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<SEC-DOCUMENT>0000894189-06-001521.txt : 20060628
<SEC-HEADER>0000894189-06-001521.hdr.sgml : 20060628
<ACCEPTANCE-DATETIME>20060628102323
ACCESSION NUMBER:		0000894189-06-001521
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060430
FILED AS OF DATE:		20060628
DATE AS OF CHANGE:		20060628
EFFECTIVENESS DATE:		20060628

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:		06928590

	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>
<html>
  <head>
    <title>
      Quarterly Notice of Portfolio Holdings
</title>
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      STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      D.C. 20549</font></div>
    <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">&#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: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>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>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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      Company Act file number </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>811-06111</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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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: 10pt; FONT-FAMILY: Times New Roman"><strong><u>The
      Mexico Equity and Income Fund, Inc.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
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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>
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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>
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      East 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: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices) (Zip code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Mr.
      Gerald Hellerman</u></strong></font></div>
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      U.S. Bancorp Fund Services, LLC</u></strong></font></div>
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      E. Michigan Street</u></strong></font></div>
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      WI 53202</u></strong></font></div>
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      of
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      of
      reporting period: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>4/30/2006</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1. Schedule of Investments.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="right" colspan="5" valign="top" width="100%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>The
                  Mexico Equity and Income Fund, Inc.</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>Schedule
                  of Investments</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" colspan="3" valign="top" width="34%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>April
                  30, 2006 (Unaudited)</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">&#160;</td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>MEXICO
                  - 98.84%</strong></font></div>
              </td>
              <td valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Shares</strong></font></div>
              </td>
              <td valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Value
                  </strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="63%">&#160;</td>
              <td valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%" 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: 14pt; FONT-FAMILY: Times New Roman">COMMON
                  STOCKS - 95.87%</font></div>
              </td>
              <td align="right" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Airlines
                  - 4.86%</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                  Aeroportuario del Pacifico, S.A. de C.V. - Class B (a)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,048,600</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">$</font></div>
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                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,478,121</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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 align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">199,900</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">773,410</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,251,531</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Cement
                  - 8.24%</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <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="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">598,937</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,047,932</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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">Corporacion
                  Moctezuma, S.A. de C.V.</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">America
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              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
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              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
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              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alsea,
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">758,994</font></div>
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                <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">Gruma,
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">592,300</font></div>
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                <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
                  Bimbo, S.A. de C.V. - Class A</font></div>
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              <td align="right" valign="top" width="12%">
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
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              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
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            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consorcio
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">225,900</font></div>
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                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,194,662</font></div>
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              <td align="right" valign="top" width="63%">
                <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">Corporacion
                  GEO, S.A. de C.V. (a)</font></div>
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,055,500</font></div>
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                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,956,873</font></div>
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                <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">SARE
                  Holding, S.A. de C.V. (a)</font></div>
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,841,306</font></div>
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,345,129</font></div>
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              <td align="right" valign="top" width="63%">
                <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">Urbi,
                  Desarrollos Urbanos, S.A. de C.V. (a)</font></div>
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">471,300</font></div>
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                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,854,717</font></div>
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            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
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            <tr>
              <td align="left" valign="top" width="63%">
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              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
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              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                  IMSA, S.A. de C.V. UBC</font></div>
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">354,000</font></div>
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,194,660</font></div>
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            <tr>
              <td align="right" valign="top" width="63%">
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              <td align="right" valign="top" width="12%">
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              <td align="right" valign="top" width="63%">
                <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">Mexichem,
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              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
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            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
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              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
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            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Carso
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,236,800</font></div>
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            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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">Empresas
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,117,650</font></div>
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              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,481,958</font></div>
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            <tr>
              <td align="right" valign="top" width="63%">
                <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
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
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              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">93,391</font></div>
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            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
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                  del Desarrollo y el Empleo en America Latina, S.A. de C.V.
                  (a)</font></div>
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              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,009,023</font></div>
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              <td align="right" valign="top" width="12%">
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            <tr>
              <td align="right" valign="top" width="63%">
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
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              </td>
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        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
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      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Schedule
                  of Investments (continued)</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" colspan="3" valign="top" width="34%">
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                  30, 2006 (Unaudited)</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">&#160;</td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
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              </td>
              <td valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
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              <td valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
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              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">&#160;</td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
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              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
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              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
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              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
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            </tr>
            <tr>
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                <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
                  Televisa, S.A. - CPO</font></div>
              </td>
              <td align="right" valign="top" width="3%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: #ffffff solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">130,400</font></div>
              </td>
              <td align="right" valign="top" width="10%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">554,237</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,682,717</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="63%">&#160;</td>
              <td valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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"><strong>Mining
                  - 5.18%</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                  Mexico, S.A. de C.V. - Class B</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,292,300</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,526,991</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Retailing
                  - 11.88%</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                  Elektra, S.A. de C.V. </font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">331,700</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,577,595</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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">Organizacion
                  Soriana, S.A. de C.V. - Class B (a)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">245,700</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,107,787</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,000,854</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,703,812</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,389,194</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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 $67,599,979)</font></div>
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              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">83,810,316</font></div>
              </td>
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            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CORPORATE
                  BONDS - 0.83%</strong></font></div>
              </td>
              <td valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Titles</strong></font></div>
              </td>
              <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TVACB-04,
                  10.4500%, 12/15/2011 (b)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,265,000</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">724,637</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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 align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">724,637</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TREASURY
                  OBLIGATIONS - 1.88%</strong></font></div>
              </td>
              <td valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shares</strong></font></div>
              </td>
              <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mexican
                  Cetes, 7.5000%, 02/15/2007 </font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,260,000</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,641,970</font></div>
              </td>
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            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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
                  TREASURY OBLIGATIONS (Cost $1,709,684)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,641,970</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
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                  COMPANIES - 0.26%</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GBM
                  Fondo de Mercado de Dinero S.A. de C.V. SIID para Personas Fisicas
                  (a)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">102,772</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">227,702</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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 $227,918)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">227,702</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                  MEXICO (Cost $70,537,580)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">86,404,625</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
                  STATES - 1.14%</strong></font></div>
              </td>
              <td align="right" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%" style="border-bottom: black thin solid;">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INVESTMENT
                  COMPANIES - 1.14%%</strong></font></div>
              </td>
              <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  American Treasury Obligations Fund, 4.0156%</font></div>
              </td>
              <td align="right" valign="top" width="3%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,738</font></div>
              </td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,738</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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 $1,000,738)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,738</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                  UNITED STATES (Cost $1,000,738)</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,738</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                  Investments (Cost $71,538,318) - 99.98%</strong></font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>87,405,363</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">
                <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">Other
                  Assets in Excess of Liabilities - 0.02%</font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="right" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,309</font></div>
              </td>
            </tr>
            <tr>
              <td align="right" valign="top" width="63%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">&#160;</td>
              <td align="left" valign="top" width="12%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="63%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TOTAL
                  NET ASSETS - 100.00%</strong></font></div>
              </td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="right" valign="top" width="10%">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>$</strong></font></div>
              </td>
              <td align="right" valign="top" width="12%" style="border-bottom: black double;">
                <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>87,421,672</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>&#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>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADR
        American Depositary Receipt</font></div>
      <div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Income
                    Producing Security</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 27pt;">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fair
                    Valued Security</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <div 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 April 30, 2006
          was as
          follows:</font></div>
        <div align="left">&#160;</div>
      </div>
      <div align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="right" valign="top" width="25%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="63%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div 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="12%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$71,538,318</font></div>
              </td>
              <td align="left" valign="top" width="63%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div 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="12%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,362,090</font></div>
              </td>
              <td align="left" valign="top" width="63%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div 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="12%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,480,825)</font></div>
              </td>
              <td align="left" valign="top" width="63%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div 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="12%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$15,881,265</font></div>
              </td>
              <td align="right" valign="top" width="63%">&#160;</td>
            </tr>
            <tr>
              <td align="right" valign="top" width="25%">&#160;</td>
              <td align="right" valign="top" width="12%">&#160;</td>
              <td align="left" valign="top" width="63%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="3" valign="top" width="100%">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*Because
                  tax adjustments are calculated annually, the above table reflects
                  the
                  tax</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="100%">
                <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">adjustments
                  outstanding at the Fund's previous fiscal year end. For the previous
                  </font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="100%">
                <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">fiscal
                  year's federal income tax information, please refer to the Notes
                  to
                  Financial </font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="100%">
                <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">Statements
                  section in the Fund's most recent semi-annual or annual report.
                  </font></div>
              </td>
            </tr>

