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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   __________

                                  SCHEDULE 13G



                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (Amendment No.1)*


                               Malaysia Fund Inc.
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                    560905101
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                                 (CUSIP Number)

                                  May 30, 2008
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             (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)

     * 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 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 ("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).
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CUSIP No. 560905101                    13G                     Page 2 of 8 Pages
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1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

     CITY OF LONDON INVESTMENT GROUP PLC, A COMPANY INCORPORATED UNDER THE LAWS
     OF ENGLAND AND WALES
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2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP              (a) [_]
                                                                   (b) [_]

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3.   SEC USE ONLY


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4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     ENGLAND AND WALES
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                                 5.       SOLE VOTING POWER

                                          1,682,158
           NUMBER OF             -------- --------------------------------------
            SHARES               6.       SHARED VOTING POWER
         BENEFICIALLY
           OWNED BY                       0
             EACH                -------- --------------------------------------
           REPORTING             7.       SOLE DISPOSITIVE POWER
            PERSON
             WITH                         1,682,158
                                 -------- --------------------------------------
                                 8.       SHARED DISPOSITIVE POWER

                                          0
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9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,682,158
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10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   [_]

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11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     17.41%
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12.  TYPE OF REPORTING PERSON

     HC
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CUSIP No. 560905101                    13G                     Page 3 of 8 Pages
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1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

     CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED, A COMPANY
     INCORPORATED UNDER THE LAWS OF ENGLAND AND WALES
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2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP              (a) [_]
                                                                   (b) [_]

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3.   SEC USE ONLY


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4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     ENGLAND AND WALES
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                                 5.       SOLE VOTING POWER

                                          1,682,158
           NUMBER OF             -------- --------------------------------------
            SHARES               6.       SHARED VOTING POWER
         BENEFICIALLY
           OWNED BY                       0
             EACH                -------- --------------------------------------
           REPORTING             7.       SOLE DISPOSITIVE POWER
            PERSON
             WITH                         1,682,158
                                 -------- --------------------------------------
                                 8.       SHARED DISPOSITIVE POWER

                                          0
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9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,682,158
--------------------------------------------------------------------------------
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   [_]

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

     17.41%
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12.  TYPE OF REPORTING PERSON

     IA
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CUSIP No. 560905101                    13G                     Page 4 of 8 Pages
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ITEM 1(A).    NAME OF ISSUER:

              Malaysia Fund Inc.

ITEM 1(B).    ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

              The principal executive offices of the Fund are located at
              Malaysia Fund Inc. c/o Morgan Stanley Asset Management, 1221
              Avenue of the Americas, New York, NY 10020


ITEM 2(A).    NAME OF PERSON FILING:

              This statement is being filed by City of London Investment Group
              PLC ("CLIG") and City of London Investment Management Company
              Limited ("CLIM," and together with CLIG, the "Reporting Persons").

              The principal business of CLIG is serving as the parent holding
              company for the City of London group of companies, including CLIM.

              CLIM is an emerging markets fund manager which specializes in
              investing in closed-end investment companies and is a registered
              investment adviser under Section 203 of the Investment Advisers
              Act of 1940. CLIM is controlled by CLIG. CLIM is principally
              engaged in the business of providing investment advisory services
              to various public and private investment funds, including The
              Emerging World Fund ("EWF"), a Dublin, Ireland-listed open-ended
              investment company, The Natural Resources Fund ("WUNAT"), a
              Dublin, Ireland-listed open-ended investment company, Emerging
              Markets Country Fund ("GEM"), a private investment fund organized
              as a Delaware business trust, Investable Emerging Markets Country
              Fund ("IEM"), a private investment fund organized as a Delaware
              business trust, The World Equity CEF Fund ("WOEF"), a private
              investment fund organized as a Delaware business trust, Emerging
              Free Markets Country Fund ("Free"), a private investment fund
              organized as a Delaware business trust, Natural Resource Fund
              ("NAT"), a private investment fund organized as a Delaware
              business trust, Global Equity CEF Fund ("GEF"), a private
              investment fund organized as a Delaware business trust, Frontier
              Emerging Markets Fund ("FRONT"), a private investment fund
              organized as a Delaware business trust, the Global Emerging
              Markets Equity Yield Fund ("YIELD"), a private investment fund
              organized as a Delaware business trust, Global Emerging Markets
              Country Fund Cayman ("CEM"), a Cayman listed mutual fund, Natural
              Resources Fund Cayman ("CNAT"), a Cayman listed mutual fund,
              Global Equity Fund Cayman ("CGEF"), a Cayman listed mutual fund,
              GFM (Institutional) Emerging Markets Country Fund ("GFM"), an
              open-ended fund organized under the laws of the Province of
              Ontario, Tradex Global Equity Fund ("Tradex"), an Ontario mutual
              fund, and eleven unaffiliated third-


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CUSIP No. 560905101                    13G                     Page 5 of 8 Pages
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              party segregated accounts over which CLIM exercises discretionary
              voting and investment authority (the "Segregated Accounts").

