Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

The Mexico Equity and Income Fund, Inc.
Schedule of Investments
October 31, 2023 (Unaudited)
MEXICO - 100.19%		Shares			Value
COMMON STOCKS - 87.34%
Airlines - 1.91%
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - Series A (a)		1,814,363		$	1,034,536
Airports - 4.98%
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Series B		99,300			758,038
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. - Series B		69,807			814,305
Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B		52,568			1,132,913
					2,705,256
Auto Parts and Equipment - 3.84%
Nemak, S.A.B. de C.V. (a)		11,794,005			2,086,798
Beverages - 15.72%
Arca Continental, S.A.B. de C.V.		500,836			4,491,107
Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD		357,158			4,042,468
					8,533,575
Building Materials - 10.88%
Cemex, S.A.B. de C.V. - Series CPO (a)		7,424,489			4,459,882
Grupo Cementos de Chihuahua, S.A.B. de C.V.		162,242			1,444,601
					5,904,483
Communication Services - 8.59%
America Movil, S.A.B. de C.V. (a)		5,648,565			4,665,103
Construction and Infrastructure - 1.69%
Promotora y Operadora de Infraestructura, S.A.B. de C.V.		64,184			525,391
Promotora y Operadora de Infraestructura, S.A.B. de C.V. - Series L		69,065			394,531
					919,922
Consumer Products - 1.83%
Kimberly-Clark de Mexico, S.A.B. de C.V. - Series A		542,000			993,572
Financial Groups - 5.78%
Grupo Financiero Banorte, S.A.B. de C.V. - Series O		253,398			2,056,531
Regional, S.A.B. de C.V.		142,106			1,081,027
					3,137,558
Food - 3.78%
Grupo Bimbo, S.A.B. de C.V. - Series A		504,304			2,052,572
Hotels, Restaurants, and Recreation - 2.82%
Alsea, S.A.B. de C.V. (a)		340,890			1,129,556
Grupe, S.A.B. de C.V. (a)(b)(c)(d)		200,604			400,340
					1,529,896
Mining - 3.79%
Grupo Mexico, S.A.B. de C.V. - Series B		504,100			2,055,936
Railroads - 3.80%
GMexico Transportes, S.A.B. de C.V.		526,573			1,085,916
Grupo Traxion, S.A.B. de C.V. (a)		661,594			977,584
					2,063,500
Real Estate Services - 3.32%
Corporacion Inmobiliaria Vesta, S.A.B. de C.V.		575,398			1,804,163
Retail - 14.61%
El Puerto de Liverpool, S.A.B. de C.V. - Series C1		312,922			1,590,905
Grupo Comercial Chedraui, S.A. de C.V.		431,787			2,506,803
La Comer, S.A.B. de C.V. - Series UBC		414,000			825,520
Wal-Mart de Mexico, S.A.B. de C.V.		841,189			3,010,812
					7,934,040
TOTAL COMMON STOCKS (Cost $45,624,427)					47,420,910
EXCHANGE TRADED FUNDS - 2.07%
iShares NAFTRAC		414,200			1,122,514
TOTAL EXCHANGE TRADED FUNDS (Cost $1,111,881)					1,122,514
CAPITAL DEVELOPMENT CERTIFICATES - 1.59%
Atlas Discovery Trust II (a)(b)(c)(d)		300,000			861,265
TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $2,147)					861,265
MEXICAN MUTUAL FUNDS - 0.14%
Scotiabankinverlat - Scotia Gubernamental, S.A. de C.V. S.I.I.D. (a)		279,057			73,441
TOTAL MEXICAN MUTUAL FUNDS (Cost $73,091)					73,441
REAL ESTATE INVESTMENT TRUSTS - 9.05%
Macquarie Mexico Real Estate Management, S.A. de C.V.		1,187,924			1,840,956
PLA Administradora Industrial, S. de R.L. de C.V.		1,129,754			1,833,524
Prologis Property Mexico, S.A. de C.V.		346,257			1,240,871
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,970,301)					4,915,351
UNITED STATES - 0.14%
INVESTMENT COMPANIES - 0.14%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 5.252% (e)		75,545			75,545
TOTAL INVESTMENT COMPANIES (Cost $75,545)					75,545
TOTAL UNITED STATES (Cost $75,545)
Total Investments (Cost $51,857,392) - 100.32%					54,469,026
Liabilities in Excess of Other Assets - (0.32)%					(172,413)
TOTAL NET ASSETS - 100.00%				$	54,296,613

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 $1,261,605, representing 2.32% of net assets.
(c)		Fair valued securities. The total market value of these securities were $1,261,605 representing 2.32% of net assets.
(d)		Level 3 securities. Value determined using significant unobservable inputs.
(e)		The rate shown represents the 7-day yield at October 31, 2023.

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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.
The following is a summary of the inputs used to value the Fund's investments carried at fair value as of October 31, 2023:

		Level 1				Level 2				Level 3*				Total
Equity
Airlines		$	1,034,536											$	1,034,536
Airports			2,705,256												2,705,256
Auto Parts and Equipment			2,086,798												2,086,798
Beverages			8,533,575												8,533,575
Building Materials			5,904,483												5,904,483
Capital Development Certificates											861,265				861,265
Communication Services			4,665,103												4,665,103
Construction and Infrastructure			919,922												919,922
Consumer Products			993,572												993,572
Financial Groups			3,137,558												3,137,558
Food			2,052,572												2,052,572
Hotels, Restaurants, and Recreation			1,129,556								400,340				1,529,896
Mining			2,055,936												2,055,936
Railroads			2,063,500												2,063,500
Real Estate Services			1,804,163												1,804,163
Retail			7,934,040												7,934,040
Total Equity		$	47,020,570			$	-			$	1,261,605			$	48,282,175
Exchange Traded Funds		$	1,122,514			$	-			$	-			$	1,122,514
Mexican Mutual Funds		$	73,441			$	-			$	-			$	73,441
Real Estate Investment Trusts
Industrial		$	4,915,351			$	-			$	-			$	4,915,351
Short-Term Investments		$	75,545			$	-			$	-			$	75,545
Total Investments in Securities		$	53,207,421			$	-			$	1,261,605			$	54,469,026

* 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, 2023		$	430,679			$	2,263,261
Acquisitions			-				-
Dispositions			-				-
Realized gain			-				-
Corporate Action			-				-
Change in unrealized appreciation/(depreciation)			(30,339	)			(1,401,996	)
Balance as of October 31, 2023		$	400,340			$	861,265
Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at October 31, 2023		$	(30,339	)		$	(1,401,996	)

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, 2023:

Fair Value October 31, 2023

Valuation Methodologies

Unobservable Input (1)

Impact to valuation from an increase to input

Range

Common Stock

$

400,340

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

$

861,265

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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