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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