The Turkish Investment Fund, Inc. NYSE: TKF MANAGEMENT Morgan Stanley Investment Management Inc....

I N V E S T M E N T M A N A G E M E N T

Morgan StanleyInvestment Management Inc.Adviser

The Turkish Investment Fund, Inc.NYSE: TKFAnnual ReportOctober 31, 2015

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For additional Fund information, including the Fund’s net asset value pershare and information regarding the investments comprising the Fund’sportfolio, please call toll free 1 (800) 231-2608 or visit our website atwww.morganstanley.com/im. All investments involve risks, including thepossible loss of principal.

© 2015 Morgan Stanley.

Adviser and AdministratorMorgan Stanley Investment Management Inc.522 Fifth AvenueNew York, New York 10036

CustodianState Street Bank and Trust CompanyOne Lincoln StreetBoston, Massachusetts 02111

Stockholder Servicing AgentComputershare Trust Company, N.A.211 Quality Circle, Suite 210College Station, Texas 77845

Legal CounselDechert LLP1095 Avenue of the AmericasNew York, New York 10036

Counsel to the Independent DirectorsKramer Levin Naftalis & Frankel LLP1177 Avenue of the AmericasNew York, New York 10036

Independent Registered Public Accounting FirmErnst & Young LLP200 Clarendon StreetBoston, Massachusetts 02116

CETKFANN

1361327 EXP 12.31.16

DirectorsFrank L. Bowman

Kathleen A. Dennis

Nancy C. Everett

Jakki L. Haussler

James F. Higgins

Dr. Manuel H. Johnson

Joseph J. Kearns

Michael F. Klein

Michael E. Nugent,Chair of the Board

W. Allen Reed

Fergus Reid

OfficersJohn H. GernonPresident and Principal Executive Officer

Stefanie V. Chang YuChief Compliance Officer

Joseph C. BenedettiVice President

Francis J. SmithTreasurer and PrincipalFinancial Officer

Mary E. MullinSecretary

The Turkish Investment Fund, Inc.

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October 31, 2015

Table of ContentsLetter to Stockholders ................................................................................................................................................................... 3

Portfolio of Investments.................................................................................................................................................................. 5

Statement of Assets and Liabilities.................................................................................................................................................. 6

Statement of Operations ................................................................................................................................................................ 7

Statements of Changes in Net Assets.............................................................................................................................................. 8

Financial Highlights ........................................................................................................................................................................ 9

Notes to Financial Statements ........................................................................................................................................................ 10

Report of Independent Registered Public Accounting Firm................................................................................................................. 18

Investment Advisory Agreement Approval ........................................................................................................................................ 19

Portfolio Management .................................................................................................................................................................... 22

Investment Policy........................................................................................................................................................................... 23

Dividend Reinvestment and Cash Purchase Plan ............................................................................................................................... 27

U.S. Privacy Policy......................................................................................................................................................................... 28

Director and Officer Information ...................................................................................................................................................... 33

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October 31, 2015

Letter to Stockholders (unaudited)PerformanceFor the year ended October 31, 2015, The Turkish Investment Fund, Inc. (the “Fund”) had total returns of -20.86%, based on netasset value, and -21.73% based on market value per share (including reinvestment of distributions), compared to its benchmark, theU.S. dollar adjusted MSCI Turkey Index (the “Index”)*, which returned -22.55%. On October 31, 2015, the closing price of theFund’s shares on the New York Stock Exchange was $8.61, representing a 13.2% discount to the Fund’s net asset value per share. Pastperformance is no guarantee of future results.

Factors Affecting Performance• For the 12-month period, the Index returned -22.55%. In local currency terms, Turkish equities were largely unchanged, but

weakness in the Turkish lira was the main drag on U.S. dollar-based returns.

• The strongest contributor to performance was the Fund’s stock selection in the consumer staples sector, driven by holdings in achocolate and biscuit company as well as in a frozen food company.

• The Fund’s underweight allocation to the financials sector was also additive to returns, as were overweight allocations to both theenergy and consumer discretionary sectors. The financials sector was one of the worst-performing sectors over the period,down -31.36% in the Index, while the energy sector was the best performer over the period, up 21.69% in the Index.i

• Detracting from performance over the period was stock selection in the industrials and financials sectors. Within industrials,relative results were dampened by a holding in a construction company and by not owning an airport operator that performedwell. In financials, one of the Fund’s bank holdings underperformed, which detracted from returns.

Management Strategies• The Turkish economy has been experiencing a period of slowing growth and tightening liquidity, which we believe could be

prolonged. Turkey remains dependent on foreign capital, given its chronic current account deficit and high stock of externaldebt. As such, Turkey naturally remains vulnerable to any tightening global liquidity and/or change in investor sentiment.

• We think the perception of increasing political risk has been affecting the currency level and volatility, as well as equity marketvaluations over the last year. Parliamentary elections have been a particular source of volatility given concerns surroundingPresident Recep Tayyip Erdogan’s continuing consolidation of power weakening the country’s institutions and its investmentclimate.

• We remain underweight in the financial sector in the portfolio. In particular, we think the profitability of the banking sector willcontinue under pressure; in addition, its reliance on external funding remains a risk. The Fund is underweight in banks, focusingon names with what we consider stronger balance sheet and niche players.

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October 31, 2015

Letter to Stockholders (unaudited) (cont’d)• We maintain the Fund’s holdings in small- and mid-cap companies, which we believe may be poised to benefit from secular

growth opportunities in Turkey and regional export markets. We believe these stocks have attractive bottom-up drivers ofearnings growth and solid balance sheets. The Fund’s holdings in this area include a household appliances manufacturer, a tiremanufacturer, a glassware manufacturer, a biscuit and confectionary company, and a stationery supplier.

Sincerely,

John H. Gernon November 2015

*The MSCI Turkey Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of Turkey. The performanceof the Index is calculated in U.S. dollars and assumes reinvestment of net dividends. “Net dividends” reflects a reduction in dividends after taking into accountwithholding of taxes by certain foreign countries represented in the Index. It is not possible to invest directly in an index.

i Data from MSCI and FactSet

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Portfolio of Investments

Wireless Telecommunication Services (8.1%)Turkcell Iletisim Hizmetleri AS 964,598 $ 3,838

TOTAL COMMON STOCKS (Cost $48,749) 46,696SHORT-TERM INVESTMENT (0.9%)Investment Company (0.9%)

Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note F) (Cost $411) 411,459 411

TOTAL INVESTMENTS (100.1%) (Cost $49,160) (b) 47,107LIABILITIES IN EXCESS OF OTHER ASSETS (-0.1%) (32)NET ASSETS (100.0%) $47,075

(a) Non-income producing security.(b) At October 31, 2015, the aggregate cost for Federal

income tax purposes is approximately $49,351,000. Theaggregate gross unrealized appreciation is approximately$6,427,000 and the aggregate gross unrealizeddepreciation is approximately $8,671,000 resulting in netunrealized depreciation of approximately $2,244,000.

Portfolio Composition

Percentage ofClassification Total InvestmentsOther* 29.8%Banks 28.2Food Products 12.9Oil, Gas & Consumable Fuels 10.2Wireless Telecommunication Services 8.1Household Durables 5.5Beverages 5.3Total Investments 100.0%

* Industries and/or investment types representing less than 5% of totalinvestments.

Common Stocks (99.2%)Airlines (1.5%)

Pegasus Hava Tasimaciligi AS (a) 107,539 $ 690Auto Components (2.3%)

Brisa Bridgestone Sabanci Sanayi ve Ticaret AS 381,549 1,096

Automobiles (4.3%)Ford Otomotiv Sanayi AS 170,711 2,009

Banks (28.3%)Akbank TAS 600,427 1,543Turkiye Garanti Bankasi AS 2,515,780 6,532Turkiye Halk Bankasi AS 504,687 1,896Turkiye Sinai Kalkinma Bankasi AS 6,327,179 3,342

13,313Beverages (5.3%)

Anadolu Efes Biracilik Ve Malt Sanayii AS (a) 314,403 2,480

Building Products (2.0%)Trakya Cam Sanayii AS 1,429,326 946

Commercial Services & Supplies (4.2%)Adel Kalemcilik Ticaret ve Sanayi AS 88,715 1,973

Construction Materials (1.4%)Akcansa Cimento AS 136,286 641

Diversified Financial Services (2.6%)Haci Omer Sabanci Holding AS 390,191 1,239

Food Products (12.9%)Tat Gida Sanayi AS (a) 1,545,704 2,969Ulker Biskuvi Sanayi AS 457,368 3,091

6,060Household Durables (5.5%)

Arcelik AS 471,979 2,574Industrial Conglomerates (3.8%)

Turkiye Sise ve Cam Fabrikalari AS 1,570,408 1,799Insurance (1.8%)

Anadolu Hayat Emeklilik AS 468,296 867Machinery (3.5%)

Turk Traktor ve Ziraat Makineleri AS 68,889 1,640Oil, Gas & Consumable Fuels (10.2%)

Tupras Turkiye Petrol Rafinerileri AS (a) 182,166 4,811Textiles, Apparel & Luxury Goods (1.5%)

Yunsa Yunlu Sanayi VE Ticare AS 566,066 720

Value Shares (000)

Value Shares (000)

The accompanying notes are an integral part of the financial statements.

