-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T00VDY+qaMZHL/l9HHgVR8tECJM/kld/pw+IzDew3RfZb1Nc5ItKV5FMZUsy9QBs y2V5kLHGhLbfBCEx/XDpJg== 0000912057-01-003906.txt : 20010205 0000912057-01-003906.hdr.sgml : 20010205 ACCESSION NUMBER: 0000912057-01-003906 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRESDNER RCM INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000860127 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133560296 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 333-72679 FILM NUMBER: 1523636 BUSINESS ADDRESS: STREET 1: FOUR EMBARCADERO CENTER CITY: SAN FRANCISCO STATE: CA ZIP: 94111 MAIL ADDRESS: STREET 1: FOUR EMBARCADERO CENTER STREET 2: SUITE 3000 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: EMERGING GERMANY FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: DRESDNER EMERGING GERMANY FUND INC DATE OF NAME CHANGE: 19900306 497 1 a2036953z497.txt 497 DRESDNER RCM GLOBAL FUNDS, INC. SUPPLEMENT DATED FEBRUARY 1, 2001 TO THE PROSPECTUS DATED MAY 1, 2000 THE FOLLOWING INFORMATION REPLACES ALL SIMILAR REFERENCES THROUGHOUT THE PROSPECTUS: Effective December 29, 2000, the Dresdner RCM International Growth Equity Fund has been reorganized from a series of Dresdner RCM Capital Funds, Inc. (the "Capital Company") to a series of Dresdner RCM Global Funds, Inc. (the "Global Company"). Shareholders of the Dresdner RCM Europe Fund have approved its reorganization from a series of Dresdner RCM Investment Funds Inc. (the "Investment Company") to a series of the Global Company, the closing of which is anticipated in February 2001. As a result of the reorganizations, the Investment Company and the Capital Company will be dissolved as Maryland corporations. The Global Company also offers pursuant to a separate prospectus, the following funds: Dresdner RCM MidCap Fund and Dresdner RCM Small Cap Fund. For a copy of the prospectus, please call the Global Company at 800-726-7240. THE FOLLOWING INFORMATION FOR THE LARGE CAP GROWTH FUND REPLACES THE SIMILAR INFORMATION FOUND UNDER THE SECTION ENTITLED "FEES AND EXPENSES" AT PAGE 3 OF THE PROSPECTUS. ANNUAL FUND OPERATING EXPENSES (fees paid from Fund assets)
Class I Class N -------- -------- Management Fees 0.70% 0.70% Rule 12b-1 fee none 0.25% Other Expenses 1.75% 59.09% Total annual fund Operating expenses 2.45% 60.04% Less: Fees waived and reimbursed -1.70% -59.04% Net operating expenses(1) 0.75% 1.00%
(1) The Investment Manager has contractually agreed until at least December 31, 2005, to pay each quarter the amount, if any, by which the ordinary operating expenses for the quarter (except interest, taxes and extraordinary expenses) exceed the annualized rate of 0.75% for Class I and 1.00% for Class N. The Fund may reimburse the Investment Manager in the future. EXAMPLE:
One Three Five Ten Year Years Years Years Class I* $77 $240 $417 $2,024 Class N* $102 $318 $552 $9,995
*Assuming the Investment Manager continues to reimburse the ordinary operating expenses which exceed the annualized rate of 0.75% for Class I and 1.00% for Class N, your expenses for the periods indicated would be $77, $240, $417 and $930 for Class I and $102, $318, $552 and $1,225 for Class N. However, there is no assurance that the Investment Manager will continue such reimbursement policy. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "DO THE FUNDS HEDGE THEIR INVESTMENTS?" AT PAGE 25 OF THE PROSPECTUS: Once the reorganization is effective, the Europe Fund may utilize futures contracts (and related options) to hedge against currency exchange rate fluctuations, changes in interest rates or general fluctuations in the value of its portfolio securities. THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE SUBHEADING "GLOBAL HEALTH CARE FUND AND BIOTECHNOLOGY FUND" AT PAGES 32 AND 33 OF THE PROSPECTUS. Faraz Naqvi, M.D. and Michael Dauchot, M.D. are primarily responsible for the day to day management of the Global Health Care Fund. Dr. Naqvi and Camilo Martinez, M.D., Ph.D., are primarily responsible for the day to day management of the Biotechnology Fund. Dr. Martinez is a research analyst of