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011 A000001 DELETE
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012 C010001 BOSTON
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012 C030001 02266
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
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015 A000002 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA,
015 B000002 S
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE CAROLINE PEARSON
TITLE VICE PRESIDENT
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 Spain & Portugal Fund, Inc. (Liquidated 3/5/99) Semiannual Report for
the fiscal year ended 3/5/99 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Spain & Portugal Fund, Inc. (LIQUIDATED 3/5/99)
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAR-05-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-05-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 3,551
<ASSETS-OTHER> 1,755
<OTHER-ITEMS-ASSETS> 37,844
<TOTAL-ASSETS> 43,150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,150
<TOTAL-LIABILITIES> 43,150
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 6,511,154
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 87,400
<INTEREST-INCOME> 119,992
<OTHER-INCOME> 0
<EXPENSES-NET> 193,422
<NET-INVESTMENT-INCOME> 13,970
<REALIZED-GAINS-CURRENT> 6,520,260
<APPREC-INCREASE-CURRENT> (16,976,916)
<NET-CHANGE-FROM-OPS> (10,442,686)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,989,956)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (70,822,333)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (83,254,975)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,101,824
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 116,054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 541,796
<AVERAGE-NET-ASSETS> 22,110,000
<PER-SHARE-NAV-BEGIN> 12.79
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.32)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 2.05
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
RECORD DATE: October 9, 1998
MEETING DATE: (adjourned) December 18, 1998
REPORT DATE: December 18, 1998
Scudder Spain
and Portugal Fund, Inc.
- --------------------------------------------------------------------------------
Shareholder
--------------- -----------
Total O/S 1,507,500 NEED FOR QUORUM Communications Corporation
Total Voted 1,173,850 ---------------
% OF O/S 77.87% (420,099)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PROPOSALS FOR % OF VOTED NEED AGAINST WITHOLD/ABST. %FOR %AGST. %ABST.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1a Approve an amendment to the
Articles of Incorporation 794,346 67.67% (40,595) 206,219 16,891 52.69% 13.68% 1.12%
1b Approval of the Plan 794,346 67.67% (40,595) 206,219 16,891 52.69% 13.68% 1.12%
2 Approval of New Investment Management
Agreement 966,973 82.38% (180,493) 179,120 27,756 64.14% 11.88% 1.84%
3a Daniel Pierce 977,681 83.29% (390,755) 463 195,706 64.85% 0.03% 12.98%
3b Richard M. Hunt 977,844 83.30% (390,918) 463 195,543 64.87% 0.03% 12.97%
4 Ratification of PriceWaterhouseCoopers
as Independent Accountants 1,006,126 85.71% (419,200) 146,713 21,011 66.74% 9.73% 1.39%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Proposal 1 requires the affirmative vote of a majority of the Fund's
outstanding shares of common stock.
Proposal 2 requires the affirmative vote of a "majority of the outstanding
voting securities" as defined in the 1940 Act. The affirmative vote of the
lesser of:
1) 67% of the voting securities of the Fund present at the meeting if more
than 50% of the outstanding shares of the Fund are present in person or by
proxy
2) more than 50% of the outstanding shares of the Fund
Proposals 3 and 4 require the affirmative vote of a plurality of the votes
cast at the Meeting in person or by proxy
