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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Scudder Spain & Portugal Fund 9/30/97 This schedule contains summary
financial information extracted from the Spain & Portugal Fund Annual Report for
the fiscal year ended 9/30/97 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>1
<NAME>Scudder Spain & Portugal Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 75,917,053
<INVESTMENTS-AT-VALUE> 112,373,377
<RECEIVABLES> 86,836
<ASSETS-OTHER> 1,814,613
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,274,826
<PAYABLE-FOR-SECURITIES> 1,098,443
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 266,816
<TOTAL-LIABILITIES> 1,365,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,201,235
<SHARES-COMMON-STOCK> 6,511,154
<SHARES-COMMON-PRIOR> 6,511,154
<ACCUMULATED-NII-CURRENT> 159,742
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,112,305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,436,285
<NET-ASSETS> 112,909,567
<DIVIDEND-INCOME> 2,087,235
<INTEREST-INCOME> 57,022
<OTHER-INCOME> 0
<EXPENSES-NET> 1,638,765
<NET-INVESTMENT-INCOME> 505,492
<REALIZED-GAINS-CURRENT> 17,645,376
<APPREC-INCREASE-CURRENT> 21,389,505
<NET-CHANGE-FROM-OPS> 39,540,373
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (585,992)
<DISTRIBUTIONS-OF-GAINS> (1,172,008)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 37,782,373
<ACCUMULATED-NII-PRIOR> 484,045
<ACCUMULATED-GAINS-PRIOR> 395,135
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 940,480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 94,346,823
<PER-SHARE-NAV-BEGIN> 1,154.00
<PER-SHARE-NII> 0.08
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<PER-SHARE-DIVIDEND> (9.00)
<PER-SHARE-DISTRIBUTIONS> (18.00)
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</TABLE>
160 Federal Street Telephone 617-439-4390
Boston, MA 02110
Price Waterhouse LLP
November 12, 1997
To the Board of Directors and Shareholders of Scudder Spain and Portugal Fund,
Inc.
In planning and performing our audit of the financial statements of Scudder
Spain and Portugal Fund, Inc., (hereafter referred to as the "Fund") for the
year ended September 30, 1997, we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N- SAR, and not to
provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of Scudder Spain and Portugal Fund, Inc. and the Securities
and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Boston, Massachusetts
Scudder Spain and Portugal Fund, Inc. Form N-SAR 9/30/97
File Number: 811-5304
CIK Number: 0000820675
Attachment 77C
(a) The Annual Meeting of the Shareholders of the Fund was held on July 23,
1997.
(b) Not applicable.
(c) The matter voted upon with respect to which this Attachment is being filed
was the approval or disapproval of an amendment to the Fund's Articles of
Incorporation changing the name of the Fund from The First Iberian Fund,
Inc. to Scudder Spain and Portugal Fund, Inc. The amendment was approved by
the shareholders. 4,582,651.301 votes were cast in favor of the amendment,
154,113.339 votes were cast against the amendment.
(d) Not applicable.
