<PAGE> PAGE 1
000 B000000 03/31/98
000 C000000 088053
000 D000000 N
000 E000000 NC
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SCUDDER INTERNATIONAL FUND, INC.
001 B000000 811-642
001 C000000 6172952567
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 SCUDDER INTERNATIONAL FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 MORGAN STANLEY & CO.
020 B000001 13-2655998
020 C000001 934
020 A000002 DEUTSCHE BANK CAPITAL
020 B000002 13-6124068
020 C000002 736
020 A000003 EXANE
020 C000003 596
020 A000004 GOLDMAN, SACHS & CO.
020 B000004 13-5108880
020 C000004 394
020 A000005 UBS SECURITIES
020 B000005 13-3873456
020 C000005 318
020 A000006 BARING SECURITIES
020 B000006 04-2455153
020 C000006 313
<PAGE> PAGE 2
020 A000007 MERRILL LYNCH
020 B000007 13-5674085
020 C000007 310
020 A000008 JAMES CAPEL
020 B000008 52-1348224
020 C000008 293
020 A000009 LEHMAN BROTHERS SECURITIES
020 B000009 13-2518466
020 C000009 274
020 A000010 INDOSUEZ
020 C000010 245
021 000000 7429
022 A000001 DONALDSON LUF & JEN FIXED INC.
022 B000001 13-2741729
022 C000001 10169649
022 D000001 0
022 A000002 ASSOCIATES CORP OF NORTH AMERICA
022 C000002 914553
022 D000002 29945
022 A000003 SALOMON BROTHERS
022 B000003 13-3082694
022 C000003 599876
022 D000003 0
022 A000004 GENERAL ELECTRIC CREDIT CORP.
022 B000004 13-1500700
022 C000004 553742
022 D000004 0
022 A000005 DRESDNER
022 B000005 13-6172414
022 C000005 334414
022 D000005 0
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006 266596
022 D000006 40
022 A000007 J.P. MORGAN SECURITIES
022 B000007 13-3224016
022 C000007 135405
022 D000007 71896
022 A000008 LEHMAN BROTHERS SECURITIES
022 B000008 13-2518466
022 C000008 137688
022 D000008 49849
022 A000009 FORD MOTOR CREDIT CORP.
022 B000009 38-1612444
022 C000009 174657
022 D000009 0
022 A000010 WILLIAMS CAPITAL
022 B000010 13-3747879
022 C000010 164740
022 D000010 0
<PAGE> PAGE 3
023 C000000 14221475
023 D000000 224657
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
008 A000101 SCUDDER KEMPER INVESTMENTS, INC.
008 B000101 A
008 C000101 801-252
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10154
010 A000101 SCUDDER FUND ACCOUNTING CORPORATION
010 C010101 BOSTON
010 C020101 MA
010 C030101 02107
010 C040101 2291
011 A000101 SCUDDER INVESTOR SERVICES, INC.
011 B000101 8-298
011 C010101 BOSTON
011 C020101 MA
011 C030101 02110
012 A000101 SCUDDER SERVICE CORPORATION
012 B000101 84-1489
012 C010101 BOSTON
<PAGE> PAGE 4
012 C020101 MA
012 C030101 02110
013 A000101 COOPERS AND LYBRAND L.L.P.
013 B010101 BOSTON
013 B020101 MA
013 B030101 02110
014 A000101 SCUDDER INVESTOR SERVICES, INC.
014 B000101 8-298
014 A000102 KEMPER DISTRIBUTORS, INC.
014 B000102 8-47765
014 A000103 GRUNTAL SECURITIES, INC.
014 B000103 8-31022
014 A000104 THE GMS GROUP, INC.
014 B000104 8-23936
014 A000105 ZURICH CAPITAL MARKETS
014 B000105 8-49827
014 A000106 BANK HANDLOWY
014 B000106 8-24613
015 A000101 BROWN BROTHERS HARRIMAN AND COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02109
015 E010101 X
015 A000102 NATIONAL AUSTRALIA BANK LTD.
015 B000102 S
015 C010102 AUCKLAND
015 D010102 NEW ZEALAND
015 E040102 X
015 A000103 CREDITANSTALT BANKVEREIN
015 B000103 S
015 C010103 VIENNA
015 D010103 AUSTRIA
015 E040103 X
015 A000104 BROWN BROTHERS HARRIMAN & CO.
015 B000104 S
015 C010104 LONDON
015 D010104 UNITED KINGDOM
015 E040104 X
015 A000105 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000105 S
015 C010105 TORONTO
015 D010105 CANADA
015 E040105 X
015 A000107 MERITA BANK
015 B000107 S
015 C010107 HELSINKI
015 D010107 FINLAND
015 E040107 X
015 A000108 BANQUE PARIBUS
015 B000108 S
<PAGE> PAGE 5
015 C010108 PARIS
015 D010108 FRANCE
015 E040108 X
015 A000109 CITIBANK N.A.
015 B000109 S
015 C010109 ATHENS
015 D010109 GREECE
015 E040109 X
015 A000110 HONG KONG & SHANGHAI BANKING CORP., HONG KONG
015 B000110 S
015 C010110 HONG KONG
015 D010110 HONG KONG
015 E040110 X
015 A000111 CITIBANK N.A.
015 B000111 S
015 C010111 JAKARTA
015 D010111 INDONESIA
015 E040111 X
015 A000112 ALLIED IRISH BANKS
015 B000112 S
015 C010112 DUBLIN
015 D010112 IRELAND
015 E040112 X
015 A000113 BANCA COMMERCIALE ITALIANA
015 B000113 S
015 C010113 MILAN
015 D010113 ITALY
015 E040113 X
