The Ibero-America Fund Releases Monthly Portfolio Update

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1) Telefonica SA

11.98%

Telecommunication Services

2) Banco Santander SA

9.67%

Financials

3) Inditex SA

8.02%

Consumer Discretionary

4) America Movil SAB de CV

6.90%

Telecommunication Services

5) Repsol YPF SA

5.18%

Energy

6) Investimentos Itau SA (Preference Shares)

4.40%

Financials

7) Banco Bilbao Vizcaya Argentaria SA

4.28%

Financials

8) Iberdrola SA

2.98%

Utilities

9) Ebro Puleva SA

2.94%

Consumer Staples

10) Vale SA

2.82%

Materials

Sector/Industry Breakdown

Portfolio %

   Financials

       Commercial Banks

19.46%

       Diversified Financial Services

5.66%

       Consumer Finance

2.42%

       Insurance

1.57%

       Real Estate Management & Development

0.79%

       SUBTOTAL

29.90%

   Telecommunication Services

       Diversified Telecommunication Services

11.99%

       Wireless Telecommunication Services

6.90%

       SUBTOTAL

18.89%

   Consumer Discretionary

       Specialty Retail

8.02%

       Household Durables

1.73%

       Diversified Consumer Services

1.35%

       SUBTOTAL

11.10%

   Consumer Staples

       Food Products

6.72%

       Food & Staples Retailing

2.35%

       Beverages

1.78%

       SUBTOTAL

10.85%

   Energy

       Oil, Gas & Consumable Fuels

6.25%

       Energy Equipment & Services

2.50%

       SUBTOTAL

8.75%

   Industrials

       Construction & Engineering

3.97%

       Transportation Infrastructure

1.84%

       Commercial Services & Supplies

1.49%

       Machinery

0.39%

       SUBTOTAL

7.69%

   Utilities

       Electric Utilities

3.60%

       Gas Utilities

2.45%

       Independent Power Producers & Energy

1.02%

       Traders

       SUBTOTAL

7.07%

   Materials

       Metals & Mining

2.82%

       Paper & Forest Products

1.36%

       SUBTOTAL

4.18%

   Health Care

       Health Care Providers & Services

1.42%

       SUBTOTAL

1.42%

   Short-Term Investments

0.15%

Total

100.00%

Security Type Breakdown

Portfolio %

   Common Stocks:

       Foreign

99.85%

   Short-Term Investments:

       Investment Companies

0.15%

   Total Investments

100.00%

       Country Breakdown

Portfolio %

       Spain

68.08%

       Brazil

18.37%

       Mexico

12.78%

       Portugal

0.62%

       Short-Term

0.15%

       Total Investments

100.00%

   Portfolio Statistics:

       Total Net Assets:

$61.26 Million

       Net Asset Value:

$6.88

       Number of Holdings:

39