SCUDDER GLOBAL HIGH INCOME FUND /MA/
DEF 14A, 1999-06-22
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[LOGO]                                         345 Park Avenue (at 51st Street)
                                                       New York, New York 10154
                                                                 (800) 349-4281


Scudder Global High
Income Fund, Inc.


                                                                  June 17, 1999

To the Stockholders:

     The Annual Meeting of Stockholders of Scudder Global High Income Fund, Inc.
(the "Fund") is to be held at 11:00 a.m.,  eastern  time,  on Tuesday,  July 27,
1999 at the offices of Scudder Kemper  Investments,  Inc., 25th Floor,  345 Park
Avenue (at 51st Street),  New York, New York 10154.  Stockholders who are unable
to attend  this  meeting  are  strongly  encouraged  to vote by proxy,  which is
customary in corporate  meetings of this kind. A Proxy  Statement  regarding the
meeting,  a proxy card for your vote at the  meeting  and an envelope -- postage
prepaid -- in which to return your proxy are enclosed.

     At the  Annual  Meeting  the  stockholders  will  elect two  Directors  and
consider the ratification of the selection of PricewaterhouseCoopers  LLP as the
Fund's independent accountants.  In addition, the stockholders present will hear
a report on the  Fund.  There  will be an  opportunity  to  discuss  matters  of
interest to you as a stockholder.

     Your  Fund's  Directors  recommend  that  you  vote in favor of each of the
foregoing matters.

Respectfully,



/s/Juris Padegs
Juris Padegs

President and Chairman of the Board

- --------------------------------------------------------------------------------
STOCKHOLDERS  ARE  URGED TO SIGN  THE  PROXY  CARD  AND MAIL IT IN THE  ENCLOSED
POSTAGE-PREPAID  ENVELOPE  SO AS TO  ENSURE A  QUORUM  AT THE  MEETING.  THIS IS
IMPORTANT WHETHER YOU OWN FEW OR MANY SHARES.
- --------------------------------------------------------------------------------


<PAGE>


                      SCUDDER GLOBAL HIGH INCOME FUND, INC.

                    Notice of Annual Meeting of Stockholders

To the Stockholders of
Scudder Global High Income Fund, Inc.:

Please take notice that the Annual  Meeting of  Stockholders  of Scudder  Global
High Income Fund,  Inc. (the "Fund"),  has been called to be held at the offices
of Scudder  Kemper  Investments,  Inc.,  25th  Floor,  345 Park  Avenue (at 51st
Street),  New York,  New York 10154,  on  Tuesday,  July 27, 1999 at 11:00 a.m.,
eastern time, for the following purposes:

              (1)To elect two Directors of the Fund to hold office for a term of
     three  years or until  their  respective  successors  shall  have been duly
     elected and qualified.

              (2)To  ratify or reject the action taken by the Board of Directors
     in  selecting   PricewaterhouseCoopers   LLP  as  the  Fund's   independent
     accountants for the fiscal year ending October 31, 1999.

The  appointed  proxies  will vote on any other  business as may  properly  come
before the meeting or any adjournments thereof.

Holders  of  record of the  shares  of common  stock of the Fund at the close of
business  on  June  10,  1999  are  entitled  to  vote  at the  meeting  and any
adjournments thereof.

                                           By order of the Board of Directors,
                                           John Millette, Secretary

June 17, 1999

- --------------------------------------------------------------------------------
IMPORTANT -- We urge you to sign and date the enclosed  proxy card and return it
in the enclosed addressed envelope which requires no postage and is intended for
your  convenience.  Your prompt  return of the enclosed  proxy card may save the
Fund the  necessity and expense of further  solicitations  to ensure a quorum at
the Annual  Meeting.  If you can attend the meeting and wish to vote your shares
in person at that time, you will be able to do so.
- --------------------------------------------------------------------------------


                                       2
<PAGE>


                                 PROXY STATEMENT

                                     GENERAL

     This Proxy  Statement is furnished in connection  with the  solicitation of
proxies by the Board of Directors of Scudder Global High Income Fund,  Inc. (the
"Fund") for use at the Annual Meeting of Stockholders, to be held at the offices
of Scudder Kemper  Investments,  Inc. ("Scudder  Kemper"),  25th Floor, 345 Park
Avenue (at 51st Street), New York, New York 10154, on Tuesday,  July 27, 1999 at
11:00 a.m.,  eastern time, and at any adjournments  thereof  (collectively,  the
"Meeting").

