[SCHEDULE 13D] MEXICO FUND SEC Filing

Rhea-AI Filing Summary

On 24 Jul 2025, Saba Capital Management, L.P., its general partner Saba Capital Management GP, LLC, and founder Boaz R. Weinstein filed a Schedule 13D on The Mexico Fund, Inc. (MXF). The group now owns 1,208,286 common shares, equal to 8.35 % of the fund’s outstanding stock (based on 14.47 m shares as of 30 Apr 2025). All voting and dispositive power is shared among the reporting persons; none is held solely.

The position cost approximately $20.6 million, funded by investor capital and routine margin borrowings. Saba considers MXF undervalued and may: • engage management and the board on discount-to-NAV issues, capitalization and potential liquidation; • propose governance or strategic changes; • solicit proxies, nominate trustees, or adjust its stake (buy, sell or hedge).

No criminal or civil judgments exist against the filers, and no contracts other than a joint-filing agreement were disclosed. The filing signals possible activist activity aimed at narrowing MXF’s persistent market discount or unlocking value for shareholders.

Positive

• Saba Capital acquires 8.35 % stake, providing a potential catalyst for corporate action to reduce MXF’s NAV discount.
• Activist intent signaled by 13D (not 13G) filing increases likelihood of share-price-accretive measures such as tenders or liquidation.
• $20.6 million capital deployment reflects Saba’s conviction in the fund’s undervaluation.

Negative

• Potential proxy fight could raise legal expenses and divert management focus.
• Event-driven volatility: discount may initially widen if negotiations stall or investors fear prolonged activism.

Insights

Activist Strategy Analyst

TL;DR: Saba’s 8.35 % stake positions it to pressure MXF’s board to shrink the NAV discount, a typical catalyst in closed-end funds.

Saba Capital has a long track record of activism in closed-end funds trading below net asset value. By surpassing the 5 % threshold and filing a 13D (rather than a passive 13G), the firm clearly signals an intent to influence strategy. MXF’s persistent discount—recently ~13-15 %—offers room for value creation via tender offers, share repurchases or liquidation. Saba’s shared voting power suggests coordination across multiple managed accounts, enhancing leverage in any proxy contest. While the filing alone does not guarantee action, historic precedent (e.g., similar campaigns at Adams Diversified, ECF) indicates a high probability of engagement that could narrow the discount and lift total returns.

Closed-End Fund Portfolio Manager

TL;DR: Entry of a seasoned activist raises event-driven upside but injects governance uncertainty and headline risk.

The 8.35 % holding gives Saba one of the largest external blocks in MXF, making it a swing vote in board elections. For existing investors, activism can be a positive near-term catalyst because boards often respond with buybacks or tender offers to placate activists. However, prolonged proxy fights can lift legal costs and distract management, potentially widening the discount in the interim. Liquidity is adequate—1.2 m shares equate to roughly 35 trading days of average volume—so an exit is feasible but not painless. Overall, the development is incrementally bullish given Saba’s success rate, but investors should monitor board negotiations and any announced strategic review.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

The Mexico Fund, Inc.

(Name of Issuer)

Common Shares, $1.00 par value

(Title of Class of Securities)

592835102

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/24/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 592835102

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,208,286.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,208,286.00

11

Aggregate amount beneficially owned by each reporting person

1,208,286.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.35 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 14,466,749 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.

SCHEDULE 13D

CUSIP No. 592835102

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,208,286.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,208,286.00

11

Aggregate amount beneficially owned by each reporting person

1,208,286.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.35 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 14,466,749 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.

SCHEDULE 13D

CUSIP No. 592835102

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,208,286.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,208,286.00

11

Aggregate amount beneficially owned by each reporting person

1,208,286.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.35 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 14,466,749 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1.00 par value
(b)	Name of Issuer: The Mexico Fund, Inc.
(c)	Address of Issuer's Principal Executive Offices: 6700 Alexander Bell Drive, Suite 200, Columbia, MARYLAND , 21046.
Item 2.	Identity and Background
(a)	This Schedule 13D is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $20,627,964 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	The Reporting Persons acquired the Common Shares to which this Schedule 13D relates in the ordinary course of business for investment purposes because they believe that the Common Shares are undervalued and represent an attractive investment opportunity. The Reporting Persons may engage in discussions with management, the Board of Trustees (the "Board"), other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Common Shares and the Issuer, including, without limitation, matters concerning the Issuer's business, operations, board appointments, governance, performance, management, capitalization, trading of the Common Shares at a discount to the Issuer's net asset value and strategic plans and matters relating to the open or closed end nature of the Issuer and timing of any potential liquidation of the Issuer. The Reporting Persons may exchange information with any persons pursuant to appropriate confidentiality or similar agreements or otherwise, work together with any persons pursuant to joint agreements or otherwise, propose changes in the Issuer's business, operations, board appointments, governance, management, capitalization, strategic plans or matters relating to the open or closed end nature of the Issuer or timing of any potential liquidation of the Issuer, or propose or engage in one or more other actions set forth herein. The Reporting Persons may also propose or take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D, including the solicitation of proxies, and may discuss such actions with the Issuer and Issuer's management and the board of trustees, other stockholders of the Issuer and other interested parties. The Reporting Persons may make binding or non-binding shareholder proposals, or may nominate one or more individuals as nominees for election to the Board in connection with their investment in the Common Shares of the Issuer. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position and strategic direction, actions taken by management or the Board, price levels of the Common Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional Common Shares or selling some or all of their Common Shares, engaging in short selling of or any hedging or similar transactions with respect to the Common Shares and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or additional proposals with respect to their investment in the Common Shares. The Reporting Persons have not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the Common Shares reported herein.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 14,466,749 shares of common stock outstanding as of 4/30/25, as disclosed in the company's N-CSRS filed 6/26/25.
(b)	See the Reporting Persons section of this Schedule 13D for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 7/24/25, the date of the event which required filing of this Schedule 13D, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Other than the Joint Filing Agreement attached as Exhibit 1 hereto, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any other securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Joint Filing Agreement Exhibit 2 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	07/24/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	07/24/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	07/24/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many MXF shares does Saba Capital own?

Saba Capital reports beneficial ownership of 1,208,286 common shares, representing 8.35 % of shares outstanding.

What was the cost basis of Saba’s MXF position?

Approximately $20.63 million was paid to acquire the disclosed shares.

Why did Saba file a Schedule 13D instead of 13G?

A 13D indicates active intent; Saba may seek board changes, proxy solicitation or other strategic actions.

What actions might Saba pursue at The Mexico Fund (MXF)?

Possibilities include governance dialogue, proxy contests, share-repurchase proposals, or advocating for liquidation to eliminate the NAV discount.

Does Saba have sole voting power over the shares?

No. The filing states 0 shares with sole voting/dispositive power; all power is shared among the reporting persons.

How was the 8.35 % ownership percentage calculated?

It is based on 14,466,749 outstanding shares disclosed in MXF’s N-CSRS filed 26 Jun 2025.