NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of January 31, 2009. Top 10 Equity Holdings Portfolio % Country 1)Telefonica SA 20.20% Spain 2)Iberdrola SA 13.59% Spain 3)Banco Santander Central Hispano 10.53% Spain SA 4)Banco Bilbao Vizcaya Argentaria 5.84% Spain SA 5)Red Electrica Corp. SA 5.15% Spain 6)Repsol YPF SA 4.87% Spain 7)Enagas 4.14% Spain 8)Indra Sistemas SA 3.77% Spain 9)Grifols SA 3.39% Spain 10)ACS Actividades de Construccion 3.20% Spain y Servicios SA Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 27.13% Telephone Utility 20.20% Miscellaneous 2.16% SUBTOTAL 49.49% Finance: Banking - Money Center 16.37% Miscellaneous 3.58% SUBTOTAL 19.95% Capital Goods: Engineering & Construction 7.25% Energy: International 4.87% Miscellaneous 1.72% SUBTOTAL 6.59% Consumer Services: Cellular Communications 2.40% Miscellaneous 1.73% Apparel 0.88% SUBTOTAL 5.01% Technology: Computer Services 3.77% Health Care: Miscellaneous 3.39% Consumer Staples: Food 3.08% Basic Industry: Mining & Metals 1.47% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 97.60% Mexico 2.40% Total 100.00% Portfolio Statistics Total Net Assets: $49.2 Million Net Asset Value: $5.52 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 AllianceBernstein L. P. DATASOURCE: The Spain Fund, Inc. CONTACT: Shareholder Contact: 1-800-221-5672, for The Spain Fund, Inc.

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