The Directors and officers of the Corporation also serve in similar
capacities with respect to other Scudder Funds.

[Shareholdings to be updated]

The following information regarding the "Administrative Fee" is added on page
53:

Administrative Fee

Each Fund has entered into administrative services agreements with
Scudder Kemper (the "Administration Agreements"), pursuant to which Scudder
Kemper will provide or pay others to provide substantially all of the
administrative services required by a Fund (other than those provided by Scudder
Kemper under its investment management agreements with the Funds, as described
above) in exchange for the payment by each Fund of an administrative services
fee (the "Administrative Fee") of 0.375% of its average daily net assets. One
effect of these arrangements is to make each Fund's future expense ratio more
predictable. The Administrative Fee will become effective on or about August 28,
2000 for Scudder International Fund, September 11, 2000 for Scudder Global Fund
and October 1, 2000 for Scudder Emerging Markets Growth Fund.

<PAGE>
expenses associated with these service arrangements, as well as each Fund's
insurance, registration, printing, postage and other costs.

<PAGE>

Part A of this Post-Effective Amendment No.44 to the Registration Statement is
incorporated by reference in its entirety to Scudder Global Fund's
Post-Effective Amendment No. 41 on Form N-1A filed on December 28, 1999 and to
Scudder Emerging Markets Income Fund and Scudder Global Bond Fund's
Post-Effective Amendment No. 43 on Form N-1A filed on February 29, 2000.

<PAGE>

Part B of this Post-Effective Amendment No.44 to the Registration Statement is
incorporated by reference in its entirety to the Scudder Global Fund's
Post-Effective Amendment No. 41 on Form N-1A filed on December 28, 1999, to the
Scudder Emerging Markets Income Fund and Scudder Global Bond Fund's
Post-Effective Amendment No. 43 on Form N-1A filed on February 29, 2000, to the
supplement to the Statement of Additional Information of Scudder Emerging
Markets Income Fund and Scudder Global Bond Fund filed on January 7, 2000 and to
the supplement to the Statement of Additional Information of Scudder Global Fund
filed on March 1, 2000.

<PAGE>

GLOBAL/INTERNATIONAL FUND, INC.

Scudder Emerging Markets Income Fund

Scudder Global Bond Fund

Scudder Global Fund

2
<PAGE>

Item 23 Exhibits:

<S> <C> <C>
a. (1) Articles of Amendment and Restatement, dated December 13, 1990, is
incorporated by reference to Post-Effective Amendment No. 8 to the
Registration Statement.

(2) Articles of Amendment, dated December 29, 1997, is incorporated by
reference to Post-Effective Amendment No. 34 to the Registration
Statement.

(3) Articles of Amendment, dated May 29, 1998, is incorporated by
reference to Post-Effective Amendment No. 34 to the Registration
Statement.

(4) Articles Supplementary, dated February 14, 1991, is incorporated
by reference to Post-Effective Amendment No. 9 to the Registration
Statement.

(5) Articles Supplementary, dated July 11, 1991, is incorporated by
reference to Post-Effective Amendment No. 12 to the Registration
Statement.

(6) Articles Supplementary, dated November 24, 1992, is incorporated
by reference to Post-Effective Amendment No. 18 to the Registration
Statement.

(7) Articles Supplementary, dated October 20, 1993, is incorporated
by reference to Post-Effective Amendment No. 19 to the Registration
Statement.

(8) Articles Supplementary, dated December 14, 1995, is incorporated
by reference to Post-Effective Amendment No. 26 to the Registration
Statement.

(9) Articles Supplementary, dated March 6, 1996, is incorporated
by reference to Post-Effective Amendment No. 28 to the Registration
Statement.

(10) Articles Supplementary, dated April 15, 1998 is incorporated
by reference to Post-Effective Amendment No. 34 to the Registration
Statement.

(11) Articles Supplementary, dated March 31, 2000 is filed herein.

b (1) By-Laws, dated May 15, 1986, are incorporated by reference
to the original Registration Statement.

(2) Amendment, dated May 4, 1987, to the By-Laws is incorporated by
reference to Post-Effective Amendment No. 2 to the Registration
Statement.

(3) Amendment to the By-Laws, dated September 14, 1987, is
incorporated by reference to Post-Effective Amendment No. 5 to the
Registration Statement.

3
<PAGE>

(4) Amendment to the By-Laws, dated July 27, 1988, is incorporated
by reference to Post-Effective Amendment No. 5 to the Registration
Statement.

(5) Amendment to the By-Laws, dated September 15, 1989, is incorporated
by reference to Post-Effective Amendment No. 7 to the Registration
Statement.

(6) Amended and Restated By-Laws, dated March 4, 1991, are
incorporated by reference to Post-Effective Amendment No. 12 to the
Registration Statement.

(7) Amendment to the By-Laws, dated September 20, 1991, is incorporated
by reference to Post-Effective Amendment No. 15 to the Registration
Statement.

(8) Amendment to the By-Laws, dated December 12, 1991, is incorporated
by reference to Post-Effective Amendment No. 23 to the
Registration Statement.

(9) Amendment to the By-Laws, dated October 1, 1996, is incorporated by
reference to Post-Effective Amendment No. 27 to the Registration
Statement.

(10) Amendment to the By-Laws, dated December 3, 1997, is incorporated
by reference to Post-Effective Amendment No. 34 to the Registration
Statement.

(11) Amendment to the By-Laws, dated February 7, 2000, is incorporated
by reference to Post-Effective Amendment No.44 to the Registration
Statement.

c (1) Specimen Share Certificate representing shares of capital stock of
$.01 par value of Scudder Global Fund is incorporated by reference
to Post-Effective Amendment No. 6 to the Registration Statement.

(2) Specimen Share Certificate representing shares of capital stock of
$.01 par value of Scudder International Bond Fund is incorporated
by reference to Post-Effective Amendment No. 6 to the Registration
Statement.

d (1) Investment Management Agreement between the Registrant (on behalf
of Scudder Global Fund) and Scudder Kemper Investments, Inc. dated
September 7, 1998 is incorporated by reference to Post-Effective
Amendment No. 36 to the Registration Statement.

(2) Investment Management Agreement between the Registrant (on behalf
of Scudder International Bond Fund) and Scudder Kemper Investments,
Inc., dated September 7, 1998, is incorporated by reference to
Post-Effective Amendment No. 36 to the Registration Statement.

4
<PAGE>

(3) Investment Management Agreement between the Registrant (on behalf
of Scudder Global Bond Fund) and Scudder Kemper Investments, Inc.,
dated September 7, 1998, is incorporated by reference to
Post-Effective Amendment No. 36 to the Registration Statement.

(4) Investment Management Agreement between the Registrant (on behalf
of Scudder Global Discovery Fund) and Scudder Kemper Investments,
Inc., dated September 7, 1998, is incorporated by reference to Post
Effective Amendment No. 36 to the Registration Statement.

(5) Investment Management Agreement between the Registrant (on behalf
of Scudder Emerging Markets Income Fund) and Scudder Kemper
Investments, Inc., dated September 7, 1998 is incorporated by
reference to Post-Effective Amendment No. 36 to the Registration
Statement.

e (1) Underwriting Agreement between the Registrant and Scudder Investor
Services, Inc., dated September 7, 1998, is incorporated by
reference to Post-Effective Amendment No. 36 to the Registration
Statement.

(2) Underwriting and Distribution Services Agreement between the
Registrant (on behalf of Global Discovery Fund) and Kemper
Distributors, Inc., dated August 6, 1998 incorporated by reference
to Post Effective Amendment 36 to the Registration Statement.

(3) Underwriting and Distribution Services Agreement between the
Registrant, (on behalf of Global Discovery Fund) and Kemper
Distributors, Inc., dated September 7, 1998, is incorporated by
reference to Post Effective Amendment No. 37 to the Registration
Statement.

f Inapplicable.

g (1) Custodian Agreement between the Registrant and State Street Bank
and Trust Company, dated July 24, 1986, is incorporated by
reference to Post-Effective Amendment No. 1 to the Registration
Statement.

(2) Fee schedule for Exhibit (g)(1) is incorporated by reference to
Post-Effective Amendment No. 4 to the Registration Statement.

(3) Custodian Agreement between the Registrant (on behalf of Scudder
International Bond Fund) and Brown Brothers Harriman & Co., dated
July 1, 1988, is incorporated by reference to Post-Effective
Amendment No. 5 to the Registration Statement.

(4) Fee schedule for Exhibit 8(g)(3) is incorporated by reference to
Post-Effective Amendment No. 5 to the Registration Statement.

(5) Amendment, dated September 16, 1988, to the Custodian Contract
between the Registrant and State Street Bank and Trust Company
dated July 24, 1986 is Incorporated by reference to Post-Effective
Amendment No. 6 to the Registration Statement.

5
<PAGE>

(6) Amendment, dated December 7, 1988, to the Custodian Contract
between the Registrant and State Street Bank and Trust Company
dated July 24, 1986 is incorporated by reference to Post-Effective
Amendment No. 6 to the Registration Statement.

(7) Amendment, dated November 30, 1990, to the Custodian Contract
between the Registrant and State Street Bank and Trust Company,
dated July 24, 1986, is incorporated by reference to Post-Effective
Amendment No. 10 to the Registration Statement.

(8) Custodian Agreement between the Registrant (on behalf of Scudder
Short Term Global Income Fund) and Brown Brothers Harriman & Co.,
dated February 28, 1991, is incorporated by reference to
Post-Effective Amendment No. 15 to the Registration Statement.

(9) Custodian Agreement between the Registrant (on behalf of Scudder
Global Small Company Fund) and Brown Brothers Harriman & Co., dated
August 30, 1991, is incorporated by reference to Post-Effective
Amendment No. 16 to the Registration Statement.

(10) Custodian Agreement between the Registrant (on behalf of Scudder
Emerging Markets Income Fund) and Brown Brothers Harriman & Co.,
dated December 31, 1993, is incorporated by reference to
Post-Effective Amendment No. 23 to the Registration Statement.

(11) Amendment (on behalf of Scudder Global Fund) dated October 3, 1995
to the Custodian Agreement between the Registrant and Brown
Brothers Harriman & Co., dated March 7, 1995, is incorporated by
reference to Post-Effective Amendment No. 24 to the Registration
Statement.