     This Proxy  Statement,  the Notice of Annual Meeting and the proxy card are
first being  mailed to  stockholders  on or about June 17,  1999,  or as soon as
practicable  thereafter.  Any stockholder giving a proxy has the power to revoke
it by mail (addressed to the Secretary at the principal  executive office of the
Fund, 345 Park Avenue, New York, New York 10154) or in person at the Meeting, by
executing a  superseding  proxy or by  submitting a notice of  revocation to the
Fund.  All properly  executed  proxies  received in time for the Meeting will be
voted as  specified  in the  proxy  or, if no  specification  is made,  for each
proposal referred to in the Proxy Statement.

     The  presence  at any  stockholders'  meeting,  in person  or by proxy,  of
stockholders  entitled to cast a majority of the votes entitled to be cast shall
be  necessary  and  sufficient  to  constitute a quorum for the  transaction  of
business.  For purposes of determining  the presence of a quorum for transacting
business at the Meeting,  abstentions and broker  "non-votes" will be treated as
shares  that are present but which have not been  voted.  Broker  non-votes  are
proxies received by the Fund from brokers or nominees when the broker or nominee
has neither  received  instructions  from the beneficial  owner or other persons
entitled to vote nor has  discretionary  power to vote on a  particular  matter.
Accordingly,  stockholders  are  urged  to  forward  their  voting  instructions
promptly.

     Abstentions and broker  non-votes will not be counted in favor of, but will
have no other effect on, the vote for  proposals  (1) and (2) which  require the
approval of a majority of shares voting at the Meeting.

     Holders of record of the common  stock of the Fund at the close of business
on June 10, 1999 (the "Record Date"),  will be entitled to one vote per share on
all business of the Meeting and any adjournments. There were 9,843,260 shares of
common stock outstanding on the Record Date.

     The Fund provides  periodic  reports to all  stockholders  which  highlight
relevant  information,  including  investment  results and a review of portfolio
changes.  You may receive an additional copy of the annual report for the fiscal
year ended October 31, 1998, without charge, by calling  800-349-4281 or writing
the Fund at 345 Park Avenue, New York, New York 10154.

                            (1) ELECTION OF DIRECTORS

     Persons  named on the  accompanying  proxy card  intend,  in the absence of
contrary instructions,  to vote all proxies for the election of the two nominees
listed below as  Directors  of the Fund to serve for a term of three  years,  or
until their respective  successors are duly elected and qualified.  The nominees
have  consented  to stand  for  election  and to serve if  elected.  If any such
nominee  should be unable to serve,  an event not now  anticipated,  the proxies
will be voted for such person,  if any, as shall be  designated  by the Board of
Directors to replace any such nominee.


                                       3
<PAGE>


Information Concerning Nominees

     The following table sets forth certain  information  concerning each of the
two  nominees as a Director of the Fund.  Each of the nominees is now a Director
of the Fund.  Unless  otherwise  noted,  each of the nominees has engaged in the
principal occupation listed in the following table for more than five years, but
not necessarily in the same capacity.

<TABLE>
<CAPTION>
Class III
- ---------

Nominees to serve until 2002 Annual Meeting of Stockholders:

                            Present Office with the Fund, if                      Shares
                             any; Principal Occupation or       Year First     Beneficially        Percent
                             Employment and Directorships       Became a         Owned on            of
  Name (Age)                 in Publicly Held Companies         Director       March 31, 1999(1)    Class
  ----------                --------------------------------    --------       -----------------    -----

<S>                     <C>                                       <C>              <C>            <C>
George M. Lovejoy, Jr.  President    and   Director    (Former    1992             4,422          Less than
      (69)+             Chairman),   Fifty   Associates  (real                                    1/4 of 1%
                        estate corporation);  Director,  Cabot
                        Industrial   Trust;    Trustee,    MGI
                        Properties;     Chairman     Emeritus,
                        Meredith  &  Grew,  Inc.  Mr.  Lovejoy
                        serves on the boards of certain  other
                        funds managed by Scudder Kemper.

