The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Nov. 23  /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of October 31, 2009.

Top 10 Equity Holdings

                                      Portfolio %     Sector
  1)Telefonica SA                          22.18%     Telecommunication
                                                       Services
  2)Banco Santander Central Hispano SA     14.60%     Financials
  3)Banco Bilbao Vizcaya Argentaria SA      7.93%     Financials
  4)Iberdrola SA                            5.85%     Utilities
  5)Repsol YPF SA                           5.00%     Energy
  6)America Movil SAB de CV Series L        3.89%     Telecommunication
                                                       Services
  7)Enagas                                  3.60%     Utilities
  8)Inditex SA                              3.53%     Consumer
                                                       Discretionary
  9)Banco Espirito Santo SA                 2.69%     Financials
 10)Corporacion Financiera Alba             2.59%     Financials


Sector/Industry Breakdown

                                                    Portfolio %
   Financials:
       Commercial Banks                                  25.39%
       Diversified Financial Services                     5.78%
       Insurance                                          2.56%
       Consumer Finance                                   0.78%
       SUBTOTAL                                          34.51%
   Telecommunication Services:
       Diversified Telecommunication Services            22.18%
       Wireless Telecommunication Services                3.88%
       SUBTOTAL                                          26.06%
   Utilities:
       Electric Utilities                                 7.95%
       Gas Utilities                                      4.61%
       Independent Power Producers & Energy               0.53%
       Traders
       SUBTOTAL                                          13.09%
   Industrials:
       Transportation Infrastructure                      3.71%
       Construction & Engineering                         2.09%
       Commercial Services & Supplies                     1.67%
 Electrical Equipment                                     1.31%
       Airlines                                           0.59%
       Machinery                                          0.41%
       SUBTOTAL                                           9.78%



   Energy:
       Oil, Gas & Consumable Fuels                        5.00%
       Energy Equipment & Services                        0.97%
       SUBTOTAL                                           5.97%
   Consumer Discretionary:
       Specialty Retail                                   3.53%
       Household Durables                                 0.46%
       SUBTOTAL                                           3.99%
   Information Technology:
       IT Services                                        3.07%
       Communications Equipment                           0.51%
       SUBTOTAL                                           3.58%
   Consumer Staples:
       Food Products                                      2.49%
   Materials:
       Metals & Mining                                    0.53%
   Total                                                100.00%



Security Type Breakdown

                                                     Portfolio%
   Common Stocks:
      Foreign                                            99.84%
   Rights:
      Foreign                                             0.16%
   Total                                                100.00%


Country Breakdown

                                                     Portfolio%
          Spain                                          89.99%
          Mexico                                          5.13%
          Portugal                                        3.45%
          Brazil                                          1.43%
          Total                                         100.00%



Portfolio Statistics

Total Net Assets:     $69.4 Million
Net Asset Value:      $7.79
Number of Holdings:   36



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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