The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Oct. 26  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of September 30, 2005.

                           The Spain Fund, Inc.

  Top 10 Equity Holdings
                                         Portfolio%             Country
  1)  Banco Santander Central Hisp           14.05%             Spain
  2)  Telefonica Sa                          13.66%             Spain
  3)  Banco Bilbao Vizcaya                   12.05%             Spain
  4)  Repsol Sa                               9.03%             Spain
  5)  Grupo Ferrovial                         5.23%             Spain
  6)  Endesa Sa                               4.77%             Spain
  7)  Acs Actividades Co                      4.56%             Spain
  8)  Indra Sistemas Sa                       4.55%             Spain
  9)  Inditex                                 4.51%             Spain
  10) Sogecable                               3.65%             Spain

  Sector/Industry Breakdown
                                         Portfolio%
         Utilities:
           Electric & Gas Utility            16.06%
           Telephone Utility                 13.66%
           SUBTOTAL                          29.72%
         Finance:
           Banking - Money Center            26.09%
           Insurance                          3.51%
           SUBTOTAL                          29.60%
         Consumer Services:
           Broadcasting & Cable               5.44%
           Apparel                            4.51%
           Printing & Publishing              2.92%
           Cellular Communications            1.58%
           Airlines                           0.86%
           SUBTOTAL                          15.31%
           Capital Goods                      9.79%
           Energy                             9.03%
           Technology                         4.55%
           Consumer Staples                   1.52%
           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:                 $90.5 Million
           Net Asset Value:                 $10.38
           Number of Holdings:                  21



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, [phone]



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

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