The Ibero-America Fund Releases Monthly Portfolio Update

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1) Telefonica SA

14.48%

Telecommunication Services

2) Banco Santander SA

10.33%

Financials

3) Inditex SA

8.75%

Consumer Discretionary

4) Iberdrola SA

7.51%

Utilities

5) Repsol YPF SA

6.45%

Energy

6) America Movil SAB de CV

5.19%

Telecommunication Services

7) Banco Bilbao Vizcaya Argentaria SA

4.73%

Financials

8) Criteria Caixacorp SA

3.91%

Financials

9) Obrascon Huarte Lain SA

3.27%

Industrials

10) QGEP Participacoes SA

2.31%

Energy

Sector/Industry Breakdown

Portfolio %

Financials

Commercial Banks

18.92%

Diversified Financial Services

5.39%

Insurance

2.23%

Consumer Finance

2.02%

Real Estate Management & Development

0.89%

SUBTOTAL

29.45%

Telecommunication Services

Diversified Telecommunication Services

14.48%

Wireless Telecommunication Services

5.19%

SUBTOTAL

19.67%

Consumer Discretionary

Specialty Retail

8.74%

Household Durables

2.22%

Auto Components

1.39%

Diversified Consumer Services

1.08%

Media

0.83%

Hotels, Restaurants & Leisure

0.60%

SUBTOTAL

14.86%

Energy

Oil, Gas & Consumable Fuels

11.02%

SUBTOTAL

11.02%

Utilities

Electric Utilities

8.15%

Gas Utilities

0.80%

SUBTOTAL

8.95%

Industrials

Construction & Engineering

5.44%

Commercial Services & Supplies

1.63%

Machinery

1.02%

SUBTOTAL

8.09%

Consumer Staples

Food & Staples Retailing

2.19%

Beverages

1.26%

Personal Products

0.58%

SUBTOTAL

4.03%

Health Care

Health Care Providers & Services

1.31%

Pharmaceuticals

0.81%

SUBTOTAL

2.12%

Information Technology

IT Services

1.12%

SUBTOTAL

1.12%

Materials

Metals & Mining

0.53%

SUBTOTAL

0.53%

Short-Term Investments

0.16%

Total

100.00%

Security Type Breakdown

Portfolio %

Common Stocks:

Foreign

99.84%

Short-Term Investments:

Investment Companies

0.16%

Total Investments

100.00%

Country Breakdown

Portfolio %

Spain

72.79%

Brazil

14.13%

Mexico

11.96%

Portugal

0.65%

Chile

0.31%

Short-Term

0.16%

Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

Euro Dollar

74.88%

Brazilian Real

13.56%

Mexican Peso

11.55%

Chilean Peso

0.30%

United States Dollar

-0.29%

Total Investments

100.00%

Portfolio Statistics:

Total Net Assets:

$65.63 Million

Net Asset Value:

$7.37

Number of Holdings:

42