UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
INVESTMENT COMPANY
Investment Company Act file number 811-03170
THE MEXICO FUND, INC.
 (Exact name of Registrant as specified in charter)

1900 K Street, NW
Washington, DC 20006
 (Address of principal executive offices) (Zip code)

Alberto Osorio
77 Aristoteles Street, 3rd Floor
Polanco D.F. 11560 Mexico
 (Name and Address of Agent for Service)

Registrant's telephone number, including area code: (202) 261-7941
 Date of fiscal year end: October 31
Date of reporting period: January 31, 2017
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.
 
As of January 31, 2017 (Unaudited)
 

           
     
Value
 
Percent of
Shares Held
 
COMMON STOCK  - 92.77%
   
Net Assets
   
Airports
     
600,000
 
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B
$4,653,469
 
1.91%
1,474,939
 
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B
 6,299,866
 
2.58
     
10,953,335
 
4.49
   
Auto Parts
     
5,000,000
 
Nemak, S.A.B. de C.V. Series A
 4,651,453
 
1.90
           
   
Beverages
     
700,000
 
Arca Continental, S.A.B. de C.V.
 3,780,206
 
1.55
1,050,000
 
Coca-Cola Femsa, S.A.B. de C.V. Series L
 6,521,611
 
2.67
2,300,000
 
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
 17,318,286
 
7.09
     
27,620,103
 
11.31
   
Building Materials
     
16,700,000
 
Cemex, S.A.B. de C.V. Series CPO
 15,439,656
 
6.32
3,412,500
 
Elementia, S.A.B. de C.V.
 3,764,329
 
1.54
     
19,203,985
 
7.86
   
Chemical Products
     
3,400,000
 
Alpek, S.A.B. de C.V. Series A
 3,915,381
 
1.60
2,870,000
 
Mexichem, S.A.B. de C.V.
 6,808,470
 
2.79
     
10,723,851
 
4.39
   
Construction and Infrastructure
     
700,000
 
Promotora y Operadora de Infraestructura, S.A.B. de C.V.
 6,109,148
 
2.50
           
   
Consumer Products
     
3,700,000
 
Kimberly-Clark de México, S.A.B. de C.V. Series A
 6,653,258
 
2.72
           
   
Energy
     
1,250,000
 
Infraestructura Energética Nova, S.A.B de C.V.
 5,523,300
 
2.26
           
   
Financial Groups
     
3,300,000
 
Grupo Financiero Banorte, S.A.B. de C.V. Series O
 15,832,941
 
6.48
5,100,000
 
Grupo Financiero Inbursa, S.A.B. de C.V. Series O
 7,567,180
 
3.10
4,700,000
 
Grupo Financiero Santander México, S.A.B de C.V. Series B
 6,709,709
 
2.75
     
30,109,830
 
12.33
   
Food
     
550,000
 
Gruma, S.A.B. de C.V. Series B
 7,407,451
 
3.03
2,000,000
 
Grupo Lala, S.A.B. de C.V. Series B
 2,995,363
 
1.23
     
10,402,814
 
4.26
   
Holding Companies
     
9,400,000
 
Alfa, S.A.B. de C.V. Series A
 12,210,136
 
5.00
           


 
   
