The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Aug. 27  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of July 31, 2007.

        Top 10 Equity Holdings
                                                    Portfolio%     Country
    1)  Telefonica Sa                                  16.02%       Spain
    2)  Banco Bilbao Vizcaya Argenta                   15.01%       Spain
    3)  Iberdrola Sa                                    9.04%       Spain
    4)  Banco Santander Central Hisp                    7.30%       Spain
    5)  Inditex                                         5.03%       Spain
    6)  Altadis Sa                                      4.89%       Spain
    7)  Repsol Sa                                       4.44%       Spain
    8)  Clinica Baviera Sa                              4.32%       Spain
    9)  Indra Sistemas Sa                               3.84%       Spain
   10)  Corp Dermoestetica                              3.67%       Spain

   Sector/Industry Breakdown
                                                   Portfolio%
   Utilities:
        Electric & Gas Utility                         16.75%
        Telephone Utility                              16.02%
        SUBTOTAL                                       32.77%
   Finance:
        Banking - Money Center                         22.30%
        Banking - Regional                              4.72%
        Insurance                                       2.15%
        SUBTOTAL                                       29.17%
   Healthcare:
        Medical Services                                7.99%
        Miscellaneous                                   1.49%
        SUBTOTAL                                        9.48%
   Consumer Services:
        Apparel                                         5.03%
        Miscellaneous                                   2.68%
        Broadcasting & Cable                            1.46%
        SUBTOTAL                                        9.17%
   Capital Goods                                        5.47%
   Consumer Staples                                     4.89%
   Energy                                               4.44%
   Technology                                           3.84%
   Aerospace & Defense                                  0.77%
   Total                                              100.00%

   Security Type Breakdown


                                                    Portfolio%
   Foreign Equity                                     100.00%
   Total                                              100.00%

   Country Breakdown
                                                    Portfolio%
   Spain                                               99.23%
   Netherlands                                          0.77%
   Total                                              100.00%

  Portfolio Statistics
   Total Net Assets:                               $122.8 Million
   Net Asset Value:                                    $13.96
   Number of Holdings:                                     24



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 AllianceBernstein L. P. 

DATASOURCE: The Spain Fund, Inc.



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



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

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