The Mexico Fund, Inc.
Fund Information for Third Fiscal Quarter Ending July 31, 2003
As part of continuing efforts to minimize Fund expenses and recognizing the increasing use of electronic media, the Fund is now publishing its Schedule of Investments and Statement of Assets and Liabilities for the first and third fiscal quarters as well as the Fund's annual and semi-annual reports on the web site at the section "Quarterly Report." The Fund will continue printing and distributing to stockholders its semi- and annual reports. Below please find the Fund's Schedule of Investments and Statement of Assets and Liabilities for the Fund's third fiscal quarter ending July 31, 2003 accompanied by other relevant Fund disclosures.
The Mexico Fund, Inc.
Schedule of Investments as of July 31, 2003 (Unaudited)
|
Percent |
|||||
|
Shares Held |
|
Common Stock (95.81%) |
Series |
Value |
of Net Assets |
|
Cement Industry |
|||||
|
1,081,800 |
|
Apasco, S.A. de C.V. |
* |
$ 8,462,757 |
3.37% |
|
3,457,972 |
|
Cemex, S.A. de C.V. |
CPO |
16,474,513 |
6.55 |
|
-------------- |
------- |
||||
|
24,937,270 |
9.92 |
||||
|
Communications |
|||||
|
6,231,800 |
|
América Móvil, S.A. de C.V. |
A |
6,957,579 |
2.77 |
|
13,264,400 |
|
América Móvil, S.A. de C.V. |
L |
14,847,033 |
5.90 |
|
6,265,300 |
(a) |
América Telecom, S.A. de C.V. |
A1 |
6,483,008 |
2.58 |
|
8,878,200 |
(a) |
Carso Global Telecom, S.A. de C.V. |
A1 |
10,637,677 |
4.23 |
|
3,448,700 |
|
Grupo Televisa, S.A. |
CPO |
6,521,016 |
2.59 |
|
6,231,500 |
|
Teléfonos de México, S.A. de C.V. |
A |
9,698,694 |
3.86 |
|
7,994,100 |
|
Teléfonos de México, S.A. de C.V. |
L |
12,472,385 |
4.96 |
|
-------------- |
------- |
||||
|
67,617,392 |
26.89 |
||||
|
Financial Groups |
|||||
|
9,120,609 |
(a) |
Grupo Financiero BBVA Bancomer, S.A. de C.V. |
B |
7,686,953 |
3.06 |
|
1,654,700 |
|
Grupo Financiero Banorte, S.A. de C.V. |
O |
4,402,345 |
1.75 |
|
6,295,500 |
|
Grupo Financiero Inbursa, S.A. de C.V. |
O |
6,406,583 |
2.55 |
|
- |
(a) |
Grupo Financiero Scotiabank Inverlat Recovery Trust |
- |
0.00 |
|
|
--------------- |
------- |
||||
|
18,495,881 |
7.36 |
||||
|
Food and Beverages |
|||||
|
2,164,500 |
(a) |
Coca-Cola Femsa, S.A. de C.V. |
L |
4,933,949 |
1.96 |
|
1,623,600 |
|
Embotelladoras Arca, S.A. de C.V. |
* |
2,622,616 |
1.04 |
|
2,030,599 |
|
Fomento Económico Mexicano, S.A. de C.V. |
UBD |
7,843,168 |
3.12 |
|
2,289,200 |
Gruma, S.A. de C.V. |
B |
2,610,188 |
1.04 |
|
|
4,530,000 |
|
Grupo Bimbo, S.A. de C.V. |
A |
7,106,439 |
2.83 |
|
2,427,300 |
|
Grupo Continental, S.A. |
* |
3,759,394 |
1.50 |
|
3,681,300 |
|
Grupo Modelo, S.A. de C.V. |
C |
8,888,176 |
3.53 |
|
-------------- |
------- |
||||
|
37,763,930 |
15.02 |
||||
|
Holding Companies |
|||||
|
3,327,000 |
|
Alfa, S.A. de C.V. |
A |
6,834,634 |
2.72 |
|
4,432,700 |
(a) |
Corporación Interamericana de Entretenimiento, S.A. de C.V. |
B |
7,787,751 |
3.10 |
|
2,035,200 |
|
Grupo Carso, S.A. de C.V. |
A1 |
6,379,640 |
2.54 |
|
5,208,700 |
|
Grupo Imsa, S.A. de C.V. |
UBC |
6,928,898 |
2.76 |
|
1,979,500 |
(a) |
Grupo Sanborns, S.A. de C.V. |
B-1 |
2,351,106 |
0.93 |
|
3,513,500 |
|
Vitro, S.A. |
A |
2,450,433 |
0.97 |
|
-------------- |
------- |
||||
|
32,732,462 |
13.02 |
||||
|
Housing |
|||||
|
4,578,200 |
(a) |
Consorcio ARA, S.A. de C.V. |
* |
10,309,792 |
4.10 |
|
3,405,600 |
(a) |
Corporación Geo, S.A. de C.V. |
B |
12,668,704 |
5.04 |
|
-------------- |
------- |
||||
|
22,978,496 |
9.14 |
||||
|
Mining Industry |
|||||
|
2,044,100 |
(a) |
Grupo México, S.A. de C.V. |
B |
3,156,184 |
1.25 |
|
Pulp and Paper |
|||||
|
2,102,680 |
|
Kimberly-Clark de México, S.A. de C.V. |
A |
5,088,724 |
2.02 |
|
Retail Stores |
|||||
|
2,107,000 |
|
Controladora Comercial Mexicana, S.A. de C.V. |
UBC |
1,479,503 |
0.59 |
|
862,300 |
(a) |
Organización Soriana, S.A. de C.V. |
B |
1,827,133 |
0.72 |
|
4,444,793 |
|
Wal-Mart de México, S.A. de C.V. |
C |
11,939,445 |
4.75 |
|
2,319,900 |
|
Wal-Mart de México, S.A. de C.V. |
V |
6,934,813 |
2.76 |
|
--------------- |
------- |
||||
|
22,180,894 |
8.82 |
||||
|
Service |
|||||
|
4,038,500 |
|
Grupo Aeroportuario del Sureste, S.A. de C.V. |
B |
5,947,830 |
2.37 |
|
Total Common Stock (Identified Cost $186,323,631) |
$ 240,899,063 |
95.81% |
|
Value |
Percent of Net |
||
|
Securities |
Short-Term Securities (3.08%) |
(Note 1) |
Assets |
|
Repurchase Agreements |
BBVA Bancomer, S.A., 4.10%, dated 07/31/03, due 08/01/03, repurchase price $7,257,968, collateralized by Bonos del Gobierno Federal. Value of collateral $7,257,968 |
$ 7,257,142 |
2.88% |
|
