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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950135-97-000935.txt : 19970227
<SEC-HEADER>0000950135-97-000935.hdr.sgml : 19970227
ACCESSION NUMBER:		0000950135-97-000935
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19970226
SROS:			NONE

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-41350
		FILM NUMBER:		97544217

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CTR
		STREET 2:		200 LIBERTY ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
		BUSINESS PHONE:		2126675000

	MAIL ADDRESS:	
		STREET 1:		OPPENHEIMER TOWER
		STREET 2:		200 LIBERTY STREET, 38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLLIFF & PARTNERS PLC
		CENTRAL INDEX KEY:			0001018138
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		10 EASTCHEAP
		STREET 2:		LONDON ENGLAND EC3MLAJ
		CITY:			LONDON
		BUSINESS PHONE:		011441717110771

	MAIL ADDRESS:	
		STREET 1:		10 EASTCHEAP
		STREET 2:		LONDON ENLAND EC3MLAJ
		CITY:			LONDON
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<DESCRIPTION>THE MEXICO EQUITY AND INCOME FUND INC.
<TEXT>

<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G



                    Under the Securities Exchange Act of 1934



                     The Mexico Equity and Income Fund, Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    392834105
                                 (CUSIP Number)



Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).




SEC 1745 (10-88)



                                                                     Page 1 of 5
<PAGE>   2
                                  SCHEDULE 13G

CUSIP NO.         392834105

- --------------------------------------------------------------------------------
1.       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         OLLIFF & PARTNERS PLC, a company incorporated under the laws of England
         & Wales
- --------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  (a) /   /.
                                                            (b) /   /.
- --------------------------------------------------------------------------------
3.       SEC USE ONLY

- --------------------------------------------------------------------------------
4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         GREAT BRITAIN
- --------------------------------------------------------------------------------
                                5.       SOLE VOTING POWER
                                         1,859,400
          NUMBER OF           --------------------------------------------------
            SHARES              6.       SHARED VOTING POWER
         BENEFICIALLY                    0
           OWNED BY           --------------------------------------------------
             EACH               7.       SOLE DISPOSITIVE POWER
          REPORTING                      1,859,400
            PERSON            --------------------------------------------------
             WITH               8.       SHARED DISPOSITIVE POWER
                                         0
- --------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
         1,859,400
- --------------------------------------------------------------------------------
10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*  
         /   /.
- --------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
         15.7%
- --------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON*
         BD
- --------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!




                                                                     Page 2 of 5
<PAGE>   3
                            STATEMENT ON SCHEDULE 13G


Item 1(a).                 Name of Issuer:

                           The Mexico Equity and Income Fund, Inc.

Item 1(b).                 Address of Issuer's Principal Executive Offices:

                           World Financial Center,
                           200 Liberty Street,
                           New York,
                           New York, 10281

Item 2(a).                 Names of Person Filing:

                           Olliff & Partners PLC

Item 2(b).                 Address of Principal Business Office or, if none, 
                           Residence:

                           10 Eastcheap
                           London EC3M IAJ
                           England

Item 2(c).                 Citizenship:

                           Great Britain

Item 2(d).                 Title of Class of Securities:

                           Common Stock

Item 2(e).                 CUSIP Number:

                           392834105



Item 3.                    If this statement is filed pursuant to Rules
                           13d-1(b), or 13d-2(b), check whether the person
                           filing is a:

                           (a) /X/ Broker or Dealer registered under Section 15
                               of the Act

                           (b) / / Bank as defined in section 3(a)(6) of the Act

                           (c) / / Insurance Company as defined in section
                               3(a)(19) of the Act

                           (d) / / Investment Company registered under section 8
                               of the Investment Company Act

                           (e) / / Investment Advisor registered under section
                               203 of the Investment Advisers Act

                           (f) / / Employee Benefit Plan, Pension Fund which is
                               subject to the provisions of the Employee
                               Retirement Income Security Act of 1974 or
                               Endowment Fund; see Section 240.13d-1(b)(ii)(F)
                               (Note: See Item 7)

                                                                     Page 3 of 5
<PAGE>   4
                           (g) / / Parent Holding Company, in accordance with
                               Section 240.13d-1(b)(ii)(G). (Note: See Item 7)
                           

                           (h) / / Group, in accordance with Sec.
                               240.13d-1(b)(ii)(H).

Item 4.  Ownership:

         (a) Amount Beneficially Owned: 1,859,400 as of 31st December, 1996

         (b) Percent of Class: 15.7%

         (c) Number of shares as to which such person has:

                  (i) sole power to vote or to direct the vote: 1,859,400

                  (ii) shared power to vote or to direct the vote: 0

                  (iii) sole power to dispose or to direct the disposition of:
                  1,859,400

                  (iv) shared power to dispose or to direct the disposition of:
                  0

Item 5.           Ownership of Five Percent or Less of a Class:

                  Not Applicable

Item 6.           Ownership of More than Five Percent on Behalf of Another
                  Person:

                  Not Applicable

Item 7.           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on By the Parent Holding
                  Company:

                  Not Applicable

Item 8.           Identification and Classification of Members of the Group:

                  Not Applicable

Item 9.           Notice of Dissolution of Group:

                  Not Applicable

Item 10.          Certification:

                  By signing below, I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired in
                  the ordinary course of business and were not acquired for the
                  purpose of and do not have the effect of changing or
                  influencing the control of the issuer of such securities and
                  were not acquired in connection with or as a participant in
                  any transaction having such purposes or effect.




                                                                     Page 4 of 5
<PAGE>   5
Signature


After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Dated: 14th February, 1997

                                              /s/  D.A. Fowle
                                             ----------------
                                             Name: D.A. Fowle
                                             Title: Director




                                                                     Page 5 of 5

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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