NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of October 31, 2008. Top 10 Equity Holdings Portfolio% Country 1)Telefonica SA 20.71% Spain 2)Banco Santander Central Hispano SA 14.72% Spain 3)Iberdrola SA 12.42% Spain 4)Banco Bilbao Vizcaya Argentaria SA 6.81% Spain 5)Enagas 6.28% Spain 6)RED ELECTRICA Corp. SA 5.56% Spain 7)Repsol YPF SA 5.06% Spain 8)Indra Sistemas SA 4.37% Spain 9)Grifols SA 3.61% Spain 10)America Movil SAB de CV Series L 2.43% Mexico Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 27.66% Telephone Utility 20.71% Miscellaneous 1.61% SUBTOTAL 49.98% Finance: Banking -- Money Center 21.53% Miscellaneous 2.49% SUBTOTAL 24.02% Energy: International 5.06% Miscellaneous 1.58% SUBTOTAL 6.64% Technology: Computer Services 4.36% Consumer Services: Cellular Communications 2.43% Miscellaneous 1.21% SUBTOTAL 3.64% Health Care: Miscellaneous 3.61% Capital Goods: Engineering & Construction 3.32% Consumer Staples: Food 2.53% Basic Industry: Mining & Metals 1.90% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 97.57% Mexico 2.43% Total 100.00% Portfolio Statistics Total Net Assets: $53.2 Million Net Asset Value: $5.98 Number of Holdings: 22 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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