UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
INVESTMENT COMPANY
Investment Company Act file number 811-03170
THE MEXICO FUND, INC.
(Exact name of Registrant as specified in charter)
| 1775 I Street, NW, Suite 1100 Washington, DC |
20006 | |
| (Address of principal executive offices) | (Zip code) | |
Sander M. Bieber
Dechert LLP
1775 I Street, NW, Suite 1100
Washington, DC 20006
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (202) 261-7941
Date of fiscal year end: October 31
Date of reporting period: July 31, 2005
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Mexico Fund, Inc.
Schedule of Investments as of July 31, 2005 (Unaudited)
| Shares Held |
Common Stock (94.47%) |
Series |
Value (Note 1) |
Percent of Net Assets |
||||||||
| Cement Industry | ||||||||||||
| 4,970,212 | Cemex, S.A. de C.V. | CPO | $ | 23,370,873 | 4.41 | % | ||||||
| 5,157,400 | Grupo Cementos de Chihuahua, S.A de C.V. | * | 11,913,999 | 2.25 | ||||||||
| 35,284,872 | 6.66 | |||||||||||
| Communications | ||||||||||||
| 16,072,500 | América Móvil, S.A. de C.V. | A | 17,518,702 | 3.31 | ||||||||
| 39,228,000 | América Móvil, S.A. de C.V. | L | 43,571,461 | 8.23 | ||||||||
| 9,254,000 | (a) | América Telecom, S.A. de C.V. | A1 | 32,450,122 | 6.13 | |||||||
| 5,524,000 | (a) | Carso Global Telecom, S.A. de C.V. | A1 | 10,297,244 | 1.94 | |||||||
| 8,985,300 | Grupo Televisa, S.A. | CPO | 29,550,832 | 5.58 | ||||||||
| 10,714,600 | Teléfonos de México, S.A. de C.V. | A | 10,405,761 | 1.96 | ||||||||
| 143,794,122 | 27.15 | |||||||||||
| Construction | ||||||||||||
| 36,945,100 | (a) | Empresas ICA, Sociedad Controladora, S.A. de C.V. | * | 15,536,471 | 2.93 | |||||||
| Financial Groups | ||||||||||||
| 3,133,400 | Grupo Financiero Banorte, S.A. de C.V. | O | 26,566,406 | 5.02 | ||||||||
| 9,101,300 | Grupo Financiero Inbursa, S.A. de C.V. | O | 20,475,501 | 3.87 | ||||||||
| 47,041,907 | 8.89 | |||||||||||
| Food and Beverages | ||||||||||||
| 948,400 | Coca-Cola Femsa, S.A. de C.V. | L | 2,701,487 | 0.51 | ||||||||
| 4,350,517 | Fomento Económico Mexicano, S.A. de C.V. | UBD | 28,189,325 | 5.32 | ||||||||
| 5,292,200 | Gruma, S.A. de C.V. | B | 12,674,494 | 2.39 | ||||||||
| 2,170,200 | Grupo Bimbo, S.A. de C.V. | A | 7,196,690 | 1.36 | ||||||||
| 1,804,000 | Grupo Modelo, S.A. de C.V. | C | 5,951,701 | 1.13 | ||||||||
| 56,713,697 | 10.71 | |||||||||||
| Holding Companies | ||||||||||||
| 3,334,900 | Alfa, S.A. de C.V. | A | 20,159,012 | 3.81 | ||||||||
| 7,987,066 | (a) | Desc, S.A. de C.V. | B | 2,236,683 | 0.42 | |||||||
| 11,316,900 | Grupo Carso, S.A. de C.V. | A1 | 23,731,376 | 4.48 | ||||||||
| 2,784,200 | Grupo Imsa, S.A. de C.V. | UBC | 6,520,977 | 1.23 | ||||||||
| 52,648,048 | 9.94 | |||||||||||
| Housing | ||||||||||||
| 2,133,600 | Consorcio ARA, S.A. de C.V. | * | 7,797,537 | 1.47 | ||||||||
| 10,797,700 | (a) | Corporación Geo, S.A. de C.V. | B | 29,769,345 | 5.62 | |||||||
| 2,747,000 | (a) | Sare Holding, S.A. de C.V. | B | 2,188,649 | 0.41 | |||||||
| 4,506,300 | (a) | Urbi Desarrollos Urbanos, S.A de C.V. | * | 28,081,255 | 5.30 | |||||||
| 67,836,786 | 12.80 | |||||||||||
| Mining Industry | ||||||||||||
| 5,482,953 | Grupo México, S.A. de C.V. | B | 9,367,709 | 1.77 | ||||||||
| Pulp and Paper | ||||||||||||
| 2,280,780 | Kimberly-Clark de México, S.A. de C.V. | A | 8,253,707 | 1.56 | ||||||||
| Retail Stores | ||||||||||||
| 2,800,413 | Alsea, S.A. de C.V. | * | 6,601,198 | 1.25 | ||||||||
| 8,347,015 | Wal-Mart de México, S.A. de C.V. | V | 37,383,974 | 7.06 | ||||||||
| 43,985,172 | 8.31 | |||||||||||
| Service | ||||||||||||
| 4,649,000 | Grupo Aeroportuario del Sureste, S.A. de C.V. | B | 15,903,309 | 3.00 | ||||||||
| Steel | ||||||||||||
| 2,037,392 | Hylsamex, S.A. de C.V. |
B | 7,482,431 | 1.41 | ||||||||
| Total Common Stock (Identified Cost $236,599,378) |
$ | 503,848,231 | 95.13 | % | ||||||||
| Securities |
Short-Term Securities (5.61%) |
|||||||||||
| Repurchase Agreements |
|
BBVA Bancomer, S.A., 9.70%, dated 07/29/05, due 08/01/05 repurchase price $26,282,264, collateralized by Bonos del Gobierno Federal. Value of collateral $26,261,039 |
26,261,039 | 4.96 | ||||||||
| Total Short-Term Securities (Identified cost $26,261,039) |
26,261,039 | 4.96 | ||||||||||
| Total Investments (Identified cost $262,860,417) |
530,109,270 | 100.09 | ||||||||||
| Liabilities in Excess of Other Assets |
(445,635 | ) | (0.09 | ) | ||||||||
| Net Assets Equivalent to $29.78 per share on 17,783,858 shares of capital stock outstanding |
$ | 529,663,635 | 100.00 | % | ||||||||
| (a) | Shares of these securities are currently non-income producing. Equity investments that have not paid dividends within the last twelve months are considered to be non-income producing. |
The aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost is $264,139,048; the aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value is $807,554; the net unrealized appreciation is $263,331,494; the aggregate cost of securities for Federal income tax purposes is $266,777,776.
Item 2. Controls and Procedures.
(a) Based on an evaluation of Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-Q (the “Report”), the Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Disclosure Controls are effectively designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Filed as exhibits herewith are separate certifications for Registrant’s Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| By: | /s/ José Luis Gómez Pimienta | |
| José Luis Gómez Pimienta | ||
| President and Principal Executive Officer | ||
| September 23, 2005 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ José Luis Gómez Pimienta | |
| José Luis Gómez Pimienta | ||
| President and Principal Executive Officer | ||
| September 23, 2005 | ||
| By: | /s/ Alberto Osorio | |
| Alberto Osorio | ||
| Treasurer and Principal Financial Officer | ||
| September 23, 2005 | ||