Susan Kaufman Purcell   Vice   President,   Council   of   the    1992              --               --
    (57)                Americas;  Vice  President,   Americas
                        Society;  and Director,  Valero Energy
                        Corp.   Dr.   Purcell  serves  on  the
                        boards of one additional  fund managed
                        by Scudder Kemper.


                                       4
<PAGE>


Information Concerning Continuing Directors

     The Board of Directors is divided into three classes, each Director serving
for a term of three  years.  The  terms of the Class I and II  Directors  do not
expire this year. The following table sets forth certain  information  regarding
the Directors in such classes.

Class I
- -------

Directors to serve until 2000 Annual Meeting of Stockholders:

                            Present Office with the Fund, if                             Shares
                             any; Principal Occupation or             Year First       Beneficially        Percent
                             Employment and Directorships              Became a          Owned on            of
  Name (Age)                 in Publicly Held Companies                Director       March 31, 1999(1)     Class
  ----------                --------------------------------           --------       -----------------     -----

Juris Padegs (67)*+       President  and  Chairman of the Board;         1999              --                --
                          Advisory  Managing Director of Scudder
                          Kemper  Investments,  Inc. Mr.  Padegs
                          serves on the boards of certain  other
                          funds managed by Scudder Kemper.

Robert J. Callander (68)  Director: ARAMARK Corporation, Barnes Group,   1992             1,515            Less than
                          Inc.,  and  Omnicom  Group,   Inc.;  Member,                                     1/4 of 1%
                          Council  on  Foreign   Relations;   Managing
                          Director,  Metropolitan  Opera  Association;
                          Trustee,    Drew    University;     Visiting
                          Professor/Executive-in-Residence, Columbia
                          Business School,  Columbia University (until
                          1995). Mr. Callander serves on the boards of
                          certain   other  funds  managed  by  Scudder
                          Kemper.


                                       5
<PAGE>


Class II
- --------

Director to serve until 2001 Annual Meeting of Stockholders:

                            Present Office with the Fund, if                             Shares
                             any; Principal Occupation or             Year First       Beneficially        Percent
                             Employment and Directorships              Became a          Owned on            of
  Name (Age)                 in Publicly Held Companies                Director       March 31, 1999(1)     Class
  ----------                --------------------------------           --------       -----------------     -----

Ronaldo A. da Frota       Director and Chief Executive  Officer,        1992              4,918           Less than
    Nogueira (60)         IMF    Editora    Ltda.     (financial                                          1/4 of 1%
                          publisher).  Mr.  Nogueira  serves  on
                          the  boards  of  certain  other  funds
                          managed by Scudder Kemper.

                                                                                                          Less than
All Directors and Officers as a group                                                    10,855           1/4 of 1 %
</TABLE>

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

*        Director  considered  by the Fund and its counsel to be an  "interested
         person"  [which as used in this  proxy  statement  is as defined in the
         Investment  Company Act of 1940,  as amended,  (the "1940 Act")] of the
         Fund or of the Fund's investment  manager,  Scudder Kemper Investments,
         Inc. Mr.  Padegs is deemed to be an  interested  person  because of his
         affiliation  with  the  Fund's  investment   manager,   Scudder  Kemper
         Investments, Inc., or because he is an Officer of the Fund or both.

+        Messrs.  Padegs and Lovejoy are members of the  Executive  Committee of
         the Fund.

(1)      The  information  as to  beneficial  ownership  is based on  statements
         furnished  to  the  Fund  by the  Directors.  Unless  otherwise  noted,
         beneficial ownership is based on sole voting and investment power.

