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UNITED STATES --------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
WASHINGTON, D.C. 20549 --------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
Certificate of Accounting of hours per response 0.05
Securities and Similar
Investments in the Custody of --------------------------------
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17F-2]
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1. Investment Company Act File Number: Date examination completed:
811-5921 August 3, 1998
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2. State identification Number:
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
The Turkish Investment Fund, Inc..
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4. Address of principal executive office (number, street, city, state, zip code):
1221 Avenue of the Americas, New York, New York 10020
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INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
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Report of Independent Accountants
To the Board of Directors of
The Turkish Investment Fund, Inc.
We have examined management's assertion about Turkish Investment Fund, Inc.'s
(the "Fund") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the Act) as of October 31, 1997
included in the accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of October 31, 1997, and the period from August 29, 1997 through
October 31, 1997, with respect to agreement of purchases and sales of securities
and similar investments, without prior notice to management:
- - Confirmation of securities owned by the Fund and in the control of Morgan
Stanley Trust Company (MSTC) with the sub-custodians and depository
institutions, who, we were informed by management, are not affiliated with
the Fund or MSTC. It was not possible to physically inspect or perform
other procedures directed to the Fund's securities, because they are
maintained by the various sub-custodians under an omnibus nominee account
for all of MSTC's custodial customers;
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- - Confirmation or performance of alternative procedures for all securities
and similar investments out for transfer with brokers, and/or transfer
agents;
- - Reconciliation of confirmation results as to all such securities and
similar investments to the books and records of the Fund and MSTC;
- - Agreement of 5 security and/or investment purchases and 5 security and/or
investment sales or maturities since our last examination from the books
and records of the Morgan Stanley Asset Management Inc. sponsored
investment funds requiring an examination by independent accountants under
Rule 17f-2 and under the same accounting and custody control systems to
trade confirmations.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Fund's compliance
with specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
above mentioned provisions of Rule 17f-2 of the Investment Company Act of 1940
as of October 31, 1997 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
Fund and the Securities and Exchange Commission and should not be used for any
other purpose.
PricewaterhouseCoopers LLP
New York, New York
August 3, 1998
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MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The Turkish Investment Fund, Inc. (the "Fund"),
are responsible for complying with the requirements of subsections (b) and (c)
of Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining an effective internal control structure over
compliance with those requirements. We have performed an evaluation of the
Fund's compliance with the requirements of subsections (b) and (c) of Rule 17f-2
as of October 31, 1997.
Based on this evaluation, we assert that the Fund was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of October 31,
1997 with respect to securities and similar investments reflected in the
investment account of the Fund.
The Turkish Investment Fund, Inc.
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Michael F. Klein, Director and President
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Joseph P. Stadler, Vice President
Date: August 3, 1998.
