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<SEC-DOCUMENT>0000894189-05-003340.txt : 20051222
<SEC-HEADER>0000894189-05-003340.hdr.sgml : 20051222
<ACCEPTANCE-DATETIME>20051222115106
ACCESSION NUMBER:		0000894189-05-003340
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051031
FILED AS OF DATE:		20051222
DATE AS OF CHANGE:		20051222
EFFECTIVENESS DATE:		20051222

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:		051280807

	BUSINESS ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		4147654499

	MAIL ADDRESS:	
		STREET 1:		U.S. BANCORP FUND SERVICES, LLC
		STREET 2:		615 EAST MICHIGAN STREET, LC-2
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO CONVERTIBLE ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>mexico_nq.htm
<DESCRIPTION>QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
<TEXT>
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    <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: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">Washington,
      D.C. 20549</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="justify">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><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">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif">Investment
      Company Act file number </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif">(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>
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      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: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif">(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: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif"><strong><u>615
      E. Michigan Street</u></strong></font></div>
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      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: 11pt; FONT-FAMILY: Times New Roman, serif">(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>
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      of fiscal year end: </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><strong><u>7/31/2006</u></strong></font></div>
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      of reporting period: </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><strong><u>10/31/2005</u></strong></font></div><br>
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      1. Schedule of Investments. </strong></font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
      <div><br>
        <div align="left">
          <div>
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                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>THE
                      MEXICO EQUITY AND INCOME FUND, INC.</strong></font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div align="center">&#160;</div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Schedule
                      of Investments (unaudited)</strong></font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" colspan="2" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;October
                    31, 2005</font></td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">
                    <div align="right">&#160;</div>
                  </td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>MEXICO
                      - 99.80%</strong></font></div>
                  </td>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shares</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Value
                      </strong></font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMON
                      STOCKS - 97.93% </font></div>
                  </td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Cement
                      - 10.02%</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cemex,
                      S.A. de C.V. CPO</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">901,937
                      </font></div>
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                  </td>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,693,869
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                      Cementos de Chihuahua, S.A. de C.V.</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">350,000
                      </font></div>
                  </td>
                  <td align="left" valign="top" width="4%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                  </td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">953,410
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,647,279
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
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                  <td align="left" valign="top" width="75%">
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                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">America
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">114,070
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">686,000
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                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
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                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
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                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Carso
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,208,800
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,230,500
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,031,968
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                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,678,508
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                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                  <td align="left" valign="top" width="1%">&#160;</td>
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                      Groups - 2.05%</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                      Financiero Banorte, S.A. de C.V. - Class O</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">135,600
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                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,156,161
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                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Food,
                      Beverage, and Tobacco - 12.42%</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alsea,
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                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">980,953
                      </font></div>
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,457,499
                      </font></div>
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                </tr>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alsea
                      II, S.A. de C.V. - Class A^</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,441
                      </font></div>
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">65,512
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                <tr>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Embotelladoras
                      Arca, S.A.</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">230,000
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                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">501,349
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                <tr>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fomento
                      Economico Mexicano, S.A. de C.V. UBD</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">205,723
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,396,982
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gruma,
                      S.A. de C.V. - Class B</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">693,200
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                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,800,244
                      </font></div>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                      Modelo, S.A. de C.V. - Class C</font></div>
                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">254,500
                      </font></div>
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">781,280
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,002,866
                      </font></div>
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                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
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                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporacion
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                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">785,200
                      </font></div>
                  </td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,428,656
                      </font></div>
                  </td>
                </tr>
                <tr>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SARE
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                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,408,806
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,537,365
                      </font></div>
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                </tr>
                <tr>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Urbi,
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                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">325,400
                      </font></div>
                  </td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,081,739
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,047,760
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
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                      Conglomerates - 10.77%</strong></font></div>
                  </td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alfa,
                      S.A. - Class A</font></div>
                  </td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,400
                      </font></div>
                  </td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">624,156
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                      Carso, S.A. de C.V. - Class A1</font></div>
                  </td>
                  <td valign="top" width="10%">
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,616,012
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                  <td valign="top" width="75%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
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                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
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                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Groupo
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                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,100
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                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,834,810
                      </font></div>
                  </td>
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                <tr>
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                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
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                  </td>
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                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">966,100
                      </font></div>
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,524,736
                      </font></div>
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                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
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                      </font></div>
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                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
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                      - 4.85%</strong></font></div>
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                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
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                  </td>
                  <td align="left" valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,417,800
                      </font></div>
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                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,735,563
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
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          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
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              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              </div>
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            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <table border="0" cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">THE
                      MEXICO EQUITY AND INCOME FUND, INC.</div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Schedule
                      of Investments (unaudited) (continued)</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">
                    <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">October
                      31, 2005</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%" style="border-bottom: black thin solid;">
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                  </td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
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                      </strong></font></div>
                  </td>
                  <td align="right" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
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                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
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                      - 6.03%</strong></font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wal-Mart
                      de Mexico, S.A. de C.V. - Class V</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">
                    <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">695,984
                      </font></div>
                  </td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,398,774
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
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                      Sector - 2.88%</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                      Aeroportuario del Sureste, S.A. de C.V. - Class B</font></div>
                  </td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">499,300
                      </font></div>
                  </td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,625,370
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                      COMMON STOCKS (Cost $46,427,339)</font></div>
                  </td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">55,207,261
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">CORPORATE
                      BONDS - 1.58%</font></div>
                  </td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
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                  </td>
                  <td align="right" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TVACB-04,
                      12.1800%, 12/15/2011^</font></div>
                  </td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,265,000
                      </font></div>
                  </td>
                  <td valign="top" width="4%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">$</font></div>
                  </td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;891,152
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                      CORPORATE BONDS (Cost $1,000,000)</font></div>
                  </td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">891,152
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">INVESTMENT
                      COMPANIES - 0.29%</font></div>
                  </td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
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                  </td>
                  <td align="right" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GBM
                      Fondo Corporativo de Liquidez Inmediata, S.A. de C.V.</font></div>
                  </td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIID
                      para Personas Morales - Class B*</font></div>
                  </td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,026,879
                      </font></div>
                  </td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">161,989
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                      INVESTMENT COMPANIES (Cost $159,159)</font></div>
                  </td>
                  <td valign="top" width="10%">&#160;</td>
                  <td valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">161,989
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                      MEXICO (Cost $47,586,498)</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,260,402
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
                      STATES - 0.24%</strong></font></div>
                  </td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INVESTMENT
                      COMPANIES - 0.24%</font></div>
                  </td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="4%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                </tr>
                <tr>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                      American Treasury Obligations Fund, 3.1206% - Class A</font></div>
                  </td>
                  <td valign="top" width="10%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">134,562</font></div>
                  </td>
                  <td align="right" valign="top" width="4%">
                    <div><font size="2">$</font></div>
                  </td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;134,562
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">TOTAL
                      UNITED STATES (Cost $134,562)</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">134,562
                      </font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>TOTAL
                      INVESTMENTS - 100.04% (Cost $47,721,060)</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>56,394,964
                      </strong></font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">OTHER
                      LIABILITIES IN EXCESS OF ASSETS - (0.04)%</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(22,194)</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>TOTAL
                      NET ASSETS - 100.00%</strong></font></div>
                  </td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                  <td align="left" valign="top" width="4%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<strong><font size="2">$</font></strong></div>
                  </td>
                  <td align="left" valign="top" width="10%" style="border-bottom: black double;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>56,372,770
                      </strong></font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td align="left" valign="top" width="75%">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Footnotes
                      and Abbreviations</strong></font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
                      -
                      Non-Income producing security. </font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADR
                      - American Depository Receipts.</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">^
                      -
                      Fair valued security.</font></div>
                  </td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="1%">&#160;</td>
                  <td valign="top" width="75%">&#160;</td>
                  <td align="right" valign="top" width="10%">&#160;</td>
                  <td align="right" valign="top" width="4%">&#160;</td>
                  <td align="left" valign="top" width="10%">&#160;</td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>&#160;</div>
      <div>
        <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="85%">

