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SIGNATURE CATHERINE M. VACCA
TITLE DEPUTY MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-START> Dec-01-1996
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THE SPAIN FUND, INC. Exhibit 77C
811-5189
The Annual Meeting of Shareholders of The Spain Fund, Inc. was
held on July 3, 1997. A description of each proposal and number
of shares voted at the meeting are as follows:
1. To Elect Directors: Class Two Directors (term expires 2000)
Shares Voted for Withheld Authority
Pilar de Borbon y Borbon 7,104,655.610 1,244,145.434
Enrique L. Fevre 7,105,670.893 1,243,130.151
James M. Hester 7,100,825.794 1,247,975.250
Carlos Delclaux Zulueta 7,105,769.279 1,243,031.765
2. To ratify the selection of Price Waterhouse LLP as
the Fund's independent auditors for the Fund's
fiscal year ending November 30, 1997 Shares Voted
For 7,126,775 Shares Voted Against 98,593 Shares
Abstained 1,123,453
THE SPAIN FUND, INC. Exhibit 77Q1(a)
811-5189
Articles of Incorporation: Incorporated by reference to Exhibit
1(A) from Registrant's Registration Statement on Form N-2, as
filed with the Securities and Exchange Commission on September
4, 1987.
Articles of Amendment, dated September 14, 1987: Incorporated by
reference to Exhibit 1(B) from Registrant's Registration
Statement on Form N-2, as filed with the Securities and Exchange
Commission on September 4, 1987.
Articles of Amendment, dated May 25, 1988: Incorporated by
reference to Exhibit 1(C) from Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-2, as filed with
the Securities and Exchange Commission on May 26, 1988.
Articles of Amendment, dated June 15, 1988: Incorporated by
reference to Exhibit 1(D) from Pre-Effective Amendment No. 2 to
Registrant's Registration Statement on Form N-2, as filed with
the Securities and Exchange Commission on June 21, 1988.
By-Laws, as amended: Incorporated by reference to Exhibit 2 from
Pre-Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-2, filed with the Securities and Exchange
Commission on May 26, 1988.
THE SPAIN FUND, INC. Exhibit 77Q1(e)
811-5189
INVESTMENT MANAGEMENT AND ADMINISTRATION AGREEMENT
THE SPAIN FUND, INC.
1345 Avenue of the Americas
New York, New York 10105
July 22, 1992
Alliance Capital Management L.P.
1345 Avenue of the Americas
New York, New York 10105
Dear Sirs:
We, the undersigned The Spain Fund, Inc., herewith confirm our
agreement with you as follows:
1. We are a closed-end, non-diversified management investment
company registered under the Investment Company Act of 1940 (the
"Act"). We propose to engage in the business of investing and
reinvesting our assets and the assets of The Spain Fund C.V., of
which we are the general partner, in securities
("the portfolio assets") of the type and in accordance with the
limitations specified in our Articles of Incorporation, By-Laws,
registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933 and the Act, and any
representations made in our prospectus, all in such manner and
to such extent as may from time to time be authorized by our
Board
of Directors. We enclose copies of the documents listed above
and will from time to time furnish you with any amendments
thereof.
2. (a) We hereby employ you to manage the investment and
reinvestment of the portfolio assets and the assets of The Spain
Fund C.V. as above specified, to act as our administrator and,
without limiting the generality of the foregoing, to provide
management and other services specified below.
(b) You will make decisions with respect to all purchases and
sales of the portfolio assets. To carry out such decisions, you
are hereby authorized, as our agent and attorney-in-fact, for
our account and at our risk and in our name, to place orders for
the investment and reinvestment of the portfolio assets and the
assets of The Spain Fund C.V. In all purchases, sales and other
transactions in the portfolio assets you are authorized to
exercise full discretion and act for us in the same manner and
with the same force and effect as we might or could do with
respect to such purchases, sales or other transactions, as well
as with respect to all other things necessary or incidental to
the furtherance or conduct of such purchases, sales or other
transactions. You are permitted to utilize the services of
Sub-Advisers with respect to the management of the portfolio
assets subject to your obtaining our prior, written approval
before entering into any such Sub-Advisory agreement.
