0001145549-24-041473.txt : 20240628 0001145549-24-041473.hdr.sgml : 20240628 20240628131040 ACCESSION NUMBER: 0001145549-24-041473 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240430 FILED AS OF DATE: 20240628 DATE AS OF CHANGE: 20240628 PERIOD START: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICO EQUITY & INCOME FUND INC CENTRAL INDEX KEY: 0000863900 ORGANIZATION NAME: IRS NUMBER: 133576061 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06111 FILM NUMBER: 241083917 BUSINESS ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET, LC-2 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4147654499 MAIL ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET, LC-2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: MEXICO CONVERTIBLE ADVANTAGE FUND INC DATE OF NAME CHANGE: 19900807 FORMER COMPANY: FORMER CONFORMED NAME: MEXICO ADVANTAGE FUND INC DATE OF NAME CHANGE: 19900805 NPORT-P 1 primary_doc.xml NPORT-P false 0000863900 XXXXXXXX Mexico Equity & Income Fund Inc 811-06111 0000863900 549300Q0OD8MQEFTBY23 615 E. Michigan St. Milwaukee 53202 8777850376 Mexico Equity and Income Fund 549300Q0OD8MQEFTBY23 2024-07-31 2024-04-30 N 65123195.570000000000 158148.470000000000 64965047.100000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 46.770000000000 N El Puerto de Liverpool SAB de 4469000001BO4JEXZL32 El Puerto de Liverpool SAB de CV P36918137 163424.000000000000 NS 1303900.430000000000 2.0070799425 Long EC CORP MX N 1 N N N Grupo Bimbo SAB de CV 5493000RIXURZEBFEV60 Grupo Bimbo SAB de CV P4949B104 673204.000000000000 NS 2820809.550000000000 4.3420418762 Long EC CORP MX N 1 N N N Cemex SAB de CV 549300RIG2CXWN6IV731 Cemex SAB de CV P2253T133 5645515.000000000000 NS 4472053.970000000000 6.8837846960 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Surest 5299001W7JIDXCUOUC82 Grupo Aeroportuario del Sureste SAB de CV P4950Y100 54868.000000000000 NS 1884743.790000000000 2.9011658948 Long EC CORP MX N 1 N N N Arca Continental SAB de CV 254900U2BSJCQHJCXN24 Arca Continental SAB de CV P0448R103 305720.000000000000 NS 2982468.740000000000 4.5908821330 Long EC CORP MX N 1 N N N GCC SAB de CV 254900WY9XL8033CKX68 GCC SAB de CV P4948S124 199596.000000000000 NS 2271776.080000000000 3.4969205464 Long EC CORP MX N 1 N N N HSBC DISCOVERY MEXICO N/A HSBC DISCOVERY MEXICO N/A 300000.000000000000 NS 893161.050000000000 1.3748332217 Long EC CORP MX N 3 N N N Scotiabankinverlat - Scotia Gu N/A Scotiabankinverlat - Scotia Gubernamental SA de CV SIID N/A 4327668.000000000000 NS 1260676.850000000000 1.9405463496 Long EC RF MX N 3 N N N Controladora Vuela Cia de Avia 549300G8NLCMP9Z44X52 Controladora Vuela Cia de Aviacion SAB de CV P30987104 948211.000000000000 NS 779901.230000000000 1.2004935959 Long EC CORP MX N 1 N N N Grupo Traxion SAB de CV 4469000001BS6B603745 Grupo Traxion SAB de CV P4989G104 674894.000000000000 NS 1135017.210000000000 1.7471198139 Long EC CORP MX N 1 N N N Prologis Property Mexico SA de N/A Prologis Property Mexico SA de CV N/A 693302.000184000000 NS 2734234.240000000000 4.2087774304 Long EC CORP MX N 1 N N N Grupe SAB de CV 4469000001BIUGF8ZG79 Grupe SAB de CV P4948T122 200591.000000000000 NS 407487.520000000000 0.6272411677 Long EC CORP MX N 3 N N N Grupo Financiero Banorte SAB d N/A Grupo Financiero Banorte SAB de CV P49501201 253398.000000000000 NS 2507983.070000000000 3.8605114318 Long EC CORP MX N 1 N N N Kimberly-Clark de Mexico SAB d 549300JGHL56QT00KT54 Kimberly-Clark de Mexico SAB de CV N/A 442000.000000000000 NS 920083.480000000000 1.4162746293 Long EC CORP MX N 1 N N N Alsea SAB de CV 4469000001BJLPKNUN21 Alsea SAB de CV P0212A104 264890.000000000000 NS 1109613.200000000000 1.7080156939 Long EC CORP MX N 1 N N N MSILF Government Portfolio 549300BI6Y5SI6BYPB26 MSILF Government Portfolio 61747C707 1380643.510000000000 NS USD 1380643.510000000000 2.1252097422 Long STIV RF US N 1 N N N Corp Inmobiliaria Vesta SAB de 4469000001BIRIFZJ959 Corp Inmobiliaria Vesta SAB de CV P9781N108 1012938.000000000000 NS 3583857.810000000000 5.5165938762 Long EC CORP MX N 1 N N N America Movil SAB de CV 5493000FNR3UCEAONM59 America Movil SAB de CV N/A 8154563.000000000000 NS 7763870.380000000000 11.9508423784 Long EC CORP MX N 1 N N N Wal-Mart de Mexico SAB de CV N/A Wal-Mart de Mexico SAB de CV N/A 1508989.000000000000 NS 5630493.520000000000 8.6669582665 Long EC CORP MX N 1 N N N Nemak SAB de CV 5493000MY3DAIB0BP706 Nemak SAB de CV N/A 8480790.000000000000 NS 1465384.670000000000 2.2556509006 Long EC CORP MX N 1 N N N Fomento Economico Mexicano SAB 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV P4182H115 407255.000000000000 NS 4764413.380000000000 7.3338103991 Long EC CORP MX N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 Grupo Mexico SAB de CV P49538112 374453.000000000000 NS 2313725.320000000000 3.5614925614 Long EC CORP MX N 1 N N N Grupo Comercial Chedraui SA de 4469000001BRXSV0JO96 Grupo Comercial Chedraui SA de CV P4612W104 287487.000000000000 NS 2124088.530000000000 3.2695866852 Long EC CORP MX N 1 N N N FIBRA Macquarie Mexico 4469000001BRQKG5JK62 FIBRA Macquarie Mexico P3515D155 1571317.000071000000 NS 2826962.620000000000 4.3515132309 Long EC CORP MX N 1 N N N TF Administradora Industrial S N/A TF Administradora Industrial S de RL de CV N/A 1129754.000000000000 NS 2777767.380000000000 4.2757875258 Long EC CORP MX N 1 N N N MEXICO CETES 254900EGTWEU67VP6075 Mexico Cetes ZG1007126 5080000.000000000000 PA 2951935.610000000000 4.5438828136 Long DBT NUSS MX N 2 2024-05-16 Fixed .000000000000 N N N N N N 2024-06-28 Mexico Equity & Income Fund Inc /s/ Maria Eugenia Pichardo Maria Eugenia Pichardo President XXXX NPORT-EX 2 mxe.htm N-PORT EX