015 A000114 SUMITOMO TRUST & BANKING CO., LTD.
015 B000114 S
015 C010114 OSAKA
015 D010114 JAPAN
015 E040114 X
015 A000115 HONGKONG BANK MALAYSIA BERHARD
015 B000115 S
015 C010115 KUALA LUMPUR
015 D010115 MALAYSIA
015 E040115 X
015 A000116 CITIBANK MEXICO, S.A.
015 B000116 S
015 C010116 MEXICO CITY
015 D010116 MEXICO
015 E040116 X
015 A000117 ABNAMRO BANK
015 B000117 S
015 C010117 AMSTERDAM
015 D010117 NETHERLANDS
015 E040117 X
015 A000118 NATIONAL AUSTRALIA BANK LIMITED
015 B000118 S
015 C010118 MELBOURNE
<PAGE> PAGE 6
015 D010118 AUSTRALIA
015 E040118 X
015 A000119 DEN NORSKE BANK
015 B000119 S
015 C010119 OSLO
015 D010119 NORWAY
015 E040119 X
015 A000120 CITIBANK N.A.
015 B000120 S
015 C010120 MANILA
015 D010120 PHILIPPINES
015 E040120 X
015 A000121 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000121 S
015 C010121 LISBON
015 D010121 PORTUGAL
015 E040121 X
015 A000122 HONGKONG & SHANGHAI BANKING CORP., SINGAPORE
015 B000122 S
015 C010122 SINGAPORE
015 D010122 SINGAPORE
015 E040122 X
015 A000123 FIRST NATIONAL BANK OF SOUTH AFRICA
015 B000123 S
015 C010123 JOHANNESBURG
015 D010123 SOUTH AFRICA
015 E040123 X
015 A000124 BANCO SANTANDER
015 B000124 S
015 C010124 MADRID
015 D010124 SPAIN
015 E040124 X
015 A000125 SKANDINAVISKA ENSKILDA BANKEN
015 B000125 S
015 C010125 STOCKHOLM
015 D010125 SWEDEN
015 E040125 X
015 A000126 SWISS BANK CORPORATION
015 B000126 S
015 C010126 ZURICH
015 D010126 SWITZERLAND
015 E040126 X
015 A000127 HONG KONG & SHANGHAI BANKING CORP
015 B000127 S
015 C010127 BANGKOK
015 D010127 THAILAND
015 E040127 X
015 A000128 LLOYDS BANK PLC
015 B000128 S
015 C010128 LONDON
015 D010128 UNITED KINGDOM
<PAGE> PAGE 7
015 E040128 X
015 A000129 DRESDNER
015 B000129 S
015 C010129 FRANKFURT
015 D010129 GERMANY
015 E040129 X
015 A000131 BANQUE BRUXELLAS LAMBERT
015 B000131 S
015 C010131 BRUSSELS
015 D010131 BELGIUM
015 E040131 X
015 A000133 DEN DANSKE BANK
015 B000133 S
015 C010133 COPENHAGEN
015 D010133 DENMARK
015 E040133 X
015 A000143 BANKBOSTON, N.A.
015 B000143 S
015 C010143 BUENOS AIRES
015 D010143 ARGENTINA
015 E040143 X
015 A000144 CITIBANK N.A.
015 B000144 S
015 C010144 SEOUL
015 D010144 KOREA
015 E040144 X
015 A000145 CITIBANK N.A.
015 B000145 S
015 C010145 CARACAS
015 D010145 VENEZUELA
015 E040145 X
015 A000146 BANKBOSTON, N.A.
015 B000146 S
015 C010146 SAO PAULO
015 D010146 BRAZIL
015 E040146 X
015 A000152 CITIBANK N.A.
015 B000152 S
015 C010152 ISTANBUL
015 D010152 TURKEY
015 E040152 X
015 A000153 STANDARD CHARTERED BANK
015 B000153 S
015 C010153 KARACHI
015 D010153 PAKISTAN
015 E040153 X
015 A000154 THE HONG KONG & SHANGHAI BANKING CORPORATION
015 B000154 S
015 C010154 COLUMBO
015 D010154 SRI LANKA
015 E040154 X
<PAGE> PAGE 8
015 A000158 CITIBANK N.A.
015 B000158 S
015 C010158 SANTIAGO
015 D010158 CHILE
015 E040158 X
015 A000160 CITIBANK N.A.
015 B000160 S
015 C010160 BUDAPEST
015 D010160 HUNGARY
015 E040160 X
015 A000161 CITIBANK N.A.
015 B000161 S
015 C010161 MUMBAI
015 D010161 INDIA
015 E040161 X
015 A000162 BANK HAPOALIM B.M.
015 B000162 S
015 C010162 TEL AVIV
015 D010162 ISRAEL
015 E040162 X
015 A000164 CITIBANK N.A.
015 B000164 S
015 C010164 LIMA
015 D010164 PERU
015 E040164 X
015 A000166 CITIBANK POLAND S.A.
015 B000166 S
015 C010166 WARSAW
015 D010166 POLAND
015 E040166 X
015 A000171 CENTRAL TRUST OF CHINA
015 B000171 S
015 C010171 TAIPEI
015 D010171 TAIWAN
015 E040171 X
015 A000173 BANKBOSTON, N.A.
015 B000173 S
015 C010173 MONTEVIDEO
015 D010173 URUGUAY
015 E040173 X
015 A000174 CITITRUST COLOMBIA, S.A.
015 B000174 S
015 C010174 BOGATA
015 D010174 COLOMBIA
015 E040174 X
015 A000175 CITIBANK, N.A., CAIRO
015 B000175 S
015 C010175 CAIRO
015 D010175 EGYPT
015 E040175 X
015 A000176 ARAB BANK PLC
<PAGE> PAGE 9
015 B000176 S
015 C010176 AMMAN
015 D010176 JORDAN
015 E040176 X
015 A000177 BANQUE MAROCAINE DU COMMERCE EXTERIEUR
015 B000177 S
015 C010177 CASABLANCA
015 D010177 MOROCCO
015 E040177 X
015 A000179 STANDARD CHARTERED BANK
015 B000179 S
015 C010179 SHENZHEN
015 D010179 CHINA
015 E040179 X
015 A000180 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000180 S
015 C010180 PRAGUE
015 D010180 CZECH REPUBLIC
015 E040180 X
015 A000181 STANDARD CHARTERED BANK
015 B000181 S
015 C010181 DHAKA
015 D010181 BANGLADESH