(c) You will (i) provide us with the services of persons
competent to perform such administrative and clerical functions
as are necessary to provide effective administration of our
corporation, including maintaining certain books and records,
such as journals, ledger accounts and other records described in
Rule 31a-1 under the Act, initiating all money transfers from us
to our custodians and from our account to appropriate customer
accounts, and reconciling account information and balances among
our custodians, registrar, transfer and dividend disbursing
agent; (ii) oversee the performance of administrative services
rendered to us by others, including our custodians, and
registrar, transfer and dividend disbursing agent; (iii) provide
us with adequate office space and facilities; (iv) prepare
financial information for the periodic updating of our
registration statements and for our proxy statements; (v)
prepare our tax returns, reports to our shareholders, and
periodic reports to the Securities and Exchange Commission; (vi)
calculate the net asset value of our shares of common stock; and
(vii) perform such other administrative services for us and The
Spain Fund C.V. as may be reasonably requested by us.
(d) You will report to our Board of Directors at each meeting
thereof all changes in the portfolio assets since the prior
report, and will also keep us in touch with important
developments affecting the portfolio assets and on your own
initiative will furnish us from time to time with such
information as you may believe appropriate for this purpose,
whether concerning the individual issuers whose securities are
included in our portfolio, the industries in which they engage,
or the conditions prevailing in the economy generally. You will
also furnish us with such statistical and analytical information
with respect to the portfolio assets as you may believe
appropriate or as we reasonably may request. In making such
purchases and sales of the portfolio assets, you will bear in
mind the policies set from time to time by our Board of
Directors as well as the limitations imposed by our Articles of
Incorporation and in our Registration Statement under the Act
and the Securities Act of 1933, the limitations in the Act and
of the Internal Revenue Code of 1986 in respect of regulated
investment companies.
(e) It is understood that you will from time to time employ or
associate with yourselves such persons as you believe to be
particularly fitted to assist you in the execution of your
duties hereunder, the cost of performance of such duties to be
borne and paid by you; provided, that the Fund may agree to
engage and pay sub-advisers or other consultants in accordance
with the requirements of the Act. No obligation may be incurred
on our behalf in any such respect. During the continuance of
this agreement at our request you will provide us persons
satisfactory to our Board of Directors to serve as our officers.
Such personnel may be employees of you or your affiliates. We
will pay to you or your affiliates the cost of such personnel
acting as our officers and rendering the services set forth in
paragraph 2(c) above, at such rates as shall from time to time
be agreed upon between us, provided that all time devoted to the
investment or reinvestment of the portfolio assets shall be for
your account. Nothing contained herein shall be construed to
restrict our right to hire our own employees or to contract for
services to be performed by third parties.
3. We hereby confirm that, subject to the foregoing, we shall
be responsible and hereby assume the obligation for payment of
all our other expenses, including: (a) payment of the fee
payable to you under paragraph 5 hereof; (b) brokerage and
commission expenses; (c) Federal, state, local and foreign
taxes, including issue and transfer taxes, incurred by or levied
on us; (d) interest charges on borrowings; (e) our
organizational and offering expenses, whether or not advanced by
you; (f) the cost of personnel providing services to us, as
provided in paragraph 2(c) above; (g) fees and expenses of
registering our shares under the appropriate Federal securities
laws and of qualifying our
shares under applicable state securities laws; (h) fees and
expenses of listing and maintaining the listing of our shares on
any national securities exchange; (i) expenses of printing and
distributing reports to shareholders; (j) costs of proxy
solicitation; (k) charges and expenses of our custodians and
registrar, transfer and dividend disbursing agent; (l) fees of
sub-advisers; (m) expenses of organizing and maintaining a
limited partnership and limited liability company in the
Netherlands for the purpose of owning beneficial interests in
our assets invested in Spanish securities and administrative
fees of our subcustodians and nominee; (n) compensation of our
officers, Directors and employees who do not devote any part of
their time to your affairs or the affairs of your affiliates
other than us; (o) legal and auditing expenses; (p) the cost of
stock certificates representing shares of our common stock; and
(q) costs of stationery and supplies.
