# EDGAR Filing Document

**Accession Number:** 0000065433
**File Stem:** 0001398344-23-006239
**Filing Date:** 2023-3
**Character Count:** 18780
**Document Hash:** 57572843e5267cbb0826ad1f7f152b90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-006239.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001398344-23-006239

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MEXICO FUND INC
- **CENTRAL INDEX KEY:** 0000065433
- **IRS NUMBER:** 133069854
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02409
- **FILM NUMBER:** 23735042

**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

## Nport-Ex

**SCHEDULE OF INVESTMENTS**

**as of January 31, 2023 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percent of** |
| **Held** |  | **(Note 1)** | **Net Assets** |
|  | **COMMON STOCK 96.51%** |  |  |
|  | **Airports** |  |  |
| 680000 | Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B | $11734544 | 3.87% |
| 950000 | Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B | 8659102 | 2.85 |
|  |  | 20393646 | 6.72 |
|  | **Auto Parts** |  |  |
| 17000000 | Nemak, S.A.B. de C.V. Series A (a) | 5468588 | 1.80 |
|  | **Beverages** |  |  |
| 750000 | Arca Continental, S.A.B. de C.V. | 6622343 | 2.18 |
| 3100000 | Fomento Económico Mexicano, S.A.B. de C.V. Series UBD | 27141970 | 8.94 |
|  |  | 33764313 | 11.12 |
|  | **Building Materials** |  |  |
| 28000000 | Cemex, S.A.B. de C.V. Series CPO (a) | 14922632 | 4.92 |
| 700000 | GCC, S.A.B. de C.V. | 5613451 | 1.85 |
|  |  | 20536083 | 6.77 |
|  | **Chemical Products** |  |  |
| 3500000 | Alpek, S.A.B. de C.V. Series A | 5536534 | 1.82 |
| 4000000 | Orbia Advance Corporation, S.A.B. de C.V. | 8009130 | 2.64 |
|  |  | 13545664 | 4.46 |
|  | **Consumer Products** |  |  |
| 5500000 | Kimberly-Clark de México, S.A.B. de C.V. (b) Series A | 10492874 | 3.46 |
|  | **Financial Groups** |  |  |
| 3600000 | Grupo Financiero Banorte, S.A.B. de C.V. Series O | 29847599 | 9.83 |
|  | **Food** |  |  |
| 670000 | Gruma, S.A.B. de C.V. Series B | 9741025 | 3.21 |
| 2100000 | Grupo Bimbo, S.A.B. de C.V. Series A | 10480771 | 3.45 |
|  |  | 20221796 | 6.66 |
|  | **Holding Companies** |  |  |
| 13400000 | Alfa, S.A.B. de C.V. (b) Series A | 9702259 | 3.20 |
|  | **Mining** |  |  |
| 5130000 | Grupo México, S.A.B. de C.V. (b) Series B | 22803631 | 7.51 |
| 350000 | Industrias Peñoles, S.A.B. de C.V. (a) | 4985853 | 1.64 |
|  |  | 27789484 | 9.15 |
|  | **Railroad** |  |  |
| 2000000 | Gméxico Transportes, S.A.B. de C.V. | 4331555 | 1.43 |
|  | **Real Estate** |  |  |
| 2500000 | Corporación Inmobiliaria Vesta, S.A.B. de C.V. | 6826446 | 2.25 |
|  | **Restaurants** |  |  |
| 1000000 | Alsea, S.A.B. de C.V. (a) | 2381824 | 0.78 |

---

**SCHEDULE OF INVESTMENTS**

**as of January 31, 2023 (Unaudited) *concluded***

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percent of** |
| **Held** |  | **(Note 1)** | **Net Assets** |
|  | **Retail** |  |  |
| 1000000 | El Puerto de Liverpool, S.A.B. de C.V. Series C-1 | 6303580 | 2.08 |
| 3800000 | La Comer, S.A.B. de C.V. Series UBC | 8453858 | 2.79 |
| 7000000 | Wal-Mart de México, S.A.B. de C.V. | 27407702 | 9.03 |
|  |  | 42165140 | 13.90 |
|  | **Steel** |  |  |
| 120000 | Ternium, S.A. ADR (c) | 4841978 | 1.60 |
|  | **Telecommunications Services** |  |  |
| 38000000 | América Móvil, S.A.B. de C.V. Series L | 39697428 | 13.08 |
| 2000000 | Sitios Latinoamérica, S.A.B. de C.V. Series B-1 (a) | 924702 | 0.30 |
|  |  | 40622130 | 13.38 |
|  | Total Common Stock (Identified cost - $278,215,553) | $292931379 | 96.51% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Value**<br> **(Note 1)** | **Percent of <br> Net Assets** |
|  | **SHORT-TERM SECURITIES – 3.59%** |  |  |
|  | **Repurchase Agreements** |  |  |
| $5602660 | BBVA México, S.A., 10.35%, dated 1/31/23, due 2/1/23 repurchase price $5,604,271 collateralized by Cetes (Bonds issued by the Mexican Government), interest rate 11.01% (d), due 4/20/2023. Value of collateral $5,648,449. | $5602660 | 1.85% |
|  | **Time Deposits** |  |  |
| $5281299 | Comerica Bank, 4.09%, dated 1/31/23, due 2/1/23 | 5281299 | 1.74 |
|  | Total Short-Term Securities (Identified cost - $10,883,959) | $10883959 | 3.59% |
|  | **Total Investments (Identified cost - $289,099,512)** | 303815338 | 100.10 |
|  | Liabilities in Excess of Other Assets | (292248) | (0.10) |
|  | **Net Assets Equivalent to $20.23 per share on 15,005,224 shares of capital stock outstanding.** | $303523090 | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
 of these securities are currently non-income producing. Equity investments that have not
 paid distributions within the last twelve months are considered to be non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 member of the Board also serves as a member of the company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;(c) ADR
 – American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating
 rate security. Rate shown is the rate in real terms (after considering the inflation rate)
 in effect as of January 31, 2023.

