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The Spain Fund Releases Monthly Portfolio Update

    NEW YORK, Nov. 29 /PRNewswire-FirstCall/ -- The Spain Fund, Inc.
(NYSE: SNF) (the "Fund") today released its monthly portfolio update as of
October 31, 2004.

                             The Spain Fund, Inc.

       Top 10 Equity Holdings
                                         Portfolio%
     1)   Telefonica Sa                   15.16%
     2)   Banco Bilbao Vizcaya            12.92%
     3)   Banco Santander Central Hisp     8.51%
     4)   Inditex                          7.35%
     5)   Repsol Sa                        7.13%
     6)   Endesa Sa                        4.40%
     7)   Banco Popular Esp                3.99%
     8)   Unidad Editorial Sa Series A P   3.44%
     9)   Gas Natural Sdg Sa               3.20%
    10)   Corporacion Mapfre               2.83%

     Sector/Industry Breakdown
                                        Portfolio%
      Finance:
       Banking -- Money Center             21.40%
       Banking -- Regional                  3.99%
       Insurance                            2.83%
       Real Estate -- Other                 0.86%
      Utilities:
       Telephone Utility                  15.16%
       Electric & Gas Utility             12.64%
      Consumer Services:
       Broadcasting & Cable                7.48%
       Apparel                             7.35%
       Printing & Publishing               4.72%
       Retail -- General Merchandise        2.59%
       Miscellaneous                       1.84%
       Cellular Communications             1.76%
       Airlines                            1.05%
       Energy                              7.13%
       Capital Goods                       4.50%
       Technology                          2.36%
       Basic Industry                      2.34%
       Total                             100.00%

     Total Net Assets:   $81.7 Million
     Net Asset Value:    $9.39
     Number of Holdings: 26

    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.


SOURCE The Spain Fund, Inc.




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Related links:
  • http://www.alliancecapital.com
    CONTACT:
    Shareholder Contact for The Spain Fund, Inc.,
    1-800-221-5672