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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001144204-07-049397.txt : 20070914
<SEC-HEADER>0001144204-07-049397.hdr.sgml : 20070914
<ACCEPTANCE-DATETIME>20070914121722
ACCESSION NUMBER:		0001144204-07-049397
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070831
FILED AS OF DATE:		20070914
DATE AS OF CHANGE:		20070914

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Dakos Andrew
		CENTRAL INDEX KEY:			0001341021

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		071117043

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		973-331-1135

	MAIL ADDRESS:	
		STREET 1:		PARK 80 WEST-PLAZA TWO
		STREET 2:		SUITE 750
		CITY:			SADDLE BROOK
		STATE:			NJ
		ZIP:			07663

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICO EQUITY & INCOME FUND INC
		CENTRAL INDEX KEY:			0000863900
		IRS NUMBER:				133576061
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	BUSINESS ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		4147654499

	MAIL ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO CONVERTIBLE ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>v087232_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2007-08-31</periodOfReport>

    <dateOfOriginalSubmission>2007-09-05</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000863900</issuerCik>
        <issuerName>MEXICO EQUITY &amp; INCOME FUND INC</issuerName>
        <issuerTradingSymbol>MXE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001341021</rptOwnerCik>
            <rptOwnerName>Dakos Andrew</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PARK 80 WEST - PLAZA TWO,</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 750</rptOwnerStreet2>
            <rptOwnerCity>SADDLE BROOK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07663</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>23037</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>36.24</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>24937</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2389</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>36.4517</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>22548</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities were purchased by the Reporting Person pursuant to a rights offering in which the Reporting Person
 exercised its right to purchase shares of common stock of the Issuer.</footnote>
        <footnote id="F2">The reported securities were acquired by Opportunity Income Plus LP, a limited partnership, and Full Value Partners LP, a
 limited partnership. The Reporting Person is a Managing Member of Spar Advisors LLC, the general partner for Opportunity
 Income Plus LP., which has sole voting and dispositive power. The Reporting Person is a Managing Member of Full Value
 Advisors LLC, the general partner of Full Value Partners LP, which has sole voting and dispositive power. On August 31, 2007
 Opportunity Income Plus LP purchased 3,675 shares of the common stock of the Issuer and Full Value Partners LP purchased
 19,362 shares of the Common Stock of the Issuer. The Reporting Person disclaims beneficial ownership of the securities
 purchased by Opportunity Income Plus LP and Full Value Partners LP.</footnote>
        <footnote id="F3">The reported securities were sold by Opportunity Income Plus LP, a limited partnership, and Full Value Partners LP, a limited
 partnership. The Reporting Person is a Managing Member of Spar Advisors LLC, the general partner for Opportunity Income Plus
 LP., which has sole voting and dispositive power. The Reporting Person is a Managing Member of Full Value Advisors LLC, the
 general partner of Full Value Partners LP, which has sole voting and dispositive power. On August 31, 2007 Opportunity
 Income Plus LP sold 382 shares of the common stock of the Issuer and Full Value Partners LP sold 2,007 shares of the Common
 Stock of the Issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andrew Dakos</signatureName>
        <signatureDate>2007-09-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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