The Spain Fund Releases Monthly Portfolio Update

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, [phone]

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