The Spain Fund Releases Monthly Portfolio Update

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

        Top 10 Equity Holdings
                                          Portfolio %         Sector
      1)Telefonica SA                          20.89%      Utilities
      2)Banco Santander Central Hispano        11.71%        Finance
        SA
      3)Repsol YPF SA                          10.49%         Energy
      4)Banco Bilbao Vizcaya Argentaria         6.56%        Finance
        SA
      5)Iberdrola SA                            4.73%      Utilities
      6)Indra Sistemas SA                       3.63%     Technology
      7)Enagas                                  3.54%      Utilities
      8)America Movil SAB de CV Series L        3.27%      Consumer
                                                            Services
      9)Grifols SA                              2.96%    Health Care
     10)Corporacion Financiera Alba             2.84%        Finance

  Sector/Industry Breakdown
                                                       Portfolio %
       Utilities:
           Telephone Utility                                20.89%
           Electric & Gas Utility                           11.43%
           Miscellaneous                                     2.76%
           SUBTOTAL                                         35.08%
       Finance:
           Banking - Money Center                           18.26%
           Miscellaneous                                     5.16%
           Insurance                                         1.79%
           Banking - Regional                                1.05%
           Brokerage & Money Management                      0.66%
           Real Estate                                       0.39%
           SUBTOTAL                                         27.31%
       Energy:
           International                                    10.87%
           Miscellaneous                                     1.95%
           SUBTOTAL                                         12.82%
       Capital Goods:
           Engineering & Construction                        8.42%
       Consumer Services:
           Cellular Communications                           3.26%
           Miscellaneous                                     1.47%
           Apparel                                           1.28%
           SUBTOTAL                                          6.01%
       Consumer Staples:
           Food                                              3.77%
       Technology:
           Computer Services                                 3.63%
       Health Care:
           Miscellaneous                                     2.96%
       Total                                               100.00%

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

  Country Breakdown
                                                        Portfolio%
              Spain                                         94.36%
              Mexico                                         3.65%
              Portugal                                       1.99%
              Total                                        100.00%

       Portfolio Statistics
         Total Net Assets:          $58.5 Million
         Net Asset Value:           $6.56
         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]

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