The Spain Fund Releases Monthly Portfolio Update

NEW YORK, Oct. 23 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of September 30, 2009.

Top 10 Equity Holdings Portfolio % Sector 1)Telefonica SA 21.31% Telecommunication Services 2)Banco Santander Central Hispano SA 14.22% Financials 3)Banco Bilbao Vizcaya Argentaria SA 7.66% Financials 4)Iberdrola SA 6.16% Utilities 5)Repsol YPF SA 4.96% Energy 6)Enagas 3.56% Utilities 7)Inditex SA 3.36% Consumer Discretionary 8)America Movil SAB de CV Series L 3.26% Telecommunication Services 9)Corporacion Financiera Alba 2.75% Financials 10)Abertis Infraestructuras SA 2.66% Industrials

Sector/Industry Breakdown

Portfolio % Financials: Commercial Banks 23.91% Diversified Financial Services 6.13% Insurance 2.55% Consumer Finance 0.67% SUBTOTAL 33.26% Telecommunication Services: Diversified Telecommunication Services 21.31% Wireless Telecommunication Services 3.26% SUBTOTAL 24.57% Utilities: Electric Utilities 9.77% Gas Utilities 4.64% Independent Power Producers & Energy 0.57% Traders SUBTOTAL 14.98% Industrials: Transportation Infrastructure 3.93% Construction & Engineering 2.13% Electrical Equipment 1.56% Commercial Services & Supplies 1.54% Machinery 0.41% SUBTOTAL 9.57%

Energy: Oil, Gas & Consumable Fuels 4.96% Energy Equipment & Services 0.59% SUBTOTAL 5.55% Consumer Discretionary: Specialty Retail 3.36% Household Durables 0.46% SUBTOTAL 3.82% Information Technology: IT Services 3.14% Communications Equipment 0.62% SUBTOTAL 3.76% Consumer Staples: Food Products 2.41% Household Products 0.62% SUBTOTAL 3.03% Health Care: Biotechnology 0.85% Materials: Metals & Mining 0.61% Total 100.00%

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

Country Breakdown Portfolio% Spain 90.71% Mexico 4.39% Portugal 2.79% Brazil 2.11% Total 100.00%

Portfolio Statistics Total Net Assets: $70.7 Million Net Asset Value: $7.94 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.

SOURCE The Spain Fund, Inc.