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October 31, 2015

Financial Statements October 31, 2015

(000)

Assets:Investments in Securities of Unaffiliated Issuers, at Value (Cost $48,749) $46,696Investment in Security of Affiliated Issuer, at Value (Cost $411) 411

Total Investments in Securities, at Value (Cost $49,160) 47,107Foreign Currency, at Value (Cost $—@) —@Dividends Receivable 38Tax Reclaim Receivable 5Receivable from Affiliate —@Other Assets 22

Total Assets 47,172

Liabilities:Payable for Advisory Fees 36Payable for Custodian Fees 18Payable for Professional Fees 17Repurchase of Shares 6Payable for Administration Fees 3Payable for Stockholder Servicing Agent Fees 2Other Liabilities 15

Total Liabilities 97

Net AssetsApplicable to 4,747,498 Issued and Outstanding $0.01 Par Value Shares (30,000,000 Shares Authorized) $47,075

Net Asset Value Per Share $ 9.92

Net Assets Consist of:Common Stock $ 47Paid-in-Capital 51,467Accumulated Undistributed Net Investment Income 706Accumulated Net Realized Loss (3,091)Unrealized Appreciation (Depreciation) on:

Investments (2,053)Foreign Currency Translations (1)

Net Assets $47,075

@ Amount is less than $500.

Statement of Assets and Liabilities


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Financial Statements (cont’d) Year Ended October 31, 2015

(000)

Investment Income:Dividends from Securities of Unaffiliated Issuers (Net of $270 of Foreign Taxes Withheld) $ 1,532Dividends from Security of Affiliated Issuer (Note F) 2

Total Investment Income 1,534

Expenses:Advisory Fees (Note B) 514Professional Fees 98Custodian Fees (Note D) 73Administration Fees (Note C) 44Stockholder Reporting Expenses 25Stockholder Servicing Agent Fees 9Directors’ Fees and Expenses 3Other Expenses 41

Total Expenses 807

Waiver of Administration Fees (Note C) (7)Rebate from Morgan Stanley Affiliate (Note F) (2)

Net Expenses 798

Net Investment Income 736

Realized Loss:Investments Sold (2,898)Foreign Currency Transactions (29)

Net Realized Loss (2,927)

Change in Unrealized Appreciation (Depreciation):Investments (11,244)Foreign Currency Translations (1)

Net Change in Unrealized Appreciation (Depreciation) (11,245)

Net Realized Loss and Change in Unrealized Appreciation (Depreciation) (14,172)

Net Decrease in Net Assets Resulting from Operations $(13,436)

Statement of Operations




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October 31, 2015

Financial Statements (cont’d) Year Ended Year Ended October 31, 2015 October 31, 2014

(000) (000)

Increase (Decrease) in Net Assets:Operations:

Net Investment Income $ 736 $ 95Net Realized Gain (Loss) (2,927) 1,579Net Change in Unrealized Appreciation (Depreciation) (11,245) (12,305)

Net Decrease in Net Assets Resulting from Operations (13,436) (10,631)

Distributions from and/or in Excess of:Net Investment Income (84) (1,183)Net Realized Gain (1,290) (16,177)

Total Distributions (1,374) (17,360)

Capital Share Transactions:Repurchase of Shares (354,121 and 76,245 shares) (3,580) (860)Common Stock Redeemed through Tender Offering (0 and 575,318) — (9,919)

Net Decrease in Net Assets Resulting from Capital Share Transactions (3,580) (10,779)

Total Decrease (18,390) (38,770)

Net Assets:Beginning of Period 65,465 104,235

End of Period (Including Undistributed Net Investment Income of $706 and $83) $ 47,075 $ 65,465

Statements of Changes in Net Assets




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October 31, 2015

Financial HighlightsSelected Per Share Data and Ratios Year Ended October 31,

2015 2014 2013 2012 2011Net Asset Value, Beginning of Period $ 12.83 $ 18.12 $ 18.00 $ 14.45 $ 20.09

Net Investment Income† 0.15 0.02 0.20 0.21 0.30Net Realized and Unrealized Gain (Loss) (2.88) (2.01) (0.05) 3.57 (5.74)

Total from Investment Operations (2.73) (1.99) 0.15 3.78 (5.44)

Distributions from and/or in excess of:Net Investment Income (0.02) (0.23) (0.23) (0.30) (0.20)Net Realized Gain (0.26) (3.12) — — —

Total Distributions (0.28) (3.35) (0.23) (0.30) (0.20)

Anti-Dilutive Effect of Share Repurchase Program 0.10 0.02 0.20 0.03 —

Anti-Dilutive Effect of Tender Offer — 0.03 — 0.04 —

Net Asset Value, End of Period $ 9.92 $ 12.83 $ 18.12 $ 18.00 $ 14.45

Per Share Market Value, End of Period $ 8.61 $ 11.26 $ 16.40 $ 15.81 $ 12.80

TOTAL INVESTMENT RETURN:Market Value (21.73)% (10.14)% 5.07% 26.78% (29.94)%Net Asset Value(1) (20.86)% (7.33)% 1.96% 27.86% (27.25)%

RATIOS, SUPPLEMENTAL DATA:

Net Assets, End of Period (Thousands) $47,075 $65,465 $104,235 $112,735 $108,281

Ratio of Expenses to Average Net Assets(2) 1.44%+ 1.31%+ 1.22%+ 1.18%+ 1.05%+Ratio of Net Investment Income to Average Net Assets(2) 1.33%+ 0.14%+ 1.04%+ 1.39%+ 1.74%+Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets 0.00%§ 0.01% 0.00%§ 0.00%§ 0.01%Portfolio Turnover Rate 25% 8% 52% 29% 29%

(2) Supplemental Information on the Ratios to Average Net Assets: Ratios Before Expenses Waived by Administrator

Ratio of Expenses to Average Net Assets 1.45% 1.34% 1.26% 1.22% 1.09%Ratio of Net Investment Income to Average Net Assets 1.32% 0.11% 1.00% 1.35% 1.70%

(1) Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of theFund during each period, and assumes dividends and distributions, if any, were reinvested. This percentage is not an indication of theperformance of a stockholder’s investment in the Fund based on market value due to differences between the market price of the stockand the net asset value per share of the Fund.

† Per share amount is based on average shares outstanding.+ The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in

Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as “Ratio of Rebate fromMorgan Stanley Affiliates to Average Net Assets.”

§ Amount is less than 0.005%.




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October 31, 2015

Notes to Financial Statements

The Turkish Investment Fund, Inc. (the “Fund”) wasincorporated in Maryland on September 27, 1988 and isregistered as a non-diversified, closed-end managementinvestment company under the Investment Company Act of1940 (the “Act”), as amended. The Fund’s investment objectiveis long-term capital appreciation through investments primarilyin equity securities of Turkish corporations. To the extent thatthe Fund invests in derivative instruments that Morgan StanleyInvestment Management Inc. (the “Adviser”) believes haveeconomic characteristics similar to equity securities of Turkishcorporations, such investments will be counted for purposes ofmeeting the Fund’s investment objective. To the extent the Fundmakes such investments, the Fund will be subject to the risks ofsuch derivative instruments as described herein.

A. Significant Accounting Policies: The followingsignificant accounting policies are in conformity with UnitedStates (“U.S.”) generally accepted accounting principles(“GAAP”). Such policies are consistently followed by the Fundin the preparation of its financial statements. GAAP may requiremanagement to make estimates and assumptions that affect thereported amounts and disclosures in the financial statements.Actual results may differ from those estimates.

1. Security Valuation: (1) An equity portfolio securitylisted or traded on an exchange is valued at its latestreported sales price (or at the exchange official closing priceif such exchange reports an official closing price), if therewere no sales on a given day, the security is valued at themean between the last reported bid and asked prices; (2) allother equity portfolio securities for which over-the-counter(“OTC”) market quotations are readily available are valuedat its latest reported sales price. In cases where a security istraded on more than one exchange, the security is valuedon the exchange designated as the primary market;(3) when market quotations are not readily available,including circumstances under which the Adviserdetermines that the closing price, last sale price or the mean

between the last reported bid and asked prices are notreflective of a security’s market value, portfolio securities arevalued at their fair value as determined in good faith underprocedures established by and under the generalsupervision of the Fund’s Board of Directors (the“Directors”). Occasionally, developments affecting theclosing prices of securities and other assets may occurbetween the times at which valuations of such securities aredetermined (that is, close of the foreign market on whichthe securities trade) and the close of business of the NewYork Stock Exchange (“NYSE”). If developments occurduring such periods that are expected to materially affectthe value of such securities, such valuations may beadjusted to reflect the estimated fair value of such securitiesas of the close of the NYSE, as determined in good faith bythe Directors or by the Adviser using a pricing serviceand/or procedures approved by the Directors;(4) quotations of foreign portfolio securities, other assetsand liabilities and forward contracts stated in foreigncurrency are translated into U.S. dollar equivalents at theprevailing market rates prior to the close of the NYSE;(5) investments in mutual funds, including the MorganStanley Institutional Liquidity Funds, are valued at the netasset value (“NAV”) as of the close of each business day;and (6) short-term debt securities with remainingmaturities of 60 days or less at the time of purchase may bevalued at amortized cost, unless the Adviser determinessuch valuation does not reflect the securities’ market value,in which case these securities will be valued at their fairmarket value determined by the Adviser.

