NEW YORK, April 23 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. [NYSE: SNF] (the "Fund") today released its monthly portfolio update as of March 31, 2008. Top 10 Equity Holdings Portfolio% Country 1) Telefonica Sa 17.75% Spain 2) Banco Santander Sa 14.29% Spain 3) Iberdrola Sa 10.09% Spain 4) Banco Bilbao Vizcaya Argenta 6.99% Spain 5) Enagas 4.72% Spain 6) Indra Sistemas Sa 4.70% Spain 7) America Movil Sa DE Cv-ser L 4.45% Mexico 8) Repsol Sa 4.31% Spain 9) Red Electra 3.82% Spain 10) Sogecable 2.96% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 24.39% Telephone Utility 17.75% Miscellaneous 0.47% SUBTOTAL 42.61% Finance: Banking -- Money Center 21.28% Insurance 2.48% SUBTOTAL 23.76% Capital Goods 8.29% Consumer Services: Cellular Communications 4.45% Broadcasting & Cable 2.96% SUBTOTAL 7.41% Energy: International 4.31% Miscellaneous 2.19% SUBTOTAL 6.50% Technology 4.70% Healthcare: Miscellaneous 2.00% Medical Services 1.69% SUBTOTAL 3.69% Basic Industry 1.61% Multi Industry Companies 1.14% Aerospace & Defense 0.29% Total 100.00% Security Type Breakdown Portfolio% Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 93.39% Mexico 4.45% Portugal 1.87% Netherlands 0.29% Total 100.00% Portfolio Statistics Total Net Assets: $103.4 Million Net Asset Value: $11.62 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 Web site: http://www.alliancebernstein.com/

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