NEW YORK, Oct. 30 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF), a registered closed-end investment company, today announced earnings for the third quarter ended August 31, 2009.

Total net assets of the Fund on August 31, 2009 were $67,821,497 compared with $58,460,628 on May 31, 2009 and $85,524,720 on August 31, 2008. On August 31, 2009 the net asset value per share was $7.62 based on 8,905,699 shares outstanding.

                       August 31, 2009   May 31, 2009   August 31, 2008
                       ---------------   ------------   ---------------
    Total Net Assets       $67,821,497    $58,460,628       $85,524,720
    NAV Per Share                $7.62          $6.56             $9.60
    Shares Outstanding       8,905,699      8,905,699         8,905,699

For the period June 1, 2009 through August 31, 2009, total net investment income was $436,281 or $0.05 per share. The total net realized and unrealized gain was $10,064,516 or $1.13 per share for the same period.

                            Third Quarter  Second Quarter     Third Quarter
                                    Ended           Ended             Ended
                          August 31, 2009    May 31, 2009   August 31, 2008
                          ---------------  --------------   ---------------
    Total Net Investment
     Income                      $436,281        $445,639          $654,215
    Per Share                       $0.05           $0.05             $0.07

    Total Net Realized/
      Unrealized Gain/(Loss)  $10,064,516     $14,944,897      ($18,811,485)
    Per Share                       $1.13           $1.68            ($2.11)

The Spain Fund, Inc. is managed by AllianceBernstein L.P.

SOURCE The Spain Fund, Inc.