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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 wke1VWRZknW8YhuRMorFpQ==

<SEC-DOCUMENT>0001144204-06-001125.txt : 20060110
<SEC-HEADER>0001144204-06-001125.hdr.sgml : 20060110
<ACCEPTANCE-DATETIME>20060110185049
ACCESSION NUMBER:		0001144204-06-001125
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060105
FILED AS OF DATE:		20060110
DATE AS OF CHANGE:		20060110

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Das Rajeev P
		CENTRAL INDEX KEY:			0001340982

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		06523371

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		201-384-3625

	MAIL ADDRESS:	
		STREET 1:		68 LAFAYETTE AVENUE
		CITY:			DUMONT
		STATE:			NJ
		ZIP:			07628

ISSUER:		

	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

	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>4
<SEQUENCE>1
<FILENAME>v033060_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-01-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000863900</issuerCik>
        <issuerName>MEXICO EQUITY &amp; INCOME FUND INC</issuerName>
        <issuerTradingSymbol>MXE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001340982</rptOwnerCik>
            <rptOwnerName>Das Rajeev P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>68 LAFAYETTE AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DUMONT</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07628</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-01-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7150</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.97</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7150</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7150</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Note</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities were acquired by Opportunity Income Plus LP, a limited partnership. The Reporting Person is a
 Managing Member of Spar Advisors LLC, the general partner of Opportunity Income Plus LP, which has sole voting and
 dispositive power. On January 5, 2006 Opportunity Income Plus LP purchased 7,150 shares of the Preferred  Stock of the
 Issuer. The Reporting Person disclaims beneficial ownership of the securities purchased by Opportunity Income Plus LP.</footnote>
        <footnote id="F2">Each share of Preferred Stock will be automatically converted into one share of Common Stock upon the occurrence of the event
 described in footnote 3.</footnote>
        <footnote id="F3">In the event the Put Warrant Program (as described in Form 497 as filed with the Securities and Exchange Commission (the
 &quot;SEC&quot;) on November 17, 2005) is approved by the SEC and upon the anticipated issuance of put warrants by the Issuer, all
 issued and outstanding shares of Preferred Stock will automatically convert into Common Stock on a one-for-one basis.</footnote>
        <footnote id="F4">None.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Rajeev P. Das</signatureName>
        <signatureDate>2006-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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