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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000894189-04-002699.txt : 20041222
<SEC-HEADER>0000894189-04-002699.hdr.sgml : 20041222
<ACCEPTANCE-DATETIME>20041222140338
ACCESSION NUMBER:		0000894189-04-002699
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041031
FILED AS OF DATE:		20041222
DATE AS OF CHANGE:		20041222
EFFECTIVENESS DATE:		20041222

FILER:

	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:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		041220164

	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>N-Q
<SEQUENCE>1
<FILENAME>mexicoequitynq.htm
<DESCRIPTION>MEXICO EQUITY AND INCOME FUNDS
<TEXT>
<HTML><HEAD><TITLE>Mexico Equity and Income Funds</TITLE><!-- Licensed to: US Bank--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com --></HEAD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>FORM N-Q</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment Company Act file number </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>811-06111</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>The Mexico Equity and Income Fund, Inc.</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of registrant as specified in charter)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>615 East Michigan Street</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>Milwaukee, WI 53202</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address of principal executive offices) (Zip code)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>Mr. Gerald Hellerman</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>C/O U.S. Bancorp Fund Services, LLC </U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>615 E. Michigan Street</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>Milwaukee, WI 53202</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name and address of agent for service)</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>866-700-6104 </U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's telephone number, including area code</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of fiscal year end: </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>7/31/2004</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of reporting period: </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>10/31/2004</U></STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item 1. Schedule of Investments.</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="BACKGROUND-COLOR: #ffff00" size=2></FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>THE MEXICO EQUITY AND INCOME FUND, INC.</STRONG></FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG><EM></EM></STRONG></FONT>&nbsp;</DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Schedule of Investments (unaudited)</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">October 31, 2004</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>MEXICO - 97.14%</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Shares</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Value </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">COMMON STOCKS - 90.80% </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Communications - 15.83%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">America Movil, S.A. de C.V. - Class L</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,173,300 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$ 2,591,225 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">America Movil, S.A. de C.V. - Class L ADR</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">42,300 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,861,200 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Telefonos de Mexico, S.A. de C.V. - Class L</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">640,300 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,098,744 </FONT></DIV></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Telefonos de Mexico, S.A. de C.V. - Class L ADR</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">18,302 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">626,660 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6,177,829 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Cement - 3.91%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Cemex, S.A. de C.V. CPO</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">264,042 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,526,637 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Construction - 8.63%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Empresas ICA Sociedad Controladora, S.A. de C.V.*</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,193,200 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,465,270 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">SARE Holding, S.A. de C.V. - Class B*</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">610,900 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">375,034 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Urbi, Desarrollos Urbanos, S.A. de C.V.*</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">410,200 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,529,080 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,369,384 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Financial Groups - 4.76%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Financiero Banorte, S.A. de C.V. - Class O</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">395,300 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,857,775 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Food, Beverage, and Tobacco - 17.53%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Alsea, S.A. de C.V.</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">795,150 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,539,589 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Fomento Economico Mexicano, S.A. de C.V. ADR</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,550 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">200,655 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Fomento Economico Mexicano, S.A. de C.V. UBD</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">157,000 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">694,011 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Gruma S.A. - Class B</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,378,500 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,749,171 </FONT></DIV></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Embotelladoras Unidas, S.A. de C.V. - Class B</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">381,900 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,655,720 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6,839,146 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Industrial Conglomerates - 8.08%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">&nbsp;</TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Alfa, S.A. - Class A</FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">486,800 </FONT></DIV></TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,893,129 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo IMSA, S.A. de C.V. UBC</FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">30,000 </FONT></DIV></TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">72,940 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Hylsamex, S.A. de C.V. - Class B*</FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">89,900 </FONT></DIV></TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">196,751 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Hylsamex, S.A. de C.V. - Class L*</FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">376,479 </FONT></DIV></TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">824,270 </FONT></DIV></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Industrias CH, S.A. - Class B*</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">25,900 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">167,310 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=middle width="14%">&nbsp;</TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,154,400 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR></TABLE>
<DIV>&nbsp;</DIV>
<DIV>&nbsp;</DIV>
<DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>THE MEXICO EQUITY AND INCOME FUND, INC.</STRONG></FONT>&nbsp;</DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Schedule of Investments - (continued) (unaudited)</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">October 31, 2004</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Shares</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Value </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Media - 6.42%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Televisa, S.A. ADR</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">13,000 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%"></TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$ 715,000 </FONT></DIV></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Televisa, S.A. CPO</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">650,500 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,791,974 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,506,974 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Mining - 7.61%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Mexico, S.A. de C.V. - Class B*</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">718,400 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,968,847 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Paper &amp; Related Products - 1.29%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Kimberly-Clark de Mexico, S.A. de C.V. - Class A</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">168,400 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">504,057 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Retailing - 15.35%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Controladora Comercial Mexicana S.A. de C.V. UBC</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">650,000 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%"></TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">699,443 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Elektra, S.A. de C.V.</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">236,900 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%"></TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,867,633 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Grupo Gigante, S.A. de CV - SER*</FONT></DIV></TD>
<TD vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">916,000 </FONT></DIV></TD>
<TD vAlign=top align=left width="1%"></TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">595,695 </FONT></DIV></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Wal-Mart de Mexico, S.A. de C.V. - Class V</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">863,984 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=left width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,828,067 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,990,838 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Specialty Stores - 1.39%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">&nbsp;</TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Corporativo Fragua, S.A. - Class B</FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">173,100 </FONT></DIV></TD>