(12) Amendment, dated September 29, 1997, to the Custodian Contract
between the Registrant and Brown Brothers Harriman & Co. dated,
March 7, 1995, is incorporated by reference to Post-Effective
Amendment No. 32 to the Registration Statement.

(13) Amendment (on behalf of Scudder International Bond Fund), dated
April 16, 1998, to the Custodian Agreement between the Registrant
and Brown Brothers Harriman & Co., dated March 7, 1995, is
incorporated by reference to Post-Effective Amendment No. 34 to the
Registration Statement.

(14) Amendment (on behalf of Scudder Global Discovery Fund), dated April
16, 1998, to the Custodian Agreement between the Registrant and
Brown Brothers Harriman & Co., dated March 7, 1998, is incorporated
by reference to Post-Effective Amendment No. 34 to the Registration
Statement.

(15) Amendment (on behalf of Scudder Emerging Markets Income Fund),
dated June 17, 1998, to the Custodian Agreement between the
Registrant and Brown Brothers Harriman & Co., dated March 7, 1995,
is incorporated by reference to Post-Effective Amendment No. 34 to
the Registration Statement.

6
<PAGE>

h (1) Transfer Agency and Service Agreement between the Registrant and
Scudder Service Corporation, dated October 2, 1989, is incorporated
by reference to Post-Effective Amendment No. 7 to the Registration
Statement.

(2) Revised fee schedule dated October 1, 1996 for Exhibit 9(a)(1) is
incorporated by reference to Post-Effective Amendment No. 28 to the
Registration Statement.

(3) Agency agreement between the Registrant, (on behalf of Global
Discovery Fund) and Kemper Service Company, dated April 16,1998, is
incorporated by reference to Post-Effective Amendment No. 35 to the
Registration Statement.

(4) COMPASS Service Agreement between Scudder Trust Company and the
Registrant, dated October 1, 1995, is incorporated by reference to
Post-Effective Amendment No. 26 to the Registration Statement.

(5) Revised fee schedule, dated October 1, 1996, for Exhibit 9(b)(4) is
incorporated by reference to Post-Effective Amendment No. 28 to the
Registration Statement.

(6) Shareholder Services Agreement with Charles Schwab & Co., Inc.,
dated June 1, 1990, is incorporated by reference to Post-Effective
Amendment No. 7 to the Registration Statement.

(7) Service Agreement between Copeland Associates, Inc. and Scudder
Service Corporation (on behalf of Scudder Global Fund and Scudder
Global Small Company Fund), dated June 8, 1995, is incorporated by
reference to Post-Effective Amendment No. 24 to the Registration
Statement.

(8) Administrative Services Agreement between McGladvey & Pullen, Inc.
and the Registrant, dated September 30, 1995, is incorporated by
reference to Post-Effective Amendment No. 26 to the Registration
Statement.

(9) Administrative Services Agreement between the Registrant (on behalf
of Global Discovery Fund) and Kemper Distributors, Inc., dated
April 16, 1998, is incorporated by reference to Post-Effective
Amendment No. 34 to the Registration Statement.

(10) Fund Accounting Services Agreement between the Registrant (on
behalf of Scudder Global Fund) and Scudder Fund Accounting
Corporation, dated March 14, 1995, is incorporated by reference to
Post-Effective Amendment No. 24 to the Registration Statement.

(11) Fund Accounting Services Agreement between the Registrant (on
behalf of Scudder International Bond Fund) and Scudder Fund
Accounting Corporation, dated August 3, 1995, is incorporated by
reference to Post-Effective Amendment No. 25 to the Registration
Statement.

7
<PAGE>

(12) Fund Accounting Services Agreement between the Registrant (on
behalf of Scudder Global Small Company Fund) and Scudder Fund
Accounting Corporation, dated June 15, 1995, is incorporated by
reference to Post-Effective Amendment No. 25 to the Registration
Statement.

(13) Fund Accounting Services Agreement between the Registrant (on
behalf of Scudder Global Bond Fund (formerly Scudder Short Term
Global Income Fund)) and Scudder Fund Accounting Corporation, dated
November 29, 1995, is incorporated by reference to Post-Effective
Amendment No. 26 to the Registration Statement.

(14) Fund Accounting Services Agreement between the Registrant (on
behalf of Scudder Emerging Markets Income Fund) and Scudder Fund
Accounting Corporation, dated February 1, 1996, is incorporated by
reference to Post-Effective Amendment No. 27 to the Registration
Statement.

(15) Administrative Agreement between the Registrant on behalf of
Scudder Emerging Markets Income Fund and Scudder Kemper
Investments, Inc. dated , 2000 to be filed by amendment.

(16) Administrative Agreement between the Registrant on behalf of
Scudder Global Fund and Scudder Kemper Investments, Inc.
dated , 2000 to be filed by amendment.

(17) Administrative Agreement between the Registrant on behalf of
Scudder Global Bond Fund and Scudder Kemper Investments, Inc.
dated , 2000 to be filed by amendment.

i Inapplicable.

j Inapplicable.

k Inapplicable.

l Inapplicable.

m (1) Amended and Restated Rule 12b-1 Plan for Global Discovery Fund
Class B Shares, dated August 6, 1998, is incorporated by reference
to Post Effective Amendment No. 36 to the Registration Statement.

(2) Amended and Restated Rule 12b-1 Plan for Global Discovery Fund
Class C Shares dated August 6, 1998 is incorporated by reference to
Post Effective Amendment No. 36 to the Registration Statement.

n. (1) Mutual Funds Multi-Distribution System Plan pursuant to Rule
18f-3 is incorporated by reference to Post-Effective Amendment No.
33 Exhibit o to the Registration Statement.

(2) Plan with respect to Scudder Emerging Markets Income Fund pursuant
to Rule 18f-3 to be filed by amendment.

8
<PAGE>

(3) Plan with respect to Scudder Global Fund pursuant to Rule 18f-3 to
be filed by amendment.

(4) Plan with respect to Scudder Global Bond Fund pursuant to Rule
18f-3 to be filed by amendment.

p. Scudder Kemper Investments, Inc. Code of Ethics is filed herein.
</TABLE>

Item 24. Persons Controlled by or under Common Control with Registrant
- -------- -------------------------------------------------------------

None

Item 25. Indemnification.
- -------- ----------------

A policy of insurance covering Scudder Kemper Investments,
Inc., its subsidiaries including Scudder Investor Services,
Inc., and all of the registered investment companies advised
by Scudder Kemper Investments, Inc. insures the Registrant's
Directors and officers and others against liability arising by
reason of an alleged breach of duty caused by any negligent
error or accidental omission in the scope of their duties.

Article Tenth of Registrant's Articles of Incorporation state as
follows:

TENTH: Liability and Indemnification
- ------ -----------------------------

To the fullest extent permitted by the Maryland General Corporation Law
and the Investment Company Act of 1940, no director or officer of the
Corporation shall be liable to the Corporation or to its stockholders for
damages. This limitation on liability applies to events occurring at the time a
person serves as a director or officer of the Corporation, whether or not such
person is a director or officer at the time of any proceeding in which liability
is asserted. No amendment to these Articles of Amendment and Restatement or
repeal of any of its provisions shall limit or eliminate the benefits provided
to directors and officers under this provision with respect to any act or
omission which occurred prior to such amendment or repeal.

The Corporation, including its successors and assigns, shall indemnify
its directors and officers and make advance payment of related expenses to the
fullest extent permitted, and in accordance with the procedures required by
Maryland law, including Section 2-418 of the Maryland General Corporation Law,
as may be amended from time to time, and the Investment Company Act of 1940. The
By-laws may provide that the Corporation shall indemnify its employees and/or
agents in any manner and within such limits as permitted by applicable law. Such
indemnification shall be in addition to any other right or claim to which any
director, officer, employee or agent may otherwise be entitled.

The Corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the Corporation
or is or was serving at the request of the Corporation as a director, officer,
partner, trustee, employee or agent of another foreign or domestic corporation,
partnership, joint venture, trust or other enterprise or employee benefit plan
against any liability asserted against and incurred by such person in any such
capacity or arising out of such person's position, whether or not the
Corporation would have had the power to indemnify against such liability.

The rights provided to any person by this Article shall be enforceable
against the Corporation by such person who shall be presumed to have relied upon
such rights in serving or continuing to serve in the capacities indicated
herein. No amendment of these Articles of Amendment and Restatement shall impair
the rights of any person arising at any time with respect to events occurring
prior to such amendment.

Nothing in these Articles of Amendment and Restatement shall be deemed
to (i) require a waiver of compliance with any provision of the Securities Act
of 1933, as amended, or the Investment Company Act of 1940, as amended, or of
any valid rule, regulation or order of the Securities and Exchange Commission
under those Acts or (ii) protect any director or officer of the Corporation
against any liability to the Corporation or its stockholders to

9
<PAGE>

which he would otherwise be subject by reason of willful misfeasance, bad faith
or gross negligence in the performance of his or her duties or by reason of his
or her reckless disregard of his or her obligations and duties hereunder.