the Investment Manager, with which he has been associated since 1999. Prior to joining the Investment Manager, he practiced Internal Medicine at Northeast Valley Health in 1999 and at Century Group Medicine in 1998, both in southern California. From 1995-1998 Dr. Martinez was a resident at the University of California at Los Angeles Department of Medicine. He is also a Board Certified physician in Internal Medicine. THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE SUBHEADING "GLOBAL SMALL CAP FUND" AT PAGE 33 OF THE PROSPECTUS. Timothy M. Kelly, CFA, is primarily responsible for the day to day management of the Global Small Cap Fund. Mr. Kelly is a Managing Director of the Investment Manager, with which he has been associated since 1995. He received an MBA from the University of Chicago Graduate School of Business with concentrations in accounting and finance. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND UNDER THE SUBHEADING "INTERNATIONAL GROWTH EQUITY FUND AND EMERGING MARKETS FUND" AT PAGES 33 AND 34 OF THE PROSPECTUS. The International Equity Team at Dresdner RCM is primarily responsible for the day to day management of the International Fund. This team manages the International Fund on a team basis, and no individual is separately responsible for the management of the International Fund. Ana Wiechers-Marshall and Luis Laboy, CFA are primarily responsible for the day-to-day management of the Emerging Markets Fund. Mr. Laboy is a Manager of the Investment Manager, with which he has been associated since 1997. From 1995 to 1997, he worked at Dresdner Bank Mexico where he served as assistant equity research analyst. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND UNDER THE SUBHEADING "EUROPE FUND" AT PAGE 34 OF THE PROSPECTUS. Barbel Lenz and Lesley Parachini are primarily responsible for the day to day management of the Europe Fund. Ms. Lenz is a Director of the Investment Manager, with which she has been associated since 1997. She joined the Investment Manager as a Senior Research Specialist for European Equities and as a portfolio manager. From 1995 to 1997 she served as an Assistant Vice President at Dresdner Kleinwort Benson North America LLC. Ms. Parachini is a Director of the Investment Manager, with which she has been associated since 1995. She received her BA from Wheaton College, graduating Phi Beta Kappa and completed her MA at Johns Hopkins University School for Advanced Informational Studies where she graduated with honors in European Affairs/International Economics. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "THE DISTRIBUTOR" AT PAGE 38 OF THE PROSPECTUS. The International Fund and, upon the effective date of its reorganization, the Europe Fund, are covered under the Global Company's Distribution and Service Plan adopted pursuant to Rule 12b-1 under the 1940 Act. THE FOLLOWING INFORMATION WITH RESPECT TO THE FUNDS, WHICH IS UNAUDITED, SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "FINANCIAL HIGHLIGHTS" ON PAGES 49 THROUGH 54 OF THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND RELATED NOTES WHICH ARE INCLUDED IN THE FUNDS' 2000 SEMI-ANNUAL REPORT TO STOCKHOLDERS. COPIES OF THE SEMI-ANNUAL REPORT ARE AVAILABLE, UPON REQUEST, BY EITHER CALLING DRESDNER RCM GLOBAL FUNDS AT (800) 726-7240 OR MAILING A REQUEST TO FOUR EMBARCADERO CENTER, SAN FRANCISCO, CALIFORNIA 94111. Dresdner RCM Global Funds Financial Highlights For a share outstanding throughout each fiscal year or period ended:
LARGE CAP GROWTH FUND BIOTECHNOLOGY FUND -------------------------------------- ------------------ CLASS I CLASS N CLASS N ---------------- ---------------- ------------------ (UNAUDITED) (UNAUDITED) (UNAUDITED) SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 ---------------- ---------------- ------------------ PER SHARE OPERATING PERFORMANCE: (1) Net asset value, beginning of period $ 19.07 $19.00 $ 20.02 ------- ------ -------- Income from investment operations: Net investment income (loss) (0.03) (0.05) (0.15) Net realized and unrealized gain on investments 0.74 0.72 14.90 ------- ------ -------- Total from