|
The Mexico Equity and Income Fund, Inc.
|
||||||||
|
Schedule of Investments
|
||||||||
|
April 30, 2025 (Unaudited)
|
||||||||
|
COMMON STOCKS - 87.3%
|
Shares
|
Value
|
||||||
|
Airports - 7.5%
|
||||||||
|
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
|
65,758
|
$
|
726,103
|
|||||
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B
|
108,274
|
3,429,841
|
||||||
|
4,155,944
|
||||||||
|
Auto Parts & Equipment - 3.8%
|
||||||||
|
Nemak, S.A.B. de C.V. (a)(b)
|
14,359,440
|
2,116,151
|
||||||
|
Beverages - 17.5%
|
||||||||
|
Arca Continental, S.A.B. de C.V.
|
214,520
|
2,257,489
|
||||||
|
Coca-Cola FEMSA, S.A.B. de C.V.
|
211,400
|
1,991,163
|
||||||
|
Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD
|
514,525
|
5,414,575
|
||||||
|
9,663,227
|
||||||||
|
Building Materials - 5.9%
|
||||||||
|
Cemex, S.A.B. de C.V.
|
2,497,261
|
1,540,851
|
||||||
|
Grupo Cementos de Chihuahua, S.A.B. de C.V.
|
204,551
|
1,715,327
|
||||||
|
3,256,178
|
||||||||
|
Chemicals - 0.0%(c)
|
||||||||
|
Controladora Alpek SAB de CV (a)
|
0
|
(d)
|
0
|
(d)
|
||||
|
Communication Services - 10.8%
|
||||||||
|
America Movil, S.A.B. de C.V. (a)
|
6,941,168
|
5,988,861
|
||||||
|
Construction and Infrastructure - 1.9%
|
||||||||
|
Promotora y Operadora de Infraestructura, S.A.B. de C.V.
|
94,013
|
1,051,423
|
||||||
|
Financial Groups - 5.3%
|
||||||||
|
Grupo Financiero Banorte, S.A.B. de C.V. - Series O
|
339,854
|
2,920,486
|
||||||
|
Food - 4.1%
|
||||||||
|
Grupo Bimbo, S.A.B. de C.V. - Series A
|
755,118
|
2,296,101
|
||||||
|
GICS~Chemicals - 1.3%
|
||||||||
|
Alpek, S.A.B. de C.V.
|
1,447,133
|
737,938
|
||||||
|
GICS~Industrial Conglomerates - 1.9%
|
||||||||
|
Alfa, S.A.B. de C.V. - Series A
|
1,402,311
|
1,024,712
|
||||||
|
GICS~Media - 2.8%
|
||||||||
|
Megacable Holdings, S.A.B. de C.V. - Series A
|
627,456
|
1,535,484
|
||||||
|
Hotels, Restaurants, and Recreation - 2.0%
|
||||||||
|
Alsea, S.A.B. de C.V.
|
353,876
|
800,487
|
||||||
|
Grupe, S.A.B. de C.V. (a)(e)
|
200,591
|
327,320
|
||||||
|
1,127,807
|
||||||||
|
Mining - 3.8%
|
||||||||
|
Grupo Mexico, S.A.B. de C.V. - Series B
|
401,274
|
2,085,098
|
||||||
|
Railroads - 1.4%
|
||||||||
|
Grupo Traxion S.A.B. de C.V. (a)(b)
|
893,634
|
748,701
|
||||||
|
Real Estate Services - 3.6%
|
||||||||
|
Corporacion Inmobiliaria Vesta, S.A.B. de C.V.
|
724,479
|
1,974,995
|
||||||
|
Retail - 13.7%
|
||||||||
|
El Puerto de Liverpool, S.A.B. de C.V. - Series C1
|
249,674
|
1,146,103
|
||||||
|
Grupo Comercial Chedraui, S.A. de C.V.
|
321,158
|
2,077,075
|
||||||
|
La Comer S.A.B. de C.V. - Series UBC
|
350,578
|
661,987
|
||||||
|
Wal-Mart de Mexico, S.A.B. de C.V.
