# EDGAR Filing Document

**Accession Number:** 0000065433
**File Stem:** 0000065433-25-000004
**Filing Date:** 2025-12
**Character Count:** 20864
**Document Hash:** f41d6899b4ae617f3d1485f6a4e16e1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000065433-25-000004.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000065433-25-000004

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEXICO FUND INC
- **CENTRAL INDEX KEY:** 0000065433

**ORGANIZATION NAME:**
- **EIN:** 133069854
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02409
- **FILM NUMBER:** 251612100

**BUSINESS ADDRESS:**
- **STREET 1:** 6700 ALEXANDER BELL DRIVE, SUITE 200
- **CITY:** COLUMBIA
- **STATE:** MD
- **ZIP:** 21046
- **BUSINESS PHONE:** 202-261-7941

**MAIL ADDRESS:**
- **STREET 1:** 77 ARISTOTELES STREET 3RD FLOOR
- **CITY:** POLANCO D F
- **STATE:** O5
- **ZIP:** 11560

## Other

```

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors
The Mexico Fund, Inc.

In planning and performing our audits of the financial statements of
The Mexico Fund, Inc. ("Fund") as of and for the year ended
October 31, 2025, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered
their internal control over financial reporting, including control
activities for safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the effectiveness
of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. A company's
internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company's internal control
over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company's assets that could have a
material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of
the company's annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control that might
be material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States). However, we noted no
deficiencies in the Fund's internal control over financial reporting
and its operation, including controls for safeguarding securities,
which we consider to be material weaknesses, as defined above,
as of October 31, 2025.

This report is intended solely for the information and use of management,
and the Board of Directors of The Mexico Fund, Inc. and the Securities
and Exchange Commission, and is not intended to be and should not be
used by anyone other than these specified parties.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
December 19, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000065433

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-10-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** MEXICO FUND INC

- **Item B.1.b - Investment Company Act file number:** 811-02409

- **Item B.1.c - CIK:** 0000065433

- **Item B.1.d - LEI:** 00000000000000238096

- **Item B.2.a - Street 1:** 6700 ALEXANDER BELL DRIVE, SUITE 200

- **Item B.2.b - City:** COLUMBIA

- **Item B.2.c - State:** MD

- **Item B.2.e - Zip Code:** 21046

- **Item B.2.f - Telephone:** 525591383345

- **Item B.2.g - Public Website:** WWW.THEMEXICOFUND.COM

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** IMPULSORA DEL FONDO MEXICO, SC

- **b. Street 1:** ARISTOTELES 77 - 3RD FLOOR

- **Street 2:** COL. POLANCO CHAPULTEPEC

- **c. City:** CDMX

- **f. Zip code and zip code extension, or foreign postal code:** 11560

- **g. Telephone number:** 525591383345

- **h. Briefly describe the books and records kept at this location:** BOOK AND RECORDS OF THE FUND AS REQUIRED TO BE MANTAINED BY THE INVESTMENT COMPANY ACT.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                   | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| EMILIO CARRILLO GAMBOA | Yes                     | N/A                                     |
| LUIS DE LA CALLE       | No                      | N/A                                     |
| JONATHAN DAVIS ARZAC   | No                      | N/A                                     |
| REGINA GARCIA-CUELLAR  | No                      | N/A                                     |
| CLAUDIA JANEZ          | Yes                     | N/A                                     |
| ALBERTO OSORIO         | No                      | N/A                                     |
| RICHARD B. VAUGHAN     | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** JORGE ALAMILLO

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** ARISTOTELES 77 - 3RD FLOOR

- **   Street Address 2:** COL. POLANCO CHAPULTEPEC

- **d. City:** CDMX

- **g. Zip code:** 11560

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name   | Series ID   |
|:---|:---|
| MXF           | N/A         |

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** N/A

- **ii. SEC file number:** 008-0000000

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** TAIT, WELLER & BAKER LLP

- **b. PCAOB Number:** 445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - THE MEXICO FUND INC

**Item C.1. Background information.**

- **a. Full Name of the Fund:** THE MEXICO FUND INC

- **c. LEI:** 00000000000002380966

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | N/A                     | C000000000                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 23c-1 (17 CFR 270.23c-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** IMPULSORA DEL FONDO MEXICO SC

- **ii. SEC file number:** 801-016054

- **iii. CRD number:** 000105298

- **iv. LEI, if any:** N/A

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** N/A

- **ii. SEC file number:** N/A

- **iii. CRD number:** 000000000

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vi. Foreign country, if applicable:** MX

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** EQUINITI TRUST COMPANY LLC

- **ii. SEC file number:** 084-00416

- **iii. LEI, if any:** 254900TS5EWP83BEOU02

- **iv. State, if applicable:** NY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** N/A

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** BBVA MEXICO SA

- **ii. LEI, if any:** 25490005ZR4OE30SSQ63

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** EQUINITI TRUST COMPANY LLC

- **ii. LEI, if any:** 254900TS5EWP83BEOU02

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** IFM CAPITAL LLC

- **iii. State, if applicable:** UT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** CITIBANAMEX CASA DE BOLSA SA DE CV CASA DE BOLSA

- **b. SEC file number:** N/A

- **c. CRD number:** 000000000

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $18,135.00

**Broker Dealers Record: 2**

- **a. Full name:** SCOTIA INVERLAT CASA DE BOLSA SA DE CV

- **b. SEC file number:** N/A

- **c. CRD number:** 000000000

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $12,268.00

**Broker Dealers Record: 3**

- **a. Full name:** GRUPO BURSATIL MEXICANO SA DE CV

- **b. SEC file number:** N/A

- **c. CRD number:** 000000000

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $20,586.00

**Broker Dealers Record: 4**

- **a. Full name:** CASA DE BOLSA SANTANDER SA DE CV

- **b. SEC file number:** N/A

- **c. CRD number:** 000000000

- **d. LEI, if any:** N/A

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $12,145.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** N/A

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **vii. Gross commissions paid by the Fund for the reporting period:** $63,134.00

**Aggregate Commission:** $63,134.00

**Item C.17.a. Principal transaction counterparties.**

| Name   | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| N/A    | N/A               |    000000000 | N/A   |  |  | $0.00                     |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $279,969,186.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** MEXICO FUND INC

**Date:** 2025-12-30

**Signature:** TOFI DAYAN

**Title:** TREASURER