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, 2005 Date of reporting period: August 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. THE SPAIN FUND PORTFOLIO OF INVESTMENTS August 31, 2005 (unaudited) Company Shares U.S. $ Value ------- ------- ------------ COMMON STOCKS - 96.1% Financial Services - 28.2% Banking - Money Center - 20.9% Banco Bilbao Vizcaya Argentaria, SA(a) 607,000 $10,126,554 Banco Santander Central Hispano, SA 688,819 8,457,765 ----------- 18,584,319 ----------- Banking - Regional - 3.9% Banco Popular Espanol, SA 283,530 3,475,138 ----------- Insurance - 3.4% Corporacion Mapfre, SA 180,508 2,983,659 ----------- 25,043,116 ----------- Utilities - 26.0% Electric & Gas - 12.3% Enagas 140,000 2,431,921 Endesa, SA 174,593 3,949,576 Gas Natural SDG, SA 63,000 1,877,285 Red Electrica de Espana 99,106 2,678,480 ----------- 10,937,262 ----------- Telephone - 13.7% Telefonica, SA 735,831 12,208,114 ----------- 23,145,376 ----------- Consumer Services - 15.7% Airlines - 0.9% Iberia Lineas Aereas de Espana, SA 297,242 808,260 ----------- Apparel - 4.2% Industria de Diseno Textil, SA (Inditex) 135,875 3,709,965 ----------- Broadcasting & Cable - 4.8% Gestevision Telecinco, SA 42,894 997,632 Promotora de Informaciones (Prisa), SA 132,000 2,445,022 Sogecable, SA(b) 22,504 789,649 ----------- 4,232,303 ----------- Cellular Communications - 1.5% Telefonica Moviles, SA 126,028 1,346,106 ----------- Printing & Publishing - 4.3% Telefonica Publicidad e Informacion, SA 140,000 1,222,964 Unidad Editorial, SA Series A(c) 687,039 2,648,750 ----------- 3,871,714 ----------- 13,968,348 ----------- Company Shares U.S. $ Value ------- ------- ------------ Capital Goods - 8.5% Engineering & Construction - 8.5% ACS, Actividades de Construccion y Servicios, SA 108,000 $ 3,252,872 Grupo Ferrovial, SA 55,500 4,304,854 ----------- 7,557,726 ----------- Energy - 8.2% International - 8.2% Repsol-YPF, SA 247,070 7,324,225 ----------- Technology - 4.2% Computer Services - 4.2% Indra Sistemas, SA 183,035 3,714,692 ----------- Consumer Staples - 2.5% Beverages - 1.1% Baron de Ley, SA(b) 20,000 961,052 ----------- Tobacco - 1.4% Altadis, SA 30,000 1,303,653 ----------- 2,264,705 ----------- Basic Industry - 2.3% Mining & Metals - 2.3% Acerinox, SA 136,000 1,998,483 ----------- Healthcare - 0.5% Medical Services - 0.5% Corporacion Dermoestetica(b) 32,573 410,292 ----------- Total Investments - 96.1% (cost $44,081,083) 85,426,963 Other assets less liabilities - 3.9% 3,469,378 ----------- Net Assets - 100% $88,896,341 =========== (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. 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 24, 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: October 24, 2005 By: /s/ Mark D. Gersten ------------------------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: October 24, 2005