Mining
     
5,500,000
 
Grupo México, S.A.B. de C.V. Series B
 16,511,458
 
6.76
250,000
 
Industrias Peñoles, S.A.B. de C.V.
 5,918,002
 
2.43
     
22,429,460
 
9.19
   
Real Estate
     
3,340,000
 
Corporación Inmobiliaria Vesta, S.A.B. de C.V.
 3,690,767
 
1.51
           
   
Restaurants
     
800,000
 
Alsea, S.A.B. de C.V.
 2,315,262
 
0.95
           
   
Retail
     
500,000
 
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
 3,158,092
 
1.30
4,000,000
 
La Comer, S.A.B. de C.V. Series UBC
 2,834,074
 
1.16
10,000,000
 
Wal-Mart de México, S.A.B. de C.V.
 17,712,964
 
7.25
     
23,705,130
 
9.71
   
Steel
     
250,000
 
Ternium, S.A.
 5,714,951
 
2.34
           
   
Stock Exchange
     
2,600,000
 
Bolsa Mexicana de Valores, S.A.B. de C.V. Series A
 3,555,745
 
1.46
           
   
Telecommunications Services
     
30,000,000
 
América Móvil, S.A.B. de C.V. Series L
 18,922,629
 
7.75
3,500,000
 
Telesites, S.A.B. de C.V. Series B-1 (a) (b)
 2,044,671
 
0.84
     
20,967,300
 
8.59
           
   
Total Common Stock (Identified cost - $283,918,986)
$226,539,828
 
92.77%
           
 
 
Principal
Amount
 
SHORT-TERM SECURITIES – 6.29%
     
   
Repurchase Agreements
     
$6,046,441
 
BBVA Bancomer, S.A., 5.75%, dated 01/31/17, due 02/1/17 repurchase price $6,047,407 collateralized by BONDE LD (Bonds issued by the Mexican Government), interest rate 5.78%, due 02/07/19, and BONOS M, interest rate 5.00%, due 06/15/16. Value of collateral $6,070,077.
$6,046,441
 
2.48%
   
Time Deposits
     
$9,306,688
 
Comerica Bank, 0.46%, dated 01/31/17, due 02/1/17
9,306,688
 
3.81
   
Total Short-Term Securities (Identified cost - $15,353,129)
$15,353,129
 
6.29%
   
Total Investments (Identified cost - $299,272,115)
241,892,957
 
99.06
   
Other Assets in Excess of Liabilities
2,299,722
 
0.94
   
Net Assets Equivalent to $16.25 per share on 15,027,810 shares of capital stock outstanding.
$244,192,680
 
100.00%







As of January 31, 2017, the cost of investments for federal income tax purposes was $299,405,177. Gross unrealized appreciation of investments was $7,569,153 and gross unrealized depreciation of investments was $65,081,372 resulting in net unrealized depreciation on investments of $57,512,219, excluding foreign currency transactions. The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to wash sale loss deferrals.




Supplemental Information
Effective November 1, 2008, the Fund adopted authoritative guidance under GAAP which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Fund has determined that the implementation did not have a material impact on the Fund´s financial statements.
This guidance 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:
 
Level 1—quoted prices in active markets for identical securities
     
 
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
     
 
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 aggregate, that is significant to the fair value measurement.
The following is a summary of the inputs used as of January 31, 2017, in valuing the Fund's assets and liabilities carried at fair value:
Valuation Inputs
 
LEVEL 1
   
LEVEL 2
   
LEVEL 3
   
TOTAL
ASSETS:
                     
Investments in Securities:
                     
Equity Investments(a)
 
$
226,539,828
     
-
     
-
   
$
226,539,828
Short Term Investments(b)
   
-
   
$
15,353,129
     
-
   
$
15,353,129
Total Investments in Securities
 
$
226,539,828
   
$
15,353,129
     
-
   
$
241,892,957


(a)For detailed industry descriptions, see the accompanying Schedule of Investments.
(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
Securities
Balance as of 10/31/16
 
$
-
Realized gain (loss)
   
-
Change in unrealized appreciation (depreciation)
   
-
Net Purchases (Sales)
   
-
Transfers in and/or (out) of Level 3
 
$
-
Balance as of 1/31/17
   
-

Item 2. Controls and Procedures.

(a) Based on an evaluation of Registrant's Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the "Disclosure Controls"), as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-Q (the "Report"), the Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Disclosure Controls are effectively designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.




Item 3. Exhibits.
Filed as exhibits herewith are separate certifications for Registrant's Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under Investment Company Act of 1940.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


THE MEXICO FUND, INC.


By:
/s/ Alberto Osorio
 
Alberto Osorio
 
President and Principal Executive Officer
   
 
March 31, 2017


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
/s/ Alberto Osorio
 
Alberto Osorio
 
President and Principal Executive Officer
   
 
March 31, 2017

By:
/s/ Alberto Gómez Pimienta
 
Alberto Gómez Pimienta
 
Treasurer and Principal Financial Officer
   
 
March 31, 2017