The Directors have responsibility for determining in goodfaith the fair value of the investments, and the Directorsmay appoint others, such as the Fund’s Adviser or avaluation committee, to assist the Directors in determiningfair value and to make the actual calculations pursuant tothe fair valuation methodologies previously approved by

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Notes to Financial Statements (cont’d)

the Directors. Under procedures approved by the Directors,the Fund’s Adviser has formed a Valuation Committeewhose members are approved by the Directors. TheValuation Committee provides administration andoversight of the Fund’s valuation policies and procedures,which are reviewed at least annually by the Directors.These procedures allow the Fund to utilize independentpricing services, quotations from securities and financialinstrument dealers, and other market sources to determinefair value.

The Fund has procedures to determine the fair value ofsecurities and other financial instruments for which marketprices are not readily available. Under these procedures, theValuation Committee convenes on a regular and ad hocbasis to review such securities and considers a number offactors, including valuation methodologies and significantunobservable valuation inputs, when arriving at fair value.The Valuation Committee may employ a market-basedapproach which may use related or comparable assets orliabilities, recent transactions, market multiples, bookvalues, and other relevant information for the investmentto determine the fair value of the investment. An income-based valuation approach may also be used in which theanticipated future cash flows of the investment arediscounted to calculate fair value. Discounts may also beapplied due to the nature or duration of any restrictions onthe disposition of the investments. Due to the inherentuncertainty of valuations of such investments, the fairvalues may differ significantly from the values that wouldhave been used had an active market existed. The ValuationCommittee employs various methods for calibrating thesevaluation approaches including a regular review ofvaluation methodologies, key inputs and assumptions,transactional back-testing or disposition analysis, andreviews of any related market activity.

2. Fair Value Measurement: Financial AccountingStandards Board (“FASB”) Accounting StandardsCodificationTM (“ASC”) 820, “Fair Value Measurement”(“ASC 820”), defines fair value as the value that the Fundwould receive to sell an investment or pay to transfer aliability in a timely transaction with an independent buyerin the principal market, or in the absence of a principalmarket the most advantageous market for the investmentor liability. ASC 820 establishes a three-tier hierarchy todistinguish between (1) inputs that reflect the assumptionsmarket participants would use in valuing an asset orliability developed based on market data obtained fromsources independent of the reporting entity (observableinputs) and (2) inputs that reflect the reporting entity’sown assumptions about the assumptions marketparticipants would use in valuing an asset or liabilitydeveloped based on the best information available in thecircumstances (unobservable inputs) and to establishclassification of fair value measurements for disclosurepurposes. Various inputs are used in determining the valueof the Fund’s investments. The inputs are summarized inthe three broad levels listed below.

• Level 1 – unadjusted quoted prices in active markets foridentical investments

• Level 2 – other significant observable inputs (includingquoted prices for similar investments, interest rates,prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs including theFund’s own assumptions in determining the fair value ofinvestments. Factors considered in making thisdetermination may include, but are not limited to,information obtained by contacting the issuer, analysts,or the appropriate stock exchange (for exchange-tradedsecurities), analysis of the issuer’s financial statements orother available documents and, if necessary, available



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October 31, 2015


information concerning other securities in similarcircumstances

The inputs or methodology used for valuing securities arenot necessarily an indication of the risk associated withinvesting in those securities and the determination of thesignificance of a particular input to the fair valuemeasurement in its entirety requires judgment andconsiders factors specific to each security.

The following is a summary of the inputs used to value theFund’s investments as of October 31, 2015.

Level 2 Level 1 Other Level 3 Unadjusted significant Significant quoted observable unobservable prices inputs inputs TotalInvestment Type (000) (000) (000) (000)Assets:

Common StocksAirlines $ 690 $— $— $ 690

Auto Components 1,096 — — 1,096

Automobiles 2,009 — — 2,009

Banks 13,313 — — 13,313

Beverages 2,480 — — 2,480

Building Products 946 — — 946

Commercial Services & Supplies 1,973 — — 1,973

Construction Materials 641 — — 641

Diversified Financial Services 1,239 — — 1,239

Food Products 6,060 — — 6,060

Household Durables 2,574 — — 2,574

Industrial Conglomerates 1,799 — — 1,799

Insurance 867 — — 867

Machinery 1,640 — — 1,640

Oil, Gas & Consumable Fuels 4,811 — — 4,811

Level 2 Level 1 Other Level 3 Unadjusted significant Significant quoted observable unobservable prices inputs inputs TotalInvestment Type (000) (000) (000) (000)Assets: (cont’d)

Common Stocks (cont’d)Textiles,

Apparel & Luxury Goods $ 720 $— $— $ 720

Wireless TelecommunicationServices 3,838 — — 3,838

Total Common Stocks 46,696 — — 46,696

Short-Term InvestmentInvestment

Company 411 — — 411

Total Assets $47,107 $— $— $47,107

Transfers between investment levels may occur as themarkets fluctuate and/or the availability of data used in aninvestment’s valuation changes. The Fund recognizestransfers between the levels as of the end of the period. As ofOctober 31, 2015, securities with a total value ofapproximately $38,596,000 transferred from Level 2 toLevel 1. At October 31, 2014, the fair value of certainsecurities were adjusted due to developments whichoccurred between the time of the close of the foreignmarkets on which they trade and the close of business onthe NYSE which resulted in their Level 2 classification.

3. Foreign Currency Translation and Foreign Investments:

The books and records of the Fund are maintained in U.S.dollars. Amounts denominated in Turkish lira aretranslated into U.S. dollars as follows:

— investments, other assets and liabilities at theprevailing rate of exchange on the valuation date;



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October 31, 2015


— investment transactions and investment income at theprevailing rates of exchange on the dates of suchtransactions.

Although the net assets of the Fund are presented at theforeign exchange rates and market values at the close of theperiod, the Fund does not isolate that portion of the resultsof operations arising as a result of changes in the foreignexchange rates from the fluctuations arising from changesin the market prices of securities held at period end.Similarly, the Fund does not isolate the effect of changes inforeign exchange rates from the fluctuations arising fromchanges in the market prices of securities sold during theperiod. Accordingly, realized and unrealized foreigncurrency gains (losses) on investments in securities areincluded in the reported net realized and unrealized gains(losses) on investment transactions and balances.

Net realized gains (losses) on foreign currency transactionsrepresent net foreign exchange gains (losses) from sales andmaturities of foreign currency forward exchange contracts,disposition of foreign currency, currency gains (losses)realized between the trade and settlement dates onsecurities transactions, and the difference between theamount of investment income and foreign withholdingtaxes recorded on the Fund’s books and the U.S. dollarequivalent amounts actually received or paid. Netunrealized currency gains (losses) from valuing foreigncurrency denominated assets and liabilities at period endexchange rates are reflected as a component of unrealizedappreciation (depreciation) in investments and foreigncurrency translations in the Statement of Assets andLiabilities. The change in unrealized currency gains (losses)on foreign currency translations on foreign currencytranslations for the period is reflected in the Statement ofOperations.

A significant portion of the Fund’s net assets consist ofequity securities denominated in Turkish lira. Changes in

currency exchange rates will affect the value of andinvestment income from such securities. Turkish securitiesare often subject to greater price volatility, limitedcapitalization and liquidity, and higher rates of inflationthan securities of companies based in the United States. Inaddition, Turkish securities may be subject to substantialgovernmental involvement in the economy and greatersocial, economic and political uncertainty.

4. Indemnifications: The Fund enters into contracts thatcontain a variety of indemnifications. The Fund’smaximum exposure under these arrangements is unknown.However, the Fund has not had prior claims or lossespursuant to these contracts and expects the risk of loss tobe remote.

5. Other: Security transactions are accounted for on thedate the securities are purchased or sold. Realized gains(losses) on the sale of investment securities are determinedon the specific identified cost basis. Interest income isrecognized on the accrual basis. Dividend income anddistributions are recorded on the ex-dividend date (exceptcertain dividends which may be recorded as soon as theFund is informed of such dividends) net of applicablewithholding taxes.

