UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16. Form
4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Bank Austria Aktiengesellschaft
Vordere Zollamtsstrasse
A-1030 Vienna, Austria
2. Issuer Name and Ticker or Trading Symbol
The Austria Fund, Inc.
OST
3. IRS Number of Reporting Person (Voluntary)
4. Statement for Month/Year
3/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
( ) Director (X) 10% Owner ( ) Officer (give title
below) (X) Other (1)
(specify below)
7. Individual or Joint/Group Filing (check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
<PAGE>
<TABLE>
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of Security| 2. Transaction| 3. Transaction| 4. Securities | 5. Amount of | 6. Ownership |7. Nature of |
(Instr. 3) | Date | Code | Acquired (A) | Securities | Form: | Indirect |
| | (Instr. 8) | or Disposed | Beneficially | Direct (D) | Beneficial|
| (Month/ | | of (D) | Owned at End | or Indirect| Ownership |
| Day/ | | (Instr. 3,4, | of Month | (I) | (Instr. 4)|
| Year) | | and 5) | (Instr. 3 and 4)| (Instr. 4) | |
| | | | |(A) or| | | | |
| | Code | V | Amount|(D) |Price| | | |
_________________________________________________________________________________________________________________________________
Common Stock 3/05/99 P 6,000 A $10.2500 D
Common Stock 3/05/99 P 2,500 A $10.3215 D
Common Stock 3/05/99 P 141,500 A $10.3750 D
Common Stock 3/08/99 P 57,400 A $10.2500 D
Common Stock 3/08/99 P 26,000 A $10.3125 D
Common Stock 3/09/99 P 12,500 A $10.3750 D
Common Stock 3/09/99 P 40,700 A $10.3125 D
Common Stock 3/09/99 P 4,800 A $10.2500 D
Common Stock 3/10/99 P 8,500 A $10.3750 D
Common Stock 3/10/99 P 19,600 A $10.5000 D
Common Stock 3/10/99 P 4,000 A $10.5625 D
Common Stock 3/10/99 P 450,000 A $10.6250 D
Common Stock 3/11/99 P 9,800 A $10.7500 D
Common Stock 3/11/99 P 36,700 A $10.6250 D
Common Stock 3/12/99 P 39,200 A $10.7500 D
Common Stock 3/12/99 P 10,000 A $10.8125 D
Common Stock 3/15/99 P 1,200 A $10.7500 D
Common Stock 3/15/99 P 71,700 A $10.8750 D
Common Stock 3/26/99 P 1,479,500 A $10.2500 2,518,500 D
</TABLE>
<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount |
Derivative | sion or | action | action | Derivative | cisable and | of Underlying |
Security | Exercise | Date | Code | Securities | Expiration | Securities |
(Instr. 3) | Price of | (Month/ | (Instr. | Acquired | Date | (Instr. 3 and 4) |
| Deri- | Date/ | 8) | (A) or | (Month/Day/ | |
| vative | Year) | | Disposed of | Year) | |
| Security | | | (D) (Instr. | | |
<PAGE>
| | | | 3, 4 and 5) | | |
| | |____________|_________________|___________________|_____________________|
| | | | | | | | | | |
| | | | | | | Date | Expira- | | Amount or |
| | | | | | | Exer- | tion | | Number of |
| | | Code | V | (A) | (D) | cisable | Date | Title | Shares |
___________________|_____________|____________|______|_____|________|________|_________|_________|________|____________|
| | | | | | | | | | |
l l l l l l l l l l l
</TABLE>
<TABLE>
<S> <C> <C> <C>
| 8. Price of | 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | derivative | Form of | Indirect |
| Security | Securities | Derivative | Beneficial |
| (Instr. 5) | Benefi- | Security | Ownership |
| | cially | Direct (D) | (Instr. 4) |
| | Owned at | or Indirect | |
| | End of | (I) (Instr. | |
| | Month | 4) | |
| | (Instr. 4) | | |
</TABLE>
<PAGE>
Explanation of Responses:
(1) The Reporting Person is an affiliate of the sub-advisor to
the Issuer.
Signature of Reporting Person:
Bank Austria Aktiengesellschaft
By: /s/ Peter Renner
__________________________
Peter Renner,
Deputy General Manager
Date: April 12, 1999
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space is sufficient, see Instruction 6 for
procedure.
00250246.AA0