The Mexico Equity and Income Fund, Inc.
  
Schedule of Investments
  
as of April 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 76.6%
  
Shares
    
Value
  
Airlines - 1.2%
        
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Series A(a)
    
948,211
    
$
779,901
  
                 
Airports - 2.9%
          
Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B
    
54,868
      
1,884,744
  
                 
Auto Parts & Equipment - 2.3%
          
Nemak, S.A.B. de C.V.(a)
    
8,480,790
      
1,465,385
  
                 
Beverages - 11.9%
          
Arca Continental, S.A.B. de C.V.
    
305,720
      
2,982,469
  
Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD
    
407,255
      
4,764,413
  
             
7,746,882
  
                 
Building Materials - 10.4%
          
Cemex, S.A.B. de C.V. - Series CPO(a)
    
5,645,515
      
4,472,054
  
Grupo Cementos de Chihuahua, S.A.B. de C.V.
    
199,596
      
2,271,776
  
             
6,743,830
  
                 
Communication Services - 11.2%
          
America Movil, S.A.B. de C.V.(a)
    
7,639,563
      
7,273,545
  
                 
Consumer Products - 1.4%
          
Kimberly-Clark de Mexico, S.A.B. de C.V. - Series A - Series A
    
442,000
      
920,083
  
                 
Financial Groups - 3.9%
          
Grupo Financiero Banorte, S.A.B. de C.V. - Series O
    
253,398
      
2,507,983
  
                 
Food - 4.3%
          
Grupo Bimbo, S.A.B. de C.V. - Series A
    
673,204
      
2,820,810
  
                 
Hotels, Restaurants, and Recreation - 2.3%
          
Alsea, S.A.B. de C.V.(a)
    
264,890
      
1,109,613
  
Grupe, S.A.B. de C.V.(a)(b)
    
200,591
      
407,488
  
             
1,517,101
  
                 
Mining - 3.6%
          
Grupo Mexico, S.A.B. de C.V. - Series B
    
374,453
      
2,313,725
  
                 
Railroads - 1.8%
          
Grupo Traxion, S.A.B. de C.V.(a)
    
674,894
      
1,135,017
  
                 
Real Estate Services - 5.5%
          
Corporacion Inmobiliaria Vesta, S.A.B. de C.V.
    
