Scudder Kemper Investments, the adviser to the closed-end Scudder Spain and Portugal Fund, has announced it will seek shareholder approval to liquidate the fund. The deadline for shareholder votes on the liquidation is December 1. If approved, liquidation could take place by year-end.

Scudder blamed "arbitrageurs and short-term traders who were not interested in the Fund's investment objective" for the directors' decision to terminate the fund. The fund, whose assets had recently shrunk to $21.4 million, had become too costly to run, Scudder said.

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