[Annotated Form N-Q]
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-05921 |
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THE TURKISH INVESTMENT FUND, INC. |
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(Exact name of registrant as specified in charter) |
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522 FIFTH AVENUE |
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10036 |
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(Address of principal executive offices) |
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(Zip code) |
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Randy Takian |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
1-800-281-2715 |
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Date of fiscal year end: |
10/31 |
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Date of reporting period: |
7/31/08 |
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Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-S (§§ 239:24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under The investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Fund’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
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The Turkish Investment Fund, Inc. |
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July 31, 2008 (Unaudited) |
Portfolio of Investments
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Shares |
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Value |
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Common
Stocks (97.8%) |
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Automobiles (5.2%) |
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Tofus Turk Otomobil Fabrikasa A.S. |
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1,693,784 |
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$ |
6,112 |
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Beverages (2.6%) |
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Coca-Cola Icecek A.S. |
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303,400 |
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3,001 |
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Commercial Banks (27.5%) |
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Asya Katilim Bankasi A.S. (a) |
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2,432,019 |
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6,186 |
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Turkiye Garanti Bankasi A.S. (a) |
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3,831,702 |
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12,781 |
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Turkiye Halk Bankasi A.S. |
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579,687 |
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3,926 |
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Turkiye Vakiflar Bankasi T.A.O., ‘D’ |
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1,499,389 |
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3,028 |
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Yapi ve Kredi Bankasi A.S. (a) |
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2,834,622 |
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6,463 |
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32,384 |
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Construction Materials (2.4%) |
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Akcansa Cimento Sanayi ve Ticaret A.S. |
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381,959 |
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1,549 |
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Cimsa Cimento Sanayi ve Ticaret A.S. |
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271,000 |
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1,315 |
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2,864 |
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Diversified Financial Services (11.6%) |
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Haci Omer Sabanci Holding A.S. |
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1,100,786 |
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5,484 |
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Tekfen Holding A.S. |
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1,179,751 |
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8,158 |
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13,642 |
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Diversified Telecommunication Services (1.4%) |
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Turk Telekomunikasyon A.S. (a) |
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450,000 |
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1,647 |
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Food & Staples Retailing (6.3%) |
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BIM Birlesik Magazalar A.S. |
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195,534 |
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7,358 |
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Food Products (3.4%) |
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TAT Konserve (a) |
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774,296 |
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1,969 |
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Ulker Biskuvi Sanayi A.S. |
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831,590 |
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2,073 |
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4,042 |
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Independent Power Producers & Energy Traders (4.5%) |
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Akenerji Elektrik Uretim A.S. (a) |
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543,688 |
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5,234 |
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Industrial Conglomerates (7.3%) |
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Alarko Holding A.S. |
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892,767 |
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2,069 |
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Enka Insaat ve Sanayi A.S. |
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555,727 |
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6,497 |
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8,566 |
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Insurance (6.7%) |
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Aksigorta A.S. |
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1,234,515 |
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5,510 |
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Anadolu Hayat Emeklilik A.S. |
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1,013,371 |
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2,299 |
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7,809 |
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Metals & Mining (2.1%) |
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Park Elektrik Madencilik Sanayi Ve Ticaret A.S. (a) |
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1,289,800 |
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$ |
2,449 |
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Multiline Retail (0.9%) |
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Boyner Buyuk Magazacilik A.S. (a) |
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1,021,028 |
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1,064 |
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Real Estate (3.8%) |
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Sinpas Gayrimenkul Yatirim Ortakligi A.S. REIT (a) |
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703,589 |
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2,721 |
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Yapi Kredi Koray Gayrimenkul Yatirim Ortakligi A.S. REIT (a) |
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726,124 |
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1,724 |
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4,445 |
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Transportation Infrastructure (1.5%) |
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TAV Havalimanlari Holding A.S. (a) |
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258,150 |
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1,714 |
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Wireless Telecommunication Services (10.6%) |
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Turkcell Iletisim Hizmetleri A.S. |
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1,575,500 |
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12,156 |
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Turkcell Iletisim Hizmetleri A.S. ADR |
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17,000 |
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328 |
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12,484 |
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Total Common Stocks (Cost $105,042) |
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114,815 |
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Short-Term Investment (2.0%) |
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Investment Company (2.0%) |
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Morgan Stanley Institutional Liquidity Money Market Portfolio — Institutional Class |
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2,323,368 |
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2,323 |
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Total Investments (99.8%) (Cost $107,365) +(c) |
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117,138 |
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Other Assets in Excess of Liabilities (0.2%) |
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239 |
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Net Assets (100%) |
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$ |
117,377 |
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(a) |
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Non-income producing security. |
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The Turkish Investment Fund, Inc. |
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July 31, 2008 (Unaudited) |
Portfolio of Investments (cont’d)
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(b) |
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The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Money Market Portfolio — Institutional Class (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Liquidity Fund. For the nine months ended July 31, 2008, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund. For the same period, income distributions earned by the Fund are recorded as interest from affiliates and totaled approximately $105,000. For the nine months ended July 31, 2008, the approximate cost of purchases and sales in the Liquidity Fund were $33,374,000 and $32,435,000, respectively. |
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(c) |
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The approximate market value and percentage of the investments, $114,487,000 and 97.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments. |
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At July 31, 2008, the U.S. Federal income tax cost basis of investments was approximately $107,365,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $9,773,000 of which $19,700,000 related to appreciated securities and $9,927,000 related to depreciated securities. |
ADR — American Depositary Receipt
REIT — Real Estate Investment Trust
Item 2. Controls and Procedures.
(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.
Item 3. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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(Registrant) |
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The Turkish Investment Fund, Inc. |
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By: |
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/s/ Randy Takian |
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Name: |
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Randy Takian |
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Title: |
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Principal Executive Officer |
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Date: |
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September 18, 2008 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
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/s/ Randy Takian |
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Name: |
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Randy Takian |
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Title: |
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Principal Executive Officer |
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Date: |
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September 18, 2008 |
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By: |
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/s/ James Garrett |
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Name: |
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James Garrett |
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Title: |
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Principal Financial Officer |
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Date: |
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September 18, 2008 |
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