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<SEC-DOCUMENT>0000950136-02-000131.txt : 20020413
<SEC-HEADER>0000950136-02-000131.hdr.sgml : 20020413
ACCESSION NUMBER:		0000950136-02-000131
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20020115
GROUP MEMBERS:		ANDREW PEGGE
GROUP MEMBERS:		COLIN KINGSNORTH
GROUP MEMBERS:		LAXEY INVESTORS L.P.
GROUP MEMBERS:		LAXEY INVESTORS LIMITED
GROUP MEMBERS:		LAXEY PARTNERS LIMITED

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALUE CATALYST FUND LTD
		CENTRAL INDEX KEY:			0001126078
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 309 UGLAND HOUSE SOUTH CHURCH ST
		CITY:			GEORGETOWN CAYMAN IS

	MAIL ADDRESS:	
		STREET 1:		PO BOX 309 UGLAND HOUSE SOUTH CHURCH ST
		CITY:			GEORGETOWN CAYMAN IS

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHILE FUND INC
		CENTRAL INDEX KEY:			0000846676
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-40493
		FILM NUMBER:		2509932

	BUSINESS ADDRESS:	
		STREET 1:		C/O CREDIT SUISSE ASSET MGMT, LLC
		STREET 2:		466 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128753500

	MAIL ADDRESS:	
		STREET 1:		CREDIT SUISSE ASSET MGMT, LLC
		STREET 2:		466 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>file001.txt
<DESCRIPTION>AMENDMENT NO. 1 TO SCHEDULE 13D
<TEXT>
<PAGE>



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

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

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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)*

                              THE CHILE FUND, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                         Common Stock, $0.001 Par Value
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    168834109
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

Andrew Pegge                              Jeffry S. Hoffman
Laxey Partners Limited                    Swidler Berlin Shereff Friedman, LLP
Stanley House                             The Chrysler Building
7-9 Market Hill                           405 Lexington Avenue
Douglas                                   New York, NY  10174
Isle of Man IM1 2BF                       (212) 891-9260
011 44 1624 629365

- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)

                                  June 18, 2001
- --------------------------------------------------------------------------------
             (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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7(b) for other
parties to whom copies are to be sent.

<PAGE>

* 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
disclosures provided in a prior cover page.

The information required on 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 (the "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).




                                       2
<PAGE>

                                  SCHEDULE 13D
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
CUSIP No. 168834109
- ----------------------------------------------------------------------------------------------------------------------
<S>        <C>                                                                                            <C>
1)         Name of Reporting Persons
           ----------------------------------------------------------------------------------------------------------
           I.R.S. Identification No. of Above Persons (entities only)

           THE VALUE CATALYST FUND LIMITED
           NO I.R.S. IDENTIFICATION NO.
- ---------- -----------------------------------------------------------------------------------------------------------
2)         Check the Appropriate Box if a Member of a Group (See Instructions)                            (a)  [X]

                                                                                                          (b)  [ ]
- ---------- -----------------------------------------------------------------------------------------------------------
3)         SEC Use Only

- ---------- -----------------------------------------------------------------------------------------------------------
4)         Source of Funds (See Instructions)
           OO
- ---------- -----------------------------------------------------------------------------------------------------------
5)         Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)

- ---------- -----------------------------------------------------------------------------------------------------------
6)         Citizenship or Place of Organization
           CAYMAN ISLANDS
- -------------------- ------- -----------------------------------------------------------------------------------------
                     7)      Sole Voting Power
                             0
     Number of       ------- -----------------------------------------------------------------------------------------
      Shares         8)      Shared Voting Power
   Beneficially              405,350 SHARES
     Owned by        ------- -----------------------------------------------------------------------------------------
       Each          9)      Sole Dispositive Power
     Reporting               0
      Person         ------- -----------------------------------------------------------------------------------------
        with         10)     Shared Dispositive Power
                             405,350 SHARES
- ---------- -----------------------------------------------------------------------------------------------------------
11)        Aggregate Amount Beneficially Owned by Each Reporting Person
           405,350 SHARES
- ---------- -----------------------------------------------------------------------------------------------------------
12)        Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)            [  ]

- ---------- -----------------------------------------------------------------------------------------------------------
13)        Percent of Class Represented by Amount in Row (11)
           2.998%
- ---------- -----------------------------------------------------------------------------------------------------------
14)        Type of Reporting Person (See Instructions)

           IV*
- ---------- -----------------------------------------------------------------------------------------------------------
</TABLE>

*Not registered under the Investment Company Act of 1940.


