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.

SOURCE The Spain Fund, Inc.