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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
UST Corp.
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(Name of Issuer)
Common Stock
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(Title of class of securities)
902900109
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(CUSIP number)
Check the following box if a fee is being paid with this statement [x]. (A
fee is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
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 ("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. 902900109 13G Page 2 of 8 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Group Inc.
IRS # 13-283-8891
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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
The state of organization is Delaware.
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,385,300
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH 8 SHARED DISPOSITIVE POWER
1,493,900
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,493,900
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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)
8.32%
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
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CUSIP No. 902900109 13G Page 3 of 8 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Asset Management Limited
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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
Organized under the Laws of England
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,378,300
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH 8 SHARED DISPOSITIVE POWER
1,482,400
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,482,400
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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)
8.26%
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
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CUSIP No. 902900109 13G Page 4 of 8 Pages
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Item 1 (a) Name of Issuer
UST Corp.
Item 1 (b) Address of issuer's principal executive offices
40 Court Street
Boston, MA 02108
Item 2 (a) Name of person filing
(a) Morgan Stanley Group Inc.
(b) Morgan Stanley Asset Management Limited
Item 2 (b) Principal business office
(a) 1585 Broadway
New York, New York 10036
(b) 25 Cabot Square
Canary Wharf
London E14 4QA
England
Item 2 (c) Citizenship
Incorporated by reference to Item 4 of the cover
page pertaining to each reporting person.
Item 2 (d) Title of class of Securities
Common Stock
Item 2 (e) Cusip No.
902900109
Item 3 (a) Morgan Stanley Group Inc. is (e) an Investment
Adviser registered under section 203 of the Investment
Advisers Act of 1940.
(b) Morgan Stanley Asset Management Limited is (e) an
Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.
Item 4 Ownership
Incorporated by reference to Items (5) - (9) and (11) of
the cover page pertaining to each reporting person.
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CUSIP No. 902900109 13G Page 5 of 8 Pages
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Item 5 Ownership of 5 Percent or Less of a Class
Inapplicable
Item 6 Ownership of More than 5 Percent on Behalf of Another
Person
Accounts managed on a discretionary basis by Morgan
Stanley Asset Management Limited, a wholly owned
subsidiary of Morgan Stanley Group Inc., are known to have
the right to receive or the power to direct the receipt
of dividends from, or the proceeds from, the sale of such
securities. No such account holds more than 5 percent of
the class.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company
Inapplicable
Item 8 Identification and Classification of Members of the Group
Inapplicable
Item 9 Notice of Dissolution of Group
Inapplicable
Item 10 Certification
By signing below I certify that, to the best of my
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.
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CUSIP No. 902900109 13G Page 6 of 8 Pages
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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.
Date: February 14, 1997
Signature: /s/ PETER A. NADOSY
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Name / Title Peter A. Nadosy/Director
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Morgan Stanley Asset Management Limited
MORGAN STANLEY ASSET MANAGEMENT LIMITED
Date: February 14, 1997
Signature: /s/ EDWARD J. JOHNSEN
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Name / Title Edward J. Johnsen/Vice President
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Morgan Stanley & Co. Incorporated
MORGAN STANLEY GROUP INC.
INDEX TO EXHIBITS PAGE
EXHIBIT 1 Agreement to Make a Joint Filing 7
EXHIBIT 2 Secretary's Certificate Authorizing Edward J. Johnsen 8
to Sign on behalf of Morgan Stanley Group Inc.
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CUSIP No. 902900109 13G Page 7 of 8 Pages
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EXHIBIT 1 TO SCHEDULE 13G
February 14, 1997
MORGAN STANLEY GROUP INC. and MORGAN STANLEY ASSET MANAGEMENT LIMITED
hereby agree that, unless differentiated, this Schedule 13G is filed
on behalf of each of the parties.
MORGAN STANLEY ASSET MANAGEMENT LIMITED
BY: /s/ PETER A. NADOSY
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Morgan Stanley Asset Management Limited
Peter A. Nadosy/Director Morgan Stanley Asset Management Limited
MORGAN STANLEY GROUP INC.
BY: /s/ EDWARD J. JOHNSEN
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Morgan Stanley Group Inc.
Edward J. Johnsen/ Vice President Morgan Stanley & Co., Incorporated
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Page 8 of 8 Pages
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EXHIBIT 2
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant
Secretary of Morgan Stanley Group Inc., a corporation organized and existing
under the laws of the State of Delaware (the "Corporation"), certify that the
following resolutions were duly and validly adopted by a Consent in Lieu of a
Meeting of the Executive Committee of the Board of Directors of the Corporation
dated as of October 19, 1995 and that such resolutions are in full force and
effect on the date hereof:
RESOLVED, that the resolutions adopted on September 8, 1993
and April 17, 1995 relating to signatories to certain reports to be
filed with the Securities and Exchange Commission (the "SEC") are
superseded in their entirety by these resolutions and Stuart J. M.
Breslow, Robert G. Koppenol and Edward J. Johnsen are severally
authorized and directed to sign on behalf of the Corporation any
reports to be filed under Section 13 and Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations
thereunder, with the Securities and Exchange Commission, such
authorizations to cease automatically upon termination of employment
with any affiliate of the Corporation; and
RESOLVED FURTHER, that all actions heretofore taken by Stuart
J. M. Breslow, Robert G. Koppenol and Edward J. Johnsen that are within
the authority conferred by the foregoing resolution are approved,
ratified and confirmed in all respects.
RESOLVED, that any and all actions to be taken, caused to be
taken or heretofore taken by any officer of the Corporation in
executing any and all documents, agreements and instruments and in
taking any and all steps (including the payment of all expenses) deemed
by such officer as necessary or desirable to carry out the intents and
purposes of the foregoing resolutions are authorized, ratified and
confirmed.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 20th day of October, 1995:
/S/ Charlene R. Herzer
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CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
