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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)*
Morgan Stanley Russia and New Europe Fund, Inc
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(Name of Issuer)
Common Stock
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(Title of Class of Securities
616911103
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(CUSIP Number)
William Marle
c/o City of London Investment Management Company Ltd
10 Eastcheap, London EC3M 1AJ, United Kingdom
+44 171 711 0771
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(Name, Address and Telephone Number of Person Authorised to Receive Notices
and Communications)
June 30, 1997
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(Date of Event which requires filing of this Statement)
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 box 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 or such class.)
(See Rule 13d-7).
NOTE Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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 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).
SEC 1745 (10-88)
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CUSIP NO. 616911103 SCHEDULE 13D Page 2 of 5 Pages
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<S> <C>
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
THE INVESTABLE EMERGING MARKETS COUNTRY FUND, a business trust organised
under the laws of the State of Delaware
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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. SOURCE OF FUNDS*
OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE, USA
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7. SOLE VOTING POWER
224,400
NUMBER OF -------------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
EACH -------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 224,400
WITH
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10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
224,400
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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
4.49%
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14. TYPE OF REPORTING PERSON*
IC
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*SEE INSTRUCTION BEFORE FILLING OUT!
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SCHEDULE 13D Page 3 of 5 Pages
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ITEM 1. SECURITY AND ISSUER.
(a) Name of Issuer:
Morgan Stanley Russia and New Europe Fund, Inc
(b) Address of Issuer's Principal Executive Offices:
1221 Avenue of the Americas,
New York,
New York, 10020
(c) Class of Securities
Common Stock
ITEM 2. IDENTITY AND BACKGROUND.
(a) Names of Person Filing:
The Investable Emerging Markets Country Fund
(b) Address of Principal Business Office
10 Eastcheap
London EC3M IAJ
England
(c) Principal Occupation or Employment
Investment Fund
(d) Details of Criminal Convictions Within Past Five Years
None
(e) Details of Civil Proceedings Within Past Five Years Where
Judgement Was Against Person Filing
None
(f) Citizenship:
Delaware, USA
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SCHEDULE 13D Page 4 of 5 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Invested Capital
ITEM 4. PURPOSE OF TRANSACTION.
Investment
(a) Plans/Proposals to Acquire Additional Securities/Disposal of
Securities
None
(b) Planned/Proposed Extraordinary Corporate Transaction Involving
Issuer or its Subsidiaries.
None
(c) Planned/Proposed Material Sale/Transfer of Assets of Issuer or
its Subsidiaries.
None
(d) Planned/Proposed Change to the Board or Management of the
Issuer
None
(e) Planned/Proposed Material Change to the Capitalization/
Dividend Policy of the Issuer
None
Item 4 (f) Planned/Proposed Material Change to the Issuer's Business or
Corporate Structure
None
(g) Planned/Proposed Changes in the Issuer's Charter, Bylaws, or
Instruments That May Impede the Acquisition of Control of the
Issuer by Any Person
None
(h) Plans/Proposals to Cause a Class of Security of the Issuer to
be Delisted
None
(i) Plans/Proposals to Cause a Class of Equity to Become Eligible
For Termination of Registration Pursuant to Section 12(g)(4).
None
(j) Plans/Proposals Similar to Any of the Above.
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SCHEDULE 13D Page 5 of 5 Pages
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None
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER
(a) (i) Aggregate number of securities COMMON STOCK
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beneficially Owned: 224,400
(ii) Percentage of Class: PERCENTAGE
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4.49
(b) Number of shares as to which such person has:
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE: COMMON STOCK
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224,400
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE: 0
(iii) SOLE POWER TO DISPOSE OR
TO DIRECT THE DISPOSITION OF: COMMON STOCK
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224,400
(iv) SHARED POWER TO DISPOSE OR
TO DIRECT THE DISPOSITION OF: 0
(v) INFORMATION REQUIRED IN ITEM 2 FOR
PERSONS WHERE POWER IS SHARED: N/A
(c) Describe any transactions in the class of securities reported
that were effected during the past sixty days or since the most
recent filing on Schedule 13D (sec.240.13d-191), whichever is
less by the persons named in paragraph (a).
who effected transaction: The Investable Emerging Market
Country Fund
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<CAPTION>
TRANSACTION NO. OF PRICE PER TRANSACTION TYPE WHERE AND HOW
DATE SECURITIES SECURITY TRANSACTED
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06 June 97 12,500 27.5 Sell Market Sale
10 June 97 9,000 27.71 Sell Market Sale
11 June 97 12,500 27.875 Sell Market Sale
20 June 97 55,000 29.6622 Sell Market Sale
30 June 97 33,800 30.882 Sell Market Sale
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(d) Third party rights regarding dividends.
None
(e) Date ceased to be beneficial owner of more than five percent.
30 June 97
ITEM 6: COntracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer
None
ITEM 7: material to be Filed as Exhibits
None
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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.
Dated: 5th February, 1998
/s/ D F Allison
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Name: D.F. Allison
Title: Company Secretary
