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008 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000001 A
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008 D010001 NEW YORK
008 D020001 NY
008 D030001 10105
008 A000002 BBV PRIVANZA BANCO, S.A.
008 B000002 S
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008 D010002 SPAIN
008 D050002 SPAIN
011 A000001 THE FIRST BOSTON CORPORATION
011 B000001 8-00000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10004
011 A000002 DREXEL BURHAM LAMBERT, INC.
011 B000002 8-00000000
011 C010002 NEW YORK
<PAGE> PAGE 2
011 C020002 NY
011 C030002 10004
011 A000003 PAINE WEBBER INCORPORATION
011 B000003 8-00000000
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10019
011 A000004 YAMAICHI INTERNATIONAL (AMERICA), INC.
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<PAGE> PAGE 3
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SIGNATURE CATHERINE M. VACCA
TITLE DEPUTY MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Class A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> Annual
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-START> Dec-01-1997
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> 133,886,301
<INVESTMENTS-AT-VALUE> 204,166,412
<RECEIVABLES> 424,340
<ASSETS-OTHER> 73,268
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204,664,020
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,017,127
<TOTAL-LIABILITIES> 1,017,127
<SENIOR-EQUITY> 91,889
<PAID-IN-CAPITAL-COMMON> 91,509,535
<SHARES-COMMON-STOCK> 9,188,921
<SHARES-COMMON-PRIOR> 10,026,746
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (14,822,505)
<ACCUMULATED-NET-GAINS> 56,550,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,317,731
<NET-ASSETS> 203,646,893
<DIVIDEND-INCOME> 3,130,580
<INTEREST-INCOME> 132,700
<OTHER-INCOME> 0
<EXPENSES-NET> 2,936,786
<NET-INVESTMENT-INCOME> 326,494
<REALIZED-GAINS-CURRENT> 56,838,861
<APPREC-INCREASE-CURRENT> 16,842,699
<NET-CHANGE-FROM-OPS> 74,008,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,268,983)
<DISTRIBUTIONS-OF-GAINS> (19,532,101)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,987,895
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,936,786
<AVERAGE-NET-ASSETS> 204,210,544
<PER-SHARE-NAV-BEGIN> 18.34
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 7.41
<PER-SHARE-DIVIDEND> (.45)
<PER-SHARE-DISTRIBUTIONS> (3.42)
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<PER-SHARE-NAV-END> 22.16
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Additional Information The Spain Fund
Supplemental Proxy Information (unaudited)
The Annual Meeting of Shareholders of The Spain Fund was
held on September 10, 1998. The description of each
proposal and number of shares are as follows:
Shares
Voted For
Authority
Withheld
1. To elect directors: Class Three Directors
Class three Directors
(term expires 2001)
Dave H. Williams
6,863,041
2,449,466
Francisco Gomez Roldan
6,839,332
2,473,175
Juan Manuel Sainz de Vicuna
6,856,611
2,455,896
Immaculada de Habsburgo-
Lorena
6,856,424
2,456,083
Shares Shares Shares
Voted Voted Voted
For Against Abstain
2. To ratify the selection
of PricewaterhouseCoopers LLP
as the Fund's independent auditors
of the Fund's fiscal year ending
November 30, 1998 7,653,904 232,296 1,426,307
3. To approve a shareholder proposal
as described in the proxy statement
for the Annual Meeting,
if presented. 2,824,609 3,170,556 1,147,547
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors
of The Spain Fund, Inc.
In planning and performing our audit of the financial statements and
financial highlights of The Spain Fund, Inc. for the period December 1, 1997
through November 30, 1998, we considered its internal control, including
control over safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of The Spain Fund, Inc. 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 controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
and financial highlights for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal controls, errors or fraud may
occur and may 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 component does not reduce to a
relatively low level the risk that errors or fraud in amounts that would
be material in relation to the financial statements and financial highlights
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 controls
over safeguarding securities, that we consider to be material weaknesses
as defined above as of November 30, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
January 27, 1999
