The Ibero-America Fund Releases Monthly Portfolio Update

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1)Telefonica SA

15.11%

Telecommunication

Services

2)Banco Santander SA

11.05%

Financials

3)Inditex SA

6.91%

Consumer Discretionary

4)Repsol YPF SA

6.28%

Energy

5)America Movil SAB de CV

5.28%

Telecommunication

Services

6)Banco Bilbao Vizcaya

5.01%

Financials

    Argentaria SA

7)Iberdrola SA

3.31%

Utilities

8)Obrascon Huarte Lain SA

3.13%

Industrials

9)Criteria Caixacorp SA

2.92%

Financials

10)Tecnicas Reunidas SA

2.32%

Energy

Sector/Industry Breakdown

Portfolio %

Financials

   Commercial Banks

19.77%

   Diversified Financial Services

5.15%

   Consumer Finance

1.96%

   Insurance

1.81%

   Real Estate Management & Development

0.67%

   SUBTOTAL

29.36%

Telecommunication Services

   Diversified Telecommunication Services

15.11%

   Wireless Telecommunication Services

5.28%

   SUBTOTAL

20.39%

Consumer Discretionary

   Specialty Retail

6.90%

   Household Durables

1.85%

   Media

1.45%

   Diversified Consumer Services

1.14%

   Hotels, Restaurants & Leisure

0.58%

   SUBTOTAL

11.92%

Energy

   Oil, Gas & Consumable Fuels

9.27%

   Energy Equipment & Services

2.32%

   SUBTOTAL

11.59%

Industrials

   Construction & Engineering

5.00%

   Machinery

1.71%

   Commercial Services & Supplies

1.32%

   SUBTOTAL

8.03%

Utilities

   Electric Utilities

3.96%

   Independent Power Producers & Energy

1.95%

   Traders

   Gas Utilities

0.69%

   SUBTOTAL

6.60%

Consumer Staples

   Food & Staples Retailing

2.06%

   Food Products

1.83%

   Beverages

1.03%

   Personal Products

0.79%

   SUBTOTAL

5.71%

Materials

   Metals & Mining

4.79%

   SUBTOTAL

4.79%

Health Care

   Health Care Providers & Services

1.17%

   Pharmaceuticals

0.44%

   SUBTOTAL

1.61%

Total

100.00%

Security Type Breakdown

Portfolio %

   Common Stocks:

     Foreign

100.00%

Total Investments

100.00%

Country Breakdown

Portfolio %

   Spain

68.46%

   Brazil

18.70%

   Mexico

12.19%

   Portugal

0.65%

   Total Investments

100.00%

Portfolio Statistics:

   Total Net Assets:

$69.3

   Net Asset Value:

$7.78

   Number of Holdings:

44