The Spain Fund Releases Monthly Portfolio Update

NEW YORK, April 23  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of March 31, 2008.

        Top 10 Equity Holdings
                                         Portfolio%   Country
    1)  Telefonica Sa                        17.75%   Spain
    2)  Banco Santander Sa                   14.29%   Spain
    3)  Iberdrola Sa                         10.09%   Spain
    4)  Banco Bilbao Vizcaya Argenta          6.99%   Spain
    5)  Enagas                                4.72%   Spain
    6)  Indra Sistemas Sa                     4.70%   Spain
    7)  America Movil Sa DE Cv-ser L          4.45%   Mexico
    8)  Repsol Sa                             4.31%   Spain
    9)  Red Electra                           3.82%   Spain
   10)  Sogecable                             2.96%   Spain

   Sector/Industry Breakdown
                                         Portfolio%
   Utilities:
        Electric & Gas Utility               24.39%
        Telephone Utility                    17.75%
        Miscellaneous                         0.47%
        SUBTOTAL                             42.61%
   Finance:
        Banking -- Money Center              21.28%
        Insurance                             2.48%
        SUBTOTAL                             23.76%
   Capital Goods                              8.29%
   Consumer Services:
        Cellular Communications               4.45%
        Broadcasting & Cable                  2.96%
        SUBTOTAL                              7.41%
   Energy:
        International                         4.31%
        Miscellaneous                         2.19%
        SUBTOTAL                              6.50%
   Technology                                 4.70%
   Healthcare:
        Miscellaneous                         2.00%
        Medical Services                      1.69%
        SUBTOTAL                              3.69%
   Basic Industry                             1.61%
   Multi Industry Companies                   1.14%
   Aerospace & Defense                        0.29%
   Total                                    100.00%

   Security Type Breakdown
                                         Portfolio%
   Foreign Equity                           100.00%
   Total                                    100.00%

   Country Breakdown
                                         Portfolio%
   Spain                                     93.39%
   Mexico                                     4.45%
   Portugal                                   1.87%
   Netherlands                                0.29%
   Total                                    100.00%

   Portfolio Statistics
   Total Net Assets:                     $103.4 Million
   Net Asset Value:                      $11.62
   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: [phone]



Web site:  http://www.alliancebernstein.com/ 

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