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<SEC-DOCUMENT>0000894189-06-003212.txt : 20061228
<SEC-HEADER>0000894189-06-003212.hdr.sgml : 20061228
<ACCEPTANCE-DATETIME>20061228120655
ACCESSION NUMBER:		0000894189-06-003212
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061031
FILED AS OF DATE:		20061228
DATE AS OF CHANGE:		20061228
EFFECTIVENESS DATE:		20061228

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:		061302030

	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-eqnq.htm
<DESCRIPTION>QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
<TEXT>
<html>
  <head>
    <title>
      Quarterly Notice of Portfolio Holdings
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>&#160;</div>
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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, serif">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Washington,
      D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT
      COMPANY</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      WI 53202</u></strong></font></div>
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      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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      1. Schedule of Investments.
</strong></font>
      <div>
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      </div>
    </div>
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      <div>
        <div align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="right" valign="top" width="75%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
                    Mexico Equity and Income Fund, Inc.</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="right" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Schedule
                    of Investments</strong></font></div>
                </td>
                <td align="right" colspan="3" valign="top" width="25%">
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                    31, 2006 (Unaudited)</strong></font></div>
                </td>
              </tr>
              <tr>
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                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MEXICO
                    - 100.07%</strong></font></div>
                </td>
                <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shares</strong></font></div>
                </td>
                <td valign="top" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="10%" style="border-bottom: black thin solid;">
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                    </strong></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="75%">&#160;</td>
                <td align="right" valign="top" width="10%">&#160;</td>
                <td valign="top" width="5%">&#160;</td>
                <td align="right" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="right" valign="top" width="75%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>COMMON
                    STOCKS - 99.17%</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="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Airlines
                    - 1.70%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <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="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">275,500</font></div>
                </td>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,040,531</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div 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="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">189,400</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">719,392</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,759,923</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Cement
                    - 7.41%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cemex,
                    S.A. de C.V. CPO</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,270,718</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,916,754</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div 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="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">500,000</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
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                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">650,000</font></div>
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              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
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                <td align="left" valign="top" width="10%">&#160;</td>
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              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">America
                    Movil, S.A. de C.V. - Class L</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">860,600</font></div>
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              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">America
                    Movil, S.A. de C.V. - Class L - ADR</font></div>
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                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">60,070</font></div>
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                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,575,201</font></div>
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              <tr>
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                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">America
                    Telecom, S.A. de C.V. - Class A1 (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,370,000</font></div>
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              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Axtel,
                    S.A. de C.V. CPO (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">675,003</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,443,534</font></div>
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              </tr>
              <tr>
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                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,283,976</font></div>
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              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
                    Groups - 4.73%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    Financiero Banorte, S.A. de C.V. - Class O</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,360,400</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,900,268</font></div>
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              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Food,
                    Beverage &amp; Tobacco - 7.15%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alsea,
                    S.A. de C.V. - Class A</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">858,190</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,117,435</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gruma,
                    S.A. de C.V.</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">266,800</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">875,450</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div 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>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,000</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">264,309</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    Continental, S.A.</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,050,700</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,149,290</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,406,484</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Housing
                    - 13.09%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consorcio
                    ARA, S.A. de C.V.</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">155,300</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">879,969</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporacion
                    GEO, S.A. de C.V. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,084,900</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,016,511</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SARE
                    Holding, S.A. de C.V. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,524,106</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,022,853</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div 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>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,512,400</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,634,976</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,554,309</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Industrial
                    Conglomerates - 14.07%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alfa,
                    S.A. - Class A</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">286,800</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,597,082</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupe,
                    S.A. de C.V. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">456,500</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">585,752</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    IMSA, S.A. de C.V. UBC (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">633,200</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,731,823</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    Carso, S.A. - Class A1</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">189,000</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">633,521</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Industrias
                    CH, S.A. - Class B (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,340,100</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,204,695</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mexichem,
                    S.A. de C.V.</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,634,200</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,823,361</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
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                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Carso
                    Infraestructura y Construccion, S.A. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,440,100</font></div>
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                    ICA Sociedad Conroladora, S.A. de C.V. (a)</font></div>
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              <tr>
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                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Impulosra
                    del Desarrollo y el Empleo en America Latina, S.A. de C.V.
                    (a)</font></div>
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                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,246,400</font></div>
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              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    Mexicano de Desarrollo, S.A. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">978,200</font></div>
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              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Promotora
                    y Operadora de Infraestructura, S.A. de C.V. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,346,000</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
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              <tr>
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                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
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              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
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                    - 0.03%</strong></font></div>
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                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
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              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Qualitas
                    Compania de Seguros, S.A. de C.V. (a)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,700</font></div>
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                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,042</font></div>
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              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
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                    - 5.41%</strong></font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
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              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    Televisa, S.A. CPO</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">716,200</font></div>
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                <td align="left" valign="top" width="10%">
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              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Grupo
                    Televisa, S.A. - GDR</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">83,400</font></div>
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                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,058,312</font></div>
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              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,600,388</font></div>
                </td>
              </tr>

