The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Sept. 24  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of August 31, 2008.

        Top 10 Equity Holdings
                                           Portfolio%  Country
     1) Telefonica SA                        17.21%    Spain
     2) Banco Santander Central Hispano SA   14.41%    Spain
     3) Iberdrola SA                         12.87%    Spain
     4) Banco Bilbao Vizcaya Argentaria SA    6.16%    Spain
     5) Enagas                                5.09%    Spain
     6) Indra Sistemas SA                     4.93%    Spain
     7) Repsol YPF SA                         4.71%    Spain
     8) RED ELECTRICA Corp. SA                4.66%    Spain
     9) America Movil SAB de CV Series L      4.65%    Mexico
    10) Gamesa Corp. Tecnologica SA           3.96%    Spain


        Sector/Industry Breakdown
                                          Portfolio%
        Utilities
          Electric & Gas Utility            25.62%
          Telephone Utility                 17.21%
        SUBTOTAL                            42.83%

        Finance
          Banking - Money Center            20.57%
          Miscellaneous                      2.30%
          Insurance                          1.23%
        SUBTOTAL                            24.10%

        Energy
          International                      4.71%
          Miscellaneous                      3.96%
        SUBTOTAL                             8.67%

        Capital Goods
          Engineering & Construction         6.97%
        Consumer Services
          Cellular Communications            4.65%
          Miscellaneous                      1.06%
        SUBTOTAL                             5.71%


        Technology
          Computer Services                  4.93%
        Health Care
          Miscellaneous                      2.86%
          Drugs                              0.53%
        SUBTOTAL                             3.39%

        Basic Industry
          Mining & Metals                    2.83%
        Consumer Staples
          Food                               0.57%
        Total                              100.00%


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


        Country Breakdown
                                  Portfolio%
        Spain                       94.29%
        Mexico                       4.65%
        Portugal                     1.06%
        Total                      100.00%

        Portfolio Statistics

        Total Net Assets:         $85.5 Million
        Net Asset Value:          $9.60
        Number of Holdings:       23


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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