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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: 1*
Name of Issuer: The Austria Fund, Inc.
Title of Class of Securities: Common Stock
CUSIP Number: 052587102
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Dr. Karl Tambornino
Bank Austria Aktiengesellschaft
Vordere Zollamtsstrasse 13
A-1030 Vienna, Austria
431/31333/42430
(Date of Event which Requires Filing of this Statement)
March 26, 1999
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No.: 052587102
1. Name of Reporting Person
I.R.S. Identification No. of Above Person
Bank Austria Aktiengesellschaft
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Austria
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
2,518,500
8. Shared Voting Power:
9. Sole Dispositive Power:
2,518,500
10. Shared Dispositive Power:
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,518,500
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
2
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13. Percent of Class Represented by Amount in Row (11)
31.69%
14. Type of Reporting Person
BK, CO
3
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This Amendment No. 1 to the Schedule 13D filed by Bank Austria
Aktiengesellschaft with respect to its ownership of common shares
(the "Shares") of The Austria Fund, Inc. is being filed to report
a 1% or greater change in its beneficial ownership of Shares.
Item 1. Security and Issuer
No change.
Item 2. Identity and Background
No change.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, the Reporting Person is deemed to
beneficially own 2,518,500 Shares. All the Shares were
purchased in open market transactions. The Shares were
purchased for an aggregate purchase price of
$27,028,156. Funds for the purchase of the Shares have
come from a proprietary investment account of the
Reporting Person. No leverage was used to purchase any
of the Shares.
Item 4. Purpose of Transactions
The Shares beneficially owned by the Reporting Person
were acquired for, and are being held for, investment
purposes. The Reporting Person has no plan or proposal
which relates to, or would result in, any of the actions
enumerated in Item 4 of the instructions to Schedule
13D.
Item 5. Interest in Securities of Issuer
(a) As of the date hereof, the Reporting Person is the
beneficial owner of 2,518,500 Shares. The Reporting
Person beneficially owns 31.69% of the outstanding
Shares.
(b) No change.
(c) All transactions in the Shares effected by the
Reporting Person during the sixty days prior to March
26, 1999 through the date of this filing were effected
in open-market transactions and are set forth in Exhibit
B hereto.
(d) No change.
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(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
The Reporting Person has no contracts, arrangements,
understandings or relationships with any person with
respect to the Shares.
Item 7. Material to be Filed as Exhibits
1. Exhibit A: List of Executive Officers and
Directors of the Reporting Person and of
Anteilsverwaltung-Zentralsparkasse, an
Austrian entity in a control position with
respect to the Reporting Person- No change.
2. Exhibit B: Description of the transactions in
the Shares that were effected by the Reporting
Person during the 60 days prior to March 26,
1999 through the date of this filing.
Signature
The undersigned, after reasonable inquiry and to
the best of its knowledge and belief, certifies that the
information set forth in this statement is true, complete
and correct.
Bank Austria Aktiengesellschaft
By: /s/ Peter Renner
___________________________
Peter Renner,
Deputy General Manager
Date
March 30, 1999
5
00250246.AA6
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Exhibit B
SCHEDULE OF TRANSACTIONS
Date Shares Purchased Price Per Share
(without commission)
____ ________________________ _________________
03/04/99 96,900 $10.2500
03/05/99 6,000 10.2500
03/05/99 2,500 10.3215
03/05/99 141,500 10.3750
03/08/99 57,400 10.2500
03/08/99 26,000 10.3125
03/09/99 12,500 10.3750
03/09/99 40,700 10.3125
03/09/99 4,800 10.2500
03/10/99 8,500 10.3750
03/10/99 19,600 10.5000
03/10/99 4,000 10.5625
03/10/99 450,000 10.6250
03/11/99 9,800 10.7500
03/11/99 36,700 10.6250
03/12/99 39,200 10.7500
03/12/99 10,000 10.8125
03/15/99 1,200 10.7500
03/15/99 71,700 10.8750
03/26/99 1,479,500 10.8750
00250246.AA6
