NEW YORK, June 27 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of May 31, 2006. The Spain Fund, Inc. Top 10 Equity Holdings Portfolio% Country 1) Telefonica Sa 14.09% Spain 2) Banco Bilbao Vizcaya Argentari 12.58% Spain 3) Banco Santander Central Hisp 11.87% Spain 4) Repsol Sa 8.21% Spain 5) Endesa Sa 4.88% Spain 6) Enagas 4.78% Spain 7) Red Electra 4.66% Spain 8) Inditex 4.62% Spain 9) Grupo Ferrovial 4.58% Spain 10) Acs Actividades Co 4.41% Spain Sector/Industry Breakdown Portfolio% Finance: Banking - Money Center 24.46% Insurance 5.21% Banking - Regional 3.48% SUBTOTAL 33.15% Utilities: Electric & Gas Utility 18.66% Telephone Utility 14.09% SUBTOTAL 32.75% Consumer Services: Apparel 4.62% Broadcasting & Cable 3.19% Printing & Publishing 2.36% SUBTOTAL 10.17% Capital Goods 8.99% Energy 8.21% Consumer Staples 2.65% Basic Industry 2.19% Technology 1.89% 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: $96.8 Million Net Asset Value: $11.07 Number of Holdings: 19 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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