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) AND (c) AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13d-2(b)
                               (Amendment No. )(1)


                       TAKE-TWO INTERACTIVE SOFTWARE, INC.
                                (Name of Issuer)



                     COMMON STOCK, PAR VALUE $.01 PER SHARE
                         (Title of Class of Securities)



                                    874054109
                                 (CUSIP Number)


- ----------

(1) 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).

                                Page 1 of 6 Pages





CUSIP No. 874054109                  13G                    Page 2 of 6 Pages



- --------------------------------------------------------------------------------
   1.  NAME OF REPORTING PERSON
       I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

       Anglo American Security Fund, L.P.
       

- --------------------------------------------------------------------------------
   2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [ ]
                                                             (b)  [X]


- --------------------------------------------------------------------------------
   3.  SEC USE ONLY




- --------------------------------------------------------------------------------
   4.  CITIZENSHIP OR PLACE OF ORGANIZATION


       United States

- --------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES            671,638
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH             None
   REPORTING      --------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH             671,638
                  --------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER

                       None
- --------------------------------------------------------------------------------
   9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       671,638

- --------------------------------------------------------------------------------
  10.  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*  [ ]



- --------------------------------------------------------------------------------
  11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


       6.9%
- --------------------------------------------------------------------------------
  12.  TYPE OF REPORTING PERSON


       PN

- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                Page 2 of 6 Pages








CUSIP No. 874054109                  13G                    Page 3 of 6 Pages



- --------------------------------------------------------------------------------
   1.  NAME OF REPORTING PERSON
       I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

       Oliver R. Grace, Jr.
       

- --------------------------------------------------------------------------------
   2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [ ]
                                                             (b)  [X]


- --------------------------------------------------------------------------------
   3.  SEC USE ONLY




- --------------------------------------------------------------------------------
   4.  CITIZENSHIP OR PLACE OF ORGANIZATION


       United States

- --------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES            781,338
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH             None
   REPORTING      --------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH             781,338
                  --------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER

                       None
- --------------------------------------------------------------------------------
   9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       781,338

- --------------------------------------------------------------------------------
  10.  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*  [ ]



- --------------------------------------------------------------------------------
  11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)


       7.9%
- --------------------------------------------------------------------------------
  12.  TYPE OF REPORTING PERSON


       IN

- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                Page 3 of 6 Pages





Item 1(a).     Name of Issuer:

               TAKE-TWO INTERACTIVE SOFTWARE, INC.

Item 1(b).     Address of Issuer's Principal Executive Offices:

               575 Broadway
               New York, NY 10012

Item 2(a).     Name of Person Filing:

               This Schedule 13G is filed on behalf of Oliver R. Grace,  Jr. and
               Anglo American Security Fund, L.P. (each a "Reporting Person").

Item 2(b).     Address of Principal Business Office or, if None, Residence:

               Oliver R. Grace, Jr.
               c/o Anglo American Security Fund, L.P.
               55 Brookville Road
               Glen Head, New York 11545

Item 2(c).     Citizenship:

               Mr. Grace is a United States citizen. Anglo American Security
               Fund, L.P. is a partnership organized under the laws of the State
               of Delaware.

Item 2(d).     Title of Class of Securities:

               Common Stock, par value $.01 per share.

Item 2(e).     CUSIP Number:

               874054109

Item 3.        If this statement is filed pursuant to Rules 13d-1(b), or
               13d-2(b), check whether the person filing is a:

               (a) - (h):  Not applicable.

Item 4.        Ownership:

               (a) Amount Beneficially Owned: Includes (i) 611,292 shares of
               Common Stock owned of record by Anglo American Security Fund,
               L.P., of which Mr. Grace is a general partner, (ii) 83,148 shares
               of Common Stock owned of record by Field Nominees, Ltd., (iii)
               42,386 shares of Common Stock issuable upon the exercise of
               warrants owned by Anglo American Security Fund, L.P., (iv) 17,600
               shares of Common Stock issuable upon the exercise of options
               owned by Anglo American Security Fund, L.P., (v) 20,787 shares of
               Common Stock issuable upon the exercise of options owned by Mr.
               Grace and (vi) 5,765 shares of Common Stock issuable upon

                                Page 4 of 6 Pages






               the exercise of warrants owned by Field Nominees, Ltd. Mr. Grace
               disclaims beneficial ownership of the securities held by Field
               Nominees, Ltd.

               (b)  Percent of Class:  7.9%


               (c)  Number of shares as to which such person has sole power to
                    vote or to direct the vote; shared power to vote or to
                    direct the vote; sole power to dispose or to direct the
                    disposition; or shared power to dispose or to direct the
                    disposition: See pages 2 and 3.

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

               Not Applicable.

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

               Not Applicable.

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

               Not Applicable.

Item 8.        Identification and Classification of Members of the Group.

               Not Applicable.

Item 9.        Notice of Dissolution of Group.

               Not Applicable.

Item 10.       Certification.

               Not Applicable.

                                   Page 5 of 6 Pages


                               





                                    SIGNATURE


     After reasonable inquiry and to the best of the undersigneds' knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.


Date: February 12, 1998



                                   /s/ Oliver R. Grace, Jr.
                                   ---------------------------------------
                                       Oliver R. Grace, Jr.



                                   ---------------------------------------
                                   Anglo American Security Fund, L.P.




                                   By:  /s/ Anglo American Security Fund, L.P.
                                        ---------------------------------------
 


                                          Page 6 of 6 Pages