The Ibero-America Fund Releases Monthly Portfolio Update

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1)  Telefonica SA

14.18%

Telecommunication Services

2)  Banco Santander SA

10.50%

Financials

3)  Inditex SA

7.92%

Consumer Discretionary

4)  Iberdrola SA

7.36%

Utilities

5)  Repsol YPF SA

6.28%

Energy

6)  America Movil SAB de CV

4.77%

Telecommunication Services

7)  Banco Bilbao Vizcaya Argentaria SA

4.76%

Financials

8)  Criteria Caixacorp SA

4.43%

Financials

9)  Obrascon Huarte Lain SA

3.46%

Industrials

10)  Tecnicas Reunidas SA

2.24%

Energy

Sector/Industry Breakdown

Portfolio %

Financials

Commercial Banks

19.00%

Diversified Financial Services

5.95%

Insurance

2.05%

Consumer Finance

1.93%

Real Estate Management & Development

0.80%

SUBTOTAL

29.73%

Telecommunication Services

Diversified Telecommunication Services

14.18%

Wireless Telecommunication Services

4.77%

SUBTOTAL

18.95%

Consumer Discretionary

Specialty Retail

7.92%

Household Durables

2.26%

Auto Components

1.30%

Diversified Consumer Services

1.07%

Media

0.73%

Hotels, Restaurants & Leisure

0.65%

SUBTOTAL

13.93%

Energy

Oil, Gas & Consumable Fuels

9.92%

Energy Equipment & Services

2.24%

SUBTOTAL

12.16%

Utilities

Electric Utilities

7.99%

Gas Utilities

0.74%

SUBTOTAL

8.73%

Industrials

Construction & Engineering

5.40%

Commercial Services & Supplies

1.84%

Machinery

0.92%

SUBTOTAL

8.16%

Consumer Staples

Food & Staples Retailing

2.14%

Beverages

1.18%

Personal Products

0.64%

SUBTOTAL

3.96%

Health Care

Health Care Providers & Services

1.34%

Pharmaceuticals

0.79%

SUBTOTAL

2.13%

Materials

Metals & Mining

1.69%

SUBTOTAL

1.69%

Information Technology

IT Services

0.52%

SUBTOTAL

0.52%

Short-Term Investments

0.04%

Total

100.00%

Security Type Breakdown

Portfolio %

Common Stocks:

Foreign

99.96%

Short-Term Investments:

Investment Companies

0.04%

Total Investments

100.00%

Country Breakdown

Portfolio %

Spain

73.51%

Brazil

14.24%

Mexico

11.31%

Portugal

0.62%

Chile

0.28%

Short-Term

0.04%

Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

Euro Dollar

74.79%

Brazilian Real

14.02%

Mexican Peso

11.17%

Chilean Peso

0.28%

United States Dollar

-0.26%

Total Investments

100.00%

Portfolio Statistics:

Total Net Assets:

$71.31 Million

Net Asset Value:

$8.01

Number of Holdings:

43