8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 31, 2014

The Mexico Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland	811-02409	13 306 9854
(State or other	(Commission	(I.R.S. Employer
jurisdiction	File Number)	Identification No.)
of incorporation)

1900 K Street, NW

Washington, DC 20006

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

(202) 261-7941

(none)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01            Regulation FD Disclosure

Pursuant to Regulation FD Rules 100-103, The Mexico Fund, Inc. (the “Fund”) furnishes the Monthly Summary Report of the Fund’s Investment Adviser.

Item 9.01            Financial Statements and Exhibits

 (d)            Exhibits

The following exhibit is filed as part of this report:

    (i)          January 2014 Monthly Summary Report

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		The Mexico Fund, Inc.
Date:   February 10, 2014	By:	/s/ Sander M. Bieber
		Sander M. Bieber
		Assistant Secretary

EX-99

The Mexico Fund, Inc.

Monthly Summary Report

January 2014

Prepared By:

Impulsora del Fondo México, sc

Investment Advisor to the Fund

The information presented in this report has been derived from the sources indicated. Neither The Mexico Fund, Inc. nor its Adviser, Impulsora del Fondo México, S.C., has independently verified or confirmed the information presented herein.

January 31, 2014

I. The Mexico Fund Data	End of  Month	One Month Earlier	One Year Earlier
Total  Net Assets1 (million US$)	$394.20	$408.99	$432.83
NAV per share	$26.82	$28.60	$32.34
Closing price NYSE2	$27.52	$29.30	$32.37
% Premium (Discount)	2.61%	2.45%	0.09%
Shares traded per month2 (composite figures)	1,427,987	1,411,805	1,321,900
Outstanding shares3	14,700,450	14,298,699	13,381,884
Shares on Short Interest Position2	34,718	17,916	163,613

 Note:  Past performance is no guarantee of future results.

II. Performance4	1 Month	3 Months	6 Months	1 Year
Market price	-5.92%	-1.22%	-2.72%	-5.30%
NAV per share	-6.22%	-2.37%	-5.13%	-7.82%
Bolsa IPC Index	-6.62%	-3.56%	-4.58%	-14.10%
MSCI Mexico Index	-6.77%	-4.00%	-4.23%	-12.98%
	2 Years	3 Years	5 Years	10 Years
Market price	42.20%	36.48%	245.60%	355.54%
NAV per share	25.46%	18.35%	184.62%	304.43%
Bolsa IPC  Index	6.69%	0.32%	123.84%	257.74%
MSCI Mexico Index	8.98%	3.54%	122.07%	221.48%

III. The Mexican Stock Exchange	End of Month	One Month Earlier	One Year Earlier
Bolsa IPC Index5	40,879.75	42,727.09	45,278.06
Daily avg. of million shares traded	302.9	341.8	384.2
Valuation Ratios6: P/E	17.94	19.50	19.99
P/BV	2.94	3.08	3.32
EV/EBITDA	9.34	9.69	10.03
Market capitalization (billion US$)	$529.56	$569.28	$590.43

1  Source: Impulsora del Fondo México, S.C. (Impulsora). Impulsora utilizes the spot exchange rate, provided by Bloomberg, to calculate the Fund’s Net Asset Value per share (NAV). The NAV is published every business day on the Fund’s website www.themexicofund.com.

 

2  Source: NYSE Euronext. Short interest position as of first fortnight of every month.

 

3  During January 2014, under its Equity Shelf Program and Distribution Reinvestment and Stock Purchase Plan, the Fund issued 363,756 and 37,995 shares, respectively, at market prices above NAV.

 

4  Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the last US business day of the date of this report. Performance figures for the Fund take into account the reinvestment of distributions; however, performance figures for the Bolsa Index and MSCI Mexico Index do not.

 

5  Source: Mexican Stock Exchange

 

6 Source: Impulsora del Fondo México, S.C. Figures represent the average obtained from a representative sample of companies listed on the Bolsa. P/E refers to Price/Earnings, P/BV refers to Price/Book Value and EV/EBITDA refers to Enterprise Value/Earnings before Interests, Taxes, Depreciation and Amortization.

IV. The Mexican Economy.
	End of Month	One Month Earlier	One Year Earlier
Treasury Bills7
One month	3.14%	3.29%	4.15%
Six months	3.55%	3.51%	4.44%
One year	3.65%	3.64%	4.59%
Long-term Bonds
Three years	5.06%	4.38%	4.87%
Five years	5.27%	5.12%	4.90%
Ten years	6.46%	6.33%	5.47%
20 years	N.A.	7.18%	5.83%
30 years	7.59%	N.A.	N.A.
Currency Market8
Exchange Rate  (Ps/US$)	Ps. 13.3573	Ps. 13.0367	Ps. 12.7087
	Month	Year to Date	Last 12 Months
Inflation Rates on Previous Month
Consumer Price Index9 (CPI)	0.57%	3.97%	3.97%

V. Economic Comments.

 According to results of the monthly poll conducted during January 2014 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 3.4% during 2014 and 3.9% during 2015. The inflation rate is estimated by analysts to be 4.1% for 2014 and 3.6% for 2015. The exchange rate of the peso against the dollar is expected to end 2014 at Ps. 12.84 and at Ps. 12.77 towards the end of 2015, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.5% and 4.1% for the same periods. The complete results of this and past polls are available at Banxico’s website, located at www.banxico.org.mx.