015 E040181 X
015 A000182 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000182 S
015 C010182 GABORONE
015 D010182 BOTSWANA
015 E040182 X
015 A000183 STANDARD CHARTERED BANK, SHANGHAI
015 B000183 S
015 C010183 SHANGHAI
015 D010183 CHINA
015 E040183 X
015 A000184 CITIBANK, N.A. QUITO
015 B000184 S
015 C010184 QUITO
015 D010184 ECUADOR
015 E040184 X
015 A000185 BARCLAYS BANK OF GHANA LIMITED
015 B000185 S
015 C010185 ACCRA
015 D010185 GHANA
015 E040185 X
015 A000186 BARCLAYS BANK OF KENYA LIMITED
015 B000186 S
015 C010186 NAIROBI
015 D010186 KENYA
015 E040186 X
015 A000187 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000187 S
<PAGE> PAGE 10
015 C010187 BRATSLAVA
015 D010187 SLOVAKIA
015 E040187 X
015 A000188 BARCLAYS BANK OF SWAZILAND LIMITED
015 B000188 S
015 C010188 MBABNE
015 D010188 SWAZILAND
015 E040188 X
015 A000189 STANBIC BANK ZAMBIA LTD.
015 B000189 S
015 C010189 XXXXX
015 D010189 ZAMBIA
015 E040189 X
015 A000190 STANBIC BANK ZIMBABWE LTD.
015 B000190 S
015 C010190 HARARE
015 D010190 ZIMBABWE
015 E040190 X
015 A000191 THE BANK OF N.T. BUTTERFIELD & SON LTD.
015 B000191 S
015 C010191 BERMUDA
015 D010191 BERMUDA
015 E040191 X
018 000100 Y
019 A000100 Y
019 B000100 63
019 C000100 SCUDDERKEM
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 92171
028 A020100 0
028 A030100 0
028 A040100 108828
028 B010100 80837
028 B020100 0
028 B030100 0
028 B040100 113231
028 C010100 97446
028 C020100 267568
028 C030100 0
028 C040100 125789
028 D010100 114129
028 D020100 0
028 D030100 0
<PAGE> PAGE 11
028 D040100 161629
028 E010100 121546
028 E020100 0
028 E030100 0
028 E040100 135104
028 F010100 121944
028 F020100 0
028 F030100 0
028 F040100 140272
028 G010100 628073
028 G020100 267568
028 G030100 0
028 G040100 784853
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 500000
048 A020100 0.900
048 B010100 500000
048 B020100 0.850
048 C010100 1000000
048 C020100 0.800
048 D010100 1000000
048 D020100 0.750
<PAGE> PAGE 12
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 3000000
048 K020100 0.700
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
<PAGE> PAGE 13
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
<PAGE> PAGE 14
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1451010
071 B000100 1573740
071 C000100 2606968
071 D000100 56
072 A000100 12
072 B000100 8416
072 C000100 47317
072 D000100 0
072 E000100 0
072 F000100 22492
072 G000100 0
072 H000100 0
072 I000100 6417
072 J000100 2779
072 K000100 0
072 L000100 417
072 M000100 77
072 N000100 81
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 128
072 S000100 51
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 219
072 X000100 32661
072 Y000100 0
072 Z000100 23072
072AA000100 283593
072BB000100 0
072CC010100 229773
072CC020100 0
072DD010100 12912
072DD020100 0
072EE000100 274138
073 A010100 0.2500
073 A020100 0.0000
073 B000100 5.3500
073 C000100 0.0000
074 A000100 2068
074 B000100 1823
<PAGE> PAGE 15
074 C000100 99884
074 D000100 23368
074 E000100 0
074 F000100 2772144
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 3816
074 K000100 0
074 L000100 13547
074 M000100 2391
074 N000100 2919041
074 O000100 28375
074 P000100 1915
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 3832
074 S000100 0
074 T000100 2884919
074 U010100 55412
074 U020100 0
074 V010100 52.06
074 V020100 0.00
074 W000100 0.0000
074 X000100 159451
074 Y000100 0
075 A000100 0
075 B000100 2766959
076 000100 0.00
080 A000100 ICI MUTUAL INSURANCE
080 B000100 NATIONALL UNION FIRE INSURANCE CO.
080 C000100 60000
081 A000100 Y
081 B000100 115
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
International Core Fund Annual Report for the fiscal year ended 3/31/98 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER INTERNATIONAL CORE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 2,006,941,593
<INVESTMENTS-AT-VALUE> 2,897,219,655
<RECEIVABLES> 17,362,842
<ASSETS-OTHER> 2,177,015
<OTHER-ITEMS-ASSETS> 2,281,883
<TOTAL-ASSETS> 2,919,041,395
<PAYABLE-FOR-SECURITIES> 28,374,553
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,747,497
<TOTAL-LIABILITIES> 34,122,050
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,982,910,413
<SHARES-COMMON-STOCK> 55,412,474
