NEW YORK, Sept. 23 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of August 31, 2009. Top 10 Equity Holdings Portfolio % Sector 1)Telefonica SA 20.41% Telecommunication Services 2)Banco Santander Central Hispano 14.20% Financials SA 3)Banco Bilbao Vizcaya Argentaria 8.01% Financials SA 4)Iberdrola SA 6.09% Utilities 5)Repsol YPF SA 4.74% Energy 6)Enagas 3.52% Utilities 7)America Movil SAB de CV Series L 3.51% Telecommunication Services 8)Grifols SA 2.85% Health Care 9)Corporacion Financiera Alba 2.74% Financials 10)Abertis Infraestructuras SA 2.67% Industrials Sector/Industry Breakdown Portfolio % Financials: Commercial Banks 24.19% Diversified Financial Services 6.07% Insurance 2.39% Consumer Finance 0.66% SUBTOTAL 33.31% Telecommunication Services: Diversified Telecommunication Services 20.40% Wireless Telecommunication Services 3.51% SUBTOTAL 23.91% Utilities: Electric Utilities 9.65% Gas Utilities 4.59% Independent Power Producers & Energy 0.54% Traders SUBTOTAL 14.78% Industrials: Construction & Engineering 4.16% Transportation Infrastructure 3.68% Electrical Equipment 1.59% Commercial Services & Supplies 1.48% SUBTOTAL 10.91% Energy: Oil, Gas & Consumable Fuels 4.75% Energy Equipment & Services 0.61% SUBTOTAL 5.36% Information Technology: IT Services 3.06% Communications Equipment 0.55% SUBTOTAL 3.61% Consumer Staples: Food Products 2.41% Household Products 0.53% SUBTOTAL 2.94% Health Care: Biotechnology 2.85% Consumer Discretionary: Specialty Retail 1.29% Household Durables 0.45% SUBTOTAL 1.74% Materials: Metals & Mining 0.59% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 90.77% Mexico 4.62% Portugal 2.73% Brazil 1.88% Total 100.00% Portfolio Statistics Total Net Assets: $67.8 Million Net Asset Value: $7.62 Number of Holdings: 37 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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