REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
                               ON INTERNAL CONTROL



Board of Directors
The Mexico Equity and Income Fund, Inc.
Milwaukee, Wisconsin


In planning and performing  our audit of the financial  statements of The Mexico
Equity and Income Fund,  Inc.,  for the year ended July 31, 2003,  we considered
its  internal   control   structure,   including   procedures  for  safeguarding
securities,  in order to determine  our auditing  procedures  for the purpose of
expressing  our  opinion  on the  financial  statements  and to comply  with the
requirements of Form N-SAR, not to provide assurance on the internal control.

The management of the Fund is responsible  for  establishing  and maintaining an
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the  expected  benefits  and  related  costs
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are fairly presented in conformity with accounting principles generally accepted
in the United States of America.  These  controls  include the  safeguarding  of
assets against unauthorized acquisition, use, or disposition.

Because of inherent  limitations in any internal  control  structure,  errors or
fraud may occur and not be detected.  Also,  projection of any evaluation of the
structure to future periods is subject to the risk that it may become inadequate
because of changes in  conditions  or that the  effectiveness  of the design and
operation may deteriorate.

Our  consideration  of the internal  control  components  would not  necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material  weakness  is a  condition  in which the design or  operation  of the
specific  internal control  components  elements does not reduce to a relatively
low level the risk that  errors or fraud in amounts  that would be  material  in
relation to the financial statements being audited may occur and not be detected
within a timely  period by employees in the normal  course of  performing  their
assigned functions. However, we noted no matters involving the internal control,
including  procedures  for  safeguarding  securities,  that  we  consider  to be
material weaknesses, as defined above, as of July 31, 2003.

This report is intended solely for the information and use of management and the
Securities and Exchange Commission,  and is not intended to be and should not be
used by anyone other than these specified parties.


                                                           TAIT, WELLER & BAKER


Philadelphia, Pennsylvania
September 12, 2003