                                       3
<PAGE>


<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------------------------------
CUSIP No. 168834109
- ---------------------------------------------------------------------------------------------------------------------
<S>       <C>                                                                                         <C>
1)        Name of Reporting Persons
          I.R.S. Identification No. of Above Persons (entities only)

          LAXEY INVESTORS LIMITED
          NO I.R.S. IDENTIFICATION NO.
- --------- -----------------------------------------------------------------------------------------------------------
2)        Check the Appropriate Box if a Member of a Group (See Instructions)                         (a) [X]
                                                                                                      (b) [ ]
- --------- -----------------------------------------------------------------------------------------------------------
3)        SEC Use Only

- --------- -----------------------------------------------------------------------------------------------------------
4)        Source of Funds (See Instructions)
          OO
- --------- -----------------------------------------------------------------------------------------------------------
5)        Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)             [ ]
- --------- -----------------------------------------------------------------------------------------------------------
6)        Citizenship or Place of Organization
          BRITISH VIRGIN ISLANDS
- -------------------- ------- ----------------------------------------------------------------------------------------
                     7)      Sole Voting Power
     Number of               0
      Shares         ------- ----------------------------------------------------------------------------------------
   Beneficially      8)      Shared Voting Power
     Owned by                405,350 SHARES
       Each          ------- ----------------------------------------------------------------------------------------
     Reporting       9)      Sole Dispositive Power
      Person                 0
        With         ------- ----------------------------------------------------------------------------------------
                     10)     Shared Dispositive Power
                             405,350 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
11)       Aggregate Amount Beneficially Owned by Each Reporting Person
          405,350 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
12)       Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)        [ ]

- --------- -----------------------------------------------------------------------------------------------------------
13)       Percent of Class Represented by Amount in Row (11)
          2.998%
- --------- -----------------------------------------------------------------------------------------------------------
14)       Type of Reporting Person (See Instructions)
          IV*
- --------- -----------------------------------------------------------------------------------------------------------
</TABLE>

*Not registered under the Investment Company Act of 1940.


                                       4
<PAGE>

<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------------------------------
CUSIP No. 168834109
- ---------------------------------------------------------------------------------------------------------------------
<S>       <C>                                                                                         <C>
1)        Name of Reporting Persons
          I.R.S. Identification No. of Above Persons (entities only)

          LAXEY INVESTORS L.P.
          NO I.R.S. IDENTIFICATION NO.
- --------- -----------------------------------------------------------------------------------------------------------
2)        Check the Appropriate Box if a Member of a Group (See Instructions)                         (a) [X]
                                                                                                      (b) [ ]
- --------- -----------------------------------------------------------------------------------------------------------
3)        SEC Use Only

- --------- -----------------------------------------------------------------------------------------------------------
4)        Source of Funds (See Instructions)
          OO
- --------- -----------------------------------------------------------------------------------------------------------
5)        Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)             [ ]
- --------- -----------------------------------------------------------------------------------------------------------
6)        Citizenship or Place of Organization
          DELAWARE
- -------------------- ------- ----------------------------------------------------------------------------------------
                     7)      Sole Voting Power
     Number of               0
      Shares         ------- ----------------------------------------------------------------------------------------
   Beneficially      8)      Shared Voting Power
     Owned by                300,000 SHARES
       Each          ------- ----------------------------------------------------------------------------------------
     Reporting       9)      Sole Dispositive Power
      Person                 0
        With         ------- ----------------------------------------------------------------------------------------
                     10)     Shared Dispositive Power
                             300,000 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
11)       Aggregate Amount Beneficially Owned by Each Reporting Person
          300,000 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
12)       Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)        [ ]

- --------- -----------------------------------------------------------------------------------------------------------
13)       Percent of Class Represented by Amount in Row (11)
          2.2%
- --------- -----------------------------------------------------------------------------------------------------------
14)       Type of Reporting Person (See Instructions)
          PN*
- --------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
</TABLE>



