The Spain Fund, Inc. Reports First Quarter Earnings

Apr 12, 2001, 01:00 ET from The Spain Fund, Inc.

    NEW YORK, April 12 /PRNewswire/ -- The Spain Fund, Inc. (NYSE:   SNF), a
 registered closed-end investment company, today announced earnings for the
 first quarter ended February 28, 2001.
     Total net assets of the Fund on February 28, 2001 were $89,688,514
 compared with $88,207,088 on November 30, 2000 and $156,828,864 on
 February 29, 2000.  On February 28, 2001 the net asset value per share was
 $10.48 based on 8,560,621 shares outstanding.
 
                        February 28, 2001  November 30, 2000
 February 29, 2000
 
     Total Net Assets      $89,688,514        $88,207,088        $156,828,864
     NAV Per Share              $10.48             $10.30              $18.32
     Shares Outstanding      8,560,621          8,560,621           8,560,621
 
     For the period December 1, 2000 through February 28, 2001, total net
 investment loss was ($95,625) or ($0.01) per share.  The total net realized
 and unrealized gain was $5,270,943 or $0.62 per share for the same period.
 
                         First Quarter      Fourth Quarter       First Quarter
                             Ended              Ended                Ended
                       February 28, 2001  November 30, 2000  February 29, 2000
 
     Total Net
      Investment (Loss)      ($95,625)         ($397,297)          ($212,173)
      Per Share                ($0.01)            ($0.05)             ($0.02)
 
     Total Net Realized/
      Unrealized Gain/      $5,270,943      ($20,714,466)         $42,862,591
      (Loss) Per Share           $0.62            ($2.42)               $5.00
 
     The Spain Fund, Inc. is managed by Alliance Capital Management L.P.
 
 

SOURCE The Spain Fund, Inc.
    NEW YORK, April 12 /PRNewswire/ -- The Spain Fund, Inc. (NYSE:   SNF), a
 registered closed-end investment company, today announced earnings for the
 first quarter ended February 28, 2001.
     Total net assets of the Fund on February 28, 2001 were $89,688,514
 compared with $88,207,088 on November 30, 2000 and $156,828,864 on
 February 29, 2000.  On February 28, 2001 the net asset value per share was
 $10.48 based on 8,560,621 shares outstanding.
 
                        February 28, 2001  November 30, 2000
 February 29, 2000
 
     Total Net Assets      $89,688,514        $88,207,088        $156,828,864
     NAV Per Share              $10.48             $10.30              $18.32
     Shares Outstanding      8,560,621          8,560,621           8,560,621
 
     For the period December 1, 2000 through February 28, 2001, total net
 investment loss was ($95,625) or ($0.01) per share.  The total net realized
 and unrealized gain was $5,270,943 or $0.62 per share for the same period.
 
                         First Quarter      Fourth Quarter       First Quarter
                             Ended              Ended                Ended
                       February 28, 2001  November 30, 2000  February 29, 2000
 
     Total Net
      Investment (Loss)      ($95,625)         ($397,297)          ($212,173)
      Per Share                ($0.01)            ($0.05)             ($0.02)
 
     Total Net Realized/
      Unrealized Gain/      $5,270,943      ($20,714,466)         $42,862,591
      (Loss) Per Share           $0.62            ($2.42)               $5.00
 
     The Spain Fund, Inc. is managed by Alliance Capital Management L.P.
 
 SOURCE  The Spain Fund, Inc.