|
1,166,180
|
3,695,882
|
||||||
|
7,581,047
|
||||||||
|
TOTAL COMMON STOCKS (Cost $42,736,285)
|
48,264,153
|
|||||||
|
EXCHANGE TRADED FUNDS - 5.1%
|
Shares
|
Value
|
||||||
|
iShares USD Treasury Bond 0-1yr UCITS ETF (a)
|
19,300
|
2,811,038
|
||||||
|
TOTAL EXCHANGE TRADED FUNDS (Cost $2,757,954)
|
2,811,038
|
|||||||
|
REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.3%
|
Shares
|
Value
|
||||||
|
REITS - 3.3%
|
||||||||
|
Prologis Property Mexico, S.A. de C.V.
|
520,333
|
1,853,357
|
||||||
|
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $1,763,965)
|
1,853,357
|
|||||||
|
CAPITAL DEVELOPMENT CERTIFICATES - 1.5%
|
Shares
|
Value
|
||||||
|
Atlas Discovery Trust II (a)(e)
|
300,000
|
823,727
|
||||||
|
TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $2,148)
|
823,727
|
|||||||
|
MEXICAN MUTUAL FUNDS - 0.7%
|
Shares
|
Value
|
||||||
|
Scotiabankinverlat - Scotia Gubernamental, S.A. de C.V. S.I.I.D. - Series E1 MXN ACC (a)
|
1,418,119
|
396,637
|
||||||
|
TOTAL MEXICAN MUTUAL FUNDS (Cost $392,410)
|
396,637
|
|||||||
|
SHORT-TERM INVESTMENTS - 0.3%
|
Value
|
|||||||
|
Money Market Funds - 0.3%
|
Shares
|
|||||||
|
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.22% (f)
|
151,726
|
151,726
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $151,726)
|
151,726
|
|||||||
|
TOTAL INVESTMENTS - 98.2% (Cost $47,804,488)
|
54,300,638
|
|||||||
|
Other Assets in Excess of Liabilities - 1.8%
|
984,711
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
55,285,349
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–
|
%
|
||||||
|
REIT - Real Estate Investment Trust
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of April 30, 2025, the value of these securities total $2,864,852 or 5.2% of the Fund’s net assets.
|
|
(c)
|
Represents less than 0.05% of net assets.
|
|
(d)
|
Rounds to zero.
|
|
(e)
|
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 $1,151,047 or 2.1% of net assets as of April 30, 2025.
|
|
(f)
|
The rate shown represents the 7-day annualized effective yield as of April 30, 2025.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
47,936,833
|
–
|
327,320
|
48,264,153
|
||||||||||||
|
Exchange Traded Funds
|
2,811,038
|
–
|
–
|
2,811,038
|
||||||||||||
|
Real Estate Investment Trusts - Common
|
1,853,357
|
–
|
–
|
1,853,357
|
||||||||||||
|
Capital Development Certificates
|
–
|
–
|
823,727
|
823,727
|
||||||||||||
|
Mexican Mutual Funds
|
396,637
|
–
|
–
|
396,637
|
||||||||||||
|
Money Market Funds
|
151,726
|
–
|
–
|
151,726
|
||||||||||||
|
Total Investments
|
53,149,591
|
–
|
1,151,047
|
54,300,638
|
||||||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3
during the reporting period as compared to the security classifications from the prior year’s annual report.
|
||||||||||||||||
|
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, 2024
|
$
|
372,522
|
$
|
709,036
|
||||
|
Acquisitions
|
-
|
-
|
||||||
|
Dispositions
|
-
|
-
|
||||||
|
Corporate Action
|
-
|
-
|
||||||
|
Realized gain
|
-
|
-
|
||||||
|
Change in unrealized appreciation/(depreciation)
|
(45,202
|
)
|
114,691
|
|||||
|
Balance as of April 30, 2025
|
$
|
327,320
|
$
|
823,727
|
||||
|
Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at April 30, 2025
|
$
|
(45,202
|
)
|
$
|
114,691
|
|||
|
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, 2025:
|
|
Fair Value
April 30, 2025
|
Valuation
Methodologies
|
Unobservable
Input (1) |
Impact to valuation from
an increase to input
|
Range
|
|||||
|
Common Stock
|
$ 327,320
|
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
|
$ 823,727
|
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.
|
|||||||||||