MEXICO FUND INC - FORM 8-K - EX-99.(I) - EXHIBIT (I)

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8-K - THE MEXICO FUND, INC 8-K 5-31-2010 - MEXICO FUND INC	form8k.htm

Exhibit (i)

The Mexico Fund, Inc.

Monthly Summary Report

May 2010

Prepared By:

Impulsora del Fondo México, sc

Investment Advisor 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.

May 31, 2010

I.	The Mexico Fund Data	End of Month			One Month Earlier			One Year Earlier
	Total Net Assets1 (million US$)	$	355.46		$	383.24		$	329.18
	NAV per share	$	26.25		$	28.12		$	19.14
	Closing price NYSE2	$	22.57		$	24.85		$	16.86
	% Premium (Discount)		(12.82	%)		(11.63	%)		(11.91	%)
	Shares traded per month2 (composite figures)		650,201			763,330			686,677
	Outstanding shares3		13,540,323			13,630,464			17,195,278
	Shares on Short Interest Position2		5,281			6,786			70,779

Note: Past performance is no guarantee of future results.

II.	Performance4	1 Month			3 Months			6 Months			1 Year
	Market price		-9.18	%		0.40	%		7.57	%		46.28	%
	NAV per share		-7.93	%		0.74	%		6.78	%		46.38	%
	Bolsa Index		-6.71	%		0.00	%		3.49	%		34.04	%
	MSCI Mexico Index		-6.20	%		2.71	%		2.59	%		33.94	%

		2 Years			3 Years			5 Years			10 Years
	Market price		-19.90	%		-17.41	%		89.16	%		366.93	%
	NAV per share		-24.75	%		-22.46	%		85.76	%		271.34	%
	Bolsa Index		-19.97	%		-15.24	%		108.56	%		295.16	%
	MSCI Mexico Index		-20.90	%		-21.19	%		85.31	%		231.55	%

III.	The Mexican Stock Exchange	End of Month		One Month Earlier		One Year Earlier
	Bolsa Index5		32,038.53		32,687.32		24,331.70
	Daily avg. of million shares traded		329.9		281.8		276.2
	Valuation Ratios6: P/E		17.21		18.43		25.22
	P/BV		2.88		2.78		2.61
	EV/EBITDA		8.20		8.64		7.31
	Market capitalization (billion US$)	$	393.89	$	428.85	$	297.22

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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: New York Stock Exchange

3 During May 2010, the Fund repurchased and cancelled 90,141 Fund shares at a weighted average price and discount of $23.32 and 12.36%, respectively.

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 and adjustments for rights offerings.

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		4.52	%		4.44	%		5.29	%
	Six months		4.72	%		4.72	%		5.25	%
	One year		4.96	%		5.09	%		5.41	%
	Long-term Bonds
	Three years		5.73	%		5.85	%		6.18	%
	Five years		6.20	%		6.63	%		6.78	%
	Ten years		7.49	%		7.54	%		7.55	%
	20 years	N.A.				7.99	%		8.13	%
	30 years		8.20	%	N.A.			N.A.
	Currency Market8
	Exchange Rate (Ps/US$)	Ps. 12.9346			Ps. 12.3109			Ps. 13.1667

		Month			Year to Date			Last 12 Months
	Inflation Rates on Previous Month
	Consumer Price Index9 (CPI)		-0.32	%		2.07	%		4.27	%

V. Economic Comments.

According to results of the monthly poll conducted at the end of May 2010 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will grow 4.31% and 3.62% during 2010 and 2011, respectively. The inflation rate is estimated to be 4.94% for 2010 and 3.95% for 2011. The exchange rate of the peso against the dollar is expected to end 2010 at Ps. 12.48 and at Ps. 12.81 towards the end of 2011, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 4.78% and 5.96% for the same periods. The complete results of this and past polls are available at Banxico’s website, located at www.banxico.org.mx.