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        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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        </div>
        <div>&#160;</div>
        <div>
          <table border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Schedule
                    of Investments (continued)</strong></font></div>
                </td>
                <td align="right" colspan="3" valign="top" width="25%">
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                    31, 2006 (Unaudited)</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="right" valign="top" width="10%">&#160;</td>
                <td align="right" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
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                    STOCKS - 99.17%</strong></font></div>
                </td>
                <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shares</strong></font></div>
                </td>
                <td valign="top" width="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="10%" style="border-bottom: black thin solid;">
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                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="right" valign="top" width="10%">&#160;</td>
                <td align="right" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
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                    - 10.10%</strong></font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <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="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">252,900</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,682,811</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div 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 (a) </font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,231,454</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,774,371</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,457,182</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
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                    COMMON STOCKS (Cost $71,473,150)</font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">102,714,489</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CORPORATE
                    BONDS - 0.61%</strong></font></div>
                </td>
                <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="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="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TVACB-04,
                    10.0100%, 12/15/2011 (b)</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,265,000</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">633,249</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div 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="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">633,249</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INVESTMENT
                    COMPANIES - 0.29%</strong></font></div>
                </td>
                <td align="right" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="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="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <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="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">128,047</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">299,296</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
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                    INVESTMENT COMPANIES (Cost $297,878)</font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">299,296</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                    MEXICO (Cost $71,771,028)</font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">103,647,034</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
                    STATES - 0.07%</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="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%" style="border-bottom: black thin solid;">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INVESTMENT
                    COMPANIES - 0.07%</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="5%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                    American Treasury Obligations Fund - Class A, 4.5672%</font></div>
                </td>
                <td align="left" valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,297</font></div>
                </td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,297</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="right" valign="top" width="75%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                    INVESTMENT COMPANIES (Cost $73,297)</font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,297</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                    UNITED STATES (Cost $73,297)</font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,297</font></div>
                </td>
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              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                    Investments (Cost $72,844,325) - 100.14%</strong></font></div>
                </td>
                <td align="right" valign="top" width="10%">&#160;</td>
                <td align="right" valign="top" width="5%">&#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>103,720,331</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="right" valign="top" width="75%">&#160;</td>
                <td align="right" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Liabilities
                    in Excess of Other Assets - (0.14)%</font></div>
                </td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(150,078)</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="top" width="75%">
                  <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="10%">&#160;</td>
                <td align="right" valign="top" width="5%">
                  <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="10%" style="border-bottom: black double;">
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>103,570,253</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="right" valign="top" width="75%">&#160;</td>
                <td align="right" valign="top" width="10%">&#160;</td>
                <td align="left" valign="top" width="5%">&#160;</td>
                <td align="left" valign="top" width="10%">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="middle" width="26%">
                <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, serif">ADR
                  - American Depository Receipts.</font></div>
              </td>
              <td align="left" valign="middle" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="26%">
                <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, serif">GDR
                  - Global Depository Receipts.</font></div>
              </td>
              <td align="left" valign="middle" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="26%">
                <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, serif">(a)
                  Non-income producing security.</font></div>
              </td>
              <td align="left" valign="middle" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="26%">
                <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, serif">(b)
                  Fair valued security.</font></div>
              </td>
              <td align="left" valign="middle" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">&#160;</td>
              <td align="left" valign="bottom" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="7" valign="bottom" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
                cost basis of investments for federal income tax purposes at October
                31,
                2006 was as follows:</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">&#160;</td>
              <td valign="bottom" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">
                <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, serif">Cost
                  of investments*</font></div>
              </td>
              <td align="right" valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$72,959,227</font></div>
              </td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">
                <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, serif">Gross
                  unrealized appreciation</font></div>
              </td>
              <td align="right" valign="bottom" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">31,349,034</font></div>
              </td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">
                <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, serif">Gross
                  unrealized depreciation</font></div>
              </td>
              <td align="right" valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(515,879)</font></div>
              </td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">
                <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, serif">Net
                  unrealized appreciation</font></div>
              </td>
