Item 1(a).
Name of Issuer:
Ibero-America Fund Inc.
Item 1(b).
Address of Issuer’s Principal Executive Offices:
The principal executive offices of the Fund are located at:
Ibero-America Fund Inc.
c/o ALLIANCE CAPITAL MANAGEMENT L.P.
1345 Avenue of the Americas
New York, NY 10105
Item 2.
Identity and Background.
(a). This statement is being filed by City of London Investment Group PLC (“CLIG”) and City of London Investment Management Company Limited (“CLIM,” and together with CLIG, the “Reporting Persons”).
(b). The business address and principal executive offices of CLIG are 77 Gracechurch Street London, EC3V 0AS England. The directors and executive officers of CLIG, their business addresses and present principal occupation or employment are set forth on Annex A attached to this Schedule 13D. The business address and principal executive offices of CLIM are 77 Gracechurch Street London, EC3V 0AS England. The directors and executive officers of CLIM, their business addresses and present principal occupation or employment are set forth on Annex A attached.
(c). The principal business of CLIG is serving as the parent holding company for the City of London group of companies, including CLIM. CLIM is an emerging markets fund manager, which specializes in investing in closed-end investment companies and is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. CLIM is controlled by CLIG. CLIM is principally engaged in the business of providing investment advisory services to various public and private investment funds, including The Emerging World Fund (“EWF”), a Dublin, Ireland-listed open-ended investment company, Emerging Markets Country Fund (“GEM”), a private investment fund organized as a Delaware business trust, Investable Emerging Markets Country Fund (“IEM”), a private investment fund organized as a Delaware business trust, Emerging (BMI) Markets Country Fund (“BMI”), a private investment fund organized as a Delaware business trust, Emerging Free Markets Country Fund (“FREE”), a private investment fund organized as a Delaware business trust, Frontier Emerging Markets Fund (“FRONT”), a private investment fund organized as a Delaware business trust, The EM Plus CEF Fund (“PLUS”), a private investment fund organized as a Delaware business trust, International Equity CEF Fund (“IECF”), a private investment fund organized as a Delaware business trust, Global Absolute Return Fund (GARF”), a private investment fund organized as a Delaware business trust, GFM (Institutional) Emerging Markets Country Fund (“GFM”), an open-ended fund organized under the laws of the Province of Ontario, Tradex Global Equity Fund (“TDX”), an Ontario mutual fund, and nineteen unaffiliated third-party segregated accounts over which CLIM exercises discretionary voting and investment authority (the “Segregated Accounts”). EWF, GEM, IEM, BMI, FREE, FRONT, PLUS, GFM, GARF, IECF and TDX are collectively referred to herein as the “City of London Funds.”
The Shares to which this Schedule 13D relates are owned directly by the City of London Funds and the Segregated Accounts.
(d). None of the Reporting Persons has, during the last five years, been convicted in any criminal proceeding.
(e). None of the Reporting Persons has, during the last five years, been a party to any civil proceeding commenced before a judicial or administrative body of competent jurisdiction as a result of which it or he was or is now subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f). City of London Investment Group PLC, (CLIG) and City of London Investment Management Company Limited (CLIM) are companies incorporated under the laws of England and Wales.
Item 3.
Source and Amount of Funds or Other Considerations
.
Beneficial ownership of the Shares to which this statement relates was acquired by the Reporting Persons with invested capital of the City of London Funds and the Segregated Accounts. The aggregate purchase price of the 1,674,510 Shares beneficially owned by the Reporting Persons was $11,268,684, inclusive of brokerage commissions. The aggregate purchase price of the 105,370 Shares owned directly by EWF was $697,324, inclusive of brokerage commissions. The aggregate purchase price of the 15,307 Shares owned directly by TDX was $107,492, inclusive of brokerage commissions. The aggregate purchase price of the 267,077 Shares owned directly by IEM was $1,790,764, inclusive of brokerage commissions. The aggregate purchase price of the 75,394 Shares owned directly by FREE was $483,541, inclusive of brokerage commissions. The aggregate purchase price of the 22,315 Shares owned directly by GARF was $157,935, inclusive of brokerage commissions. The aggregate purchase price of the 266,946 Shares owned directly by GEM was $1,718,276, inclusive of brokerage commissions. The aggregate purchase price of the 2,065 Shares owned directly by GFM was $13,950, inclusive of brokerage commissions. The aggregate purchase price of the 5,100 Shares owned directly by IECF was $36,183, inclusive of brokerage commissions. The aggregate purchase price of the 914,936 Shares owned directly by the Segregated Accounts was $6,263,214, inclusive of brokerage commissions.
