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/

Copyright