NPORT-EX 2 mxe.htm MXE PART F

The Mexico Equity and Income Fund, Inc.
          
Schedule of Investments
          
April 30, 2023 (Unaudited)
          
             
MEXICO - 99.49%
Shares
    
Value
  
             
COMMON STOCKS - 90.20%
          
Airlines - 1.59%
          
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Series A (a)
820,000
   $
             965,967
  
Airports - 8.55%
          
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Series B
121,100
    
1,331,194
  
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. - Series B
87,234
    
1,552,061
  
Grupo Aeroportuario del Sureste S.A.B. de C.V.
80,968
    
2,323,955
  
         
5,207,210
  
Auto Parts and Equipment - 3.76%
          
Nemak, S.A.B. de C.V. (a)
9,910,543
    
2,293,048
  
Beverages - 9.82%
          
Arca Continental, S.A.B. de C.V.
278,304
    
2,648,450
  
Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD
342,858
    
3,335,617
  
         
5,984,067
  
Building Materials - 6.00%
          
Cemex, S.A.B. de C.V. - Series CPO (a)
3,935,396
    
2,363,930
  
Grupo Cementos de Chihuahua, S.A.B. de C.V.
162,242
    
1,289,760
  
         
3,653,690
  
Chemical Products - 7.35%
          
Alpek, S.A.B. de C.V. - Series A
1,680,212
    
1,777,448
  
Orbia Advance Corp., S.A.B. de C.V.
1,172,475
    
2,701,072
  
         
4,478,520
  
Communication Services - 4.16%
          
America Movil SAB de CV (a)
2,348,694
    
2,532,950
  
Construction and Infrastructure - 3.71%
          
Promotora y Operadora de Infraestructura, S.A.B. de C.V.
155,849
    
1,621,031
  
Promotora y Operadora de Infraestructura, S.A.B. de C.V. - Series L
91,925
    
639,045
  
         
2,260,076
  
Financial Groups - 12.59%
          
Gentera, S.A.B. de C.V.
1,071,825
    
1,179,160
  
Grupo Financiero Banorte, S.A.B. de C.V. - Series O
606,341
    
5,243,410
  
Regional, S.A.B. de C.V.
170,381
    
1,247,758
  
         
7,670,328
  
Food - 4.60%
          
Gruma, S.A.B. de C.V. - Series B
101,097
    
1,582,454
  
Grupo Bimbo, S.A.B. de C.V. - Series A
228,204
    
1,222,283
  
         
2,804,737
  
Hotels, Restaurants, and Recreation - 0.63%
          
Grupe, S.A.B. de C.V. (a)(b)(c)(d)
200,629
    
384,978
  
Mining - 5.34%
          
Grupo Mexico, S.A.B. de C.V. - Series B
661,600
    
3,253,264
  
Railroads - 8.30%
          
GMexico Transportes, S.A.B. de C.V.
778,173
    
1,794,868
  
Grupo Traxion S.A.B. de C.V. (a)
1,674,737
    
3,259,214
  
         
5,054,082
  
Real Estate Services - 2.74%
          
Corporacion Inmobiliaria Vesta, S.A.B. de C.V.
528,498
    
1,669,312
  
Retail - 11.07%
          
El Puerto de Liverpool, S.A.B. de C.V. - Series C - 1
238,612
    
1,457,060
  
Grupo Comercial Chedraui, S.A. de C.V.
486,000
    
2,872,832
  
Wal-Mart de Mexico, S.A.B. de C.V.
598,165
    
2,411,690
  
         
6,741,582
  
TOTAL COMMON STOCKS (Cost $43,118,708)
      
54,953,811
  
             
CAPITAL DEVELOPMENT CERTIFICATES - 3.45%
          
Atlas Discovery Trust II (a)(b)(c)(d)
300,000
    
2,104,389
  
TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $2,147)
      
2,104,389
  
             
MEXICAN MUTUAL FUNDS - 0.20%
          
Scotiabankinverlat - Scotia Gubernamental S.A. de C.V. SIID (a)
490,710
    
122,928
  
TOTAL MEXICAN MUTUAL FUNDS (Cost $122,600)
      
122,928
  
             
REAL ESTATE INVESTMENT TRUSTS - 5.63%
          
Macquarie Mexico Real Estate Management S.A. de C.V.
458,141
    
753,227
  
PLA Administradora Industrial S de R.L. de C.V.
1,000,000
    
1,874,357
  
Prologis Property Mexico, S.A. de C.V.
233,001
    
804,899
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,009,425)
      
3,432,483
  
TOTAL MEXICO (Cost $43,243,455)
          
             
UNITED STATES - 0.52%
          
             
INVESTMENT COMPANIES - 0.52%
          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class -, 4.773% (e)
315,238
    
315,238
  
TOTAL INVESTMENT COMPANIES (Cost $315,238)
      
315,238
  
TOTAL UNITED STATES (Cost $315,238)
          
             
CAYMAN ISLANDS - 0.18%
          
             
SPECIAL PURPOSE ACQUISTION COMPANY - 0.18%
          
Rose Hill Acquisition Corp. (a)(b)
10,001
    
107,811
  
TOTAL SPECIAL PURPOSE ACQUISTION COMPANY (Cost $100,710)
      
107,811
  
TOTAL CAYMAN ISLANDS (Cost $100,710)
      
107,811
  
Total Investments (Cost $46,668,828) - 100.18%
      
61,036,660
  
Liabilities in Excess of Other Assets - (0.18)%
      
(112,388)
  
TOTAL NET ASSETS - 100.00%
     $
        60,924,272
  
             
Percentages are stated as a percent of net assets.
          