Item 26. Business or Other Connections of Investment Adviser
- -------- ---------------------------------------------------

Scudder Kemper Investments, Inc. has stockholders and
employees who are denominated officers but do not as such have
corporation-wide responsibilities. Such persons are not
considered officers for the purpose of this Item26.
<TABLE>
<CAPTION>
Business and Other Connections of Board
Name of Directors of Registrant's Adviser
---- ------------------------------------

<S> <C>
Stephen R. Beckwith Treasurer, Scudder Kemper Investments, Inc.**
Director, Kemper Service Company
Director, Vice President and Treasurer, Scudder Fund Accounting Corporation*
Director and Treasurer, Scudder Stevens & Clark Corporation**
Director and Chairman, Scudder Defined Contribution Services, Inc.**
Director and President, Scudder Capital Asset Corporation**
Director and President, Scudder Capital Stock Corporation**
Director and President, Scudder Capital Planning Corporation**
Director and President, SS&C Investment Corporation**
Director and President, SIS Investment Corporation**
Director and President, SRV Investment Corporation**
Director and Chairman, Scudder Threadneedle International Ltd.
Director, Scudder Kemper Holdings (UK) Ltd. oo
Director and President, Scudder Realty Holdings Corporation *
Director, Scudder, Stevens & Clark Overseas Corporationo
Director and Treasurer, Zurich Investment Management, Inc. xx
Director and Treasurer, Zurich Kemper Investments, Inc.
Director, Kemper Distributors, Inc.
Lynn S. Birdsong Director, Vice President and Chief Investment Officer, Scudder Kemper Investments,
Inc.**
Director and Chairman, ScudderInvestments (Luxembourg) S.A.#
Director, Scudder Investments (U.K.) Ltd. oo
Director and Chairman of the Board, Scudder Investments Asia, Ltd. ooo
Director and Chairman, Scudder Investments Japan, Inc. +
Senior Vice President, Scudder Investor Services, Inc.
Director and Chairman, Scudder Trust (Cayman) Ltd. +++ +++ +++
Director, Scudder, Stevens & Clark Australia x
Director and Vice President, Zurich Investment Management, Inc. xx
Director and President, Scudder, Stevens & Clark Corporation **
Director and President, Scudder , Stevens & Clark Overseas Corporation o
Director, Scudder Threadneedle International Ltd.
Director, Korea Bond Fund Management Co., Ltd. +

William H. Bolinder Director, Scudder Kemper Investments, Inc.**
Member Group Executive Board, Zurich Financial Services, Inc. ##
Chairman, Zurich-American Insurance Company xxx

Nicholas Bratt Director, Scudder Kemper Investments, Inc.**
Vice President, Scudder, Stevens & Clark Corporation **
Vice President, Scudder, Stevens & Clark Overseas Corporation o

Laurence W. Cheng Director, Scudder Kemper Investments, Inc.**
Member, Corporate Executive Board, Zurich Insurance Company of Switzerland ##

10
<PAGE>

Director, ZKI Holding Corporation xx

Gunther Gose Director, Scudder Kemper Investments, Inc.**
CFO, Member Group Executive Board, Zurich Financial Services, Inc. ##
CEO/Branch Offices, Zurich Life Insurance Company ##

Rolf Huppi Director, Chairman of the Board, Scudder Kemper Investments, Inc.**
Member, Corporate Executive Board, Zurich Insurance Company of Switzerland ##
Director, Chairman of the Board, Zurich Holding Company of America xxx
Director, ZKI Holding Corporation xx

Harold D. Kahn Chief Financial Officer, Scudder Kemper Investments, Inc.**

Kathryn L. Quirk Chief Legal Officer, Chief Compliance Officer and Secretary, Scudder Kemper
Investments, Inc.**
Director, Vice President, Chief Legal Officer and Secretary, Kemper Distributors, Inc.
Director and Secretary, Kemper Service Company
Director, Senior Vice President, Chief Legal Officer & Assistant Clerk, Scudder
Investor Services, Inc.
Director, Vice President & Secretary, Scudder Fund Accounting Corporation*
Director, Vice President & Secretary, Scudder Realty Holdings Corporation*
Director & Assistant Clerk, Scudder Service Corporation*
Director and Secretary, SFA, Inc.*
Vice President, Director & Assistant Secretary, Scudder Precious Metals, Inc.***
Director, Scudder, Stevens & Clark Japan, Inc. ###
Director, Vice President and Secretary, Scudder, Stevens & Clark of Canada, Ltd.***
Director, Vice President and Secretary, Scudder Canada Investor Services Limited***
Director, Vice President and Secretary, Scudder Realty Advisers, Inc. ++
Director and Secretary, Scudder, Stevens & Clark Corporation**
Director and Secretary, Scudder, Stevens & Clark Overseas Corporation o
Director, Vice President and Secretary, Scudder Defined Contribution Services, Inc.**
Director, Vice President and Secretary, Scudder Capital Asset Corporation**
Director, Vice President and Secretary, Scudder Capital Stock Corporation**
Director, Vice President and Secretary, Scudder Capital Planning Corporation**
Director, Vice President and Secretary, SS&C Investment Corporation**
Director, Vice President and Secretary, SIS Investment Corporation**
Director, Vice President and Secretary, SRV Investment Corporation**
Director, Vice President, Chief Legal Officer and Secretary, Scudder Financial
Services, Inc.*
Director, Korea Bond Fund Management Co., Ltd. +
Director, Scudder Threadneedle International Ltd.
Director, Chairman of the Board and Secretary, Scudder Investments Canada, Ltd.
Director, Scudder Investments Japan, Inc. x
Director and Secretary, Scudder Kemper Holdings (UK) Ltd. oo
Director and Secretary, Zurich Investment Management, Inc. xx

Edmond D. Villani Director, President and Chief Executive Officer, Scudder Kemper Investments, Inc.**
Director, Scudder, Stevens & Clark Japan, Inc. ###
President and Director, Scudder, Stevens & Clark Overseas Corporation o
President and Director, Scudder, Stevens & Clark Corporation**
Director, Scudder Realty Advisors, Inc. ++

11
<PAGE>

Director, IBJ Global Investment Management S.A. Luxembourg, Grand-Duchy of Luxembourg
Director, Scudder Threadneedle International Ltd.
Director, Scudder Investments Japan, Inc. +++
Director, Scudder Kemper Holdings (UK) Ltd. oo
President and Director, Zurich Investment Management, Inc. xx
Director and Deputy Chairman, Scudder Investment Holdings Ltd.
</TABLE>

* Two International Place, Boston, MA
++ 333 South Hope Street, Los Angeles, CA
** 345 Park Avenue, New York, NY
# Societe Anonyme, 47, Boulevard Royal, L-2449 Luxembourg, R.C.
Luxembourg B 34.564
*** Toronto, Ontario, Canada
+++ +++ +++ +++ Grand Cayman, Cayman Islands, British West Indies
o 20-5, Ichibancho, Chiyoda-ku, Tokyo, Japan
### 1-7, Kojimachi, Chiyoda-ku, Tokyo, Japan
xx 222 S. Riverside, Chicago, IL
xxx Zurich Towers, 1400 American Ln., Schaumburg, IL
+ P.O. Box 309, Upland House, S. Church St., Grand Cayman,
British West Indies
## Mythenquai-2, P.O. Box CH-8022, Zurich, Switzerland
oo One South Place, 5th Floor, London EC2M 2ZS England
ooo One Exchange Square, 29th Floor, Hong Kong
+ Kamiyachyo Mori Building, 12F1, 4-3-20, Toranomon, Minato-ku,
Tokyo 105-0001
x Level 3, Five Blue Street, North Sydney, NSW 2060

Item 27. Principal Underwriters.
- -------- -----------------------

(a)

Scudder Investor Services, Inc. acts as principal underwriter of the
Registrant's shares and also acts as principal underwriter for other
funds managed by Scudder Kemper Investments, Inc.

(b)

The Underwriter has employees who are denominated officers of an
operational area. Such persons do not have corporation-wide
responsibilities and are not considered officers for the purpose of
this Item 27.

<TABLE>
<CAPTION>
(1) (2) (3)

Scudder Investor Services, Inc. Position and Offices with Positions and
Name and Principal Scudder Investor Services, Inc. Offices with Registrant
Business Address ------------------------------- -----------------------
----------------
<S> <C> <C>
Lynn S. Birdsong Senior Vice President None
345 Park Avenue
New York, NY 10154

Mark S. Casady President and Assistant Treasurer None
Two International Place
Boston, MA 02110

Linda Coughlin Director and Senior Vice President None
Two International Place
Boston, MA 02110

12
<PAGE>

Richard W. Desmond Vice President None
345 Park Avenue
New York, NY 10154

Paul J. Elmlinger Senior Vice President and Assistant None
345 Park Avenue Clerk
New York, NY 10154

Philip S. Fortuna Vice President None
101 California Street
San Francisco, CA 94111

William F. Glavin Vice President None
Two International Place
Boston, MA 02110

Margaret D. Hadzima Assistant Treasurer None
Two International Place
Boston, MA 02110

John R. Hebble Assistant Treasurer Treasurer
Two International Place
Boston, MA 02110

James J. McGovern Chief Financial Officer and Treasurer None
345 Park Avenue
New York, NY 10154

Lorie C. O'Malley Vice President None
Two International Place
Boston, MA 02110

Caroline Pearson Clerk Assistant Secretary
Two International Place
Boston, MA 02110

Kathryn L. Quirk Director, Senior Vice President, Chief Trustee, Vice President
345 Park Avenue Legal Officer and Assistant Clerk and Assistant Secretary
New York, NY 10154

Robert A. Rudell Director and Vice President None
Two International Place
Boston, MA 02110

William M. Thomas Vice President None
Two International Place
Boston, MA 02110

Benjamin Thorndike Vice President None
Two International Place
Boston, MA 02110

13
<PAGE>

Linda J. Wondrack Vice President and Chief Compliance None
Two International Place Officer
Boston, MA 02110
</TABLE>

(c)
<TABLE>
(1) (2) (3) (4) (5)
Net Underwriting Compensation on
Name of Principal Discounts and Redemptions Brokerage Other
Underwriter Commissions and Repurchases Commissions Compensation
----------- ----------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Scudder Investor None None None None
Services, Inc.
</TABLE>

(d)

Kemper Distributors, Inc. acts as principal underwriters of the
Registrant's shares (on behalf of Global Discovery Fund - Class A, Class B and
Class C Shares) and acts as principal underwriters of the Kemper Funds.

