The Spain Fund Releases Monthly Portfolio Update

NEW YORK, March 23  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of February 28, 2009.

  Top 10 Equity Holdings
                                          Portfolio %        Country
      1)Telefonica SA                          23.31%          Spain
      2)Iberdrola SA                           10.72%          Spain
      3)Banco Santander Central Hispano         8.84%          Spain
        SA
      4)Red Electrica Corp. SA                  5.16%          Spain
      5)Banco Bilbao Vizcaya Argentaria         5.03%          Spain
        SA
      6)Repsol YPF SA                           4.63%          Spain
      7)Enagas                                  4.25%          Spain
      8)Indra Sistemas SA                       3.79%          Spain
      9)Grifols SA                              3.37%          Spain
     10)ACS Actividades de Construccion         3.21%          Spain
        y Servicios SA

  Sector/Industry Breakdown
                                                        Portfolio %
       Utilities:
           Electric & Gas Utility                            24.48%
           Miscellaneous                                      2.44%
           SUBTOTAL                                          26.92%
       Telecommunication Services:
           Diversified Telecommunication    Services         23.31%

       Financials:
           Banking - Money Center                             8.84%
       Finance:
           Banking - Money Center                             5.03%
           Miscellaneous                                      3.80%
           SUBTOTAL                                           8.83%
       Capital Goods:
           Engineering & Construction                         7.46%
       Energy:
           International                                      4.97%
           Miscellaneous                                      1.50%
           SUBTOTAL                                           6.47%
       Consumer Services:
           Cellular Communications                            2.86%
           Miscellaneous                                      1.63%
           Apparel                                            1.18%
           SUBTOTAL                                           5.67%
       Technology:
           Computer Services                                  3.79%
       Consumer Staples:
           Food                                               3.78%
       Health Care:
           Miscellaneous                                      3.37%
       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                                          97.14%
              Mexico                                          2.86%

       Total                                                100.00%

       Portfolio Statistics
         Total Net Assets:        $44.5 Million
         Net Asset Value:         $5.00
         Number of Holdings:      26


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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