                                       5
<PAGE>

<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------------------------------
CUSIP No. 168834109
- --------- -----------------------------------------------------------------------------------------------------------
<S>       <C>                                                                                         <C>
1)        Name of Reporting Persons
          I.R.S. Identification No. of Above Persons (entities only)

          LAXEY PARTNERS LIMITED
          NO I.R.S. IDENTIFICATION NO.
- --------- -----------------------------------------------------------------------------------------------------------
2)        Check the Appropriate Box if a Member of a Group (See Instructions)                         (a) [X]
                                                                                                      (b) [ ]
- --------- -----------------------------------------------------------------------------------------------------------
3)        SEC Use Only

- --------- -----------------------------------------------------------------------------------------------------------
4)        Source of Funds (See Instructions)
          N/A
- --------- -----------------------------------------------------------------------------------------------------------
5)        Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)             [ ]
- --------- -----------------------------------------------------------------------------------------------------------
6)        Citizenship or Place of Organization
          ISLE OF MAN
- -------------------- ------- ----------------------------------------------------------------------------------------
                     7)      Sole Voting Power
     Number of               0
      Shares         ------- ----------------------------------------------------------------------------------------
   Beneficially      8)      Shared Voting Power
     Owned by                1,867,050 SHARES
       Each          ------- ----------------------------------------------------------------------------------------
     Reporting       9)      Sole Dispositive Power
      Person                 0
        With         ------- ----------------------------------------------------------------------------------------
                     10)     Shared Dispositive Power
                             1,867,050 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
11)       Aggregate Amount Beneficially Owned by Each Reporting Person
          1,867,050 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
12)       Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)        [ ]

- --------- -----------------------------------------------------------------------------------------------------------
13)       Percent of Class Represented by Amount in Row (11)
          13.8%
- --------- -----------------------------------------------------------------------------------------------------------
14)       Type of Reporting Person (See Instructions)
          IV*
- --------- -----------------------------------------------------------------------------------------------------------
</TABLE>

*Not registered under the Investment Company Act of 1940.



                                       6
<PAGE>


<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------------------------------
CUSIP No. 168834109
- ---------------------------------------------------------------------------------------------------------------------
<S>       <C>                                                                                         <C>
1)        Name of Reporting Persons
          I.R.S. Identification No. of Above Persons (entities only)

          COLIN KINGSNORTH
- --------- -----------------------------------------------------------------------------------------------------------
2)        Check the Appropriate Box if a Member of a Group (See Instructions)                         (a) [X]
                                                                                                      (b) [ ]
- --------- -----------------------------------------------------------------------------------------------------------
3)        SEC Use Only

- --------- -----------------------------------------------------------------------------------------------------------
4)        Source of Funds (See Instructions)
          N/A
- --------- -----------------------------------------------------------------------------------------------------------
5)        Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)             [ ]
- --------- -----------------------------------------------------------------------------------------------------------
6)        Citizenship or Place of Organization
          BRITISH
- -------------------- ------- ----------------------------------------------------------------------------------------
                     7)      Sole Voting Power
     Number of               0
      Shares         ------- ----------------------------------------------------------------------------------------
   Beneficially      8)      Shared Voting Power
     Owned by                1,867,050 SHARES
       Each          ------- ----------------------------------------------------------------------------------------
     Reporting       9)      Sole Dispositive Power
      Person                 0
        With         ------- ----------------------------------------------------------------------------------------
                     10)     Shared Dispositive Power
                             1,867,050 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
11)       Aggregate Amount Beneficially Owned by Each Reporting Person
          1,867,050 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
12)       Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)        [ ]

- --------- -----------------------------------------------------------------------------------------------------------
13)       Percent of Class Represented by Amount in Row (11)
          13.8%
- --------- -----------------------------------------------------------------------------------------------------------
14)       Type of Reporting Person (See Instructions)
          IN
- --------- -----------------------------------------------------------------------------------------------------------
</TABLE>




                                       7
<PAGE>

<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------------------------------
CUSIP No. 168834109
- ---------------------------------------------------------------------------------------------------------------------
<S>       <C>                                                                                         <C>
1)        Name of Reporting Persons
          I.R.S. Identification No. of Above Persons (entities only)

