PRESIDENT & FELLOWS OF HARVARD COLLEGE
SC 13G/A, 2000-09-06
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<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                ______________

                                 SCHEDULE 13G
                                (Rule 13d-102)

            INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
         TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
                           PURSUANT TO RULE 13d-2(b)

                             (Amendment No. 5)/1/

                           The Argentina Fund, Inc.
--------------------------------------------------------------------------------
                               (Name of Issuer)

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

                                   040112104
--------------------------------------------------------------------------------
                                (CUSIP Number)

                                August 31, 2000
--------------------------------------------------------------------------------
            (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)

_______________

    /1/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 the 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 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>

---------------------                                      ---------------------
 CUSIP NO. 040112104                 13G                     Page 2 of 4 Pages
---------------------                                      ---------------------

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

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

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


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

            Massachusetts
--------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5.
     NUMBER OF                 1,739,001 shares

      SHARES       -------------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6.
                               --
     OWNED BY
                   -------------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7.
    REPORTING                  1,739,001 shares

      PERSON       -------------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8.
                               --

--------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9.
                          1,739,001 shares
--------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10.                                                                         [_]

--------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.
                          18.7%

--------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12.
                          EP
--------------------------------------------------------------------------------

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>

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

Item 1(a) Name of Issuer:
                  The Argentina Fund, Inc.

    1(b)  Address of Issuer's Principal Executive Offices:
                  c/o Scudder, Stevens & Clark Ltd.
                  345 Park Avenue
                  New York, NY 10154

Item 2(a) Name of Person Filing
                  President and Fellows of Harvard College

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

    2(c)  Citizenship:
                  Massachusetts

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

    2(e)  CUSIP Number:
                  040112104

Item 3    The reporting person is an employee benefit plan or endowment fund in
          accordance with Rule 13d-1(b)(1)(ii)(F).

Item 4    Ownership:

     4(a) Amount beneficially owned:

                  1,739,001 shares

     4(b) Percent of class:
                  18.7%

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

          (i) Sole power to vote or to direct the vote:
                  1,739,001 shares

                              Pages 3 of 4 Pages
<PAGE>

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

                                _____________

         (iii) Sole power to dispose or to direct the disposition of:
                               1,739,001 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:
                Not Applicable.

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
         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.

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/ Michael S. Pradko
                                                        ------------------------
                                                     Name:  Michael S. Pradko
                                                     Title: Authorized Signatory
September 6, 2000

                               Page 4 of 4 Pages


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