Closed-end investment companies like The Turkish Investment Fund, Inc. do not continuously offer shares to the public. Growth results from market appreciation or rights offerings, which benefit its shareholders. Regional funds like The Turkish Investment Fund, Inc. are often used to change the impact of a particular country, or sector, in portfolio management.
The funds objective is long-term capital appreciation by investing in equity securities of Turkish corporations.  Management can influence the net asset value, but this is not of great concern to investors. The Turkish Investment Fund, Inc. restricts management to investments that are expected to benefit from developments in the economy of The Republic of Turkey. Due to the risks inherent in international investments generally and Turkish issuers in particular, the Fund should be considered as a vehicle for investing a portion of an investor’s assets in foreign securities markets and not as a complete investment program. 
Wealth is shifting from the developed countries to the emerging, and frontier economies. Turkish companies tend to be under-researched, and not so readily available to normal investors. The Turkish Investment Fund, Inc. intends to purchase and hold securities for long-term capital appreciation and does not expect to trade in securities for short-term gain. 
The Turkish Investment Fund, Inc. includes securities not listed on the Istanbul Stock Exchange (‘‘ISE’’). These will be purchased in direct placements from the issuer of the securities, or in the secondary market. The nature of a trading market in Turkish non-listed securities cannot be predicted. However, such securities sometimes carry higher yields, or greater protection, than would be typically available for publicly offered securities of the same type. On the other hand, non-publicly traded securities are sometimes subject to restrictions on resale and the market for their resale is less liquid than for publicly traded securities. There is no active market in Turkish non-listed securities. 
The Turkish Investment Fund, Inc. distributes essentially all of its realized income, and capital gains to shareholders each year. Earnings may be retained automatically, the funds dividend reinvestment, and cash purchase plan.  When comparing the results of this closed-end company, to companies that retain earnings. Both securities should have all distributions reinvested and compounded, to compare results fairly.
Mark Mobius "World Outlook 2010" 
Morgan Stanley Investment Management Inc. 522 Fifth Avenue New York, New York 10036