          ANDREW PEGGE
- --------- -----------------------------------------------------------------------------------------------------------
2)        Check the Appropriate Box if a Member of a Group (See Instructions)                         (a) [X]
                                                                                                      (b) [ ]
- --------- -----------------------------------------------------------------------------------------------------------
3)        SEC Use Only

- --------- -----------------------------------------------------------------------------------------------------------
4)        Source of Funds (See Instructions)
          N/A
- --------- -----------------------------------------------------------------------------------------------------------
5)        Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)             [ ]
- --------- -----------------------------------------------------------------------------------------------------------
6)        Citizenship or Place of Organization
          BRITISH
- -------------------- ------- ----------------------------------------------------------------------------------------
                     7)      Sole Voting Power
     Number of               0
      Shares         ------- ----------------------------------------------------------------------------------------
   Beneficially      8)      Shared Voting Power
     Owned by                1,867,050 SHARES
       Each          ------- ----------------------------------------------------------------------------------------
     Reporting       9)      Sole Dispositive Power
      Person                 0
        With         ------- ----------------------------------------------------------------------------------------
                     10)     Shared Dispositive Power
                             1,867,050 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
11)       Aggregate Amount Beneficially Owned by Each Reporting Person
          1,867,050 SHARES
- --------- -----------------------------------------------------------------------------------------------------------
12)       Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)        [ ]

- --------- -----------------------------------------------------------------------------------------------------------
13)       Percent of Class Represented by Amount in Row (11)
          13.8%
- --------- -----------------------------------------------------------------------------------------------------------
14)       Type of Reporting Person (See Instructions)
          IN
- --------- -----------------------------------------------------------------------------------------------------------
</TABLE>

                                       8
<PAGE>


This Amendment No. 1 to the Statement on Schedule 13D amends and supplements
Items 2, 3, 5, 6 and 7 of the Statement on Schedule 13D originally filed with
the Securities and Exchange Commission on May 30, 2001 (collectively, the
"Schedule 13D") by The Value Catalyst Fund Limited and Laxey Investors Limited
with respect to the shares of Common Stock, par value $0.001 per share (the
"Common Stock"), of The Chile Fund, Inc. (the "Fund").

ITEM 2.           IDENTITY AND BACKGROUND

Item 2 is hereby amended and restated in its entirety as follows:

This statement is being filed jointly by (i) The Value Catalyst Fund Limited, a
Cayman Islands company ("Catalyst"), (ii) Laxey Investors Limited, a British
Virgin Islands company ("LIL"), (iii) Laxey Partners L.P., a Delaware limited
partnership ("Investors"), (iv) Laxey Partners Limited, an Isle of Man company
("Laxey"), (v) Colin Kingsnorth, a British citizen ("Kingsnorth"), and (vi)
Andrew Pegge, a British citizen ("Pegge" and, collectively with Catalyst, LIL,
Investors, Laxey and Kingsnorth, the "Reporting Persons").

Catalyst is a private investment company formed in May 2000 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of Catalyst's principal business and
principal office is P.O. Box 309, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies.

LIL is a private investment company formed in March 1999 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of LIL's principal business and
principal office is Akara Building, 24 De Castro Street, Wickams Cay I, Road
Town, Tortola, British Virgin Islands.

Investors is a limited partnership organized on November 15, 2001, pursuant to
the Delaware Revised Uniform Limited Partnership Act and created to allow
investors to take advantage of structural arbitrage of closed-end funds and
similar investment entities. Investors is managed by its general partner, Laxey
Partners (GP) Limited, an international business company incorporated in the
British Virgin Islands. Laxey Partners (GP) Limited is a wholly-owned subsidiary
of Laxey, the investment manager for Investors. The address of Investors'
principal business and principal office is First Floor, Samuel Harris House,
5-11 St. George's St., Douglas, Isle of Man.

Laxey is the investment manager for each of Catalyst, LIL and Investors, subject
to the overall control of the directors of each of these entities and the
general partner, as applicable. Formed in November 1998, Laxey is a global
active value fund manager specializing in arbitrage-led investment. The address
of Laxey's principal business and principal office is Stanley House, 7-9 Market
Hill, Douglas, Isle of Man IM1 2BF.