Section 16(a) Beneficial Ownership Reporting Compliance

     Section  16(a) of the  Securities  Exchange  Act of 1934,  as amended,  and
Section  30(h) of the  Investment  Company  Act of 1940,  as amended  (the "1940
Act"),  as  applied  to a fund,  require  the  fund's  Officers  and  Directors,
Investment  Manager,  affiliates  of the  Investment  Manager,  and  persons who
beneficially  own more than ten  percent  of a  registered  class of the  fund's
outstanding securities  ("reporting  persons"),  to file reports of ownership of
the fund's  securities  and changes in such  ownership  with the  Securities and
Exchange  Commission (the "SEC") and The New York Stock  Exchange.  Such persons
are  required  by SEC  regulations  to furnish  the fund with copies of all such
filings.

     Based  solely  upon its review of the copies of such forms  received by it,
and written  representations  from  certain  reporting  persons that no year-end
reports  were  required for those  persons,  the Fund  believes  that during the
fiscal year ended  October 31, 1998,  its  reporting  persons  complied with all
applicable  filing  requirements  except  that a Form 4 was  filed  late  by Mr.
Callander.


                                       6
<PAGE>


     To the best of the Fund's knowledge,  as of March 31, 1999, no person owned
beneficially more than 5% of the Fund's outstanding stock.

Committees of the Board -- Board Meetings

         The Board of  Directors  of the Fund met eight times  during the fiscal
year ended October 31, 1998.

         The Board of Directors,  in addition to an Executive Committee,  has an
Audit Committee, a Valuation Committee and a Committee on Independent Directors.
The Executive  and Valuation  Committees  consist of regular  members,  allowing
alternates.

Audit Committee

     The Board has an Audit Committee, consisting of those Directors who are not
interested persons of the Fund or of Scudder Kemper ("Noninterested  Directors")
as  defined in the 1940 Act,  which last met on  February  23,  1999.  The Audit
Committee reviews with management and the independent  accountants for the Fund,
among other things,  the scope of the audit and the controls of the Fund and its
agents,  reviews and  approves in advance the type of services to be rendered by
independent accountants, recommends the selection of independent accountants for
the Fund to the Board  and in  general  considers  and  reports  to the Board on
matters regarding the Fund's accounting and bookkeeping practices.

Committee on Independent Directors

     The  Board has a  Committee  on  Independent  Directors  consisting  of the
Noninterested  Directors.  The  Committee is charged with the duty of making all
nominations  for  Noninterested  Directors  and  consideration  of other related
matters. Stockholders' recommendations as to nominees received by management are
referred to the Committee for its consideration  and action.  The Committee last
met on February 23, 1999 to consider and nominate the nominees set forth above.

Executive Officers

     In addition to Mr.  Padegs,  a Director who is also an Officer of the Fund,
the following persons are Executive Officers of the Fund:


                                       7
<PAGE>


<TABLE>
<CAPTION>
                                   Present Office with the Fund;                        Year First Became
      Name (Age)                   Principal Occupation or Employment (1)                 an Officer (2)
      ----------                   --------------------------------------                 --------------

<S>                              <C>                                                           <C>
Susan E. Dahl (34)               Vice President; Managing Director of Scudder Kemper           1996
                                 Investments, Inc.

Paul J. Elmlinger (40)           Vice President and Assistant Secretary; Managing              1992
                                 Director of Scudder Kemper Investments, Inc.

Bruce H. Goldfarb (34)           Vice President and Assistant Secretary; Senior Vice           1997
                                 President of Scudder Kemper Investments, Inc. since
                                 February  1997;  previously  practiced law with
                                 the law firm of Cravath, Swaine & Moore.

Judith A. Hannaway (44)          Vice President; Senior Vice President of Scudder              1997
                                 Kemper Investments, Inc. since February 1995;
                                 previously a Senior Vice President in the Investment
                                 Banking Group of Kidder Peabody & Company.

John R. Hebble (41)              Treasurer; Senior Vice President of Scudder Kemper            1998
                                 Investments, Inc.

Ann M. McCreary (42)             Vice President; Managing Director of Scudder Kemper           1998
                                 Investments, Inc.