        </table>
      </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: 10pt; FONT-FAMILY: Times New Roman">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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2. Controls and Procedures.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                were no changes in the Registrant's internal control over financial
                reporting (as defined in Rule 30a-3(d) under the Act) that occurred
                during
                the Registrant's last fiscal quarter that has materially affected,
                or is
                reasonably likely to materially affect, the Registrant's internal
                control
                over financial reporting. </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">&#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: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3. Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: 10pt; FONT-FAMILY: Times New Roman"><em>Separate
      certifications for each principal executive officer and principal financial
      officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR
      270.30a-2(a)). </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Filed
      herewith.</font></div>
    <div>&#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>&#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: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934 and the Investment
        Company Act of 1940, the registrant has duly caused this report to be signed
        on
        its behalf by the undersigned, thereunto duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)
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        Mexico Equity and Income Fund,
        Inc.&#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><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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        Maria Eugenia
        Pichardo&#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><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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        Maria Eugenia Pichardo, President</font></div>
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</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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        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>
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        Maria Eugenia
        Pichardo&#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></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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        Maria Eugenia Pichardo, President </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;
        6/21/2006&#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;&#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></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LET
TER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
        (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>__/s/
        Gerald
        Hellerman&#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><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        Gerald Hellerman, Chief Financial Officer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date&#160;<font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;
        6/22/2006&#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;&#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></font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
  <head>
    <title>
      Certifications
</title>
<!-- Licensed to: US Bank-->
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</head>
  <body bgcolor="#ffffff">
    <div>
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: 10pt; FONT-FAMILY: Times New Roman">I,
      Maria
      Eugenia Pichardo, certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <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: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;
              &#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                have reviewed this report on Form N-Q of The Mexico Equity and Income
                Fund, Inc.;</font></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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
                on my knowledge, this report does not contain any untrue statement
                of a
                material fact or omit to state a material fact necessary to make
                the
                statements made, in light of the circumstances under which such statements
                were made, not misleading with respect to the period covered by this
                report; </font></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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
                on my knowledge, the schedules of investments included in this report
                fairly present in all material respects the investments of the registrant
                as of the end of the fiscal quarter for which the report is filed;
                </font></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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                registrant's other certifying officer(s) and I are responsible for
                establishing and maintaining disclosure controls and procedures (as
                defined in Rule 30a-3(c) under the Investment Company Act of 1940)
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                internal control over financial reporting (as defined in Rule 30a-3(d)
                under the Investment Company Act of 1940) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
                the registrant and have: </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 align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed
                such disclosure controls and procedures, or caused such disclosure
                controls and procedures to be designed under our supervision, to
                ensure
                that material information relating to the registrant, including its
                consolidated subsidiaries, is made known to us by others within those
                entities, particularly during the period in which this report is
                being
                prepared; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated
                the effectiveness of the registrant's disclosure controls and procedures
                and presented in this report our conclusions about the effectiveness
                of
                the disclosure controls and procedures, as of a date within 90 days
                prior
                to the filing date of this report, based on such evaluation; and
                </font></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 align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
    <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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;
              &#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                registrant's other certifying officer(s) and I have disclosed to
                the
                registrant's auditors and the audit committee of the registrant's
                board of
                directors (or persons performing the equivalent functions):
                </font></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 align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                significant deficiencies and material weaknesses in the design or
                operation of internal control over financial reporting which are
                reasonably likely to adversely affect the registrant's ability to
                record,
                process, summarize, and report financial information; and
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                fraud, whether or not material, that involves management or other
                employees who have a significant role in the registrant's internal
                control
                over financial reporting. </font></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" width="100%">