Each of Messrs. Kingsnorth and Pegge own one half of the outstanding equity of
Laxey. Kingsnorth's principal occupation is that of portfolio manager and
director of Laxey. His business address is Stanley House, 7-9 Market Hill,
Douglas, Isle of Man, IM1 2BF, United Kingdom. Pegge's principal occupation is
also that of portfolio manager and director of Laxey


                                       9
<PAGE>

and his business address is Stanley House, 7-9 Market Hill, Douglas, Isle of
Man, IM1 2BF, United Kingdom.

Pursuant to General Instruction C and the instructions to Item 2 of this
statement, set forth below are the respective names, business addresses,
principal present occupations and citizenships of the executive officers and
directors or each of Catalyst, LIL, Investors and Laxey. The name, business
address, present principal occupation and citizenship of each of the executive
officers and directors of Catalyst are:

1.       NAME:  James McCarthy

         BUSINESS ADDRESS:  1000 Skokie Boulevard
                            Suite 325
                            Wilmette, Illinois 60091

         PRINCIPAL OCCUPATION: Director of Business Development, E*Hedge
         Holdings, LLC (a company specializing in the area of alternative
         investments)

         CITIZENSHIP:  British

2.       NAME:  Jonathan D. Pollock

         BUSINESS ADDRESS:  19 Berkeley Street
                            7th Floor
                            London W1X 5AE

         PRINCIPAL OCCUPATION: Portfolio Manager, Stonington Management
         Corporation (the management company for Elliot Associates, L.P. and
         Westgate International, L.P.)

         CITIZENSHIP:  United States

3.       NAME:  Elizabeth Tansell

         BUSINESS ADDRESS:  First Floor Samuel Harris House
                            5-11 St. George's Street
                            Douglas
                            Isle of Man, IM1 1AJ

         PRINCIPAL OCCUPATION: Managing Director of BoE International Services
         Limited (a fund administration company)

         CITIZENSHIP:  British

The name, business address, present principal occupation and citizenship of each
of the executive officers and directors of LIL are as follows:

1.       NAME:  Colin Kingsnorth (See above for all other information)

                                       10
<PAGE>

2.       NAME:  Andrew Pegge  (See above for all other information)

3.       NAME:  Elizabeth Tansell (See above for all other information)

Investors is managed by its general partner, Laxey Partners (GP) Limited. The
name, business address, present principal occupation and citizenship of each of
the executive officers and directors of Laxey Partners (GP) Limited are as
follows:

1.       NAME:  Colin Kingsnorth (See above for all other information)

2.       NAME:  Andrew Pegge (See above for all other information)]

3.       NAME:  Elizabeth Tansell (See above for all other information)

The name, business address, present principal occupation and citizenship of each
of the executive officers and directors of Laxey are as follows:

1.       NAME:  Colin Kingsnorth (See above for all other information)

2.       NAME:  Andrew Pegge (See above for all other information)

3.       NAME:  Andrew Leasor

         BUSINESS ADDRESS:  28 Chelsea Wharf
                            Lots Road
                            London
                            SW 10 0QJ
                            United Kingdom

         PRINCIPAL OCCUPATION:  Marketing Director and Director, Laxey

         CITIZENSHIP:  British

4.       NAME:  Andrew Baker (Director of Laxey)

         BUSINESS ADDRESS:  15-19 Athol Street
                            Douglas
                            Isle of Man
                            IM1 1LB

         PRINCIPAL OCCUPATION: Solicitor

         CITIZENSHIP:  British

                                       11
<PAGE>

5.       NAME:  Eddie Gilmore (Director of Laxey)

         BUSINESS ADDRESS:  21 Cronk Drean
                            Douglas
                            Isle of Man
                            IM2 6AX

         PRINCIPAL OCCUPATION:  Retired

         CITIZENSHIP:  British

During the past five years, neither Catalyst, LIL, Investors, Laxey nor any of
their respective executive officers and directors, including Kingsnorth and
Pegge, has been convicted in a criminal proceeding (excluding traffic violations
and similar misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and, as a result of such
proceeding, was or is subject to a judgement, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, Federal
or state securities laws or finding any violation with respect to such laws.

