Gates Foundation Trust (MXF) trims stake to 4.5% of The Mexico Fund, Inc.

Rhea-AI Filing Summary

The Mexico Fund, Inc. (MXF) has an updated ownership report from Gates Foundation Trust and William H. Gates III. The Reporting Persons disclose beneficial ownership of 647,198 shares of common stock, representing 4.5% of the class, based on 14,420,065 shares outstanding as of April 30, 2026. The Trust, a Washington charitable trust, holds sole voting and dispositive power over these shares, which may be deemed beneficially owned by William H. Gates III as Trustee under Rule 13d-3. The filing also confirms that the Reporting Persons now own 5 percent or less of the outstanding common stock.

Key Figures

Shares beneficially owned: 647,198 shares Ownership percentage: 4.5% Shares outstanding: 14,420,065 shares +1 more

4 metrics

Shares beneficially owned 647,198 shares Common stock of The Mexico Fund, Inc. beneficially owned by the Trust/Trustee

Ownership percentage 4.5% Percent of The Mexico Fund’s common stock class held by the Reporting Persons

Shares outstanding 14,420,065 shares Common stock outstanding as of April 30, 2026, per Form N-CSRS

Ownership threshold status 5 percent or less Item 5 disclosure that the position is 5 percent or less of the class

Key Terms

beneficially owned, Rule 13d-3, Sole Voting Power, Sole Dispositive Power, +1 more

5 terms

beneficially owned financial

"all common stock ("Common Stock") of The Mexico Fund, Inc. ... beneficially owned by Gates Foundation Trust"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Rule 13d-3 regulatory

"For purposes of Rule 13d-3 , as amended (the "Exchange Act")"

Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.

Sole Voting Power financial

"5 | Sole Voting Power 647,198.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 647,198.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

charitable trust financial

"The Trust is a charitable trust organized under the laws of the State of Washington."

FAQ

What percentage of The Mexico Fund (MXF) is held by Gates Foundation Trust?

Gates Foundation Trust and William H. Gates III report beneficial ownership of 4.5% of The Mexico Fund’s common stock, representing 647,198 shares, based on 14,420,065 shares outstanding as of April 30, 2026.

How many MXF shares do Gates Foundation Trust and William H. Gates III beneficially own?

They beneficially own 647,198 shares of The Mexico Fund’s common stock, with sole voting and dispositive power over these shares, representing 4.5% of the class based on the reported outstanding shares.

Does the Gates Foundation Trust still own more than 5% of MXF?

No. The filing states ownership of 5 percent or less of The Mexico Fund’s common stock, with the reported position of 647,198 shares equating to 4.5% of the outstanding shares.

On what share count is the 4.5% MXF ownership by Gates Foundation Trust based?

The 4.5% ownership figure is based on 14,420,065 shares of The Mexico Fund’s common stock outstanding as of April 30, 2026, as reported in the issuer’s Form N-CSRS filed June 24, 2026.

How is William H. Gates III related to the MXF shares held by Gates Foundation Trust?

All MXF common stock beneficially owned by the Trust may be deemed beneficially owned by William H. Gates III as Trustee, under Rule 13d-3, though the filing disclaims that the Reporting Persons form a group.

Who signed the Schedule 13G/A for the Gates Foundation Trust regarding MXF?

The report was signed by Alan Heuberger as attorney-in-fact for William H. Gates III as Trustee and for the Trust on August 14, 2026, under a Special Power of Attorney.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:23 PM Accepted by SEC EDGAR 08/14/2026 - 04:15 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

The Mexico Fund, Inc.

(Name of Issuer)

Common Stock, $1.00 par value per share

(Title of Class of Securities)

592835102

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 592835102

1

Names of Reporting Persons

Gates Foundation Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WASHINGTON

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 647,198.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 647,198.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

647,198.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: For purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), all common stock ("Common Stock") of The Mexico Fund, Inc. (the "Issuer") beneficially owned by Gates Foundation Trust (the "Trust") may be deemed to be beneficially owned by William H. Gates III ("WHG" and together with the Trust, the "Reporting Persons") as Trustee of the Trust. Item 11 is based on 14,420,065 shares of Common Stock outstanding as of April 30, 2026, as reported on the Issuer's Form N-CSRS filed on June 24, 2026.

SCHEDULE 13G

CUSIP Number(s): 592835102

1

Names of Reporting Persons

William H. Gates III

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 647,198.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 647,198.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

647,198.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The Trust beneficially owns 647,198 shares of Common Stock of the Issuer. For purposes of Rule 13d-3 under the Exchange Act, all Common Stock beneficially owned by the Trust may be deemed to be beneficially owned by William H. Gates III as Trustee of the Trust. Item 11 is based on 14,420,065 shares of Common Stock outstanding as of April 30, 2026, as reported on the Issuer's Form N-CSRS filed on June 24, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: The Mexico Fund, Inc.
(b)	Address of issuer's principal executive offices: 6700 Alexander Bell Drive, Suite 200 Columbia, MD 21046
Item 2.
(a)	Name of person filing: Gates Foundation Trust and William H. Gates III. Neither the present filing nor anything contained herein shall be construed as an admission that the Reporting Persons constitute a "group" for any purpose and each expressly disclaims membership in a group.
(b)	Address or principal business office or, if none, residence: The Trust - 2365 Carillon Point, Kirkland, Washington 98033 WHG - 500 Fifth Avenue North, Seattle, Washington 98109
(c)	Citizenship: The Trust is a charitable trust organized under the laws of the State of Washington. WHG is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock, $1.00 par value per share
(e)	CUSIP No.: 592835102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the responses to Item 9 on the attached cover pages.
(b)	Percent of class: See the responses to Item 11 on the attached cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Item 5 on the attached cover pages.
	(ii) Shared power to vote or to direct the vote: See the responses to Item 6 on the attached cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Item 7 on the attached cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item 8 on the attached cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

Gates Foundation Trust

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact for the Trustee, William H. Gates III
Date:	08/14/2026

William H. Gates III

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact
Date:	08/14/2026

Comments accompanying signature: This Amendment is being filed jointly by the Reporting Persons pursuant to the Joint Filing Agreement dated February 6, 2025, and filed as Exhibit 1 to the Reporting Persons' Schedule 13G with respect to the Issuer on February 6, 2025, SEC File No. 005-33228, and incorporated by reference herein. Duly authorized under Special Power of Attorney appointing Alan Heuberger attorney-in-fact, dated January 6, 2025, by and on behalf of WHG as Trustee, filed as Exhibit 2 to Amendment No. 10 to the Trust's Schedule 13G with respect to Waste Management, Inc. on November 14, 2025, SEC File No. 005-39928, and incorporated by reference herein.