Item 4.
Purpose of Transaction
.
The Reporting Persons have reviewed the shareholder proposal submitted by Banco Bilbao Vizcaya Argentaria, S.A., (“BBVA”) as reflected in the SCHEDULE 13D submitted on May 11, 2011 with respect to issuer The Ibero-America Fund, Inc. City of London supports the proposal put forth by BBVA. Furthermore, City of London is considering submitting its own proposal.
Item 5.
Interests in Securities of the Issuer
.
(a)
|
and (b). As of the date hereof, CLIG, through its control of CLIM, and CLIM, in its capacity as investment adviser to the City of London Funds and the Segregated Accounts, have voting and dispositive power with respect to all 1,674,510 Shares owned directly by the City of London Funds and the Segregated Accounts, representing approximately 18.8% of the 8.905 million Shares outstanding as of November 30, 2010, as reported by the Fund. As of the date hereof, EWF, IEM, TDX, FREE, GARF, GEM, GFM, IECF and the Segregated Accounts owned directly 105,370; 267,077; 15,307; 75,394; 22,315; 266,946; 2,065; 5,100 and 914,936 Shares, respectively, representing approximately 1.18%, 3.00%, 0.17%, 0.85%, 0.25%, 3.00%, 0.02%, 0.06% and 10.27%, respectively, of the 8.905 million Shares outstanding as of November 30, 2010.
|
(c).
|
Information with respect to all transactions in the Shares beneficially owned by the Reporting Persons that were effected during the past 60 days is set forth below:
|
Portfolio
|
Tran Type
|
Trade Date
|
Par Value / Shares
|
Trade Price
|
Account
Account
|
BUY
BUY
|
3/22/2011
3/23/2011
|
10,190
201
|
6.90
6.90
|
|
Account
Account
|
BUY
BUY
|
3/24/2011
3/25/2011
|
16,500
20,000
|
6.94
6.98
|
|
Account
Account
|
BUY
BUY
|
3/28/2011
3/30/2011
|
6,100
2,700
|
6.96
6.96
|
|
Account
Account
|
BUY
BUY
|
3/31/2011
4/1/2011
|
5,891
8,544
|
6.98
7.04
|
|
Account
Account
|
BUY
BUY
|
4/4/2011
4/5/2011
|
3,500
900
|
7.14
7.11
|
|
Account
Account
|
BUY
BUY
|
4/6/2011
4/7/2011
|
3,482
5,938
|
7.21
7.24
|
|
Account
Account
|
BUY
BUY
|
4/8/2011
4/11/2011
|
1,900
13,355
|
7.29
7.26
|
|
Account
Account
|
BUY
BUY
|
4/12/2011
4/13/2011
|
10,000
7,200
|
7.23
7.23
|
|
Account
Account
|
BUY
BUY
|
4/15/2011
4/25/2011
|
3,800
2,500
|
7.09
7.09
|
|
Account
Account
|
BUY
BUY
|
4/26/2011
4/28/2011
|
5,500
2,132
|
7.19
7.37
|
|
Account
Account
|
BUY
BUY
|
4/29/2011
5/2/2011
|
16,200
19,049
|
7.38
7.41
|
|
Account
Account
|
BUY
BUY
|
5/3/2011
5/5/2011
|
3,400
4,600
|
7.34
7.13
|
|
Account
IECF
|
BUY
BUY
|
5/6/2011
5/11/2011
|
3,600
600
|
7.04
7.04
|
|
TDX
GARF
|
BUY
BUY
|
5/11/2011
5/12/2011
|
3,400
15,000
|
7.04
7.07
|
|
IECF
TDX
|
BUY
BUY
|
5/12/2011
5/12/2011
|
3,500
8,500
|
7.07
7.07
|
|
Account
Account
|
BUY
BUY
|
5/13/2011
5/16/2011
|
24,700
10,100
|
7.01
7.00
|
|
Account
GARF
|
BUY
BUY
|
5/17/2011
5/17/2011
|
20,240
7,315
|
7.00
7.01
|
|
IECF
TDX
|
BUY
BUY
|
5/17/2011
5/17/2011
|
160
900
|
7.00
7.00
|
|
Account
EWF
|
BUY
BUY
|
5/18/2011
5/18/2011
|
18,250
6,982
|
7.04
7.04
|
|
GFM I
IECF
|
BUY
BUY
|
5/18/2011
5/18/2011
|
40
40
|
7.04
7.04
|
|