1,012,938
      
3,583,858
  
                 
Retail - 13.9%
          
El Puerto de Liverpool, S.A.B. de C.V. - Series C1
    
163,424
      
1,303,900
  
Grupo Comercial Chedraui, S.A. de C.V.
    
287,487
      
2,124,089
  
Wal-Mart de Mexico, S.A.B. de C.V.
    
1,508,989
      
5,630,493
  
             
9,058,482
  
TOTAL COMMON STOCKS (Cost $40,644,494)
      
49,751,346
  
                 
REAL ESTATE INVESTMENT TRUSTS - 12.8%
                
Macquarie Mexico Real Estate Management, S.A. de C.V.
    
1,571,317
      
2,826,963
  
PLA Administradora Industrial, S. de R.L. de C.V.
    
1,129,754
      
2,777,767
  
Prologis Property Mexico, S.A. de C.V.
    
693,302
      
2,734,234
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,095,732)
      
8,338,964
  
                 
MEXICAN MUTUAL FUNDS - 1.9%
                
Scotiabankinverlat - Scotia Gubernamental, S.A. de C.V. S.I.I.D.(a)
    
4,327,668
      
1,260,677
  
TOTAL MEXICAN MUTUAL FUNDS (Cost $1,256,900)
      
1,260,677
  
                 
CAPITAL DEVELOPMENT CERTIFICATES - 1.4%
                
Atlas Discovery Trust II(a)(b)
    
300,000
      
893,161
  
TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $2,147)
      
893,161
  
                 
SHORT-TERM INVESTMENTS - 6.7%
                
Investment Companies - 2.1%
                
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 5.22%(c)
    
1,380,644
      
1,380,644
  
                 
Mexican Federal Treasury Certificates - 4.6%
  
Par
          
11.02%, 05/16/2024(d)
    
5,080,000
      
2,951,935
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,391,362)
      
4,332,579
  
                 
TOTAL INVESTMENTS - 99.4% (Cost $53,390,635)
    
$
64,576,727
  
Other Assets in Excess of Liabilities - 0.6%
      
390,641
  
TOTAL NET ASSETS - 100.0%
          
$
64,967,368
  
               
Percentages are stated as a percent of net assets.
          

(a)
Non-income producing security.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,300,649 or 2.0% of net assets as of April 30, 2024.
(c)
The rate shown represents the 7-day effective yield as of April 30, 2024.
(d)
The rate shown is the effective yield as of April 30, 2024.

The Mexico Equity and Income Fund, Inc.
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
49,343,858
    
$
–
    
$
407,488
    
$
49,751,346
  
  Real Estate Investment Trusts
    
8,338,964
      
–
      
–
      
8,338,964
  
  Mexican Mutual Funds
    
1,260,677
      
–
      
–
      
1,260,677
  
  Capital Development Certificates
    
–
      
–
      
893,161
      
893,161
  
  Investment Companies
    
1,380,644
      
–
      
–
      
1,380,644
  
  Mexican Federal Treasury Certificates
    
–
      
2,951,935
      
–
      
2,951,935
  
Total Assets
  
$
60,324,143
    
$
2,951,935
    
$
1,300,649
    
$
64,576,727
  
   
Refer to the Schedule of Investments for industry classifications.
  


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.
  
                     
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, 2023
  
$
430,679
    
$
2,263,261
  
Acquisitions
    
-
      
-
  
Dispositions
    
(26
)
    
-
  
Realized gain
    
7
      
-
  
Corporate Action
    
-
      
-
  
Change in unrealized appreciation/(depreciation)
    
(23,172
)
    
(1,370,100
)
Balance as of April 30, 2024
  
$
407,488
    
$
893,161
  
                 
Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at April 30, 2024
  
$
(23,172
)
  
$
(1,370,100
)
                 
                 
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, 2024:
  

     
Fair Value
April 30, 2024
  
Valuation
Methodologies
  
Unobservable
Input (1)
  
Impact to valuation from an
increase to input
  
Range
  
Common Stock
    
$
407,488
  
Lower of Market
Comparables or bid/ask
  
Liquidity Discount
  
Significant changes in the liquidity
discount would have resulted in
direct and proportional changes in
the fair value of the security.
    
30%
Capital Development Certificates
    
$
893,161
  
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.
    
15%
                             
   
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.