<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
015 B000017 S
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<PAGE> PAGE 5
015 C010027 TALLINN
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
086 D010000 0
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087 A010000 SCUDDER NEW EUROPE FUND, INC.
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SIGNATURE JOHN MILLETTE
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
New Europe Fund, Inc. Semiannual Report for the period ended 4/30/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder New Europe Fund, Inc.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 221,989,028
<INVESTMENTS-AT-VALUE> 355,074,509
<RECEIVABLES> 3,031,206
<ASSETS-OTHER> 5,813
<OTHER-ITEMS-ASSETS> 227
<TOTAL-ASSETS> 358,111,755
<PAYABLE-FOR-SECURITIES> 5,491,719
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 962,799
<TOTAL-LIABILITIES> 6,454,518
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,234,049
<SHARES-COMMON-STOCK> 16,310,537
<SHARES-COMMON-PRIOR> 16,124,566
<ACCUMULATED-NII-CURRENT> (3,108,999)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,460,066
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 133,072,121
<NET-ASSETS> 351,657,237
<DIVIDEND-INCOME> 2,493,451
<INTEREST-INCOME> 619,778
<OTHER-INCOME> 0
<EXPENSES-NET> 2,998,062
<NET-INVESTMENT-INCOME> 115,167
<REALIZED-GAINS-CURRENT> 37,533,312
<APPREC-INCREASE-CURRENT> 317,901
<NET-CHANGE-FROM-OPS> 37,966,380
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (403,114)
<DISTRIBUTIONS-OF-GAINS> (47,728,393)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3,300,994
<NET-CHANGE-IN-ASSETS> (6,864,133)
<ACCUMULATED-NII-PRIOR> (2,821,052)
<ACCUMULATED-GAINS-PRIOR> 47,655,147
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,028,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,998,062
<AVERAGE-NET-ASSETS> 352,868,708
<PER-SHARE-NAV-BEGIN> 22.23
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.31
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (2.96)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.56
<EXPENSE-RATIO> 1.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[LOGO] Scudder New Europe Fund, Inc.
Stockholder Meeting Results
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
A Special Meeting of Stockholders (the "Meeting") of Scudder New Europe Fund,
Inc. (the "Fund") was held on December 17, 1998, at the office of Scudder Kemper
Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the
Meeting the following matters were voted upon by the stockholders (the resulting
votes for each matter are presented below).
1. To approve a new Investment Management Advisory and Administration
Agreement for the Fund with Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
12,537,821 330,776 120,090 0
- -------------------
* 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.
22