<SHARES-COMMON-PRIOR> 53,734,143
<ACCUMULATED-NII-CURRENT> 6,551,066
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,363,292
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 890,094,574
<NET-ASSETS> 2,884,919,345
<DIVIDEND-INCOME> 47,316,658
<INTEREST-INCOME> 8,415,880
<OTHER-INCOME> 0
<EXPENSES-NET> 32,660,762
<NET-INVESTMENT-INCOME> 23,071,776
<REALIZED-GAINS-CURRENT> 283,592,889
<APPREC-INCREASE-CURRENT> 229,773,170
<NET-CHANGE-FROM-OPS> 536,437,835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,911,722)
<DISTRIBUTIONS-OF-GAINS> (274,137,681)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,147,508
<NUMBER-OF-SHARES-REDEEMED> (25,366,964)
<SHARES-REINVESTED> 5,897,787
<NET-CHANGE-IN-ASSETS> 301,888,659
<ACCUMULATED-NII-PRIOR> 1,417,347
<ACCUMULATED-GAINS-PRIOR> 249,360
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22,491,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,660,762
<AVERAGE-NET-ASSETS> 2,766,958,796
<PER-SHARE-NAV-BEGIN> 48.07
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 9.16
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (5.60)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 52.06
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Coopers
& Lybrand
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Scudder International Fund,
Inc. - Scudder International Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder International Fund for the year ended March 31,
1998, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Scudder International Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements and financial highlights for external purposes that are fairly
presented in conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized acquisition,
use, or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of March 31, 1998.
This report is intended solely for the information and use of management,
the Board of Directors of Scudder International Fund and the Securities and
Exchange Commission.
/s/ COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
May 15, 1998
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder International Fund
(the "Fund") was held on October 27, 1997, at the office of Scudder Kemper
Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), 345 Park Avenue (at
51st Street), New York, New York 10154. At the Meeting, as adjourned and
reconvened, the following matters were voted upon by the shareholders (the
resulting votes for each matter are presented below). With regard to certain
proposals, it was recommended that the Meeting be reconvened in order to provide
shareholders with an additional opportunity to return their proxies. The date of
the reconvened meeting at which the matters were decided is noted after the
proposed matter.
1. To elect Directors.
Number of Votes:
----------------
Director For Withheld
-------- --- --------
Paul Bancroft III 27,833,435 924,040
Sheryle J. Bolton 27,794,740 962,735
William T. Burgin 27,800,675 956,800
Thomas J. Devine 27,822,121 935,354
Keith R. Fox 27,841,824 915,651
William H. Gleysteen 27,806,608 950,867
William H. Luers 27,831,160 926,314
Wilson Nolen 27,785,600 971,875
Daniel Pierce 27,837,435 920,040
Kathryn L. Quirk 27,814,033 943,442
2. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
27,279,635 864,816 613,023 0
28 - Scudder International Fund
<PAGE>
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise. (Approved on December 2, 1997.)
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
29,207,181 2,078,055 1,067,683 0
4. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<S> <C> <C> <C> <C>
4.1 Diversification 22,932,636 1,842,500 988,082 2,994,256
4.2 Borrowing 22,544,067 2,215,109 1,004,042 2,994,256
4.3 Senior securities 22,777,330 1,966,532 1,019,356 2,994,256
4.4 Purchase of physical commodities 22,727,464 2,009,490 1,026,264 2,994,256
4.5 Concentration 22,793,243 1,934,035 1,035,939 2,994,256
4.6 Underwriting of securities 22,820,291 1,935,529 1,007,398 2,994,256
4.7 Investment in real estate 22,811,825 1,952,756 998,637 2,994,256
4.8 Lending 22,802,016 1,801,499 1,159,703 2,994,256
</TABLE>
5. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's independent
accountants.
