The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Aug. 23  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of July 31, 2005.

                           The Spain Fund, Inc.

      Top 10 Equity Holdings
                                  Portfolio%
   1) Telefonica Sa                   14.23%
   2) Banco Bilbao Vizcaya            11.75%
   3) Banco Santander Central Hisp     9.79%
   4) Repsol Sa                        7.94%
   5) Inditex                          5.87%
   6) Grupo Ferrovial                  5.12%
   7) Endesa Sa                        4.49%
   8) Indra Sistemas Sa                4.18%
   9) Banco Popular Espanol            3.89%
  10) Acs Actividades Co               3.59%

      Sector/Industry Breakdown
                                  Portfolio%
   Finance:
     Banking - Money Center           21.54%
     Banking - Regional                3.89%
     Insurance                         3.47%
     SUBTOTAL                         28.90%
   Utilities:
     Telephone Utility                14.23%
     Electric & Gas Utility           12.53%
     SUBTOTAL                         26.76%
   Consumer Services:
     Apparel                           5.87%
     Broadcasting & Cable              4.97%
     Printing & Publishing             4.85%
     Cellular Communications           1.52%
     Airlines                          1.05%
     SUBTOTAL                         18.26%
   Capital Goods                       8.71%
   Energy                              7.94%
   Technology                          4.18%
   Consumer Staples:
     Tobacco                           1.46%
     Beverages                         1.07%
     SUBTOTAL                          2.53%
   Basic Industry                      2.22%
   Healthcare                          0.50%
   Total                             100.00%

  Portfolio Statistics
   Total Net Assets:     $88.4 Million
   Net Asset Value:      $10.13
   Number of Holdings:   25



The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by Alliance Capital Management L. P. 

DATASOURCE: The Spain Fund, Inc.



CONTACT:  Shareholder Contact for The Spain Fund, Inc., 1-800-221-5672



Web site:  http://www.alliancecapital.com/ 

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