| The Mexico Equity and Income Fund, Inc. | ||||||||
| Schedule of Investments | ||||||||
| April 30, 2020 (Unaudited) | ||||||||
| MEXICO - 93.83% | Shares | Value | ||||||
| COMMON STOCKS - 67.02% | ||||||||
| Beverages - 6.46% | ||||||||
| Arca Continental, S.A.B. de C.V. | 101,756 | $ | 391,935 | |||||
| Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD | 82,739 | 534,760 | ||||||
| 926,695 | ||||||||
| Building Materials - 3.39% | ||||||||
| Grupo Cementos de Chihuahua, S.A.B. de C.V. | 167,707 | 486,817 | ||||||
| Chemical Products - 6.63% | ||||||||
| Alpek, S.A.B. de C.V. - Series A | 628,368 | 298,789 | ||||||
| Orbia Advance Corp., S.A.B. de C.V. | 552,669 | 652,168 | ||||||
| 950,957 | ||||||||
| Construction and Infrastructure - 4.86% | ||||||||
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. - Series L | 141,287 | 697,612 | ||||||
| Energy - 8.41% | ||||||||
| Infraestructura Energetica Nova, S.A.B. de C.V. | 389,319 | 1,207,323 | ||||||
| Financial Groups - 3.25% | ||||||||
| Gentera, S.A.B. de C.V. | 773,700 | 307,541 | ||||||
| Grupo Financiero Banorte, S.A.B. de C.V. - Series O | 58,256 | 159,315 | ||||||
| 466,856 | ||||||||
| Food - 2.15% | ||||||||
| Gruma, S.A.B. de C.V. - Series B | 32,478 | 308,313 | ||||||
| Hotels, Restaurants, and Recreation - 2.87% | ||||||||
| Grupe, S.A.B. de C.V. (a)(b)(c)(d) | 329,084 | 412,362 | ||||||
| Mining - 1.13% | ||||||||
| Grupo Mexico, S.A.B. de C.V. - Series B | 76,044 | 162,178 | ||||||
| Railroads - 4.58% | ||||||||
| GMexico Transportes, S.A.B. de C.V. | 712,247 | 656,954 | ||||||
| Real Estate Services - 1.93% | ||||||||
| Corporacion Inmobiliaria Vesta, S.A.B. de C.V. | 202,634 | 277,706 | ||||||
| Retail - 6.59% | ||||||||
| Organizacion Soriana, S.A.B. de C.V. - Class B | 180,395 | 133,831 | ||||||
| Wal-Mart de Mexico, S.A.B. de C.V. | 337,836 | 812,595 | ||||||
| 946,426 | ||||||||
| Telecommunication - 14.77% | ||||||||
| America Movil, S.A.B. de C.V. - Series L | 3,499,587 | 2,119,994 | ||||||
| TOTAL COMMON STOCKS (Cost $11,523,028) | 9,620,193 | |||||||
| CAPITAL DEVELOPMENT CERTIFICATES - 8.48% | ||||||||
| Atlas Discovery Trust II (b)(c)(d) | 300,000 | 1,217,110 | ||||||
| TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $1,460,703) | 1,217,110 | |||||||
| MEXICAN CORPORATE BONDS - 8.64% | ||||||||
| Beverages - 8.64% | ||||||||
| Coca-Cola Femsa, S.A.B. de C.V. | ||||||||
| 7.350%, 01/28/2028 | 30,010,000 | 1,241,096 | ||||||
| TOTAL MEXICAN CORPORATE BONDS (Cost $1,575,214) | 1,241,096 | |||||||
| MEXICAN GOVERNMENT NOTES/BONDS - 2.89% | ||||||||
| Bonos de Desarrollo del Gobierno Federal | ||||||||
| 6.250%, 03/25/2021 | 10,000,000 | 414,624 | ||||||
| TOTAL MEXICAN GOVERNMENT NOTES/BONDS (Cost $416,338) | 414,624 | |||||||
| MEXICAN MUTUAL FUNDS - 0.35% | ||||||||
| Scotiabankinverlat - Scotia Gubernamental S.A. de C.V. SIID (a) | 316,084 | 50,494 | ||||||
| TOTAL MEXICAN MUTUAL FUNDS (Cost $48,722) | 50,494 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 6.45% | ||||||||
| Financial Groups - 3.52% | ||||||||
| CFE Capital, S. de R.L. de C.V. | 636,927 | 505,556 | ||||||
| Real Estate Services - 2.93% | ||||||||
| Concentradora Fibra Danhos, S.A. de C.V. | 544,350 | 420,555 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,344,352) | 926,111 | |||||||
| TOTAL MEXICO (Cost $16,368,357) | 13,469,628 | |||||||
| UNITED STATES - 0.81% | ||||||||