Item 3.           SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Item 3 is hereby amended and restated in its entirety to read as follows:

The funds used to purchase the shares of Common Stock described in this
statement were acquired through open market purchases and were derived from
Catalyst's, LIL's, Investors', and Laxey's investment capital and funds provided
by one or more discretionary accounts managed for unaffiliated third parties
(the "Accounts"). The aggregate amount of the funds used to purchase all of the
shares purchased by Catalyst, LIL, Investors, the Accounts and Laxey is
$3,860,200, $3,860,200, $2,565,900, $6,275,250 and $2,154, respectively.

Item 5.           INTEREST IN SECURITIES OF THE ISSUER

Items 5(a) and 5(b) below are hereby amended and restated in their entirety and
Item 5(c) is hereby amended to supplement the original Item 5(c) as follows:

(a)  As of the date hereof, Catalyst, together with Laxey, Kingsnorth and Pegge,
     are the beneficial owners of 405,350 shares of Common Stock, which
     represent approximately 2.998% of the issued and outstanding Common Stock
     of the Fund. As of the date hereof, LIL, together with Laxey, Kingsnorth
     and Pegge, are the beneficial owners of 405,350 shares of Common Stock,
     which represents approximately 2.998% of the issued and outstanding shares
     of the Common Stock. As of the date hereof, Investors, together with Laxey,
     Kingsnorth and Pegge, are the beneficial owners of 300,000 shares of Common
     Stock, which represents approximately 2.2% of the issued and outstanding
     shares of the Common Stock. As of the date hereof, Laxey, Kingsnorth and
     Pegge are the beneficial owners, through Laxey's discretionary authority
     over the Accounts, of the 756,100 shares of Common Stock held in the
     Accounts, which represents approximately 5.6% of the


                                       12
<PAGE>

     issued and outstanding shares of the Common Stock. The Accounts are
     terminable at any time by the respective third parties, for which the
     Accounts are held, upon providing written notice to Laxey. In addition,
     Laxey, together with Kingsnorth and Pegge, are the beneficial owners of 250
     shares of Common Stock. Accordingly, Laxey, Kingsnorth and Pegge are, as of
     the date hereof, beneficial owners of an aggregate of 1,867,050 shares of
     Common Stock, constituting approximately 13.8% of the shares of Common
     Stock outstanding. No other person identified in Item 2 beneficially owns
     any shares of Common Stock.

(b)  As of the date hereof, Laxey, Kingsnorth and Pegge share with Catalyst the
     power to vote and dispose of 405,350 shares of Common Stock. As of the date
     hereof, Laxey, Kingsnorth and Pegge share with LIL the power to vote and
     dispose of 405,350 shares of Common Stock. As of the date hereof, Laxey,
     Kingsnorth and Pegge share with Investors the power to sell and dispose of
     300,000 shares of Common Stock. As of the date hereof, Laxey, Kingsnorth
     and Pegge have sole voting and dispository power with respect to the
     756,100 shares of Common Stock held in the Accounts. In addition, as of the
     date hereof, Kingsnorth and Pegge share with Laxey the power to vote and
     dispose of 250 shares of Common Stock. Accordingly, Laxey, Kingsnorth and
     Pegge, as of the date hereof, have voting power and dispositive power over
     an aggregate of 1,867,050 shares of Common Stock, constituting
     approximately 13.8% of the shares of Common Stock outstanding. No other
     person identified in Item 2 shares the power to vote or dispose of any
     shares of Common Stock. The information contained in Item 2 relating to the
     persons identified in this Item 5(b) is incorporated by reference.

(c)  Since the last filing on Schedule 13D, the following open market purchases
     and sales of Common Stock have been made by Catalyst:

<TABLE>
<CAPTION>

     -------------------------------- -------------------------------------------- ----------------------------------
            Date of Purchase            Number of Shares of Common Stock Bought            Price Paid/Share
     -------------------------------- -------------------------------------------- ----------------------------------
     <S>                               <C>                                          <C>
                06/05/01                                10,000                                   $9.91
     -------------------------------- -------------------------------------------- ----------------------------------
                06/18/01                                45,850                                   $9.60
     -------------------------------- -------------------------------------------- ----------------------------------


