-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PUEOPwCwmCauln5kvLogIZQ44Xh+p1tZZsZpEsMRaUVUAPyvWh9UkRcd71iPWD6W
 smShURwuiQHN/CRylJZ/xA==

<SEC-DOCUMENT>0001029869-98-000208.txt : 19980218
<SEC-HEADER>0001029869-98-000208.hdr.sgml : 19980218
ACCESSION NUMBER:		0001029869-98-000208
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980213
SROS:			NONE
GROUP MEMBERS:		PRESIDENT & FELLOWS OF HARVARD COLLEGE
GROUP MEMBERS:		THE HARVARD UNIVERSITY MASTER TRUST FUND

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICO EQUITY & INCOME FUND INC
		CENTRAL INDEX KEY:			0000863900
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				133576061
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-41350
		FILM NUMBER:		98539027

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CTR
		STREET 2:		200 LIBERTY ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
		BUSINESS PHONE:		2126675000

	MAIL ADDRESS:	
		STREET 1:		OPPENHEIMER TOWER
		STREET 2:		200 LIBERTY STREET, 38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO CONVERTIBLE ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRESIDENT & FELLOWS OF HARVARD COLLEGE
		CENTRAL INDEX KEY:			0000315016
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				042103580
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O HARVARD MANAGEMENT COMPANY INC
		STREET 2:		600 ATLANTIC AVENUE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		6175234400
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13G/A
<TEXT>

                                  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. 1)*

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


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


                                    592834105
                          -----------------------------
                                 (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

<PAGE>

- -------------------------                           ---------------------------
| CUSIP No. 592834105   |           13G            |   Page  2  of   7  Pages |
|           ---------   |                          |        ---     ---       |
- -------------------------                           ---------------------------

|--------|---------------------------------------------------------------------|
|   1    |  NAME OF REPORTING PERSON                                           |
|        |  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                  |
|        |                                                                     |
|        |  President and Fellows of Harvard College                           |
|--------|---------------------------------------------------------------------|
|   2    |  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) [X]  |
|        |                                                            (b) [ ]  |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|   3    |  SEC USE ONLY                                                       |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|   4    |  CITIZENSHIP OR PLACE OF ORGANIZATION                               |
|        |                                                                     |
|        |  Massachusetts                                                      |
|-----------------|--------|---------------------------------------------------|
|                 |   5    |  SOLE VOTING POWER                                |
|                 |        |    453,790 shares                                 |
|     NUMBER OF   |--------|---------------------------------------------------|
|      SHARES     |   6    |  SHARED VOTING POWER                              |
|   BENEFICIALLY  |        |  --                                               |
|     OWNED BY    |--------|---------------------------------------------------|
|       EACH      |   7    |  SOLE DISPOSITIVE POWER                           |
|    REPORTING    |        |    453,790 shares                                 |
|      PERSON     |--------|---------------------------------------------------|
|       WITH      |   8    |  SHARED DISPOSITIVE POWER                         |
|                 |        |  --                                               |
|------------------------------------------------------------------------------|
|   9    |  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON       |
|        |                                                                     |
|        |    453,790 shares                                                   |
|--------|---------------------------------------------------------------------|
|  10    |  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN  [ ] |
|        |  SHARES*                                                            |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|  11    |  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                  |
|        |  3.8%                                                               |
|--------|---------------------------------------------------------------------|
|  12    |  TYPE OF REPORTING PERSON*                                          |
|        |  EP                                                                 |
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                Page 2 of 7 Pages


<PAGE>

- -------------------------                           ---------------------------
| CUSIP No. 592834105   |           13G            |   Page  3  of   7  Pages |
|           ---------   |                          |        ---     ---       |
- -------------------------                           ---------------------------

|--------|---------------------------------------------------------------------|
|   1    |  NAME OF REPORTING PERSON                                           |
|        |  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                  |
|        |                                                                     |
|        |  The Harvard University Master Trust Fund                           |
|--------|---------------------------------------------------------------------|
|   2    |  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) [X]  |
|        |                                                            (b) [ ]  |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|   3    |  SEC USE ONLY                                                       |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|   4    |  CITIZENSHIP OR PLACE OF ORGANIZATION                               |
|        |                                                                     |
|        |  Massachusetts                                                      |
|-----------------|--------|---------------------------------------------------|
|                 |   5    |  SOLE VOTING POWER                                |
|                 |        |      5,000 shares                                 |
|     NUMBER OF   |--------|---------------------------------------------------|
|      SHARES     |   6    |  SHARED VOTING POWER                              |
|   BENEFICIALLY  |        |  --                                               |
|     OWNED BY    |--------|---------------------------------------------------|
|       EACH      |   7    |  SOLE DISPOSITIVE POWER                           |
|    REPORTING    |        |      5,000 shares                                 |
|      PERSON     |--------|---------------------------------------------------|
|       WITH      |   8    |  SHARED DISPOSITIVE POWER                         |
|                 |        |  --                                               |
|------------------------------------------------------------------------------|
|   9    |  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON       |
|        |                                                                     |
|        |      5,000 shares                                                   |
|--------|---------------------------------------------------------------------|
|  10    |  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN  [ ] |
|        |  SHARES*                                                            |
|        |                                                                     |
|--------|---------------------------------------------------------------------|
|  11    |  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                  |
|        |  0.0%                                                               |
|--------|---------------------------------------------------------------------|
|  12    |  TYPE OF REPORTING PERSON*                                          |
|        |  EP                                                                 |
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                Page 3 of 7 Pages



<PAGE>


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


Item 1(a)        Name of Issuer:
                           Mexico Equity & Income Fund, Inc.

         1(b)    Address of Issuer's Principal Executive Offices:
                           World Financial Center
                           200 Liberty Street
                           New York, New York  10281

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  02210

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

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

         2(e)    CUSIP Number:
                           592834105

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)(l)(ii)(H).

Item 4           Ownership:

         4(a)    Amount beneficially owned:
                           (i)        P&F:  453,790 shares
                           (ii)       HUMT:  5,000 shares


                                Page 4 of 7 Pages
<PAGE>



         4(b)    Percent of Class:
                           (i)        P&F:  3.8%
                           (ii)       HUMT:  0.0%

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

                 (i)   sole power to vote or to direct the vote:
                           (i)        P&F:  453,790 shares
                           (ii)       HUMT:  5,000 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:  453,790 shares
                           (ii)       HUMT:  5,000 shares

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

                                    --------

Item 5           Ownership of Five Percent or Less of a Class:
                           This statement is being filed to report the fact that
                           as of the date hereof the reporting persons have
                           ceased to be the beneficial owners of more than five
                           percent of the class of securities.

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

<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



February 12, 1998

                                Page 6 of 7 Pages

<PAGE>


                                    Exhibit A
                                    ---------


       Members of Group                                Item 3 Classification
       ----------------                                ---------------------

(1)    President and Fellows of Harvard College                EP

(2)    The Harvard University Master Trust Fund                EP


                                Page 7 of 7 Pages

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
