MXE Seeks Shareholder Approval for Three Director Re-Elections

TL;DR

**MXE's board is playing it safe with incumbent director re-elections, signaling business as usual – don't expect any shake-ups here.**

AI Summary

The Mexico Equity & Income Fund, Inc. (MXE) filed a DEF 14A on November 4, 2025, detailing its upcoming Annual Meeting of Stockholders on December 15, 2025. The primary purpose of the meeting is to elect three directors: two Class III Directors, Glenn Goodstein and Gerald Hellerman, and one Class II Director, Maria Eugenia Pichardo. All three nominees currently serve on the Board. The Fund, a closed-end management investment company, had 4,400,209 shares of common stock issued and outstanding as of the record date, October 20, 2025. Stockholders will vote on these elections, which require a majority of votes cast. Maria Eugenia Pichardo is noted as an 'Interested Director' due to her affiliation with Pichardo Asset Management, S.A. de C.V., the Fund's Adviser, and her role as President of the Fund since 2004. The Board emphasizes the staggered terms of directors, limiting the ability of external entities to quickly gain control. The filing does not contain specific financial figures like revenue or net income, focusing solely on corporate governance matters related to the director elections.

Why It Matters

This DEF 14A filing is crucial for MXE investors as it outlines the upcoming director elections, directly impacting the Fund's governance and strategic oversight. The re-election of long-standing directors like Glenn Goodstein (since 2001) and Gerald Hellerman (since 2001), alongside Maria Eugenia Pichardo (since 2004), signals continuity in leadership. For investors, understanding the composition of the Board, especially the distinction between Independent and Interested Directors like Ms. Pichardo, is vital for assessing potential conflicts of interest and the Board's independence. In a competitive closed-end fund market, stable and experienced leadership can be a differentiator, influencing investor confidence and the Fund's long-term performance.

Risk Assessment

Risk Level: low — The risk level is low because this DEF 14A filing primarily concerns routine director elections for The Mexico Equity & Income Fund, Inc. (MXE). There are no contentious proposals, significant changes in corporate structure, or financial disclosures indicating heightened risk. The election of three incumbent directors, Glenn Goodstein, Gerald Hellerman, and Maria Eugenia Pichardo, suggests continuity rather than disruption.

Analyst Insight

Investors should review the qualifications of the nominated directors, particularly Maria Eugenia Pichardo's 'Interested Director' status, to ensure alignment with their investment philosophy. Vote your proxy to ensure quorum and support the proposed slate if you believe in the current governance, or withhold if you seek change, though no alternative candidates are presented.

Financial Highlights

total Assets

N/A

total Debt

N/A

Key Numbers

• 4,400,209 — Shares of common stock outstanding (As of October 20, 2025, determining voting power)
• 3 — Number of directors to be elected (Two Class III and one Class II Director)
• 2001 — Year Glenn Goodstein became a Director (Indicates long tenure on the Board)
• 2001 — Year Gerald Hellerman became a Director (Indicates long tenure on the Board)
• 2004 — Year Maria Eugenia Pichardo became a Director and President (Indicates long tenure and leadership role)
• 1940 — Year of Investment Company Act (Defines 'interested person' status)
• 1 — Number of portfolios in Fund Complex overseen by each director (The Fund Complex is comprised only of MXE)
• December 15, 2025 — Date of Annual Meeting (When stockholders will vote on director elections)
• 11:00 a.m. — Time of Annual Meeting (Eastern time for the stockholder meeting)
• 50% — Majority vote threshold (Required for director election, meaning 'FOR' votes exceed 50% of votes cast)

Key Players & Entities

• The Mexico Equity and Income Fund, Inc. (company) — Registrant
• Glenn Goodstein (person) — Nominee for Class III Independent Director
• Gerald Hellerman (person) — Nominee for Class III Independent Director
• Maria Eugenia Pichardo (person) — Nominee for Class II Interested Director and President
• U.S. Bancorp Fund Services, LLC (company) — Meeting location and Fund services provider
• David Estevez (person) — Secretary of the Fund
• Pichardo Asset Management, S.A. de C.V. (company) — Adviser to the Fund and Ms. Pichardo's affiliation
• SEC (regulator) — U.S. Securities and Exchange Commission
• Bulldog Investors, LLP (company) — Investment adviser affiliated with other directors
• October 20, 2025 (date) — Record date for voting eligibility

FAQ

Industry Context

The Mexico Equity & Income Fund, Inc. operates within the closed-end fund industry, which is characterized by a fixed number of shares traded on exchanges. These funds often focus on specific geographic regions or asset classes, like MXE's focus on Mexico. The industry faces competition from open-end mutual funds and ETFs, requiring closed-end funds to differentiate through strategy and management expertise.

Regulatory Implications

As a registered investment company, MXE is subject to the Investment Company Act of 1940 and SEC regulations. The DEF 14A filing itself is a regulatory requirement to inform shareholders about corporate governance matters. Ensuring director independence and proper disclosure, especially concerning 'interested directors,' is crucial for compliance.

What Investors Should Do

1. Review director nominees' qualifications and affiliations.
2. Vote by the deadline to ensure your voice is heard.
3. Check the proxy card for accuracy and sign appropriately.

