Report 
 
      
Registrant:   Scudder New Asia Fund, Inc. — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/97

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      798738
SEC File #:   811-04789

Telephone #:  617-951-1848
 
 2.
Address:      345 Park Avenue
              New York, NY  10154
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Scudder Kemper Investments, Inc.
Role:         Adviser
SEC File #:   801-00252
Location:     New York, NY
 
Custodian 
 
15.1
Name:         Brown Brothers Harriman & Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Rule 17f-1 — Member, National Securities Exchange
 
15.2
Name:         Hong Kong & Shanghai Banking Corp.
Role:         Sub-Custodian
Location:     Hong Kong
              Hong Kong

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.3
Name:         Citibank N.A.
Role:         Sub-Custodian
Location:     Mumbai
              India

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.4
Name:         Citibank N.A.
Role:         Sub-Custodian
Location:     Jakarta
              Indonesia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.5
Name:         Sumitomo Trust & Banking Co.
Role:         Sub-Custodian
Location:     Tokyo
              Japan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.6
Name:         Citibank N.A.
Role:         Sub-Custodian
Location:     Seoul
              Korea

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.7
Name:         Hong Kong Bank Malaysia Berhad
Role:         Sub-Custodian
Location:     Berhad
              Malaysia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.8
Name:         National Australia Bank Ltd.
Role:         Sub-Custodian
Location:     Auckland
              New Zealand

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.9
Name:         Standard Chartered Bank
Role:         Sub-Custodian
Location:     Karachi
              Pakistan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.10
Name:         Citibank N.A.
Role:         Sub-Custodian
Location:     Manila
              Philippines

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.11
Name:         Hong Kong & Shanghai Banking Corp.
Role:         Sub-Custodian
Location:     Singapore
              Singapore

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.12
Name:         Hong Kong & Shanghai Banking Corp.
Role:         Sub-Custodian
Location:     Colombo
              Sri Lanka

Type of custody:  Rule 17f-5 — Foreign Custodian
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  52

The Identification Code of the family for Form N-SAR Filings:  SCUDDERRRR
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Credit Lyonnais Securities, Inc.
Commissions paid ($000s):  209
 
20.2
Broker:       Fleming (Robert) & Co. Ltd.
IRS #:        13-3298866
Commissions paid ($000s):  109
 
20.3
Broker:       SBC Warburg Asia Ltd. Hong Kong
IRS #:        13-3340045
Commissions paid ($000s):  106
 
20.4
Broker:       Merrill Lynch & Co.
IRS #:        13-5674085
Commissions paid ($000s):  101
 
20.5
Broker:       UBS Securities, L.L.C.
IRS #:        13-3873456
Commissions paid ($000s):  89
 
20.6
Broker:       BZW Securities, Inc.
Commissions paid ($000s):  80
 
20.7
Broker:       Abn Amro Hoare Govett Asia Ltd.
Commissions paid ($000s):  59
 
20.8
Broker:       ING Baring SEC. (HK) Ltd., Taiwan Branch
Commissions paid ($000s):  62
 
20.9
Broker:       HSBC James Capel
Commissions paid ($000s):  52
 
20.10
Broker:       Carr W.T. (Far East) Ltd.
Commissions paid ($000s):  51
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  1,334
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Merrill Lynch & Co.
IRS #:        13-5674085
Registrant’s purchases ($000s):  16,917
Registrant’s sales ($000s):  14,541
 
22.2
Entity:       SBC Warburg Asia Ltd. Hong Kong
IRS #:        13-3340045
Registrant’s purchases ($000s):  12,400
Registrant’s sales ($000s):  15,817
 
22.3
Entity:       Credit Lyonnais Securities, Inc.
Registrant’s purchases ($000s):  15,569
Registrant’s sales ($000s):  12,395
 
22.4
Entity:       UBS Securities, L.L.C.
IRS #:        13-3873456
Registrant’s purchases ($000s):  9,741
Registrant’s sales ($000s):  13,792
 
22.5
Entity:       Goldman Sachs & Co.
IRS #:        13-5108880
Registrant’s purchases ($000s):  6,713
Registrant’s sales ($000s):  12,112
 
22.6
Entity:       Fleming (Robert) & Co. Ltd.
IRS #:        13-3298866
Registrant’s purchases ($000s):  6,675
Registrant’s sales ($000s):  11,648
 
22.7
Entity:       Morgan Stanley & Co. Inc.
IRS #:        13-2655998
Registrant’s purchases ($000s):  6,585
Registrant’s sales ($000s):  9,628
 
22.8
Entity:       BZW Securities, Inc.
Registrant’s purchases ($000s):  6,118
Registrant’s sales ($000s):  7,046
 
22.9
Entity:       HSBC James Capel
Registrant’s purchases ($000s):  4,665
Registrant’s sales ($000s):  6,583
 
22.10
Entity:       Abn Amro Hoare Govett Asia Ltd.
Registrant’s purchases ($000s):  4,482
Registrant’s sales ($000s):  5,512
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  137,460
   Aggregate sales ($000s):  149,135
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $2,500
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      No        –
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  144,465
Sales ($000s):      154,727

Monthly average Value of portfolio ($000s):  123,902

Percent turnover (lesser of Purchases or Sales, divided by Value):  117%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 494
Net dividend income ..............................................
 1,627
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 1,608
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 46
Custodian fees ...................................................
 599
Postage ..........................................................
 –
Printing expenses ................................................
 65
Directors’ fees ..................................................
 90
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 79
Legal fees .......................................................
 9
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 31
Total expenses ...................................................
 2,527

Expense reimbursements ($000s):   0

Net investment income ($000s):    -406

Realized capital gains ($000s):   0
Realized capital losses ($000s):  2,309

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  27,142

Total income dividends for which the record date passed during the
period ($000s):  1,577

Total capital gains distributions for which the record date passed
during the period ($000s):  3,417
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.1800

Distribution of capital gains:  $0.3900
Other distributions:            $0.0300
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 601
Repurchase agreements ............................................
 8,349
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 7,447
Preferred, conv. preferred and adjustable-rate preferred stock ...
 1,060
Common stock .....................................................
 84,681
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 615
Receivables from portfolio instruments sold ......................
 828
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 197
All other assets .................................................
 435
Total assets .....................................................
 104,213

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 1,115
Amounts owed to affiliated persons ...............................
 108
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 4,124

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 98,866

Number of shares outstanding (000s):   8,765

Net Asset Value (NAV) per share (to nearest cent):  $11.28

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  132,874
 
76.
Market price per share at period end:  $9.69
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77C:  Matters Submitted to a Vote of Security Holders?  Yes

EX-99.77Q1: Other Disclosure?  Yes

EX-99.77Q3: Other Info?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Ici Mutual Insurance
2nd Insurer:  National Union Fire Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  60,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  86
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Thomas F. McDonough      
Name:   Thomas F. McDonough
Title:  Secretary