Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on June 21, 2005



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number 811-06111



The Mexico Equity and Income Fund, Inc.
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202 
(Address of principal executive offices) (Zip code)



Mr. Gerald Hellerman
C/O U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202 
(Name and address of agent for service)



866-700-6104
Registrant's telephone number, including area code



Date of fiscal year end: 7/31/2005



Date of reporting period: 4/30/2005 



 
Item 1. Schedule of Investments.
THE MEXICO EQUITY AND INCOME FUND, INC.
      
 
      
Schedule of Investments (unaudited)
    
April 30, 2005
 
 
    
MEXICO - 99.88%
Shares
  
Value
       
COMMON STOCKS - 94.67%
     
Airlines - 7.52%
      
Cintra, S.A. de C.V.*
2,506,400
 $
 1,339,800
Grupo Aeropuertario del Sureste S.A. de C.V. - Class B
664,800
 
1,965,658
     
3,305,458
       
Communications - 18.69%
      
America Movil, S.A. de C.V. - Class L
531,900
 
1,322,534
America Movil, S.A. de C.V. - Class L ADR
40,580
 
2,014,797
America Telecom, S.A. de C.V.*
1,365,000
 
3,690,290
Telefonos de Mexico, S.A. de C.V. - Class L
358,300
 
609,914
Telefonos de Mexico, S.A. de C.V. - Class L ADR
16,852
 
571,283
     
8,208,818
       
Cement - 5.95%
      
Cemex, S.A. de C.V. CPO
363,042
 
2,614,454
       
Construction - 7.62%
      
Corporacion GEO, S.A., de C.V. - Class B*
192,000
 
399,595
Empresas ICA Sociedad Controladora S.A. de C.V.*
5,668,500
 
2,112,357
Urbi, Desarrollos Urbanos, S.A. de C.V.*
176,500
 
837,321
     
3,349,273
     
 
Financial Groups - 2.87%
      
Grupo Financiero Banorte, S.A. de C.V. - Class O
195,100
 
1,260,138
       
Food, Beverage, and Tobacco - 11.74%
      
Alsea, S.A. de C.V.
1,041,453
 
2,072,356
Fomento Economico Mexicano, S.A. de C.V.
218,000
 
1,114,056
Grupo Embotelladoras Unidas, S.A. de C.V. - Class B
312,900
 
1,245,260
Grupo Modelo, S.A. de C.V. - Class C
254,500
 
725,104
     
5,156,776
       
Industrial Conglomerates - 11.32%
      
Alfa, S.A. - Class A
258,900
 
1,310,189
Grupo Carso, S.A. de C.V. - Class A1
318,800
 
1,657,437
Hylsamex, S.A. de C.V. - Class B
326,400
 
1,084,949
Hylsamex, S.A. de C.V. - Class L*
277,079
 
920,255
     
4,972,830
       
Media - 4.64%
      
Grupo Televisa, S.A. ADR
13,000
 
730,340
Grupo Televisa, S.A. CPO
464,500
 
1,306,616
     
2,036,956
       
Mining - 7.27%
      
Grupo Mexico, S.A. de C.V. - Class B
539,900
 
2,522,726
Industrias Penoles, S.A. de C.V.
143,000
 
672,576
     
3,195,302
       
Paper & Related Products - 1.26%
      
Kimberly-Clark de Mexico, S.A. de C.V. - Class A
194,200
 
552,950
       
       
Real Estate - 1.98%
      
Consorcio ARA, S.A. de C.V. - SER
280,800
 
867,849
       
 
 
THE MEXICO EQUITY AND INCOME FUND, INC.      
       
Schedule of Investments (unaudited) (continued)
    
April 30, 2005
       
COMMON STOCKS (continued)
Shares
 
Value
Retailing - 13.81%
      
Organizacion Soriana, S.A. de C.V. - Class B
496,700
 
1,832,525
Wal-Mart de Mexico, S.A. de C.V. - Class V
1,142,084
 
4,234,264
     
6,066,789
       
 
      
TOTAL COMMON STOCKS (Cost $37,622,759)
    
41,587,593
       
CORPORATE BONDS - 4.34%
Titles
  
Value
       
Hylsamex, S.A. de C.V., 8.7500%, 03/08/2009
14,015
 $
 466,271
Hylsamex, S.A. de C.V., 8.7500%, 09/08/2009
14,015
 
466,271
TV Azteca, 12.4300%, 12/15/2011 (a)
11,265,000
 
975,126
TOTAL CORPORATE BONDS (Cost $1,671,760)
    
1,907,668
       
INVESTMENT COMPANIES - 0.87%
Shares
    
       
GBM Fondo Corporativo de Liquidez Inmediata S.A. de C.V.
      
SIID para Personas Morales - Class B*
2,582,088
 
381,514
TOTAL INVESTMENT COMPANIES (Cost $376,553)
      
       
       
       
TOTAL MEXICO (Cost $39,671,072)
    
43,876,775
       
UNITED STATES - 0.14%
Shares
  
Value
       
INVESTMENT COMPANIES - 0.14%
      
       
First American Treasury Obligations Fund - Class A (Cost - $62,777)
62,777
 $
 62,777
       
TOTAL UNITED STATES (Cost $62,777)
    
62,777
       
TOTAL INVESTMENTS - 100.02% (Cost $39,733,849)
    
43,939,552
       
OTHER LIABILITIES IN EXCESS OF ASSETS - (0.02)%
    
(10,797)
       
TOTAL NET ASSETS - 100.00%
   $
 43,928,755
       
Footnotes and Abbreviations
      
* - Non-Income producing security.
     
ADR - American Depository Receipts.
      
(a) Variable Coupon Rate - The rate is the rate in effect on April 30, 2005.
      

 
For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Fund’s most recent semi-annual or annual report.
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) 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 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
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 the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
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)). Filed herewith.



 
 
SIGNATURES

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.


(Registrant) The Mexico Equity and Income Fund, Inc.                               

By (Signature and Title) /s/Maria Eugenia Pichardo                                     
Maria Eugenia Pichardo, President

Date June 16, 2005                                                                                               



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.

By (Signature and Title) /s/Maria Eugenia Pichardo                                     
Maria Eugenia Pichardo, President

Date June 16, 2005                                                                                               

By (Signature and Title) /s/Gerald Hellerman                                                  
Gerald Hellerman, Chief Financial Officer

Date June 15, 2005