              <tr>
                <td align="right" valign="top" width="80%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    cost basis of investments for federal income tax purposes at
                    October 31,
                    2005 was as follows:</font></div>
                </td>
                <td align="right" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td align="right" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%" style="border-bottom: black double;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost
                    of investments*</font></div>
                </td>
                <td align="right" valign="top" width="20%" style="border-bottom: black double;">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$47,706,719</font></div>
                </td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                    unrealized appreciation</font></div>
                </td>
                <td align="right" valign="top" width="20%">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,173,972</font></div>
                </td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                    unrealized depreciation</font></div>
                </td>
                <td align="right" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(485,727)</font></div>
                </td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%" style="border-bottom: black double;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                    unrealized appreciation</font></div>
                </td>
                <td align="right" valign="top" width="20%" style="border-bottom: black double;">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$8,688,245</font></div>
                </td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td align="right" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
              <tr>
                <td align="right" valign="top" width="80%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
                    Tax adjustments are calculated annually at July 31, 2005.</font></div>
                </td>
                <td align="right" valign="top" width="20%">&#160;</td>
              </tr>
              <tr>
                <td valign="top" width="80%">&#160;</td>
                <td align="left" valign="top" width="20%">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
    </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: 11pt; FONT-FAMILY: Times New Roman, serif">For
      certain federal income tax information, as well as other information regarding
      securities valuation and other significant accounting policies, please refer
      to
      the footnotes to the Fund&#8217;s most recent semi-annual or annual
      report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><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">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
                Registrant&#8217;s President/Chief Executive Officer and Treasurer/Chief
                Financial Officer have concluded that the Registrant's disclosure
                controls
                and procedures (as defined in Rule&#160;30a-3(c) under the Investment
                Company Act of 1940 (the &#8220;1940 Act&#8221;)) 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&#160;30a-3(b) under the 1940 Act and
                Rules&#160;15d-15(b) under the Securities Exchange Act of 1934, as
                amended.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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 quarter that has materially affected,
                or is
                reasonably likely to materially affect, the Registrant's internal
                control
                over financial reporting. </font></div>
            </td>
          </tr>