             
(a) 
Non-income producing security.
          
(b) 
Illiquid securities. The total market value of these securities were $2,597,178, representing 4.26% of net assets.
(c) 
Fair valued securities. The total market value of these securities were $2,489,687 representing 4.09% of net assets.
(d) 
Level 3 securities. Value determined using significant unobservable inputs.
        
(e) 
The rate shown represents the 7-day yield at April 30, 2023.
          


FAIR VALUE MEASUREMENTS
                
                     
The Fund follows the FASB ASC Topic 820 hierarchy, under which various inputs are used in determining the value of the Fund’s investments.
The basis of the hierarchy is dependent upon various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized
in the three broad levels listed below:
          
                     
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either
directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for
similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing
the company's own assumptions about the assumptions a market participant would use in valuing the asset or
liability , and would be based on the best information available.
  
                     
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics
particular to the security.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market
the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest
for instruments categorized in level 3.
          
                     
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to
the fair value measurement in its entirety.
        
                     
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
                     
The following is a summary of the inputs used to value the Fund's investments carried at fair value as of April 30, 2023:

   
Level 1
    
Level 2
    
Level 3*
    
Total
        
Equity
                              
Airlines
  
$
965,967
    
$
-
    
$
-
    
$
965,967
        
Airports
    
5,207,210
                      
5,207,210
        
Auto Parts and Equipment
    
2,293,048
                      
2,293,048
        
Beverages
    
5,984,067
                      
5,984,067
        
Building Materials
    
3,653,690
                      
3,653,690
        
Capital Development Certificates
      
2,104,389
      
2,104,389
        
Chemical Products
    
4,478,520
                      
4,478,520
        
Communication Services
    
2,532,950
                      
2,532,950
        
Construction and Infrastructure
    
2,260,076
                      
2,260,076
        
Financial Groups
    
7,670,328
                      
7,670,328
        
Food
    
2,804,737
                      
2,804,737
        
Hotels, Restaurants, and Recreation
      
384,978
      
384,978
        
Mining
    
3,253,264
                      
3,253,264
        
Railroads
    
5,054,082
                      
5,054,082
        
Real Estate Services
    
1,669,312
                      
1,669,312
        
Retail
    
6,741,582
                      
6,741,582
        
Special Purpose Acquistion Vehicles
          
107,811
              
107,811
        
Total Equity
  
$
54,568,833
    
$
107,811
    
$
2,489,367
    
$
57,166,011
        
                                       
Mexican Mutual Funds
  
$
122,928
    
$
-
    
$
-
    
$
122,928
        
                                       
Real Estate Investment Trusts
                                
Industrial
  
$
3,432,483
    
$
-
    
$
-
    
$
3,432,483
        
                                       
Short-Term Investments
  
$
315,238
    
$
-
    
$
-
    
$
315,238
        
Total Investments in Securities
  
$
58,439,482
    
$
107,811
    
$
2,489,367
    
$
61,036,660
        
                                       
* The Fund measures Level 3 activity as of the beginning and end of each financial reporting period.
  
                                       
Level 3 Reconciliation Disclosure
                        
                                       
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
  
                                       
Description
                          
Common Stock
    
Capital Development Certificates
  
Balance as of July 31, 2022
                    
$
472,623
    
$
2,909,530
  
Acquisitions
                            
-
      
-
  
Dispositions
                            
(114,458
)
    
-
  
Realized gain
                            
23,128
      
(512,408
)
Corporate Action
                            
-
      
(946,147
)
Change in unrealized appreciation/(depreciation)
              
3,685
      
653,414
  
Balance as of April 30, 2023
                    
$
384,978
    
$
2,104,389
  
                                         
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at April 30, 2023
    
$
3,685
    
$
653,414
  
                                         
                                         
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and
  
categorized within Level 3 as of April 30, 2023:
              
                       
   
Fair Value April 30, 2023
  
Valuation Methodologies
  
Unobservable Input (1)
  
Impact to valuation from an increase to input
  
Range
  
Common Stock
  
$
384,978
  
Market Comparables
  
Liquidity Discount
  
Significant changes in the liquidity
discount would have resulted in direct
and proportional changes in the fair
value of the security.
  

$1.761-$1.991
  
                           
Capital Development Certificates
  
$
2,104,389
  
Market Comparables/ Sum
of the Parts Valuation (2)
  
Liquidity Discount
  
Significant changes in the liquidity
discount would have resulted in direct
and proportional changes in the fair
value of the security.
  

$3.757-$9.892
  
                           
   
1 
In determining certain of these inputs, management evaluates a variety of factors including economic conditions, foreign exchange rates, industry and market developments, market valuations of comparable companies and company specific developments.
  
                             
   
2 
For the Sum of the Parts valuation, the valuation provides a range of values for a company's equity by aggregating each of its business units (private and public) and arriving at a single total enterprise value.