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):   December 31, 2011

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)

1775 I Street, NW, Suite 1100

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)          December 2011 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.
	By:	/s/ Sander M. Bieber
Date:   January 6, 2012		Sander M. Bieber
		Assistant Secretary

EX-99

The Mexico Fund, Inc.

Monthly Summary Report

December 2011

Prepared By:

Impulsora del Fondo México, sc

Investment Adviser to the Fund

www.themexicofund.com

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.

December 31, 2011

I.  The Mexico Fund Data	End of Month	One Month Earlier	One Year Earlier
Total  Net Assets1 (million US$)	$318.53	$334.98	$424.44
NAV per share	$23.84	$25.07	$31.68
Closing price NYSE2	$21.85	$22.79	$28.27
% Premium (Discount)	(8.35%)	(9.09%)	(10.75%)
Shares traded per month2 (composite figures)	475,653	306,649	416,384
Outstanding shares3	13,362,856	13,362,856	13,399,745
Shares on Short Interest Position2	23,998	7,850	7,340

Note: Past performance is no guarantee of future results.

II.  Performance4	1 Month	3 Months	6 Months	1 Year
Market price	-0.57%	8.44%	-14.34%	-11.99%
NAV per share	-1.62%	8.50%	-15.85%	-15.22%
Bolsa Index	-1.57%	10.36%	-14.75%	-14.83%
MSCI Mexico Index	-1.53%	9.71%	-12.75%	-13.30%

	2 Years	3 Years	5 Years	10 Years
Market price	25.65%	94.60%	7.11%	284.00%
NAV per share	15.87%	86.50%	2.09%	279.44%
Bolsa Index	8.44%	64.44%	8.76%	282.85%
MSCI Mexico Index	9.48%	66.93%	2.17%	230.38%

 

1Source: 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.

 

2Source: New York Stock Exchange. Short interest position as of first fortnight of every month.

 

3 During December 2011, the Fund did not repurchase any of its own shares in the open market.

 

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. Figures calculated using the dividend reinvestment criteria.

III.  The Mexican Stock Exchange	End of Month	One Month Earlier	One Year Earlier
Bolsa Index5	37,077.52	36,829.15	38,550.79
Daily avg. of million shares traded	244.8	383.4	213.4
Valuation Ratios6: P/E	19.65	19.28	21.69
P/BV	2.72	2.67	3.05
EV/EBITDA	8.61	8.47	9.70
Market capitalization (billion US$)	$457.02	$454.01	$514.61

IV.  The Mexican Economy.
	End of Month	One Month Earlier	One Year Earlier
Treasury Bills7
One month	4.34%	4.35%	4.30%
Six months	4.52%	4.43%	4.68%
One year	4.57%	4.46%	4.85%
Long-term Bonds
Three years	5.00%	4.84%	5.44%
Five years	5.30%	4.98%	6.11%
Ten years	6.46%	6.38%	7.16%
20 years	7.60%	N.A.	7.74%
30 years	7.76%	7.56%	7.84%
Currency Market8
Exchange Rate  (Ps/US$)	Ps. 13.9357	Ps. 13.6251	Ps. 12.3400
	Month	Year to Date	Last 12 Months
Inflation Rates on Previous Month
Consumer Price Index9 (CPI)	1.08%	2.97%	3.48%

5Source: 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.

7Monthly 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

9 Source: Banco de México

V.  Economic Comments.

According to results of the monthly poll conducted during December 2011 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 3.90% during 2011 and 3.23% during 2012. The inflation rate is estimated by analysts to be 3.53% for 2011 and 3.69% for 2012. The exchange rate of the peso against the dollar is expected to end 2012 at Ps. 13.15 and at Ps. 13.09 towards the end of 2013, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 4.48% and 5.06% for the same periods. The complete results of this and past polls are available at Banxico’s website, located at www.banxico.org.mx.

