-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RUhTsWM/Fy60BzXVLXecG829zr44IejW09At+ofnL1wQAHGrsbxMcDwsQO9o43Yu
 0jsM7pH/2Tg8RugzyO4Fng==

<SEC-DOCUMENT>0001144204-09-044441.txt : 20090818
<SEC-HEADER>0001144204-09-044441.hdr.sgml : 20090818
<ACCEPTANCE-DATETIME>20090818175241
ACCESSION NUMBER:		0001144204-09-044441
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081226
FILED AS OF DATE:		20090818
DATE AS OF CHANGE:		20090818

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Das Rajeev P
		CENTRAL INDEX KEY:			0001340982

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		091022447

	MAIL ADDRESS:	
		STREET 1:		68 LAFAYETTE AVENUE
		CITY:			DUMONT
		STATE:			NJ
		ZIP:			07628

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
<SEQUENCE>1
<FILENAME>v158481_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001340982</rptOwnerCik>
            <rptOwnerName>Das Rajeev P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>68 LAFAYETTE AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DUMONT</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07628</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>2008-12-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>981</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.1118</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>981</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2313</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2009-08-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2313</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.6131</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2313</value>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities were tendered by Opportunity Income Plus LP, a limited partnership, pursuant to the terms of the
 Tender Offer Statement filed by the Issuer on November 24, 2008. The Reporting Person is a Managing Member of Spar Advisors
 LLC, the general partner of Opportunity Income Plus LP, which has sole voting and dispositive power.  On December 26, 2008,
 the Issuer accepted the tender by Opportunity Income Plus LP of 981 shares of the Preferred  Stock of the Issuer at a price
 of $7.1118 per share. The Reporting Person disclaims beneficial ownership of the securities owned by Opportunity Income Plus
 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">The reported securities were tendered by Opportunity Income Plus LP, a limited partnership, pursuant to the terms of the
 Tender Offer Statement filed by the Issuer on July 13, 2009. The Reporting Person is a Managing Member of Spar Advisors LLC,
 the general partner of Opportunity Income Plus LP, which has sole voting and dispositive power.   On August 14, 2009, the
 Issuer accepted the tender by Opportunity Income Plus LP of 2,313 shares of the Preferred  Stock of the Issuer at a price of
 $7.6131 per share. The Reporting Person disclaims beneficial ownership of the securities owned by Opportunity Income Plus
 LP.</footnote>
        <footnote id="F5">None.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Rajeev P. Das</signatureName>
        <signatureDate>2009-08-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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