NEW YORK, May 21 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (NYSE: SNF) (the "Fund") today released its monthly portfolio update as of April 30, 2009. Top 10 Equity Holdings Portfolio % Country 1)Telefonica SA 21.08% Spain 2)Banco Santander Central Hispano 12.06% Spain SA 3)Repsol YPF SA 10.08% Spain 4)Banco Bilbao Vizcaya Argentaria 6.64% Spain SA 5)Iberdrola SA 4.84% Spain 6)Enagas 3.78% Spain 7)Indra Sistemas SA 3.57% Spain 8)Grifols SA 3.27% Spain 9)America Movil SAB de CV Series L 3.18% Mexico 10)Abertis Infraestructuras SA 2.98% Spain Sector/Industry Breakdown Portfolio % Utilities: Telephone Utility 21.08% Electric & Gas Utility 11.57% Miscellaneous 2.98% SUBTOTAL 35.63% Finance: Banking - Money Center 18.70% Miscellaneous 5.25% Insurance 1.74% Banking - Regional 1.03% Brokerage & Money Management 0.66% Real Estate 0.35% SUBTOTAL 27.73% Energy: International 10.41% Miscellaneous 1.86% SUBTOTAL 12.27% Capital Goods: Engineering & Construction 7.64% Consumer Services: Cellular Communications 3.17% Miscellaneous 1.57% Apparel 1.37% SUBTOTAL 6.11% Consumer Staples: Food 3.78% Technology: Computer Services 3.57% Health Care: Miscellaneous 3.27% Total 100.00% Security Type Breakdown Portfolio% Common Stocks: Foreign 100.00% Total 100.00% Country Breakdown Portfolio% Spain 94.85% Mexico 3.53% Portugal 1.62% Total 100.00% Portfolio Statistics Total Net Assets: $51.2 Million Net Asset Value: $5.75 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, +1-800-221-5672, The Spain Fund, Inc.

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