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
AllianceBernstein 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, 2006
Date of reporting period: August 31, 2006
ITEM 1. SCHEDULE OF INVESTMENTS.
The Spain Fund
Portfolio of Investments
August 31, 2006 (unaudited)
Company Shares U.S. $ Value
------------------------------------------------------- ------- ------------
COMMON STOCKS - 98.6%
Finance - 33.8%
Banking - Money Center - 25.1%
Banco Bilbao Vizcaya Argentaria SA (a) 582,000 $ 13,313,211
Banco Santander Central Hispano SA 789,195 12,257,693
------------
25,570,904
------------
Banking - Regional - 3.6%
Banco Pastor SA 260,000 3,686,873
------------
Insurance - 5.1%
Corporacion Mapfre SA 100,508 2,014,477
Grupo Catalana Occidente SA 120,000 3,245,917
------------
5,260,394
------------
34,518,171
------------
Utilities - 33.1%
Electric & Gas Utility - 19.2%
Enagas 215,000 4,899,573
Endesa SA 139,593 4,873,557
Iberdrola SA 130,000 4,830,952
Red Electrica de Espana 129,106 4,981,361
------------
19,585,443
------------
Telephone Utility - 13.9%
Telefonica SA 825,831 14,176,321
------------
33,761,764
------------
Capital Goods - 8.9%
Engineering & Construction - 8.9%
ACS Actividades Cons y Serv 106,000 4,755,674
Grupo Ferrovial SA 55,500 4,313,243
------------
9,068,917
------------
Energy - 8.0%
International - 8.0%
Repsol YPF SA 282,070 8,115,520
------------
Consumer Services - 7.9%
Apparel - 4.9%
Inditex SA 111,875 5,041,815
------------
Broadcasting & Cable - 3.0%
Prisa 182,000 3,009,796
------------
8,051,611
------------
Consumer Staples - 2.7%
Food - 2.7%
Ebro Puleva SA 130,000 2,790,803
------------
Basic Industry - 2.3%
Mining & Metals - 2.3%
Acerinox SA 125,000 2,354,594
------------
Technology - 1.9%
Computer Services - 1.9%
Indra Sistemas SA 93,035 1,933,493
------------
Total Investments - 98.6%
(cost $51,029,071) 100,594,873
Other assets less liabilities - 1.4% 1,441,499
------------
Net Assets - 100.0% $102,036,372
------------
(a) Security represents investments in an affiliate.
Please note: The sector classifications presented herein are based on the
sector categorizations methodology of the Investment Manager.
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: October 23, 2006
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 23, 2006
By: /s/ Joseph J. Mantineo
-------------------------------------
Joseph J. Mantineo
Treasurer and Chief Financial Officer
Date: October 23, 2006