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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

9 Source: Banco de México

VI. Portfolio of Investments As of May 31, 2010 (Unaudited)

Shares Held	Common Stock - 91.79%	Value		Percent of Net Assets
	Airports
2,000,000	Grupo Aeroportuario del Centro Norte, S.A.B de C.V. Series B	$	3,338,333		0.94	%
838,500	Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B		4,427,624		1.24
			7,765,957		2.18
	Beverages
3,405,000	Fomento Económico Mexicano, S.A.B. de C.V. Series UBD		14,870,846		4.18
1,047,500	Grupo Modelo, S.A.B. de C.V. Series C		5,815,485		1.64
			20,686,331		5.82
	Building Materials
14,000,000	Cemex, S.A.B. de C.V. Series CPO		15,802,576		4.44
1,592,400	Grupo Cementos de Chihuahua, S.A.B. de C.V.		5,540,024		1.56
			21,342,600		6.00
	Chemical Products
5,000,033	Mexichem, S.A.B. de C.V.		13,139,264		3.70
	Commercial Banks
1,039,700	Banco Compartamos, S.A., Institución de Banca Múltiple. Series O		5,735,206		1.61
	Construction and Infrastructure
3,000,000	Empresas ICA, S.A.B. de C.V.		7,062,453		1.99
	Consumer Products
2,596,280	Kimberly-Clark de México, S.A.B. de C.V. Series A		14,147,002		3.98
	Financial Groups
3,566,000	Grupo Financiero Banorte, S.A.B. de C.V. Series O		13,925,337		3.92
	Food
1,800,000	Grupo Bimbo, S.A.B. de C.V. Series A		12,787,562		3.60
	Health Care
2,500,000	Genomma Lab Internacional, S.A.B de C.V. Series B		7,858,766		2.21
	Holding Companies
1,348,000	Alfa, S.A.B. de C.V. Series A		9,529,566		2.68
2,700,000	Grupo Carso, S.A.B. de C.V. Series A1		8,869,466		2.50
			18,399,032		5.18
	Housing
1,789,100	Urbi Desarrollos Urbanos, S.A.B. de C.V.		3,503,618		0.99
	Media
5,615,000	Grupo Televisa, S.A.B. Series CPO		21,687,984		6.10
	Mining
10,990,000	Grupo México, S.A.B. de C.V. Series B		26,356,424		7.41
440,000	Industrias Peñoles, S.A.B. de C.V.		8,018,555		2.26
			34,374,979		9.67

Shares Held	COMMON STOCK	Value		Percent of Net Assets
	Retail
200,000	First Cash Financial Services, Inc.		4,205,928		1.18
2,000,000	Grupo Comercial Chedraui, S.A.B. de C.V. Series B		5,411,841		1.52
18,500,000	Wal-Mart de México, S.A.B. de C.V. Series V		41,148,934		11.58
			50,766,703		14.28
	Steel
905,100	Industrias CH, S.A.B. de C.V. Series B		3,114,592		0.88
	Stock Exchange
6,700,000	Bolsa Mexicana de Valores, S.A.B. de C.V. Series A		9,997,217		2.81
	Telecommunications Services
28,550,000	América Móvil, S.A.B. de C.V. Series L		69,859,717		19.65
	Total Common Stock	$	336,154,320		94.57	%

Securities	SHORT-TERM SECURITIES - 5.28%
Principal Amount
	Repurchase Agreements
$17,368,760	BBVA Bancomer, S.A., 4.30%, dated 05/31/10, due 06/01/10 repurchase price $17,370,835, collateralized by Bonos del Gobierno Federal.	$	17,368,760	4.89	%
	Time Deposits
	Comerica Bank, 0.05%, dated 05/28/10, due 06/01/10		1,376,034	0.39
	Total Short-Term Securities		18,744,794	5.28
	Total Investments		354,899,114	99.85
	Other Assets in Excess of Liabilities		560,161	0.15
	Net Assets Equivalent to $26.25 per share on 13,540,323 shares of capital stock outstanding	$	355,459,275	100.00	%

VII. The Mexico Fund, Inc. Charts

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

MEXICO FUND INC - FORM 8-K - EX-99.(I) - EXHIBIT (I) - June 7, 2010

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