The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Dec. 9  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of October 31, 2005.

                           The Spain Fund, Inc.

        Top 10 Equity Holdings
                                        Portfolio%   Country
    1)  Telefonica Sa                       13.90%   Spain
    2)  Banco Santander Central Hisp        12.90%   Spain
    3)  Banco Bilbao Vizcaya                12.67%   Spain
    4)  Repsol Sa                            8.71%   Spain
    5)  Grupo Ferrovial                      4.85%   Spain
    6)  Inditex                              4.76%   Spain
    7)  Acs Actividades Co                   4.67%   Spain
    8)  Endesa Sa                            4.63%   Spain
    9)  Indra Sistemas Sa                    4.44%   Spain
   10)  Corporacion Mapfre                   3.74%   Spain

  Sector/Industry Breakdown
                                   Portfolio%
   Utilities:
        Electric & Gas Utility         15.89%
        Telephone Utility              13.90%
        SUBTOTAL                       29.79%
   Finance:
        Banking - Money Center         25.56%
        Insurance                       3.74%
        SUBTOTAL                       29.30%
   Consumer Services:
        Broadcasting & Cable            5.49%
        Apparel                         4.76%
        Printing & Publishing           3.05%
        Cellular Communications         1.58%
        Airlines                        0.88%
        SUBTOTAL                       15.76%
   Capital Goods                        9.52%
   Energy                               8.71%
   Technology                           4.44%
   Consumer Staples                     1.51%
   Healthcare                           0.97%
   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:                  $87.8 Million
   Net Asset Value:                   $10.05
   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 for The Spain Fund, Inc., 1-800-221-5672



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

Copyright