Number of Votes:
----------------
For Against Abstain
--- ------- -------
27,666,753 405,659 685,063
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
29 - Scudder International Fund
Scudder International Fund, Inc.
345 Park Avenue
New York, New York 10154
December 31, 1997
Scudder Kemper Investments, Inc.
345 Park Avenue
New York, New York 10154
Investment Management Agreement
Scudder International Fund
Ladies and Gentlemen:
Scudder International Fund, Inc. (the "Corporation") has been established
as a Maryland corporation to engage in the business of an investment company.
Pursuant to the Corporation's Articles of Incorporation, as amended from
time-to-time (the "Articles"), the Board of Directors has divided the
Corporation's shares of capital stock, par value $.01 per share, (the "Shares")
into separate series, or funds, including Scudder International Fund (the
"Fund"). Series may be abolished and dissolved, and additional series
established, from time to time by action of the Directors.
The Corporation, on behalf of the Fund, has selected you to act as the sole
investment manager of the Fund and to provide certain other services, as more
fully set forth below, and you have indicated that you are willing to act as
such investment manager and to perform such services under the terms and
conditions hereinafter set forth. Accordingly, the Corporation on behalf of the
Fund agrees with you as follows:
1. Delivery of Documents. The Corporation engages in the business of
investing and reinvesting the assets of the Fund in the manner and in accordance
with the investment objectives, policies and restrictions specified in the
currently effective Prospectus (the "Prospectus") and Statement of Additional
Information (the "SAI") relating to the Fund included in the Corporation's
Registration Statement on Form N-1A, as amended from time to time, (the
"Registration Statement") filed by the Corporation under the Investment Company
Act of 1940, as amended, (the "1940 Act") and the Securities Act of 1933, as
amended. Copies of the documents referred to in the preceding sentence have been
furnished to you by the Corporation. The Corporation has also furnished you with
copies properly certified or authenticated of each of the following additional
documents related to the Corporation and the Fund:
(a) The Articles dated June 23, 1975, as amended to date.
(b) By-Laws of the Corporation as in effect on the date hereof (the "By-Laws").
(c) Resolutions of the Directors of the Corporation and the shareholders of the
Fund selecting you as investment manager and approving the form of this
Agreement.
<PAGE>
The Corporation will furnish you from time to time with copies, properly
certified or authenticated, of all amendments of or supplements, if any, to the
foregoing, including the Prospectus, the SAI and the Registration Statement.
2. Sublicense to Use the Scudder Trademarks. As exclusive licensee of the
rights to use and sublicense the use of the "Scudder," "Scudder Kemper
Investments, Inc." and "Scudder, Stevens & Clark, Inc." trademarks (together,
the "Scudder Marks"), you hereby grant the Corporation a nonexclusive right and
sublicense to use (i) the "Scudder" name and mark as part of the Corporation's
name (the "Fund Name"), and (ii) the Scudder Marks in connection with the
Corporation's investment products and services, in each case only for so long as
this Agreement, any other investment management agreement between you (or any
organization which shall have succeeded to your business as investment manager
("your Successor")) and the Corporation, or any extension, renewal or amendment
hereof or thereof remains in effect, and only for so long as you are a licensee
of the Scudder Marks, provided however, that you agree to use your best efforts
to maintain your license to use and sublicense the Scudder Marks. The
Corporation agrees that it shall have no right to sublicense or assign rights to
use the Scudder Marks, shall acquire no interest in the Scudder Marks other than
the rights granted herein, that all of the Corporation's uses of the Scudder
Marks shall inure to the benefit of Scudder Trust Company as owner and licensor
of the Scudder Marks (the "Trademark Owner"), and that the Corporation shall not
challenge the validity of the Scudder Marks or the Trademark Owner's ownership
thereof. The Corporation further agrees that all services and products it offers
in connection with the Scudder Marks shall meet commercially reasonable
standards of quality, as may be determined by you or the Trademark Owner from
time to time, provided that you acknowledge that the services and products the
Corporation rendered during the one-year period preceding the date of this
Agreement are acceptable. At your reasonable request, the Corporation shall
cooperate with you and the Trademark Owner and shall execute and deliver any and
all documents necessary to maintain and protect (including but not limited to in
connection with any trademark infringement action) the Scudder Marks and/or
enter the Corporation as a registered user thereof. At such time as this
Agreement or any other investment management agreement shall no longer be in
effect between you (or your Successor) and the Corporation, or you no longer are
a licensee of the Scudder Marks, the Corporation shall (to the extent that, and
as soon as, it lawfully can) cease to use the Fund Name or any other name
indicating that it is advised by, managed by or otherwise connected with you (or
your Successor) or the Trademark Owner. In no event shall the Corporation use
the Scudder Marks or any other name or mark confusingly similar thereto
(including, but not limited to, any name or mark that includes the name
"Scudder") if this Agreement or any other investment advisory agreement between
you (or your Successor) and the Fund is terminated.
