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: 811-5189
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, 2004
Date of reporting period: August 31, 2004
ITEM 1. SCHEDULE OF INVESTMENTS.
Portfolio of Investments
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PORTFOLIO OF INVESTMENTS
August 31, 2004 (unaudited)
Company Shares U.S. $ Value
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COMMON STOCKS -- 95.3%
Financial Services -- 27.8%
Banking-Money Center-21.0%
Banco Bilbao Vizcaya Argentaria, SA(a) 662,000 $ 8,871,992
Banco Espanol de Credito(b) 75,000 836,900
Banco Santander Central Hispano, SA 613,819 6,052,713
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15,761,605
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Banking-Regional -- 4.1%
Banco Popular Espanol, SA 56,706 3,081,632
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Insurance -- 2.7%
Corporacion Mapfre, SA 180,508 2,060,842
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20,904,079
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Utilities -- 26.3%
Electric & Gas -- 12.2%
Enagas 175,000 1,947,604
Endesa, SA 174,593 3,247,842
Gas Natural SDG, SA 95,000 2,272,102
Red Electrica de Espana 99,106 1,683,450
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9,150,998
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Telephone -- 14.1%
Telefonica, SA 737,530 10,555,924
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19,706,922
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Consumer Services -- 25.9%
Airlines -- 1.1%
Iberia Lineas Aereas de Espana, SA 297,242 785,428
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Apparel -- 7.2%
Industria de Diseno Textil, SA (Inditex) 233,744 5,395,435
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Broadcasting & Cable -- 7.0%
Gestevision Tecinco, SA(b) 74,894 1,177,426
Promotora de Informaciones (Prisa), SA 110,000 1,752,849
Sogecable, SA(b) 64,504 2,346,586
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5,276,861
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Cellular Communications-1.7%
Telefonica Moviles, SA 126,028 1,304,320
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Printing & Publishing -- 4.8%
Telefonica Publicidad e Informacion, SA 140,000 922,395
Unidad Editorial, SA Series A(b)(c) 687,039 2,654,223
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3,576,618
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Retail -- General Merchandise -- 2.5%
Aldeasa, SA 62,980 1,873,651
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THE SPAIN FUND o 2
Portfolio of Investments
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Company Shares U.S. $ Value
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Miscellaneous -- 1.6%
Amadeus Global Travel Distribution, SA 180,363 $ 1,234,400
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19,446,713
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Energy -- 7.3%
International -- 7.3%
Repsol-YPF, SA 265,070 5,508,944
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Capital Goods -- 3.3%
Engineering & Construction -- 3.3%
Acciona, SA 22,000 1,357,839
Grupo Ferrovial, SA 25,000 1,148,347
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2,506,186
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Basic Industry -- 2.5%
Mining & Metals -- 2.5%
Acerinox, SA 136,000 1,851,700
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Technology -- 2.2%
Computer Services -- 2.2%
Indra Sistemas, SA 128,035 1,644,357
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Total Investments -- 95.3%
(cost $43,950,799) 71,568,901
Other assets less liabilities -- 4.7% 3,508,982
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Net Assets -- 100% $ 75,077,883
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Net Asset Value Per Share
(applicable to 8,690,743 shares outstanding) $ 8.64
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Market Value Per Share $ 11.10
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(a) Security represents investment in an affiliate.
(b) Non-income producing security.
(c) Restricted and illiquid security, valued at fair value
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3 o THE SPAIN FUND
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-2(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 controls 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
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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: October 28, 2004
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: October 28, 2004
By: /s/ Mark D. Gersten
Mark D. Gersten
Treasurer and Chief Financial Officer
Date: October 28, 2004
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