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<SEC-DOCUMENT>0000894189-07-002859.txt : 20070928
<SEC-HEADER>0000894189-07-002859.hdr.sgml : 20070928
<ACCEPTANCE-DATETIME>20070928091623
ACCESSION NUMBER:		0000894189-07-002859
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070731
FILED AS OF DATE:		20070928
DATE AS OF CHANGE:		20070928
EFFECTIVENESS DATE:		20070928

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:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06111
		FILM NUMBER:		071140743

	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>NSAR-B
<SEQUENCE>1
<FILENAME>mex_nsarb.fil
<DESCRIPTION>ANNUAL REPORT FOR MANAGEMENT COMPANIES
<TEXT>
<PAGE>      PAGE  1
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001 C000000 4142873311
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<PAGE>      PAGE  2
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087 A010000 THE MEXICO EQUITY AND INCOME FUND, INC.
087 A020000 592834105
087 A030000 MXE
087 B010000 THE MEXICO EQUITY AND INCOME FUND, INC.
087 B020000 592834204
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SIGNATURE   MARIA EUGENIA PICHARDO
TITLE       PRESIDENT

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>rep_lttr.htm
<DESCRIPTION>INTERNAL CONTROL LETTER
<TEXT>
<html>

  <head>
    <title>rep_lttr.htm</title>
<!-- Licensed to: U.S. Bancorp Fund Services-->
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  <body bgcolor="#ffffff">
    <div>
      <hr style="COLOR: black" align="left" noshade size="5" width="100%">
    </div>
    <div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Shareholders
        and Board of Directors</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>The
        Mexico Equity and Income Fund, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>New
        York, New York</strong></font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
        planning and performing our audit of the financial statements of The Mexico
        Equity and Income Fund, Inc., for the year ended July 31, 2007, in accordance
        with the standards of the Public Company Accounting Oversight Board (United
        States), we considered its internal control over financial reporting, including
        control activities for safeguarding securities, as a basis for designing
        our
        auditing procedures for the purpose of expressing our opinion on the financial
        statements and to comply with the requirements of Form N-SAR, but not for
        the
        purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal
        control over financial reporting.&#160;&#160;&#160;Accordingly, we express no
        such opinion.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        management of the Fund is responsible for establishing and maintaining effective
        internal control over financial reporting.&#160;&#160;&#160;In fulfilling this
        responsibility, estimates and judgments by management are required to assess
        the
        expected benefits and related costs of controls.&#160;&#160;&#160;A company&#8217;s
        internal control over financial reporting is a process designed to provide
        reasonable assurance regarding the reliability of financial reporting and
        the
        preparation of financial statements for external purposes in accordance with
        accounting principles generally accepted in the United States of
        America.&#160;&#160;&#160;Such internal control includes policies and procedures
        that provide reasonable assurance regarding prevention or timely detection
        of
        unauthorized acquisition, use or disposition of a company&#8217;s assets that could
        have a material effect on the financial statements.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Because
        of inherent limitations, internal control over financial reporting may not
        prevent or detect misstatements.&#160;&#160;&#160;Also, projections of any
        evaluation of effectiveness to future periods are subject to the risk that
        controls may become inadequate because of changes in conditions, or that
        the
        degree of compliance with the policies or procedures may
        deteriorate.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
        control
        deficiency exists when the design or operation of a control does not allow
        management or employees, in the normal course of performing their assigned
        functions, to prevent or detect misstatements on a timely
        basis.&#160;&#160;&#160;A significant deficiency is a control deficiency, or
        combination of control deficiencies, that adversely affects the company&#8217;s
        ability to initiate, authorize, record, process or report financial data
        reliably in accordance with accounting principles generally accepted in the
        United States of America such that there is more than a remote likelihood
        that a
        misstatement of the company&#8217;s annual or interim financial statements that is
        more than inconsequential will not be prevented or detected.&#160;&#160;&#160;A
        material weakness is a significant deficiency, or combination of significant
        deficiencies, that results in more than a remote likelihood that a material
        misstatement of the annual or interim financial statements will not be prevented
        or detected.</font></div>
      <div>&#160;</div>
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Shareholders
        and Board of Directors</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>The
        Mexico Equity and Income Fund, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Page
        two</strong></font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Our
        consideration of the Fund&#8217;s internal control over financial reporting was for
        the limited purpose described in the first paragraph and would not necessarily
        disclose all deficiencies in internal control that might be significant
        deficiencies or material weaknesses under standards established by the Public
        Company Accounting Oversight Board (United States).&#160;&#160;However, we noted
        no deficiencies in the Fund&#8217;s internal control over financial reporting and its
        operation, including controls for safeguarding securities, which we consider
        to
        be material weaknesses, as defined above, as of July 31, 2007.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
        report is intended solely for the information and use of management,
        Shareholders and Board of Trustees of The Mexico Equity and Income Fund,
        Inc.
        and the Securities and Exchange Commission, and is not intended to be and
        should
        not be used by anyone other than these specified parties.</font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>TAIT,
        WELLER &amp; BAKER LLP</strong></font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Philadelphia,
        Pennsylvania</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>September
        14, 2007</strong></font></div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="5" width="100%">
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