7 Monthly average of weekly auctions as published by Banco de México. N.A. means no auction for such instrument was scheduled for this month.

 

8 Sources: Bloomberg and Banco de México

9Source: Banco de México

VI. Portfolio of Investments As of January 31, 2014 (Unaudited)

			Percent of
Shares Held	COMMON STOCK  - 92.26%	Value	Net Assets
	Airports
700,000	Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B	$7,905,415	2.01%
1,500,000	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B	4,654,758	1.18
		12,560,173	3.19
	Beverages
1,500,000	Arca Continental, S.A.B. de C.V.	8,246,053	2.09
2,770,000	Fomento Económico Mexicano, S.A.B. de C.V. Series UBD	25,129,974	6.38
2,215,000	Organización Cultiba, S.A.B. de C.V. Series B	3,880,350	0.98
		37,256,377	9.45
	Building Materials
29,000,000	Cemex, S.A.B. de C.V. Series CPO	35,888,241	9.10
	Chemical Products
4,800,000	Alpek, S.A.B. de C.V. Series A	9,573,192	2.43
3,970,000	Mexichem, S.A.B. de C.V.	13,802,700	3.50
		23,375,892	5.93
	Construction and Infrastructure
1,650,000	Empresas ICA, S.A.B. de C.V.	3,190,727	0.81
	Consumer Products
7,000,000	Kimberly-Clark de México, S.A.B. de C.V. Series A	17,870,378	4.53
	Energy
1,550,000	Infraestructura Energética Nova, S.A.B de C.V.	6,681,665	1.70
	Financial Groups
1,200,000	Banregio Grupo Financiero, S.A.B. de C.V. Series O	6,575,281	1.67
4,000,000	Grupo Financiero Banorte, S.A.B. de C.V. Series O	25,280,558	6.41
4,500,000	Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B	10,093,357	2.56
		41,949,196	10.64
	Food
1,000,000	Gruma, S.A.B. de C.V. Series B	8,140,867	2.07
3,000,000	Grupo Bimbo, S.A.B. de C.V. Series A	7,979,906	2.02
1,000,000	Grupo Herdez, S.A.B. de C.V.	3,137,610	0.80
4,000,000	Grupo Lala, S.A.B. de C.V. Series B	8,534,659	2.16
		27,793,042	7.05
	Holding Companies
9,500,000	Alfa, S.A.B. de C.V. Series A	26,813,054	6.80
1,620,000	Grupo Carso, S.A.B. de C.V. Series A1	8,471,547	2.15
700,000	Grupo KUO, S.A.B. de C.V. Series B	1,455,309	0.37
		36,739,910	9.32
	Media
800,000	Grupo Televisa, S.A.B. Series CPO	4,660,822	1.18

			Percent of
Shares Held	COMMON STOCK	Value	Net Assets
	Mining
9,000,000	Grupo México, S.A.B. de C.V. Series B	29,168,320	7.40
	Restaurants
2,500,000	Alsea, S.A.B. de C.V.	7,467,827	1.89
	Retail
1,800,000	El Puerto de Liverpool, S.A.B. de C.V. Series C-1	18,909,211	4.80
2,740,000	Grupo Comercial Chedraui, S.A.B. de C.V. Series B	8,135,506	2.06
7,000,000	Wal-Mart de México, S.A.B. de C.V. Series V	16,769,856	4.26
		43,814,573	11.12
	Telecommunications Services
33,000,000	América Móvil, S.A.B. de C.V. Series L	35,279,585	8.95
	Total Common Stock	$363,696,728	92.26%

	SHORT-TERM SECURITIES – 6.72%
Principal Amount
	Repurchase Agreements
$19,521,126	BBVA Bancomer, S.A., 3.44%, dated 01/31/14, due 02/04/14 repurchase price $19,528,587 collateralized by Bonos del Gobierno Federal.	19,521,126	4.95%
	Time Deposits
$6,962,610	Comerica Bank, 0.01%, dated 01/31/14, due 02/03/14	6,962,610	1.77
	Total Short-Term Securities	26,483,736	6.72
	Total Investments	390,180,464	98.98
	Other Assets in Excess of Liabilities	4,016,516	1.02
	Net Assets Equivalent to $26.82 per share on 14,700,450 shares of capital stock outstanding	$394,196,980	100.00%

VII. The Mexico Fund, Inc. Charts

VII. The Mexico Fund, Inc. Charts (continued)