4. We shall expect of you, and you will give us the benefit of,
your best judgment and efforts in rendering these services to
us, and we agree as an inducement to your undertaking these
services that you shall not be liable hereunder for any mistake
of judgment or in any event whatsoever, except for lack of good
faith, provided that nothing herein shall be deemed to protect,
or purport to protect, you against any liability to us or to our
security holders to which you would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence in
the performance of your duties hereunder, or by reason of your
reckless disregard of your obligations and duties hereunder.
5. In consideration of the foregoing we will pay you a monthly
fee at an annualized rate of 1.10% of our average weekly net
assets up to $50,000,000, an annualized rate of 1.00% of our
average weekly net assets over $50,000,000 and up to
$100,000,000 and an annualized rate of .90% of our average
weekly net assets over $100,000,000. For purposes of the
calculation of such fee, average weekly net assets shall be
determined on the basis of the average net assets of the Fund
and The Spain Fund C.V. for each weekly period (ending on
Friday) ending during the month. The net assets for each weekly
period are determined by averaging the net assets on the Friday
of such weekly period with the net assets on the Friday of the
immediately preceding weekly period. When a Friday is not a
business day for us, then the calculation will be based on our
net assets on the business day immediately preceding such
Friday. Such fee shall be payable in arrears on the last day of
each calendar month for services performed hereunder during such
month. If this agreement becomes effective after the beginning
of a month or this agreement terminates prior to the end of a
month, such fee shall be prorated according to the proportion
which such portion of the month bears to the full month.
6. This agreement shall become effective on the date hereof and
shall continue in effect until December 31, 1992 and thereafter
for successive twelve-month periods (computed from each January
1) provided that such continuance is specifically approved at
least annually by our Board of Directors or by majority vote of
the holders of our outstanding voting securities (as defined in
the Act), and, in either case, by a majority of our Board of
Directors who are not interested persons, as defined in the Act,
of any party to this agreement (other than as Directors of our
Corporation) provided further, however, that if the continuation
of this agreement is not approved, you may continue to render
the services described herein in the manner and to the extent
permitted by the Act and the rules and regulations thereunder.
Upon the effectiveness of this agreement, it shall supersede all
previous agreements between us covering the subject matter
hereof. This agreement may be terminated at any time, without
the payment of any penalty by vote of a majority of our
outstanding voting securities (as so defined), or by a vote of a
majority of our entire Board of Directors on sixty days' written
notice to you, or by you on sixty days' written notice to us.
7. This agreement may not be transferred, assigned, sold or in
any manner hypothecated or pledged by you and this agreement
shall terminate automatically in the event of any such transfer,
assignment, sale, hypothecation or pledge by you. The term
"transfer", "assignment" and "sale" as used in this paragraph
shall have the meanings ascribed hereto by governing law and any
interpretation thereof contained in rules or regulations
promulgated by the Securities and Exchange Commission
thereunder.
8. (a) Except to the extent necessary to perform your
obligations hereunder, nothing herein shall be deemed to limit
or restrict your right, or the right of any of your employees,
or any of the officers or directors of Alliance Capital
Management Corporation, your general partner, who may also be a
director,
officer or employee of ours, or persons otherwise affiliated
with us (within the meaning of the Act) to engage in any other
business or to devote time and attention to the management or
other aspects of any other business, whether of a similar or
dissimilar nature, or to render service of any kind to any other
trust, corporation, firm, individual or association.
(b) You will notify us of any change in the general partner of
your partnership within a reasonable time after such change.
If the foregoing is in accordance with your understanding, will
you kindly so indicate by signing and returning to us the
enclosed copy hereof.
Very truly yours,
The Spain Fund, Inc.
By
Agreed to and accepted as of the date first set
forth above.
Alliance Capital Management L.P.
By Alliance Capital Management
Corporation,its General Partner
By
THE SPAIN FUND, INC. Exhibit 77Q2
811-5189
During the Fund's most recently completed fiscal year ended
November 30, 1997, the following individual filed a late initial
report on Form 3.
Name Title Number of Late Reports Number of Late
Transactions
Francis P. Reeves Vice President 1 0
