NEW YORK, April 22 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of March 31, 2009. Top 10 Equity Holdings Portfolio % Country 1)Telefonica SA 24.20% Spain 2)Iberdrola SA 11.08% Spain 3)Banco Santander Central Hispano 9.56% Spain SA 4)Banco Bilbao Vizcaya Argentaria 5.41% Spain SA 5)Repsol YPF SA 5.01% Spain 6)Red Electrica Corp. SA 3.96% Spain 7)Indra Sistemas SA 3.85% Spain 8)Enagas 3.41% Spain 9)Grifols SA 2.97% Spain 10)America Movil SAB de CV Series L 2.91% Mexico Sector/Industry Breakdown Portfolio % Utilities: Telephone Utility 24.20% Electric & Gas Utility 21.62% Miscellaneous 2.88% SUBTOTAL 48.70% Finance: Banking - Money Center 14.98% Miscellaneous 4.54% Insurance 0.62% SUBTOTAL 20.14% Energy: International 5.38% Miscellaneous 1.40% SUBTOTAL 6.78% Capital Goods: Engineering & Construction 6.67% Consumer Services: Cellular Communications 2.91% Miscellaneous 1.63% Apparel 1.39% SUBTOTAL 5.93% Technology: Computer Services 3.85% Consumer Staples: Food 3.69% Health Care: Miscellaneous 2.97% Basic Industry: Mining & Metals 1.27% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 97.09% Mexico 2.91% Total 100.00% Portfolio Statistics Total Net Assets: $45.5 Million Net Asset Value: $5.11 Number of Holdings: 27 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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