Comerica Bank, 0.987%, dated 07/31/03, due 08/02/03, repurchase price $493,437, collateralized by U.S. Government Agency Securities. Value of collateral $494,437 |
493,423 |
0.20 |
|
|
----------------- |
----------- |
||
|
Total Short-Term Securities (Identified cost $7,750,565) |
7,750,565 |
3.08 |
|
|
----------------- |
----------- |
||
|
Total Investments (Identified cost $194,074,196) |
248,649,628 |
98.89 |
|
|
Other Assets in Excess of Liabilities |
2,785,093 |
1.11 |
|
|
----------------- |
----------- |
||
|
Net Assets Equivalent to $16.18 per share on 15,540,035 shares of capital stock outstanding |
$251,434,721 |
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 Mexico Fund, Inc.
Statement of Assets and Liabilities as of July 31, 2003 (Unaudited)
|
Assets: |
||
|
Investments: |
||
|
Securities, at value: |
||
|
Common stock (identified cost - $186,323,631) |
$ 240,899,063 |
|
|
Short term securities (identified cost - $7,750,565) |
7,750,565 |
|
|
|
--------------- |
|
|
Total investments (identified cost - $194,074,196) |
$ 248,649,628 |
|
|
Receivables from securities sold |
4,671,331 |
|
|
Interest receivable |
830 |
|
|
|
--------------- |
|
|
Total assets |
253,321,789 |
|
|
|
--------------- |
|
|
Liabilities: |
||
|
Payable to Investment Advisor |
280,287 |
|
|
Payables for securities purchased |
1,338,885 |
|
|
Accrued expenses and other liabilities |
267,896 |
|
|
|
--------------- |
|
|
Total liabilities |
1,887,068 |
|
|
|
--------------- |
|
|
Net Assets - Equivalent to $16.18 per share on 15,540,035 shares of capital stock outstanding |
$251,434,721 |
|
|
========== |
||
|
Composition of Net Assets: |
||
|
Common stock |
$ 15,540,035 |
|
|
Additional paid in capital |
180,118,320 |
|
|
Accumulated net investment income |
593,272 |
|
|
Accumulated net realized gain on investments |
689,189 |
|
|
Unrealized appreciation of investments and translation of assets and |
||
|
liabilities in foreign currency |
54,493,905 |
|
|
--------------- |
||
|
$251,434,721 |
||
|
========== |
||
Concentration Policy
The Fund has adopted a concentration policy that permits it to concentrate its investments in any industry or group of industries in the IPC Index (or any successor or comparable index as determined by the Board of Directors to be an appropriate measure of the Mexican market) if, at the time of investment, such industry represents 20% or more of the IPC Index; provided, however, that the Fund will not exceed the IPC Index concentration by more than 5%.
Currently, the only industry group that represents 20% or more of the value of the securities included in the IPC Index is the communications industry group. This industry category includes local, long-distance, and cellular telephone companies, as well as broadcast and media companies. Approximately 86% of this industry group is comprised of stocks of telecommunications companies. As of the end of the Fund's third fiscal quarter, 26.89% of the Fund's net assets were invested in the communications sector. This is compared with the communications industry group's weighting of 41.15% of the IPC Index. The Fund's investment adviser will continue to evaluate the concentration in this industry and may choose not to concentrate in this industry group in the future or to concentrate in other industries subject to the concentration policy described above.
Periodic Repurchase Offer Policy
The Fund has a fundamental policy to conduct periodic in-kind repurchase offers at no less than 98% of NAV for between one and one hundred percent of the Fund's outstanding shares. This policy is intended to provide additional liquidity to Fund shares and to reduce the discount at which Fund shares have been trading on the NYSE. Under this policy which was approved by stockholders and is the subject of exemptive relief granted by the Securities and Exchange Commission, the Fund offers to repurchase no less than five percent of the Fund's outstanding shares each fiscal year, based on the number of shares outstanding at the beginning of the fiscal year. Repurchase offers are in-kind and conducted at least once each fiscal year, but not more frequently than quarterly. The Board can set or reset the periodic interval between repurchase offers at three, six or 12 months.
The Fund anticipates conducting its next repurchase offer in January 2004.
The repurchase offers are not part of a plan to liquidate the Fund. Stockholder participation in the repurchase offers is not mandatory. Stockholders can continue to purchase and sell Fund shares in cash transactions on the New York Stock Exchange. The Fund continues to provide a convenient professionally managed vehicle for investing in Mexico.