Directors of the $110 million closed-end Mexico Fund approved three proposals aimed at expanding the fund's investment scope, but the proposals failed to garner the necessary two-thirds vote required to adopt the measure, according to the fund.

Following the vote, the fund's adviser announced it would seek shareholder approval to convert the fund from a diversified to a non-diversified fund, allowing the fund's adviser to take larger stakes in companies it holds in the fund portfolio.

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