The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Aug. 15  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of July 31, 2008.

  Top 10 Equity Holdings


                                                 Portfolio%    Country
   1)  Telefonica Sa                                 18.80%    Spain
   2)  Banco Santander Sa                            16.38%    Spain
   3)  Iberdrola Sa                                   9.64%    Spain
   4)  Banco Bilbao Vizcaya Argenta                   7.83%    Spain
   5)  Enagas                                         4.78%    Spain
   6)  Indra Sistemas Sa                              4.76%    Spain
   7)  Repsol Sa                                      4.72%    Spain
   8)  Red Electra                                    4.40%    Spain
   9)  America Movil Sa DE Cv-ser L                   4.23%    Mexico
  10)  Gamesa Corp Tecnologica Sa                     3.68%    Spain


  Sector/Industry Breakdown

                                                 Portfolio%
      Utilities:
         Electric & Gas Utility                      21.73%
         Telephone Utility                           18.80%
         SUBTOTAL                                    40.53%
      Finance:
         Banking -- Money Center                     24.21%
         Insurance                                    1.12%
         Miscellaneous                                0.94%
         SUBTOTAL                                    26.27%
      Capital Goods                                   9.58%
      Energy:
         International                                4.72%
         Miscellaneous                                3.68%
         SUBTOTAL                                     8.40%
      Technology                                      4.76%
      Consumer Services                               4.23%
      Healthcare                                      2.67%
      Basic Industry                                  1.72%
      Multi Industry Companies                        1.31%
      Consumer Staples                                0.53%
      Total                                         100.00%


  Security Type Breakdown

                                                 Portfolio%
      Foreign Equity                                100.00%
      Total                                         100.00%

      Country Breakdown
                                                 Portfolio%
      Spain                                          94.72%
      Mexico                                          4.23%
      Portugal                                        1.05%
      Total                                         100.00%

      Portfolio Statistics
       Total Net Assets:                            $91.5 Million
       Net Asset Value:                             $10.28
       Number of Holdings:                           22




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]

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