NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of December 31, 2008. Top 10 Equity Holdings Portfolio % Country 1) Telefonica SA 21.10% Spain 2) Iberdrola SA 13.43% Spain 3) Banco Santander Central Hispano SA 11.51% Spain 4) Banco Bilbao Vizcaya Argentaria SA 6.36% Spain 5) Red Electrica Corp. SA 5.25% Spain 6) Enagas 4.84% Spain 7) Repsol YPF SA 4.78% Spain 8) Indra Sistemas SA 4.52% Spain 9) ACS Actividades de Construccion 3.04% Spain y Servicios SA 10) Grifols SA 2.78% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 27.65% Telephone Utility 21.10% Miscellaneous 1.48% SUBTOTAL 50.23% Finance: Banking - Money Center 17.88% Miscellaneous 3.30% SUBTOTAL 21.18% Capital Goods: Engineering & Construction 6.69% Energy: International 4.78% Miscellaneous 1.53% SUBTOTAL 6.31% Technology: Computer Services 4.52% Consumer Services: Cellular Communications 2.12% Miscellaneous 1.55% Apparel 0.31% SUBTOTAL 3.98% Health Care: Miscellaneous 2.78% Consumer Staples: Food 2.75% Basic Industry: Mining & Metals 1.56% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 97.88% Mexico 2.12% Total 100.00% Portfolio Statistics Total Net Assets: $58.7 Million Net Asset Value: $6.59 Number of Holdings: 24 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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