NEW YORK, July 22 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of June 30, 2009. Top 10 Equity Holdings Portfolio % Sector 1)Telefonica SA 21.32% Utilities 2)Banco Santander Central Hispano SA 12.97% Finance 3)Repsol YPF SA 9.56% Energy 4)Banco Bilbao Vizcaya Argentaria SA 6.60% Finance 5)Iberdrola SA 4.72% Utilities 6)Enagas 3.67% Utilities 7)Indra Sistemas SA 3.35% Technology 8)America Movil SAB de CV Series L 3.23% Consumer Services 9)Grifols SA 3.13% Health Care 10)Corporacion Financiera Alba 2.83% Finance Sector/Industry Breakdown Portfolio % Utilities: Telephone Utility 21.32% Electric & Gas Utility 10.11% Miscellaneous 2.69% SUBTOTAL 34.12% Finance: Banking - Money Center 19.57% Miscellaneous 5.24% Insurance 1.76% Banking - Regional 0.97% Brokerage & Money Management 0.60% Real Estate 0.42% SUBTOTAL 28.56% Energy: International 10.21% Miscellaneous 1.61% SUBTOTAL 11.82% Capital Goods: Engineering & Construction 8.77% Consumer Services: Cellular Communications 3.23% Miscellaneous 1.51% Apparel 1.32% SUBTOTAL 6.06% Consumer Staples: Food 4.18% Technology: Computer Services 3.36% Health Care: Miscellaneous 3.13% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 99.99% Rights: Foreign 0.01% Total 100.00% Country Breakdown Portfolio% Spain 93.70% Mexico 3.64% Portugal 2.66% Total 100.00% Portfolio Statistics Total Net Assets: $58.5 Million Net Asset Value: $6.57 Number of Holdings: 32 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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