The Austria Fund Announces Results of Stockholder Meeting

Apr 26, 2001, 01:00 ET from Austria Fund, Inc.

    NEW YORK, April 26 /PRNewswire/ -- The Austria Fund, Inc., a closed-end
 investment company (NYSE:   OST) (the "Fund"), announced the results of its
 Annual Meeting of Stockholders which was completed earlier today.
     At the Annual Meeting, the Fund's stockholders (i) elected to the Board of
 Directors each of the five individuals nominated for election by the Board,
 (ii) ratified the Board's selection of PricewaterhouseCoopers LLP as the
 Fund's independent accountants for fiscal 2001, (iii) approved a new
 Sub-Advisory Agreement between the Fund and its current Sub-Adviser,
 BAI Fondsberatung Ges. m.b.H., and (iv) disapproved, by the vote of 15% of the
 outstanding shares of record in favor and 54% against, a proposal to repeal a
 provision of the Fund's Amended and Restated Bylaws prescribing qualifications
 for nominees as Directors of the Fund.
     The Fund is a non-diversified, closed-end, U.S.-registered management
 investment company managed by Alliance Capital Management L.P.  As of
 April 20, 2001, the Fund's total net assets were $48.4 million.
 
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SOURCE Austria Fund, Inc.
    NEW YORK, April 26 /PRNewswire/ -- The Austria Fund, Inc., a closed-end
 investment company (NYSE:   OST) (the "Fund"), announced the results of its
 Annual Meeting of Stockholders which was completed earlier today.
     At the Annual Meeting, the Fund's stockholders (i) elected to the Board of
 Directors each of the five individuals nominated for election by the Board,
 (ii) ratified the Board's selection of PricewaterhouseCoopers LLP as the
 Fund's independent accountants for fiscal 2001, (iii) approved a new
 Sub-Advisory Agreement between the Fund and its current Sub-Adviser,
 BAI Fondsberatung Ges. m.b.H., and (iv) disapproved, by the vote of 15% of the
 outstanding shares of record in favor and 54% against, a proposal to repeal a
 provision of the Fund's Amended and Restated Bylaws prescribing qualifications
 for nominees as Directors of the Fund.
     The Fund is a non-diversified, closed-end, U.S.-registered management
 investment company managed by Alliance Capital Management L.P.  As of
 April 20, 2001, the Fund's total net assets were $48.4 million.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X17123118
 
 SOURCE  Austria Fund, Inc.