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<SEC-DOCUMENT>0001104659-05-056712.txt : 20051118
<SEC-HEADER>0001104659-05-056712.hdr.sgml : 20051118
<ACCEPTANCE-DATETIME>20051118144016
ACCESSION NUMBER:		0001104659-05-056712
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20051118
DATE AS OF CHANGE:		20051118
EFFECTIVENESS DATE:		20051118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INDIA INVESTMENT FUND, INC.
		CENTRAL INDEX KEY:			0000916618
		IRS NUMBER:				132838811
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-128221
		FILM NUMBER:		051214994

	BUSINESS ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		CITY:			BOSTON
		STATE:			MA
		ZIP:			10020
		BUSINESS PHONE:		6175578742

	MAIL ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INDIA INVESTMENT
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19940127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19931228
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>a05-15912_8497.htm
<DESCRIPTION>DEFINITIVE MATERIALS
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(OPENING
SLIDE)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley
India Investment Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Exclusive
Rights Offering for Existing Stockholders</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">India Investment Fund Rights Offering</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Interview between Joe McAlinden&nbsp;&amp;
Ruchir Sharma</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> &#160;Good morning, everyone.&#160; I&#146;m Joe McAlinden, Chief Investment Officer of
Morgan Stanley Investment Management.&#160; As
you may already know, the Morgan Stanley India Investment Fund has announced
its intention to offer exclusively to existing stockholders the option to
purchase additional shares of the Fund, otherwise known as a Rights Offering.&#160; I&#146;m here today with Ruchir Sharma, one of the
portfolio managers of the fund.&#160; Good
morning, Ruchir.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> &#160;Good morning, Joe.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b>&#160; Ruchir, maybe you can start us off by telling
us what this Rights Offering is about.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b>&#160;Sure, Joe.&#160; The Rights are non-transferable privileges
issued by the Fund that can be redeemed for a certain number of shares.&#160; In this case, the Fund will provide existing stockholders
one right per share they hold.&#160; They will
then be eligible to purchase one new share for every three rights they
hold.&#160; We expect the Rights Offering and
capital raise-up to be completed by year-end.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> &#160;Is it expected that the Rights Offering will be
beneficial to the Fund and its stockholders?</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> Yes. First, the
Board of Directors of the Fund has determined that it would be in the best
interests of the Fund and its stockholders to <b><font style="font-weight:bold;">increase the
Fund&#146;s assets available for investment</font></b>. We believe that the proceeds
of the Rights Offering will allow the Fund to capitalize more effectively on
attractive investment opportunities in the Indian securities markets.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, increasing Fund assets available for investment may result in <b><font style="font-weight:bold;">a modest lowering of the Fund&#146;s expenses</font></b> (as a percentage of
average net assets) because the fixed costs of the Fund can be spread over a
larger asset base. The issuance of additional shares may also result in an
improvement in the liquidity of the Fund&#146;s shares on the New York Stock Exchange
and may increase the level of market interest in the Fund.&#160; Of course, stockholders should consider the
risks of investing in the Fund, which are described in the prospectus for the
Rights Offering.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b>&#160; Ruchir, I understand this Rights Offering
provides stockholders the opportunity to <b><font style="font-weight:bold;">purchase additional shares
of the Fund&#146;s common stock at a price that may be below the market price</font></b>
or at net asset value. The new shares will be priced at 95% of the average of
the last reported sales price per share of the Fund&#146;s common stock on the New
York Stock Exchange on the expiration date and the four preceding trading days</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(five trading days total), but in no case less than the net asset value
on the expiration date. &#160;Can stockholders
subscribe for more shares than their Rights entitle them to purchase?</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> Yes.
