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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>0001144204-07-069388.txt : 20071227
<SEC-HEADER>0001144204-07-069388.hdr.sgml : 20071227
<ACCEPTANCE-DATETIME>20071227171530
ACCESSION NUMBER:		0001144204-07-069388
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071116
FILED AS OF DATE:		20071227
DATE AS OF CHANGE:		20071227

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

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		071329725

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v097720_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-11-16</periodOfReport>

    <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>43 WATERFORD DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MONTVILLE</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07045</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-11-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>14376</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>39.15</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>14376</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29799</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities were tendered by Opportunity Income Plus LP, a limited partnership and Full Value Partners LP, a
 limited partnership, pursuant to the terms of the Tender Offer Statement filed by the Issuer on October 22, 2007. 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 November 16, 2007 Opportunity Income
 Plus LP tendered 2,327 shares of the Preferred Stock of the Issuer at a price of $39.15 per share and Full Value Partners LP
 tendered 12,049 shares of the Preferred Stock of the Issuer at a price of $39.15 per share. The Reporting Person disclaims
 beneficial ownership of the securities purchased by Opportunity Income Plus LP and Full Value Partners LP.</footnote>
        <footnote id="F2">Each share of Preferred Stock will be automatically converted into one share of Common Stock upon the occurrence of the event
 described in footnote 3.</footnote>
        <footnote id="F3">In the event the Put Warrant Program (as described in Form 497 as filed with the Securities and Exchange Commission (the
 &quot;SEC&quot;) on November 17, 2005) is approved by the SEC and upon the anticipated issuance of put warrants by the Issuer, all
 issued and outstanding shares of Preferred Stock will automatically convert into Common Stock on a one-for-one basis.</footnote>
        <footnote id="F4">None.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andrew Dakos</signatureName>
        <signatureDate>2007-12-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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