TDX
Account
|
BUY
BUY
|
5/18/2011
5/19/2011
|
230
2,395
|
7.04
7.10
|
|
GFM I
IECF
|
BUY
BUY
|
5/19/2011
5/19/2011
|
275
800
|
7.10
7.10
|
|
TDX
Account
|
BUY
BUY
|
5/19/2011
3/22/2011
|
2,277
10,190
|
7.10
6.90
|
|
Account
Account
|
BUY
BUY
|
3/23/2011
3/24/2011
|
201
16,500
|
6.90
6.94
|
|
Account
Account
|
BUY
BUY
|
3/25/2011
3/28/2011
|
20,000
6,100
|
6.98
6.96
|
|
Account
Account
|
BUY
BUY
|
3/30/2011
3/31/2011
|
2,700
5,891
|
6.96
6.98
|
|
Account
Account
|
BUY
BUY
|
4/1/2011
4/4/2011
|
8,544
3,500
|
7.04
7.14
|
|
Account
Account
|
BUY
BUY
|
4/5/2011
4/6/2011
|
900
3,482
|
7.11
7.21
|
|
Account
Account
|
BUY
BUY
|
4/7/2011
4/8/2011
|
5,938
1,900
|
7.24
7.29
|
|
Account
Account
|
BUY
BUY
|
4/11/2011
4/12/2011
|
13,355
10,000
|
7.26
7.23
|
|
Account
Account
|
BUY
BUY
|
4/13/2011
4/15/2011
|
7,200
3,800
|
7.23
7.09
|
|
Account
Account
|
BUY
BUY
|
4/25/2011
4/26/2011
|
2,500
5,500
|
7.09
7.19
|
|
Account
Account
|
BUY
BUY
|
4/28/2011
4/29/2011
|
2,132
16,200
|
7.37
7.38
|
|
Account
Account
|
BUY
BUY
|
5/2/2011
5/3/2011
|
19,049
3,400
|
7.41
7.34
|
|
Account
Account
|
BUY
BUY
|
5/5/2011
5/6/2011
|
4,600
3,600
|
7.13
7.04
|
|
IECF
TDX
|
BUY
BUY
|
5/11/2011
5/11/2011
|
600
3,400
|
7.04
7.04
|
|
GARF
IECF
|
BUY
BUY
|
5/12/2011
5/12/2011
|
15,000
3,500
|
7.07
7.07
|
|
TDX
Account
|
BUY
BUY
|
5/12/2011
5/13/2011
|
8,500
24,700
|
7.07
7.01
|
|
Account
Account
|
BUY
BUY
|
5/16/2011
5/17/2011
|
10,100
20,240
|
7.00
7.00
|
|
GARF
IECF
|
BUY
BUY
|
5/17/2011
5/17/2011
|
7,315
160
|
7.01
7.00
|
|
TDX
Account
|
BUY
BUY
|
5/17/2011
5/18/2011
|
900
18,250
|
7.00
7.04
|
|
EWF
GFM I
|
BUY
BUY
|
5/18/2011
5/18/2011
|
6,982
40
|
7.04
7.04
|
|
IECF
TDX
|
BUY
BUY
|
5/18/2011
5/18/2011
|
40
230
|
7.04
7.04
|
|
Account
GFM I
|
BUY
BUY
|
5/19/2011
5/19/2011
|
2,395
275
|
7.10
7.10
|
|
IECF
TDX
|
BUY
BUY
|
5/19/2011
5/19/2011
|
800
2,277
|
7.10
7.10
|
|
Account
Account
|
BUY
BUY
|
3/22/2011
3/23/2011
|
10,190
201
|
6.90
6.90
|
|
Account
Account
|
BUY
BUY
|
3/24/2011
3/25/2011
|
16,500
20,000
|
6.94
6.98
|
|
Account
Account
|
BUY
BUY
|
3/28/2011
3/30/2011
|
6,100
2,700
|
6.96
6.96
|
|
Account
Account
|
BUY
BUY
|
3/31/2011
4/1/2011
|
5,891
8,544
|
6.98
7.04
|
|
Account
Account
|
BUY
BUY
|
4/4/2011
4/5/2011
|
3,500
900
|
7.14
7.11
|
|
Account
Account
|
BUY
BUY
|
4/6/2011
4/7/2011
|
3,482
5,938
|
7.21
7.24
|
|
Account
Account
|
BUY
BUY
|
4/8/2011
4/11/2011
|
1,900
13,355
|
7.29
7.26
|
|
Account
Account
|
BUY
BUY
|
4/12/2011
4/13/2011
|
10,000
7,200
|
7.23
7.23
|
|
Account
Account
|
BUY
BUY
|
4/15/2011
4/25/2011
|
3,800
2,500
|
7.09
7.09
|
|
Account
Account
|
BUY
BUY
|
4/26/2011
4/28/2011
|
5,500
2,132
|
7.19
7.37
|
|
Account
Account
|
BUY
BUY
|
4/29/2011
5/2/2011
|
16,200
19,049
|
7.38
7.41
|
|
Account
Account
|
BUY
BUY
|
5/3/2011
5/5/2011
|
3,400
4,600
|
7.34
7.13
|
|
Account
IECF
|
BUY
BUY
|
5/6/2011
5/11/2011
|
3,600
600
|
7.04
7.04
|
|
TDX
GARF
|
BUY
BUY
|
5/11/2011
5/12/2011
|
3,400
15,000
|
7.04
7.07
|
|
IECF
TDX
|
BUY
BUY
|
5/12/2011
5/12/2011
|
3,500
8,500
|
7.07
7.07
|
|
Account
Account
