The Spain Fund Releases Monthly Portfolio Update

NEW YORK, May 21  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of April 30, 2009.

         Top 10 Equity Holdings
                                          Portfolio %        Country
      1)Telefonica SA                          21.08%          Spain
      2)Banco Santander Central Hispano        12.06%          Spain
        SA
      3)Repsol YPF SA                          10.08%          Spain
      4)Banco Bilbao Vizcaya Argentaria         6.64%          Spain
        SA
      5)Iberdrola SA                            4.84%          Spain
      6)Enagas                                  3.78%          Spain
      7)Indra Sistemas SA                       3.57%          Spain
      8)Grifols SA                              3.27%          Spain
      9)America Movil SAB de CV Series L        3.18%         Mexico
     10)Abertis Infraestructuras SA             2.98%          Spain

  Sector/Industry Breakdown

                                                        Portfolio %
       Utilities:
           Telephone Utility                                 21.08%
           Electric & Gas Utility                            11.57%
           Miscellaneous                                      2.98%
           SUBTOTAL                                          35.63%
       Finance:
           Banking - Money Center                            18.70%
           Miscellaneous                                      5.25%
           Insurance                                          1.74%
           Banking - Regional                                 1.03%
           Brokerage & Money Management                       0.66%
           Real Estate                                        0.35%
           SUBTOTAL                                          27.73%
       Energy:
           International                                     10.41%
           Miscellaneous                                      1.86%
           SUBTOTAL                                          12.27%
       Capital Goods:
           Engineering & Construction                         7.64%
       Consumer Services:
           Cellular Communications                            3.17%
           Miscellaneous                                      1.57%
           Apparel                                            1.37%
           SUBTOTAL                                           6.11%
       Consumer Staples:
           Food                                               3.78%
       Technology:
           Computer Services                                  3.57%
       Health Care:
           Miscellaneous                                      3.27%
       Total                                                100.00%

  Security Type Breakdown

                                                        Portfolio%
        Common Stocks:
          Foreign                                             100.00%
          Total                                               100.00%

  Country Breakdown
                                                        Portfolio%
              Spain                                          94.85%
              Mexico                                          3.53%
              Portugal                                        1.62%
              Total                                         100.00%

  Portfolio Statistics
         Total Net Assets:         $51.2 Million
         Net Asset Value:          $5.75
         Number of Holdings:       31



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, [phone], The Spain Fund, Inc.

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