returned.

RCM Global Long Term Capital Appreciation Fund Ltd.'s account was fozen last week by a New York Supreme Court judge.

A decision was rendered Friday by a New York judge that brokerage company, Daiwa America Corp., should return some $33 million it seized from the fund's currency-trading account.

Daiwa had seized the RCM Global funds to cover losses from another account that was controlled by RCM Global's manager, Rowayton Capital Management.

Shareholders were informed by letter from fund director Mr. John Collis this week that in compliance with the temporary restraining order issued by the court, US$32,747,158.53 was deposited into the company's Daiwa account on Friday.

On Wednesday, Daiwa confirmed that the account will be credited with the average rate for three month T-bills for the relevant part of the month.

The fund's Bermuda-based administrator, Mr. Paul Thorne, corporate trust manager at International Corporate Management of Bermuda Ltd., has established an estimated net asset value per share of $1,123.56.

It represents an increase in the NAV of 2.38 percent to the July 31 valuation day, over the NAV posted at June 30.

Mr. Thorne said yesterday: "Daiwa has confirmed that the money is back there (in the brokerage account). We are receiving a daily statement from them again. They haven't confirmed how the amount of deposit was determined, but it appears to be a reasonable figure.

"They also are yet to confirm that they are going to credit the account with interest from the time of the money being seized on the 24th of July through the 18th of August. So they are basically confirming that it is being invested from the 18th onwards.'' The administrator estimated total net assets at the last valuation day of $32,502,887, representing 28,928.401 shares.

The change, since the inception of the fund in July 1994, represents a 12.36 percent move.

The July 31 valuation report includes a note that reminds shareholders that opportunities for subscriptions and redemptions remain suspended. Trading advisory and management fees had been accrued through July 24.

Mr. Collis advised in the letter: "We are continuing in our efforts for return of the company's assets, concentrating on the hearing for the motion for partial summary judgment currently scheduled for the end of September, 1995.''