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Mexico Fund Inc. – ‘NSAR-B/A’ for 10/31/14

On:  Friday, 12/19/14, at 3:30pm ET   ·   Effective:  12/19/14   ·   For:  10/31/14   ·   Accession #:  65433-14-10   ·   File #:  811-02409

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  As Of               Filer                 Filing    For·On·As Docs:Size

12/19/14  Mexico Fund Inc.                  NSAR-B/A   10/31/14    2:12K

Amendment to Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B/A    Amendment to Annual Report by an Investment            9     36K 
                Company                                                          
 2: EX-99.77B ACCT LTTR  Acct Lttr                                     2±     7K 


‘NSAR-B/A’   —   Amendment to Annual Report by an Investment Company




SEC Info rendering:  Data from the Answer File, which may only contain updates to a prior Form N-SAR


Form N-SAR
 
Annual Report by a Closed-End Investment Company
 
Report 
 
      Registrant:   The Mexico Fund, Inc.List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  10/31/14

Were there any Answer File errors in the Filing?  None Found
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  Yes
Is this a change to a previous Report?      No
 
Registrant 
 
 1.SEC CIK:      65433
SEC File #:   811-03170

Telephone #:  555-282-8900
 
 2.Address:      Aristoteles 77, 3Er Piso. Col.Polanco
              Mexico, D.F.
              Mexico  11560
 
 3.Is this the first Form N-SAR filed by the Registrant?  No
 
 4.Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series Top of Form N-SAR 
                                                                                    
 7.Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1Name:         Impulsora Del Fondo Mexico, SC
Role:         Adviser
SEC File #:   801-16054
Location:     Mexico City
              Mexico
 
Administrator 
 
10.1Name:         Impulsora Del Fondo Mexico, SC
Location:     Mexico City
              Mexico
 
Shareholder Servicing/Transfer Agent 
 
12.1Name:         American Stock Transfer & Trust Co., LLC
SEC File #:   084-00416
Location:     New York, NY
 
Independent Public Accountant 
 
13.1Name:         Pricewaterhousecoopers LLP
Location:     New York, NY
 
Custodian 
 
15.1Name:         Bbva Bancomer, S.A.
Role:         Custodian
Location:     Mexico
              Mexico

Type of custody:  Rule 17f-5 — Foreign Custodian
 
18.Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.Is the Registrant/Series part of a “family” of investment companies?  No
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1Broker:       Acciones Y Valores Banamex SA de CV Casa de B
Commissions paid ($000s)50
 
20.2Broker:       Merrill Lynch Mexico SA de CV Casa de Bolsa
Commissions paid ($000s)49
 
20.3Broker:       JP Morgan Casa de Bolsa SA de CV
Commissions paid ($000s)48
 
20.4Broker:       Casa de Bolsa Santander SA de CV
Commissions paid ($000s)44
 
20.5Broker:       Scotia Inverlat Casa de Bolsa SA de CV
Commissions paid ($000s)39
 
20.6Broker:       Grupo Bursatil Mexicano SA de CV
Commissions paid ($000s)29
 
20.7Broker:       Intercam Casa de Bolsa SA de CV
Commissions paid ($000s)24
 
20.8Broker:       Casa de Bolsa Credit Suisse Mexico SA de CV
Commissions paid ($000s)24
 
20.9Broker:       Interacciones Casa de Bolsa SA de CV
Commissions paid ($000s)20
 
20.10Broker:       Casa de Bolsa Ve Por Mas SA de CV
Commissions paid ($000s)9
 
21.Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s)346
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  Yes
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.Is the Registrant an “open-end” investment company?  No, Closed-End
 
Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  200,000
        Annual rate:  1.0%
      Of next $000s:  200,000
        Annual rate:  0.9%
      Of next $000s:  200,000
        Annual rate:  0.8%
      Of next $000s:  200,000
        Annual rate:  0.7%
      & Above $000s:  800,000
        Annual rate:  0.6%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  Yes
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  Yes
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  Yes
 
69.Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             No        
Writing or investing in options on debt securities?      No        
Writing or investing in options on stock indices?        No        
Writing or investing in interest rate futures?           No        
Writing or investing in stock index futures?             No        
Writing or investing in options on futures?              No        
Writing or investing in options on stock index futures?  No        
Writing or investing in other commodity futures?         No        
Investments in restricted securities?                    No        
Investments in shares of other investment companies?     No        
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      No        
Purchases/sales by certain exempted affiliated persons?  No        
Margin purchases?                                        No        
Short selling?                                           No        
 
Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)151,774
Sales ($000s):      163,543

Monthly average Value of portfolio ($000s)385,566

Percent turnover (lesser of Purchases or Sales, divided by Value):  39%
 
Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
7,121
Net dividend income .............................................. 497
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
3,862
Administrator fees ............................................... 456
Salaries and other compensation ..................................
Shareholder Servicing Agent fees ................................. 92
Custodian fees ................................................... 53
Postage .......................................................... 129
Printing expenses ................................................ 94
Directors’ fees .................................................. 418
Registration fees ................................................ 30
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service ..........
Auditing fees .................................................... 176
Legal fees ....................................................... 768
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
Amortization of organization expenses ............................
Shareholder meeting expenses ..................................... 2
Other expenses ................................................... 338
Total expenses ................................................... 6,417

Expense reimbursements ($000s):   0

Net investment income ($000s):    1,202

Realized capital gains ($000s):   43,152
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)0
Net unrealized depreciation during the period ($000s)24,604

Total income dividends for which the record date passed during the
period ($000s)2,001

Total capital gains distributions for which the record date passed
during the period ($000s)42,458
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.1403

Distribution of capital gains:  $2.8695
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash .............................................................
Repurchase agreements ............................................ 5,706
Short-term debt securities, other than repurchase agreements ..... 1,758
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock ..................................................... 395,245
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................ 200
All other assets ................................................. 235
Total assets ..................................................... 403,144

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
Amounts owed to affiliated persons ............................... 358
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities .......................................... 257

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................ 402,529

Number of shares outstanding (000s):   15,095,556

Net Asset Value (NAV) per share (to nearest cent):  $26.67

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s)0
 
75.Monthly average net assets during the period ($000s)407,943
 
76.Market price per share at period end:  $26.92
 
Additional Disclosures 
 
77.Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal ControlsYes

EX-99.77Q1: Other DisclosureYes
 
Subsidiaries 
 
78.Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.Insurer:      Frank Crystal & Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s)750
 
81.Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  1
 
82.Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
Sales, Repurchases and Redemptions 
 
86.Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   1,011
    Net consideration received ($000s)28,477
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s)0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s)0
    Net consideration received ($000s)0
Repurchases and redemptions:
    Principal amount ($000s)0
    Net consideration paid ($000s):      0
 
Securities Outstanding 
 
87.Securities of the Registrant that are registered on a national
securities exchange or listed on Nasdaq:
 
Title of class:  Common Stock
    CUSIP/CINS:  592835·10·2
        Symbol:  MXF
 
88.Did the Registrant have any of the following outstanding which exceeded
1% of aggregate net assets at any time during the period:

Notes or bonds?     No
Uncovered options?  No
Margin loans?       No
Preferred stock?    No
 
 Signature  Top of Form N-SAR 
                                                                                    
/s/      Alberto Gomez Pimienta      
Name:   Alberto Gomez Pimienta
Title:  Treasurer

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