(e)
<TABLE>
(1) (2) (3)

Name and Principal Position and Offices with Positions and
Business Address Scudder Investor Services, Inc. Offices with Registrant
---------------- ------------------------------- -----------------------
<S> <C> <C>
James L. Greenawalt President None

Linda C. Coughlin Director and Vice Chairman None

Kathryn L. Quirk Director, Secretary, Chief Legal Officer and Vice Director
President

James J. McGovern Chief Financial Officer and Treasurer None

Linda J. Wondrack Vice President and Chief Compliance Officer None

Paula Gaccione Vice President None

Michael E. Harrington Managing Director None

Robert A. Rudell Vice President None

William M. Thomas Managing Director None

<PAGE>

Todd N. Gierke Assistant Treasurer None

Phillip J. Collora Assistant Secretary None

Paul J. Elmlinger Assistant Secretary None

Diane E. Ratekin Assistant Secretary None

Mark S. Casady Director and Chairman None

Stephen R. Beckwith Director None

Herbert A. Christiansen Vice President None

Michael Curran Managing Director None

Robert Froelich Managing Director None

C. Perry Moore Managing Director None

Lorie O'Malley Managing Director None

David Swanson Managing Director None

William Glavin Managing Director None

Gary Kocher Managing Director None

Howard Schneider Managing Director None

Johnston Allan Norris Managing Director and Senior Vice President None

John H. Robinson, Jr. Managing Director and Senior Vice President None

George A. Antonah Senior Vice President None
</TABLE>

Item 28. Location of Accounts and Records.
- -------- ---------------------------------

Certain accounts, books and other documents required to be
maintained by Section 31(a) of the 1940 Act and the Rules
promulgated thereunder are maintained by Scudder Kemper
Investments, Inc., 345 Park Avenue, New York, NY 10154.
Records relating to the duties of the Registrant's custodian
(on behalf of Scudder Global Fund) are maintained by State
Street Bank and Trust Company, Heritage Drive, North Quincy,
Massachusetts. Records relating to the duties of the
Registrant's custodian (on behalf of Scudder International
Bond Fund, Scudder Short Term Global Income Fund, Scudder
Global Small Company Fund and Scudder Emerging Markets Income
Fund) are maintained by Brown Brothers Harriman & Co., 40
Water Street, Boston, Massachusetts.

Item 29. Management Services.
- -------- --------------------

Inapplicable.

Item 30. Undertakings.
- -------- -------------

<PAGE>

None.

16
<PAGE>

SIGNATURES
----------

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this amendment to its Registration
Statement pursuant to Rule 485(a) under the Securities Act of 1933 and has duly
caused this amendment to its Registration Statement to be signed on its behalf
by the undersigned, thereto duly authorized, in the City of Boston and the
Commonwealth of Massachusetts on the 8th day of May, 2000.

GLOBAL/INTERNATIONAL FUND, INC.

By /s/ John Millette
----------------------------
John Millette
Vice President and Secretary

Pursuant to the requirements of the Securities Act of 1933, this
amendment to its Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
- --------- ----- ----

<S> <C> <C>
/s/ Nicholas Bratt
- ---------------------------------------
Nicholas Bratt President (for all except Scudder May 8, 2000
Global Fund)

/s/ William E. Holzer
- ---------------------------------------
William E. Holzer President (for Scudder Global Fund) May 8, 2000

/s/ Sheryle J. Bolton
- ---------------------------------------
Sheryle J. Bolton* Director May 8, 2000

/s/ William T. Burgin
- ---------------------------------------
William T. Burgin* Director May 8, 2000

/s/ Keith R. Fox
- ---------------------------------------
Keith R. Fox* Director May 8, 2000

/s/ William H. Luers
- ---------------------------------------
William H. Luers* Director May 8, 2000

/s/ Kathryn L. Quirk
- ---------------------------------------
Kathryn L. Quirk* Director, Vice President and May 8, 2000
Assistant Secretary

<PAGE>

SIGNATURE TITLE DATE
- --------- ----- ----

/s/ Joan E. Spero
- ---------------------------------------
Joan E. Spero* Director May 8, 2000

/s/ John R. Hebble
- ---------------------------------------
John R. Hebble Treasurer (Chief Financial Officer) May 8, 2000
</TABLE>

*By: /s/ John Millette
------------------------------
John Millette

Attorney-in-fact, pursuant to powers of
attorney included with the signature
pages of Post-Effective Amendment No. 39
to the Registration Statement, filed
October 12, 1999.

<PAGE>

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

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

EXHIBITS

FORM N-1A

POST-EFFECTIVE AMENDMENT NO. 44

TO REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

AND

AMENDMENT NO. 47

TO REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

GLOBAL/INTERNATIONAL FUND, INC.

<PAGE>

GLOBAL/INTERNATIONAL FUND, INC.

Exhibit Index

Exhibit (a)(11)

Exhibit (p)

Exhibit(a)(11)
GLOBAL/INTERNATIONAL FUND, INC.
ARTICLES SUPPLEMENTARY

Global/International Fund, Inc., a Maryland corporation (which is
hereinafter called the "Corporation), hereby certifies to the State Department
of Assessments and Taxation of Maryland that:

FIRST: Pursuant to and in accordance with Section 2-105(c) of the
Maryland General Corporation Law, the aggregate number of shares of capital
stock that the Corporation, which is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended, has the
authority to issue is hereby increased to one billion, one hundred million
(1,100,000,000) shares, with a par value of $0.01 per share, for an aggregate
par value of eleven million dollars ($11,000,000).

(a) Immediately before the increase effected by these Articles
Supplementary, the total number of shares of capital stock of
all series and classes that the Corporation had the authority
to issue was eight hundred million ($800,000,000) shares with
a par value of $0.01 per share, for an aggregate par value of
eight million dollars ($8,000,000).

(b) Immediately after the increase effected by these Articles
Supplementary, the total number of shares of capital stock of
all series and classes that the Corporation has the authority
to issue is one billion one hundred million (1,100,000,000)
shares, with a par value of $0.01 per share, for an aggregate
par value of eleven million dollars (11,000,000).

SECOND: Pursuant to the authority expressly vested in the Board of
Directors of the Corporation by Article FIFTH of the Charter of the Corporation,
the Board of Directors (i) has duly designated and classified one hundred
million (100,000,000) of the three hundred million (300,000,000) shares of the
capital stock of the Corporation resulting from the increase of authorized
capital stock effected by these Articles Supplementary into a new a class of
shares of the "Emerging Markets Income Fund" series of the Corporation's capital
stock, with such shares being designated and classified as "AARP Shares" of the
"Emerging Markets Income Fund" series and (ii) has duly designated and
classified the existing one hundred million (100,000,000) shares of the issued
and unissued authorized shares of the "Emerging Markets Income Fund" series of
the Corporation's capital stock as a separate class of the "Emerging Markets
Income Fund" series, such class being designated as the "Class S Shares" of the
"Emerging Markets Income Fund" series.

THIRD: Pursuant to the authority expressly vested in the Board of
Directors of the Corporation by Article FIFTH of the Charter of the Corporation,
the Board of Directors (i) has duly designated and classified one hundred
million (100,000,000) of the three hundred million (300,000,000) shares of the
capital stock of the Corporation resulting from the increase of authorized
capital stock effected by these Articles

<PAGE>

Supplementary into a new a class of shares of the "Global Bond Fund" series of
the Corporation's capital stock, with such shares being designated and
classified as "AARP Shares" of the "Global Bond Fund" series and (ii) has duly
designated and classified the existing three hundred million (300,000,000)
shares of the issued and unissued authorized shares of the "Global Bond Fund"
series of the Corporation's capital stock as a separate class of the "Global
Bond Fund" series, such class being designated as the "Class S Shares" of the
"Global Bond Fund" series.

FOURTH: Pursuant to the authority expressly vested in the Board of
Directors of the Corporation by Article FIFTH of the Charter of the Corporation,
the Board of Directors (i) has duly designated and classified one hundred
million (100,000,000) of the three hundred million (300,000,000) shares of the
capital stock of the Corporation resulting from the increase of authorized
capital stock effected by these Articles Supplementary into a new a class of
shares of the "Global Fund" series of the Corporation's capital stock, with such
shares being designated and classified as "AARP Shares" of the "Global Fund"
series and (ii) has duly designated and classified the existing one hundred
million (100,000,000) shares of the issued and unissued authorized shares of the
"Global Fund" series of the Corporation's capital stock as a separate class of
the Global Fund series, such class being designated as the "Class S Shares" of
the "Global Fund" series.

FIFTH: Immediately before the increase effected by of these Articles
Supplementary, the Corporation had the authority to issue eight hundred million
(800,000,000) shares of capital stock, $0.01 par value per share, one hundred
million (100,000,000) shares of authorized capital stock being designated as the
"Emerging Markets Income Fund" series; three hundred million (300,000,000)
shares of authorized capital stock being designated as the "Global Bond Fund"
series; two hundred million (200,000,000) shares of authorized capital stock
being designated as the "International Bond Fund" series; one hundred million
(100,000,000) shares of authorized capital stock being designated as the "Global
Fund" series; and one hundred million (100,000,000) shares of authorized capital
stock being designated as the "Global Discovery Fund" series, of which forty
million (40,000,000) shares were designated as "Class A" shares class of the
"Global Discovery Fund" series, twenty million (20,000,000) shares were
designated as "Class B" shares class of the "Global Discovery Fund" series, ten
million (10,000,000) shares were designated as "Class C" shares class of the
"Global Discovery Fund" series and thirty million (30,000,000) shares were
designated as "Class S" or "Scudder Shares" class of the "Global Discovery Fund"
series.

Immediately after the increase effected by these Articles
Supplementary, the Corporation will have the authority to issue one billion, one
hundred million shares of capital stock, $0.01 par value per share, two hundred
million (200,000,000) shares of authorized capital stock being designated as the
"Emerging Markets Income Fund" series, of which one hundred million
(100,000,000) shares will be designated as the "Class S Shares" class of the
"Emerging Markets Income" Fund series and one hundred million (100,000,000)
shares will be designated as the "AARP Shares" class of the "Emerging Markets
Income Fund" series; four hundred million (400,000,000) shares of authorized

2
<PAGE>

capital stock being designated as the "Global Bond Fund" series, of which three
hundred and million (300,000,000) shares will be designated as the "Class S
Shares" class of the "Global Bond Fund" series and one hundred million
(100,000,000) shares will be designated as the "AARP Shares" class of the
"Global Bond Fund" series; two hundred million (200,000,000) shares of
authorized capital stock being designated as the "Global Fund" series, of which
one hundred million (100,000,000) shares will be designated as the "Class S
Shares" class of the "Global Fund" series and one hundred million (100,000,000)
shares will be designated as the "AARP Shares" class of the "Global Fund"
series; and one hundred million (100,000,000) being designated as the "Global
Discovery Fund" series, of which forty million (40,000,000) shares will be
designated as the "Class A" shares class of the "Global Discovery Fund" series,
twenty million (20,000,000) shares will be designated as the "Class B" shares
class of the "Global Discovery Fund" series, ten million (10,000,000) shares
will be designated as the "Class C" shares class of the "Global Discovery Fund"
series, and thirty million (30,000,000) shares will be designated as "Class S"
shares or "Scudder Shares" class of the "Global Discovery Fund" series.

