SNF Ibero-America Fund Inc.

The Ibero-America Fund, Inc.

Top 10 Equity Holdings w/Sector

Portfolio %

Sector

1) Telefonica SA

14.40%

Telecommunication

Services

2) Banco Santander SA

10.26%

Financials

3) Inditex SA

8.00%

Consumer Discretionary

4) Iberdrola SA

7.46%

Utilities

5) Repsol YPF SA

6.44%

Energy

6) America Movil SAB de CV

4.92%

Telecommunication

Services

7) Banco Bilbao Vizcaya

4.81%

Financials

   Argentaria SA

8) Criteria Caixacorp SA

4.28%

Financials

9) Obrascon Huarte Lain SA

3.57%

Industrials

10) Grupo Catalana Occidente

2.09%

Financials

   SA

 Sector/Industry Breakdown

Portfolio %

   Financials

     Commercial Banks

18.85%

     Diversified Financial Services

5.78%

     Insurance

2.09%

     Consumer Finance

1.84%

     Real Estate Management & Development

0.80%

     SUBTOTAL

29.36%

   Telecommunication Services

     Diversified Telecommunication Services

14.40%

     Wireless Telecommunication Services

4.92%

     SUBTOTAL

19.32%

   Consumer Discretionary

     Specialty Retail

8.00%

     Household Durables

2.17%

     Auto Components

1.28%

     Diversified Consumer Services

1.07%

     Media

0.74%

     Hotels, Restaurants & Leisure

0.63%

     SUBTOTAL

13.89%

   Energy

     Oil, Gas & Consumable Fuels

9.89%

     Energy Equipment & Services

2.06%

     SUBTOTAL

11.95%

   Utilities

     Electric Utilities

8.06%

     Gas Utilities

0.77%

     SUBTOTAL

8.83%

   Industrials

     Construction & Engineering

5.52%

     Commercial Services & Supplies

1.71%

     Machinery

0.97%

   SUBTOTAL

8.20%

     Consumer Staples

     Food & Staples Retailing

2.09%

     Beverages

1.27%

     Personal Products

0.65%

   SUBTOTAL

4.01%

     Health Care

     Health Care Providers & Services

1.29%

     Pharmaceuticals

0.81%

     SUBTOTAL

2.10%

   Materials

     Metals & Mining

1.60%

     SUBTOTAL

1.60%

   Information Technology

     IT Services

0.53%

     SUBTOTAL

0.53%

   Short-Term Investments

0.21%

 Total

100.00%

Security Type Breakdown

Portfolio %

 Common Stocks:

   Foreign

99.74%

 Rights:

   Foreign

0.05%

 Short-Term Investments:

   Investment Companies

0.21%

 Total Investments

100.00%

     Country Breakdown

Portfolio %

     Spain

73.57%

     Brazil

14.00%

     Mexico

11.31%

     Portugal

0.60%

     Chile

0.31%

     Short-Term

0.21%

     Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

     Euro Dollar

74.85%

     Brazilian Real

13.80%

     Mexican Peso

11.19%

     Chilean Peso

0.30%

     Japanese Yen

0.06%

     United States Dollar

-0.20%

     Total Investments

100.00%

     Portfolio Statistics:

       Total Net Assets:

$70.41 Million

       Net Asset Value:

$7.91

       Number of Holdings:

44