The Ibero-America Fund Releases Monthly Portfolio Update

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1) Telefonica SA

14.70%

Telecommunication Services

2) Banco Santander SA

9.55%

Financials

3) Inditex SA

8.95%

Consumer Discretionary

4) Iberdrola SA

7.40%

Utilities

5) Repsol YPF SA

6.41%

Energy

6) America Movil SAB de CV

5.13%

Telecommunication Services

7) Banco Bilbao Vizcaya Argentaria SA

4.46%

Financials

8) Criteria Caixacorp SA

3.79%

Financials

9) Obrascon Huarte Lain SA

3.11%

Industrials

10) Ferrovial SA

2.31%

Industrials

Sector/Industry Breakdown

Portfolio %

   Financials

       Commercial Banks

17.81%

       Diversified Financial Services

5.32%

       Insurance

2.22%

       Consumer Finance

1.98%

       Real Estate Management & Development

0.93%

       SUBTOTAL

28.26%

   Telecommunication Services

       Diversified Telecommunication Services

14.69%

       Wireless Telecommunication Services

5.13%

       SUBTOTAL

19.82%

   Consumer Discretionary

       Specialty Retail

8.96%

       Household Durables

2.24%

       Auto Components

1.45%

       Diversified Consumer Services

1.00%

       Media

0.75%

       Hotels, Restaurants & Leisure

0.49%

       SUBTOTAL

14.89%

   Energy

       Oil, Gas & Consumable Fuels

10.87%

       SUBTOTAL

10.87%

   Utilities

       Electric Utilities

8.06%

       Gas Utilities

0.80%

       SUBTOTAL

8.86%

   Industrials

       Construction & Engineering

5.41%

       Commercial Services & Supplies

1.78%

       Machinery

1.03%

       Transportation Infrastructure

0.54%

       SUBTOTAL

8.76%

   Consumer Staples

       Food & Staples Retailing

2.32%

       Beverages

1.61%

       Personal Products

0.69%

       SUBTOTAL

4.62%

   Health Care

       Health Care Providers & Services

1.19%

       Pharmaceuticals

0.84%

       SUBTOTAL

2.03%

   Information Technology

       IT Services

1.21%

       SUBTOTAL

1.21%

   Materials

       Metals & Mining

0.54%

       SUBTOTAL

0.54%

   Short-Term Investments

0.14%

Total

100.00%

Security Type Breakdown

Portfolio %

 Common Stocks:

     Foreign

99.86%

 Short-Term Investments:

     Investment Companies

0.14%

 Total Investments

100.00%

   Country Breakdown

Portfolio %

   Spain

72.48%

   Brazil

14.36%

   Mexico

12.01%

   Portugal

0.67%

   Chile

0.34%

   Short-Term

0.14%

   Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

   Euro Dollar

74.56%

   Brazilian Real

13.71%

   Mexican Peso

11.52%

   Chilean Peso

0.33%

   United States Dollar

-0.12%

   Total Investments

100.00%

Portfolio Statistics:

   Total Net Assets:

$60.73 Million

   Net Asset Value:

$6.82

   Number of Holdings:

42