SIXTH: A description of the "AARP Shares" class of each of the
"Emerging Markets Income Fund," "Global Bond Fund" and "Global Fund" series,
including the preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends, qualifications and the terms or
conditions of redemption of, such shares, as set by the Board of Directors of
the Corporation, is as follows:

(a) Except as provided in the Charter of the Corporation and except as
described in (b) below, the "AARP Shares" class of each of the "Emerging Markets
Income Fund," "Global Bond Fund," and "Global Fund" series each shall be
identical in all respects, and shall have the same preferences, conversion and
other rights, voting powers, restrictions, limitations as to dividends,
qualifications and terms and conditions of redemption as, as applicable, the
"Class S Shares" class of each of the "Emerging Markets Income Fund," "Global
Bond Fund," and "Global Fund" series.

(b) The "AARP Shares" class of each of the "Emerging Markets Income
Fund," "Global Bond Fund," and "Global Fund" series may be issued and sold
subject to such sales loads or charges, whether initial, deferred or contingent,
or any combination thereof, and to such expenses and fees (including, without
limitation, distribution expenses under a Rule 12b-1 plan, administrative
expenses under an administrative, or service agreement plan or other
arrangement, and other administrative, recordkeeping, redemption, service or
other fees, however designated), and to such account size requirements, which
may be different from the sales loads, charges, expenses, fees or account size
requirements of, as applicable, the "Class S Shares" class of each of the
"Emerging Markets Income Fund," "Global Bond Fund," and "Global Fund" series,
all as the Board of Directors may from time to time establish in accordance with
the Investment Company Act of 1940, as amended, and other applicable law.

SEVENTH: Except as otherwise provided by the express provisions of
these Articles Supplementary, nothing herein shall limit, by inference or
otherwise, the

3
<PAGE>

discretionary right of the Board of Directors of the Corporation to classify and
reclassify and issue any unissued shares of any series or class of the
Corporation's capital stock and to fix or alter all terms thereof to the full
extent provided by the Charter of the Corporation.

EIGHTH: The Board of Directors of the Corporation, at a meeting duly
called and held, duly authorized and adopted resolutions increasing the
aggregate number of shares of capital stock that the Corporation has authority
to issue and designating and classifying the capital stock of the "Emerging
Markets Income Fund," "Global Bond Fund," and "Global Fund" series as set forth
in these Articles Supplementary.

IN WITNESS WHEREOF, Global/International Fund, Inc. has caused these
Articles Supplementary to be signed and acknowledged in its name and on its
behalf by its Vice President and attested to by its Assistant Secretary on this
31st day of March, 2000; and its Vice President acknowledges that these Articles
Supplementary are the act of Global/International Fund, Inc., and he further
acknowledges that, as to all matters or facts set forth herein which are
required to be verified under oath, such matters and facts are true in all
material respects to the best of his knowledge, information and belief, and that
this statement is made under the penalties for perjury.

ATTEST GLOBAL/INTERNATIONAL
FUND, INC.

/s/Caroline Pearson /s/John Millette
- ------------------- ----------------
Caroline Pearson John Millette
Assistant Secretary Vice President

Exhibit(p)

SCUDDER KEMPER INVESTMENTS, INC.

CODE OF ETHICS

- --------------------------------------------------------------------------------
Preamble

We will at all times conduct ourselves with integrity and distinction, putting
first the interests of our clients.

From the time of our Firm's inception, we have looked on our obligations to our
clients as fiduciary in nature. Our relationships were to be unencumbered in
fact or appearance by conflicts of interest, and the needs of our clients thus
represented a benchmark for assessing our own business decisions.

We believe and have always believed that our own long-term business interests
are best served by strict adherence to these principles. They are reflected in
the following internal policies and prescriptions and are implicit in the
judgment that our responsibilities exceed in scope and depth the literal
restrictions imposed by law on investor behavior (e.g., the prohibition on use
of inside information.).

The rules set forth in this Code have been adopted by Scudder Kemper
Investments, Inc. ("Scudder Kemper") and certain of its subsidiaries (the
"Covered Companies"), including Scudder Investor Services, Inc., Kemper
Distributors, Inc., Scudder Financial Services, Inc., Kemper Service
Corporation, Scudder Service Corporation, Scudder Trust Company, Scudder Fund
Accounting Corporation, and by Scudder Kemper-sponsored investment companies as
their codes of ethics applicable to Scudder Kemper-affiliated personnel.

Part 1: Conflicts of Interest

This Code does not attempt to spell out all possible cases of conflicts of
interest and we believe that members of the organization should be conscious
that areas other than personal investment transactions may involve conflicts of
interest. One such area would be accepting favors from brokers or other vendors
or service providers. We are a natural object of cultivation by firms wishing to
do business with us and it is possible that this consideration could impair our
objectivity.

A conflict of interest could also occur in securities which have a thin market
or are being purchased or sold in volume by any client or clients. Likewise, the
purchase of stocks or bonds in anticipation of (1) an upwards change to "Buy" in
the price rating, (2) their being added to the Investment Universe with a "Buy"
rating, or (3) their being purchased by a large account or group of accounts
would clearly be in conflict with our clients' interest.

Other examples of such conflicts would include the purchase or sale of a
security by a member of the organization prior to initiating a similar
recommendation to a client. Analysts occupy a particularly visible position. It
follows that analysts should be particularly careful to avoid the appearance of
"jumping the gun" before recommending a change in the rating on one of the
stocks for which he or she is responsible.

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Accordingly, all personnel are required to adhere to the following rules
governing their investment activities. These rules cannot cover all situations
which may involve a possible conflict of interest. If an employee becomes aware
of a personal interest that is, or might be, in conflict with the interest of a
client, that person should disclose the potential conflict to the Legal
Department for appropriate consideration, before any transaction is executed.

We are anxious to give every member of the Firm reasonable freedom with respect
to his/her own and family's investment activities. Furthermore, we believe that
we will be stronger and our product better if the members of the organization
have a personal interest in investing and the courage of their convictions with
respect to investment decisions. At the same time, in a profession such as ours,
it is possible to abuse the trust which has been placed in us and there could be
conflicts of interest between our clients and our personal investment
activities. In many cases such conflicts might be somewhat theoretical. On the
other hand, in a matter of this nature we must be almost as careful of
appearances as we are of the actual facts.

Our underlying philosophy has always been to avoid conflicts of interest
wherever possible and, where they unavoidably occur, to resolve them in favor of
the client. When a conflict does occur, an individual in an investment counsel
organization must recognize that the client's interests supercede the interests
of the Firm's employees and those of any members of the person's family whom he
or she may advise. This condition inevitably places some restriction on freedom
of investment for members of the organization and their families.

When any member of the organization thinks it possible that a personal
transaction can be misinterpreted as involving a conflict of interest, that
person is encouraged to write a short explanatory memorandum and attach it to
the confidential quarterly Personal Transaction Report (Form 1). Such a
memorandum should, of course, briefly document any discussion with and approval
by the Legal Department.

Personal Transaction Reports are reviewed by designees of the Ethics Committee,
who are responsible for determining whether violations have occurred, giving the
person involved an opportunity to supply additional information, and
recommending appropriate follow-up action including disciplinary measures for
late reports or other infractions.

Part 2: Personal Investments

Definitions

a. Access Person includes employees who have access to timely
information relating to investment management activities,
research and/or client portfolio holdings.

b. Affiliated person letter (407 letter) is a letter from the
compliance department on behalf of Scudder Kemper Investments,
Inc. authorizing an employee to open a brokerage account and
providing for the direction of duplicate trade confirmations
and account statements to the compliance department. All
access persons must apply for an affiliated person letter for
each personal account prior to making any personal trades for
the account. Employees who

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are not deemed access persons will receive an affiliated
person letter on request, but such letter will NOT require the
direction of duplicate trade confirmations and account
statements.

c. Beneficial Interest. You will be considered to have a
Beneficial Interest in any investment that is (whether
directly or indirectly) held by you, or by others for your
benefit (such as custodians, trustees, executors, etc.); held
by you as a trustee for members of your immediate family
(spouse, children, stepchildren, grandchildren, parents,
stepparents, grandparents, siblings, parents-in-law,
children-in-law, siblings-in-law); and held in the name of
your spouse, or minor children (including custodians under the
Uniform Gifts to Minors Act) or any relative of yours or of
your spouse (including an adult child) who is sharing your
home, whether or not you supervise such investments. You will
also be considered to have a Beneficial Interest in any
investment as to which you have a contract, understanding,
relationship, agreement or other arrangement that gives you,
or any person described above, a present or future benefit
substantially equivalent to an ownership interest in that
investment. For example, you would be considered to have a
Beneficial Interest in the following:

o an investment held by a trust of which you are the
settlor, if you have the power to revoke the trust
without obtaining the consent of all the
beneficiaries;

o an investment held by any partnership in which you
are a partner;

o an investment held by an investment club of which you
are a member;

o an investment held by a personal holding company
controlled by you alone or jointly with others.

