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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   __________

                                  SCHEDULE 13G


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 4 )*


                       Mexico Equity and Income Fund, Inc.
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                    592834105
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                                 (CUSIP Number)

                                December 31, 2009
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     |X|  Rule 13d-1(b)
     |_|  Rule 13d-1(c)
     |_|  Rule 13d-1(d)

     * The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 592834105                     13G                    PAGE 2 of 8 PAGES
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1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

     CITY OF LONDON INVESTMENT GROUP PLC, A COMPANY INCORPORATED UNDER THE LAWS
     OF ENGLAND AND WALES
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2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP              (a) [_]
                                                                   (b) [_]

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3.   SEC USE ONLY


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4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     GREAT BRITAIN
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                                 5.       SOLE VOTING POWER

                                          1,929,334
           NUMBER OF             -------- --------------------------------------
            SHARES               6.       SHARED VOTING POWER
         BENEFICIALLY
           OWNED BY                       0
             EACH                -------- --------------------------------------
           REPORTING             7.       SOLE DISPOSITIVE POWER
            PERSON
             WITH                         1,929,334
                                 -------- --------------------------------------
                                 8.       SHARED DISPOSITIVE POWER

                                          0
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9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,929,334
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10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   [_]


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11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     24.96%
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12.  TYPE OF REPORTING PERSON

     HC
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CUSIP NO. 592834105                     13G                    PAGE 3 of 8 PAGES
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1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

     CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED, A COMPANY
     INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES
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2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP              (a) [_]
                                                                   (b) [_]

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3.   SEC USE ONLY


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4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     GREAT BRITAIN
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                                 5.       SOLE VOTING POWER

                                          1,929,334
           NUMBER OF             -------- --------------------------------------
            SHARES               6.       SHARED VOTING POWER
         BENEFICIALLY
           OWNED BY                       0
             EACH                -------- --------------------------------------
           REPORTING             7.       SOLE DISPOSITIVE POWER
            PERSON
             WITH                         1,929,334
                                 -------- --------------------------------------
                                 8.       SHARED DISPOSITIVE POWER

                                          0
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9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,929,334
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   [_]


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11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     24.96%
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12.  TYPE OF REPORTING PERSON

     IA
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CUSIP NO. 592834105                     13G                    PAGE 4 of 8 PAGES
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ITEM 1(A).  NAME OF ISSUER:

            Mexico Equity and Income Fund, Inc.

ITEM 1(B).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

            The principal executive offices of the Fund are located at The
            Mexico Equity and Income Fund, Inc. c/o U.S. Bancorp Funds Services,
            LLC , 777 East Wisconsin Ave Milwaukee, WI 53202, USA. Attn. Mr.
            John Buckll, (414-765-4255)

ITEM 2(A).  NAME OF PERSON FILING:

            This statement is being filed by City of London Investment Group PLC
            ("CLIG") and City of London Investment Management Company Limited
            ("CLIM," and together with CLIG, the "Reporting Persons").

            The principal business of CLIG is serving as the parent holding
            company for the City of London group of companies, including CLIM.

            CLIM is an emerging markets fund manager which specializes in
            investing in closed-end investment companies and is a registered
            investment adviser under Section 203 of the Investment Advisers Act
            of 1940. CLIM is controlled by CLIG. CLIM is principally engaged in
            the business of providing investment advisory services to various
            public and private investment funds, including The Emerging World
            Fund ("EWF"), a Dublin, Ireland-listed open-ended investment
            company, Emerging Markets Country Fund ("GEM"), a private investment
            fund organized as a Delaware business trust, Investable Emerging
            Markets Country Fund ("IEM"), a private investment fund organized as
            a Delaware business trust, Emerging (BMI) Markets Country Fund
            ("BMI"), a private investment fund organized as a Delaware business
            trust, Emerging Free Markets Country Fund ("FREE"), a private
            investment fund organized as a Delaware business trust, Frontier
            Emerging Markets Fund ("FRONT"), a private investment fund organized
            as a Delaware business trust, , the Global Emerging Markets Equity
            Yield Fund ("PLUS"), a private investment fund organized as a
            Delaware business trust,, GFM (Institutional) Emerging Markets
            Country Fund ("GFM"), an open-ended fund organized under the laws of
            the Province of Ontario, Tradex Global Equity Fund ("Tradex"), an
            Ontario mutual fund, and fourteen unaffiliated third-party
            segregated accounts over which CLIM exercises discretionary voting
            and investment authority (the "Segregated Accounts").

