<PAGE>
FORM 4 OMB APPROVAL
OMB Number: 3235-0287
[X] Check this box if no longer subject Expires: September 30, 1998
to Section 16. Form 4 or Form 5 Estimated average burden
obligations may continue. See hours per response..... 0.5
Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
_______________________________________________________________________________
1. Name and Address of Reporting Person
Deep Discount Advisors, Inc.
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(Last) (First) (Middle)
One West Pack Square, Suite 777
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(Street)
Asheville NC 28801
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(City) (State) (Zip)
_______________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
The Scudder Spain and Portugal Fund, Inc. (IBF)
_______________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)
_______________________________________________________________________________
4. Statement for Month/Year
October 1998
_______________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
_______________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director
[X] 10% Owner
[ ] Officer (give title below)
[ ] Other (specify below)
_______________________________________________________________________________
7. Individual or Joint/Group Filing
[ ] Form Filed by One Reporting Person
[X] Form Filed by More than One Reporting Person
_______________________________________________________________________________
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<TABLE>
<CAPTION>
TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- - ------------------------------------------------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7.
- - --------------------- -------- ---------- ------------------------------ ----------- ---------- ----------
Amount of Owner-
Securities ship
Trans- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- - --------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 10/30/98 S 1,417,403 D $12.755 0 I By Clients
</TABLE>
(Over)
<PAGE>
FORM 4 (continued)
<TABLE>
<CAPTION>
TABLE II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
- - ------------------------------------------------------------------------------------------------------------------------------
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
- - ---------- -------- -------- -------- ---------- ------------ -------------- ------ ---------- --------- ------
Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
- - ---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
None
</TABLE>
Explanation of Responses:
- - -----------------------------------------------------
- - -----------------------------------------------------
Deep Discount Advisors, Inc.
By: /s/ Ralph W. Bradshaw November 9, 1998
---------------------------------------- --------------------
Name: Ralph W. Bradshaw Date
Title: Secretary
Ron Olin Investment Management Company
By: /s/ Ronald G. Olin November 9, 1998
---------------------------------------- --------------------
Name: Ronald G. Olin Date
Title: Partner
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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