investment operations 0.71 0.67 14.75 Less distributions: From net investment income -- -- -- From net realized gain on investments -- -- -- ------- ------ -------- Total distributions -- -- -- ------- ------ -------- NET ASSET VALUE, END OF PERIOD $ 19.78 $19.67 $ 34.77 ------- ------ -------- ------- ------ -------- TOTAL RETURN (2) 3.72% 3.47% 73.68% ------- ------ -------- ------- ------ -------- RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) $23,265 $6,427 $465,683 ------- ------ -------- ------- ------ -------- Ratio of expenses to average net assets: With waiver and reimbursement (4) 0.95% 1.20% 1.50% ------- ------ -------- ------- ------ -------- Without waiver and reimbursement (4) 1.82% 2.88% 1.50% ------- ------ -------- ------- ------ -------- Ratio of net investment income (loss) to average net assets: With waiver and reimbursement (4) (0.28)% (0.57)% (0.98)% ------- ------ -------- ------- ------ -------- Without waiver and reimbursement (4) (1.15)% (2.25)% (0.98)% ------- ------ -------- ------- ------ -------- Portfolio turnover 20.08% 20.08% 303.77% ------- ------ -------- ------- ------ --------
- ------------------------------------ For Footnote References, see "Notes to Financial Highlights." Dresdner RCM Global Funds Financial Highlights For a share outstanding throughout each fiscal year or period ended:
TAX MANAGED GROWTH FUND GLOBAL SMALL CAP FUND -------------------------------------- -------------------------------------- CLASS I CLASS N CLASS I CLASS N ---------------- ---------------- ---------------- ---------------- (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 ---------------- ---------------- ---------------- ---------------- PER SHARE OPERATING PERFORMANCE: (1) Net asset value, beginning of period $ 14.99 $14.95 $ 23.38 $ 23.31 ------- ------ ------- ------- Income from investment operations: Net investment loss (0.06) (0.08) (0.09) (0.11) Net realized and unrealized gain on investments 0.63(5) 0.64(5) 3.65 3.70 ------- ------ ------- ------- Total from investment operations 0.57 0.56 3.56 3.59 Less distributions: From net realized gain on investments -- -- -- -- In excess of net realized gain on investments -- -- -- -- ------- ------ ------- ------- Total distributions -- -- -- -- ------- ------ ------- ------- NET ASSET VALUE, END OF PERIOD $ 15.56 $15.51 $ 26.94 $ 26.90 ------- ------ ------- ------- ------- ------ ------- ------- TOTAL RETURN (2) 3.80% 3.75% 15.18% 15.32% ------- ------ ------- ------- ------- ------ ------- ------- RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) $29,972 $3,806 $29,486 $17,448 ------- ------ ------- ------- ------- ------ ------- ------- Ratio of expenses to average net assets: With waiver and reimbursement (4) 1.25% 1.50% 1.50% 1.75% ------- ------ ------- ------- ------- ------ ------- ------- Without waiver and reimbursement (4) 1.99% 4.73% 1.72% 2.21% ------- ------ ------- ------- ------- ------ ------- ------- Ratio of net investment income to average net assets: With waiver and reimbursement (4) (0.77)% (1.00)% (0.72)% (0.83)% ------- ------ ------- ------- ------- ------ ------- ------- Without waiver and reimbursement (4) (1.51)% (4.23)% (0.94)% (1.29)% ------- ------ ------- ------- ------- ------ ------- ------- Portfolio turnover 32.85% 32.85% 102.60% 102.60% ------- ------ ------- ------- ------- ------ ------- -------
- ------------------------------------ For Footnote References, see "Notes to Financial Highlights." Dresdner RCM Global Funds Financial Highlights For a share outstanding throughout each fiscal year or period ended:
GLOBAL TECHNOLOGY FUND GLOBAL HEALTH CARE FUND -------------------------------------- ----------------------- CLASS I CLASS N CLASS N ---------------- ---------------- ----------------------- (UNAUDITED) (UNAUDITED) (UNAUDITED) SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 ---------------- ---------------- ----------------------- PER SHARE OPERATING PERFORMANCE: (1) Net asset value, beginning of period $ 59.21 $ 59.13 $ 14.25 -------- -------- ------- Income from investment operations: Net investment loss (0.26) (0.27) (0.07) Net realized and unrealized gain (loss) on investments 10.87 10.80 7.83 -------- -------- ------- Total from investment operations 10.61 10.53 7.76 Less distributions: From net realized gain on investments -- -- -- -------- -------- ------- Total distributions -- -- -- -------- -------- ------- NET ASSET VALUE, END OF PERIOD $ 69.82 $ 69.66 $ 22.01 -------- -------- ------- -------- -------- ------- TOTAL RETURN (2) 17.92% 17.81% 54.39% -------- -------- ------- -------- -------- ------- RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) $379,724 $383,142 $65,555 -------- -------- ------- -------- -------- ------- Ratio of expenses to average net assets: With waiver and reimbursement (4) 1.32% 1.39% 1.50% -------- -------- ------- -------- -------- ------- Without waiver and reimbursement (4) 1.32% 1.39% 2.04% -------- -------- ------- -------- -------- ------- Ratio of net investment income (loss) to average net assets: With waiver and reimbursement (4) (0.75)% (0.79)% (0.77)% -------- -------- ------- -------- -------- ------- Without waiver and reimbursement (4) (0.75)% (0.79)% (1.31)% -------- -------- ------- -------- -------- ------- Portfolio turnover 130.26% 130.26% 279.14% -------- -------- ------- -------- -------- -------
- ------------------------------------ For Footnote References, see "Notes to Financial Highlights." Dresdner RCM Global Funds Financial Highlights For a share outstanding throughout each fiscal year or period ended:
INTERNATIONAL GROWTH EQUITY FUND EMERGING MARKETS FUND -------------------------------------- -------------------------------------- CLASS I CLASS N CLASS I CLASS N ---------------- ---------------- ---------------- ---------------- (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 JUNE 30, 2000 ---------------- ---------------- ---------------- ---------------- PER SHARE OPERATING PERFORMANCE: (1) Net asset value, beginning of period $ 22.34 $22.31 $16.87 $16.84 -------- ------ ------ ------ Income from investment operations: Net investment income 0.01 0.01 0.05 0.03 Net realized and unrealized gain (loss) on investments (2.98) (3.00) (0.63) (0.63) -------- ------ ------ ------ Total from investment operations (2.97) (2.99) (0.58) 0.60 Less distributions: From net investment income -- -- -- -- In excess of net investment income -- -- From net realized gain on investments -- -- -- -- -------- ------ ------ ------ Total distributions -- -- -- -- -------- ------ ------ ------ NET ASSET VALUE, END OF PERIOD $ 19.37 $19.32 $16.29 $16.24 -------- ------ ------ ------ -------- ------ ------ ------ TOTAL RETURN (2) (13.29)% (13.40)% (3.62)% (3.74)% -------- ------ ------ ------ -------- ------ ------ ------ RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) $319,619 $5,129 $6,778 $2,159 -------- ------ ------ ------ -------- ------ ------ ------ Ratio of expenses to average net assets: With waiver and reimbursement (4) 1.00% 1.25% 1.50% 1.75% -------- ------ ------ ------ -------- ------ ------ ------ Without waiver and reimbursement (4) 1.00% 2.50% 4.46% 6.10% -------- ------ ------ ------ -------- ------ ------ ------ Ratio of net investment income (loss) to average net assets: With waiver and reimbursement (4) 0.06% 0.06% 0.52% 0.40% -------- ------ ------ ------ -------- ------ ------ ------ Without waiver and reimbursement (4) 0.06% (1.19)% (2.44)% (3.95)% -------- ------ ------ ------ -------- ------ ------ ------ Portfolio turnover 58.35% 58.35% 81.45% 81.45% -------- ------ ------ ------ -------- ------ ------ ------
- ------------------------------------ For Footnote References, see "Notes to Financial Highlights." Dresdner RCM Global Funds Financial Highlights For a share outstanding throughout each fiscal year or period ended:
EUROPE FUND ----------------------------------------------------- CLASS I CLASS N ------------------------- ---------------------- (UNAUDITED) (UNAUDITED) SIX MONTHS SIX MONTHS ENDED JUNE 30, 2000(1)(3) ENDED JUNE 30, 2000(1) ------------------------- ---------------------- PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $20.58 $ 16.12 ------ ------- Income from investment operations: Net investment income (loss) (0.02) (0.09) Net realized and unrealized gain (loss) on investments (4.18) 0.34(5) ------ ------- Total from investment operations (4.20) 0.25 Less distributions: From net investment income -- -- In excess of net investment income -- -- From net realized gain on investments -- -- ------ ------- Total distributions -- -- ------ ------- NET ASSET VALUE, END OF PERIOD $16.38 $ 16.37 ------ ------- ------ ------- TOTAL RETURN (2) 1.61% 1.55% ------ ------- ------ ------- RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) $1,092 $80,852 ------ ------- ------ ------- Ratio of expenses to average net assets: (6) With waiver and reimbursement (4) 1.35% 1.60% ------ ------- ------ ------- Without waiver and reimbursement (4) 10.25% 2.07% ------ ------- ------ ------- Ratio of net investment income (loss) to average net assets: With waiver and reimbursement (4) (0.37)% (1.01)% ------ ------- ------ ------- Without waiver and reimbursement (4) (9.27)% (1.48)% ------ ------- ------ ------- Portfolio turnover 86.62% 86.62% ------ ------- ------ -------
- ------------------------------------ For Footnote References, see "Notes to Financial Highlights." Dresdner RCM Global Funds Financial Highlights For a share outstanding throughout each fiscal year or period ended:
BALANCED FUND ----------------- CLASS I ----------------- (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2000 ----------------- PER SHARE OPERATING PERFORMANCE: (1) Net asset value, beginning of period $ 10.65 ------- Income from investment operations: Net investment income 0.09 Net realized and unrealized gain on investments 0.21 ------- Total from investment operations 0.30 Less distributions: From net investment income (0.03) ------- Total distributions (0.03) ------- NET ASSET VALUE, END OF PERIOD $ 10.92 ------- ------- TOTAL RETURN (2) 2.77% ------- ------- RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (in 000's) $17,429 ------- ------- Ratio of expenses to average net assets: With waiver and reimbursement (4) 0.90% ------- ------- Without waiver and reimbursement (4) 4.35% ------- ------- Ratio of net investment income (loss) to average net assets: With waiver and reimbursement (4) 1.62% ------- ------- Without waiver and reimbursement (4) (1.83)% ------- ------- Portfolio turnover 145.11% ------- -------
- ------------------------------------ For Footnote References, see "Notes to Financial Highlights." The accompanying notes are an integral part of the financial statements. Dresdner RCM Global Funds Notes to Financial Highlights June 30, 2000 (Unaudited) The following notes are being used as reference items in the Financial Highlights of the Funds. (1) Calculated using the average share method. (2) Total return measures the change in value of an investment over the period indicated. For periods less than one year, the total return is not annualized. (3) Commencement of operations was March 3, 2000. (4) Annualized for periods of less than one year. (5) The amount shown for a share outstanding does not correspond with the aggregate net gain on investments reflected in the Fund's Statement of Operations. This is due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values. (6) The operating expenses for the Dresdner RCM Europe Fund include certain non-recurring legal expenses of 0.46% and 0.32% of average net assets for the years ended Decemebr 31, 1998 and 1999, respectively, for which the insurance carrier has agreed to reimburse the Fund 0.78% ($800,000) of average net assets for the year ended December 31, 1999. DRESDNER RCM GLOBAL FUNDS, INC. SUPPLEMENT DATED FEBRUARY 1, 2001 TO THE STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2000 THE FOLLOWING INFORMATION REPLACES ALL SIMILAR REFERENCES THROUGHOUT THE SAI: Effective December 29, 2000, the Dresdner RCM International Growth Equity Fund was reorganized from a series of Dresdner RCM Capital Funds, Inc. (the "Capital Company") to a series of Dresdner RCM Global Funds, Inc. (the "Global Company"). Shareholders of the Dresdner RCM Europe Fund have approved its reorganization from a series of Dresdner RCM Investment Funds Inc. (the "Investment Company") to a series of the Global Company, the closing of which is anticipated in February 2001. As a result of the reorganizations, the Capital Company and the Investment Company will be dissolved as Maryland corporations. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "SHORT SALES" BEGINNING ON PAGE 8 OF THE SAI. The International Fund may engage in short sales transactions. Please refer to pages 8-9 of the SAI for further details of these transactions and their associated risks. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "DELAYED-DELIVERY TRANSACTIONS" BEGINNING ON PAGE 9 OF THE SAI. Once the reorganization is effective, the Europe Fund may purchase securities on a delayed delivery or "when issued" basis and may enter into firm commitment agreements. Please refer to page 9 of the SAI for further details on these transactions and their associated risks described on page 25 of the SAI. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "FUTURES TRANSACTIONS" BEGINNING ON PAGE 10 OF THE SAI. Once the reorganization is effective, the Europe Fund may enter into futures contracts for the purchase or sale of fixed-income securities, foreign currencies or contracts based on financial indices, including indices of U.S. government securities, foreign government securities, equity securities or fixed-income securities. Please refer to page 10 of the SAI for further details on these transactions and their associated risks described on pages 26 and 27 of the SAI. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "DEBT SECURITIES" BEGINNING ON PAGE 13 OF THE SAI. The Large Cap Fund, Tax Managed Growth Fund, Biotechnology Fund, Global Small Cap Fund, Global Technology Fund, Global Health Care Fund and the Europe Fund, upon the effective date of its reorganization, may each invest up to 20% its total assets in short-term debt obligations. The Emerging Markets Fund may invest up to 20% of its assets in emerging market debt securities. Please refer to page 13 of the SAI for a description of these securities and their associated risks described on page 24 and 25 of the SAI. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "FUNDAMENTAL POLICIES" BEGINNING ON PAGE 28 OF THE SAI. Once the reorganization is effective, the fundamental policies previously applicable to the Europe Fund beginning on page 29 of the SAI will be eliminated. The Europe Fund will be subject to fundamental restrictions 1-14 beginning on page 28 of the SAI. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "OPERATING POLICIES" BEGINNING AT PAGE 30 OF THE SAI. The Funds, including the Europe Fund upon the effective date of its reorganization, are subject to the following operating policies that provide that a Fund may not: 1. Participate on a joint or a joint-and-several basis in any trading account in securities (the aggregation of orders for the sale or purchase of marketable portfolio securities with other accounts under the management of the Investment Manager to save brokerage costs, or to average prices among them, is not deemed to result in a securities trading account). 2. Invest more than 15% of the value of its net assets in securities that are illiquid (this restriction applies only to the Balanced Fund; the other Funds are subject to a similar fundamental policy). THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "DIRECTORS AND OFFICERS" BEGINNING AT PAGE 34 OF THE SAI. The members constituting the Board of Directors of the Global Company are DeWitt F. Bowman, Pamela A. Farr, George B. James, John A. Kriewall, George G.C. Parker and Kenneth E. Scott. Robert J. Birnbaum, Theodore J. Coburn and Alfred W. Fiore will become members of the Board of Directors of the Global Company upon the effective date of the Europe Fund's reorganization. The officers of the Global Company are Anthony Ain, Robert J. Goldstein, Karin L. Brotman, Jennie W. Klein and Steven L. Wong. For professional biographical information on these individuals, please refer to the SAI. Each Director of the Global Company receives a fee of $1,000 per year plus $500 for each Board meeting attended and $250 for each Audit Committee meeting attended. The current members of the Global Company's Audit Committee are DeWitt F. Bowman and George B. James. Each Director is reimbursed for travel and other expenses in connection with attending Board meetings. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES" BEGINNING AT PAGE 39 OF THE SAI. As of November 30, 2000, there were 14,837,719 shares of the International Growth Equity Fund outstanding, 14,087,866 shares of the Global Technology Fund outstanding,1,981,074 shares of the Global Small Cap Fund outstanding, 9,543,459 shares of the Global Health Care Fund outstanding, 3,246,615 shares of the Large Cap Growth Fund outstanding, 24,264,645 shares of the Biotechnology Fund outstanding, 593,852 shares of the Emerging Markets Fund outstanding, 2,353,198 shares of the Tax Managed Growth Fund outstanding, 3,858,376 shares of the Balanced Fund outstanding and 4,821,741 shares of the Europe Fund outstanding. On that date the following were known to the Company to own of record more than 5% of the Funds' outstanding capital stock:
Name and Address of % of Shares Beneficial Owner Shares Held Outstanding LARGE CAP GROWTH FUND Reed Elsvier US Salary Investment 739,873 22.79% Plan 401K State Street Bank & Trust TTEE 105 Rosemont Rd Westwood, MA 02090-2318 Pacific Maritime Association 429,696 13.24% P.O. Box 7861 San Francisco, California 94120-786 Charles Schwab & Co., Inc. 394,896 12.16% FBO Customers 101 Montgomery Street San Francisco, California 94104 Jomei Chang & Dale Skeen Trustees 341,131 10.51% Congoleum Corp Master Trust 280,445 8.64% 3705 Quakerbridge Road Mercerville, New Jersey 08619-0127
AAA Washington 185,335 5.71% 1745 114th Avenue SE Bellevue, Washington 98004-6968 Pasadena National Trust Company 165,029 5.08% FBO Customers Huntington Medical Research Institute 600 N Rosemead Blvd Pasadena, CA 91107-2138 TAX MANAGED GROWTH FUND Boston & Company 1,600,146 68.00% Mutual Fund Operations P.O. Box 3198 Pittsburgh, PA Charles Schwab & Co., Inc. 317,880 13.51% FBO Customers 101 Montgomery Street San Francisco, California 94104 BIOTECHNOLOGY FUND Charles Schwab & Co., Inc. 10,229,953 42.16% FBO Customers 101 Montgomery Street San Francisco, California 94104 National Financial Services Corp. 5,528,781 22.79% FBO Customers 200 Liberty Street One World Financial Center New York, New York 10281-1003 National Investors Service Corp. 1,512,618 6.23% FBO Customers 55 Water Street New York, New York 10041-0098 BALANCED FUND American Express Trust Company 2,264,148 58.68% FBO American Express Trust Retirement Services Plans ATTN: Pat Brown 50534 AXP Financial Center Minneapolis, MN 55474-0505 Pacific Northwest Employers 1,392,625 36.09% Pension Plan
GLOBAL SMALL CAP FUND Charles Schwab & Co. 591,391 29.85% FBO Customers 101 Montgomery Street San Francisco, California 94104 Dean Witter Discover & Co. 528,360 26.67% 333 Market Street 25th Floor San Francisco, California 94105-2102 National Financial Services Corp. 409,303 20.66% FBO Customer 200 Liberty Street One World Financial Center New York, New York 10281-1003 GLOBAL TECHNOLOGY FUND Charles Schwab & Co., Inc. 4,756,874 33.80% FBO Customers 101 Montgomery Street San Francisco, California 94104 National Financial Services Corp. 3,183,019 22.60% FBO Customers 200 Liberty Street One World Financial Center New York, New York 10281-1003 National Investors Service Corp. 454,615 5.25% FBO Customers 55 Water Street New York, New York 10041-0098 GLOBAL HEALTH CARE FUND Charles Schwab & Co., Inc. 3,653,674 38.28% FBO Customers 101 Montgomery Street San Francisco, California 94104 National Financial Services Corp. 2,663,680 27.91% FBO Customers 200 Liberty Street One World Financial Center New York, New York 10281-1003 Frank Nominees Limited 598,291 6.27% 10 Fenchurch Street London, ENGLAND National Investors Service Corp. 597,154 6.26% FBO Customers 55 Water Street New York, New York 10041-0098