If you have any question as to whether you have a Beneficial Interest in an
investment, you should review it with the Legal Department.

d. Covered Company is defined in the Preamble on page 1.

e. Derivative includes options, futures contracts, options on
futures contracts, swaps, caps and the like, where the
underlying instrument is a Security, a securities index, a
financial indicator, or a precious metal.

f. Employees includes all employees of each of the Covered
Companies who do not fall within the definition of Access
Person, Investment Personnel or Portfolio Manager.

g. Initial Public Offering shall include initial offerings in
equities.

h. Investment Personnel are traders, analysts, and other
employees who work directly with Portfolio Managers in an
assistant capacity, as well as those who in the course of
their job regularly receive access to client trading activity
(this

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would generally include members of the Investment Operations
and Mutual Fund Accounting groups). As those responsible for
providing information or advice to Portfolio Managers or
otherwise helping to execute or implement the Portfolio
Managers' recommendations, Investment Personnel occupy a
comparably sensitive position, and thus additional rules
outlined herein apply to such individuals.

i. Personal Account means an account through which an employee of
a Covered Company has a Beneficial Interest in any Security or
Derivative.

j. Personal Transaction means an investment transaction in a
Security or Derivative in which an employee of a Covered
Company has a Beneficial Interest.

k. Portfolio Managers are those employees of a Covered Company
entrusted with the direct responsibility and authority to make
investment decisions affecting a client. PIC Consultants are
included in this definition. In their capacities as
fiduciaries, Portfolio Managers occupy a more sensitive
position than many members of the Scudder Kemper organization
because they are originating transactions for their clients.

l. Private Placement is defined as an offering of a security,
which is being acquired in connection with an offering not
being made to "the public" but to a limited number of
investors and which has been deemed not to require
registration with the SEC.

m. Reportable Transaction includes any transaction in a Security
or Derivative; provided that Reportable Transaction does not
include any transaction in (i) direct obligations of the US
Government, or (ii) open-end investment companies for which
none of the Advisers serves as investment adviser.

n. Security includes without limitation stocks, bonds,
debentures, notes, bills and any interest commonly known as a
security, and all rights or contracts to purchase or sell a
security.

o. Scudder Kemper Funds means each registered investment company
to which an Adviser renders advisory services, other than
funds sponsored by an organization unaffiliated with Scudder
Kemper.

p. Waiver from preclearance exempts certain accounts from the
preclearance requirements. An access person may receive a
certificate of waiver from preclearance under the following
circumstances:

i. Account under the exclusive discretion of an access
person's spouse, where the spouse is employed by an
investment firm where the spouse is subject to
comparable preclearance requirements;

ii. The account is under the exclusive discretion of an
outside money manager; or

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iii. Any other situation where a waiver of preclearance is
appropriate.

A certificate of waiver from preclearance is available at the discretion of the
Ethics Committee. All accounts receiving a certificate of waiver from
preclearance must apply for a 407 letter. Transactions occurring in accounts
which have obtained a waiver from preclearance are not exempt from the quarterly
reporting requirement.

Specific Rules and Restrictions Applicable to all Employees

The following rules and restrictions are applicable to all Employees (including
Access Persons, Investment Personnel and Portfolio Managers):

a. Every Employee must file by the seventh day of the month
following the end of each quarter with the individual
designated by the Ethics Committee a confidential Personal
Transaction Report for the immediately preceding quarter (Form
1: Quarterly Personal Transaction Report). Each report must
set forth every Reportable Transaction for any Personal
Account in which the Employee has any Beneficial Interest.

In filing the reports for accounts within these rules please
note:

i. You must file a report every quarter whether or not
there were any Reportable Transactions. All
Reportable Transactions should be listed if possible
on a single form. For every Security listed on the
report, the information called for in each column
must be completed by all reporting individuals.

ii. Reports must show sales, purchases, or other
acquisitions, or dispositions, including gifts,
exercise of conversion rights and the exercise or
sale of subscription rights. Approved Personal
Transaction Preclearance Forms must be attached for
all applicable transactions. Reinvestment of
dividends (but not additional share purchases)
through dividend reinvestment plans of publicly held
companies need be indicated only on the line provided
above PURCHASES on the reverse side of the report.

iii. Quarterly reports on family and other accounts that
are fee-paying firm clients need merely list the
Scudder Kemper account number under Item #1 on Page 1
of the report; these securities transactions do not
have to be itemized.

iv. Employees may not purchase securities issued as part
of an initial public offering until three business
days after the public offering date (i.e., the
settlement date), and then only at the prevailing
market price. In addition, employees may not
participate in new issues of municipal bonds until a
CUSIP number has been identified.

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b. Employees are not permitted to serve on the boards of publicly
traded companies unless such service is approved in advance by
the Ethics Committee or its designee on the basis that it
would be consistent with the interests of the Firm. In the
case of Investment Personnel service on the board of a public
company must be consistent with the interests of the Fund with
which the Investment Personnel is associated as well as the
shareholders of such Fund, and the Investment Personnel must
be isolated from participating in investment decisions
relating to that company. See Part 7: Fiduciary and Corporate
Activities for further detail on the approval process.

c. For purposes of this Code, a prohibition or requirement
applicable to any given person applies also to transactions in
securities for any of that person's Personal Accounts,
including transactions executed by that person's spouse or
relatives living in that person's household, unless such
account is specifically exempted from such requirement by the
Ethics Committee or its designee.

d. Employees may not purchase or sell securities on the
Restricted List absent a special exception from the Legal
Department. Employees may not disclose the identities of
issuers on the Restricted List to others outside the firm.
Please See Part 3: Insider Trading, which is incorporated by
reference.

Specific Rules and Restrictions Applicable to all Access Persons

a. Access Persons are subject to each of the foregoing rules and
restrictions applicable to Employees.

b. Access Persons may not purchase or sell a "private placement"
security without the prior written approval of the Ethics
Committee or its designee and, in the case of Portfolio
Managers and research analysts, the additional approval of
their departmental reviewer (see Form 3: Special Preclearance
Form). Typically, a purchase of a private placement will not
be approved where any part of the offering is being acquired
by a client.

c. All Access Persons must disclose promptly to the Ethics
Committee or its designee the existence of any Personal
Account and must direct their brokers to supply duplicate
confirmations of all Reportable Transactions and copies of
periodic statements for all such accounts to an individual
designated by the Ethics Committee. (Use Form 5: Affiliated
Persons Letter.) These confirmations will be used to check for
conflicts of interest by comparing the information on the
confirmations against the Firm's pre-clearance records (see
sub-section (f) below) and quarterly Personal Transaction
Reports.

d. All Access Persons are required to "pre-clear" their personal
transactions with the Ethics Committee's designee. (Use Form
2: Preclearance Form.) If circumstances are such that the Firm
lacks the ability to preclear a particular transaction,
permission to execute that transaction will not be granted.
Submissions for request of trade approval must be submitted no
later than 3:30pm. If preclearance is granted, the Access
Person has until the end of the day preclearance is granted to
execute his or her trade. After such time the

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Access Person must obtain preclearance again. (Limit orders
which have been precleared and placed within this time limit
need not be precleared on subsequent days so long as the terms
of the order are not changed.) Prior approval is not required
for the exercise of rights, the rounding out of fractional
shares and receipt of stock dividends or stock splits.
Similarly, prior approval is not required for transactions in
shares of registered open-end investment companies (except in
the case of a Portfolio Manager who wishes to purchase or sell
shares of his/her Fund when the Fund is other than a money
market fund) and U.S. Government securities transactions.

e. Access Persons may not purchase any Security where the
investment rating is upgraded to "Buy" (or any Security added
to the Investment Universe with a "Buy" rating until two weeks
after the date of the rating change or addition. (See SP&P
#31-5 regarding Price Rating System.)

f. Access Persons may not sell any Security where the investment
rating is downgraded to "Unattractive" until two weeks after
the date of the rating change.

g. Access Persons may not purchase securities that are added to
the PIC Universe until two weeks after the date of the
addition.

h. In the event that an Access Person desires to trade less than
$10,000 of a Security that has a market capitalization of at
least $5 billion, pre-clearance will be granted absent special
circumstances. (However, please note that even trades falling
within this de minimus exception must be pre-cleared with the
Ethics Committee or its designee.)

i. No Access Person will receive approval to execute a securities
transaction when any client has a pending "buy" or "sell"
order in that same (or a related) Security until that order is
executed or withdrawn. Examples of related securities include
options, warrants, rights, convertible securities and American
Depository Receipts, each of which is considered "related" to
the Security into which it can be converted or exchanged.

j. Within 10 days of the commencement of employment (or within 10
days of obtaining Access Person status) all Access Persons
must disclose all holdings of securities and/or derivatives in
which they have a Beneficial Interest (and indicate which of
those holdings are private placements). Access Persons must
file an initial report even if they have no holdings. Holdings
in direct obligations of the U.S. Government and mutual (i.e.,
open-end) funds other than Scudder Kemper Funds need not be
listed.

k. Access Persons shall submit an Annual Statement of Securities
Holdings as part of the annual ethics questionnaire. The
Annual Statement of Securities Holdings shall only include
holdings that are not received by the Legal Department in the
form of duplicate statements.

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Specific Rules and Restrictions Applicable to Investment Personnel

a. Investment Personnel are subject to each of the foregoing
rules and restrictions applicable to Employees and Access
Persons.

b. Investment Personnel are prohibited from profiting from the
buying and selling, or selling and buying, of the same (or
related) securities within a 60 calendar-day period.

c. Investment Personnel who hold a privately placed Security of
an issuer whose securities are being considered for purchase
by a client must disclose to their departmental reviewer that
preexisting interest where they are involved in the
consideration of the investment by the client (using Form 3:
Special Transaction Preclearance Form). The client's purchase
of such securities must be approved by the relevant
departmental reviewer.

d. Research analysts are required to obtain special preclearance
(using Form 3: Special Transaction Preclearance Form) and
approval from their supervisor prior to purchasing or selling
a Security in an industry or country he or she follows.

Specific Rules and Restrictions Applicable to Portfolio Managers

a. Portfolio Managers are subject to each of the foregoing rules
and restrictions applicable to Employees, Access Persons and
Investment Personnel.

b. Portfolio Managers may not buy or sell a Security within seven
calendar days before and after a portfolio that he or she
manages trades in that Security.

c. When a Portfolio Manager wants to sell from his or her
Personal Account securities held by his or her clients, the
Portfolio Manager must receive prior written approval from the
Ethics Committee or its designee (Using Form 3) before acting
for the Personal Account. The Portfolio Manager must explain
his or her reasons for selling the securities.

d. When a Portfolio Manager wants to purchase for a Personal
Account a Security eligible for purchase by one of his or her
clients, the Portfolio Manager must receive prior written
approval from the Ethics Committee or its designee (Using Form
3) before acting for the Personal Account. The Portfolio
Manager must explain his or her reasons for purchasing the
securities.

e. A Portfolio Manager may not engage in short sales other than
"short sales against the box" for which both Regular and
Special Preclearance are required.

