Schedule 13d
| Filed by: | KARPUS MANAGEMENT, INC. |
| Subject Company: | SPAIN FUND INC |
| Filed as of Date: | 08/06/2009 |
| View Original Filing on Edgar's | |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 SCHEDULE 13D
Under the Securities Exchange Act of 1934 The Spain Fund, Inc. (SNF)
(Name of Issuer) Common Stocks
(Title of Class of Securities) 846330108
(CUSIP Number) George W. Karpus, President
Karpus Management, Inc.,
d/b/a Karpus Investment Management
183 Sully's Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications) August 5, 2009
(Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box.
CUSIP No.: 846330108
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Karpus Management, Inc., d/b/a Karpus Investment Management
I.D. #16-1290558
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
3. SEC Use Only
4. Source of Funds (See Instructions) AF
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) N/A
6. Citizenship or Place of Organization New York
Number of Shares Beneficially Owned by Each reporting Person With:
- 7. Sole Voting Power
132,785
8. Shared Voting Power
N/A
9. Sole Dispositive Power
132,785
10. Shared Dispositive Power
N/A
11. Aggregate Amount Beneficially Owned by Each Reporting Person 132,785
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) N/A
13. Percent of Class Represented by Amount in Row (11) 1.49%
14. Type of Reporting Person (See Instructions) IA
Item 1. Security and Issuer.
The Spain Fund, Inc.Alliance Capital Management L.P.
1345 Avenue of the Americas
New York, NY 10105 Item 2. Identity and Background. (a) Karpus Management, Inc., d/b/a Karpus Investment Management (“KIM”), George W. Karpus, President, Director, and controlling stockholder, Jo Ann Van Degriff, Vice-President and Director, and Sophie Karpus, Director. (b) The address of KIM’s principal place of business and principal office is: 183 Sully’s Trail, Pittsford, New York 14534. (c) Principal business and occupation - Investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trusts and others. (d) None of George W. Karpus, Jo Ann Van Degriff or Sophie Karpus (the “Principals”) or KIM has been convicted in the past 5 years of any criminal proceeding (excluding traffic violations). (e) During the last 5 years none of the Principals or KIM has been a party to a civil proceeding as a result of which any of them is subject to a judgment, decree, or final order enjoining future violations of or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Each of the Principals is a United States citizen. KIM is a New York corporation. Item 3. Source and Amount of Funds or Other Considerations. KIM, an independent investment advisor, has accumulated 132,785 shares of The Spain Fund, Inc. on behalf of accounts that are managed by KIM (the “Accounts”) under limited powers of attorney, which represents 1.49% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts. Item 4. Purpose of Transaction. KIM has purchased Shares for the Accounts for investment purposes. However, KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management. Being an independent registered investment advisor, with a specialty focus in closed end funds, the profile of the The Spain Fund, Inc. fits the investment guidelines for various Accounts. Shares have been acquired since July 11, 2008. Item 5. Interest in Securities of the Issuer. (a) As of the date of this Report, KIM represents beneficial ownership of 132,785 shares or 1.49% of the outstanding shares. George W. Karpus presently owns 1,515 shares. Mr. Karpus purchased shares on July 11, 2008 at $9.00 (80 shares), July 14, 2008 at $9.17 (5 shares), July 21, 2008 at $9.38 (25 shares), July 23, 2008 at $9.39 (40 shares), July 24, 2008 at $9.13 (25 shares), July 25, 2008 at $9.05 (25 shares), September 3, 2008 at $8.39 (25 shares), September 5, 2008 at $7.86 (50 shares), September 16, 2008 at $7.09 (25 shares), September 17, 2008 at $7.08 (150 shares), September 18, 2008 at $6.92 (445 shares), September 29, 2008 at 7.05 (50 shares), September 30, 2008 at $6.86 (90 shares), October 6, 2008 at $5.85 (275 shares), October 7, 2008 at $6.01 (20 shares), October 8, 2008 at $5.68 (30 shares), October 10, 2008 at $4.46 (115 shares), and on December 8, 2008 at $4.79 (40 shares). Dana R. Consler presently owns 105 shares. Mr. Conlser purchased shares on September 17, 2008 at $7.08 (25 shares), September 18, 2009 at $6.92 (30 shares), and on October 6, 2008 at $5.85 (50 shares). JoAnn Van Degriff presently owns 25 shares. Ms. Van Degriff purchased shares on October 10, 2008 at $4.46 (25 shares). None of the other principals of KIM presently own shares of SNF. (b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney. (c) Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases:
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