<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Spain Fund
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(Name of Issuer)
Common Stock
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(Title of class of securities)
846330108
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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. 846330108 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley, Dean Witter, Discover & Co.
IRS # 39-314-5972
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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 -------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 602,600 **
REPORTING -------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
-------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,048,900 **
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,048,900 **
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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)
10.46% **
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
** AS OF 8/31/97
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CUSIP No. 846330108 13G Page 3 of 9 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley & Co. International Ltd.
- --------------------------------------------------------------------------------
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 -----------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 602,600 **
REPORTING -----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
602,600 **
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
602,600 **
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.01% **
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
BD, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
** AS OF 8/31/97
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CUSIP No. 846330108 13G Page 4 of 9 Pages
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Item 1 (a) Name of Issuer
Spain Fund
Item 1 (b) Address of issuer's principal executive offices
1345 Avenue of the Americas
New York, NY 10105
Item 2 (a) Name of person filing
(a) Morgan Stanley, Dean Witter, Discover & Co.
(b) Morgan Stanley & Co. International Ltd.
Item 2 (b) Principal business office
(a) 1585 Broadway
New York, New York 10036
(b) 25 Cabot Square
Canary Wharf
London E 14 4 QA
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.
846330108
Item 3 (a) Morgan Stanley, Dean Witter, Discover & Co. is (e)
an Investment Adviser registered under section
203 of the Investment Advisers Act of 1940.
(b) Morgan Stanley & Co. International Ltd. is (a) a
Broker-Dealer doing business under the laws of the
United Kingdom. Morgan Stanley & Co. International
Ltd. is filing this statement pursuant to Rules
13d-1(b) and 13d-2(b), relying on such rules and
using Schedule 13G in accordance with no-action
assurances from the Division of Corporate Finance,
Office of Tender Offers.
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. 846330108 13G Page 5 of 9 Pages
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 & Co. International Ltd., a wholly owned
subsidiary of Morgan Stanley, Dean Witter, Discover &
Co., 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. 846330108 13G Page 6 of 9 Pages
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 :
Signature : /s/Robin Sherak
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Name/Title: Robin Sherak / Counsel Morgan Stanley & Co. Incorporated
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MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
Date :
Signature : /s/Robin Sherak
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Name/Title: Robin Sherak / Counsel Morgan Stanley & Co. Incorporated
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MORGAN STANLEY & CO. INTERNATIONAL LTD.
<TABLE>
<CAPTION>
INDEX TO EXHIBITS PAGE
------------------- ----
<S> <C> <C>
EXHIBIT 1 Agreement to Make a Joint Filing. 7
EXHIBIT 2 Secretary's Certificate Authorizing Robin Sherak 8
to Sign on Behalf of Morgan Stanley, Dean Witter,
Discover & Co.
EXHIBIT 3 Secretary's Certificate Authorizing Robin Sherak
to Sign on Behalf of Morgan Stanley International
Ltd. 9
</TABLE>
<PAGE> 1
CUSIP No. 846330108 13G Page 7 of 9 Pages
EXHIBIT 1 TO SCHEDULE 13G
September 26, 1997
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO. and MORGAN STANLEY
& CO. INTERNATIONAL LTD. hereby agree that, unless differentiated, this
Schedule 13G is filed on behalf of each of the parties.
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
BY: /s/Robin Sherak
----------------------------------------------------------------
Robin Sherak / Counsel Morgan Stanley & Co. Incorporated
MORGAN STANLEY & CO. INTERNATIONAL LTD.
BY: /s/Robin Sherak
----------------------------------------------------------------
Robin Sherak / Counsel Morgan Stanley & Co. Incorporated
<PAGE> 1
PAGE 8 OF 9
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant Secretary of
Morgan Stanley, Dean Witter, Discover & Co., a corporation organized and
existing under the laws of the State of Delaware (the "Corporation"), certify
that, as approved by a Unanimous Consent of Directors in Lieu of a Meeting dated
as of May 31, 1997, the following persons are each authorized to sign reports to
be filed under Sections 13 and 16 of the Securities Exchange Act of 1934 on
behalf of the Corporation, and such authorizations are in full force and effect
as of this date:
Stuart J. M. Breslow
Robert G. Koppenol
Bruce Bromberg
Robin Sherak
IN WITNESS WHEREOF, I have hereunto set my name and affixed the seal of the
Corporation as of the 3rd day of June, 1997.
/s/ CHARLENE R. HERZER
-----------------------------
CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
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Page 9 of 9 Pages
POWER OF ATTORNEY
BY THIS POWER OF ATTORNEY, MORGAN STANLEY & CO. INTERNATIONAL LIMITED of 25
Cabot Square, Canary Wharf, London E14 4QA hereby constitutes and appoints each
of BRUCE BROMBERG and ROBIN SHERAK, each of 1585 Broadway, New York, New York
to act as our true and lawful attorney (the `Attorney') with full power to
execute and deliver in our name and on our behalf 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, and to do all other acts, deeds and things necessary or desirable
in connection with the said responsibilities AND WE HEREBY UNDERTAKE to ratify
everything done or purported to be done by virtue of this Power.
This Power shall be irrevocable for a period of one year from the date hereof.
IN WITNESS WHEREOF, MORGAN STANLEY & CO. INTERNATIONAL LIMITED has caused its
Common Seal to be hereunto affixed this 24th day of APRIL 1997.
THE COMMON SEAL OF
MORGAN STANLEY & CO. INTERNATIONAL LIMITED
was hereunto affixed in the
presence of
[SEAL]
Director
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Assistant Company Secretary
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