-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001144204-07-049388.txt : 20070914
<SEC-HEADER>0001144204-07-049388.hdr.sgml : 20070914
<ACCEPTANCE-DATETIME>20070914121326
ACCESSION NUMBER:		0001144204-07-049388
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070831
FILED AS OF DATE:		20070914
DATE AS OF CHANGE:		20070914

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GOLDSTEIN PHILLIP
		CENTRAL INDEX KEY:			0001067621

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		071117032

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		9147475262

	MAIL ADDRESS:	
		STREET 1:		60 HERITAGE DRIVE
		CITY:			PLEASANTVILLE
		STATE:			NY
		ZIP:			10570

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICO EQUITY & INCOME FUND INC
		CENTRAL INDEX KEY:			0000863900
		IRS NUMBER:				133576061
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>v087229_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2007-08-31</periodOfReport>

    <dateOfOriginalSubmission>2007-09-05</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001067621</rptOwnerCik>
            <rptOwnerName>GOLDSTEIN PHILLIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>60 HERITAGE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PLEASANTVILLE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10570</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>57872</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>36.24</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>62872</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6000</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>36.4517</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>56872</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities were purchased by the Reporting Person pursuant to a rights offering in which the Reporting Person
 exercised its right to purchase shares of common stock of the Issuer.</footnote>
        <footnote id="F2">The reported securities were acquired by Mercury Partners LP, a limited partnership; Steady Gain Partners LP, a limited
 partnership, Opportunity Income Plus LP, a limited partnership; Opportunity Partners L.P., a limited partnership; Full Value
 Partners LP, a limited partnership; and Calapasas Investment Partnership LP, a limited partnership. The Reporting Person is
 a portfolio manager for Mercury Partners LP, who has shared voting and dispositive power. The Reporting Person is the
 President of Kimball &amp; Winthrop, Inc., the general partner of Opportunity Partners LP and the portfolio manager for
 Calapasas Investment Partnership LP, which has sole voting and dispositive power. The Reporting Person is a Managing Member
 of Spar Advisors LLC, the general partner of Opportunity Income Plus LP, which has sole voting and dispositive power.</footnote>
        <footnote id="F3">The Reporting Person is a Managing Member of Full Value Advisors LLC, the general partner of Full Value Partners LP, which
 has sole voting and dispositive power.  On August 31, 2007 Mercury Partners LP purchased 4,621 shares of the common stock of
 the Issuer, Steady Gain Partners LP purchased 4,621 shares of the common stock of the Issuer, Opportunity Income Plus LP
 purchased 3,675 shares of the common stock of the Issuer, Opportunity Partners L.P. purchased 19,362 shares of the common
 stock of the Issuer, Full Value Partners LP purchased 19,362 shares of the common stock of the Issuer and Calapasas
 Investment Partnership LP purchased 6,231 shares of the common stock of the Issuer. The Reporting Person disclaims
 beneficial ownership of the securities purchased by Mercury Partners LP, Steady Gain Partners LP, Opportunity Income Plus
 LP, Opportunity Partners L.P., Full Value Partners LP and Calapasas Investment Partnership LP.</footnote>
        <footnote id="F4">The reported securities were sold by Mercury Partners LP, a limited partnership; Steady Gain Partners LP, a limited
 partnership,  Opportunity Income Plus LP, a limited partnership; Opportunity Partners L.P., a limited partnership; Full
 Value Partners LP, a limited partnership; and Calapasas Investment Partnership LP, a limited partnership. The Reporting
 Person is a portfolio manager for Mercury Partners LP, who has shared voting and dispositive power. The Reporting Person is
 the President of Kimball &amp; Winthrop, Inc., the general partner of Opportunity Partners LP and the portfolio manager for
 Calapasas Investment Partnership LP, which has sole voting and dispositive power.</footnote>
        <footnote id="F5">The Reporting Person is a Managing Member of Spar Advisors LLC, the general partner of Opportunity Income Plus LP, which has
 sole voting and dispositive power.  The Reporting Person is a Managing Member of Full Value Advisors LLC, the general
 partner of Full Value Partners LP, which has sole voting and dispositive power.  On August 31, 2007 Mercury Partners LP sold
 479 shares of the common stock of the Issuer, Steady Gain Partners LP sold 479 shares of the common stock of the Issuer,
 Opportunity Income Plus LP sold 382 shares of the common stock of the Issuer, Opportunity Partners L.P. sold 2,007 shares of
 the common stock of the Issuer, Full Value Partners LP sold 2,007 shares of the common stock of the Issuer and Calapasas
 Investment Partnership LP sold 646 shares of the common stock of the Issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Phillip Goldstein</signatureName>
        <signatureDate>2007-09-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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