B. Advisory Fees: The Adviser, a wholly-owned subsidiaryof Morgan Stanley, provides the Fund with advisory servicesunder the terms of an Investment Advisory Agreement,calculated weekly and payable monthly, at the annual rate basedon the average daily net assets as follows:

First $50 Next $50 Over $100 million million million

0.95% 0.75% 0.55%

For the year ended October 31, 2015, the advisory fee rate (netof rebate) was equivalent to an annual effective rate of 0.92% ofthe Fund’s average daily net assets.



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October 31, 2015


C. Administration Fees: The Adviser also serves asAdministrator to the Fund and provides administrative servicespursuant to an Administration Agreement for an annual fee,accrued daily and paid monthly, of 0.08% of the Fund’s averageweekly net assets. The Adviser has agreed to limit theadministration fee through a waiver so that it will be no greaterthan the previous administration fee of 0.02435% of the Fund’saverage weekly net assets plus $24,000 per annum. This waivermay be terminated at any time. For the year ended October 31,2015, approximately $7,000 of administration fees were waivedpursuant to this arrangement. Under a Sub-AdministrationAgreement between the Administrator and State Street Bank andTrust Company (“State Street”), State Street provides certainadministrative services to the Fund. For such services, theAdministrator pays State Street a portion of the fee theAdministrator receives from the Fund.

D. Custodian Fees: State Street (the “Custodian”) and itsaffiliates serve as Custodian for the Fund. The Custodian holdscash, securities, and other assets of the Fund as required by theAct. Custody fees are payable monthly based on assets held incustody, investment purchases and sales activity and accountmaintenance fees, plus reimbursement for certain out-of-pocketexpenses.

E. Federal Income Taxes: It is the Fund’s intention tocontinue to qualify as a regulated investment company anddistribute all of its taxable income. Accordingly, no provision forFederal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries inwhich it invests. Such taxes are generally based on incomeand/or capital gains earned or repatriated. Taxes are accrued andapplied to net investment income, net realized gains and netunrealized appreciation as such income and/or gains are earned.Taxes may also be based on transactions in foreign currency andare accrued based on the value of investments denominated insuch currency.

FASB ASC 740-10, Income Taxes — Overall, sets forth aminimum threshold for financial statement recognition of thebenefit of a tax position taken or expected to be taken in a taxreturn. Management has concluded there are no significantuncertain tax positions that would require recognition in thefinancial statements. If applicable, the Fund recognizes interestaccrued related to unrecognized tax benefits in “InterestExpense” and penalties in “Other Expenses” in the Statement ofOperations. The Fund files tax returns with the U.S. InternalRevenue Service, New York and various states. Each of the taxyears in the four-year period ended October 31, 2015, remainssubject to examination by taxing authorities.

The tax character of distributions paid may differ from thecharacter of distributions shown in the Statements of Changes inNet Assets due to short-term capital gains being treated asordinary income for tax purposes. The tax character ofdistributions paid during fiscal years 2015 and 2014 was asfollows:

2015 Distributions 2014 Distributions Paid From: Paid From:

Long-Term Long-Term Ordinary Capital Ordinary Capital Income Gain Income Gain (000) (000) (000) (000)

$84 $1,290 $1,183 $16,177

The amount and character of income and capital gaindistributions to be paid by the Fund are determined inaccordance with Federal income tax regulations, which maydiffer from GAAP. These book/tax differences are consideredeither temporary or permanent in nature.

Temporary differences are attributable to differing book and taxtreatments for the timing of the recognition of gains (losses) oncertain investment transactions and the timing of thedeductibility of certain expenses.



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October 31, 2015


Permanent differences, primarily due to differing treatments ofgains (losses) related to foreign currency transactions, resulted inthe following reclassifications among the components of netassets at October 31, 2015:

Accumulated Undistributed Accumulated Net Investment Net Realized Paid-in- Income Loss Capital (000) (000) (000)

$(29) $29 $—

At October 31, 2015, the components of distributable earningsfor the Fund on a tax basis were as follows:

Undistributed Ordinary Undistributed Income Long-term Capital Gain (000) (000)

$707 $—

At October 31, 2015, the Fund had available for Federal incometax purposes unused short term and long term capital losses ofapproximately $462,000 and $2,436,000, respectively, that donot have an expiration date.

To the extent that capital loss carryforwards are used to offsetany future capital gains realized during the carryover period asprovided by U.S. Federal income tax regulations, no capitalgains tax liability will be incurred by the Fund for gains realizedand not distributed. To the extent that capital gains are offset,such gains will not be distributed to the stockholders.

The Fund maintains its non-resident investment fund (NRIF)status in Turkey for its equity and fixed income securities issuedprior to January 1, 2006. Thus, the tax rates associated withNRIF status continue to apply to these holdings even though anew tax law is in effect. Dividend income from equity securitiespurchased and interest income from fixed income securitiesissued after December 31, 2005 are subject to a withholding taxof 15% and up to 15% respectively. The Fund currently is not

subject to capital gains tax derived from securities trading in theTurkish market.

F. Security Transactions and Transactions with Affiliates:

For the year ended October 31, 2015, purchases and sales ofinvestment securities for the Fund, other than long-term U.S.Government securities and short-term investments, wereapproximately $13,721,000 and $15,341,000, respectively.There were no purchases and sales of long-term U.S.Government securities for the year ended October 31, 2015.

The Fund invests in the Institutional Class of the MorganStanley Institutional Liquidity Funds — Money MarketPortfolio (the “Liquidity Funds”), an open-end managementinvestment company managed by the Adviser. Advisory fees paidby the Fund are reduced by an amount equal to its pro-ratashare of the advisory and administration fees paid by the Funddue to its investment in the Liquidity Funds. For the year endedOctober 31, 2015, advisory fees paid were reduced byapproximately $2,000 relating to the Fund’s investment in theLiquidity Funds.

A summary of the Fund’s transactions in shares of the LiquidityFunds during the year ended October 31, 2015 is as follows:

Value Value October 31, Purchases Dividend October 31, 2014 at Cost Sales Income 2015 (000) (000) (000) (000) (000)

$3,174 $5,854 $8,617 $2 $411

The Fund has an unfunded Deferred Compensation Plan (the“Compensation Plan”), which allows each independent Directorto defer payment of all, or a portion, of the fees he or she receivesfor serving on the Board of Directors. Each eligible Directorgenerally may elect to have the deferred amounts credited with areturn equal to the total return on one or more of the MorganStanley funds that are offered as investment options under theCompensation Plan. Appreciation/depreciation and distributionsreceived from these investments are recorded with an offsetting



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October 31, 2015


increase/decrease in the deferred compensation obligation and donot affect the NAV of the Fund.

G. Other: On September 15, 1998, the Fund commenced ashare repurchase program for purposes of enhancing stockholdervalue and reducing the discount at which the Fund’s shares tradefrom their NAV. During the year ended October 31, 2015, theFund repurchased 354,121 of its shares at an average discount of11.86% from NAV. Since the inception of the program, theFund has repurchased 2,493,662 of its shares at an averagediscount of 14.45% from NAV. The Directors regularly monitorthe Fund’s share repurchase program as part of their review andconsideration of the Fund’s premium/discount history. TheFund expects to continue to repurchase its outstanding shares atsuch time and in such amounts as it believes will further theaccomplishment of the foregoing objectives, subject to review bythe Directors.

On October 3, 2013 the Directors authorized the Fund toconduct a tender offer during the fourth quarter of 2013 for upto 10% of the Fund’s outstanding shares, at a price equal to98.5% of the Fund’s NAV. On November 18, 2013, the Fundcompleted the tender offer. The Fund accepted 575,318 sharesfor payment which represented 10% of the Fund’s thenoutstanding shares. Final payment was made on November 26,2013 at $17.24 per share, representing 98.5% of the NAV onNovember 19, 2013.

H. Results of Annual Meeting of Stockholders (unaudited):

On June 16, 2015, an annual meeting of the Fund’sstockholders was held for the purpose of voting on the followingmatter, the results of which were as follows:

Election of Directors by all stockholders:

For Against

Michael Bozic 2,873,030 527,215Nancy C. Everett 3,201,370 198,875Michael F. Klein 2,878,709 521,536W. Allen Reid 2,875,331 524,914

I. Federal Income Tax Information (unaudited): ForFederal income tax purposes, the following information isfurnished with respect to the Fund’s earnings for its taxable yearended October 31, 2015. The Fund designated and paidapproximately $1,290,000 as long-term capital distribution.

When distributed, certain earnings may be subject to amaximum tax rate of 15% as provided for by the Jobs andGrowth Tax Relief Reconciliation Act of 2003. The Funddesignated up to a maximum of $1,802,000 as taxable at thislower rate.

During the taxable year ended October 31, 2015, the Fundintends to pass through foreign tax credits of $270,000 and hasderived $1,802,000 of net income from sources within foreigncountries.

In January, the Fund provides tax information to stockholdersfor the preceding calendar year.