Stockholders who fully exercise all of the Rights issued to them may also
request to purchase additional shares at the same subscription price. If
sufficient remaining shares are not available to honor all over-subscription
requests, the available shares will be allocated on a pro-rata basis among stockholders
based on the number of Rights originally issued.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> Ruchir, let&#146;s
change gears and talk about the Fund and the investment climate in India.&#160; First of all, how has the Fund performed?</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> &#160;It has performed very well.&#160; In fact, Morningstar awarded the Fund 5-stars
for the 3-, 5-, and 10-year and Overall Morningstar Rating&#153; among 18
Pacific/Asia ex-Japan stock funds based on risk-adjusted return; and the Fund is
the #1-ranked fund in this category for 1-, 3-, and 10-year periods ended September&nbsp;30,
2005; it was the #2-ranked fund in this category for 5-years ended September&nbsp;30,
2005.&#160; &#160;It should be noted that there is only one
other fund in this category that exclusively invests in India.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the fund has outperformed its
benchmark (the Bombay Stock Exchange National Index, which is a market
capitalization weighted index of 100 Indian companies expressed in U.S. dollar
terms) over the YTD, 1-, 3-, 5- and 10-year periods (as of September&nbsp;30,
2005).&#160; The index does not include any
expenses, fees or sales charges, which would lower performance. Investors
should note that the index is unmanaged and it is not possible to invest
directly in an index.&#160; Also, keep in mind
that past performance is no guarantee of future results.</font></p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(SLIDE)</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morningstar
rates mutual funds from one to five stars based on how well they have performed
compared to similar funds (after adjusting for risk and accounting for all
sales charges).</font> For
each fund with at least a 3-year history, Morningstar calculates a Morningstar
Rating&#153; based on a Morningstar Risk-Adjusted Return measure that accounts for
variation in a fund&#146;s monthly performance (including the effects of sales
charges, loads and redemption fees), placing more emphasis on downward
variations and rewarding consistent performance. The top 10% of funds in each
category receive five stars, the next 22.5% receive four stars, the next 35%
receive three stars, the next 22.5% receive two stars and the bottom 10%
receive one star. &#160;Each share class is
counted as a fraction of one fund within this scale and rated separately, which
may cause slight variations in the distribution percentages. &#160;Morningstar Rating is for the share class
shown only; other classes may have different performance characteristics. &#169;2005
Morningstar,&nbsp;Inc. All Rights Reserved.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
information contained herein: (1)&nbsp;is proprietary to Morningstar and/or its
content providers; (2)&nbsp;may not be copied or distributed; and (3)&nbsp;is
not warranted to be accurate, complete or timely. Neither Morningstar nor its
content providers are responsible for any damages or losses arising from any
use of this information.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.46%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Average Annual Total Returns<br>
  as of 9/30/05 (%)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">YTD</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1 Year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">3 Years</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">5 Years</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">10 Years</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:41.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33.02</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71.28</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54.01</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.95</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.26</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bombay Stock Exchange National Index</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.94</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59.02</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50.42</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance
data quoted represents past performance, which is no guarantee of future
results, and current performance may be lower or higher than the figures
shown.&#160; For the most recent month-end
performance figures, please visit www.morganstanley.com/im/indiafund or call
your financial advisor. Investment returns and principal value will fluctuate
and Fund shares, when redeemed, may be worth more or less than their original
cost.</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Calculations are NAV to NAV. Returns reflect past performance and are
compared to an unmanaged market index. Returns for less than one year are
cumulative (not annualized). Returns do not reflect the effect of rights issued
associated with the Fund Rights Offering, if any.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> What do you
think is behind the huge wave of growth that we&#146;ve seen in the Indian stock
market?</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> I think foreign
investor flows have definitely contributed to the strong performance in the
Indian market. &#160;Like most emerging
markets, the domestic investor has remained skeptical (Korea being the
exception), while foreign investors have been buying the market. &#160;However, flows are only a part of the story. The
fact remains that the health of the Indian corporate sector has improved over
the last decade. Indian entrepreneurs now have a vision to compete in the
global marketplace. &#160;The export
opportunities, coupled with a strong domestic economy, have contributed to good
