Form N-Q

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