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, +1-800-221-5672 Web site: http://www.alliancecapital.com/

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