NEW YORK, Aug. 24 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of July 31, 2009. Top 10 Equity Holdings Portfolio % Sector 1)Telefonica SA 20.89% Telecommunication Services 2)Banco Santander Central Hispano SA 13.89% Financials 3)Repsol YPF SA 7.92% Energy 4)Banco Bilbao Vizcaya Argentaria SA 7.67% Financials 5)Iberdrola SA 4.64% Utilities 6)Enagas 3.66% Utilities 7)America Movil SAB de CV Series L 3.20% Telecommunication Services 8)Indra Sistemas SA 3.18% Information Technology 9)Grifols SA 3.07% Health Care 10)Corporacion Financiera Alba 2.74% Financials Sector/Industry Breakdown Portfolio % Financials: Commercial Banks 23.52% Diversified Financial Services 5.57% Insurance 2.32% Consumer Finance 0.66% SUBTOTAL 32.07% Telecommunication Services: Diversified Telecommunication Services 20.89% Wireless Telecommunication Services 3.20% SUBTOTAL 24.09% Utilities: Electric Utilities 8.54% Gas Utilities 3.66% Independent Power Producers & Energy 0.58% Traders SUBTOTAL 12.78% Industrials: Construction & Engineering 4.71% Transportation Infrastructure 2.64% Electrical Equipment 1.63% Commercial Services & Supplies 1.46% SUBTOTAL 10.44% Energy: Oil, Gas & Consumable Fuels 7.92% Energy Equipment & Services 0.58% SUBTOTAL 8.50% Consumer Staples: Food Products 4.12% Information Technology: IT Services 3.18% Health Care: Biotechnology 3.07% Consumer Discretionary: Specialty Retail 1.32% Household Durables 0.43% SUBTOTAL 1.75% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 93.05% Mexico 4.29% Portugal 2.66% Total 100.00% Portfolio Statistics Total Net Assets: $65.1 Million Net Asset Value: $7.31 Number of Holdings: 31 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 for The Spain Fund, Inc.: +1-800-221-5672

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