The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Nov. 19  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of October 31, 2008.

        
        Top 10 Equity Holdings
                                                   Portfolio%       Country
      1)Telefonica SA                                  20.71%       Spain
      2)Banco Santander Central Hispano SA             14.72%       Spain
      3)Iberdrola SA                                   12.42%       Spain
      4)Banco Bilbao Vizcaya Argentaria  SA             6.81%       Spain
      5)Enagas                                          6.28%       Spain
      6)RED ELECTRICA Corp. SA                          5.56%       Spain
      7)Repsol YPF SA                                   5.06%       Spain
      8)Indra Sistemas SA                               4.37%       Spain
      9)Grifols SA                                      3.61%       Spain
     10)America Movil SAB de CV Series L                2.43%       Mexico

         Sector/Industry Breakdown
                                               Portfolio%
       Utilities:
           Electric & Gas Utility              27.66%
           Telephone Utility                   20.71%
           Miscellaneous                        1.61%
           SUBTOTAL                            49.98%
       Finance:
           Banking -- Money Center             21.53%
           Miscellaneous                        2.49%
           SUBTOTAL                            24.02%
       Energy:
           International                        5.06%
           Miscellaneous                        1.58%
           SUBTOTAL                             6.64%
       Technology:
           Computer Services                    4.36%
       Consumer Services:
           Cellular Communications              2.43%
           Miscellaneous                        1.21%
           SUBTOTAL                             3.64%
       Health Care:
           Miscellaneous                        3.61%
       Capital Goods:
           Engineering & Construction           3.32%
       Consumer Staples:
           Food                                 2.53%
       Basic Industry:
           Mining & Metals                      1.90%
       Total                                  100.00%


         Security Type Breakdown
                                           Portfolio%
         Common Stocks:
         Foreign Equity                       100.00%
         Total                                100.00%

         Country Breakdown
                                   Portfolio%
         Spain                         97.57%
         Mexico                         2.43%
         Total                        100.00%

  Portfolio Statistics
         Total Net Assets:            $53.2 Million
         Net Asset Value:             $5.98
         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, 1-800-221-5672

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