UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (Amendment No. 2)


                            TAIWAN GREATER CHINA FUND
                                (Name of Issuer)

                                     SH BEN
                         (Title of Class of Securities)

                                    874037104
                                  -------------
                                 (CUSIP Number)

                                December 31, 2006
             (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-1(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 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 ("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).



CUSIP No. 874037104

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

    NEWGATE CAPITAL MANAGEMENT LLC
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2)  Check the Appropriate Box if a Member of a Group                     (a) |_|
    (See Instructions)                                                   (b) |_|

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3)  SEC Use Only

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4)  Citizenship or Place of Organization

    DELAWARE
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     Number of Shares     5) Sole Voting Power          1,643,120
     Beneficially            ---------------------------------------------------
     Owned by Each        6) Shared Voting Power        None
     Reporting               ---------------------------------------------------
     Person With          7) Sole Dispositive Power     1,643,120
                             ---------------------------------------------------
                          8) Shared Dispositive Power   None

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9)  Aggregate Amount Beneficially Owned by Each Reporting Person

    1,643,120
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10) Check if the Aggregate Amount in Row (9) Excludes
    Certain Shares (See Instructions)                                        |_|


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11) Percent of Class Represented by Amount in Item 9

    9.7%
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12) Type of Reporting Person (See Instructions)

    IA
--------------------------------------------------------------------------------



ITEM 1.

(A) NAME OF ISSUER TAIWAN GREATER CHINA FUND


(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE

            Bank Tower Room 1001
            205 Tun Hwa North Road
            Taipei 105

ITEM 2.

(A) NAME OF PERSONS FILING

            NEWGATE CAPITAL MANAGEMENT LLC

(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE

            One Sound Shore Drive
            Greenwich, CT  06830

(C) CITIZENSHIP

            USA

(D) TITLE OF CLASS OF SECURITIES

            SH BEN

(E) CUSIP NUMBER

            874037104

ITEM 3.

      If this statement is filed pursuant to rule 240.13d- 1(b), or 240.13d-2(b)
      or (c), check whether the person filing is a:

      (a)   |_| Broker or dealer registered under section 15 of the Act (15
            U.S.C. 78c).

      (b)   |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

      (c)   |_| Insurance company as defined in section 3(a)19) of the Act (15
            U.S.C. 78c).

      (d)   |_| Investment Company registered under section 8 of the Investment
            Company Act of 1940 (15 U.S.C. 80a-8).

      (e)   |X| An investment adviser in accordance with 240.13d- 1(b)1)(ii)(E).

      (f)   |_| An employee benefit plan or endowment fund in accordance with
            240.13d-1(b)(1)(ii)(F).



      (g)   |_| A parent holding company or control person in accordance with
            240.13d-1(b)(1)(ii)(G)

      (h)   |_| A savings association as defined in section 3(b) of the Federal
            Deposit Insurance Act (12 U.S.C. 1813).

      (i)   |_| A church plan that is excluded from the definition of an
            investment company under section 3(c)(14) of the Investment Company
            Act of 1940 (15 U.S.C. 80a-3).

      (j)   |_| Group, in accordance with section 240.13d-1(b)(1)(ii)(J).

ITEM 4. OWNERSHIP.

      Provide the following information regarding the aggregate number and
      percentage of the class of securities of the issuer identified in Item 1.

      (a)   Amount beneficially owned: 1,643,120

      (b)   Percent of class: 9.7%

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

            (i)   Sole power to vote or to direct the vote: 1,643,120

            (ii)  Shared power to vote or to direct the vote: None

            (iii) Sole power to dispose or to direct the disposition of:
                  1,643,120

            (iv)  Shared power to dispose or to direct the disposition of: None

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
        SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

ITEM 9. NOTICE OF DISSOLUTION OF GROUP



ITEM 10. CERTIFICATION.

      (a) The following certification shall be included if the statement is
      filed pursuant to ss.240.13d-1(b):

            By signing below I certify that, to the best of my knowledge and
            belief, the securities referred to above were acquired and are held
            in the ordinary course of business and were not acquired and are not
            held for the purpose of or with the effect of changing or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection with or as a participant in
            any transaction having that purpose or effect.

      (b) The following certification shall be included if the statement is
      filed pursuant to ss.240.13d-1(c):

            By signing below I certify that, to the best of my knowledge and
            belief, the securities referred to above were not acquired and are
            not held for the purpose of or with the effect of changing or
            influencing the control of the issuer of the securities and were not
            acquired and are not held in connection with or as a participant in
            any transaction having that purpose or effect.

                                    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: January 18, 2007


                                           Signature: /s/ Sonia Rosenbaum, Ph.D.
                                                      --------------------------

                                           Name: Sonia Rosenbaum, Ph.D.

                                           Title: Managing Director