<TD vAlign=top align=middle width="1%"></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">540,339 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=middle width="14%">&nbsp;</TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=middle width="14%">&nbsp;</TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL COMMON STOCKS (Cost $29,775,561)</FONT></DIV></TD>
<TD vAlign=top align=middle width="14%">&nbsp;</TD>
<TD vAlign=top align=middle width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">35,436,226 </FONT></DIV></TD></TR></TABLE>
<DIV>&nbsp;</DIV>
<DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>THE MEXICO EQUITY AND INCOME FUND, INC.</STRONG></FONT>&nbsp;</DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Schedule of Investments - (continued) (unaudited)</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">October 31, 2004</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CORPORATE BONDS - 2.20%</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Titles</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Value </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Hylsamex, S.A. de C.V., 8.7500%, 03/08/2009</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">14,015 </FONT></DIV></TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$ 430,064 </FONT></DIV></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Hylsamex, S.A. de C.V., 8.7500%, 09/08/2009</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">14,015 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">430,064 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL CORPORATE BONDS (Cost $738,530)</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">860,128 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">INVESTMENT COMPANIES - 4.02%</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Shares</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">GBM Fondo Corporativo de Liquidez Inmediata S.A. de C.V.</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">SIID para Personas Morales - Class B*</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">11,459,494 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,569,219 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL INVESTMENT COMPANIES (Cost $1,572,182)</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">STRUCTURED EQUITY NOTE - 0.12%</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Titles</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Mexico Bolsa IPC Index* (Cost $44,271)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">50 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">45,894 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL MEXICO</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">37,911,467 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Principal</STRONG></FONT></DIV></TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>UNITED STATES - 2.26%</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Amount</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">CORPORATE BOND - 2.06%</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=top align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Monterrey Power S.A. de C.V., 9.6250%, 11/15/2009</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=top align=right width="14%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(Cost $721,217)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$ 675,000 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle width="1%"></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$ 803,149 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>THE MEXICO EQUITY AND INCOME FUND, INC.</STRONG></FONT>&nbsp;</DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Schedule of Investments - (concluded) (unaudited)</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">October 31, 2004</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">INVESTMENT COMPANY - 0.20%</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Shares</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Value </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">First American Treasury Obligations Fund - Class A</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=right width="13%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(Cost $79,871)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="14%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">79,871 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$ 79,871 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL UNITED STATES</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">883,020 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>TOTAL INVESTMENTS - 99.40% (Cost $32,931,632)</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>38,794,487 </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">OTHER ASSETS IN EXCESS OF LIABILITIES - 0.60%</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">231,642 </FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=right width="2%">&nbsp;</TD>
<TD vAlign=top align=right width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>TOTAL NET ASSETS - 100.00%</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=top align=left width="13%">
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>$ 39,026,129 </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">&nbsp;</TD>
<TD vAlign=top align=left width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Footnotes and Abbreviations</STRONG></FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">* - Non-Income producing security. </FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">ADR - American Depository Receipts.</FONT></DIV></TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="2%">&nbsp;</TD>
<TD vAlign=top align=middle width="44%">&nbsp;</TD>
<TD vAlign=top align=right width="14%">&nbsp;</TD>
<TD vAlign=top align=right width="1%">&nbsp;</TD>
<TD vAlign=top align=left width="13%">&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV></DIV><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
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<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item 2. Controls and Procedures.</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 27pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Registrant&#146;s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c) under the Investment Company Act of 1940 (the &#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule&nbsp;30a-3(b) under the 1940 Act and Rules&nbsp;15d-15(b) under the Securities Exchange Act of 1934, as amended.</FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 27pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item 3. Exhibits.</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). </EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Filed herewith.</FONT></DIV>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs.htm
<DESCRIPTION>CERTS FOR FORM N-Q
<TEXT>
<HTML><HEAD><TITLE>Certs for Form N-Q</TITLE><!-- Licensed to: US Bank--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com --></HEAD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CERTIFICATION</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Maria Eugenia Pichardo, certify that:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I have reviewed this report on Form N-Q of The Mexico Equity and Income Fund, Inc.;</FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Omit]; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Omit]</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">; and </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </FONT></TD></TR></TABLE>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=center align=left width="33%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&nbsp; </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>12/21/2004</U></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=center align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>/s/Maria Eugenia Pichardo</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="33%">&nbsp;</TD>
<TD vAlign=center align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maria Eugenia Pichardo</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President</FONT></DIV></TD></TR></TABLE><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>3&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CERTIFICATION</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Gerald Hellerman, certify that:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I have reviewed this report on Form N-Q of The Mexico Equity and Income Fund, Inc.;</FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Omit]</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">; </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Omit]</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">; and </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></TD></TR></TABLE>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=center align=left width="33%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&nbsp;&nbsp;<U> </U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>12/14/04</U></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=center align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>/s/ Gerald Hellerman</U></FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="33%">&nbsp;</TD>
<TD vAlign=center align=left width="40%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gerald Hellerman</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasurer</FONT></DIV></TD></TR></TABLE><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>4&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR style="PAGE-BREAK-AFTER: always" color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant) </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>The Mexico Equity and Income Fund, Inc.</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By (Signature and Title) </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>/s/Maria Eugenia Pichardo&nbsp;</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;Maria Eugenia Pichardo, President</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>12/21/04</U></FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp; &nbsp;</FONT>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By (Signature and Title)</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U> /s/Maria Eugenia Pichardo&nbsp;</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;Maria Eugenia Pichardo, President </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>12/21/04</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By (Signature and Title</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>) /s/ Gerald Hellerman</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp; Gerald Hellerman, Treasurer</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp; <FONT size=2>Date <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>12/14/04</U></FONT></FONT><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</DIV>
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