INTERNATIONAL GROWTH EQUITY FUND JM Family Enterprises Inc. 1,615,782 10.89% 100 NW 12th Avenue Deerfield Beach, Florida 33442 Boston Safe Deposit and Trust Company 1,064,239 7.17% FBO Blue Cross and Blue Shield of Massachusetts Retirement Income Trust Boston, Massachusetts 02110 Northern Trust Cust 847,808 5.71% FBO McDonald's Corp Profit Sharing Master Trust 2111 McDonald's Dr. Oak Brook, IL 60523-1928 EMERGING MARKETS FUND Clients of Dresdner Bank AG/ 300,000 50.52% Investment Management Institutional Asset Management Division Jorgen-Ponto-Platz 60301 Frankfurt Germany Charles Schwab & Co., Inc. 127,442 21.46% FBO Customers 101 Montgomery Street San Francisco, California 94104 National Financial Services Corp. 91,974 15.49% FBO Customers 200 Liberty Street One World Financial Center New York, New York 10281-1003 EUROPE FUND Charles Schwab & Co., Inc. 1,085,040 22.50% FBO Customers 101 Montgomery Street San Francisco, California 94104 National Financial Services Corp. 454,905 9.43% FBO Customers 200 Liberty Street One World Financial Center New York, New York 10281-1003 Marshcove & Co. 290,930 6.03% P.O. Box 5756 Boston, Massachusetts 02206-0001 Smith Barney 285,773 5.93% 388 Greenwich Street New York, New York 10013-2339
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE SECTION ENTITLED "THE INVESTMENT MANAGER" BEGINNING AT PAGE 44 OF THE SAI. All management fees to be paid by the International Fund prior to its reorganization from series of the Capital Company to a series of the Global Company, were paid under a similar investment management agreement with its predecessor funds. THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN THE SECTION ENTITLED "THE DISTRIBUTOR" AT PAGE 46 OF THE SAI. Dresdner RCM International Growth Equity Fund and Dresdner RCM Europe Fund, upon the effective date of its reorganization, are included in the Global Company's Distribution and Service Plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940. THE FOLLOWING INFORMATION REPLACES THE INFORMATION FOUND IN THE SECTION ENTITLED "GENERAL INFORMATION" AT PAGE 56 OF THE SAI. The Global Company was incorporated in Maryland as an open-end management investment company on September 17, 1995. The authorized capital stock of the Global Company is 3,250,000,000 shares of capital stock (par value $.0001 per share) of which 100,000,000 shares have been designated as shares of the International Growth Equity Fund, 150,000,000 shares have been designated as shares of the Dresdner RCM Small Cap Fund, 600,000,000 shares have been designated as shares of the MidCap Fund, 200,000,000 shares have been designated as shares of the Europe Fund, 50,000,000 shares have been designated as shares of each of the Global Technology Fund, Global Small Cap Fund, Global Health Care Fund, Large Cap Growth Fund, Biotechnology Fund, Emerging Markets Fund, Tax Managed Growth Fund Global Equity Fund and Strategic Income Fund and 25,000,000 shares have been designated as shares of the Balanced Fund. THE FOLLOWING INFORMATION REPLACES THE INFORMATION FOUND IN THE SECTION ENTITLED "COUNSEL" AT PAGE 57 OF THE SAI. Certain legal matters in connection with the capital shares offered by the Global Company have been passed upon by Paul, Hastings, Janofsky & Walker LLP, 555 South Flower Street, Los Angeles, California 90071. The validity of the capital stock offered by the Global Company has been passed upon by Venable, Baetjer and Howard, LLP, 1800 Mercantile Bank & Trust Building, 2 Hopkins Plaza, Baltimore, Maryland 21201. Paul, Hastings, Janofsky & Walker LLP has acted and will continue to act as counsel to the Investment Manager in various matters. THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE SECTION ENTITLED "FINANCIAL STATEMENTS" AT PAGE 58 OF THE SAI. Incorporated by reference herein are the financial statements of the Funds' predecessors contained in the Funds' Semi-Annual Report to Shareholders for the six-month period ended June 30, 2000, including the Statements of Assets and Liabilities, including the Portfolios of Investments and the related Statements of Operations, the Statements of Changes in Net Assets and the Financial Highlights. -----END PRIVACY-ENHANCED MESSAGE-----