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.