              <td align="right" valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$30,833,155</font></div>
              </td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="26%">&#160;</td>
              <td align="left" valign="bottom" width="13%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="49%">&#160;</td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" colspan="7" valign="bottom" width="89%">
                <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, serif">*Because
                  tax adjustments are calculated annually, the above table reflects
                  the tax
                  adjustments outstanding at the Fund's previous </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="7" valign="bottom" width="89%">
                <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, serif">fiscal
                  year end. For the previous fiscal year's federal income tax information,
                  please refer to the Notes to Financial Statements </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="7" valign="bottom" width="89%">
                <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, serif">section
                  in the Fund's most recent semi-annual or annual report.
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
    </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">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <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, serif"><strong>Item
      2. Controls and Procedures.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
              Registrant&#8217;s President/Chief Executive Officer and Treasurer/Chief
              Financial Officer have concluded that the Registrant's disclosure controls
              and procedures (as defined in Rule&#160;30a-3(c) under the Investment
              Company Act of 1940 (the &#8220;1940 Act&#8221;)) are effective as of a date within 90
              days of the filing date of the report that includes the disclosure
              required by this paragraph, based on the evaluation of these controls
              and
              procedures required by Rule&#160;30a-3(b) under the 1940 Act and
              Rules&#160;15d-15(b) under the Securities Exchange Act of 1934, as
              amended.</font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">There
              were no changes in the Registrant's internal control over financial
              reporting (as defined in Rule 30a-3(d) under the Act) that occurred
              during
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              or is
              reasonably likely to materially affect, the Registrant's internal control
              over financial reporting. </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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, serif"><strong>Item
      3. Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><em>Separate
      certifications for each principal executive officer and principal financial
      officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR
      270.30a-2(a)). </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Filed
      herewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pursuant
      to the requirements of the Securities Exchange Act of 1934 and the Investment
      Company Act of 1940, the registrant has duly caused this report to be signed
      on
      its behalf by the undersigned, thereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Registrant)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>The
      Mexico Equity and Income Fund,
      Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">By
      (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
      Maria Eugenia
      Pichardo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Maria
      Eugenia Pichardo, President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>12/21/2006&#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;
      </u></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: 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, serif">Pursuant
      to the requirements of the Securities Exchange Act of 1934 and the Investment
      Company Act of 1940, this report has been signed below by the following persons
      on behalf of the registrant and in the capacities and on the dates
      indicated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">By
      (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
      Maria Eugenia
      Pichardo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Maria
      Eugenia Pichardo, President </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>12/21/2006&#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;</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font></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, serif">By
      (Signature and Title) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
      Gerald
      Hellerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 126pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>12/26/2006&#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; </u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
      <div>
        <hr style="COLOR: black" align="left" noshade size="5" width="100%">
      </div>
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  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs.htm
<DESCRIPTION>OFFICER CERTIFICATIONS
<TEXT>
<html>
  <head>
    <title>
      Officer Certifications
</title>
<!-- Licensed to: U.S. Bancorp Fund Services, LLC-->
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  <body bgcolor="#ffffff">
    <div>
      <hr style="COLOR: black" align="left" noshade size="5" 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, serif"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">I,
      Maria Eugenia Pichardo, certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">I
              have reviewed this report on Form N-Q of The Mexico Equity and Income
              Fund, Inc.;</font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Based
              on my knowledge, this report does not contain any untrue statement
              of a
              material fact or omit to state a material fact necessary to make the
              statements made, in light of the circumstances under which such statements
              were made, not misleading with respect to the period covered by this
              report; </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Based
              on my knowledge, the schedules of investments included in this report
              fairly present in all material respects the investments of the registrant
              as of the end of the fiscal quarter for which the report is filed;
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
              registrant's other certifying officer(s) and I are responsible for
              establishing and maintaining disclosure controls and procedures (as
              defined in Rule 30a-3(c) under the Investment Company Act of 1940)
              and
              internal control over financial reporting (as defined in Rule 30a-3(d)
              under the Investment Company Act of 1940) for the registrant and have:
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Designed
              such disclosure controls and procedures, or caused such disclosure
              controls and procedures to be designed under our supervision, to ensure
              that material information relating to the registrant, including its
              consolidated subsidiaries, is made known to us by others within those
              entities, particularly during the period in which this report is being
              prepared; </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Designed
              such internal control over financial reporting, or caused such internal
              control over financial reporting to be designed under our supervision,
              to
              provide reasonable assurance regarding the reliability of financial
              reporting and the preparation of financial statements for external
              purposes in accordance with generally accepted accounting principles;
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(c)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Evaluated
              the effectiveness of the registrant's disclosure controls and procedures
              and presented in this report our conclusions about the effectiveness
              of
              the disclosure controls and procedures, as of a date within 90 days
              prior
              to the filing date of this report, based on such evaluation; and
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(d)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Disclosed
              in this report any change in the registrant's internal control over
              financial reporting that occurred during the registrant's most recent
              fiscal quarter that has materially affected, or is reasonably likely
              to
              materially affect, the registrant's internal control over financial
              reporting; and</font></div>
          </td>
        </tr>