            EWF, GEM, IEM, BMI, FREE, FRONT, PLUS, GFM, and Tradex are
            collectively referred to herein as the "City of London Funds."

            The Shares to which this Schedule 13G relates are owned directly by
            the City of London Funds and the Segregated Accounts.


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CUSIP NO. 592834105                     13G                    PAGE 5 of 8 PAGES
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ITEM 2(B).  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

            Address for CLIG and CLIM:

            77 Gracechurch
            London EC3V 0AS
            England

ITEM 2(C).  CITIZENSHIP:

            CLIG - Great Britain

            CLIM - Great Britain

ITEM 2(D).  TITLE OF CLASS OF SECURITIES:

            Common Stock, par value $.001 per share

ITEM 2(E).  CUSIP NUMBER:

            592834105

ITEM 3.     IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR
            (C), CHECK WHETHER THE PERSON FILING IS A:

            (a)       |_| Broker or dealer registered under Section 15 of the
                          Act (15 U.S.C. 78o).

            (b)       |_| Bank as defined in Section 3(a)(6) of the Act
                          (15 U.S.C. 78c).

            (c)       |_| Insurance company as defined in Section 3(a)(19)of
                          the Act (15 U.S.C. 78c).

            (d)       |_| Investment company registered under Section 8 of the
                          Investment Company Act of 1940 (15 U.S.C. 80a-8).

            (e)       |X| An investment adviser in accordance with Rule
                          13d-1(b)(1)(ii)(E) (for CLIM);

            (f)       |_| An employee benefit plan or endowment fund in
                          accordance with Rule 13d-1(b)(1)(ii)(F);

            (g)       |X| A parent holding company or control person in
                         accordance with Rule 13d-1(b)(1)(ii)(G) (for CLIG);


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CUSIP NO. 592834105                     13G                    PAGE 6 of 8 PAGES
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            (h)       |_| A savings association as defined in Section 3(b) of
                          the Federal Deposit Insurance Act (12 U.S.C. 1813);

            (i)       |_| A church plan that is excluded from the definition of
                          an investment company under Section 3(c)(14) of the
                          Investment Company Act (15 U.S.C. 80a-3);

            (j)       |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).


ITEM 4.     OWNERSHIP.

            For CLIG and CLIM:

            (a) Amount beneficially owned:

                1,929,334

            (b) Percent of class:

                24.96 %

            (c) Number of shares as to which such person has:

                (i) Sole power to vote or to direct the vote: 1,929,334

                (ii) Shared power to vote or to direct the vote: 0

                (iii) Sole power to dispose or to direct the disposition of:
                      1,929,334

                (iv) Shared power to dispose or to direct the disposition of: 0

ITEM 5.     OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

            Not applicable.

ITEM 6.     OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

            CLIG, as the parent holding company of CLIM, and CLIM, as investment
            advisers to the Funds, have the power to direct the dividends from,
            or the proceeds of the sale of the shares owned by the Funds. Each
            of the Funds owns less than 5% of the shares.

ITEM 7.     IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
            THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

            CLIG is the parent holding company of CLIM. See also Item 3.


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CUSIP NO. 592834105                     13G                    PAGE 7 of 8 PAGES
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ITEM 8.     IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

            Not applicable.

ITEM 9.     NOTICE OF DISSOLUTION OF GROUP.

            Not applicable.

ITEM 10.    CERTIFICATION.

            By signing below I certify that, to the best of my knowledge and
            belief, the securities referred to above were acquired and are held
            in the ordinary course of business and were not acquired and are not
            held for the purpose of or with the effect of changing or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection with or as a participant in
            any transaction having that purpose or effect.





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CUSIP NO. 592834105                     13G                    PAGE 8 of 8 PAGES
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                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

     The reporting persons agree that this statement is filed on behalf of each
of them.



Dated:      February 9, 2010



                                         CITY OF LONDON INVESTMENT GROUP PLC


                                         By: /s/ Barry M. Olliff
                                             ----------------------------------
                                             Name: Barry M. Olliff
                                             Title: Director



                                         CITY OF LONDON INVESTMENT MANAGEMENT
                                         COMPANY LIMITED


                                         By: /s/ Barry M. Olliff
                                             ----------------------------------
                                             Name: Barry M. Olliff
                                             Title: Director