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002 B000000 BOSTON
002 C000000 MA
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE BELINDA A. BRADY
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916301
<NAME> MORGAN STANLEY AFRICA INVESTMENT FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 198,478
<INVESTMENTS-AT-VALUE> 204,901
<RECEIVABLES> 536
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,924
<TOTAL-LIABILITIES> 3,924
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 200,737
<SHARES-COMMON-STOCK> 13,891
<SHARES-COMMON-PRIOR> 14,346
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (236)
<ACCUMULATED-NET-GAINS> (5,378)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,406
<NET-ASSETS> 201,529
<DIVIDEND-INCOME> 7,945
<INTEREST-INCOME> 13
<OTHER-INCOME> 0
<EXPENSES-NET> (3,164)
<NET-INVESTMENT-INCOME> 4,794
<REALIZED-GAINS-CURRENT> 367
<APPREC-INCREASE-CURRENT> 37,112
<NET-CHANGE-FROM-OPS> 42,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,114)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 455
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 33,806
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> (6,675)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,164
<AVERAGE-NET-ASSETS> 177,369
<PER-SHARE-NAV-BEGIN> 11.69
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 2.78
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 14.51
<EXPENSE-RATIO> 1.78
</TABLE>
Morgan Stanley Dean Witter Closed End Funds
Rule 10f-3 Transactions (Purchase of Securities by Fund From an
Underwriting Syndicate in which an Affiliate is a Member)
January 1, 1999 through December 31, 1999
<TABLE>
<CAPTION>
Date of Price Per Total % of Offering
Portfolio (Bu Offering Security Shares Share Value Purchased
<C> <C> <C> <C> <C>
MS ASIA PACIFIC FUND, INC.
03/26/99 Korea Electric Power 496,500
$12.00 $5,958,000 0.791%
11/03/99 Gas Authority of India Limited 135,000
$9.67 $1,305,450 0.600%
11/12/99 I-Cable Communications 27,500
$27.00 $742,500 0.340%
05/25/99 Korea Telecom ADR 220,900
$27.56 $6,088,004 0.245%
07/05/99 Pohang Iron & Steel ADR 57,100
$32.75 $1,870,025 0.185%
07/12/99 PT Indofood Sukses Makmur 453,500
$1.24 $561,433 0.197%
09/16/99 Hyundai Motor GDR 444,000
$10.92 $4,848,480 0.970%
09/22/99 Icici Ltd. 42,300
$9.80 $414,540 0.151%
10/28/99 China Telecom 952,000
$3.10 $2,951,200 0.170%
MS EMERGING MARKETS FUND, INC.
03/26/99 Korea Electric Power 216,680
$12.00 $2,600,160 0.345%
11/16/99 Sappi LTD 80,800
$51.20 $4,136,960 0.208%
05/25/99 Korea Telecom ADR 185,900
$27.56 $5,123,404 0.206%
06/07/99 Amdocs Ltd. 56,300
$22.44 $1,263,231 0.282%
07/05/99 Pohang Iron & Steel ADR 34,000
$32.75 $1,113,500 0.110%
07/12/99 PT Indofood Sukses Makmur 314,000
$1.24 $388,732 0.137%
09/22/99 Icici Ltd. 61,615
$9.80 $603,827 0.220%
10/28/99 China Telecom 1,126,000
$3.10 $3,490,600 0.201%
MS EMERGING MARKETS DEBT FUND, INC.
01/07/99 Philippines Republic Global Bond,
9.875%, Due 01/15/19 2,150,000 $98.32 $2,113,837 0.043%
MS GLOBAL OPPORTUNITY BOND FUND, INC.
01/07/99 Philippines Republic Global Bond,
9.875%, Due 01/15/19 250,000 $98.32 $245,795 0.005%
AFRICA INVESTMENT FUND
11/16/99 Sappi LTD 480,000
$51.20 $24,576,000 1.238%
LATIN AMERICAN DISCOVERY FUND, INC.
05/25/99 Star Media 28,310
$15.00 $424,650 0.352%
06/29/99 Seminis 69,300
$15.00 $1,039,500 0.504%
08/05/99 Iusacell 124,060
$10.50 $1,302,630 0.906%
MSDW INDIA INVESTMENT FUND, INC.
09/28/99 Hughes Software Systems Ltd. 88,000
$14.51 $1,277,039 2.235%
</TABLE>
<TABLE>
<CAPTION>
Underwriter or Dealer Total Units
from Whom Purchased Offered
<S> <C> <C>
MS ASIA PACIFIC FUND, INC.
ING Baring 62,800,000
Jardine Flemming 22,500,000
Merrill Lynch 8,100,000
Daewoo Securities 90,191,012
Salomon Brothers 30,873,800
CS First Boston 230,000,000
Credit Swiss First Boston 45,788,000
Merrill Lynch- Hong Kong 27,950,311
Goldman Sachs 560,700,000
MS EMERGING MARKETS FUND, INC.
ING Baring 62,800,000
Deutche Bank 38,765,000
Daewoo Securities 90,191,012
Goldman Sachs 20,000,000
Salomon Brothers 30,873,800
CS First Boston 230,000,000
Merrill Lynch 27,950,311
Goldman Sachs 560,700,000
MS EMERGING MARKETS DEBT FUND, INC.
J.P. Morgan 5,000,000,000
MS GLOBAL OPPORTUNITY BOND FUND, INC.
J.P. Morgan 5,000,000,000
AFRICA INVESTMENT FUND
Deutche Bank 38,765,000
LATIN AMERICAN DISCOVERY FUND, INC.
Goldman Sachs 8,050,000
Goldman Sachs 13,750,000
JP Morgan Securities 13,700,000
MSDW INDIA INVESTMENT FUND, INC.
Kotak 3,937,500
* All transactions were completed in accordance with Rule 10f-3 and Board-approved Rule 10f-3 procedures.
</TABLE>
Report of Independent Accountants
To the Board of Directors and Shareholders
of Morgan Stanley Dean Witter Africa Investment Fund, Inc.
In planning and performing our audits of the financial
statements of Morgan Stanley Dean Witter Africa Investment
Fund, Inc. (the "Company") for the year ended December 31,
1999, we considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Company is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management
are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness
of their design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use
of the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
February 18, 2000