Key Dates

• 2025-12-15: Annual Meeting of Stockholders — Stockholders will vote on the election of directors.
• 2025-11-04: Filing of DEF 14A — Provides details on the upcoming annual meeting and director elections.
• 2025-10-20: Record Date for Annual Meeting — Determines which stockholders are entitled to vote at the meeting.

Glossary

DEF 14A

A filing with the SEC that provides detailed information about a company's annual meeting of stockholders, including matters to be voted on, such as director elections. (This document is the primary source of information for the upcoming shareholder meeting and director elections for MXE.)

Proxy Statement

A document that a company's management sends to shareholders before a meeting of shareholders, soliciting their proxy (i.e., their vote). (This is the core document being reviewed, detailing the proposals and information for stockholders to make informed voting decisions.)

Closed-end management investment company

An investment company that issues a fixed number of shares in an initial public offering. After the IPO, shares are traded on a stock exchange, and the company's portfolio is managed by investment professionals. (This describes the structure of The Mexico Equity & Income Fund, Inc. (MXE).)

Record Date

A specific date set by a company to determine which shareholders are eligible to receive dividends, vote at a shareholder meeting, or exercise other rights. (Establishes the set of shareholders who are entitled to vote at the December 15, 2025 Annual Meeting.)

Interested Director

A director who has a relationship with the company or its affiliates that could impair their independent judgment. (Maria Eugenia Pichardo is identified as an 'Interested Director' due to her affiliation with the Fund's Adviser.)

Broker non-vote

Occurs when a broker holding shares in 'street name' for a beneficial owner does not vote on a particular proposal because the owner has not provided voting instructions and the broker does not have discretionary voting power for that proposal. (These votes are counted for quorum but do not affect the outcome of proposals where a majority of votes cast is required, such as director elections.)

Year-Over-Year Comparison

This DEF 14A filing focuses solely on the upcoming annual meeting and director elections, with no comparative financial data provided against prior filings. The key information revolves around the election of three incumbent directors and the fund's structure as a closed-end investment company with 4,400,209 shares outstanding as of October 20, 2025.

Filing Documents

• mxe-def14a.htm (DEF 14A) — 177KB
• image0.jpg (GRAPHIC) — 28KB
• image00001.jpg (GRAPHIC) — 135KB
• image00003.jpg (GRAPHIC) — 188KB
• image00004.jpg (GRAPHIC) — 139KB
• 0000894189-25-013246.txt ( ) — 855KB

From the Filing

DEF 14A 1 mxe-def14a.htm DEFINITIVE PROXY STATEMENT SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 THE MEXICO EQUITY AND INCOME FUND, INC. (Name of Registrant as Specified in Its Charter) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by the registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: THE MEXICO EQUITY AND INCOME FUND, INC. 615 East Michigan Street, 4th Floor Milwaukee, Wisconsin 53202 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD DECEMBER 15, 2025 Important Notice regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to Be Held on December 15, 2025: The Notice of Annual Meeting of Stockholders and Proxy Statement are Available on the Internet at www.mxefund.com . To the Stockholders: NOTICE IS HEREBY GIVEN that the Annual Meeting (the "Meeting") of holders of shares of the common stock (the "Stockholders") of The Mexico Equity and Income Fund, Inc., a Maryland corporation (the "Fund"), will be held on December 15, 2025 at 11:00 a.m., Eastern time, at the offices of U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), 777 E. Wisconsin Ave, Floor 6, Milwaukee, WI, 53202, or any adjournment or postponement thereof, for the following purposes: 1. To elect two Class III Directors to the Fund's Board of Directors and one Class II Director to the Fund's Board of Directors; 2. To consider and vote upon such other matters as may properly come before the Meeting or any adjournment thereof. The Board of Directors has fixed the close of business on October 20, 2025 as the record date for the determination of Stockholders entitled to notice of, and to vote at, this Meeting or any adjournment or postponement thereof. The stock transfer books will not be closed. Copies of the Fund's most recent annual and semi-annual reports may be ordered free of charge by any Stockholder by writing to the Fund c/o U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, 4th Floor, Milwaukee, Wisconsin 53202, or by telephone at (800) 937-5449. You are entitled to vote at the Meeting and any adjournment or postponement thereof if you owned shares of the Fund's common stock at the close of business on October 20, 2025. If you attend the Meeting, you may vote your shares in person. Whether or not you expect to attend the Meeting, please complete, date, sign and return the enclosed proxy card in the enclosed postage paid envelope so that a quorum will be present and the maximum number of shares may be voted. You may change your vote at any time by submitting a later-dated proxy or by voting in person at the Meeting. Stockholders that plan on attending the Meeting in person are requested to email U.S. Bank Global Fund Services at MXEfundadmin@usbank.com by December 8, 2025,so we may accommodate all who plan on attending. By Order of the Board of Directors, David Estevez Dated: November 4, 2025 Secretary UNLESS YOU EXPECT TO BE PRESENT AT THE MEETING, PLEASE FILL IN, DATE, SIGN AND MAIL THE ENCLOSED PROXY CARD IN THE ENCLOSED REPLY ENVELOPE. YOUR PROMPT RESPONSE WILL ASSURE A QUORUM AT THE MEETING. 1 INSTRUCTIONS FOR SIGNING PROXY CARDS The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to sign your proxy card properly. 1. Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card. 2. Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to

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View this DEF 14A filing on SEC EDGAR