NEW YORK, Dec. 19 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of November 30, 2008. Top 10 Equity Holdings Portfolio% Country 1) Telefonica SA 22.04% Spain 2) Iberdrola SA 12.98% Spain 3) Banco Santander Central Hispano SA 11.39% Spain 4) Banco Bilbao Vizcaya Argentaria SA 6.20% Spain 5) RED ELECTRICA Corp. SA 5.30% Spain 6) Repsol YPF SA 5.02% Spain 7) Enagas 4.75% Spain 8) Indra Sistemas SA 4.67% Spain 9) Grifols SA 3.19% Spain 10) ACS Actividades de Construccion y Servicios SA 3.02% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 26.43% Telephone Utility 22.04% Miscellaneous 1.62% SUBTOTAL 50.09% Finance: Banking - Money Center 17.60% Miscellaneous 3.02% SUBTOTAL 20.62% Energy: International 5.02% Miscellaneous 1.64% SUBTOTAL 6.66% Capital Goods: Engineering & Construction 6.21% Technology: Computer Services 4.67% Consumer Services: Cellular Communications 2.46% Miscellaneous 1.53% SUBTOTAL 3.99% Health Care: Miscellaneous 3.19% Consumer Staples: Food 2.71% Basic Industry: Mining & Metals 1.86% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 97.55% Mexico 2.45% Total 100.00% Portfolio Statistics Total Net Assets: $52.4 Million Net Asset Value: $5.89 Number of Holdings: 23 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, 1-800-221-5672

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