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    </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">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><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">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif">Filed
      herewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
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        </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
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    <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: 11pt; FONT-FAMILY: Times New Roman, serif"><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: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">(Registrant)
      </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>The
      Mexico Equity and Income Fund,
      Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</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: 11pt; FONT-FAMILY: Times New Roman, serif">By
      (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
      Maria Eugenia
      Pichardo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">Date
      </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>December
      19,
      2005&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</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: 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: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">By
      (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
      Maria Eugenia
      Pichardo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">Date
      </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>December
      19,
      2005&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif">By
      (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
      Gerald
      Hellerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Gerald
      Hellerman, Chief Financial Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif">Date
      </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><u>December
      19,
      2005&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs.htm
<DESCRIPTION>OFFICER CERTIFICATIONS
<TEXT>
<html>
  <head>
    <title>
      Officer Certifications
</title>
<!-- Licensed to: USBancorp Fund Services-->
<!-- Document Created using EDGARIZER HTML 3.0.2.0 -->
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  <body bgcolor="#ffffff">
    <div>
      <hr style="COLOR: black" align="left" noshade size="5" width="100%">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif">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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">I
              have reviewed this report on Form N-Q of The Mexico Equity and Income
              Fund, Inc.;</font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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)
              and
              internal control over financial reporting (as defined in Rule 30a-3(d)
              under the Investment Company Act of 1940) for the registrant and have:
              </font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Designed
              such internal control over financial reporting, or caused such internal
              control over financial reporting to be designed under our supervision,
              to
              provide reasonable assurance regarding the reliability of financial
              reporting and the preparation of financial statements for external
              purposes in accordance with generally accepted accounting principles;
              </font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(c)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(d)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Disclosed
              in this report any change in the registrant's internal control over
              financial reporting that occurred during the registrant's most recent
              fiscal quarter that has materially affected, or is reasonably likely
              to
              materially affect, the registrant's internal control over financial
              reporting; and</font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">5.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="middle" 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: 11pt; FONT-FAMILY: Times New Roman, serif">Date:
                <u>December 19,
                2005&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u>&#160;</font></div>
            </td>
            <td align="left" valign="middle" 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: 11pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
                Maria Eugenia
                Pichardo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></div>
            </td>
          </tr>
          <tr>
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            <td align="left" valign="middle" 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: 11pt; FONT-FAMILY: Times New Roman, serif">Maria
                Eugenia Pichardo</font></div>
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            </td>
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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: 11pt; FONT-FAMILY: Times New Roman, serif">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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">I
              have reviewed this report on Form N-Q of The Mexico Equity and Income
              Fund, Inc.;</font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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)
              and
              internal control over financial reporting (as defined in Rule 30a-3(d)
              under the Investment Company Act of 1940) for the registrant and have:
              </font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Designed
              such internal control over financial reporting, or caused such internal
              control over financial reporting to be designed under our supervision,
              to
              provide reasonable assurance regarding the reliability of financial
              reporting and the preparation of financial statements for external
              purposes in accordance with generally accepted accounting principles;
              </font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(c)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(d)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Disclosed
              in this report any change in the registrant's internal control over
              financial reporting that occurred during the registrant's most recent
              fiscal quarter that has materially affected, or is reasonably likely
              to
              materially affect, the registrant's internal control over financial
              reporting; and</font></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">5.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </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 cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">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></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="middle" 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: 11pt; FONT-FAMILY: Times New Roman, serif">Date:
                <u>December 19,
                2005&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></div>
            </td>
            <td align="left" valign="middle" 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: 11pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
                Gerald
                Hellerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="33%">&#160;</td>
            <td align="left" valign="middle" 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: 11pt; FONT-FAMILY: Times New Roman, serif">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: 11pt; FONT-FAMILY: Times New Roman, serif">Chief
                Financial Officer</font></div>
            </td>
          </tr>

      </table>
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