The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Sept. 21  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of August 31, 2005.

                           The Spain Fund, Inc.

      Top 10 Equity Holdings
                                  Portfolio%       Country
   1) Telefonica Sa                   14.29%        Spain
   2) Banco Bilbao Vizcaya            11.85%        Spain
   3) Banco Santander Central Hisp     9.90%        Spain
   4) Repsol Sa                        8.57%        Spain
   5) Grupo Ferrovial                  5.04%        Spain
   6) Endesa Sa                        4.62%        Spain
   7) Indra Sistemas Sa                4.35%        Spain
   8) Inditex                          4.34%        Spain
   9) Banco Popular Espanol            4.07%        Spain
  10) Acs Actividades Co               3.81%        Spain

  Sector/Industry Breakdown

                             Portfolio%
   Finance:
     Banking - Money Center      21.75%
     Banking - Regional           4.07%
     Insurance                    3.49%
     SUBTOTAL                    29.31%
   Utilities:
     Telephone Utility           14.29%
     Electric & Gas Utility      12.80%
     SUBTOTAL                    27.09%
   Consumer Services:
     Broadcasting & Cable         4.95%
     Printing & Publishing        4.53%
     Apparel                      4.34%
     Cellular Communications      1.58%
     Airlines                     0.95%
     SUBTOTAL                    16.35%
   Capital Goods                  8.85%
   Energy                         8.57%
   Technology                     4.35%
   Consumer Staples:
     Tobacco                      1.53%
     Beverages                    1.13%
     SUBTOTAL                    2.66%
   Basic Industry                 2.34%
   Healthcare                     0.48%
   Total                        100.00%

  Security Type Breakdown

                             Portfolio%
   Foreign Equity               100.00%
   Total                        100.00%

  Country Breakdown
                             Portfolio%
   Spain                        100.00%
   Total                        100.00%

  Portfolio Statistics
   Total Net Assets:     $88.9 Million
   Net Asset Value:      $10.19
   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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