John Millette (36)               Vice President and Secretary; Assistant Vice                  1999
                                 President of Scudder Kemper Investments, Inc. since
                                 September 1994;  previously employed by the law
                                 firm Kaye, Scholer, Fierman, Hays & Handler.

Caroline Pearson (37)            Assistant Secretary; Senior Vice President of Scudder         1998
                                 Kemper Investments, Inc. since September 1997;
                                 previously practiced law with the law firm of Dechert
                                 Price & Rhoads.

Kathryn L. Quirk (46)            Vice President and Assistant Secretary; Managing              1992
                                 Director of Scudder Kemper Investments, Inc.

M. Isabel Saltzman (44)          Vice President; Managing Director of Scudder Kemper           1992
                                 Investments, Inc.
</TABLE>

(1) Unless otherwise  stated,  all Executive  Officers have been associated with
Scudder  Kemper for more than five years,  although not  necessarily in the same
capacity.

(2) The President,  Treasurer and Secretary each hold office until his successor
has been duly  elected  and  qualified,  and all other  officers  hold office in
accordance with the By-Laws of the Fund.

Transactions with and Remuneration of Directors and Officers

     The aggregate  direct  remuneration by the Fund of Directors not affiliated
with Scudder Kemper was $59,620,  including expenses,  for the fiscal year ended
October 31, 1998. Each such unaffiliated  Director currently receives fees, paid
by the Fund, of $750 per Directors'  meeting  attended and an annual  Director's
fee of $6,000.  Each Director also receives $250 per committee  meeting attended
(other  than audit  committee  meetings  and  meetings  held for the  purpose of
considering  arrangements


                                       8
<PAGE>


between the Fund and the  Investment  Manager or an affiliate of the  Investment
Manager,  for  which  such  Director  receives  a fee of $750).  Scudder  Kemper
supervises the Fund's investments, pays the compensation and certain expenses of
its personnel  who serve as Directors  and Officers of the Fund,  and receives a
management  fee for its services.  Several of the Fund's  Officers and Directors
are also officers,  directors,  employees or  stockholders of Scudder Kemper and
participate in the fees paid to that firm (see "Investment  Manager"),  although
the Fund makes no direct payments to them other than for reimbursement of travel
expenses in connection  with the  attendance of Board of Directors and committee
meetings.

The following  Compensation Table, provides in tabular form, the following data:

Column (1) All  Directors  who receive  compensation  from the Fund.

Column (2)  Aggregate  compensation  received  by a  Director  from the Fund and
Scudder Kemper.

Columns (3) and (4)  Pension or  retirement  benefits  accrued or proposed to be
paid by the Fund. The Fund does not pay such benefits to its Directors.

Column (5) Total  compensation  received by a Director from the Fund and Scudder
Kemper, plus compensation  received from all funds managed by Scudder Kemper for
which a  Director  serves.  The total  number  of funds  from  which a  Director
receives  such   compensation  is  also  provided  in  column  (5).   Generally,
compensation  received by a Director  for  serving on the Board of a  closed-end
fund is greater than the compensation  received by a Director for serving on the
Board of an open-end fund.

<TABLE>
<CAPTION>

                               Compensation Table
                      for the year ended December 31, 1998

- ----------------------------------------------------------------------------------------------------
           (1)                    (2)               (3)         (4)           (5)
                                                Pension or                Total Compensation From
                               Aggregate        Retirement    Estimated      the Fund and Fund
                           Compensation as a     Benefits      Annual        Complex Paid to
                          Director of the Fund  Accrued as    Benefits          Directors
    Name of Person,        Paid by   Paid by   Part of Fund     Upon         Paid by     Paid by
       Position             Fund    Scudder*     Expenses     Retirement      Funds     Scudder*
- ----------------------------------------------------------------------------------------------------

<S>                       <C>         <C>           <C>           <C>       <C>          <C>
Robert J. Callander,      $12,850     $--           N/A           N/A        $37,600      $--
Director                                                                    (3 funds)

George M. Lovejoy, Jr.,   $13,600     $--           N/A           N/A        $148,600     $--
Director                                                                    (29 funds)

