NEW YORK, Aug. 15 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of July 31, 2008. Top 10 Equity Holdings Portfolio% Country 1) Telefonica Sa 18.80% Spain 2) Banco Santander Sa 16.38% Spain 3) Iberdrola Sa 9.64% Spain 4) Banco Bilbao Vizcaya Argenta 7.83% Spain 5) Enagas 4.78% Spain 6) Indra Sistemas Sa 4.76% Spain 7) Repsol Sa 4.72% Spain 8) Red Electra 4.40% Spain 9) America Movil Sa DE Cv-ser L 4.23% Mexico 10) Gamesa Corp Tecnologica Sa 3.68% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 21.73% Telephone Utility 18.80% SUBTOTAL 40.53% Finance: Banking -- Money Center 24.21% Insurance 1.12% Miscellaneous 0.94% SUBTOTAL 26.27% Capital Goods 9.58% Energy: International 4.72% Miscellaneous 3.68% SUBTOTAL 8.40% Technology 4.76% Consumer Services 4.23% Healthcare 2.67% Basic Industry 1.72% Multi Industry Companies 1.31% Consumer Staples 0.53% Total 100.00% Security Type Breakdown Portfolio% Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 94.72% Mexico 4.23% Portugal 1.05% Total 100.00% Portfolio Statistics Total Net Assets: $91.5 Million Net Asset Value: $10.28 Number of Holdings: 22 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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