-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001117768-04-000016.txt : 20040416
<SEC-HEADER>0001117768-04-000016.hdr.sgml : 20040416
<ACCEPTANCE-DATETIME>20040416120130
ACCESSION NUMBER:		0001117768-04-000016
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040416
GROUP MEMBERS:		RICHARD J. SHAKER

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHAKER RICHARD J
		CENTRAL INDEX KEY:			0001241300

	FILING VALUES:
		FORM TYPE:		SC 13G

	MAIL ADDRESS:	
		STREET 1:		1094 MAGOTHY CIRCLE
		CITY:			ANNAPOLIS
		STATE:			MD
		ZIP:			21401

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-41350
		FILM NUMBER:		04737476

	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:		4147655307

	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>SC 13G
<SEQUENCE>1
<FILENAME>mexicoequity304.htm
<DESCRIPTION>SHAKER SCHEDULE 13G
<TEXT>
<html>
<head>
<title>Shaker Schedule 13G</title>
</head>
<body>
<div>
<p align="right">OMB APPROVAL<br />
OMB Number: 3235-0145<br />
Expires: December 31, 2005<br />
estimated average burden<br />
hours per response. . . . .11<br />
</p>

<p><b></b></p>

<p><b></b></p>

<p><b></b></p>

<p align="center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>

<p align="center">&nbsp;</p>

<p align="center">&nbsp;</p>

<p align="center"><b><font size="5">SCHEDULE 13G</font></b></p>

<p align="center"><b>Under the Securities Exchange Act of 1934</b></p>

<p align="center">&nbsp;</p>

<p align="center">&nbsp;</p>

<p align="center"><b>MEXICO EQUITY &amp;&nbsp; INCOME FUND<br>
</b>Common Shares</p>

<p align="center">&nbsp;</p>

<p align="center"></p>

<p align="center"></p>

<p align="center">CUSIP Number:&nbsp;&nbsp; 592834 10 5</p>

<p align="center">&nbsp;</p>

<p align="center"></p>

<p align="center"></p>

<p align="center"></p>

<p align="center">Richard J. Shaker<br>
D.B.A. Shaker Financial Services<br>
1094 Magothy Circle<br>
Annapolis, Maryland&nbsp; 21401</p>

<p align="center"></p>

<p align="center">March 31, 2004<br>
(Date of Event Which Requires Filing of this Statement)</p>

<p align="center">&nbsp;</p>

<p align="center"></p>

<p>Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</p>

<p></p>

<p>{&nbsp;x&nbsp;}&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 13d-1(b)<br>
{&nbsp;&nbsp;&nbsp;}&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 13d-1(c)<br>
{&nbsp;&nbsp;&nbsp;}&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rule 13d-1(d)</p>

<p></p>

<p></p>

<P align=center><FONT face="Times New Roman" size=2>-1-
<HR style="PAGE-BREAK-AFTER: always" color=#000080 SIZE=1>
</FONT>


<p>CUSIP No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46062H 10 0</p>

<p></p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons.<br />
</p>

<p>I.R.S. Identification Nos. of above persons (entities only).</p>

<p></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard J. Shaker, DBA Shaker
Financial Services</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS TIN 51-0434319</p>

<p></p>

<p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check the Appropriate Box if a Member of a Group (See
Instructions)</p>

<p></p>

<p>(a)&nbsp; (Not Applicable)</p>

<p>(b)&nbsp; (Not Applicable)</p>

<p></p>

<p>3. SEC Use Only</p>

<p></p>

<p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization</p>

<p></p>

<p>Richard J. Shaker is a U.S. citizen.</p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" width="796">
<tr>
<td valign="top" width="282">
<p>Number of shares Beneficially by Owned by Each Reporting Person with:</p>
</td>
<td valign="top" width="514">
<p>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sole Voting
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,400<br />
 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shared Voting
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 0<br />
 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sole Dispositive
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
134,400<br />
 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shared Dispositive
Power:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 0</p>
</td>
</tr>
</table>

<p></p>

<p>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned
by Each Reporting Person.</p>

