The Spain Fund Releases Monthly Portfolio Update NEW YORK, Jan. 21 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of December 31, 2004. The Spain Fund, Inc. Top 10 Equity Holdings Portfolio% 1) Telefonica Sa 14.45% 2) Banco Bilbao Vizcaya 12.75% 3) Banco Santander Central Hisp 8.27% 4) Inditex 7.06% 5) Repsol Sa 6.98% 6) Endesa Sa 4.44% 7) Banco Popular Esp 4.06% 8) Unidad Editorial Sa Series A P 3.65% 9) Gas Natural Sdg Sa 3.18% 10) Enagas 3.14% Sector/Industry Breakdown Portfolio% Finance: Banking - Money Center 21.01% Banking - Regional 4.06% Insurance 2.89% Utilities: Telephone Utility 14.45% Electric & Gas Utility 13.18% Consumer Services: Broadcasting & Cable 7.26% Apparel 7.06% Printing & Publishing 5.06% Retail - General Merchandise 2.89% Cellular Communications 1.72% Airlines 1.12% Energy 6.98% Capital Goods 5.63% Technology 2.37% Basic Industry 2.36% Consumer Staples 1.96% Total 100.00% Total Net Assets: $92.2 Million Net Asset Value: $10.60 Number of Holdings: 25 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: Spain Fund, Inc. CONTACT: Shareholder Contact, Spain Fund, Inc., 1-800-221-5672

Copyright