Ronaldo A. da Frota       $10,975     $--           N/A           N/A        $38,400      $--
Nogueira, Director                                                          (3 funds)

Susan Kaufman Purcell,    $12,850     $--           N/A           N/A        $25,100      $--
Director                                                                    (2 funds)
</TABLE>

*        During  1998  Scudder  Kemper  voluntarily  agreed  to pay the fees and
         expenses of Directors relating to special meetings held for the purpose
         of considering the proposed  alliance between Zurich Insurance  Company
         and B.A.T  Industries  p.l.c.,  which was  consummated  on September 8,
         1998.


                                        9
<PAGE>


Required Vote

     Election  of  each  of  the  listed  nominees  for  Director  requires  the
affirmative  vote of a majority of the votes cast at the Meeting in person or by
proxy.  Your Fund's Directors  recommend that stockholders vote in favor of each
of the nominees.

         (2)   RATIFICATION   OR  REJECTION  OF  THE  SELECTION  OF  INDEPENDENT
ACCOUNTANTS

     At a  meeting  held May 26,  1999,  the  Board of  Directors  of the  Fund,
including    a   majority    of   the    Noninterested    Directors,    selected
PricewaterhouseCoopers  LLP to act as independent  accountants  for the Fund for
the  fiscal  year  ending  October  31,  1999.  PricewaterhouseCoopers  LLP  are
independent  accountants  and have  advised  the Fund  that  they have no direct
financial  interest or material indirect  financial interest in the Fund. One or
more representatives of PricewaterhouseCoopers LLP are expected to be present at
the Meeting and will have an  opportunity to make a statement if they so desire.
Such  representatives  are expected to be  available  to respond to  appropriate
questions posed by stockholders and management.

         The Fund's  financial  statements for the fiscal year ended October 31,
1998 were audited by PricewaterhouseCoopers LLP.

Required Vote

         Ratification of the selection of independent  accountants  requires the
affirmative  vote of a majority of the votes cast at the Meeting in person or by
proxy. Your Fund's Directors recommend that stockholders ratify the selection of
PricewaterhouseCoopers LLP as independent accountants.

Investment Manager

         The Investment  Manager is a Delaware  corporation.  Rolf Huppi* is the
Chairman of the Board and Director,  Edmond D. Villani# is the President,  Chief
Executive Officer and Director,  Stephen R. Beckwith# is the Treasurer and Chief
Financial  Officer,  Kathryn L. Quirk# is the General Counsel,  Chief Compliance
Officer and  Secretary,  Lynn S.  Birdsong# is a Corporate  Vice  President  and
Director,  Cornelia M. Small# is a Corporate Vice  President,  Chief  Investment
Officer and Director, Laurence Cheng* is a Director, Gunther Gose* is a Director
and William H. Bolinder[ is a Director of the Investment Manager.  The principal
occupation of each of Edmond D. Villani, Stephen R. Beckwith,  Kathryn L. Quirk,
Lynn S. Birdsong and Cornelia M. Small is serving as a Managing  Director of the
Investment  Manager;  the  principal  occupation of Rolf Huppi is serving as the
Chairman  and  Chief  Executive  Officer  of  Zurich  Financial  Services  Group
("Zurich");  the principal  occupation of Laurence  Cheng is serving as a senior
partner of Capital Z Partners,  an investment fund; the principal  occupation of
Gunther Gose is serving as the Chief Financial Officer of Zurich;  the principal
occupation of William H. Bolinder is serving as a member of the Group  Executive
Board of Zurich.