              EWF, WUNAT, GEM, IEM, WOEF, Free, NAT, GEF, FRONT, YIELD, CEM,
              CNAT, CGEF, GFM, and Tradex are collectively referred to herein as
              the "City of London Funds."

              The Shares to which this Schedule 13G relates are owned directly
              by the City of London Funds and the Segregated Accounts.



ITEM 2(B).    ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

              Address for CLIG and CLIM:

              10 Eastcheap
              London EC3M 1LX
              England

ITEM 2(C).    CITIZENSHIP:

              CLIG - England and Wales

              CLIM - England and Wales

ITEM 2(D).    TITLE OF CLASS OF SECURITIES:

              Common Stock, par value $.001 per share

ITEM 2(E).    CUSIP NUMBER:

              560905101

ITEM 3.       IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B)
              OR (C), CHECK WHETHER THE PERSON FILING IS A:

              (a)       |_| Broker or dealer registered under Section 15 of
                        the Act (15 U.S.C. 78o).

              (b)       |_| Bank as defined in Section 3(a)(6) of the Act
                        (15 U.S.C. 78c).

              (c)       |_| Insurance company as defined in Section 3(a)(19)
                        of the Act (15 U.S.C. 78c).


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CUSIP No. 560905101                    13G                     Page 6 of 8 Pages
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              (d)       |_| Investment company registered under Section 8 of
                        the Investment Company Act of 1940 (15 U.S.C.
                        80a-8).

              (e)       |X| An investment adviser in accordance with Rule
                        13d-1(b)(1)(ii)(E) (for CLIM);

              (f)       |_| An employee benefit plan or endowment fund in
                        accordance with Rule 13d-1(b)(1)(ii)(F);

              (g)       |X| A parent holding company or control person in
                        accordance with Rule 13d-1(b)(1)(ii)(G) (for CLIG);

              (h)       |_| A savings association as defined in Section 3(b)
                        of the Federal Deposit Insurance Act (12 U.S.C.
                        1813);

              (i)       |_| A church plan that is excluded from the
                        definition of an investment company under Section
                        3(c)(14) of the Investment Company Act (15 U.S.C.
                        80a-3);

              (j)       |_| Group, in accordance with Rule
                        13d-1(b)(1)(ii)(J).


ITEM 4.       OWNERSHIP.

              For CLIG and CLIM:

              (a) Amount beneficially owned:

                  1,682,158

              (b) Percent of class:

                  17.41%

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

                  (i) Sole power to vote or to direct the vote: 1,682,158

                  (ii) Shared power to vote or to direct the vote: 0

                  (iii) Sole power to dispose or to direct the disposition of:
                        1,682,158

                  (iv) Shared power to dispose or to direct the disposition of:
                       0

ITEM 5.       OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.


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CUSIP No. 560905101                    13G                     Page 7 of 8 Pages
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              CLIG, as the parent holding company of CLIM, and CLIM, as
              investment advisers to the Funds, have the power to direct the
              dividends from, or the proceeds of the sale of the shares owned by
              the Funds. Each of the Funds owns less than 5% of the shares.


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.

              CLIG is the parent holding company of CLIM. See also Item 3.

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 I certify that, to the best of my 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.


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CUSIP No. 560905101                    13G                     Page 8 of 8 Pages
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                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

     The reporting persons agree that this statement is filed on behalf of each
of them.



Dated: June 9, 2008



                                        CITY OF LONDON INVESTMENT GROUP PLC


                                        By: /s/ Barry M. Olliff
                                            -------------------------------
                                            Name: Barry M. Olliff
                                            Title: Director



                                        CITY OF LONDON INVESTMENT MANAGEMENT
                                        COMPANY LIMITED


                                        By: /s/ Barry M. Olliff
                                            -------------------------------
                                            Name: Barry M. Olliff
                                            Title: Director