The Ibero-America Fund Releases Monthly Portfolio Update

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1)  Telefonica SA

14.55%

Telecommunication Services

2)  Banco Santander SA

10.22%

Financials

3)  Inditex SA

6.93%

Consumer Discretionary

4)  Repsol YPF SA

6.26%

Energy

5)  America Movil SAB de CV

5.22%

Telecommunication Services

6)  Banco Bilbao Vizcaya Argentaria SA

4.81%

Financials

7)  Criteria Caixacorp SA

4.26%

Financials

8)  Obrascon Huarte Lain SA

3.31%

Industrials

9)  Iberdrola SA

3.22%

Utilities

10) Tecnicas Reunidas SA

2.37%

Energy

   Sector/Industry Breakdown

Portfolio %

       Financials

           Commercial Banks

18.84%

           Diversified Financial Services

5.83%

           Insurance

1.85%

           Consumer Finance

1.80%

           Real Estate Management & Development

0.71%

           SUBTOTAL

29.03%

       Telecommunication Services

           Diversified Telecommunication Services

14.55%

           Wireless Telecommunication Services

5.22%

           SUBTOTAL

19.77%

       Consumer Discretionary

           Specialty Retail

6.94%

           Household Durables

2.00%

           Media

1.37%

           Diversified Consumer Services

1.21%

           Hotels, Restaurants & Leisure

0.59%

           Auto Components

0.56%

           SUBTOTAL

12.67%

       Energy

           Oil, Gas & Consumable Fuels

10.29%

           Energy Equipment & Services

2.37%

           SUBTOTAL

12.66%

       Industrials

           Construction & Engineering

5.21%

           Commercial Services & Supplies

1.88%

           Machinery

1.87%

           SUBTOTAL

8.96%

       Consumer Staples

           Food & Staples Retailing

2.10%

           Food Products

1.78%

           Beverages

1.06%

           Personal Products

0.89%

           SUBTOTAL

5.83%

       Utilities

           Electric Utilities

3.87%

           Independent Power Producers & Energy

1.00%

           Traders

           Gas Utilities

0.71%

           SUBTOTAL

5.58%

       Materials

           Metals & Mining

3.65%

           SUBTOTAL

3.65%

       Health Care

           Health Care Providers & Services

1.21%

           Pharmaceuticals

0.44%

           SUBTOTAL

1.65%

       Short-Term Investments

0.20%

   Total

100.00%

Security Type Breakdown

Portfolio %

   Common Stocks:

       Foreign

99.80%

Short-Term Investments:

       Investment Companies

0.20%

Total Investments

100.00%

       Country Breakdown

Portfolio %

       Spain

67.87%

       Brazil

19.24%

       Mexico

12.04%

       Portugal

0.65%

       Short-Term

0.20%

       Total Investments

100.00%

       Portfolio Statistics:

           Total Net Assets:

$70.70 Million

           Net Asset Value:

$7.94

           Number of Holdings:

46