TURKISH INVESTMENT FUND INC
SC 13G/A, 1998-04-06
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(b)
                               (Amendment No. 1)*



                        The Turkish Investment Fund, Inc.
             ------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, $0.01 Par Value
             ------------------------------------------------------
                         (Title of Class of Securities)

                                    900145103
                      ------------------------------------
                                 (CUSIP Number)

                                 March 31, 1998
             -------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


         Check the  appropriate box to designate the rule pursuant to which this
Schedule is filed:

         [x] Rule 13d-1(b)

         [ ] Rule 13d-(c)

         [ ] Rule 13d-1(d)

*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).

<PAGE>
CUSIP No. 900145103          SCHEDULE 13G               Page 2 of 7

- --------------------------------------------------------------------

(1)  Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons 
     (entities only)

     Newgate LLP

(2)  Check the Appropriate Box if a Member of a Group (See Instructions) 
     (a) [ ]
     (b) [X]

(3)  SEC Use Only

(4)  Citizenship or Place of Organization

     Massachusetts

Number         (5) Sole Voting Power          See Foot/Rosenbaum
of Shares      ----------------------------------------------------
Beneficially   (6) Shared Voting Power        None
Owned by       ----------------------------------------------------
Each           (7) Sole Dispositive Power     See Foot/Rosenbaum
Reporting      ----------------------------------------------------
Person With    (8) Shared Dispositive Power   None

(9)   Aggregate Amount Beneficially Owned by Each Reporting Person

      755,160

(10)  Check if the Aggregate Amount in Row (9) Excludes Certain
      Shares (See Instructions)

(11)  Percent of Class Represented by Amount in Row 9

      10.72%

(12)  Type of Reporting Person (See Instructions)

      IA


<PAGE>

CUSIP No. 900145103          SCHEDULE 13G               Page 3 of 7

- --------------------------------------------------------------------

(1)  Names of Reporting Persons. I.R.S. Identification Nos. of Above  Persons 
     (entities only)

     George Foot
     Sonia Rosenbaum

(2)  Check the Appropriate Box if a Member of a Group
     (See Instructions)
     (a) [ ]
     (b) [X]

(3)  SEC Use Only

(4)  Citizenship or Place of Organization

     United States

Number         (5) Sole Voting Power              755,160
of Shares      ----------------------------------------------------
Beneficially   (6) Shared Voting Power            None
Owned by       ----------------------------------------------------
Each           (7) Sole Dispositive Power         755,160
Reporting      ----------------------------------------------------
Person With    (8) Shared Dispositive Power       None


(9)  Aggregate Amount Beneficially Owned by Each Reporting Person

     755,160

(10) Check if the Aggregate Amount in Row (9) Excludes Certain
     Shares (See Instructions)

(11) Percent of Class Represented by Amount in Row 9

     10.72%

(12) Type of Reporting Person (See Instructions)

     HC




<PAGE>

CUSIP No. 900145103          SCHEDULE 13G               Page 4 of 7
- -------------------------------------------------------------------
Item 1(a)          Name of Issuer:
                   The Turkish Investment Fund, Inc.

Item 1(b)          Address of Issuer's Principal Executive Offices:
                   1221 Avenue of the Americas, New York, NY  10020

Item 2(a)          Name of Person Filing:
                   Newgate LLP, George Foot and Sonia Rosenbaum

Item 2(b)          Address of Principal Business Office:
                   The principal  business office and business  address for each
                   Reporting Person filing is 80 Field Point Road, Greenwich, CT
                   06830.

Item 2(c)          Citizenship:
                   This   statement  is  filed  on  behalf  of  Newgate  LLP,  a
                   Massachusetts  registered limited liability partnership as an
                   investment adviser under the Investment Advisers Act of 1940,
                   as amended. George Foot and Sonia Rosenbaum,  the controlling
                   general partners of Newgate LLP, are United States citizens.

