The Spain Fund Releases Monthly Portfolio Update

NEW YORK, April 22  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of March 31, 2009.

         Top 10 Equity Holdings
                                          Portfolio %        Country

      1)Telefonica SA                          24.20%          Spain
      2)Iberdrola SA                           11.08%          Spain
      3)Banco Santander Central Hispano         9.56%          Spain
        SA
      4)Banco Bilbao Vizcaya Argentaria         5.41%          Spain
        SA
      5)Repsol YPF SA                           5.01%          Spain
      6)Red Electrica Corp. SA                  3.96%          Spain
      7)Indra Sistemas SA                       3.85%          Spain
      8)Enagas                                  3.41%          Spain
      9)Grifols SA                              2.97%          Spain
     10)America Movil SAB de CV Series L        2.91%         Mexico

  Sector/Industry Breakdown

                                                        Portfolio %
       Utilities:
           Telephone Utility                                 24.20%
           Electric & Gas Utility                            21.62%
           Miscellaneous                                      2.88%
           SUBTOTAL                                          48.70%
       Finance:
           Banking - Money Center                            14.98%
           Miscellaneous                                      4.54%
           Insurance                                          0.62%
           SUBTOTAL                                          20.14%
       Energy:
           International                                      5.38%
           Miscellaneous                                      1.40%
           SUBTOTAL                                           6.78%
       Capital Goods:
           Engineering & Construction                         6.67%
       Consumer Services:
           Cellular Communications                            2.91%
           Miscellaneous                                      1.63%
           Apparel                                            1.39%
           SUBTOTAL                                           5.93%
       Technology:
           Computer Services                                  3.85%
       Consumer Staples:
           Food                                               3.69%
       Health Care:
           Miscellaneous                                      2.97%
       Basic Industry:
           Mining & Metals                                    1.27%
       Total                                                100.00%

  Security Type Breakdown

                                                           Portfolio%
       Common Stocks:
          Foreign                                           100.00%
          Total                                                    100.00%

  Country Breakdown
                                                           Portfolio%

              Spain                                          97.09%
              Mexico                                          2.91%
              Total                                         100.00%

      Portfolio Statistics
       Total Net Assets:                                  $45.5 Million
       Net Asset Value:                                   $5.11
       Number of Holdings:                                   27



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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