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.
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(Name of Issuer)
Common Stock, $0.01 Par Value
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(Title of Class of Securities)
900145103
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(CUSIP Number)
March 31, 1998
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(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).
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CUSIP No. 900145103 SCHEDULE 13G Page 2 of 7
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(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
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CUSIP No. 900145103 SCHEDULE 13G Page 3 of 7
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(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
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CUSIP No. 900145103 SCHEDULE 13G Page 4 of 7
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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. [ ]
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CUSIP No. 900145103 SCHEDULE 13G Page 5 of 7
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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.
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CUSIP No. 900145103 SCHEDULE 13G Page 6 of 7
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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
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Sonia Rosenbaum/Partner
/s/ George Foot
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George Foot
/s/ Sonia Rosenbaum
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Sonia Rosenbaum
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CUSIP No. 900145103 SCHEDULE 13G Page 7 of 7
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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.