Item 2(d)          Title of Class of Securities:
                   Common Stock, $0.01 Par Value

Item 2(c)          CUSIP Number:
                   900145103

Item 3.  If this statement is filed pursuant to rules 13d-1(b), or 13d-2(b) or 
         (c), check whether the person filing is a:
(a) [ ]  Broker or Dealer registered under section 15 of the Act;
(b) [ ]  Bank as defined in section 3(a)(6) of the Act;
(c) [ ]  Insurance Company as defined in section 3(a)(19) of the Act;
(d) [ ]  Investment Company registered under section 8 of the Investment Company
         Act;
(e) [X]  An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ]  An employee  benefit plan or endowment fund in accordance with Rule
         13d-1(b)(1)(ii)(F);
(g) [X]  A parent holding company or control person in accordance with Rule 
         13d-1(b)(1)(ii)(G);
(h) [ ]  A savings association as defined in Section 3(b) of the Federal Deposit
         Insurance Act;
(i) [ ]  A church  plan that is excluded  from the  definition  of an  
         investment  company  under  Section  3(c)(14) of the
         Investment Company Act.
(j) [ ]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J)

If this statement is filed pursuant to Rule 13d-1(c), check this box. [ ]


<PAGE>

CUSIP No. 900145103          SCHEDULE 13G               Page 5 of 7
- -------------------------------------------------------------------
Item 4.  Ownership:

(a)   Amount Beneficially Owned:
      755,160 shares of Common Stock

(b)   Percent of Class:
      10.72%

(c)   Number of shares as to which such person has:

          (i)   sole power to vote or to direct the vote: 755,160

          (ii)  shared power to vote or to direct the vote: none

          (iii) sole power to dispose or to direct the disposition of: 755,160

          (iv)  shared power to dispose or to direct the disposition of: none

See pp. 2-3 of this Schedule,  setting forth the aggregate number and percentage
of the securities  beneficially  owned by each Reporting  Person,  the number of
shares as to which there is sole or shared power to vote, or to direct the vote,
and sole or shared power to dispose or to direct the disposition.

Item 5.  Ownership of Five Percent or Less of a Class:

     If this  statement  is being  filed to report  the fact that as of the
     date hereof the reporting  person has ceased to be the beneficial  owner of
     more that five percent of the class of securities, check the following [ ].

Item 6. Ownership of More than Five Percent on Behalf of Another Person

     The  account  owners  who are  advised  by  Newgate  have the right to
     receive  and the power to direct the  receipt of  dividends  from,  and the
     proceeds from the sale of, such securities.

Item 7.  Identification  and Classification of the Subsidiary Which Acquired the
         Security Being Reported on By the Parent Holding Company

     George Foot and Sonia Rosenbaum are filing as Parent Holding Companies
     pursuant to Rule 13d-1(b)(ii)(G). See attached exhibit.


Item  8. Identification and Classification of Members of the Group 
          
          Not applicable.

Item 9.  Notices of Dissolution of Group

          Not applicable.
<PAGE>
CUSIP No. 900145103          SCHEDULE 13G               Page 6 of 7

- -------------------------------------------------------------------

Item 10. Certification.

          Each  of  the   undersigned   certifies  that,  to  the  best  of
          its/his/her  knowledge and belief,  the  securities  referred to above
          were acquired in the ordinary course of business and were 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. Signature

After  reasonable  inquiry and to the best of its/his/her  knowledge and belief,
each of the  undersigned  certifies  that  the  information  set  forth  in this
statement is true, complete and correct.


Date: March 31, 1998


                             Newgate LLP

                             By: /s/ Sonia Rosenbaum
                             -----------------------------
                             Sonia Rosenbaum/Partner

                             /s/ George Foot
                             -----------------------------
                             George Foot

                             /s/ Sonia Rosenbaum
                             -----------------------------
                             Sonia Rosenbaum



<PAGE>
CUSIP No. 900145103          SCHEDULE 13G               Page 7 of 7

- -------------------------------------------------------------------

Exhibit to Schedule 13G

Item 7.

         Each of George Foot and Sonia  Rosenbaum is filing as a "Parent Holding
         Company."  The  subsidiary  is  Newgate  LLP,  an  investment   adviser
         registered under section 203 of the Investment Advisers Act of 1940, as
         amended.




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