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

*    Mythenquai 2, Zurich, Switzerland

#    345 Park Avenue, New York, New York

[   1400 American Lane, Schaumburg, Illinois


                                       10
<PAGE>


     On  September  7,  1998,  the  businesses  of the Zurich  Group  (including
Zurich's 70% interest in Scudder Kemper) and the financial  services  businesses
of  B.A.T  Industries  p.l.c.  ("B.A.T")  were  combined  to  form a new  global
insurance and financial  services  company  known as Zurich  Financial  Services
Group.  Zurich  Financial  Services  Group is 57% owned by Zurich  Allied  AG, a
listed Swiss holding  company,  and 43% owned by Allied Zurich p.l.c.,  a listed
U.K.  holding company.  The home offices of Zurich Financial  Services Group and
Zurich Allied AG are located at Mythenquai 2, 8002 Zurich, Switzerland,  and the
home office of Allied Zurich p.l.c. is located at 22 Arlington  Street,  London,
England SW1A 1RW, United Kingdom.

         The outstanding voting securities of the Investment Manager are held of
record 36.63% by Zurich  Holding  Company of America  ("ZHCA"),  a subsidiary of
Zurich;  32.85% by ZKI Holding Corp. ("ZKIH") a subsidiary of Zurich;  20.86% by
Stephen R. Beckwith,  Lynn S. Birdsong,  Kathryn L. Quirk, Cornelia M. Small and
Edmond  D.  Villani  in  their  capacity  as  representatives  (the  "Management
Representatives")  of the Investment  Manager's  management  holders and retiree
holders  pursuant to a Second Amended and Restated  Security  Holders  Agreement
among   the   Investment   Manager,   Zurich,   ZHCA,   ZKIH,   the   Management
Representatives,  the  management  holders,  the  retiree  holders and Edmond D.
Villani,  as trustee of  Scudder  Kemper  Investments,  Inc.  Executive  Defined
Contribution  Plan Trust  (the  "Trust");  and 9.66% by the Trust.  There are no
outstanding   non-voting   securities  of  the  Investment  Manager.

Brokerage Commissions on Portfolio Transactions

         To the  maximum  extent  feasible,  Scudder  Kemper  places  orders for
portfolio   transactions   through   Scudder   Investor   Services,   Inc.  (the
"Distributor") (a corporation  registered as a broker/dealer and a subsidiary of
Scudder Kemper), which in turn places orders on behalf of the Fund with issuers,
underwriters  or  other  brokers  and  dealers.   The  Distributor  receives  no
commissions,  fees or other  remuneration  from the  Fund for this  service.  In
selecting brokers and dealers with which to place portfolio transactions for the
Fund,  Scudder Kemper may place such  transactions with brokers and dealers that
sell shares of funds advised by Scudder Kemper. In addition, when it can be done
consistently  with its policy of  obtaining  the most  favorable  net results in
placing Fund  brokerage,  Scudder  Kemper is authorized to place such  brokerage
with brokers and dealers who supply  brokerage and research  services to Scudder
Kemper.  Allocation of portfolio  transactions  is supervised by Scudder Kemper.
Allocation of portfolio  transactions  is supervised  by Scudder  Kemper.

Other Matters

         The  Board of  Directors  does not know of any  matters  to be  brought
before the  Meeting  other than those  mentioned  in this Proxy  Statement.  The
appointed  proxies will vote on any other business that comes before the Meeting
or any adjournment thereof in accordance with their best judgment.

Miscellaneous

     Proxies  will be  solicited  by mail and may be  solicited  in person or by
telephone or  telegraph by Officers of the Fund or personnel of Scudder  Kemper.
The Fund has retained Shareholder Communications  Corporation,  17 State Street,
New York, New York 10004 to assist in the proxy solicitation.  The cost of their
services is estimated at $3,500 plus expenses.  The costs and expenses connected
with the  solicitation  of the proxies and with any further proxies which may be
solicited by the Fund's Officers or Shareholder Communications  Corporation,  in
person,  by telephone or by


                                       11
<PAGE>


telegraph will be borne by the Fund. The Fund will reimburse banks, brokers, and
other  persons  holding the Fund's  shares  registered  in their names or in the
names of their nominees,  for their expenses  incurred in sending proxy material
to and obtaining proxies from the beneficial owners of such shares.