<p></p>

<p>Accounts managed by Richard J. Shaker, doing business as Shaker Financial Services, own 134,400 shares, 5.4% of the outstanding
shares of the company.&nbsp; No additional shares are beneficially owned by Mr. Shaker, his relatives, or, to his knowledge, by any
of his clients.</p>

<p></p>

<p>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)</p>

<p></p>

<p>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percent of Class Represented by Amount in Row (9):&nbsp;&nbsp;
(Not Applicable)</p>

<p></p>

<p>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person (See Instructions)</p>

<p></p>

<p>Richard J. Shaker is an individual (IN)</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<P align=center><font face="Times New Roman" size="2">-2-
<HR style="PAGE-BREAK-AFTER: always" color=#000080 SIZE=1>
</font>

<p></p>

<p></p>

<p></p>

<p></p>

<p></p>

<p><b>Item 1.</b></p>

<p><b>(</b>a) Name of Issuer:</p>

<p></p>

<p>MEXICO EQUITY &amp; INCOME FUND</p>

<p></p>

<p>(b) Address of Issuer&rsquo;s Principal Executive Office:</p>

<p></p>

<p>622 Third Avenue<br />
 New York, NY 10017</p>

<p></p>

<p><b>Item 2.</b></p>

<p>(a)&nbsp; Name of Person Filing:</p>

<p></p>

<p>Richard J. Shaker, DBA Shaker Financial Services</p>

<p></p>

<p>(b)&nbsp; Address of Person Filing</p>

<p></p>

<p>1094 Magothy Circle<br>
Annapolis, MD&nbsp; 21401</p>

<p></p>

<p><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this state is filed pursuant to
&sect;&sect;240.13d-1(b) or 24013d-2(b) or (c), check whether the person filing is a:</b></p>

<p>(e) [x]&nbsp; person registered as as investment advisor under Section 203 of the Investment Advisers Act of 1940 or under the
laws of any state</p>

<p></p>

<p><b>Item
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ownership.</b></p>

<p><b>(</b>a)&nbsp; Amount Beneficially Owned:&nbsp; Accounts managed by Richard J. Shaker, doing business as Shaker Financial
Services, owns 134,400 shares.</p>

<p></p>

<p>(b)&nbsp; Percent of
Class:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.4%.</p>

<p></p>

<p>(c)&nbsp; Number of Shares to which such person has</p>

<p></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; sole power to vote or to direct the vote:&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
134,400</p>

<p></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; shared power to vote or to direct the vote:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0</p>

<p></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp; sole power to dispose or to direct the disposition of:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
134,400</p>

<p></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp; shared power to dispose or to direct the disposition of:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0</p>

<p></p>

<p><b>Item
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ownership of Five Percent or Less of a Class&nbsp;</b> (Not Applicable)</p>

<p></p>

<p><b>Item
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Owners of More than Five Percent on Behalf of Another Person.&nbsp; (</b>Not Applicable)</p>

<p></p>

<p><b>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.&nbsp;</b> (Not Applicable)</p>

<p></p>

<p><b>Item
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Identification and Classification of Members of the Group.&nbsp; (</b>Not Applicable)</p>

<p></p>

<p><b>Item
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice of Dissolution of Group.&nbsp;</b> (Not Applicable)</p>

<p>&nbsp;</p>

<P align=center><FONT face="Times New Roman" size=2>-3-
<HR style="PAGE-BREAK-AFTER: always" color=#000080 SIZE=1>
</FONT>

<p></p>

<p></p>

<p></p>

<p><b>Item
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certification.</b></p>

<p align="justify">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 transactions having
such purpose or effect.</p>

<p></p>

<p></p>


<p align="center"><b><i>Signature</i></b></p>

<p></p>

<p>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.</p>

<p></p>

<p>Date: April 13, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: /s/&nbsp;&nbsp;&nbsp;
<u>Richard
J. Shaker</u><br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Richard J. Shaker, Investment Manager</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<P align=center><FONT face="Times New Roman" size=2>-4-
<HR style="PAGE-BREAK-AFTER: always" color=#000080 SIZE=1>
</FONT>
<P></P>

<p></p>
</div>
</body>
</html>

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