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, +1-800-221-5672

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