The Mexico Equity and Income Fund, Inc.
  
Schedule of Investments
  
October 31, 2024 (Unaudited)
  
MEXICO - 100.5% Shares Value
  
 
COMMON STOCKS - 84.6%
              
Airlines - 2.3%
        
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Series A (a)
      
1,599,711
    
$
1,190,419
  
                   
Airports - 6.4%
          
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Series B
      
60,400
      
505,942
  
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. - Series B
      
29,600
      
513,257
  
Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B
      
85,568
      
2,288,584
  
               
3,307,783
  
                   
Auto Parts & Equipment - 3.9%
          
Nemak, S.A.B. de C.V. (a)(b)
      
18,878,762
      
1,990,764
  
                   
Beverages - 12.6%
          
Arca Continental, S.A.B. de C.V.
      
233,420
      
1,998,410
  
Coca-Cola FEMSA, S.A.B. de C.V.
      
123,400
      
1,026,940
  
Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD
      
361,564
      
3,509,662
  
               
6,535,012
  
                   
Building Materials - 11.5%
          
Cemex, S.A.B. de C.V. - Series CPO
      
6,771,014
      
3,566,630
  
Grupo Cementos de Chihuahua, S.A.B. de C.V.
      
292,851
      
2,394,969
  
               
5,961,599
  
                   
Communication Services - 5.0%
          
America Movil, S.A.B. de C.V. (a)
      
3,283,963
      
2,594,740
  
                   
Consumer Finance - 3.1%
          
Gentera, S.A.B. de C.V.
      
1,257,000
      
1,604,427
  
                   
Financial Groups - 1.3%
          
Grupo Financiero Banorte, S.A.B. de C.V. - Series O
      
94,463
      
657,764
  
                   
Food - 5.0%
          
Grupo Bimbo, S.A.B. de C.V. - Series A
      
833,186
      
2,588,313
  
                   
GICS~Chemicals - 0.7%
          
Alpek, S.A.B. de C.V. - Series A
      
400
      
260
  
Orbia Advance Corp., S.A.B. de C.V.
      
402,754
      
369,552
  
               
369,812
  
                   
GICS~Industrial Conglomerates - 3.0%
          
Alfa, S.A.B. de C.V. - Series A - Series A
      
2,156,874
      
1,562,991
  
                   
Hotels, Restaurants, and Recreation - 4.9%
          
Alsea, S.A.B. de C.V.
      
896,964
      
2,168,726
  
Grupe, S.A.B. de C.V. (a)(c)
      
200,591
      
340,843
  
               
2,509,569
  
                   
Mining - 4.2%
          
Grupo Mexico, S.A.B. de C.V. - Series B
      
419,241
      
2,193,475
  
                   
Railroads - 1.3%
          
Grupo Traxion S.A.B. de C.V. (a)(b)
      
620,442
      
675,341
  
                   
Real Estate Services - 7.2%
          
Corporacion Inmobiliaria Vesta, S.A.B. de C.V.
      
1,417,871
      
3,705,264
  
                   
Retail - 12.2%
          
El Puerto de Liverpool, S.A.B. de C.V. - Series C1
      
429,724
      
2,267,865
  
Grupo Comercial Chedraui, S.A. de C.V.
      
78,923
      
499,385
  
Wal-Mart de Mexico, S.A.B. de C.V.
      
1,278,975
      
3,516,790
  
               
6,284,040
  
TOTAL COMMON STOCKS (Cost $47,313,353)
      
43,731,313
  
                   
REAL ESTATE INVESTMENT TRUSTS - 9.4%
    
Shares
    
Value
  
Macquarie Mexico Real Estate Management, S.A. de C.V. (b)
      
1,345,371
      
2,226,877
  
Prologis Property Mexico, S.A. de C.V.
      
775,333
      
2,594,970
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,262,681)
      
4,821,847
  
                   
MEXICAN MUTUAL FUNDS - 2.8%
    
Shares
    
Value
  
Scotiabankinverlat - Scotia Gubernamental, S.A. de C.V. S.I.I.D. - Series E1 (a)(c)
      
5,557,963
      
1,456,632
  
TOTAL MEXICAN MUTUAL FUNDS (Cost $1,452,079)
      
1,456,632
  
                   
CAPITAL DEVELOPMENT CERTIFICATES - 1.4%
    
Shares
    
Value
  
Atlas Discovery Trust II (a)(c)
      
300,000
      
732,304
  
TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $2,147)
      
732,304
  
                   
MEXICAN FEDERAL TREASURY CERTIFICATES - 2.3%
  
B Par
          
11.32%, 04/30/2025 (d)
MXN
    
24,936,200
      
1,184,448
  
TOTAL MEXICAN FEDERAL TREASURY CERTIFICATES (Cost $1,277,972)
              
1,184,448
  
                   
TOTAL MEXICO (Cost $55,308,232)
              
51,926,544
  
UNITED STATES - 0.3%
    
Shares
          
INVESTMENT COMPANIES - 0.3%
                  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.78% (e)
      
154,350
      
154,350
  
TOTAL UNITED STATES (Cost $154,350)
      
154,350
  
                   
TOTAL INVESTMENTS - 100.8% (Cost $55,462,582)
      
52,080,894
  
Liabilities in Excess of Other Assets - (0.8)%
      
(401,618
)
TOTAL NET ASSETS - 100.0%
            
$
51,679,276
  
           
Percentages are stated as a percent of net assets.
          
           
Par amount is in USD unless otherwise indicated.
          

CETES - Mexican Federal Treasury Certificates
CPO - Certificate of Ordinary Participation
MXN - Mexican Peso

(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 October 31, 2024, the value of these securities total $4,892,982 or 9.5% of the Fund’s net assets.
(c)
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 $2,529,779 or 4.9% of net assets as of October 31, 2024.
(d)
The rate shown is the effective yield as of October 31, 2024.
(e)
The rate shown represents the 7-day annualized effective yield as of October 31, 2024.


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
43,390,470
    
$
–
    
$
340,843
    
$
43,731,313
  
  Real Estate Investment Trusts
    
4,821,847
      
–
      
–
      
4,821,847
  
  Mexican Mutual Funds
    
–
      
–
      
1,456,632
      
1,456,632
  
  Capital Development Certificates
    
–
      
–
      
732,304
      
732,304
  
  Mexican Federal Treasury Certificates
    
–
      
1,184,448
      
–
      
1,184,448
  
  Investment Companies
    
154,350
      
–
      
–
      
154,350
  
Total Investments
  
$
48,366,667
    
$
1,184,448
    
$
2,529,779
    
$
52,080,894
  
   
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 year as compared to the security classifications from the prior year’s annual report.
  

  The accompanying notes are an integral part of these financial statements.


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
    
-
      
-
  
Realized gain
    
-
      
-
  
Corporate Action
    
-
      
-
  
Change in unrealized appreciation/(depreciation)
    
(31,679
)
    
23,268
  
Balance as of October 31, 2024
  
$
340,843
    
$
732,304
  
                 
Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at October 31, 2024
  
$
(31,679
)
  
$
23,268
  
                 
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 October 31, 2024:
  

     
Fair Value
October 31, 2024
  
Valuation Methodologies
  
Unobservable Input (1)
  
Impact to valuation from an
increase to input
  
Range
  
Common Stock
    
$
340,843
  
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
    
$
732,304
  
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.
  




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