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General

a. Apart from these specific rules, purchases and sales should be
arranged in such a way as to avoid any conflict with clients
in order to implement the intent of this Code. Any attempt by
an employee to do indirectly what this Code is meant to
prohibit will be deemed a direct violation of the Code. If
there is any doubt whether you may be in conflict with
clients, particularly with respect to securities with thin
markets, you should check before buying or selling with the
Ethics Committee or its designee.

b. Hardship exceptions may be granted, in the sole discretion of
the Ethics Committee or its designee, with respect to certain
provisions of this Code in rare instances where unique
circumstances exist.

c. The Ethics Committee or its designee, on behalf of the Firm,
will report annually to each Scudder Kemper Fund's board of
directors concerning existing procedures and any material
changes to those procedures as well as any instances requiring
significant remedial action during the past year which relate
to that Fund.

d. Access Persons are permitted to maintain Margin Accounts.
Nonetheless, sales by Access Persons pursuant to margin calls
must be precleared in accordance with standard preclearance
procedures.

Excessive Trading

The firm believes that it is appropriate for its members to participate in the
public securities markets as part of their overall personal investment programs.
As in other areas, however, this should be done in a way that creates no
potential conflicts with the interests of our clients or our firm. Further, it
is important that members recognize that otherwise appropriate trading, if
excessive (measured in terms of frequency, complexity of trading programs or
numbers of trades), or if conducted during work-time or using firm resources,
can give rise to conflicts of a different category such as by distracting time,
focus, and energy from our efforts on behalf of our clients or by exceeding a
reasonable standard of firm accommodation of members' basic personal needs.
Accordingly, personal trading rising to such dimension as to create this
possibility is not consistent with the Code of Ethics, should be avoided, and
will not be approved. This provision is consistent with Group policies and by
Zurich Basics, which sets out the Group's core values and basic principles.

Disgorgement; Other Penalties

Any profits realized from a transaction that was not precleared or from a
transaction that otherwise violates a provision of this Code will be disgorged
to an appropriate charity. The Ethics Committee, in its discretion, may waive
disgorgement in exceptional circumstances. The Ethics Committee also reserves
the right to impose other penalties for violations of the Code, including
requiring reversal of a trade, fines, suspension of trading privileges and,
under the most serious of violations, termination of employment.

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Part 3: Insider Trading

I. Introduction

Employees may not transact in a security while in possession of material,
nonpublic information relating to the issuer of the security. This prohibition
applies to trading on behalf of client accounts and personal accounts. In
addition, employees may not convey material, nonpublic information about public
traded issuers to others outside the company.

SP&P 16 -11B sets forth the company policy on Insider Trading, and is
incorporated into the Code of Ethics by reference.

II. General guidelines

Employees may not transact in a security, on behalf of a client account or a
personal account, while in possession of material, nonpublic information
concerning the issuer of the security.

a. Employees who receive information which they believe may be
material and nonpublic are required to contact the Legal
Department immediately. In such circumstances, employees
should not share the information with other employees,
including supervisors. Employees may not share material,
nonpublic information with others outside the firm.

b. Employees may not purchase or sell securities on the
Restricted List absent a special exception from the Legal
Department. Employees may not disclose the identities of
issuers on the Restricted List to others outside the firm.

c. Employees may not solicit material, nonpublic information from
officers, directors or employees of public issuers.

d. Employees may not knowingly transact in securities prior to
trades made on behalf of clients, or prior to the publication
of research relating to the security.

e. Employees may not cause nonpublic information about a security
to be passed across a firewall.

III. Definitions

Material information is information that a reasonable investor would find
relevant to making an investment decision. Any information which if announced to
the public, would likely cause a change in the price of a security, is likely to
be material.

The following types of information are likely to be material: earnings, mergers
and acquisitions, dividends and special dividends, product developments,
licenses, changes in management, major litigation or regulatory action, and/or
actions by prominent investors.

Nonpublic information is information that has not been disclosed to the public.
Information available in newspapers, magazines, radio, television, and/or news
services is generally public information.

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Restricted List is a document disseminated by the Legal Department setting forth
securities which employees may not buy and/or sell for personal and client
accounts.

A firewall is a procedure designed to prevent the misuse of material, nonpublic
information received by the firm in the course of its business. Employees with
questions concerning firewall procedures and their applicability should contact
the Legal Department for further guidance. SP&P 16 -11C sets forth the company
policy on Firewall Procedures, and is incorporated into the Code of Ethics by
reference.

Part 4: Confidentiality

Our obligation as fiduciaries to act at all times in our clients' best interests
requires that we share information concerning our clients -- including
particularly information concerning their identities, holdings and account
transactions -- with those outside the Firm only on a "need to know" basis.
Accordingly, no member of the organization may discuss with, or otherwise inform
others of, the identity of any client, or any actual or contemplated transaction
for the account of a client, except in the performance of employment duties or
in an official capacity and then only for the benefit of the client, and in no
event for a direct or indirect personal benefit.

Part 5: Proprietary Rights of the Firm

When a member of the organization leaves the firm, for whatever reason, certain
business principles and procedures should be observed. Some are obvious and
inherent in the basic ethical relationship between any person and his or her
firm. In our case, there are many additional constraints as a result of our
being a confidential fiduciary in a field involving special ethical, regulatory
and professional considerations.

By way of background, the firm does not wish to deter any individuals from
furthering their careers, if they think their situation can be improved with
another firm. But if any member of the organization does move on to another
firm, he or she does so subject to those constraints.

The collective efforts of everyone at Scudder Kemper have contributed over a
period of years to what our firm is today. This includes our recognized
reputation as professional investors with a high sense of personal integrity and
ethics. Many persons have contributed to the investment product we offer and
have participated in the development of our roster of existing and prospective
clients. The central principle is that the client has retained the firm, not any
individual. Members of the firm should also understand that our clients and our
employees are central to the value of the firm. Accordingly, for at least six
quarters after the departure (unless a longer period has been agreed to),
departing members of the firm may not solicit clients to retain, or other firm
employees to join, another investment management firm.

Any member of the organization must recognize that these elements of our
business are the property of the firm and its clients. In addition, the firm has
certain obligations not to disclose the confidential and proprietary information
of third party suppliers. None of such materials

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or information may be removed from the firm or used in any way outside of
Scudder Kemper either during or after association with the firm.

In brief, the actions of anyone in the organization or of any departing member
of the organization are expected to be consistent with the spirit and intent of
this memorandum which reasserts the fact that no one of us can take away, use or
otherwise make available to a third party what belongs to the firm or its
supplier.

For example, the following items are representative of the property of the firm
or its suppliers and are not to be removed whether they are original documents,
copies, tapes or reproductions of any kind:

o Names, addresses, telephone numbers and other client contact
and correspondence procedures.

o Records and files of our clients' accounts including the
computer database.

o Account operational procedures and instructions.

o Asset listings for clients and prospects including cost
prices, dates of acquisition and the like.

o All firm research memoranda, procedures and files, including
drafts thereof, as well as procedures, notes or tapes of
research interviews, discussions, annual reports and company
releases, brokers' reports, outside consultants' reports and
any other material pertaining to investments.

o All operating memoranda such as Standard Policy and Procedures
memoranda, operations manuals, procedures and memoranda, and
compliance checklists, manuals, procedures and memoranda.

o All computer software programs, databases and related
documentation pertaining to account or research operations,
procedures or controls including access to and use of such
programs.

o Presentation materials (including drafts, memoranda and other
materials related thereto) prepared for marketing purposes or
client meetings, including computer software programs and
documentation of third party suppliers.

o All information pertaining to investment counsel and fund
prospects including lists and contact logs.

o Account performance data for all accounts which have been or
are under the supervision of the firm.

o Internal analyses, management information reports and
worksheets such as marketing and business plans, profit margin
studies, and compensation reviews.

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These examples are only illustrative and not intended as all inclusive. In
addition, you are reminded of our long and strong tradition of confidentiality
with respect to client affairs and the confidential information of third party
suppliers and the representations we make to our clients and our suppliers in
this regard.

In order to maintain the professional nature of the firm, we have an obligation
to protect vigorously the rights of our clients and the firm. The firm may
enforce these rights pursuant to appropriate judicial proceedings.
Alternatively, the firm, in its discretion, may initiate proceedings before the
American Arbitration Association in order to resolve any controversy or claim it
may have arising out of or relating to this policy, or breach of it, and
judgment on an award rendered by the arbitrator may be entered in any court
having jurisdiction.

Part 6: Gifts and Entertainment

I. Overview

It is appropriate for employees to maintain friendly but professional
relationships with persons with whom Scudder Kemper conducts its business. These
business counterparts may include persons who are associated with Scudder
Kemper's vendors, contractors, providers of service, and members of the
investment community. It is appropriate for employees to give and/or receive
gifts, business meals and/or entertainment from such business counterparts,
provided that they are not excessive in value or frequency. The good judgment of
our employees and their supervisors is of paramount importance in ensuring
compliance with this provision.

SP&P 16-11A sets forth the company policy on Gifts and Entertainment, and is
incorporated into the Code of Ethics by reference.

II. General Guidelines

a. Employees may not accept gifts that are excessive in value or
frequency.

b. The following types of transactions should be approved by a
supervisor using Form 6 (The Scudder Kemper Gift Form; See
Section III):

i. Gifts valued in excess of $100;
ii. Business meals valued in excess of $200; and
iii. Entertainment valued in excess of $300.

c. Invitations which involve the payment of substantial expenses
generally should be avoided (See SP&P 16-2A). Under most
circumstances lodging and transportation charges should be
considered the obligation of Scudder Kemper.

d. The frequency of invitations should also be taken into
account, especially entertainment. Employees generally should
not accept more than three invitations a year from any single
individual, group or organization, subject to approval from a
supervisor.

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e. When analysts and product leaders accept broker invitations to
research and investment meetings, an effort should be made to
use firms on our "Approved List" or those which are bona fide
candidates for the list. It is not good business practice to
accept assistance and invitations from firms with which we are
not likely to do business.

f. Employees may not accept gifts of cash. Employees may not
accept gifts of favorable rates on financial transactions such
as loans or brokerage commissions.