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

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

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">All
              significant deficiencies and material weaknesses in the design or
              operation of internal control over financial reporting which are
              reasonably likely to adversely affect the registrant's ability to record,
              process, summarize, and report financial information; and
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Any
              fraud, whether or not material, that involves management or other
              employees who have a significant role in the registrant's internal
              control
              over financial reporting. </font></div>
          </td>
        </tr>

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

          <tr>
            <td align="left" valign="middle" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date:
                <u>12/21/2006&#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;
                </u></font></div>
            </td>
            <td align="left" valign="middle" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
                Maria Eugenia
                Pichardo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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, serif">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, serif">President</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">I,
      Gerald Hellerman, certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">I
              have reviewed this report on Form N-Q of The Mexico Equity and Income
              Fund, Inc.;</font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Based
              on my knowledge, this report does not contain any untrue statement
              of a
              material fact or omit to state a material fact necessary to make the
              statements made, in light of the circumstances under which such statements
              were made, not misleading with respect to the period covered by this
              report; </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Based
              on my knowledge, the schedules of investments included in this report
              fairly present in all material respects the investments of the registrant
              as of the end of the fiscal quarter for which the report is filed;
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
              registrant's other certifying officer(s) and I are responsible for
              establishing and maintaining disclosure controls and procedures (as
              defined in Rule 30a-3(c) under the Investment Company Act of 1940)
              and
              internal control over financial reporting (as defined in Rule 30a-3(d)
              under the Investment Company Act of 1940) for the registrant and have:
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Designed
              such disclosure controls and procedures, or caused such disclosure
              controls and procedures to be designed under our supervision, to ensure
              that material information relating to the registrant, including its
              consolidated subsidiaries, is made known to us by others within those
              entities, particularly during the period in which this report is being
              prepared; </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Designed
              such internal control over financial reporting, or caused such internal
              control over financial reporting to be designed under our supervision,
              to
              provide reasonable assurance regarding the reliability of financial
              reporting and the preparation of financial statements for external
              purposes in accordance with generally accepted accounting principles;
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(c)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Evaluated
              the effectiveness of the registrant's disclosure controls and procedures
              and presented in this report our conclusions about the effectiveness
              of
              the disclosure controls and procedures, as of a date within 90 days
              prior
              to the filing date of this report, based on such evaluation; and
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(d)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Disclosed
              in this report any change in the registrant's internal control over
              financial reporting that occurred during the registrant's most recent
              fiscal quarter that has materially affected, or is reasonably likely
              to
              materially affect, the registrant's internal control over financial
              reporting; and</font></div>
          </td>
        </tr>

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

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

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">All
              significant deficiencies and material weaknesses in the design or
              operation of internal control over financial reporting which are
              reasonably likely to adversely affect the registrant's ability to record,
              process, summarize, and report financial information; and
              </font></div>
          </td>
        </tr>

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

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Any
              fraud, whether or not material, that involves management or other
              employees who have a significant role in the registrant's internal
              control
              over financial reporting. </font></div>
          </td>
        </tr>

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

          <tr>
            <td align="left" valign="middle" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date:
                <u>12/26/2006&#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;
                </u></font></div>
            </td>
            <td align="left" valign="middle" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><u>/s/
                Gerald
                Hellerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </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, serif">Gerald
                Hellerman</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chief
                Financial Officer</font></div>
            </td>
          </tr>

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