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October 31, 2015


For More Information About Portfolio Holdings (unaudited)

The Fund provides a complete schedule of portfolio holdings inits semi-annual and annual reports within 60 days of the end ofthe Fund’s second and fourth fiscal quarters. The semi-annualreports and the annual reports are filed electronically with theSecurities and Exchange Commission (SEC) on Form N-CSRSand Form N-CSR, respectively. Morgan Stanley also delivers thesemi-annual and annual reports to Fund stockholders and makesthese reports available on its public website,www.morganstanley.com/im. Each Morgan Stanley fund alsofiles a complete schedule of portfolio holdings with the SEC forthe Fund’s first and third fiscal quarters on Form N-Q. MorganStanley does not deliver the reports for the first and third fiscalquarters to stockholders, nor are the reports posted to theMorgan Stanley public website. You may, however, obtain theForm N-Q filings (as well as the Form N-CSR and N-CSRSfilings) by accessing the SEC’s website, www.sec.gov. You mayalso review and copy them at the SEC’s Public ReferenceRoom in Washington, DC. Information on the operation of theSEC’s Public Reference Room may be obtained by calling theSEC toll free at 1(800) SEC-0330. You can also request copiesof these materials, upon payment of a duplicating fee, byelectronic request at the SEC’s e-mail address([email protected]) or by writing the public reference sectionof the SEC, Washington, DC 20549-0102.

In addition to filing a complete schedule of portfolio holdingswith the SEC each fiscal quarter, the Fund makes portfolioholdings information available by providing the information onits public website, www.morganstanley.com/im. The Fundprovides a complete schedule of portfolio holdings on the publicwebsite on a monthly basis at least 15 calendar days aftermonth-end. You may obtain copies of the Fund’s monthlywebsite postings, by calling toll free 1(800) 231-2608.

Proxy Voting Policy and Procedures and Proxy VotingRecord (unaudited)

A copy of (1) the Fund’s policies and procedures with respect tothe voting of proxies relating to the Fund’s portfolio securities;and (2) how the Fund voted proxies relating to portfoliosecurities during the most recent twelve-month period endedJune 30, is available without charge, upon request, by calling tollfree 1(800) 231-2608 or by visiting our website atwww.morganstanley.com/im. This information is also availableon the SEC’s web site at www.sec.gov.



18


October 31, 2015

Report of Independent Registered Public Accounting FirmTo the Stockholders and Board of Directors of


We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of The TurkishInvestment Fund, Inc. (the “Fund”) as of October 31, 2015, and the related statement of operations for the year then ended, thestatements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the fiveyears in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management.Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements andfinancial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control overfinancial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theFund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accountingprinciples used and significant estimates made by management, and evaluating the overall financial statement presentation. Ourprocedures included confirmation of securities owned as of October 31, 2015 by correspondence with the custodian and others. Webelieve that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financialposition of The Turkish Investment Fund, Inc. at October 31, 2015, the results of its operations for the year then ended, the changesin its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the periodthen ended, in conformity with U.S. generally accepted accounting principles.

Boston, MassachusettsDecember 23, 2015

Merrill Corp - MS Turkish Investment Fund_ Inc Annual Report [Funds] 10-31-2015 ED [AUX] | pweakly | 22-Dec-15 19:32 | 15-22007-2.fa | Sequence: 1CHKSUM Content: 71 Layout: 45735 Graphics: 63324 CLEAN

JOB: 15-22007-2 CYCLE#;BL#: 8; 0 TRIM: 7.5" x 8.75" AS: Merrill New York: 212-620-5600 COMPOSITECOLORS: Black, ~note-color 2 GRAPHICS: Ernst_Young_sig.eps V1.5

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October 31, 2015

Investment Advisory Agreement Approval (unaudited)Nature, Extent and Quality of ServicesThe Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser (as definedherein) under the advisory agreement, including portfolio management, investment research and equity and fixed income securitiestrading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by theAdviser under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, businessmanagement and planning, legal services and the provision of supplies, office space and utilities at the Adviser’s expense. The Boardalso considered the Adviser’s investment in personnel and infrastructure that benefits the Fund. (The advisory and administrationagreements together are referred to as the “Management Agreement.”) The Board also considered that the Adviser serves a variety ofother investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the servicesprovided by the Adviser with similar services provided by non-affiliated advisers as reported to the Board by Lipper, Inc. (“Lipper”).

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other keypersonnel of the Adviser who provide the administrative and advisory services to the Fund. The Board determined that the Adviser’sportfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in anefficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative servicesprovided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported itsdecision to approve the Management Agreement.

Performance, Fees and Expenses of the FundThe Board reviewed the performance, fees and expenses of the Fund compared to its peers, as determined by Lipper, and toappropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achievedin managing the Fund. When considering a fund’s performance, the Board and the Adviser place emphasis on trends and longer-termreturns (focusing on one-year, three-year and five-year performance as of December 31, 2014, or since inception, as applicable). Whena fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of suchunderperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Boardnoted that the Fund’s performance was better than its peer group average for the one-, three- and five-year periods. The Boarddiscussed with the Adviser the level of the advisory and administration fees (together, the “management fee”) for this Fund relative tocomparable funds and/or other accounts advised by the Adviser and/or compared to its peers as determined by Lipper. In addition tothe management fee, the Board also reviewed the Fund’s total expense ratio. The Board noted that the Fund’s management fee andtotal expense ratio were lower than its peer group average. After discussion, the Board concluded that the Fund’s (i) performance wascompetitive with its peer group average; and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of ScaleThe Board considered the size and growth prospects of the Fund and how that relates to the Fund’s total expense ratio and particularlythe Fund’s management fee rate, which includes breakpoints. In conjunction with its review of the Adviser’s profitability, the Boarddiscussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the

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October 31, 2015

Investment Advisory Agreement Approval (unaudited) (cont’d)management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflectseconomies of scale as asset levels change. The Board considered that, with respect to closed-end funds, the assets are not likely to growwith new sales or grow significantly as a result of capital appreciation. The Board concluded that economies of scale for the Fund werenot a factor that needed to be considered at the present time.

Profitability of the Adviser and AffiliatesThe Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the lastyear from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley FundComplex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser andaffiliates. The Board has determined that its review of the analysis of the Adviser’s expenses and profitability supports its decision toapprove the Management Agreement.

Other Benefits of the RelationshipThe Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with theFund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/orshareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received bythe Adviser generated from commission dollars spent on funds’ portfolio trading. The Board reviewed with the Adviser thesearrangements and the reasonableness of the Adviser’s costs relative to the services performed. The Board has determined that its reviewof the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

Resources of the Adviser and Historical Relationship Between the Fund and the AdviserThe Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under theManagement Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser,including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managingthe Fund’s operations and the Board’s confidence in the competence and integrity of the senior managers and key personnel of theAdviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the ManagementAgreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

Other Factors and Current TrendsThe Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund’s ChiefCompliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere tohigh ethical standards in the conduct of the Fund’s business.

General ConclusionAfter considering and weighing all of the above factors, with various written materials and verbal information presented by theAdviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of theManagement Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of



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October 31, 2015

Investment Advisory Agreement Approval (unaudited) (cont’d)information or factor referenced above. The Board considered these factors and information over the course of the year and innumerous meetings, some of which were in executive session with only the independent Board members and their counsel present. Itis possible that individual Board members may have weighed these factors, and the information presented, differently in reaching theirindividual decisions to approve the Management Agreement.



22


October 31, 2015

Portfolio Management (unaudited)The Fund is managed by members of the Emerging Markets Equity team. The team consists of portfolio managers and analysts.Current members of the team jointly and primarily responsible for the day-to-day management of the Fund’s portfolio are EricCarlson and Paul C. Psaila, each a Managing Director of the Adviser.

Mr. Carlson has been associated with the Adviser in an investment management capacity since 1997 and began managing the Fund inJanuary 2006. Mr. Psaila has been associated with the Adviser in an investment management capacity since 1994 and began managingthe Fund in September 1997.



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October 31, 2015

Investment Policy (unaudited)DerivativesThe Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management,portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of anunderlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, alsoaffect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may haveadditional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by thecounterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments,indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising frommargin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated withother portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques andrisk analyses different from those associated with other portfolio investments.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageousto do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable SEC rules and regulations,or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives tofurther the Fund’s investment objective, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund may use and their associated risks:

Foreign Currency Forward Exchange Contracts. In connection with its investments in foreign securities, the Fund also may enter intocontracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forwardexchange contract (“currency contract”) is a negotiated agreement between the contracting parties to exchange a specified amount ofcurrency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that arethe subject of the contract. The Fund may also invest in non-deliverable foreign currency forward exchange contracts (“NDFs”).NDFs are similar to other foreign currency forward exchange contracts, but do not require or permit physical delivery of currencyupon settlement. Instead, settlement is made in cash based on the difference between the contracted exchange rate and the spot foreignexchange rate at settlement. Currency contracts may be used to protect against uncertainty in the level of future foreign currencyexchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxyhedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedgesinvolve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or toestablish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts,the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible becausethe future value of such securities in foreign currencies will change as a consequence of market movements in the value of thosesecurities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduceor preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is



24


October 31, 2015

Investment Policy (unaudited) (cont’d)additional risk that such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in thedirection opposite to the position taken and that currency contracts create exposure to currencies in which the Fund’s securities arenot denominated. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to thecontract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract.