III. Reporting and Supervision

As described above, gifts valued at over $100 and the other items outlined in
II(b) hereof, must be approved by a supervisor. The supervisor must have a
corporate title of Managing Director or Senior Vice President, and must be in
the same department as the employee receiving the gift. The Scudder Kemper Gift
Form (Form 6) must be completed within ten days of receipt of the gift.
Completed gift forms are sent to Carol Beckett, at 345 Park Avenue, NY, NY
10154. In addition, gifts subject to Form 6 must be reported on the Quarterly
Personal Transaction Report.

Part 7: Fiduciary and Corporate Activities

In many fiduciary and corporate activities, members of the organization are, or
will become, engaged in responsible duties involving the expenditure of time and
the application of information and experience which properly belong to the firm
or are derived from the Scudder Kemper relationship. With certain exceptions
referred to below, any compensation or profits from these activities are,
accordingly, considered to be Scudder Kemper's income.

The Ethics Committee must give written approval to all existing or prospective
relationships and activities as described below, and no new relationship should
be initiated without written authorization on Form 7: Request For Approval of
Fiduciary, Corporate or Other Outside Activity. In those instances when approval
of a prospective fiduciary relationship, e.g., executor or trustee, has been
given and the individual subsequently is in a position to qualify and act in the
fiduciary capacity, that person is required to reapply for approval if the
character of the activity changes. The same procedures should be followed as
those for the approval of any fiduciary activity except that reference should be
made to the earlier obtained approval under "Salient Facts" on the approval
form.

Executorships

The duties of an executor are often arduous, time consuming and, to a
considerable extent, foreign to our business. As a general rule, Scudder Kemper
wishes to discourage acceptance of executorships by members of the organization.
However, business considerations or family relationships may make it desirable
to accept executorships under certain wills. In these instances follow the
procedures set forth in SP&P #16-15, Acting As Executor Under A Client's Will.
In all cases, it is necessary for the individual to have the written
authorization of the firm to act as an executor.

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When members of the organization accept executorships under clients' wills, the
organization has consistently held to the belief that these individuals are
acting for Scudder Kemper and that fees received for executors' services
rendered while associated with the firm are exclusively Scudder Kemper income.
In such instances, the firm will indemnify the individual, and the individual
will be required at the time of qualifying as executor to make a written
assignment to the firm of any executor's fees due under such executorship.
Copies of this assignment and Scudder Kemper's authorization to act as executor
are to be filed in the client's file.

Generally speaking, it is not desirable for members of the organization to
accept executorships under the wills of non-clients. Normally, however,
authorization will be given in the case of executorships for members of an
individual's immediate family assuming that arrangements for the anticipated
work load can be made without undue interference with the individual's
responsibilities to Scudder Kemper. (For example, this may require the
employment of an agent to handle the large amount of detail which is usually
involved.) In such a case, the firm would expect the individual to retain the
commission. There may be other exceptions which will be determined by the facts
of each case. All such existing or prospective relationships should be reported
in writing.

Trusteeships

It is often desirable for members of the organization to act individually as
trustees for clients' trusts. Such relationships are not inconsistent with the
nature of our business. As a general rule, Scudder Kemper does not accept
trustee's commissions where it acts as investment counsel. As in the case of
executorships, all trusteeships must have the written approval of the firm.

It is our standard practice to indemnify those individuals who act as trustees
for clients' trusts at the request of the firm. In this connection, the
individual member of the organization acting as a trustee will be asked to agree
not to claim or accept trustee's commissions for acting. This applies to trusts
which employ Scudder Kemper as investment counsel or those which are invested in
one or more of the Funds administered by Scudder Kemper.

It is recognized that individuals may be asked to serve as trustees of trusts
which do not employ Scudder Kemper. As in the case of executorships, the firm
will normally authorize individuals to act as trustees for trusts of their
immediate family. Other non-client trusteeships can conflict with our clients'
interests so that acceptance of such trusteeships will be authorized only in
unusual circumstances.

Custodianships for Minors

It is expected that most custodianships will be for minors of an individual's
immediate family. These will be considered as automatically authorized and do
not require written approval of the firm. However, the written approval of
Scudder Kemper is required for all other custodianships for minors.

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Directorships and Consultant Positions in Business Corporations

Occasionally, members of the organization are asked to serve as directors or
consultants in business organizations. As a general policy, Scudder Kemper
considers it inadvisable for such individuals to serve in these capacities. No
such position may be accepted without the written authorization of the Ethics
Committee or its designee. In the exceptional instances where such authorization
is granted, the fees or other income resulting from such a relationship are to
be turned over to Scudder Kemper (unless the firm decides otherwise) to
compensate it for the resources made available. Scudder Kemper reserves the
right to require that any member of the organization relinquish any outside
business connection when it believes that such connection is unduly time
consuming or conflicts with the interests of the firm or its clients.

Public and Charitable Positions

Scudder Kemper has consistently encouraged members of the organization to take
part in community activities and to take an active role in public and charitable
organizations. The firm expects that when accepting such duties, members of the
organization will consider possible conflicts of interest with our business as
well as the demands that such positions make upon their time. Several examples
of possible conflicts might be helpful.

When agreeing to serve in a public or charitable position, a member of the
organization should clarify in advance in writing that he or she will not
provide free continuous investment advice and management. This should be made
particularly clear where Investment Committee responsibilities are considered.
Serving without compensation on the Investment Committee of a charity which
might appropriately employ Scudder Kemper would ordinarily not be in our best
interest and prior written approval is required.

Another example of a possible conflict which should be avoided arises when a
charity is involved in fund raising. Our work gives us access to detailed
knowledge of each client's capacity to contribute and is compounded by the close
relationship which should exist between consultant and client. For any member of
the organization in the course of a charitable solicitation to take advantage of
this confidential relationship -- or even to seem to do so -- would be
unprofessional. Even under the best circumstances, the solicitation of a client
by a member of the organization is awkward and discouraged.

Members of the organization should also make it clear in writing to the public
or charitable organization that they will not participate in any search or
selection process for a future investment adviser. It is expected that the
participation of a member of the Scudder Kemper organization in a charitable
organization will not preclude the firm from being a candidate for employment as
investment counsel to that organization.

Outside Activities

The foregoing does not cover all situations in which a member of the
organization may be in a position to realize financial gain which should be
treated as belonging to Scudder Kemper. It is expected that opportunities for
substantial compensation or profit from sources outside of the firm may, for
example, be offered to a member of the organization by reason of his association
with the firm or because of his investment and financial skill or experience.

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Scudder Kemper reserves the right to decide if such compensation or profit
should be accepted and, if accepted, whether or not it should be turned over to
Scudder Kemper. All such cases must be reported promptly in writing for Ethics
Committee review and before they are operative.

New Employees

It is desirable that any fiduciary or corporate activities of a prospective
employee be reviewed by Scudder Kemper prior to the conclusion of arrangements
for employment. However, if such activities have not been reported prior to
employment, they should be reported in writing as promptly as possible
thereafter. It is recognized that there may be justification for treating such
activities which ante-date the individual's association with the firm on a
different basis than might otherwise apply. However, Scudder Kemper reserves the
right to make what it considers an appropriate determination in each case. It
also reserves the right to require that any employee give up any fiduciary or
corporate activity which it finds in conflict with the best interests of the
firm or any of its clients.

Written Approval

Where written approval is required, Form 7 should be filed with the Ethics
Committee. A separate form should be filed for each trust, executorship and the
like. Note that once an activity has been approved, no additional requests for
approval need be filed unless the character of the activity changes, e.g., if a
member of the organization has obtained approval to be named as a prospective
executor or trustee, that individual should submit a new request to qualify and
serve in this capacity by resubmitting a new Form 7 for review.

Part 8: External Communications

In our sales, marketing, client reporting and corporate communications
activities, the Firm's products, services, capabilities, and past and potential
accomplishments must be presented fairly, accurately and clearly. All marketing
materials must be reviewed by the Global Compliance Group in accordance with
SP&P #12-7. All press interviews must be cleared in advance by Public Relations.
Reports to clients, including client account valuation and performance data,
must be fair.

Part 9: Reporting Apparent Violations

Scudder Kemper believes that maintaining a strong compliance culture is in the
best interest of the firm and its clients, in that it helps both to maintain
client and employee confidence, and to avoid the costs (both reputational and
monetary) associated with compliance violations. While reducing compliance
violations to a minimum is our goal, realistically speaking, violations may
occur from time to time in an organization as large as ours. When violations
occur, it is important that they be dealt with immediately by the appropriate
members of the organization. We encourage all Scudder Kemper employees to report
apparent compliance violations to the Legal Department. Violations that go
unreported have the potential to cause far more damage than violations that are
taken care of immediately upon discovery.

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It is extremely important that apparent compliance violations be reported
through the appropriate channels. The Legal Department should be contacted in
all cases except cases involving potential violations of Human Resources
policies, which should be reported directly to Human Resources. While resolving
apparent compliance violations should virtually always involve the management of
the business unit involved, it is not necessarily appropriate (nor is it
required) that an employee report apparent violations to his or her manager, as
well as to the Legal Department.

Reports of apparent compliance violations will be treated confidentially to the
fullest extent possible. In no event will the firm tolerate retaliation against
persons who report apparent compliance violations. We realize that employees may
lack the training to distinguish actual from apparent compliance violations, and
accordingly, the fact that a reported incident proves, after investigation, not
to have involved a compliance violation will not result in any sanction against
the reporter, provided that the report was made in good faith.

Part 10: Condition of Employment or Service

Compliance with the Code of Ethics is a condition of employment or continued
affiliation with Scudder Kemper and the Scudder Kemper Funds, and conduct not in
accordance shall constitute grounds for actions including termination of
employment or removal from office.

Employees must certify annually that they have read and agree to comply in all
respects with this Code of Ethics and that they have disclosed or reported all
personal transactions it requires to be disclosed or reported. (See Form 4:
Annual Acknowledgement of Obligations Under Code of Ethics). In addition, each
year every member of the organization is required to file with the Legal
Department a complete list of all fiduciary, corporate, and other relationships
of the nature described in Part 7 above. The report is titled Form 8: Annual
Review of Personal Activities and is attached to this memorandum.