     In the event that  sufficient  votes in favor of any  proposal set forth in
the Notice of this Meeting are not received by July 27, 1999,  the persons named
as  appointed  proxies  on the  enclosed  proxy  card  may  propose  one or more
adjournments of the Meeting to permit further  solicitation of proxies. Any such
adjournment  will require the  affirmative  vote of the holders of a majority of
the  shares  present in person or by proxy at the  session of the  meeting to be
adjourned.  The persons  named as appointed  proxies on the enclosed  proxy card
will vote in favor of such adjournment  those proxies which they are entitled to
vote in favor of the proposal for which further solicitation of proxies is to be
made. They will vote against any such  adjournment  those proxies required to be
voted against such proposal.  The costs of any such additional  solicitation and
of any adjourned session will be borne by the Fund.

Stockholder Proposals

     Stockholders wishing to submit proposals for inclusion in a proxy statement
for the 2000  meeting of  stockholders  of the Fund  should  send their  written
proposals  to  John  Millette,   Secretary  of  the  Fund,  c/o  Scudder  Kemper
Investments,  Inc. at 345 Park Avenue, New York, New York 10154, by February 17,
2000. The timely submission of a proposal does not guarantee its inclusion.

     The Fund may  exercise  discretionary  voting  authority  with  respect  to
stockholder  proposals  for the  2000  meeting  of  stockholders  which  are not
included in the proxy  statement and form of proxy,  if notice of such proposals
is not received by the Fund at the above address on or before May 3, 2000.  Even
if  timely  notice  is  received,  the Fund may  exercise  discretionary  voting
authority in certain other circumstances.  Discretionary voting authority is the
ability to vote proxies that stockholders have executed and returned to the Fund
on matters  not  specifically  reflected  on the form of proxy.

By order of the Board of Directors,

John Millette
Secretary

345 Park Avenue
New York, New York  10154

June 17, 1999


                                       12
<PAGE>


<TABLE>
<CAPTION>
<S>         <C>                                                      <C>          <C>
PROXY                   SCUDDER GLOBAL HIGH INCOME FUND, INC.                     PROXY
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

                 Annual Meeting of Stockholders -- July 27, 1999

         The  undersigned  hereby  appoints Bruce H. Goldfarb,  Juris Padegs and
Kathryn L. Quirk and each of them,  the  proxies  of the  undersigned,  with the
power of substitution to each of them, to vote all shares of Scudder Global High
Income  Fund,  Inc.  which the  undersigned  is  entitled  to vote at the Annual
Meeting of  Stockholders  of Scudder Global High Income Fund, Inc. to be held at
the offices of Scudder Kemper Investments, Inc., 25th Floor, 345 Park Avenue (at
51st Street), New York, New York 10154, on Tuesday, July 27, 1999 at 11:00 a.m.,
eastern time, and at any adjournments thereof.

Unless otherwise specified in the squares provided,  the undersigned's vote will
be cast FOR each numbered item listed below.

1.   The election of Directors;

          FOR all nominees listed below                             WITHHOLD AUTHORITY
          (except as marked to the contrary below) /   /            to vote for all nominees listed below /   /

Nominees: Class III:  George M. Lovejoy, Jr. and Susan Kaufman Purcell
(INSTRUCTION To withold authority to vote for any individual nominee, write that nominee's name on the space
provided below.)

- ---------------------------------------------------------
2.   Ratification of the selection of PricewaterhouseCoopers  LLP as independent       FOR /   /  AGAINST /   /  ABSTAIN /   /
     accountants.



                                                                                               (continued on other side)
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
<S>     <C>                                                <C>
         The Proxies are  authorized  to vote in their  discretion  on any other
business  which may  properly  come  before  the  meeting  and any  adjournments
thereof.




                                                            Please sign exactly as your name or names appear.
                                                            When signing as attorney, executor,  administrator,
                                                            trustee or guardian, please give your full title as such.


                                                            -------------------------------------------------
                                                                      (Signature of Stockholder)


                                                           --------------------------------------------------
                                                                      (Signature of joint owner, if any)


                                                           Date                                        , 1999
                                                                --------------------------------------

              PLEASE SIGN AND RETURN PROMPTLY IN ENCLOSED ENVELOPE
                             NO POSTAGE IS REQUIRED
</TABLE>



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