|
BUY
BUY
|
5/13/2011
5/16/2011
|
24,700
10,100
|
7.01
7.00
|
|
Account
GARF
|
BUY
BUY
|
5/17/2011
5/17/2011
|
20,240
7,315
|
7.00
7.01
|
|
IECF
TDX
|
BUY
BUY
|
5/17/2011
5/17/2011
|
160
900
|
7.00
7.00
|
|
Account
EWF
|
BUY
BUY
|
5/18/2011
5/18/2011
|
18,250
6,982
|
7.04
7.04
|
|
GFM I
IECF
|
BUY
BUY
|
5/18/2011
5/18/2011
|
40
40
|
7.04
7.04
|
|
TDX
Account
|
BUY
BUY
|
5/18/2011
5/19/2011
|
230
2,395
|
7.04
7.10
|
|
GFM I
IECF
|
BUY
BUY
|
5/19/2011
5/19/2011
|
275
800
|
7.10
7.10
|
|
TDX
Account
|
BUY
BUY
|
5/19/2011
3/22/2011
|
2,277
10,190
|
7.10
6.90
|
|
Account
Account
|
BUY
BUY
|
3/23/2011
3/24/2011
|
201
16,500
|
6.90
6.94
|
|
Account
Account
|
BUY
BUY
|
3/25/2011
3/28/2011
|
20,000
6,100
|
6.98
6.96
|
|
Account
Account
|
BUY
BUY
|
3/30/2011
3/31/2011
|
2,700
5,891
|
6.96
6.98
|
|
Account
Account
|
BUY
BUY
|
4/1/2011
4/4/2011
|
8,544
3,500
|
7.04
7.14
|
|
(d). Other than disclosed herein, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Shares.
(e). Not applicable.
Item 6.
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
.
Except as set forth in Item 4 of this Schedule 13D, none of the Reporting Persons has any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of the Fund including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or the voting of any securities of the Fund, joint ventures, loan or option arrangements, puts or calls, guaranties of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7.
Materials to be Filed as Exhibits
.
N/A
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.
May 20, 2011
CITY OF LONDON INVESTMENT GROUP PLC
/ s /
Barry M. Olliff
Name: Barry M. Olliff
Title: Director
CITY OF LONDON INVESTMENT
MANAGEMENT COMPANY LIMITED
/ s /
Barry M. Olliff
Name: Barry M. Olliff
Title: Director
ANNEX A
DIRECTORS AND EXECUTIVE OFFICERS
The names of the directors and executive officers of CLIG and their business addresses and present principal occupation or employment are set forth below. If no business address is given, the business address of such director or executive officer is c/o City of London Investment Group PLC, 77 Gracechurch Street, London EC3V 0AS, England.
Andrew Davison
|
Non-Executive Chairman
|
Barry Olliff
|
Chief Executive Officer
|
Douglas Allison
|
Finance Director
|
David Cardale
|
Non-Executive Director
|
George Robb
|
Non-Executive Director
|
Allan Bufferd
|
Non-Executive Director
|
Carlos Yuste
|
Business Development Director
|
Thomas Griffith
|
Chief Operating Officer
|
The names of the directors and executive officers of CLIM and their business addresses and present principal occupation or employment are set forth below. If no business address is given, the business address of such director or executive officer is c/o City of London Investment Management Limited, 77 Gracechurch Street, London EC3V 0AS, England.
David Cardale
|
Non-Executive Chairman
|
Barry Olliff
|
Chief Executive Officer / Chief Investment Officer
|
Douglas Allison
|
Finance Director
|
Thomas Griffith
|
Director
|
Carlos Yuste
|
Director
|