The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Feb. 19  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of January 31, 2009.

         Top 10 Equity Holdings
                                               Portfolio %     Country
      1)Telefonica SA                          20.20%          Spain
      2)Iberdrola SA                           13.59%          Spain
      3)Banco Santander Central Hispano        10.53%          Spain
        SA
      4)Banco Bilbao Vizcaya Argentaria         5.84%          Spain
        SA
      5)Red Electrica Corp. SA                  5.15%          Spain
      6)Repsol YPF SA                           4.87%          Spain
      7)Enagas                                  4.14%          Spain
      8)Indra Sistemas SA                       3.77%          Spain
      9)Grifols SA                              3.39%          Spain
     10)ACS Actividades de Construccion         3.20%          Spain
        y Servicios SA


         Sector/Industry Breakdown
                                                            Portfolio%
       Utilities:
           Electric & Gas Utility                            27.13%
           Telephone Utility                                 20.20%
           Miscellaneous                                      2.16%
           SUBTOTAL                                          49.49%
       Finance:
           Banking - Money Center                            16.37%
           Miscellaneous                                      3.58%
           SUBTOTAL                                          19.95%
       Capital Goods:
           Engineering & Construction                         7.25%
       Energy:
           International                                      4.87%
           Miscellaneous                                      1.72%
           SUBTOTAL                                           6.59%
       Consumer Services:
           Cellular Communications                            2.40%
           Miscellaneous                                      1.73%
           Apparel                                            0.88%
           SUBTOTAL                                           5.01%
       Technology:
           Computer Services                                  3.77%
       Health Care:
           Miscellaneous                                      3.39%
       Consumer Staples:
           Food                                               3.08%
       Basic Industry:
           Mining & Metals                                    1.47%
       Total                                                100.00%


         Security Type Breakdown

                                                            Portfolio%
         Common Stocks:
          Foreign                                           100.00%
       Total                                                100.00%

         Country Breakdown
                                                            Portfolio%
           Spain                                             97.60%
              Mexico                                          2.40%
              Total                                         100.00%

        Portfolio Statistics
        Total Net Assets:              $49.2 Million
        Net Asset Value:               $5.52
        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: 1-800-221-5672, for The Spain Fund, Inc.

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