3. Portfolio Management Services. As manager of the assets of the Fund, you
shall provide continuing investment management of the assets of the Fund in
accordance with the investment objectives, policies and restrictions set forth
in the Prospectus and SAI; the applicable provisions of the 1940 Act and the
Internal Revenue Code of 1986, as amended, (the "Code") relating to regulated
investment companies and all rules and regulations thereunder; and all other
applicable federal and state laws and regulations of which you have knowledge;
subject always to policies and instructions adopted by the Corporation's Board
of Directors. In connection therewith, you shall use reasonable efforts to
manage the Fund so that it will qualify as a regulated investment company under
Subchapter M of the Code and regulations issued thereunder. The Fund shall have
the benefit of the investment analysis and research, the review of current
economic conditions and trends and the consideration of long-range investment
policy generally available to your investment advisory clients. In managing the
Fund in accordance with the requirements set forth in this section 3, you shall
be entitled to receive and act upon advice of counsel to the Corporation or
counsel to you. You shall also make available to the Corporation promptly upon
request all of the Fund's investment records and ledgers as are necessary to
assist the Corporation in complying with the requirements of the 1940 Act and
2
<PAGE>
other applicable laws. To the extent required by law, you shall furnish to
regulatory authorities having the requisite authority any information or reports
in connection with the services provided pursuant to this Agreement which may be
requested in order to ascertain whether the operations of the Corporation are
being conducted in a manner consistent with applicable laws and regulations.
You shall determine the securities, instruments, investments, currencies,
repurchase agreements, futures, options and other contracts relating to
investments to be purchased, sold or entered into by the Fund and place orders
with broker-dealers, foreign currency dealers, futures commission merchants or
others pursuant to your determinations and all in accordance with Fund policies
as expressed in the Registration Statement. You shall determine what portion of
the Fund's portfolio shall be invested in securities and other assets and what
portion, if any, should be held uninvested.
You shall furnish to the Corporation's Board of Directors periodic reports
on the investment performance of the Fund and on the performance of your
obligations pursuant to this Agreement, and you shall supply such additional
reports and information as the Corporation's officers or Board of Directors
shall reasonably request.
4. Administrative Services. In addition to the portfolio management
services specified above in section 3, you shall furnish at your expense for the
use of the Fund such office space and facilities in the United States as the
Fund may require for its reasonable needs, and you (or one or more of your
affiliates designated by you) shall render to the Corporation administrative
services on behalf of the Fund necessary for operating as an open- end
investment company and not provided by persons not parties to this Agreement
including, but not limited to, preparing reports to and meeting materials for
the Corporation's Board of Directors and reports and notices to Fund
shareholders; supervising, negotiating contractual arrangements with, to the
extent appropriate, and monitoring the performance of, accounting agents,
custodians, depositories, transfer agents and pricing agents, accountants,
attorneys, printers, underwriters, brokers and dealers, insurers and other
persons in any capacity deemed to be necessary or desirable to Fund operations;
preparing and making filings with the Securities and Exchange Commission (the
"SEC") and other regulatory and self-regulatory organizations, including, but
not limited to, preliminary and definitive proxy materials, post-effective
amendments to the Registration Statement, semi-annual reports on Form N-SAR and
notices pursuant to Rule 24f-2 under the 1940 Act; overseeing the tabulation of
proxies by the Fund's transfer agent; assisting in the preparation and filing of
the Fund's federal, state and local tax returns; preparing and filing the Fund's
federal excise tax return pursuant to Section 4982 of the Code; providing
assistance with investor and public relations matters; monitoring the valuation
of portfolio securities and the calculation of net asset value; monitoring the
registration of Shares of the Fund under applicable federal and state securities
laws; maintaining or causing to be maintained for the Fund all books, records
and reports and any other information required under the 1940 Act, to the extent
that such books, records and reports and other information are not maintained by
the Fund's custodian or other agents of the Fund; assisting in establishing the
accounting policies of the Fund; assisting in the resolution of accounting
issues that may arise with respect to the Fund's operations and consulting with
the Fund's independent accountants, legal counsel and the Fund's other agents as
necessary in connection therewith; establishing and monitoring the Fund's
operating expense budgets; reviewing the Fund's bills; processing the payment of
bills that have been approved by an authorized person; assisting the Fund in
determining the amount of dividends and distributions available to be paid by
the Fund to its shareholders, preparing and arranging for the printing of
dividend notices to shareholders, and providing the transfer and dividend paying
agent, the custodian, and the accounting agent with such information as is
required for such parties to effect the payment of dividends and distributions;
and otherwise assisting the Corporation as it may reasonably request in the
conduct of the Fund's business, subject to the direction and control of the
3
<PAGE>
Corporation's Board of Directors. Nothing in this Agreement shall be deemed to
shift to you or to diminish the obligations of any agent of the Fund or any
other person not a party to this Agreement which is obligated to provide
services to the Fund.
5. Allocation of Charges and Expenses. Except as otherwise specifically
provided in this section 5, you shall pay the compensation and expenses of all
Directors, officers and executive employees of the Corporation (including the
Fund's share of payroll taxes) who are affiliated persons of you, and you shall
make available, without expense to the Fund, the services of such of your
directors, officers and employees as may duly be elected officers of the
Corporation, subject to their individual consent to serve and to any limitations
imposed by law. You shall provide at your expense the portfolio management
services described in section 3 hereof and the administrative services described
in section 4 hereof.
