UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05189
THE SPAIN FUND, INC.
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip code)
Mark R. Manley
Alliance Capital Management, L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 221-5672
Date of fiscal year end: November 30, 2005
Date of reporting period: February 28, 2005
ITEM 1. SCHEDULE OF INVESTMENTS.
Portfolio of Investments
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
February 28, 2005 (unaudited)
Company Shares U.S. $ Value
--------------------------------------------------------------------------------
COMMON STOCKS -- 98.3%
Financial Services -- 27.4%
Banking - Money Center -- 20.1%
Banco Bilbao Vizcaya Argentaria, SA(a) 607,000 $ 10,495,003
Banco Santander Central Hispano, SA 688,819 8,507,427
------------
19,002,430
------------
Banking - Regional -- 4.2%
Banco Popular Espanol, SA 56,706 3,922,603
------------
Insurance -- 3.1%
Corporacion Mapfre, SA 180,508 2,912,909
------------
25,837,942
------------
Utilities -- 25.8%
Electric & Gas -- 12.0%
Enagas 125,000 2,049,271
Endesa, SA 174,593 3,946,136
Gas Natural SDG, SA 95,000 2,810,785
Red Electrica de Espana 99,106 2,558,523
------------
11,364,715
------------
Telephone -- 13.8%
Telefonica, SA 707,530 13,006,647
------------
24,371,362
------------
Consumer Services -- 24.1%
Airlines -- 1.1%
Iberia Lineas Aereas de Espana, SA 297,242 1,037,432
------------
Apparel -- 7.2%
Industria de Diseno Textil, SA (Inditex) 220,744 6,815,516
------------
Broadcasting & Cable -- 7.2%
Gestevision Telecinco, SA(b) 139,894 3,079,070
Promotora de Informaciones (Prisa), SA 132,000 2,770,299
Sogecable, SA(b) 22,504 905,406
------------
6,754,775
------------
Cellular Communications -- 1.7%
Telefonica Moviles, SA 126,028 1,602,899
------------
Printing & Publishing -- 4.9%
Telefonica Publicidad e Informacion, SA 140,000 1,333,279
Unidad Editorial, SA Series A(b)(c) 687,039 3,275,074
------------
4,608,353
------------
Retail - General Merchandise -- 2.0%
Aldeasa, SA 40,980 1,926,360
------------
22,745,335
------------
--------------------------------------------------------------------------------
6 o THE SPAIN FUND
Portfolio of Investments
--------------------------------------------------------------------------------
Company Shares U.S. $ Value
--------------------------------------------------------------------------------
Energy -- 7.1%
International -- 7.1%
Repsol-YPF, SA 247,070 $ 6,730,911
------------
Capital Goods -- 5.0%
Engineering & Construction -- 5.0%
ACS, Actividades de Construccion y Servicios, SA 90,000 2,295,151
Grupo Ferrovial, SA 40,500 2,414,556
------------
4,709,707
------------
Technology -- 3.4%
Computer Services -- 3.4%
Indra Sistemas, SA 183,035 3,164,328
------------
Basic Industry -- 2.5%
Mining & Metals -- 2.5%
Acerinox, SA 136,000 2,356,206
------------
Consumer Staples -- 2.0%
Beverages -- 2.0%
Baron de Ley, SA(b) 35,000 1,843,684
------------
Multi-Industry -- 1.0%
Multi-Industry -- 1.0%
Cintra Concesiones de Infraestructuras
de Transporte, SA(b) 80,000 911,015
------------
Total Investments -- 98.3%
(cost $47,424,588) 92,670,490
Other assets less liabilities -- 1.7% 1,631,190
------------
Net Assets-100% $ 94,301,680
============
Net Asset Value Per Share
(applicable to 8,705,608
shares outstanding) $ 10.83
============
Market Value Per Share $ 12.70
============
(a) Security represents investment in an affiliate
(b) Non-income producing security.
(c) Restricted and illiquid security, valued at fair value.
Please Note: The sector classifications presented herein are based on the sector
categorization methodology of the Adviser.
--------------------------------------------------------------------------------
THE SPAIN FUND o 7
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended)
are effective at the reasonable assurance level based on their evaluation of
these controls and procedures as of a date within 90 days of the filing date of
this document.
(b) There were no significant changes in the registrant's internal control over
financial reporting that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 3. EXHIBITS.
The following exhibits are attached to this Form N-Q:
EXHIBIT NO. DESCRIPTION OF EXHIBIT
----------- ----------------------
11(a)(1) Certification of Principal Executive Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
11(a)(2) Certification of Principal Financial Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): The Spain Fund, Inc.
By: /s/ Marc O, Mayer
-----------------
Marc O. Mayer
President
Date: April 29, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Marc O, Mayer
-----------------
Marc O. Mayer
President
Date: April 29, 2005
By: /s/ Mark D. Gersten
-------------------
Mark D. Gersten
Treasurer and Chief Financial Officer
Date: April 29, 2005