<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
015 B000001 C
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000863900
<NAME> THE MEXICO EQUITY AND INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 94232210
<INVESTMENTS-AT-VALUE> 73744523
<RECEIVABLES> 12489944
<ASSETS-OTHER> 62020
<OTHER-ITEMS-ASSETS> 89411
<TOTAL-ASSETS> 86385898
<PAYABLE-FOR-SECURITIES> 8491337
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 188267
<TOTAL-LIABILITIES> 8679604
<SENIOR-EQUITY> 11825
<PAID-IN-CAPITAL-COMMON> 131288786
<SHARES-COMMON-STOCK> 11825273
<SHARES-COMMON-PRIOR> 11825273
<ACCUMULATED-NII-CURRENT> 2300104
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (35430284)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20464137)
<NET-ASSETS> 77706294
<DIVIDEND-INCOME> 558779
<INTEREST-INCOME> 1915743
<OTHER-INCOME> 0
<EXPENSES-NET> (772386)
<NET-INVESTMENT-INCOME> 1702136
<REALIZED-GAINS-CURRENT> (32118016)
<APPREC-INCREASE-CURRENT> (1028430)
<NET-CHANGE-FROM-OPS> (33146446)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10997504)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (42441814)
<ACCUMULATED-NII-PRIOR> 597968
<ACCUMULATED-GAINS-PRIOR> 7685236
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.16
<PER-SHARE-NII> .14
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT INDEX
EXHIBIT A: Attachment to item 77C:
Submission of matters to a vote of security holders.
- -----------------------------------------------------------
EXHIBIT A:
The Mexico Equity and Income Fund, Inc.
Results of Annual Shareholders Meeting
The Fund held its annual shareholders meeting on November 9,
1998. At the meeting, shareholders elected each of the nominees
proposed for election to the Fund's Board of Directors, ratified
the selection of PricewaterhouseCoopers LLP to serve as the
independent accountants of the Fund for the year ending July 31,
1999. In addition, a stockholder proposal to terminate the
investment advisory agreements with Advantage Advisers, Inc. (the
"U.S. Co-Adviser") and Acci Worldwide, S.A. de C.V. (the "Mexican
Adviser") and to cause the board to solicit competitive proposals
for a new adviser failed to obtain a sufficient amount of votes
to pass the stockholder proposal under the Investment Company Act
of 1940, as amended. The following table provides information
concerning the matters voted on at the meeting:
I. Election of Directors
Nominee Votes For Votes Abstained
Carrol W. Brewster 9,236,249 1,182,118
Sol Gittleman 9,235,021 1,183,346
At January 31, 1999, in addition to Carroll W. Brewster and Sol
Gittleman, the other directors of the Fund were as follows:
Alan Rappaport
Luis Rubio
II. Ratification of PricewaterhouseCoopers LLP as the Independent
Accountants of the Fund
Votes For Votes Against Votes Abstained
10,118,293 210,666 89,408
III. Stockholder Proposal to Terminate the Fund's Investment
Advisory Agreements with Advantage Advisers, Inc. & ACCI
Worldwide, S.A. de C.V.
Votes For Votes Against Votes Withheld No Vote
4,640,128 1,987,648 309,986 3,480,604
