NEW YORK, July 31 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (the "Fund" - NYSE: SNF) announced today that the Fund's Board of Directors (the "Board") has approved a change to the Fund's investment objective and certain investment policies. Most significantly, the Board approved a broadening of the Fund's investment universe to include companies located in Spain and Portugal and in the historically Spanish- and Portuguese-speaking countries of Central and South America ("Ibero-American companies"). The broadening of the Fund's investment focus necessitates a change to its fundamental investment objective, which currently is "to seek long term capital appreciation by investing primarily in equity securities of Spanish companies." The new investment objective approved by the Board is "to seek long term growth of capital." The Fund's new investment focus also requires a change in the Fund's name. Accordingly, the Board approved changing the Fund's name to "The Ibero-America Fund, Inc." The Board also approved modification of the Fund's non-fundamental policy that it invest at least 80% of its total assets in equity securities of Spanish companies, by adopting the requirement instead that the Fund invest at least 80% of its assets in securities issued by Ibero-American companies. The Board also approved elimination of certain non-required fundamental policies that would be inconsistent with the Fund's expanded investment focus, such as the requirement to invest at least 65% of total assets in Spanish equity securities. In addition, the Board approved the elimination of, and changes to, certain fundamental investment policies and modification of certain non-fundamental policies. Under the Investment Company Act of 1940, the change to the Fund's investment objective and the elimination of, and changes to, the Fund's fundamental policies require stockholder approval. It is anticipated that the proposed changes will be submitted to the Fund's stockholders at the upcoming annual stockholders meeting along with the annual election of directors, which will be held on November 9, 2009. The close of business on September 21, 2009 has been fixed as the record date for the meeting of stockholders. None of the changes to the Fund's investment objective, name and investment policies will become effective unless the stockholders of the Fund approve the changes to the fundamental policies of the Fund at the upcoming annual stockholder meeting. If stockholders approve the proposed changes to the fundamental policies, the Fund's new investment objective, name and policy changes will become effective on or about November 9, 2009. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L.P. with total assets of approximately $63.75 million. DATASOURCE: The Spain Fund, Inc. CONTACT: Shareholder Contact, The Spain Fund, Inc., +1-800-221-5672

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