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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number			811-05921
The Turkish Investment Fund, Inc.
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York					10036
(Address of principal executive offices)					(Zip code)
Arthur Lev 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant’s telephone number, including area code:				201-830-8894
Date of fiscal year end:	October 31, 2013
Date of reporting period:		January 31, 2013

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:

The Turkish Investment Fund, Inc.

Portfolio of Investments

First Quarter Report

January 31, 2013 (unaudited)

	Shares	Value (000)
Common Stocks (98.8%)
Automobiles (4.6%)
Tofas Turk Otomobil Fabrikasi AS	914,958	$	5,514
Beverages (11.7%)
Anadolu Efes Biracilik Ve Malt Sanayii AS	806,885	12,066
Coca-Cola Icecek AS	83,326	2,028
		14,094
Commercial Banks (35.7%)
Turkiye Garanti Bankasi AS	4,862,178	24,384
Turkiye Halk Bankasi AS	1,034,288	10,233
Turkiye Vakiflar Bankasi Tao, Class D	1,956,673	5,718
Yapi ve Kredi Bankasi AS (a)	958,849	2,813
		43,148
Construction Materials (5.1%)
Akcansa Cimento AS	919,982	6,225
Containers & Packaging (2.0%)
Kartonsan Karton Sanayi ve Ticaret AS	15,084	2,462
Diversified Financial Services (8.4%)
Haci Omer Sabanci Holding AS	1,751,785	10,110
Diversified Telecommunication Services (1.9%)
Turk Telekomunikasyon AS	556,591	2,336
Food & Staples Retailing (2.1%)
BIM Birlesik Magazalar AS	52,442	2,542
Food Products (5.0%)
Pinar SUT Mamulleri Sanayii AS	137,732	1,316
TAT Konserve Sanayii AS (a)	767,213	1,042
Ulker Biskuvi Sanayi AS	645,111	3,668
		6,026
Hotels, Restaurants & Leisure (1.2%)
DO & Co., AG	30,733	1,455
Industrial Conglomerates (4.9%)
Enka Insaat ve Sanayi AS	1,507,528	4,526
Turkiye Sise ve Cam Fabrikalari AS	783,920	1,368
		5,894
Insurance (1.8%)
Anadolu Hayat Emeklilik AS	743,836	2,123
Oil, Gas & Consumable Fuels (8.9%)
Tupras Turkiye Petrol Rafinerileri AS	390,774	10,776
Textiles, Apparel & Luxury Goods (0.9%)
Yunsa Yunlu Sanayi VE Ticare	376,997	1,048
Wireless Telecommunication Services (4.6%)
Turkcell Iletisim Hizmetleri AS (a)	886,611	5,520
Total Common Stocks (Cost $71,312)		$	119,273

	Shares	Value (000)
Short-Term Investment (1.4%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (b) (Cost $1,683)	1,683,411	1,683
Total Investments (100.2%) (Cost $72,995) +		120,956
Liabilities in Excess of Other Assets (-0.2%)		(284		)
Net Assets (100.0%)		$	120,672

(a)	Non-income producing security.
(b)	The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Funds with respect to assets invested by the Fund in the Liquidity Funds.
+	At January 31, 2013, the U.S. Federal income tax cost basis of investments was approximately $72,995,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was approximately $47,961,000 of which approximately $47,996,000 related to appreciated securities and approximately $35,000 related to depreciated securities.

The Turkish Investment Fund, Inc.

Notes to the Portfolio of Investments · January 31, 2013 (unaudited)

Security Valuation: Securities listed on a foreign exchange are valued at their closing price, except as noted below. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the last reported bid and ask prices. Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Short-term debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, unless the Fund’s Board of Directors (the “Directors”) determines such valuation does not reflect the securities’ fair value, in which case these securities will be valued at their fair value as determined in good faith under procedures adopted by the Directors.

Under procedures approved by the Directors, the Adviser has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

Most foreign markets close before the New York Stock Exchange (“NYSE”). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.

Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value as the value that the Funds would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The inputs are summarized in the three broad levels listed below.

·Level 1 — unadjusted quoted prices in active markets for identical investments

·Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

·Level 3 — significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value each Portfolio’s investments as of January 31, 2013.

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Automobiles	$	5,514	$	—	$	—	$	5,514
Beverages	14,094		—		—		14,094
Commercial Banks	43,148		—		—		43,148
Construction Materials	6,225		—		—		6,225
Containers & Packaging	2,462		—		—		2,462
Diversified Financial Services	10,110		—		—		10,110
Diversified Telecommunication Services	2,336		—		—		2,336
Food & Staples Retailing	2,542		—		—		2,542
Food Products	6,026		—		—		6,026
Hotels, Restaurants & Leisure	1,455		—		—		1,455
Industrial Conglomerates	5,894		—		—		5,894
Insurance	2,123		—		—		2,123
Oil, Gas & Consumable Fuels	10,776		—		—		10,776
Textiles, Apparel & Luxury Goods	1,048		—		—		1,048
Wireless Telecommunication Services	5,520		—		—		5,520
Total Common Stocks	119,273		—		—		119,273
Short-Term Investment - Investment Company	1,683		—		—		1,683
Total Assets	$	120,956	$	—	$	—	$	120,956

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Portfolios recognize transfers between the levels as of the end of the period. As of January 31, 2013, the Portfolios did not have any investments transfer between investment levels.

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.

(a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.

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.

The Turkish Investment Fund, Inc.

/s/ Arthur Lev

Arthur Lev

Principal Executive Officer

March 21, 2013

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.

/s/ Arthur Lev

Arthur Lev

Principal Executive Officer

March 21, 2013

/s/ Francis Smith

Francis Smith

Principal Financial Officer

March 21, 2013