Futures. A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset,reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease intandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settledthrough either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount onthe settlement date. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment andeven a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to thederivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return,and the potential loss from futures contracts can exceed the Fund’s initial investment in such contracts. No assurance can be given thata liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margindeposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Special Risks Related to Cyber SecurityThe Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorizedmonitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks;unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service theFund’s operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund andits service providers. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely impact the Fundand its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders to transactbusiness and the Fund to process transactions; inability to calculate the Fund’s NAV; violations of applicable privacy and other laws;regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. TheFund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks mayalso impact issuers of securities in which the Fund invests, which may cause the Fund’s investment in such issuers to lose value. Therecan be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information securitybreaches in the future.

Investment LimitationPursuant to the Fund’s investment restriction regarding concentration of investments in any one industry, the Fund will be requiredto invest between 25 percent and 35 percent of its total assets in the securities of issuers in one or more industries if, at the time ofinvestment, each such industry represents 25 percent or more of the Fund’s benchmark Index. At times the Fund may be under orover the described percentages above due to market appreciation or depreciation. During the period, Commercial Banks representedover 25 percent of the Index. The commercial banking business can be affected by general business, economic and market conditions,including, but not limited, to short-term and long-term interest rates, inflation, deflation, money supply, fluctuations in both debt



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October 31, 2015

Investment Policy (unaudited) (cont’d)and equity capital markets and the strength of the U.S. and foreign economies. Commercial banks may be subject to extensivegovernment regulation which can limit both the amounts and types of loans and other financial commitments they can make, theinterest rates and fees they can charge and the amount of capital that they must maintain. Changes to regulations, including changesin interpretation or implementation of statutes, regulations or policies can have a substantial and unpredictable effect on commercialbanks. Profitability can be largely dependent on the availability and cost of capital funds and the rate of corporate and consumer debtdefaults, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers cannegatively affect the commercial banking industry. For example, an economic downturn that suddenly decreased property values,caused an increase in unemployment, or other events that negatively impact household and/or corporate customers could decreaseability to pay interest or principal on loans or cause a decrease in the demand for commercial banking products and services.Commercial banks also have been and may in the future be affected by increased competition, which could adversely affect the assetgrowth, profitability and/or viability of commercial banks.

Investment Policies/Temporary InvestmentsIt is the policy of the Fund to invest, under normal circumstances, at least 80% of its net assets in equity securities of Turkishcorporations. This policy may be changed without Stockholder approval; however, you would be notified in writing at least 60 daysprior to the implementation of any changes. The balance of the Fund’s investments will be short-term in nature pending investmentor reinvestment in Turkish equity securities and for working capital purposes relating to expenses and distribution requirements, willbe U.S. Dollar- and Lira-denominated debt securities consisting of investment-grade debt securities of U.S. issuers, obligations issuedor guaranteed by the U.S. government, finance company or corporate commercial paper rated Prime-1 or Prime-2 by Moody’sInvestors Service, Inc. or A-2 or better by Standard & Poor’s Rating Group, a division of The McGraw-Hill Companies, Inc., andcertificates of deposit and bankers’ acceptances of commercial banks regulated by U.S. federal or state authorities and Turkishgovernment bonds, notes and treasury bills and certificates of deposit in Turkish banks. The investment policies, limitations orpractices of the Fund may not apply during periods of unusual or adverse market, economic, political or other conditions. Suchmarket, economic, political or other conditions may include periods of abnormal or heightened market volatility, strained creditand/or liquidity conditions or increased governmental intervention in the markets or industries. During such periods, the Fund maynot invest according to its principal investment strategies or in the manner in which its name may suggest, and may be subject todifferent and/or heightened risks. It is possible that such unusual or adverse conditions may continue for extended periods of time.During such periods, to the extent deemed prudent by the Adviser in light of the volatility, limited liquidity and other factorsapplicable to the Turkish securities markets, the Fund may reduce it’s holdings of equity securities in Turkish companies to anunlimited extent and increase its holdings in such U.S. Dollar and Lira-denominated debt securities.

Foreign and Emerging Market SecuritiesInvesting in the securities of foreign issuers, particularly those located in emerging market or developing countries, entails the risk thatnews and events unique to a country or region will affect those markets and their issuers. The value of the Fund’s shares may varywidely in response to political and economic factors affecting companies in foreign countries. These same events will not necessarilyhave an effect on the U.S. economy or similar issuers located in the United States. In addition, investments in certain foreign markets,which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing developments



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October 31, 2015

Investment Policy (unaudited) (cont’d)and changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets hasincreased the probability that adverse developments and conditions in one country or region will affect the stability of economies andfinancial markets in other countries or regions.

Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greatermarket volatility, less reliable financial information, higher transaction and custody costs, decreased market liquidity and lessgovernment and exchange regulation associated with investments in foreign markets. In addition, investments in certain foreignmarkets, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoingdevelopments and changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financialmarkets has increased the probability that adverse developments and conditions in one country or region will affect the stability ofeconomies and financial markets in other countries or regions. Certain foreign markets may rely heavily on particular industries orforeign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular countryor countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionistor retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchaseor sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harderto value. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capitalcontrols, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The governments ofcertain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors orindustries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which wouldadversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments maybecome less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund,particularly during periods of market turmoil. When the Fund holds illiquid investments, its portfolio may be harder to value. Therisks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. Inaddition, the Fund’s investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged,the value of the investment will fluctuate with the U.S. dollar exchange rates.

Determination of NAVThe Fund determines the NAV per share as of the close of the NYSE (normally 4:00 p.m. Eastern time) on each day that the NYSE isopen for business (the “Pricing Time”). Shares generally will not be priced on days that the NYSE is closed. If the NYSE is closed dueto inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has anunscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day andcalculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day, so long as the Adviser believes theregenerally remains an adequate market to obtain reliable and accurate market quotations. The Fund may elect to price its shares ondays when the NYSE is closed but the primary securities markets on which the Fund’s securities trade remain open.



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October 31, 2015

Dividend Reinvestment and Cash Purchase Plan (unaudited)Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the Plan), each stockholder will be deemed to have elected, unlessComputershare Trust Company, N.A. (the Plan Agent) is otherwise instructed by the stockholder in writing, to have all distributionsautomatically reinvested in Fund shares. Participants in the Plan have the option of making additional voluntary cash payments to thePlan Agent, annually, in any amount from $100 to $3,000 for investment in the Fund shares.

Dividend and capital gain distributions (Distribution) will be reinvested on the reinvestment date in full and fractional shares. If themarket price per share equals or exceeds net asset value per share on the reinvestment date, the Fund will issue shares to participants atnet asset value. If net asset value is less than 95% of the market price on the reinvestment date, shares will be issued at 95% of themarket price. If net asset value exceeds the market price on the reinvestment date, participants will receive shares valued at marketprice. The Fund may purchase shares of its Common Stock in the open market in connection with dividend reinvestmentrequirements at the discretion of the Board of Directors. Should the Fund declare a Distribution payable only in cash, the Plan Agentwill purchase Fund shares for participants in the open market as agent for the participants.

The Plan Agent’s fees for the reinvestment of a Distribution will be paid by the Fund. However, each participant’s account will becharged a pro rata share of brokerage commissions incurred on any open market purchases effected on such participant’s behalf.Although stockholders in the Plan may receive no cash distributions, participation in the Plan will not relieve participants of anyincome tax which may be payable on such dividends or distributions.

In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are the beneficial owners, the PlanAgent will administer the Plan on the basis of the number of shares certified from time to time by the stockholder as representing thetotal amount registered in the stockholder’s name and held for the account of beneficial owners who are participating in the Plan.

Stockholders who do not wish to have Distributions automatically reinvested should notify the Plan Agent in writing. There is nopenalty for non-participation or withdrawal from the Plan, and stockholders who have previously withdrawn from the Plan may rejoinat any time. Requests for additional information or any correspondence concerning the Plan should be directed to the Plan Agent at:

The Turkish Investment Fund, Inc.Computershare Trust Company, N.A.P.O. Box 30170College Station, Texas 778421 (800) 231-2608



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October 31, 2015

U.S. Privacy Policy (unaudited)An Important Notice Concerning Our U.S. Privacy PolicyThis privacy notice describes the U.S. privacy policy (“us”, “our”, “we”).

We are required by federal law to provide you with notice of our U.S. privacy policy (“Policy”). This Policy applies to both ourcurrent and former clients unless we state otherwise and is intended for individual clients who purchase products or receive servicesfrom us for personal, family or household purposes. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which weserve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable toindividuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, or accountssubject to the Uniform Gifts to Minors Act.

This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and howyou can limit our sharing or certain uses by others of this information. We may amend the Policy at any time, and will inform you ofany changes to our Policy as required by law.

