The Spain Fund, a closed-end fund managed by Alliance Capital Management, has received a request from an institutional investor that a proposal to open-end the fund be submitted to the fund's 1999 annual meeting of stockholders. The proposal was made on behalf of about 18 percent of the fund's outstanding shares.

The fund's annual meeting is expected to be held in September. Before the meeting, it is expected that the board of directors will make a recommendation to the fund's shareholders, on the open-ending proposal.

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