PRESIDENT & FELLOWS OF HARVARD COLLEGE
SC 13G/A, 1997-06-10
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                 SCHEDULE 13G-A
                                 (Rule 13d-102)

             Information Statement Pursuant to Rules 13d-1 and 13d-2
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*

                      Morgan Stanley Africa Investment Fund
         ---------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
        ----------------------------------------------------------------
                         (Title of Class of Securities)


                                    617444104
                          -----------------------------
                                 (CUSIP Number)


*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 on 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).



                                Page 1 of 7 Pages

3218022.01

<PAGE>

- -------------------                                           ------------------
CUSIP No. 617444104                   13G                     Page 2 of 11 Pages
- -------------------                                           ------------------


- --------------------------------------------------------------------------------
1.          NAME OF REPORTING PERSON
            S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              President and Fellows of Harvard College
- --------------------------------------------------------------------------------
                                                                (a)          [X]
2.          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                (b)          [ ]

- --------------------------------------------------------------------------------
3.          SEC USE ONLY

- --------------------------------------------------------------------------------
4.          CITIZENSHIP OR PLACE OF ORGANIZATION

                     Massachusetts
- --------------------------------------------------------------------------------
                    5.   SOLE VOTING POWER
  NUMBER OF                    1,444,583 shares
   SHARES           ------------------------------------------------------------
BENEFICIALLY        6.   SHARED VOTING POWER
  OWNED BY                     ----
   EACH             ------------------------------------------------------------
 REPORTING          7.   SOLE DISPOSITIVE POWER
  PERSON                       1,444,583 shares
   WITH             ------------------------------------------------------------
                    8.   SHARED DISPOSITIVE POWER
                               ----
- --------------------------------------------------------------------------------
9.          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                       1,444,583 shares
- --------------------------------------------------------------------------------
10.         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES            [ ]
            CERTAIN SHARES*

- --------------------------------------------------------------------------------
11.         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
                       9.3%
- --------------------------------------------------------------------------------
12.         TYPE OF REPORTING PERSON*
                       EP
- --------------------------------------------------------------------------------


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                Page 2 of 7 Pages

3218022.01

<PAGE>


- -------------------                                           ------------------
CUSIP No. 617444104                   13G                     Page 3 of 11 Pages
- -------------------                                           ------------------


- --------------------------------------------------------------------------------
1.          NAME OF REPORTING PERSON
            S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              The Harvard University Master Trust Fund
- --------------------------------------------------------------------------------
                                                                (a)          [X]
2.          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                (b)          [ ]

- --------------------------------------------------------------------------------
3.          SEC USE ONLY

- --------------------------------------------------------------------------------
4.          CITIZENSHIP OR PLACE OF ORGANIZATION

                     Massachusetts
- --------------------------------------------------------------------------------
                    5.   SOLE VOTING POWER
  NUMBER OF                    102,800 shares
   SHARES           ------------------------------------------------------------
BENEFICIALLY        6.   SHARED VOTING POWER
  OWNED BY                     ----
   EACH             ------------------------------------------------------------
 REPORTING          7.   SOLE DISPOSITIVE POWER
  PERSON                       102,800 shares
   WITH             ------------------------------------------------------------
                    8.   SHARED DISPOSITIVE POWER
                               ----
- --------------------------------------------------------------------------------
9.          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                       102,800 shares
- --------------------------------------------------------------------------------
10.         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES            [ ]
            CERTAIN SHARES*

- --------------------------------------------------------------------------------
11.         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
                       0.7%
- --------------------------------------------------------------------------------
12.         TYPE OF REPORTING PERSON*
                       EP
- --------------------------------------------------------------------------------


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                                Page 3 of 7 Pages

3218022.01

<PAGE>


                                  SCHEDULE 13G
                                  ------------


Item 1(a)   Name of Issuer:
                  Morgan Stanley Africa Investment Fund

     1(b)   Address of Issuer's Principal Executive Offices:
                  1221 Avenue of the Americas
                  New York, New York  10020

Item 2(a)   Name of Person Filing:
                  (i)  President and Fellows of Harvard College ("P&F")

                  (ii)  The Harvard University Master Trust Fund ("HUMT")

     2(b)   Address of Principal Business Office or, if none, Residence:
                  (i)      P&F:  c/o Harvard Management Company, Inc.
                                 600 Atlantic Avenue
                                 Boston, MA 02210

                  (ii)     HUMT: 1350 Massachusetts Avenue
                                 Holyoke Center, Room 340
                                 Cambridge, MA 02138

     2(c)   Citizenship:
                  (i)      P&F: Massachusetts
                  (ii)     HUMT: Massachusetts

     2(d)   Title of Class of Securities:
                  Common Stock

     2(e)   CUSIP Number:
                  617444104

Item 3      If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b): 
                  The entities filing are a Group in accordance with 
                  Rule 13d-1(b)(1)(ii)(H).

Item 4      Ownership:

     4(a)   Amount beneficially owned:
                  (i)      P&F:  1,444,583 shares
                  (ii)     HUMT: 102,800 shares


                                Page 4 of 7 Pages

3218022.01

<PAGE>



     4(b)   Percent of Class:
                  (i)      P&F:   9.3%
                  (ii)     HUMT:  0.7%

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

            (i)  sole power to vote or to direct the vote:
                  (i)      P&F: 1,444,583 shares
                  (ii)     HUMT: 102,800 shares

            (ii) shared power to vote or to direct the vote:
                  ---------

            (iii) sole power to dispose or to direct the disposition of:
                  (i)      P&F: 1,444,583 shares
                  (ii)     HUMT: 102,800 shares

            (iv) shared power to dispose or to direct the disposition of:
                  --------

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:
                  Not Applicable.

Item 7      Identification and Classification of the Subsidiary which Acquired 
            the Security Being Reported on by the Parent Holding Company:
                  Not Applicable.

Item 8      Identification and Classification of Members of the Group:
                  See Exhibit A.

Item 9      Notice of Dissolution of Group:
                  Not Applicable.

Item 10     Certification:

            By signing below the undersigned certifies that, to the best of its
            knowledge and belief, the securities referred to above were acquired
            in the ordinary course of business and were not acquired for the
            purpose of and do not have the effect of changing or influencing the
            control of the issuer of such securities and were not acquired in
            connection with or as a participant in any transaction having such
            purpose or effect.


                                Page 5 of 7 Pages

3218022.01

<PAGE>



After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.

                                       PRESIDENT AND FELLOWS OF HARVARD COLLEGE


                                       By:  /s/ Verne O. Sedlacek
                                          -------------------------------------
                                         Name:  Verne O. Sedlacek
                                         Title: Authorized Signatory


                                       THE HARVARD UNIVERSITY MASTER TRUST FUND


                                       By:  /s/ Verne O. Sedlacek
                                          -------------------------------------
                                         Name:  Verne O. Sedlacek
                                         Title: Authorized Signatory


June 9, 1997

                                Page 6 of 7 Pages

3218022.01

<PAGE>


                                    Exhibit A
                                    ---------

      Member of Group                                      Item 3 Classification
      ---------------                                      ---------------------

(1)   President and Fellows of Harvard College                       EP

(2)   The Harvard University Master Trust Fund                       EP


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3218022.01




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