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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: 1
Name of Issuer: Morgan Stanley Russia & New Europe Fund, Inc.
Title of Class of Securities: Common Stock
CUSIP Number: 61744N102
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Mr. Dimitrijevic, c/o Everest Capital Limited, Corner House,
20 Parliament St., Hamilton HM 12, Bermuda
(Date of Event which Requires Filing of this Statement)
February 24, 1997
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following line if a fee is being paid with this
statement . (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
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. 61744N102
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Everest Capital Limited
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Bermuda
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
298,955
8. Shared Voting Power:
9. Sole Dispositive Power:
298,955
10. Shared Dispositive Power:
11. Aggregate Amount Beneficially Owned by Each Reporting Person
298,955
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
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13. Percent of Class Represented by Amount in Row (11)
5.9%
14. Type of Reporting Person
CO
The purpose of this Amendment No. 1 to Schedule 13D is to report
that Everest Capital Limited's (the "Reporting Person")
beneficial ownership of the Common Stock in Morgan Stanley Russia
& New Europe Fund, Inc. (the "Shares") has decreased from 9.9% to
5.9%.
Item 1. Security and Issuer
No change.
Item 2. Identity and Background
No change.
Item 3. Source and Amount of Funds or Other Consideration.
No change.
Item. 4 Purpose of Transactions.
No change.
Item 5. Interest in Securities of Issuer.
(a) Based on information obtained from the Issuer,
5,000,000 shares are believed to be outstanding.
As of the date hereof, the Reporting Person was
deemed to be the beneficial owner of 298,955 Shares
which represented 5.9% of the Issuer's outstanding
shares.
(b) The Reporting Person had the sole power to vote and
dispose of all the shares held by the above
mentioned entities.
(c) All transactions in the Shares effected by the
Reporting Person during the sixty days prior to
February 24, 1997 were effected in open-market
transactions and are set forth in Exhibit A hereto.
(d) No other person is known to have the right to
receive or the power to direct the receipt of
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dividends from, or the proceeds from the sale of
the Shares.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
No change.
Item 7. Material to be Filed as Exhibits.
Exhibit A. Schedule of Transactions in the Shares
made by the Reporting Person.
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.
March 3, 1997
____________________________
Date
Everest Capital Limited
/s/ Marko Dimitrejevic
Title: President
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EXHIBIT A
SCHEDULE OF TRANSACTIONS
Price Per Share
(Excluding
Date Shares Acquired Commission)
____ or (sold) _____________
2/24/97 (100,000) $25.00
2/28/97 (100,000) $24.50
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00119032.AA8
