NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1997
The Thai Fund, Inc. (the "Fund") was incorporated on June 10, 1987 and is registered as a non-diversified,
closed-end management investment company under the Investment Company Act of 1940, as amended. The
Fund's investment objective is long-term capital appreciation through investments primarily in equity securities.
The Fund makes its investments in Thailand through the Thai Investment Plan (the "Plan") established in
conformity with Thai law. The Fund is the sole unitholder of the Plan. The accompanying financial statements are
prepared on a consolidated basis and present the financial position and results of operations of the Plan and the
A. The following significant accounting policies are in conformity with generally accepted accounting principles for
investment companies. Such policies are consistently followed by the Fund in the preparation of its financial
statements. Generally accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ
from those estimates.
1. SECURITY VALUATION: In valuing the Fund's assets, all listed securities for which market quotations are
readily available are valued at the last sales price on the valuation date, or if there was no sale on such date, at the
mean between the current bid and asked prices. Securities which are traded over-the-counter are valued at the
average of the mean of current bid and asked prices obtained from reputable brokers. Short-term securities
which mature in 60 days or less are valued at amortized cost. All other securities and assets for which market
values are not readily available (including investments which are subject to limitations as to their sale) are valued
at fair value as determined in good faith by the Board of Directors (the "Board"), although the actual calculations
may be done by others.
2. TAXES: It is the Fund's inten