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Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
The Italy Fund Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
465395101
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(CUSIP Number)
Moritz A. Sell
Bankgesellschaft Berlin AG
Alexanderplatz 2
D-10178 Berlin
Germany
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 31, 1998
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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(e), 13d-1(f) or 13d-1(g) check the following box.
[ ]
Page 1 of 4 Pages
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CUSIP No.: 465395101 13D Page 2 of 4 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Bankgesellschaft Berlin AG
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Federal Republic of Germany
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NUMBER OF SOLE VOTING POWER 304,100
SHARES
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BENEFICIALLY SHARED VOTING POWER 0
OWNED
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BY EACH SOLE DISPOSITIVE POWER 304,100
REPORTING
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PERSON SHARED DISPOSITIVE POWER 0
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 304,100
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 3.28%
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14 TYPE OF REPORTING PERSON BK
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Page 2 of 4 Pages
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This Amendment No. 1 amends and supplements Items 3 and 5 of
the Schedule 13D of Bankgesellschaft Berlin AG (the "Bank") with respect to the
shares of Common Stock, par value $.01 per share (the "Common Stock"), of The
Italy Fund Inc. (the "Fund").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source of the funds used by the Bank to purchase the
shares of Common Stock listed in Item 5(a) was working capital. The amount of
the funds used to purchase such shares aggregated approximately $4,617,262
(exclusive of commissions).
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's annual report to shareholders for the year
ended January 31, 1999 states that, as of such date, there were 9,268,114 shares
of Common Stock outstanding. The percentage set forth in this Item 5(a) was
derived using such number.
The Bank is the beneficial owner of 304,100 shares of Common
Stock, which constitute approximately 3.28% of the outstanding shares of Common
Stock.
(b) The Bank has sole power to vote and to dispose of the
shares of Common Stock owned by it.
(c) During the last sixty days, the Bank has effected the
following purchases in the shares of Common Stock, all of which were made on the
New York Stock Exchange.
NUMBER OF NUMBER OF
DATE SHARES PURCHASED SHARES SOLD PRICE PER SHARE
- -------------------- ------------------ ------------------ ----------------
June 14, 1999 7,200 14.8125
June 17, 1999 15,300 14.8750
June 30, 1999 20,000 14.6250
June 30, 1999 10,000 14.5638
July 2, 1999 40,000 14.9375
July 7, 1999 9,600 14.7227
July 12, 1999 10,000 15.1250
(d) No person other than the Bank has the right to receive
or the power to direct the receipt of dividends from, or the proceeds from the
sale of, the shares of Common Stock owned by the Bank.
(e) On October 31, 1998, the Bank ceased to be the
beneficial owner of more than five percent of the Common Stock.
Page 3 of 4 Pages
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: July 12, 1999 BANKGESELLSCHAFT BERLIN AG
By: /s/ Gregory Melville
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Name: Gregory Melville
Title: Assistant Director
By: /s/ Moritz Sell
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Name: Moritz Sell
Title: Market Strategist
Page 4 of 4 Pages
