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Scudder and Kemper European funds propose merger

The boards of Scudder New Europe Fund and Kemper Europe Fund announced their approval of the reorganization of both funds into a single open-end fund. The combination must be approved by shareholders of both funds.

After the reorganization, the new open-ended Scudder New Europe Fund will be renamed the Kemper Europe Fund. The transactions are expected to be completed in the third quarter of 1999.