| INVESTMENT COMPANIES - 0.81% | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 0.159% (e) | 115,893 | 115,893 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $115,893) | 115,893 | |||||||
| TOTAL UNITED STATES (Cost $115,893) | ||||||||
| Total Investments (Cost $16,484,250) - 94.64% | 13,585,521 | |||||||
| Other Assets in Excess of Liabilities - 5.36% | 769,102 | |||||||
| TOTAL NET ASSETS - 100.00% | $ | 14,354,623 | ||||||
| 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 $1,629,472, representing 11.35% of net assets. | ||||
| (c) | Fair valued securities. The total market value of these securities were $1,629,472, representing 11.35% 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, 2020. | ||||
| 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 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, 2020: | ||||||||
| Level 1 | Level 2 | Level 3* | Total | |||||||||||||
| Equity | ||||||||||||||||
| Beverages | $ | 926,695 | $ | - | $ | - | $ | 926,695 | ||||||||
| Building Materials | 486,817 | - | - | 486,817 | ||||||||||||
| Capital Development Certificates | - | - | 1,217,110 | 1,217,110 | ||||||||||||
| Chemical Products | 950,957 | - | - | 950,957 | ||||||||||||
| Construction and Infrastructure | 697,612 | - | - | 697,612 | ||||||||||||
| Energy | 1,207,323 | - | - | 1,207,323 | ||||||||||||
| Financial Groups | 466,856 | - | - | 466,856 | ||||||||||||
| Food | 308,313 | - | - | 308,313 | ||||||||||||
| Hotels, Restaurants, and Recreation | - | - | 412,362 | 412,362 | ||||||||||||
| Mining | 162,178 | - | - | 162,178 | ||||||||||||
| Railroads | 656,954 | - | - | 656,954 | ||||||||||||
| Real Estate Services | 277,706 | - | - | 277,706 | ||||||||||||
| Retail | 946,426 | - | - | 946,426 | ||||||||||||
| Telecommunication | 2,119,994 | - | - | 2,119,994 | ||||||||||||
| Total Equity | $ | 9,207,831 | $ | - | $ | 1,629,472 | $ | 10,837,303 | ||||||||
| Mexican Corporate Bonds | $ | - | $ | 1,241,096 | $ | - | $ | 1,241,096 | ||||||||
| Mexican Government Notes/Bonds | $ | - | $ | 414,624 | $ | - | $ | 414,624 | ||||||||
| Mexican Mutual Funds | $ | 50,494 | $ | - | $ | - | $ | 50,494 | ||||||||
| Real Estate Investment Trusts | $ | 926,111 | $ | - | $ | - | $ | 926,111 | ||||||||
| Short-Term Investments | $ | 115,893 | $ | - | $ | - | $ | 115,893 | ||||||||
| Total Investments in Securities | $ | 10,300,329 | $ | 1,655,720 | $ | 1,629,472 | $ | 13,585,521 | ||||||||
| * 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, 2019 | $ | 997,355 | $ | 1,641,479 | ||||
| Acquisitions | - | - | ||||||
| Dispositions | (228,060 | ) | - | |||||
| Realized gain | 81,529 | - | ||||||
| Change in unrealized depreciation | (438,462 | ) | (424,369 | ) | ||||
| Balance as of April 30, 2020 | $ | 412,362 | $ | 1,217,110 | ||||
| Change in unrealized depreciation during the period for Level 3 investments held at April 30, 2020 | $ | (438,462 | ) | $ | (424,369 | ) | ||
| 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, 2020: |
| Fair Value April 30, 2020 | Valuation Methodologies | Unobservable Input (1) | Range | |||||||||||
| Common Stock | $ | 412,362 | Market Comparables | Liquidity Discount | $1.206-$2.388 | |||||||||
| Capital Development Certificates | $ | 1,217,110 | Market Comparables/ Sum of the Parts Valuation | Liquidity Discount | $3.720-$5.944 | |||||||||
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. |
