The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Jan. 22  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of December 31, 2008.

        Top 10 Equity Holdings
                                              Portfolio %     Country
      1) Telefonica SA                          21.10%          Spain
      2) Iberdrola SA                           13.43%          Spain
      3) Banco Santander Central Hispano SA     11.51%          Spain
      4) Banco Bilbao Vizcaya Argentaria SA      6.36%          Spain
      5) Red Electrica Corp. SA                  5.25%          Spain
      6) Enagas                                  4.84%          Spain
      7) Repsol YPF SA                           4.78%          Spain
      8) Indra Sistemas SA                       4.52%          Spain
      9) ACS Actividades de Construccion         3.04%          Spain
          y Servicios SA
     10) Grifols SA                              2.78%          Spain



        Sector/Industry Breakdown
                                                         Portfolio%
       Utilities:
           Electric & Gas Utility                            27.65%
           Telephone Utility                                 21.10%
           Miscellaneous                                      1.48%
           SUBTOTAL                                          50.23%
       Finance:
           Banking - Money Center                            17.88%
           Miscellaneous                                      3.30%
           SUBTOTAL                                          21.18%
       Capital Goods:
           Engineering & Construction                         6.69%
       Energy:
           International                                      4.78%
           Miscellaneous                                      1.53%
           SUBTOTAL                                           6.31%
       Technology:
           Computer Services                                  4.52%
       Consumer Services:
           Cellular Communications                            2.12%
           Miscellaneous                                      1.55%
           Apparel                                            0.31%
           SUBTOTAL                                           3.98%
       Health Care:
           Miscellaneous                                      2.78%
       Consumer Staples:
           Food                                               2.75%
       Basic Industry:
           Mining & Metals                                    1.56%
       Total                                                100.00%



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



        Country Breakdown
                                              Portfolio%
          Spain                                   97.88%
          Mexico                                   2.12%
        Total                                    100.00%



  Portfolio Statistics
     Total Net Assets:         $58.7 Million
     Net Asset Value:          $6.59
     Number of Holdings:       24



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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