     -------------------------------- -------------------------------------------- ----------------------------------
              Date of Sale               Number of Shares of Common Stock Sold              Price Per Share
     -------------------------------- -------------------------------------------- ----------------------------------
                11/16/01                                  500                                    $8.12
     -------------------------------- -------------------------------------------- ----------------------------------
</TABLE>


     Since the last filing on Schedule 13D, the following open market
     purchases and sales of Common Stock have been made by LIL:


                                       13
<PAGE>

<TABLE>
<CAPTION>

     -------------------------------- -------------------------------------------- ----------------------------------
            Date of Purchase            Number of Shares of Common Stock Bought            Price Paid/Share
     -------------------------------- -------------------------------------------- ----------------------------------
     <S>                               <C>                                          <C>
                06/05/01                                10,000                                   $9.91
     -------------------------------- -------------------------------------------- ----------------------------------
                06/18/01                                45,850                                   $9.60
     -------------------------------- -------------------------------------------- ----------------------------------


     -------------------------------- -------------------------------------------- ----------------------------------
              Date of Sale                    Number of Shares of Common                    Price Per Share
                                                     Stock Sold
     -------------------------------- -------------------------------------------- ----------------------------------
                11/16/01                                  500                                    $8.12
     -------------------------------- -------------------------------------------- ----------------------------------


         Since the last filing on Schedule 13D, the following open market
         purchase of Common stock has been made by Investors:

     -------------------------------- -------------------------------------------- ----------------------------------
            Date of Purchase            Number of Shares of Common Stock Bought            Price Paid/Share
     -------------------------------- -------------------------------------------- ----------------------------------
                01/09/02                                300,000                                  $8.55
     -------------------------------- -------------------------------------------- ----------------------------------


         Since the last filing on Schedule 13D, the following open market
         purchases of Common Stock have been made by Laxey Partners Limited:

     -------------------------------- -------------------------------------------- ----------------------------------
            Date of Purchase            Number of Shares of Common Stock Bought            Price Paid/Share
     -------------------------------- -------------------------------------------- ----------------------------------
                11/19/01                                  250                                    $8.62
     -------------------------------- -------------------------------------------- ----------------------------------


         Since the last filing on Schedule 13D, the following open market
         purchases and sales of Common Stock have been made on behalf of the
         Accounts:

     -------------------------------- -------------------------------------------- ----------------------------------
            Date of Purchase          Number of Shares of Common Stock Bought              Price Paid/Share
     -------------------------------- -------------------------------------------- ----------------------------------
                09/04/01                                24,000                                   $9.18
     -------------------------------- -------------------------------------------- ----------------------------------
                09/10/01                                15,400                                   $8.17
     -------------------------------- -------------------------------------------- ----------------------------------
                09/28/01                               100,000                                   $7.05
     -------------------------------- -------------------------------------------- ----------------------------------
                10/24/01                                 7,600                                   $7.10
     -------------------------------- -------------------------------------------- ----------------------------------
                10/26/01                                   400                                   $7.13
     -------------------------------- -------------------------------------------- ----------------------------------
                10/31/01                                10,000                                   $7.10
     -------------------------------- -------------------------------------------- ----------------------------------
                11/01/01                                 4,200                                   $7.18
     -------------------------------- -------------------------------------------- ----------------------------------
                11/06/01                                   700                                   $7.19
     -------------------------------- -------------------------------------------- ----------------------------------
                11/07/01                                12,900                                   $7.47
     -------------------------------- -------------------------------------------- ----------------------------------
                11/12/01                                 7,700                                   $7.58
     -------------------------------- -------------------------------------------- ----------------------------------
                11/13/01                                12,600                                   $7.93
     -------------------------------- -------------------------------------------- ----------------------------------

                                       14
<PAGE>

     -------------------------------- -------------------------------------------- ----------------------------------
            Date of Purchase          Number of Shares of Common Stock Bought              Price Paid/Share
     -------------------------------- -------------------------------------------- ----------------------------------
                11/16/01                                 1,000                                   $8.12
     -------------------------------- -------------------------------------------- ----------------------------------
                11/16/01                                 6,000                                   $8.17
     -------------------------------- -------------------------------------------- ----------------------------------
                11/27/01                                22,600                                   $8.23
     -------------------------------- -------------------------------------------- ----------------------------------
                01/08/02                                 5,800                                   $8.71
     -------------------------------- -------------------------------------------- ----------------------------------
                01/08/02                               200,000                                   $8.64
     -------------------------------- -------------------------------------------- ----------------------------------
                01/09/02                               137,500                                   $8.55
     -------------------------------- -------------------------------------------- ----------------------------------
                01/09/02                               190,000                                   $8.55
     -------------------------------- -------------------------------------------- ----------------------------------


