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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950135-99-000880.txt : 19990219
<SEC-HEADER>0000950135-99-000880.hdr.sgml : 19990219
ACCESSION NUMBER:		0000950135-99-000880
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990218

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:		
		SEC FILE NUMBER:	005-41350
		FILM NUMBER:		99545174

	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:			CITY OF LONDON INVESTMENT MANAGEMENT CO LTD
		CENTRAL INDEX KEY:			0001034546
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST CHEAP
		CITY:			LONDON
		STATE:			X0
		ZIP:			00000
		BUSINESS PHONE:		441717110771
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<DESCRIPTION>COLIMC / 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)

                                    592834105
                                 (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).


                                                                     Page 1 of 5

<PAGE>   2
                                  SCHEDULE 13G

CUSIP NO.   592834105

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

      CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LTD, 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
                            1,816,629
      NUMBER OF
                      ----------------------------------------------------------
       SHARES         6.    SHARED VOTING POWER
    BENEFICIALLY            0
      OWNED BY
                      ----------------------------------------------------------
        EACH          7.    SOLE DISPOSITIVE POWER
      REPORTING             1,816,629
       PERSON
                      ----------------------------------------------------------
        WITH          8.    SHARED DISPOSITIVE POWER
                            0

- --------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
      1,816,629

- --------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ].


- --------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
      15.36%

- --------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON*
      IA

- --------------------------------------------------------------------------------
                      *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 Centre,
            200 Liberty Street,
            New York,
            New York, 10281

Item 2(a).  Names of Person Filing:

            City of London Investment Management Company Ltd

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

            10 Eastcheap
            London EC3M ILX
            England

Item 2(c).  Citizenship:

            Great Britain

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

            Common Stock

Item 2(e).  CUSIP Number:

            592834105



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) [ ] 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) [X] 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)

            (g) [ ] Parent Holding Company, in accordance with Section
                    240.13d-1(b)(ii)(G). (Note: See Item 7)


                                                                     Page 3 of 5
<PAGE>   4
            (h) [ ] Group, in accordance with Sec. 240.13d-1(b)(ii)(H).

Item 4.     Ownership:

      (a) Amount Beneficially Owned: 1,816,629 as of 31st December, 1998

      (b) Percent of Class: 15.36%

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

            (i) sole power to vote or to direct the vote: 1,816,629

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

            (iii) sole power to dispose or to direct the disposition of:
                  1,816,629

            (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: 5th February, 1999

                                    /s/ D.F. Allison     
                                    -----------------------------------
                                    Name: D. F. Allison
                                    Title: Company Secretary


                                                                     Page 5 of 5
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