We Respect Your PrivacyWe appreciate that you have provided us with your personal financial information and understand your concerns about yourinformation. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of clientinformation is an important part of how we conduct our business.

This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and howcertain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliatedcompanies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. It also discloseshow you may limit our affiliates’ use of shared information for marketing purposes.

Throughout this Notice, we refer to the nonpublic information that personally identifies you as “personal information.” We also usethe term “affiliated company” in this notice. An affiliated company is a company in our family of companies and includes companieswith the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisersand credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes ofSection 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use ofpersonal information by our affiliated companies.

1. What Personal Information Do We Collect From You?We may collect the following types of information about you: (i) information provided by you, including information fromapplications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information



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October 31, 2015

U.S. Privacy Policy (unaudited) (cont’d)about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtainedfrom our websites, and (vi) information obtained from other sources. For example:

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investmentobjectives through applications and other forms you submit to us.

• We may obtain information about account balances, your use of account(s) and the types of products and services you prefer toreceive from us through your dealings and transactions with us and other sources.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and tocomply with various regulatory requirements.

• If you interact with us through our public and private Web sites, we may collect information that you provide directly throughonline communications (such as an e-mail address). We may also collect information about your Internet service provider, yourdomain name, your computer’s operating system and Web browser, your use of our Web sites and your product and servicepreferences, through the use of “cookies.” Please consult the Terms of Use of these sites for more details.

2. When Do We Disclose Personal Information We Collect About You?We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

a. Information We Disclose to Affiliated Companies. We may disclose personal information that we collect about you to ouraffiliated companies to manage your account(s) effectively, to service and process your transactions, and to let you know aboutproducts and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted bylaw. Offers for products and services from affiliated companies are developed under conditions designed to safeguard yourpersonal information.

b. Information We Disclose to Third Parties. We may disclose personal information that we collect about you to nonaffiliatedthird parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketingagreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday businesspurposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to creditbureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on ourbehalf, and as otherwise required or permitted by law.



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October 31, 2015

U.S. Privacy Policy (unaudited) (cont’d)When we share personal information about you with a nonaffiliated third party, they are required to limit their use of personalinformation about you to the particular purpose for which it was shared and they are not allowed to share personal information aboutyou with others except to fulfill that limited purpose or as may be permitted or required by law.

3. How Do We Protect The Security and Confidentiality Of Personal Information We Collect About You?We maintain physical, electronic and procedural security measures that comply with applicable law and regulations to help safeguardthe personal information we collect about you. We have internal policies governing the proper handling of client information byemployees. Third parties that provide support or marketing services on our behalf may also receive personal information about you,and we require them to adhere to appropriate security standards with respect to such information.

4. How Can You Limit Our Sharing Certain Personal Information About You With Our AffiliatedCompanies For Eligibility Determination?By following the opt-out procedures in Section 6 below, you may limit the extent to which we share with our affiliated companies,personal information that was collected to determine your eligibility for products and services such as your credit reports and otherinformation that you have provided to us or that we may obtain from third parties (“eligibility information”). Eligibility informationdoes not include your identification information or personal information pertaining to our transactions or experiences with you.Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share yourpersonal information, including eligibility information, with our affiliated companies under circumstances that are permitted underapplicable law, such as to process transactions or to service your account.

5. How Can You Limit the Use of Certain Personal Information About You by Our AffiliatedCompanies for Marketing?By following the opt-out instructions in Section 6 below, you may limit our affiliated companies from marketing their products orservices to you based on personal information we disclose to them. This information may include, for example, your income andaccount history with us. Please note that, even if you choose to limit our affiliated companies from using personal information aboutyou that we may share with them for marketing their products and services to you, our affiliated companies may use your personalinformation that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its ownrelationship with you.

6. How Can You Send Us an Opt-Out Instruction?If you wish to limit our sharing of eligibility information about you with our affiliated companies, or our affiliated companies’ use ofpersonal information for marketing purposes, as described in this notice, you may do so by:

• Calling us at (800) 231-2608Monday–Friday between 8:30a.m. and 6p.m. (EST)



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October 31, 2015

U.S. Privacy Policy (unaudited) (cont’d)• Writing to us at the following address:

Computershare Trust Company, N.A.c/o Privacy CoordinatorP.O. Box 30170College Station, Texas 77842

If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which theopt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or informationused for marketing (Section 5 above), or both. Written opt-out requests should not be sent with any other correspondence. In order toprocess your request, we require that the request be provided by you directly and not through a third party. Once you have informedus about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended)until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply thoseinstructions to the entire account.

Please understand that if you limit our sharing or our affiliated companies’ use of personal information, you and any joint accountholder(s) may not receive information about our affiliated companies’ products and services, including products or services that couldhelp you manage your financial resources and achieve your investment objectives.

If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply yourprivacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and willneed to separately notify those companies of your privacy choices for those accounts or relationships.

7. What if an affiliated company becomes a nonaffiliated third party?If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal informationmade to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. Ifyou elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliatedcompanies, your election will not apply to use by any former affiliated company of your personal information in their possession onceit becomes a nonaffiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONTThe following section supplements our Policy with respect to our individual clients who have a Vermont address and

supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collectabout you with nonaffiliated third parties, or eligibility information with affiliated companies, other than in certain limitedcircumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated thirdparties or eligibility information with affiliated companies, unless you provide us with your written consent to share such information.



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October 31, 2015

U.S. Privacy Policy (unaudited) (cont’d)

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIAThe following section supplements our Policy with respect to our individual clients who have a California address and

supersedes anything to the contrary in the above Policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed tononaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal informationwith our affiliates to comply with California privacy laws that apply to us.



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October 31, 2015

Director and Officer Information (unaudited)Independent Directors:

Number of Portfolios in Fund Complex Positions(s) Length of Overseen Name, Age and Address of Held with Time Principal Occupation(s) During Past 5 Years by Other Directorships Held by Independent Director Registrant Served* and Other Relevant Professional Experience Director** Independent Director***

Frank L. Bowman (71)c/o Kramer Levin Naftalis & Frankel LLPCounsel to the IndependentDirectors1177 Avenue of theAmericasNew York, NY 10036

Director SinceAugust2006

President, Strategic Decisions, LLC (consulting)(since February 2009); Director or Trustee ofvarious Morgan Stanley Funds (sinceAugust 2006); Chairperson of the Compliance andInsurance Committee (since October 2015);formerly, Chairperson of the Insurance Sub-Committee of the Compliance and InsuranceCommittee (February 2007-December 2015);served as President and Chief Executive Officer ofthe Nuclear Energy Institute (policy organization)(February 2005-November 2008); retired asAdmiral, U.S. Navy after serving over 38 years onactive duty including 8 years as Director of theNaval Nuclear Propulsion Program in theDepartment of the Navy and the U.S. Departmentof Energy (1996-2004); served as Chief of NavalPersonnel (July 1994-September 1996); and onthe Joint Staff as Director of Political MilitaryAffairs (June 1992-July1994); knighted asHonorary Knight Commander of the MostExcellent Order of the British Empire; awarded theOfficier de l’Orde National du Mérite by the FrenchGovernment; elected to the National Academy ofEngineering (2009).

96 Director of BP p.l.c.; Director ofNaval and Nuclear Technologies LLP;Director Emeritus of the ArmedServices YMCA of the USA; Directorof the U.S. Naval Submarine League;Member of the National SecurityAdvisory Council of the Center forU.S. Global Engagement and amember of the CNA Military AdvisoryBoard; Chairman of the Charity, JStreet Cup Golf, Trustee of FairhavenUnited Methodist Church.

Director of various nonprofitorganizations.

96President, Cedarwood Associates (mutual fundand investment management consulting) (sinceJuly 2006); Chairperson of the Money Market andAlternatives Sub-Committee of the InvestmentCommittee (since October2006) and Director orTrustee of various Morgan Stanley Funds (sinceAugust 2006); formerly, Senior ManagingDirector of Victory Capital Management(1993-2006).

SinceAugust2006

DirectorKathleen A. Dennis (62)c/o Kramer Levin Naftalis & Frankel LLPCounsel to the IndependentDirectors1177 Avenue of theAmericasNew York, NY 10036

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October 31, 2015

Director and Officer Information (unaudited) (cont’d)Independent Directors (cont’d):


Nancy C. Everett (60)c/o Kramer Levin Naftalis & Frankel LLPCounsel to the IndependentDirectors1177 Avenue of theAmericasNew York, NY 10036

Director SinceJanuary2015

Owner, OBIR, LLC (investment managementconsulting) (since June 2014); formerly,Managing Director, BlackRock Inc.(February 2011-December 2013); and ChiefExecutive Officer, General Motors AssetManagement (a/k/a Promark Global Advisors,Inc.) (June 2005-May 2010).