     -------------------------------- -------------------------------------------- ----------------------------------
              Date of Sale                    Number of Shares of Common                    Price Per Share
                                                      Stock Sold
     -------------------------------- -------------------------------------------- ----------------------------------
                 9/28/01                                 2,300                                   $7.07
     -------------------------------- -------------------------------------------- ----------------------------------
</TABLE>


No separate transactions were undertaken by Kingsnorth or Pegge during the above
time period.

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
        SECURITIES OF THE ISSUER

Item 6 is hereby amended and restated in its entirety as follows:

Pursuant to certain agreements dated June 26, 2000 and November 3, 2000,
respectively, Laxey is the exclusive investment manager to Catalyst and LIL.
Pursuant to certain agreements dated July 5, 2001, October 30, 2001 and November
1, 2001, Laxey is the exclusive investment manager to the Accounts.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS

Item 7 is hereby amended to supplement the original Item 7 as follows:

Exhibit A.  Agreement of Joint Filing


                                       15
<PAGE>



                                   SIGNATURES

         After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned hereby certifies that the information set forth
in this Amendment No. 1 to Schedule 13D is true, complete and correct.

Dated:  January 15, 2002

                                    THE VALUE CATALYST FUND LIMITED


                                    By:      /s/ James McCarthy
                                       ----------------------------------
                                             Name:  James McCarthy
                                             Title: Director


                                    LAXEY INVESTORS LIMITED



                                    By:      /s/ Andrew Pegge
                                       ----------------------------------
                                             Name:  Andrew Pegge
                                             Title: Director


                                    LAXEY PARTNERS LIMITED



                                    By:      /s/ Andrew Pegge
                                       ----------------------------------
                                             Name:  Andrew Pegge
                                             Title: Director


                                           /s/ Colin Kingsnorth
                                    --------------------------------------
                                               Colin Kingsnorth




                                             /s/ Andrew Pegge
                                    --------------------------------------
                                                 Andrew Pegge




<PAGE>

                                   LAXEY INVESTORS L.P.

                                   By: Laxey Partners (GP)
                                       Limited, as General Partner

                                   By: /s/ Andrew Pegge
                                      ------------------------------------------
                                       Name:  Andrew Pegge
                                       Title: Director




<PAGE>




                                    EXHIBIT A

                            AGREEMENT OF JOINT FILING

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, the undersigned hereby agree to the joint filing with all other persons
signatory below of a statement on Schedule 13D or any amendments thereto, with
respect to the common stock of THE CHILE FUND, INC., and that this Agreement be
included as an attachment to such filing.

This Agreement may be executed in any number of counterparts each of which shall
be deemed an original and all of which together shall be deemed to constitute
one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement on the 15th
day of January, 2002.

                                    THE VALUE CATALYST FUND LIMITED


                                    By:      /s/ James McCarthy
                                       ----------------------------------
                                             Name:  James McCarthy
                                             Title: Director


                                    LAXEY INVESTORS LIMITED



                                    By:      /s/ Andrew Pegge
                                       ----------------------------------
                                             Name:  Andrew Pegge
                                             Title: Director


                                    LAXEY PARTNERS LIMITED



                                    By:      /s/ Andrew Pegge
                                       ----------------------------------
                                             Name:  Andrew Pegge
                                             Title: Director


                                          /s/ Colin Kingsnorth
                                    -------------------------------------
                                              Colin Kingsnorth


                                            /s/ Andrew Pegge
                                    -------------------------------------
                                               Andrew Pegge



<PAGE>


                                LAXEY INVESTORS L.P.

                                By: Laxey Partners (GP)
                                    Limited, as General Partner

                                By: /s/ Andrew Pegge
                                   ----------------------------------
                                         Name: Andrew Pegge
                                         Title:   Director








</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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