VI.  Portfolio of Investments As of December 31, 2011 (Unaudited)

			Percent of
Shares Held	COMMON STOCK  - 96.23%	Value	Net Assets
	Airports
1,225,000	Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B	$6,904,838	2.17%
	Beverages
1,865,000	Arca Continental, S.A.B. de C.V.	7,952,116	2.50
540,000	Coca-Cola Femsa, S.A.B. de C.V. Series L	5,142,820	1.61
4,800,000	Fomento Económico Mexicano, S.A.B. de C.V. Series UBD	33,417,482	10.49
1,000,000	Grupo Modelo, S.A.B. de C.V. Series C	6,349,878	1.99
		52,862,296	16.59
	Building Materials
16,590,000	Cemex, S.A.B. de C.V. Series CPO	8,868,984	2.78
	Chemical Products
3,000,000	Mexichem, S.A.B. de C.V.	9,452,701	2.97
	Construction and Infrastructure
2,200,000	Empresas ICA, S.A.B. de C.V.	2,674,283	0.84
	Consumer Products
2,200,000	Kimberly-Clark de México, S.A.B. de C.V. Series A	11,881,140	3.73
	Financial Groups
1,470,000	Banregio Grupo Financiero, S.A.B. de C.V. Series O	3,164,534	0.99
2,700,000	Grupo Financiero Banorte, S.A.B. de C.V. Series O	8,199,373	2.58
		11,363,907	3.57
	Food
5,000,000	Grupo Bimbo, S.A.B. de C.V. Series A	10,214,772	3.21
	Health Care
3,000,000	Genomma Lab Internacional, S.A.B. de C.V. Series B	5,805,952	1.82
	Holding Companies
1,000,000	Alfa, S.A.B. de C.V. Series A	10,907,238	3.43
1,620,000	Grupo Carso, S.A.B. de C.V. Series A1	3,926,864	1.23
		14,834,102	4.66
	Media
4,500,000	Grupo Televisa, S.A.B. Series CPO	18,964,602	5.95
	Mining
4,712,082	Grupo México, S.A.B. de C.V. Series B	12,331,611	3.87
270,000	Industrias Peñoles, S.A.B. de C.V.	11,847,435	3.72
		24,179,046	7.59
	Retail
104,500	First Cash Financial Services, Inc.	3,666,877	1.15
2,000,000	Grupo Comercial Chedraui, S.A.B. de C.V. Series B	5,034,552	1.58
1,620,000	El Puerto de Liverpool, S.A.B. de C.V. Series C-1	11,636,445	3.65
12,780,000	Wal-Mart de México, S.A.B. de C.V. Series V	35,059,552	11.01
		55,397,426	17.39

			Percent of
Shares Held	COMMON STOCK	Value	Net Assets
	Steel
315,400	Ternium, S.A.	5,800,262	1.82
	Stock Exchange
3,200,000	Bolsa Mexicana de Valores, S.A.B. de C.V. Series A	5,155,105	1.62
	Telecommunications Services
54,768,000	América Móvil, S.A.B. de C.V. Series L	62,173,394	19.52
	Total Common Stock	$306,532,810	96.23%

Securities	SHORT-TERM SECURITIES – 7.36%
Principal Amount
	Repurchase Agreements
$22,999,689	BBVA Bancomer, S.A., 4.48%, dated 12/30/11, due 01/02/12 repurchase price $23,008,276 collateralized by Bonos del Gobierno Federal.	$22,999,689	7.22%
	Time Deposits
	Comerica Bank, 0.01%, dated 12/30/11, due 01/03/12	429,509	0.14
	Total Short-Term Securities	23,429,198	7.36
	Total Investments	329,962,008	103.59
	Liabilities in Excess of Other Assets	(11,430,556)	(3.59)
	Net Assets Equivalent to $23.84 per share on 13,362,856 shares of capital stock outstanding	$318,531,452	100.00%

VII.  The Mexico Fund, Inc. Charts

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