You shall not be required to pay any expenses of the Fund other than those
specifically allocated to you in this section 5. In particular, but without
limiting the generality of the foregoing, you shall not be responsible, except
to the extent of the reasonable compensation of such of the Fund's Directors and
officers as are directors, officers or employees of you whose services may be
involved, for the following expenses of the Fund: organization expenses of the
Fund (including out-of-pocket expenses, but not including your overhead or
employee costs); fees payable to you and to any other Fund advisors or
consultants; legal expenses; auditing and accounting expenses; maintenance of
books and records which are required to be maintained by the Fund's custodian or
other agents of the Corporation; telephone, telex, facsimile, postage and other
communications expenses; taxes and governmental fees; fees, dues and expenses
incurred by the Fund in connection with membership in investment company trade
organizations; fees and expenses of the Fund's accounting agent, custodians,
subcustodians, transfer agents, dividend disbursing agents and registrars;
payment for portfolio pricing or valuation services to pricing agents,
accountants, bankers and other specialists, if any; expenses of preparing share
certificates and, except as provided below in this section 5, other expenses in
connection with the issuance, offering, distribution, sale, redemption or
repurchase of securities issued by the Fund; expenses relating to investor and
public relations; expenses and fees of registering or qualifying Shares of the
Fund for sale; interest charges, bond premiums and other insurance expense;
freight, insurance and other charges in connection with the shipment of the
Fund's portfolio securities; the compensation and all expenses (specifically
including travel expenses relating to Corporation business) of Directors,
officers and employees of the Corporation who are not affiliated persons of you;
brokerage commissions or other costs of acquiring or disposing of any portfolio
securities of the Fund; expenses of printing and distributing reports, notices
and dividends to shareholders; expenses of printing and mailing Prospectuses and
SAIs of the Fund and supplements thereto; costs of stationery; any litigation
expenses; indemnification of Directors and officers of the Corporation; costs of
shareholders' and other meetings; and travel expenses (or an appropriate portion
thereof) of Directors and officers of the Corporation who are directors,
officers or employees of you to the extent that such expenses relate to
attendance at meetings of the Board of Directors of the Corporation or any
committees thereof or advisors thereto held outside of Boston, Massachusetts or
New York, New York.
You shall not be required to pay expenses of any activity which is
primarily intended to result in sales of Shares of the Fund if and to the extent
that (i) such expenses are required to be borne by a principal underwriter which
acts as the distributor of the Fund's Shares pursuant to an underwriting
agreement which provides that the underwriter shall assume some or all of such
expenses, or (ii) the Corporation on behalf of the Fund shall have adopted a
plan in conformity with Rule 12b-1 under the 1940 Act providing that the Fund
(or some other party) shall assume some or all of such expenses. You shall be
required to pay such of the foregoing sales expenses as are not required to be
paid by the principal underwriter pursuant to the underwriting agreement or are
not permitted to be paid by the Fund (or some other party) pursuant to such a
plan.
4
<PAGE>
6. Management Fee. For all services to be rendered, payments to be made and
costs to be assumed by you as provided in sections 3, 4 and 5 hereof, the
Corporation on behalf of the Fund shall pay you in United States Dollars on the
last day of each month the unpaid balance of a fee equal to the excess of 1/12
of 0.90 of 1 percent of the average daily net assets as defined below of the
Fund for such month; provided that, for any calendar month during which the
average of such values exceeds $500 million, the fee payable for that month
based on the portion of the average of such values in excess of $500 million
shall be 1/12 of 0.85 of 1 percent of such portion; and provided that, for any
calendar month during which the average of such values exceeds $1 billion, the
fee payable for that month based on the portion of the average of such values in
excess of $1 billion shall be 1/12 of 0.80 of 1 percent of such portion;
provided that, for any calendar month during which the average of such values
exceeds $2 billion, the fee payable for that month based on the portion of the
average of such values in excess of $2 billion shall be 1/12 of 0.75 of 1
percent of such portion; and provided that, for any calendar month during which
the average of such values exceeds $3 billion, the fee payable for that month
based on the portion of the average of such values in excess of $3 billion shall
be 1/12 of 0.70 of 1 percent of such portion over any compensation waived by you
from time to time (as more fully described below). You shall be entitled to
receive during any month such interim payments of your fee hereunder as you
shall request, provided that no such payment shall exceed 75 percent of the
amount of your fee then accrued on the books of the Fund and unpaid.
The "average daily net assets" of the Fund shall mean the average of the
values placed on the Fund's net assets as of 4:00 p.m. (New York time) on each
day on which the net asset value of the Fund is determined consistent with the
provisions of Rule 22c- 1 under the 1940 Act or, if the Fund lawfully determines
the value of its net assets as of some other time on each business day, as of
such time. The value of the net assets of the Fund shall always be determined
pursuant to the applicable provisions of the Articles and the Registration
Statement. If the determination of net asset value does not take place for any
particular day, then for the purposes of this section 6, the value of the net
assets of the Fund as last determined shall be deemed to be the value of its net
assets as of 4:00 p.m. (New York time), or as of such other time as the value of
the net assets of the Fund's portfolio may be lawfully determined on that day.