96 Member of Virginia CommonwealthUniversity Board of Visitors; Memberof Virginia Commonwealth UniversitySchool of Business Foundation;formerly, Member of Committee onDirectors for Emerging MarketsGrowth Fund, Inc. (2007-2010);Chairperson of Performance EquityManagement, LLC (2006-2010); andChairperson, GMAM Absolute ReturnStrategies Fund, LLC (2006-2010).

Jakki L. Haussler (58)c/o Kramer Levin Naftalis & Frankel LLPCounsel to the IndependentDirectors1177 Avenue of theAmericasNew York, NY 10036

Director SinceJanuary2015

Chairman and Chief Executive Officer, OpusCapital Group (since January 1996); andformerly, Director, Capvest Venture Fund, LP(May 2000-December 2011); Partner, AdenaVentures, LP (July 1999-December 2010);Director, The Victory Funds (February 2005-July 2008).

96 Director of Cincinnati Bell Inc. andMember, Audit Committee andCompensation Committee; Directorof Northern Kentucky UniversityFoundation and Member, InvestmentCommittee; Member of ChaseCollege of Law Transactional LawPractice Center Board of Advisors;Director of Best Transport; Member,University of Cincinnati FoundationInvestment Committee; formerly,Member, Miami University Board ofVisitors (2008-2011); Trustee ofVictory Funds (2005-2008) andChairman, Investment Committee(2007-2008) and Member, ServiceProvider Committee (2005-2008).

Director of NVR, Inc. (homeconstruction).

98Senior Partner, Johnson Smick International, Inc.(consulting firm); Chairperson of the InvestmentCommittee (since October 2006) and Director orTrustee of various Morgan Stanley Funds (sinceJuly 1991); Co-Chairman and a founder of theGroup of Seven Council (G7C) (internationaleconomic commission); formerly Chairperson ofthe Audit Committee (July 1991-September 2006), Vice Chairman of the Board ofGovernors of the Federal Reserve System andAssistant Secretary of the U.S. Treasury.

SinceJuly 1991

DirectorDr. Manuel H. Johnson (66)c/o Johnson SmickInternational, Inc.220 I Street, N.E. —Suite 200Washington, D.C. 20002


JOB: 15-22007-2 CYCLE#;BL#: 6; 0 TRIM: 7.5" x 8.75" AS: Merrill New York: 212-620-5600 COMPOSITECOLORS: Black, ~HTML color, ~note-color 2, ~watermark GRAPHICS: none V1.5

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October 31, 2015



Joseph J. Kearns (73)c/o Kearns & AssociatesLLC23823 Malibu RoadS-50-440Malibu, CA 90265


President, Kearns & Associates LLC (investmentconsulting); Chairperson of the Audit Committee(since October 2006) and Director or Trustee ofvarious Morgan Stanley Funds (sinceAugust 1994); formerly, Deputy Chairperson ofthe Audit Committee (July 2003-September 2006) and Chairperson of the AuditCommittee of various Morgan Stanley Funds(since August 1994); CFO of the J. Paul GettyTrust.

99 Director of Electro Rent Corporation(equipment leasing). Prior toDecember 31, 2013, Director of TheFord Family Foundation.

Michael F. Klein (57)c/o Kramer Levin Naftalis & Frankel LLPCounsel to the IndependentDirectors1177 Avenue of theAmericasNew York, NY 10036


Managing Director, Aetos Capital, LLC (sinceMarch 2000); Co-President, Aetos AlternativesManagement, LLC (since January 2004); and Co-Chief Executive Officer of Aetos Capital LLC(since August 2013); Chairperson of the FixedIncome Sub-Committee of the InvestmentCommittee (since October 2006) and Director orTrustee of various Morgan Stanley Funds (sinceAugust 2006); formerly, Managing Director,Morgan Stanley & Co. Inc. and Morgan StanleyDean Witter Investment Management, President,various Morgan Stanley Funds (June1998-March 2000) and Principal, Morgan Stanley & Co.Inc. and Morgan Stanley Dean Witter InvestmentManagement (August 1997-December 1999).

96 Director of certain investment fundsmanaged or sponsored by AetosCapital, LLC. Director of SanitizedAG and Sanitized Marketing AG(specialty chemicals).

Michael E. Nugent (79)522 Fifth AvenueNew York, NY 10036

Chair of theBoard andDirector

Chair of theBoardssinceJuly 2006andDirectorsinceJuly 1991

Chair of the Boards of various Morgan StanleyFunds (since July 2006); Chairperson of theClosed-End Fund Committee (since June 2012)and Director or Trustee of various MorganStanley Funds (since July 1991); formerly,Chairperson of the Insurance Committee (untilJuly 2006), General Partner, TriumphCapital, L.P.(private investment partnership) (1988-2013).

98 None.



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October 31, 2015



Interested Director: Number of Portfolios in Fund Complex Overseen Positions(s) Length of by Name, Age and Address of Held with Time Interested Other Directorships Held by Interested Director Registrant Served* Principal Occupation(s) During Past 5 Years Director** Interested Director***

* This is the earliest date the Director began serving the Morgan Stanley Funds. Each Director serves an indefinite term, until his or her successor is elected.** The Fund Complex includes (as of December 31, 2014) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley

Investment Management Inc. (the “Adviser”) and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to,Morgan Stanley AIP GP LP).

*** This includes any directorships at public companies and registered investment companies held by the Director at any time during the past five years.

W. Allen Reed (68)c/o Kramer Levin Naftalis & Frankel LLPCounsel to the IndependentDirectors1177 Avenue of theAmericasNew York, NY 10036


Chairperson of the Equity Sub-Committee of theInvestment Committee (since October 2006) andDirector or Trustee of various Morgan StanleyFunds (since August 2006); formerly, Presidentand CEO of General Motors Asset Management;Chairman and Chief Executive Officer of the GMTrust Bank and Corporate Vice President ofGeneral Motors Corporation (August 1994-December 2005).

96 Director of Temple- Inland Industries(packaging and forest products);Director of Legg Mason, Inc. andDirector of the Auburn UniversityFoundation.

Fergus Reid (83)c/o Joe Pietryka, Inc.85 Charles Colman Blvd.Pawling, NY 12564

Director SinceJune 1992

Chairman, Joe Pietryka, Inc.; Chairperson of theGovernance Committee and Director or Trusteeof various Morgan Stanley Funds (sinceJune 1992).

99 Formerly, Trustee and Director ofcertain investment companies in theJP Morgan Fund Complex managedby JP Morgan InvestmentManagement Inc. (1987-December 2012).

Formerly, Director of AXAFinancial, Inc. and AXAEquitable Life InsuranceCompany (2002-2011) andDirector of AXA MONY LifeInsurance Company and AXAMONY Life Insurance Companyof America (2004-2011).

97Director or Trustee of various Morgan StanleyFunds (since June 2000); Senior Advisor ofMorgan Stanley (since August 2000).

SinceJune 2000

DirectorJames F. Higgins (67)One New York Plaza,New York, NY 10004



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Director and Officer Information (unaudited) (cont’d)Executive Officers:

Position(s) Held with Length of Name, Age and Address of Executive Officer Registrant Time Served* Principal Occupation(s) During Past 5 Years

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves a one-year term, until his or her successor is elected andhas qualified.

President and Principal Executive Officer of the Equity and FixedIncome Funds and the Morgan Stanley AIP Funds (sinceSeptember 2013) and the Liquidity Funds and various moneymarket funds (since May 2014) in the Fund Complex, ManagingDirector of the Adviser; Head of Product (since 2006) and GlobalPortfolio Analysis and Reporting (since 2012); for MSIM’s LongOnly business.

SinceSeptember 2013

President andPrincipalExecutiveOfficer

John H. Gernon (52)522 Fifth AvenueNew York, NY 10036

Managing Director of the Adviser and various entities affiliatedwith the Adviser; Chief Compliance Officer of various MorganStanley Funds and the Adviser (since January 2014); formerly,Vice President of various Morgan Stanley Funds (December 1997-January 2014).

SinceDecember 1997

ChiefComplianceOfficer

Stefanie V. Chang Yu (49)522 Fifth AvenueNew York, NY 10036

Managing Director of the Adviser and various entities affiliatedwith the Adviser; Vice President of various Morgan Stanley Funds(since January 2014); formerly, Assistant Secretary of variousMorgan Stanley Funds (October 2004-January 2014).

Since January 2014

Vice PresidentJoseph C. Benedetti (50)522 Fifth AvenueNew York, NY 10036

Executive Director of the Adviser and various entities affiliatedwith the Adviser; Treasurer (since July 2003) and PrincipalFinancial Officer of various Morgan Stanley Funds (sinceSeptember 2002).

Treasurer sinceJuly 2003 andPrincipalFinancial Officersince September2002

Treasurer andPrincipalFinancialOfficer

Francis J. Smith (50)522 Fifth AvenueNew York, NY 10036

Executive Director of the Adviser and various entities affiliatedwith the Adviser; Secretary of various Morgan Stanley Funds(since June 1999).

SinceJune 1999

SecretaryMary E. Mullin (48)522 Fifth AvenueNew York, NY 10036



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