NEW YORK, Dec. 9 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of October 31, 2005. The Spain Fund, Inc. Top 10 Equity Holdings Portfolio% Country 1) Telefonica Sa 13.90% Spain 2) Banco Santander Central Hisp 12.90% Spain 3) Banco Bilbao Vizcaya 12.67% Spain 4) Repsol Sa 8.71% Spain 5) Grupo Ferrovial 4.85% Spain 6) Inditex 4.76% Spain 7) Acs Actividades Co 4.67% Spain 8) Endesa Sa 4.63% Spain 9) Indra Sistemas Sa 4.44% Spain 10) Corporacion Mapfre 3.74% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 15.89% Telephone Utility 13.90% SUBTOTAL 29.79% Finance: Banking - Money Center 25.56% Insurance 3.74% SUBTOTAL 29.30% Consumer Services: Broadcasting & Cable 5.49% Apparel 4.76% Printing & Publishing 3.05% Cellular Communications 1.58% Airlines 0.88% SUBTOTAL 15.76% Capital Goods 9.52% Energy 8.71% Technology 4.44% Consumer Staples 1.51% Healthcare 0.97% 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: $87.8 Million Net Asset Value: $10.05 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 for The Spain Fund, Inc., 1-800-221-5672 Web site: http://www.alliancecapital.com/

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