If the Fund determines the value of the net assets of its portfolio more than
once on any day, then the last such determination thereof on that day shall be
deemed to be the sole determination thereof on that day for the purposes of this
section 6.
You may waive all or a portion of your fees provided for hereunder and such
waiver shall be treated as a reduction in purchase price of your services. You
shall be contractually bound hereunder by the terms of any publicly announced
waiver of your fee, or any limitation of the Fund's expenses, as if such waiver
or limitation were fully set forth herein.
7. Avoidance of Inconsistent Position; Services Not Exclusive. In
connection with purchases or sales of portfolio securities and other investments
for the account of the Fund, neither you nor any of your directors, officers or
employees shall act as a principal or agent or receive any commission. You or
your agent shall arrange for the placing of all orders for the purchase and sale
of portfolio securities and other investments for the Fund's account with
brokers or dealers selected by you in accordance with Fund policies as expressed
in the Registration Statement. If any occasion should arise in which you give
any advice to clients of yours concerning the Shares of the Fund, you shall act
solely as investment counsel for such clients and not in any way on behalf of
the Fund.
5
<PAGE>
Your services to the Fund pursuant to this Agreement are not to be deemed
to be exclusive and it is understood that you may render investment advice,
management and services to others. In acting under this Agreement, you shall be
an independent contractor and not an agent of the Corporation. Whenever the Fund
and one or more other accounts or investment companies advised by the Manager
have available funds for investment, investments suitable and appropriate for
each shall be allocated in accordance with procedures believed by the Manager to
be equitable to each entity. Similarly, opportunities to sell securities shall
be allocated in a manner believed by the Manager to be equitable. The Fund
recognizes that in some cases this procedure may adversely affect the size of
the position that may be acquired or disposed of for the Fund.
8. Limitation of Liability of Manager. As an inducement to your undertaking
to render services pursuant to this Agreement, the Corporation agrees that you
shall not be liable under this Agreement for any error of judgment or mistake of
law or for any loss suffered by the Fund in connection with the matters to which
this Agreement relates, provided that nothing in this Agreement shall be deemed
to protect or purport to protect you against any liability to the Corporation,
the Fund or its shareholders to which you would otherwise be subject by reason
of willful misfeasance, bad faith or gross negligence in the performance of your
duties, or by reason of your reckless disregard of your obligations and duties
hereunder. Any person, even though also employed by you, who may be or become an
employee of and paid by the Fund shall be deemed, when acting within the scope
of his or her employment by the Fund, to be acting in such employment solely for
the Fund and not as your employee or agent.
9. Duration and Termination of This Agreement. This Agreement shall remain
in force until September 30, 1998, and continue in force from year to year
thereafter, but only so long as such continuance is specifically approved at
least annually (a) by the vote of a majority of the Directors who are not
parties to this Agreement or interested persons of any party to this Agreement,
cast in person at a meeting called for the purpose of voting on such approval,
and (b) by the Directors of the Corporation, or by the vote of a majority of the
outstanding voting securities of the Fund. The aforesaid requirement that
continuance of this Agreement be "specifically approved at least annually" shall
be construed in a manner consistent with the 1940 Act and the rules and
regulations thereunder and any applicable SEC exemptive order therefrom.
This Agreement may be terminated with respect to the Fund at any time,
without the payment of any penalty, by the vote of a majority of the outstanding
voting securities of the Fund or by the Corporation's Board of Directors on 60
days' written notice to you, or by you on 60 days' written notice to the
Corporation. This Agreement shall terminate automatically in the event of its
assignment.
10. Amendment of this Agreement. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought, and no amendment of this Agreement shall be
effective until approved in a manner consistent with the 1940 Act and rules and
regulations thereunder and any applicable SEC exemptive order therefrom.
11. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or limit any of the
provisions hereof or otherwise affect their construction or effect. This
Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
6
<PAGE>
In interpreting the provisions of this Agreement, the definitions contained
in Section 2(a) of the 1940 Act (particularly the definitions of "affiliated
person," "assignment" and "majority of the outstanding voting securities"), as
from time to time amended, shall be applied, subject, however, to such
exemptions as may be granted by the SEC by any rule, regulation or order.
This Agreement shall be construed in accordance with the laws of the State
of Maryland, provided that nothing herein shall be construed in a manner
inconsistent with the 1940 Act, or in a manner which would cause the Fund to
fail to comply with the requirements of Subchapter M of the Code.
This Agreement shall supersede all prior investment advisory or management
agreements entered into between you and the Corporation on behalf of the Fund.
If you are in agreement with the foregoing, please execute the form of
acceptance on the accompanying counterpart of this letter and return such
counterpart to the Corporation, whereupon this letter shall become a binding
contract effective as of the date of this Agreement.
Yours very truly,
SCUDDER INTERNATIONAL FUND, INC.,
on behalf of
Scudder International Fund
By:/s/Nicholas Bratt
---------------------------
President
The foregoing Agreement is hereby accepted as of the date
hereof.
SCUDDER KEMPER INVESTMENTS, INC.
By:/s/Stephen R. Beckwith
------------------------------
Managing Director
7