**Information** 

GAAP establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;• Level
 1 — quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;• Level
 2 — other significant observable inputs (including quoted prices for similar securities,
 interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;• Level
 3 — significant unobservable inputs (including the Fund's own assumptions in
 determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. An investment's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The following is a summary of the inputs used as of January 31, 2023, in valuing the Fund's investments in securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Valuation Inputs | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **ASSETS:** |  |  |  |  |
| Investments in Securities: |  |  |  |  |
| Equity Investments(a) | $292931379 |  |  | $292931379 |
| Short Term Investments(b) |  | $10.883959 |  | $10883959 |
| Total Investments in Securities | $292931379 | $10883959 |  | $303523090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 detailed industry descriptions, see the accompanying Schedule of Investments

&nbsp;&nbsp;&nbsp;&nbsp;(b) These
 assets consist of time deposits and repurchase agreements with maturities of one business
 day. They are classified as Level 2 solely as a result of the Fund's valuation technique
 for short-term investments, using amortized cost which approximates fair value, instead of
 quoted prices in active markets, and thereby may not present any higher risk than Level 1
 assets.

The following is a reconciliation of the change in value of Level 3 assets (for which significant unobservable inputs were used to determine fair value):

---

| | |
|:---|:---|
|  | **Investments in<br> Securities** |
| Balance as of 10/31/22 | $- |
| Realized gain (loss) |  |
| Change in unrealized appreciation (depreciation) |  |
| Net Purchases (Sales) |  |
| Transfers in and/or (out) of Level 3 | $- |
| Balance as of 1/31/23 |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MEXICO FUND INC

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

- **c. CIK number of Registrant:** 0000065433

- **d. LEI of Registrant:** 00000000000000000000

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6700 Alexander Bell Drive

  - **City:** Columbia

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21046

  - **Telephone number:** (202) 261-7941

**Item A.2. Information about the Series.**

- **a. Name of Series:** Mexico Fund Inc

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $303867794.38

**Total Liabilities:** $344704.57

**Net Assets:** $303523089.81

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 15.37%               | -6.00%               | 6.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $572150.99               | $40227283.58                               |
| Month 2  | $0.00                    | $-17993871.79                              |
| Month 3  | $510545.79               | $16255375.42                               |

### Schedule of Portfolio Investments

| Name                                               | Title                             | Identifiers            | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alfa, S.A.B. de C.V. (b)                           | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |  13400000 | NS      | $9702258.67   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpek, S.A.B. de C.V.                              | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   3500000 | NS      | $5536534.23   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alsea, S.A.B. de C.V.                              | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   1000000 | NS      | $2381824.46   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil, S.A.B. de C.V.                      | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |  38000000 | NS      | $39697428.14  | 13.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental, S.A.B. de C.V.                   | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |    750000 | NS      | $6622342.54   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex, S.A.B. de C.V.                              | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |  28000000 | NS      | $14922631.84  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Bank                                      | Time Deposit                      | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | CORP              | US        |   6019382 | NS      | $5281299.00   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Corporacion Inmobiliaria Vesta, S.A.B. de C.V.     | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   2500000 | NS      | $6826445.84   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| El Puerto de Liverpool, S.A.B. de C.V.             | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   1000000 | NS      | $6303580.43   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano, S.A.B. de C.V.         | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   3100000 | NS      | $27141969.90  | 8.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GCC, S.A.B. de C.V.                                | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |    700000 | NS      | $5613451.18   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Gmexico Transportes, S.A.B. de C.V.                | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   2000000 | NS      | $4331555.06   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Gruma, S.A.B. de C.V.                              | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |    670000 | NS      | $9741025.03   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico, S.A.B. de C.V.   | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |    680000 | NS      | $11734543.62  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario delCentro Norte,S.A.B. de C.V. | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |    950000 | NS      | $8659102.37   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Bimbo, S.A.B. de C.V.                        | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   2100000 | NS      | $10480770.76  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.           | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   3600000 | NS      | $29847599.33  | 9.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico, S.A.B. de C.V. (b)                   | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   5130000 | NS      | $22803630.86  | 7.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrias Penoles, S.A.B. de C.V.                 | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |    350000 | NS      | $4985853.44   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico, S.A.B. de C.V. (b)       | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   5500000 | NS      | $10492873.64  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| La Comer, S.A.B. de C.V.                           | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   3800000 | NS      | $8453857.79   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Nemak, S.A.B. de C.V.                              | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |  17000000 | NS      | $5468588.26   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Orbia Advance Corporation SAB de CV                | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   4000000 | NS      | $8009130.24   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Repurchase Agreement                               | Repurchase Agreement              | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | CORP              | MX        |   5602660 | PA      | $5602660.00   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica, S.A.B. de C.V.               | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   2000000 | NS      | $924702.07    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium, S.A. ADR (c)                              | American Depository Receipt (ADR) | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | LU        |    120000 | NS      | $4841977.86   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico, S.A.B. de C.V.                 | COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A | Long             | EC               | CORP              | MX        |   7000000 | NS      | $27407702.31  | 9.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-15

**Name of Applicant:** MEXICO FUND INC

**Signature:** /s/ Tofi Dayan

**Name of Signer:** Tofi Dayan

**Title:** Treasurer