corporate performance.</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> While China&#146;s
economy is experiencing rapid growth, its stock market is not; what is the
difference between the two economies?</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> The Indian
corporate sector has a favorable return on equity profile. &#160;I think Indian entrepreneurs respect the cost
of capital, and the downturn in the mid-90s, caused as a result of excess
capacity, has taught the Indian corporate sector to make more efficient use of
capital. &#160;In addition, transparency is
better with many Indian companies now adopting US GAAP.</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M. </font></b>What particular
sectors of the Indian economy do you like currently?</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S.</font></b> We are favorable
on the Capital Goods sector. &#160;We believe
that India is an &#147;infrastructure deficit&#148; country and needs to make a serious
investment in infrastructure in the coming years. &#160;The engineering companies are already seeing
the benefits of a turnaround in the capital expenditure cycle, both in the
public and private sectors.</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.8pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> &#160;How is outsourcing affecting the Indian
economy?</p>

<p style="margin:0in 0in .0001pt 1.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S. </font></b>&#160;While a lot is being written about outsourcing
in the media in the US, the impact on employment in a country with a population
of over a billion is limited. While it is no doubt positive, the benefits are
really being felt only in a few urban centers. Per capita incomes in these
urban centers are rising and the younger people are willing to spend more than
the older generation. &#160;Therefore, we do
see a positive impact in sales of cars and two wheelers, growth in mobile
subscribers, new construction activity for housing, offices, malls and movie
theaters and for finance products (e.g. mortgages, credit cards).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> &#160;As a portfolio manager, what is unique about
the Indian markets?</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S. &#160;</font></b>In
my opinion, India may offer greater opportunity to generate alpha than possibly
any other emerging market. &#160;The track
record of the Fund bears testimony to this fact. Although as you know, past
performance is no guarantee of future results. &#160;The diversity of stocks and sectors makes it
possible to employ a variety of themes. &#160;Therefore,
it was IT services in the late 1990s, low value state-owned banks in early
2000, and the engineering sector today. &#160;The
ability to rotate across sectors within a single market allows for opportunities
to potentially outperform across various phases of the market.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a market capitalization in excess of $450 billion and daily traded
volumes of $1.8 billion, the Indian market has expanded further in both depth
and breadth since the launch of Morgan Stanley India Investment Fund in 1994.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.M.</font></b> &#160;So, Ruchir, the Rights Offering sounds like an
excellent opportunity for current stockholders to obtain additional shares of
the fund at a possible discount to the market price, plus take potential advantage
of what appears to be a robust Indian economy.&#160;
Stockholders who are interested should contact their broker, custodian
or trust officer, who can then forward instructions on their behalf.&#160; Thanks so much, Ruchir, for spending time
with us this morning.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R.S. </font></b>&#160;My pleasure, Joe.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ENDING SLIDE)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinions are those of the Fund&#146;s portfolio management team as of November&nbsp;15,
2005 and are subject to change at any time due to changes in market or economic
conditions. The comments should not be construed as a recommendation of
individual holdings or market sectors, but as an illustration of broader
themes.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investors
should consider the investment objective, risks and charges and expenses of the
Fund carefully before investing. The prospectus contains more detailed
information, including risk factors about the Rights Offering. The prospectus
may be obtained by contacting the Information Agent at 1-866-203-2582
(stockholders) or 1-212-440-9800 (banks and brokers). &#160;Read the prospectus carefully before investing
or sending money.</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRIMARY
RISKS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in
the Fund&#146;s common stock involves certain risks, including risks arising from
the Fund&#146;s investments in securities of Indian companies. You should consider
carefully the information found in the section&nbsp;entitled &#147;Risk Factors and
Special Considerations&#148; in the prospectus. <b><font style="font-weight:bold;">Foreign
investing </font></b>involves certain risks, including currency fluctuations
and controls, restrictions on foreign investments, less governmental
supervision and regulation, less liquidity and the potential for market
volatility and political instability. In addition, investing in <b><font style="font-weight:bold;">emerging markets</font></b>, such as India, may
involve a relative higher degree of volatility.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DILUTION</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Date
Stockholders who do not fully exercise the Rights should expect that they will,
at the completion of the Rights Offering, own a smaller proportional interest
in the Fund than owned prior to the Rights Offering.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RA05-00906P-T091/05</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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