NEW YORK, Aug. 27 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of July 31, 2007. Top 10 Equity Holdings Portfolio% Country 1) Telefonica Sa 16.02% Spain 2) Banco Bilbao Vizcaya Argenta 15.01% Spain 3) Iberdrola Sa 9.04% Spain 4) Banco Santander Central Hisp 7.30% Spain 5) Inditex 5.03% Spain 6) Altadis Sa 4.89% Spain 7) Repsol Sa 4.44% Spain 8) Clinica Baviera Sa 4.32% Spain 9) Indra Sistemas Sa 3.84% Spain 10) Corp Dermoestetica 3.67% Spain Sector/Industry Breakdown Portfolio% Utilities: Electric & Gas Utility 16.75% Telephone Utility 16.02% SUBTOTAL 32.77% Finance: Banking - Money Center 22.30% Banking - Regional 4.72% Insurance 2.15% SUBTOTAL 29.17% Healthcare: Medical Services 7.99% Miscellaneous 1.49% SUBTOTAL 9.48% Consumer Services: Apparel 5.03% Miscellaneous 2.68% Broadcasting & Cable 1.46% SUBTOTAL 9.17% Capital Goods 5.47% Consumer Staples 4.89% Energy 4.44% Technology 3.84% Aerospace & Defense 0.77% Total 100.00% Security Type Breakdown Portfolio% Foreign Equity 100.00% Total 100.00% Country Breakdown Portfolio% Spain 99.23% Netherlands 0.77% Total 100.00% Portfolio Statistics Total Net Assets: $122.8 Million Net Asset Value: $13.96 Number of Holdings: 24 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 Web site: http://www.alliancebernstein.com/

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