          <tr>
            <td align="left" valign="middle" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                6/21/2006&#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>
            </td>
            <td align="left" valign="middle" width="40%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Maria Eugenia
                Pichardo&#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>
            </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: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;
                Maria Eugenia Pichardo</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;
                President</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#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>&#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: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: 10pt; FONT-FAMILY: Times New Roman">I,
      Gerald
      Hellerman, certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <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: 10pt; FONT-FAMILY: Times New Roman">1.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
                have reviewed this report on Form N-Q of The Mexico Equity and Income
                Fund, Inc.;</font></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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
                on my knowledge, this report does not contain any untrue statement
                of a
                material fact or omit to state a material fact necessary to make
                the
                statements made, in light of the circumstances under which such statements
                were made, not misleading with respect to the period covered by this
                report; </font></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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;
              &#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
                on my knowledge, the schedules of investments included in this report
                fairly present in all material respects the investments of the registrant
                as of the end of the fiscal quarter for which the report is filed;
                </font></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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                registrant's other certifying officer(s) and I are responsible for
                establishing and maintaining disclosure controls and procedures (as
                defined in Rule 30a-3(c) under the Investment Company Act of 1940)
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                internal control over financial reporting (as defined in Rule 30a-3(d)
                under the Investment Company Act of 1940) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
                the registrant and have: </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 align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Designed
                such disclosure controls and procedures, or caused such disclosure
                controls and procedures to be designed under our supervision, to
                ensure
                that material information relating to the registrant, including its
                consolidated subsidiaries, is made known to us by others within those
                entities, particularly during the period in which this report is
                being
                prepared; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluated
                the effectiveness of the registrant's disclosure controls and procedures
                and presented in this report our conclusions about the effectiveness
                of
                the disclosure controls and procedures, as of a date within 90 days
                prior
                to the filing date of this report, based on such evaluation; and
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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>
    <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: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                registrant's other certifying officer(s) and I have disclosed to
                the
                registrant's auditors and the audit committee of the registrant's
                board of
                directors (or persons performing the equivalent functions):
                </font></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 align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                significant deficiencies and material weaknesses in the design or
                operation of internal control over financial reporting which are
                reasonably likely to adversely affect the registrant's ability to
                record,
                process, summarize, and report financial information; and
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                fraud, whether or not material, that involves management or other
                employees who have a significant role in the registrant's internal
                control
                over financial reporting. </font></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" width="100%">

          <tr>
            <td align="left" valign="middle" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;
                6/22/2006&#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>
            </td>
            <td align="left" valign="middle" width="40%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Gerald
                Hellerman&#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>
            </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: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;
                Gerald Hellerman</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;
                Chief Financial Officer</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;

      <div>
        <hr style="COLOR: black" align="left" noshade size="5" width="100%">
      </div>
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